open/document-extraction
View Schema
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
AUGUST 31, 2026
2026 Quarterly Report
(Unaudited)
BlackRock Municipal Series Trust • BlackRock Strategic Municipal Opportunities Fund
Not FDIC Insured • May Lose Value • No Bank Guarantee
BNM1026U-6041638-19232805
Page 2
Security Shares Value Common Stocks
Construction & Engineering — 0.1% TimberHp By Go Lab, Inc. (a)(b) ........................ 1,943,710 $ 3,693,049 Total Common Stocks — 0.1% (Cost: $3,338) ...................................................... 3,693,049
Par (000) Municipal Bonds
Alabama — 8.1% Black Belt Energy Gas District, RB Series A, 5.25%, 01/01/54 (c) ........................ $ 31,050 32,346,251 Series A, 5.25%, 05/01/55 (c) ........................ 7,450 7,661,143 Series B, 5.00%, 10/01/55 (c) ........................ 2,950 3,068,888 Series C, 5.50%, 10/01/54 (c) ....................... 25,000 26,566,813 Series D, 5.00%, 03/01/55 (c) ....................... 2,200 2,289,242 Series F, 5.00%, 12/01/35 .......................... 22,055 22,956,617 Black Belt Energy Gas District, Refunding RB, Series H-1, 5.00%, 01/01/34 ....................... 11,185 11,609,916 County of Jefferson Alabama Sewer Revenue, Refunding RB 5.25%, 10/01/49 ................................... 5,485 5,600,703 5.50%, 10/01/53 ................................... 7,075 7,276,402 Energy Southeast A Cooperative District, RB (c) Series A-1, 5.50%, 11/01/53 ........................ 30,150 31,970,505 Series B, 5.25%, 07/01/54 ......................... 21,885 22,936,920 Series B-1, 5.75%, 04/01/54 ....................... 36,850 39,740,790 Southeast Energy Authority A Cooperative District, RB Series B, 5.00%, 01/01/54 (c) ........................ 31,495 32,855,949 Series B, 5.25%, 03/01/55 (c) ........................ 4,000 4,105,294 Series E, 5.00%, 10/01/30 ......................... 15,000 15,880,398 266,865,831 Alaska — 0.0% Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50 ................. 1,000 838,191 Arizona — 2.1% Arizona Industrial Development Authority, RB, 7.10%, 01/01/55 (d) ........................................ 3,095 3,097,709 City of Mesa Arizona Utility System Revenue, RB 5.00%, 07/01/41 ................................... 7,535 7,891,844 5.00%, 07/01/44 ................................... 10,000 10,377,368 City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 .............................. 3,330 3,514,040 Maricopa County & Phoenix Industrial Development Authorities, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 6.25%, 03/01/55 ................... 5,685 6,241,795 Maricopa County Industrial Development Authority, RB, 7.38%, 10/01/29 (d) ................................. 17,415 18,035,597 Salt River Project Agricultural Improvement & Power District, RB Series A, 5.00%, 01/01/50 .......................... 4,000 4,061,190 Series A, 5.25%, 01/01/54 .......................... 10,000 10,317,806 Series B, 5.00%, 01/01/48 ......................... 6,250 6,394,186 69,931,535
Security
Par (000) Value
Arkansas (d) — 1.9% Arkansas Development Finance Authority, RB 7.38%, 07/01/56 ................................... $ 27,000 $ 27,911,998 AMT, 4.88%, 07/01/56 (c) ........................... 8,500 8,782,327 Sustainable Bonds, 7.50%, 07/01/48 ............... 23,000 25,975,945 62,670,270 California — 4.4% Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, AMT, 5.25%, 07/01/49 ... 3,115 3,199,413 California Community Choice Financing Authority, RB Sustainable Bonds, 5.00%, 10/01/34 ............... 7,120 7,520,205 Sustainable Bonds, 5.00%, 06/01/36 ............... 8,655 9,247,236 California County Tobacco Securitization Agency, RB, Series D, 0.00%, 06/01/55 (e) ....................... 12,395 893,476 California Enterprise Development Authority, RB, 10.00%, 11/15/32 (d) ................................ 670 650,957 California Housing Finance Agency, RB, M/F Housing, Series A, 4.25%, 01/15/35 .......................... 16 16,407 California Infrastructure & Economic Development Bank, Refunding RB, Class B, AMT, Sustainability Bonds, 12.00%, 01/01/65 (c)(d) ...................... 42,245 26,825,575 California Municipal Finance Authority, RB (d) 5.38%, 07/01/34 ................................... 1,000 1,000,482 5.63%, 07/01/44 ................................... 2,760 2,752,585 California Municipal Finance Authority, RB, M/F Housing, Series 2, Class A-1, 4.50%, 03/20/48 (c) .... 4,210 4,225,813 California School Finance Authority, RB (d) Series A, 7.00%, 06/01/54 .......................... 895 805,301 Series B, 9.00%, 06/01/34 ......................... 100 100,520 California Statewide Financing Authority, RB, Series D, 0.00%, 06/01/55 (d)(e) ............................... 10,750 635,279 City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.25%, 05/15/47 .............. 1,500 1,537,155 City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Sustainability Bonds, 5.50%, 05/15/55 .......................................... 3,750 3,896,701 City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, 5.25%, 11/01/52 .......................................... 5,000 5,242,278 CSCDA Community Improvement Authority, RB, M/F Housing (d) Sustainability Bonds, 4.00%, 07/01/58 .............. 5,880 3,080,872 Series B, Sustainability Bonds, 4.00%, 07/01/58 ..... 6,700 3,161,134 Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66 (e) ........................................ 136,220 12,694,832 Las Virgenes Unified School District, GO, Series B, Election 2022, 5.25%, 08/01/51 .................... 5,000 5,256,650 San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB Class A, AMT, 5.25%, 05/01/49 ..................... 7,025 7,252,899 Series 2, Class A, AMT, 5.25%, 05/01/42 ............ 1,285 1,360,509 Series A, AMT, 5.25%, 05/01/55 .................... 2,760 2,823,349 Series A, AMT, 5.50%, 05/01/55 .................... 19,000 19,808,764 Southern California Public Power Authority, RB, Sustainability Bonds, 5.00%, 11/01/33 .............. 6,360 6,688,300 State of California, Refunding GO, 5.00%, 09/01/43 .... 7,080 7,513,853 University of California, RB, Series CH, 5.25%, 05/15/38 .......................................... 4,940 5,646,829 143,837,374
Schedule of Investments (unaudited) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
2 BNM1026U-6041638-19232805
Page 3
Security
Par (000) Value
Colorado — 3.7% Arapahoe County School District No. 5 Cherry Creek, GO, (SAW), 5.25%, 12/15/43 ....................... $ 5,720 $ 6,154,772 Board of Governors of Colorado State University System, RB, Series C, 5.25%, 03/01/50 ............. 1,550 1,608,178 City of Aurora Colorado Water Revenue, RB, 1st Lien, 4.00%, 08/01/54 ................................... 5,680 4,972,133 City of Colorado Springs Colorado Utilities System Revenue, RB Series A, 5.00%, 11/15/43 .......................... 3,550 3,773,102 Series B, 5.00%, 11/15/47 .......................... 13,000 13,358,231 Colorado Bridge & Tunnel Enterprise, RB, Series A, (AG), 5.25%, 12/01/50 ............................. 3,000 3,121,133 Colorado Educational & Cultural Facilities Authority, RB, Series B, Subordinate Lien, 8.50%, 02/01/59 (d) . 4,345 4,745,585 Colorado Health Facilities Authority, RB 5.00%, 11/15/36 ................................... 3,275 3,608,723 Series A, 5.00%, 11/15/32 .......................... 12,810 13,943,121 Series A, 5.00%, 11/15/34 .......................... 9,960 10,958,370 Colorado Health Facilities Authority, Refunding RB Series A, 3.00%, 11/15/51 .......................... 1,395 951,643 Series B, 5.00%, 05/15/34 ......................... 3,930 4,342,028 County of Adams Colorado, COP, 5.25%, 12/01/49 ..... 10,065 10,465,008 Denver City & County School District No. 1, GO, Series C, (SAW), 5.50%, 12/01/47 .................. 6,990 7,527,563 Douglas County School District No. Re-1 Douglas & Elbert Counties, GO Series 1, (SAW), 5.00%, 12/15/43 .................. 9,980 10,515,052 Series 1, (SAW), 5.00%, 12/15/44 .................. 12,000 12,600,295 Flying Horse Metropolitan District No. 3, Refunding GOL, 6.00%, 12/01/49 (d) ........................... 2,965 2,965,595 Red Barn Metropolitan District, Refunding GOL, Series A, 5.50%, 12/01/55 .......................... 2,100 2,080,746 University of Colorado, RB, Series A, 5.00%, 06/01/50 . 3,335 3,413,153 121,104,431 Connecticut — 1.1% Aquarion Water Authority, RB Series A, 5.00%, 08/01/35 .......................... 795 878,957 Series A, 5.25%, 08/01/37 .......................... 900 1,008,117 Series A, 5.25%, 08/01/38 .......................... 1,260 1,397,941 Series A, 5.25%, 08/01/39 .......................... 1,590 1,745,278 Series A, 5.25%, 08/01/45 .......................... 3,335 3,562,917 Series B, 5.25%, 02/01/31 ......................... 3,965 4,311,329 Series B, 5.25%, 02/01/33 ......................... 3,625 4,022,630 Series D, Subordinate, 5.25%, 08/01/38 ............ 1,200 1,324,103 Aquarion Water Authority, RB, CAB, Series E, Subordinate, (BAM), 0.00%, 08/01/48 (e) ............ 2,750 889,269 Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45 (d) ........................................ 3,045 3,070,211 State of Connecticut Special Tax Revenue, RB, Series A-2, 5.00%, 07/01/44 ........................ 10,145 10,686,584 Waterbury Housing Authority, RB, M/F Housing, Series A, (FHLMC), 4.50%, 02/01/42 ............... 3,675 3,580,001 36,477,337 Delaware (d) — 0.5% Affordable Housing Opportunities Trust, RB, Series AH 01, Class B, 6.88%, 05/01/39 ...................... 14,813 14,634,630 Town of Bridgeville Delaware, ST, 5.25%, 07/01/44 ..... 340 335,766 14,970,396
Security
Par (000) Value
District of Columbia — 1.5% District of Columbia Income Tax Revenue, Refunding RB, Series A, 5.25%, 06/01/50 ..................... $ 5,000 $ 5,211,721 District of Columbia Tobacco Settlement Financing Corp., RB, Series A, 0.00%, 06/15/46 (e) ............. 3,645 798,241 District of Columbia Water & Sewer Authority, Refunding RB Subordinate, 5.00%, 10/01/39 ...................... 1,585 1,718,436 Series A, Subordinate Lien, 5.00%, 10/01/38 ........ 1,500 1,643,394 District of Columbia, GO, Series A, 5.00%, 08/01/49 ... 10,135 10,354,889 District of Columbia, Refunding GO Series A, 5.00%, 06/01/44 .......................... 4,450 4,701,744 Series A, 5.00%, 06/01/45 .......................... 3,000 3,156,708 Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB Series A, AMT, 5.50%, 10/01/44 .................... 2,395 2,575,511 Series A, AMT, 5.50%, 10/01/45 .................... 3,000 3,216,113 Washington Metropolitan Area Transit Authority Dedicated Revenue, RB Sustainability Bonds, 5.00%, 07/15/45 .............. 3,945 4,064,720 Sustainability Bonds, 5.00%, 07/15/48 .............. 11,570 11,754,355 49,195,832 Florida — 5.7% Alta Lakes Community Development District, SAB 3.75%, 05/01/29 ................................... 340 338,996 4.63%, 05/01/49 ................................... 1,775 1,599,773 Babcock Ranch Community Independent Special District, SAB 4.75%, 11/01/26 ................................... 100 100,081 5.00%, 11/01/31 ................................... 500 500,436 Series 2024, 5.00%, 05/01/44 (d) .................... 1,370 1,352,556 Brevard County Health Facilities Authority, Refunding RB 4.00%, 11/15/31 (d) ................................. 580 555,922 5.00%, 07/01/34 ................................... 4,460 4,886,007 Capital Trust Agency, Inc., RB (d) 4.88%, 06/15/56 ................................... 12,000 9,302,917 Series A, 5.00%, 06/15/49 .......................... 5,000 4,469,577 Celebration Pointe Community Development District No. 1, SAB (b)(f) 5.00%, 05/01/34 ................................... 710 568,000 5.13%, 05/01/45 ................................... 985 788,000 Charlotte County Industrial Development Authority, RB, AMT, 5.50%, 10/01/36 (d) ........................... 2,600 2,602,117 City of Fort Lauderdale Florida Water & Sewer Revenue, RB Series A, 5.00%, 09/01/43 .......................... 3,425 3,616,882 Series A, 5.00%, 09/01/44 .......................... 2,595 2,727,196 Series B, 5.50%, 09/01/48 ......................... 8,510 9,061,793 City of Jacksonville Florida, Refunding RB 5.00%, 10/01/43 ................................... 5,000 5,261,067 5.00%, 10/01/49 ................................... 7,000 7,132,538 County of Lee Florida Airport Revenue, ARB Series A-1, AMT, 5.25%, 10/01/44 .................. 2,300 2,389,278 Series A-1, AMT, 5.25%, 10/01/46 .................. 2,000 2,058,416 Series A-1, AMT, 5.25%, 10/01/47 .................. 3,375 3,455,454 County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/50 .... 2,100 2,131,430 County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/42 . 16,595 15,677,675 County of Miami-Dade Florida, RB, 0.00%, 10/01/39 (e) . 15,765 8,885,881
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 3 BNM1026U-6041638-19232805
Page 4
Security
Par (000) Value
Florida (continued) County of Monroe Florida, RB, 5.00%, 04/01/48 ....... $ 5,560 $ 5,717,976 County of Pasco Florida, RB, 5.00%, 09/01/48 ......... 1,000 1,004,230 County of Sarasota Florida Utility System Revenue, RB, 5.25%, 10/01/47 ............................... 14,795 15,272,122 Crossings At Fleming Island Community Development District, Refunding SAB, Series A-3, Senior Lien, 6.50%, 05/01/44 ................................... 1,930 1,931,659 Epperson North Community Development District, SAB, Series A, 4.00%, 11/01/51 .................... 860 686,375 Florida Development Finance Corp., RB Series A, 5.75%, 06/15/29 (d) ........................ 225 225,216 Series A, 6.00%, 06/15/34 (d) ........................ 440 440,397 Series A, 5.25%, 08/01/51 .......................... 2,500 2,547,894 Series C, 5.75%, 12/15/56 (d) ....................... 4,090 2,994,722 Series A, AMT, 10.00%, 07/15/59 (b)(c)(d)(f) ........... 19,225 5,383,000 Florida Development Finance Corp., Refunding RB (d) Series A, 4.50%, 12/15/56 .......................... 11,970 7,652,808 AMT, 12.00%, 07/15/32 (b)(c)(f) ....................... 7,850 2,198,000 Greater Orlando Aviation Authority, ARB, AMT, 5.25%, 10/01/41 .......................................... 5,065 5,322,697 Harbor Bay Community Development District, Refunding SAB, Series A-2, 3.75%, 05/01/34 ....... 990 950,897 Harbor Bay Community Development District, SAB, Series A-1, 4.10%, 05/01/48 ........................ 1,400 1,200,060 Hillsborough County Aviation Authority, ARB, Series B, AMT, 5.50%, 10/01/49 ............................. 3,005 3,134,341 Hobe-St Lucie Conservancy District, SAB, 5.88%, 05/01/55 .......................................... 1,610 1,616,498 JEA Water & Sewer System Revenue, Refunding RB, Series A, 5.25%, 10/01/49 .......................... 7,255 7,471,834 Lakewood Ranch Stewardship District, SAB 4.40%, 05/01/39 ................................... 415 406,863 4.88%, 05/01/45 ................................... 2,215 2,171,104 4.50%, 05/01/49 ................................... 480 425,964 North AR-1 Pasco Community Development District, SAB Series A, 5.75%, 05/01/44 .......................... 295 298,257 Series A, 6.00%, 05/01/54 .......................... 520 521,060 Orange County Health Facilities Authority, Refunding RB Series A, 5.00%, 10/01/45 .......................... 4,875 4,976,438 Series A, 5.00%, 10/01/47 .......................... 2,000 2,021,388 Orlando Utilities Commission, RB Series A, 5.00%, 10/01/48 .......................... 10,000 10,277,307 Series A, 5.00%, 10/01/50 .......................... 5,000 5,114,450 Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 ............................. 3,015 2,479,522 Shadowlawn Community Development District, SAB, 5.50%, 05/01/44 ................................... 1,430 1,398,341 Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10 (b)(f) ...... 143 54,167 Talavera Community Development District, SAB, 4.50%, 05/01/50 ................................... 770 672,581 Village Center Community Development District, Refunding RB, 5.02%, 11/01/36 .................... 1,500 1,459,226
Security
Par (000) Value
Florida (continued) Westside Haines City Community Development District, SAB 5.75%, 05/01/44 ................................... $ 1,190 $ 1,203,877 6.00%, 05/01/54 ................................... 460 461,779 189,155,042 Georgia — 1.4% City of Atlanta Georgia Department of Aviation, ARB Series B-1, AMT, Sustainability Bonds, 5.25%, 07/01/41 ........................................ 1,700 1,791,099 Series B-1, AMT, Sustainability Bonds, 5.25%, 07/01/50 ........................................ 6,825 6,955,357 Columbia County Hospital Authority, RB, Series A, (AG), 5.00%, 04/01/48 ............................. 3,445 3,512,967 Development Authority for Fulton County, RB, (BAM TCRS), 4.00%, 07/01/49 ........................... 4,130 3,682,036 East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b)(d)(f) ...... 3,355 2,247,850 Main Street Natural Gas, Inc., RB (c) Series A, 5.00%, 06/01/53 .......................... 12,500 12,960,492 Series D, 5.00%, 05/01/54 ......................... 7,725 8,023,615 Metropolitan Atlanta Rapid Transit Authority, RB, Series A, Sustainability Bonds, 5.25%, 07/01/50 ..... 2,295 2,417,484 State of Georgia, GO, Series 3, 3.00%, 08/01/37 ....... 5,385 4,894,008 46,484,908 Hawaii — 0.2% State of Hawaii Airports System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/44 ................ 3,000 3,083,863 State of Hawaii State Highway Fund, RB, Series A, 5.00%, 01/01/43 ................................... 3,600 3,840,317 6,924,180 Idaho — 0.7% Idaho Health Facilities Authority, Refunding RB, Series A, 5.00%, 03/01/42 .......................... 5,600 5,794,798 Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48 ................................... 5,180 5,412,537 Idaho Housing & Finance Association, Refunding RB (d) 8.00%, 03/01/39 ................................... 525 516,060 6.00%, 03/01/61 ................................... 4,690 4,647,641 Idaho Housing & Finance Association, Refunding RB, CAB, 0.00%, 03/01/62 (d)(e) ......................... 12,620 6,542,980 22,914,016 Illinois — 2.4% Chicago Midway International Airport, Refunding ARB, Series A, AMT, Senior Lien, (BAM), 5.50%, 01/01/53 .......................................... 3,285 3,368,581 Chicago Midway International Airport, Refunding RB, Series C, AMT, 5.00%, 01/01/38 .................... 1,240 1,295,301 Chicago O’Hare International Airport, Refunding ARB, Series A, AMT, Senior Lien, 5.25%, 01/01/42 ........ 1,850 1,915,884 Chicago O’Hare International Airport, Refunding RB, Series C, AMT, 5.25%, 01/01/45 .................... 1,000 1,028,916 City of Chicago Illinois Lakeshore East Special Assessment Area, Refunding SAB (d) 2.69%, 12/01/26 ................................... 267 266,061 2.87%, 12/01/27 ................................... 221 218,358 Illinois Finance Authority, RB Series A, Sustainability Bonds, 5.00%, 07/01/43 ..... 1,000 1,056,126
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
4 BNM1026U-6041638-19232805
Page 5
Security
Par (000) Value
Illinois (continued) Illinois Finance Authority, RB (continued) Series A, Sustainability Bonds, 5.00%, 07/01/44 ..... $ 1,000 $ 1,051,368 Illinois Housing Development Authority, Refunding RB, Series H-1, 4.00%, 01/01/42 ....................... 5,245 4,795,893 Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43 .......... 4,595 4,535,645 Illinois State Toll Highway Authority, RB Series A, 5.00%, 01/01/44 .......................... 9,250 9,568,995 Series A, 5.25%, 01/01/45 .......................... 10,000 10,485,039 Metropolitan Water Reclamation District of Greater Chicago, GOL, Series A, Sustainable Bonds, 4.00%, 12/01/51 .......................................... 1,500 1,289,241 Regional Transportation Authority, RB, Series A, 5.00%, 06/01/50 ................................... 5,000 5,054,273 State of Illinois Sales Tax Revenue, RB, Series A, 5.00%, 06/15/42 ................................... 1,500 1,548,226 State of Illinois, GO Series B, 5.25%, 05/01/44 ......................... 11,920 12,299,466 Series B, 5.25%, 05/01/49 ......................... 4,000 4,058,977 Series C, 5.00%, 12/01/46 ......................... 4,850 4,883,479 Series C, 5.50%, 04/01/51 ......................... 5,200 5,409,175 Series F, 5.25%, 09/01/48 .......................... 2,950 2,998,249 State of Illinois, Refunding GO, 5.00%, 02/01/37 ....... 2,400 2,560,116 79,687,369 Indiana — 0.7% Indiana Finance Authority, RB, Series A, Sustainability Bonds, 5.00%, 02/01/43 ........................... 5,000 5,253,424 Indiana Finance Authority, Refunding RB Series C, 5.00%, 10/01/42 ......................... 2,650 2,769,761 Series C, 5.00%, 02/01/45 ......................... 1,375 1,442,967 Series B, Sustainability Bonds, 5.00%, 02/01/44 ..... 3,510 3,668,342 Indianapolis Local Public Improvement Bond Bank, RB, Series D, 6.00%, 02/01/48 ......................... 3,150 3,415,959 Indianapolis Local Public Improvement Bond Bank, Refunding ARB, Series B1, 5.25%, 01/01/55 ........ 4,000 4,091,684 IPS Multi-School Building Corp., Refunding RB, Sustainability Bonds, 5.00%, 07/15/44 .............. 1,500 1,549,150 22,191,287 Iowa — 0.2% PEFA, Inc., Refunding RB, Series A, 5.00%, 04/01/35 .. 5,800 6,064,590 Kansas — 0.8% Kansas Development Finance Authority, Refunding RB, Series C-1, 5.00%, 09/01/46 ....................... 7,690 7,919,603 State of Kansas Department of Transportation, Refunding RB, Series A, 5.00%, 09/01/44 ........... 2,050 2,165,522 University of Kansas Hospital Authority, Refunding RB, 5.25%, 03/01/46 ................................... 3,000 3,158,099 Wyandotte County Unified School District No. 500 Kansas City, GO, (BAM), 5.00%, 09/01/50 ...... 14,090 14,311,167 27,554,391 Kentucky — 0.3% Jefferson County Board of Education, GO, Series A, 08/01/42 (g) ........................................ 5,000 4,718,060
Security
Par (000) Value
Kentucky (continued) Kentucky State Property & Building Commission, RB, Series A, 5.00%, 03/01/43 .......................... $ 2,485 $ 2,614,133 Westvaco Corp., RB, 7.67%, 01/15/27 (d) ............... 3,100 3,127,533 10,459,726 Louisiana — 0.5% City of Lafayette Louisiana Utilities Revenue, RB, (AG), 5.00%, 11/01/44 ................................... 5,910 6,171,221 Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 .......................... 10,000 10,093,139 16,264,360 Maine — 1.0% Finance Authority of Maine, RB Series B, 9.50%, 06/01/32 ......................... 3,070 2,611,163 Series A, AMT, 8.50%, 06/01/32 .................... 3,250 2,764,640 AMT, Sustainability Bonds, 8.50%, 06/01/35 (b)(f) ..... 18,454 9,578,603 Maine Health & Higher Educational Facilities Authority, Refunding RB, 4.00%, 07/01/37 (d) .................. 18,500 17,008,391 31,962,797 Maryland — 1.9% County of Anne Arundel Maryland, GOL 5.00%, 10/01/39 ................................... 2,140 2,334,980 5.00%, 10/01/46 ................................... 1,665 1,750,449 County of Prince George’s Maryland, Refunding GOL, Series A, 5.00%, 08/01/40 .......................... 4,500 4,780,412 Maryland Community Development Administration, RB, M/F Housing, Series D-1, Sustainability Bonds, (FNMA), 4.35%, 02/01/44 .......................... 8,230 7,630,167 Maryland Health & Higher Educational Facilities Authority, RB, 7.00%, 03/01/55 (d) ................... 10,405 10,649,050 State of Maryland, GO 5.00%, 06/01/39 ................................... 20,775 22,701,954 5.00%, 06/01/40 ................................... 5,530 5,985,887 Series 1, 5.00%, 06/01/41 .......................... 6,985 7,501,996 63,334,895 Massachusetts — 3.2% Commonwealth of Massachusetts, GO Series C, 5.00%, 06/01/45 ......................... 9,905 10,380,142 Series I, 5.00%, 12/01/47 .......................... 1,000 1,034,956 Commonwealth of Massachusetts, GOL 5.00%, 06/01/46 ................................... 1,900 1,987,892 5.00%, 06/01/47 ................................... 3,600 3,744,209 5.00%, 06/01/48 ................................... 6,500 6,721,586 5.00%, 06/01/49 ................................... 5,000 5,151,277 Series A, 5.00%, 05/01/48 .......................... 6,220 6,374,692 Series D, 5.00%, 10/01/50 ......................... 10,000 10,207,113 Series D, 5.00%, 10/01/53 ......................... 10,000 10,139,162 Series E, 5.00%, 11/01/47 .......................... 4,500 4,630,133 Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.00%, 07/01/46 . 5,560 5,785,706 Massachusetts Clean Water Trust, Refunding RB, 3.00%, 08/01/40 ................................... 535 445,380 Massachusetts Development Finance Agency, RB 5.00%, 10/01/38 ................................... 5,000 4,749,030 5.00%, 10/01/43 ................................... 5,000 4,652,022 Massachusetts Development Finance Agency, Refunding RB, 4.13%, 10/01/42 (d) .................. 4,225 3,892,880
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 5 BNM1026U-6041638-19232805
Page 6
Security
Par (000) Value
Massachusetts (continued) Massachusetts Port Authority, Refunding ARB, Series C, AMT, 5.00%, 07/01/49 .................... $ 5,000 $ 5,013,881 Massachusetts School Building Authority, RB, Series A, Subordinate, 5.00%, 02/15/50 ...................... 13,375 13,723,595 Town of Nantucket Massachusetts, Refunding GOL, 4.00%, 03/15/47 ................................... 1,240 1,162,611 Town of Wakefield Massachusetts, GOL, 5.00%, 08/15/50 .......................................... 5,000 5,164,595 104,960,862 Michigan — 1.9% Michigan Finance Authority, RB 4.00%, 02/15/47 ................................... 7,825 6,960,796 Series A, 6.50%, 06/01/57 (b)(d)(f) .................... 4,020 1,929,600 Michigan Finance Authority, Refunding RB, Series A, Class 1, 4.00%, 06/01/49 .......................... 17,745 14,981,218 Michigan State Hospital Finance Authority, Refunding RB Series A-1, 5.00%, 11/15/32 ........................ 14,685 15,870,215 Series A-1, 5.00%, 11/15/36 ........................ 9,400 10,244,606 Series A-2, 5.50%, 11/15/56 ........................ 2,800 2,925,288 Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53 ............ 4,580 3,991,954 State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46 .......................................... 6,340 6,559,789 63,463,466 Mississippi — 0.1% Mississippi Home Corp., RB, Series 2025-06FN, Class PT, 4.55%, 04/01/42 ......................... 3,945 3,910,877 Missouri — 1.6% City of St Louis Missouri Airport Revenue, ARB, Series A, (AG), 5.25%, 07/01/49 .................... 17,400 17,974,661 Health & Educational Facilities Authority of the State of Missouri, RB (g) Series A, 06/01/33 ................................. 9,915 10,817,880 Series A, 06/01/36 ................................. 6,235 6,839,153 Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 04/01/45 . 5,000 4,595,533 Kansas City Industrial Development Authority, ARB, Series A, AMT, 5.00%, 03/01/44 .................... 5,000 5,013,930 Kansas City Industrial Development Authority, RB, M/F Housing, Sustainability Bonds, (FNMA), 4.39%, 09/01/42 .......................................... 7,421 6,887,653 52,128,810 Nebraska — 0.4% Omaha Airport Authority, ARB, AMT, 5.25%, 12/15/49 .. 4,415 4,507,033 Omaha Public Power District, RB Series A, 5.00%, 02/01/51 .......................... 5,585 5,712,837 Series A, 5.25%, 02/01/53 .......................... 4,000 4,131,582 14,351,452 Nevada — 1.6% Clark County School District, Refunding GOL Series A, (AG), 5.00%, 06/15/38 .................... 5,000 5,455,599 Series B, 5.00%, 06/15/45 ......................... 10,000 10,324,816 Clark County Water Reclamation District, GOL 5.00%, 07/01/46 ................................... 12,335 12,745,035 5.00%, 07/01/47 ................................... 3,290 3,384,342 Las Vegas Valley Water District, GOL, Series A, 5.00%, 06/01/45 .......................................... 4,230 4,426,224
Security
Par (000) Value
Nevada (continued) Las Vegas Valley Water District, Refunding GOL, Series A, 5.00%, 06/01/45 .......................... $ 10,000 $ 10,546,781 State of Nevada Department of Business & Industry, RB, Series A, 4.50%, 12/15/29 (d) ................... 160 160,020 Washoe County School District, GOL, Series A, 4.00%, 06/01/42 .......................................... 4,715 4,517,120 51,559,937 New Hampshire — 1.1% New Hampshire Business Finance Authority, RB, 5.88%, 12/15/33 (d) ................................. 3,113 3,101,359 New Hampshire Business Finance Authority, RB, M/F Housing Series 2026, Class 1, 4.25%, 07/20/41 .............. 5,497 5,147,101 Series 2, Sustainability Bonds, 4.25%, 07/20/41 ..... 12,011 11,650,738 Series 2, Class 3-A, Sustainability Bonds, 4.16%, 10/01/51 (c) ...................................... 11,125 10,440,980 New Hampshire Business Finance Authority, Refunding RB, 3.30%, 04/01/32 ............................... 8,545 6,252,647 36,592,825 New Jersey — 2.3% New Jersey Economic Development Authority, RB, Series B, 5.50%, 11/01/26 (d) ........................ 95 94,638 New Jersey Transportation Trust Fund Authority, RB 5.25%, 06/15/46 ................................... 2,435 2,525,859 Series AA, 5.00%, 06/15/43 ........................ 2,000 2,089,462 Series AA, 5.00%, 06/15/44 ........................ 4,000 4,159,370 Series CC, 5.00%, 06/15/41 ........................ 3,725 3,903,797 Series CC, 5.25%, 06/15/50 ........................ 17,700 18,315,934 Series CC, 5.25%, 06/15/55 ........................ 16,320 16,763,411 New Jersey Transportation Trust Fund Authority, Refunding RB Series AA, 5.25%, 06/15/41 ........................ 7,250 7,733,625 Series AA, 5.00%, 06/15/42 ........................ 14,520 15,212,909 New Jersey Turnpike Authority, RB, Series A, 5.25%, 01/01/50 .......................................... 5,125 5,350,409 76,149,414 New York — 10.1% City of New York, GO Series A-1, 5.00%, 08/01/42 ........................ 4,000 4,164,217 Series C, 5.25%, 03/01/49 ......................... 11,675 11,980,231 Empire State Development Corp., RB, Series A, 5.00%, 03/15/43 ................................... 7,000 7,321,191 Empire State Development Corp., Refunding RB, Series A, Sustainability Bonds, 5.00%, 03/15/55 ..... 4,070 4,113,763 Long Island Power Authority, Refunding RB Series B, 5.00%, 09/01/34 ......................... 940 1,055,632 Series B, 5.00%, 09/01/35 ......................... 175 197,084 Series B, 5.00%, 09/01/38 ......................... 770 846,509 Series B, 5.00%, 09/01/39 ......................... 875 950,690 Series B, 5.00%, 09/01/46 ......................... 1,395 1,456,334 New York City Municipal Water Finance Authority, RB Series BB-1, 5.00%, 06/15/50 ...................... 3,025 3,074,814 Sub-Series AA-1, 5.25%, 06/15/53 .................. 3,825 3,927,196 Sub-Series BB-1, 5.25%, 06/15/54 ................. 1,000 1,025,857 Series AA, Class 1, Subordinate, 5.00%, 06/15/51 ... 4,000 4,039,253 New York City Municipal Water Finance Authority, Refunding RB, Series AA2, Subordinate, 5.00%, 06/15/49 .......................................... 3,735 3,801,329
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
6 BNM1026U-6041638-19232805
Page 7
Security
Par (000) Value
New York (continued) New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, (SAW), 5.00%, 07/15/37 .......................................... $ 4,000 $ 4,452,840 New York City Transitional Finance Authority Future Tax Secured Revenue, RB Series B-1, 5.50%, 11/01/52 ........................ 5,000 5,274,929 Series D, 5.00%, 05/01/46 ......................... 10,295 10,514,271 Series D-1, 5.25%, 11/01/48 ........................ 13,315 13,769,032 Series F-1, 5.25%, 02/01/53 ........................ 3,425 3,504,054 Series A, Subordinate, 5.00%, 05/01/43 ............. 5,520 5,685,098 Series A-1, Subordinate, 5.00%, 05/01/42 ........... 5,000 5,224,851 Series B, Subordinate, 5.00%, 05/01/45 ............ 1,500 1,537,364 Series B, Subordinate, 5.00%, 05/01/46 ............ 1,000 1,019,096 Series F-1, Subordinate, 4.00%, 02/01/51 ........... 2,500 2,159,688 Series G-1, Subordinate, 5.00%, 05/01/46 .......... 2,365 2,412,796 Series G-1, Subordinate, 5.00%, 05/01/52 .......... 4,000 4,023,552 Series H-1, Subordinate, 5.00%, 11/01/46 ........... 1,250 1,278,123 Series H-1, Subordinate, 5.25%, 11/01/48 ........... 8,500 8,781,885 Series H-1, Subordinate, 5.00%, 11/01/50 ........... 6,000 6,039,505 Series I-1, Subordinate, 5.00%, 05/01/50 ........... 10,000 10,065,235 Series I-1, Subordinate, 5.50%, 05/01/53 ........... 10,555 11,059,250 New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51 ...................... 1,000 723,030 New York Liberty Development Corp., Refunding RB, Series 1, 3.00%, 02/15/42 .......................... 2,500 1,989,097 New York State Dormitory Authority, Refunding RB Series A, 4.00%, 03/15/46 .......................... 5,000 4,558,191 Series A, 5.00%, 03/15/47 .......................... 2,430 2,516,753 Series A, 5.00%, 03/15/48 .......................... 20,135 20,577,268 Series A, 5.00%, 03/15/50 .......................... 16,150 16,362,058 Series A, 5.25%, 03/15/52 .......................... 5,000 5,134,178 Series B, 4.00%, 03/15/54 ......................... 1,500 1,303,175 Series B, 5.00%, 03/15/54 ......................... 5,000 5,048,250 Series C, 5.00%, 03/15/44 ......................... 500 522,231 Series C, 5.25%, 03/15/50 ......................... 5,000 5,189,421 Series E, 5.00%, 09/15/28 (h) ....................... 5 5,240 New York State Thruway Authority, RB Series A, 5.00%, 03/15/43 .......................... 10,000 10,523,278 Series A, 5.00%, 09/15/49 .......................... 9,500 9,727,864 Series A, 5.00%, 09/15/53 .......................... 10,000 10,107,853 Series A, 5.00%, 09/15/54 .......................... 5,000 5,048,393 Series A, 5.00%, 09/15/55 .......................... 10,000 10,087,351 New York State Thruway Authority, Refunding RB, Series P, 5.00%, 01/01/49 .......................... 2,000 2,036,119 New York Transportation Development Corp., ARB, AMT, Sustainability Bonds, 6.00%, 06/30/55 ........ 8,000 8,370,306 New York Transportation Development Corp., RB AMT, Sustainability Bonds, 5.25%, 06/30/43 ........ 3,000 3,053,937 AMT, Sustainability Bonds, 5.25%, 06/30/44 ........ 4,000 4,057,282 AMT, Sustainability Bonds, 5.38%, 06/30/60 ........ 14,010 13,841,461 AMT, Sustainability Bonds, 5.50%, 06/30/60 ........ 4,945 4,966,157 New York Transportation Development Corp., Refunding RB Series A, AMT, Sustainability Bonds, 5.25%, 12/31/54 ........................................ 1,675 1,687,505 Series A, AMT, Sustainability Bonds, 5.50%, 12/31/60 ........................................ 4,110 4,117,071 Triborough Bridge & Tunnel Authority, RB Series A, 5.00%, 11/15/46 .......................... 1,205 1,261,101
Security
Par (000) Value
New York (continued) Triborough Bridge & Tunnel Authority, RB (continued) Series A, 5.25%, 11/15/51 .......................... $ 6,740 $ 7,004,086 Triborough Bridge & Tunnel Authority, Refunding RB Series C, 5.25%, 05/15/52 ......................... 23,785 24,410,419 Series C, Sustainability Bonds, 5.25%, 11/15/40 ..... 4,000 4,317,598 333,302,342 North Carolina — 0.6% City of Charlotte North Carolina Water & Sewer System Revenue, Refunding RB, Series A, 5.00%, 07/01/45 . 3,140 3,272,474 City of Greensboro North Carolina Combined Water & Sewer System Revenue, Refunding RB, Series B, 5.00%, 06/01/49 ................................... 6,290 6,500,781 North Carolina Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 6.25%, 01/01/55 .......................................... 4,625 5,070,341 North Carolina Medical Care Commission, RB Series A, 5.00%, 10/01/44 .......................... 375 380,497 Series A, 5.00%, 10/01/49 .......................... 375 373,926 Series A, 5.13%, 10/01/54 .......................... 195 192,616 North Carolina Medical Care Commission, Refunding RB, Series A, 5.25%, 01/01/41 ..................... 2,275 2,167,641 Town of Mooresville North Carolina, SAB, 5.38%, 03/01/40 (d) ........................................ 135 135,093 18,093,369 North Dakota — 0.1% North Dakota Housing Finance Agency, RB, S/F Housing, Series C, Sustainability Bonds, 6.25%, 01/01/55 .......................................... 4,380 4,803,411 Ohio — 1.5% Buckeye Tobacco Settlement Financing Authority, Refunding RB Series A-2, Class 1, 4.00%, 06/01/39 ............... 1,615 1,570,369 Series B-2, Class 2, 5.00%, 06/01/55 ............... 23,100 17,635,919 Buckeye Tobacco Settlement Financing Authority, Refunding RB, CAB, Series B-3, Class 2, 0.00%, 06/01/57 (e) ........................................ 76,535 5,122,250 Columbus Regional Airport Authority, Refunding ARB, Series A, AMT, 5.50%, 01/01/50 .................... 4,000 4,139,677 Columbus-Franklin County Finance Authority, RB, M/F Housing, (FNMA), 4.82%, 11/01/43 ................. 2,500 2,469,522 JobsOhio Beverage System, Refunding RB Series A, Senior Lien, 5.00%, 01/01/44 ............. 2,500 2,622,583 Series A, Senior Lien, 5.00%, 01/01/50 ............. 8,000 8,163,524 Ohio Housing Finance Agency, RB, S/F Housing, Series B, Sustainability Bonds, (FHLMC, FNMA, GNMA), 7.00%, 03/01/49 .......................... 1,250 1,424,769 Worthington City School District, GO, Series C, 5.00%, 12/01/48 .......................................... 4,900 5,019,180 48,167,793 Oklahoma — 1.1% Oklahoma Capitol Improvement Authority, RB, Series A, 5.25%, 07/01/50 .......................... 2,185 2,288,335 Oklahoma City Public Property Authority, RB 5.00%, 06/01/32 ................................... 4,850 5,318,335 5.00%, 06/01/33 ................................... 5,250 5,799,507 5.00%, 06/01/34 ................................... 5,725 6,347,191 Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51 (d) ........................................ 4,855 4,772,422
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 7 BNM1026U-6041638-19232805
Page 8
Security
Par (000) Value
Oklahoma (continued) Oklahoma Turnpike Authority, RB, Series A, 5.00%, 01/01/44 .......................................... $ 4,500 $ 4,705,482 Oklahoma Water Resources Board, RB 5.25%, 04/01/50 ................................... 3,000 3,132,173 Series A, 4.13%, 10/01/53 .......................... 3,730 3,307,002 35,670,447 Oregon — 1.4% City of Portland Oregon Sewer System Revenue, Refunding RB Series A, 2nd Lien, 5.00%, 12/01/43 ................ 6,000 6,245,725 Series A, 2nd Lien, 5.00%, 10/01/49 ................ 18,390 18,819,656 Port of Morrow Oregon, GOL, Series A, 5.15%, 10/01/26 (d) ........................................ 7,860 7,861,536 Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 .......................................... 4,000 4,165,684 State of Oregon Housing & Community Services Department, RB, M/F Housing, Series B, (FHLMC, FNMA, GNMA), 4.13%, 07/01/43 ................... 165 154,630 State of Oregon, GO Series A, 5.00%, 05/01/48 .......................... 1,840 1,880,740 Series F, 5.00%, 08/01/48 .......................... 2,000 2,045,905 Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, GO, (GTD), 5.00%, 06/15/43 ... 3,100 3,266,911 44,440,787 Pennsylvania — 0.9% Chester County Health and Education Facilities Authority, Refunding RB, Series A, 5.25%, 12/01/45 . 1,500 1,199,622 City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series C, (AG), 5.25%, 09/01/54 ..... 2,500 2,585,195 Geisinger Authority, Refunding RB, 4.00%, 04/01/50 ... 5,985 5,058,201 Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 ..... 3,250 3,202,469 Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series B-1, 5.00%, 11/01/51 ......... 6,510 6,408,210 Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 145A, Sustainability Bonds, 6.00%, 10/01/54 .......................................... 6,015 6,438,000 Pittsburgh School District, GOL, (BAM-TCRS SAW), 3.00%, 09/01/39 ................................... 1,425 1,188,891 School District of Philadelphia, GOL Series A, (SAW), 5.00%, 09/01/46 .................. 2,000 2,069,349 Series A, (SAW), 5.00%, 09/01/47 .................. 1,500 1,542,654 29,692,591 Puerto Rico — 4.0% Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57 (e) ........................................ 222,915 8,506,414 Commonwealth of Puerto Rico, GO Series A-1, Restructured, 4.00%, 07/01/37 .......... 8,158 7,906,551 Series A-1, Restructured, 4.00%, 07/01/41 .......... 1,591 1,476,290 Series A-1, Restructured, 4.00%, 07/01/46 .......... 7,867 6,980,069 Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33 (e) ................... 9,280 6,772,393 Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51 (b)(c)(f) ..................................... 72,482 40,636,774 Puerto Rico Electric Power Authority, RB (b)(f) Series A-1, 10.00%, 07/01/19 ...................... 928 719,010 Series A-2, 10.00%, 07/01/19 ...................... 4,681 3,627,434 Series A-3, 10.00%, 07/01/19 ...................... 6,867 5,322,076 Series B-3, 10.00%, 07/01/19 ...................... 6,867 5,322,075
Security
Par (000) Value
Puerto Rico (continued) Puerto Rico Electric Power Authority, RB (b)(f) (continued) Series C-1, 5.40%, 01/01/18 ....................... $ 18,867 $ 13,961,755 Series C-3, 5.40%, 01/01/20 ....................... 1,908 1,411,533 Series C-4, 5.40%, 07/01/20 ....................... 1,907 1,411,533 Series D-1, 7.50%, 01/01/20 ....................... 9,399 7,119,667 Series D-2, 7.50%, 01/01/20 ....................... 5,000 3,787,500 Series D-4, 7.50%, 07/01/20 ....................... 7,444 5,638,668 Puerto Rico Electric Power Authority, Refunding RB (b)(c)(f) Series UU, 0.00%, 07/01/17 ........................ 1,295 958,300 Series UU, 0.00%, 07/01/18 ........................ 1,165 862,100 Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Authority, ARB Series A-1, AMT, 6.75%, 01/01/45 .................. 1,790 2,000,434 Series A-2, AMT, 6.50%, 01/01/42 .................. 1,170 1,294,610 Series A-2, AMT, 6.75%, 01/01/45 .................. 1,790 2,000,434 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Series A-2, Restructured, 4.78%, 07/01/58 .......................................... 2,500 2,356,567 130,072,187 Rhode Island — 0.2% State of Rhode Island, GO, Series A, 5.00%, 05/01/43 . 4,195 4,423,626 Tobacco Settlement Financing Corp., RB, CAB, Series A, 0.00%, 06/01/52 (e) ........................ 12,980 1,749,478 6,173,104 South Carolina — 2.2% City of Charleston South Carolina Waterworks & Sewer System Revenue, RB 5.00%, 01/01/47 ................................... 2,500 2,584,170 5.00%, 01/01/49 ................................... 5,955 6,058,331 City of Columbia South Carolina Waterworks & Sewer System Revenue, RB, 5.25%, 02/01/52 ............. 6,110 6,306,443 County of Dorchester South Carolina, SAB (d) 5.88%, 10/01/40 ................................... 2,310 2,342,245 6.00%, 10/01/51 ................................... 6,240 6,263,303 Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (c) ...................... 12,640 13,307,124 Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 (c) ................. 5,680 6,029,050 South Carolina Jobs-Economic Development Authority, RB 7.50%, 08/15/62 (d) ................................. 6,915 6,077,871 Series A, 5.25%, 11/01/43 .......................... 11,525 12,074,101 South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.25%, 11/01/42 ........... 775 823,015 South Carolina Public Service Authority, RB, Series A, 5.00%, 12/01/44 ................................... 2,400 2,480,167 South Carolina Public Service Authority, Refunding RB, Series B, 5.00%, 12/01/54 ......................... 7,520 7,585,943 71,931,763 Tennessee — 1.9% City of Memphis Tennessee Sanitary Sewerage System Revenue, RB (AG), 5.00%, 06/01/47 ............................. 3,825 3,941,301 (AG), 5.00%, 06/01/48 ............................. 4,015 4,117,359 County of Shelby Tennessee, GO, Series A, 5.00%, 04/01/37 .......................................... 1,505 1,642,346
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
8 BNM1026U-6041638-19232805
Page 9
Security
Par (000) Value
Tennessee (continued) Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 ............................... $ 5,360 $ 4,894,437 Metropolitan Government of Nashville & Davidson County Tennessee Water & Sewer Revenue, Refunding RB 5.00%, 07/01/39 ................................... 1,015 1,087,295 5.00%, 07/01/45 ................................... 2,750 2,866,224 5.00%, 07/01/50 ................................... 5,050 5,163,033 Metropolitan Nashville Airport Authority, ARB Series B, AMT, 5.00%, 07/01/46 .................... 2,250 2,276,757 Series B, AMT, 5.25%, 07/01/51 .................... 7,200 7,358,352 Series B, AMT, Subordinate, 5.00%, 07/01/44 ....... 1,235 1,246,905 Series A, Subordinate, 5.00%, 07/01/44 ............. 5,130 5,226,262 Tennessee Energy Acquisition Corp., Refunding RB, Series A, 5.00%, 12/01/35 .......................... 11,950 12,438,521 Tennessee Housing Development Agency, RB, S/F Housing, Series 2-A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/55 ................... 4,055 4,408,119 Tennessee State School Bond Authority, RB, Series A, 5.00%, 11/01/47 ................................... 6,520 6,697,912 63,364,823 Texas — 11.3% Arlington Higher Education Finance Corp., RB (b)(d)(f) 7.50%, 04/01/28 ................................... 210 105,000 7.88%, 11/01/62 ................................... 5,865 3,519,000 Series A, 5.30%, 04/01/62 .......................... 4,325 2,162,500 Austin Community College District, GOL, 5.25%, 08/01/53 .......................................... 8,435 8,680,360 Austin Community College District, Refunding GOL, 5.25%, 08/01/50 ................................... 6,630 6,883,613 Celina Independent School District, GO Series A, (PSF), 5.25%, 02/15/41 ................... 1,800 1,929,689 Series A, (PSF), 5.25%, 02/15/42 ................... 1,905 2,033,776 City of Austin Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 11/15/41 ............... 500 513,635 City of Austin Texas Water & Wastewater System Revenue, Refunding RB, 5.00%, 11/15/47 .......... 4,500 4,651,846 City of Dallas Housing Finance Corp., RB, M/F Housing, Series 2025-04FN, Class PT, 4.63%, 10/01/43 .......................................... 3,300 3,208,516 City of Dallas Texas, Refunding GOL Series A, 5.00%, 02/15/40 .......................... 8,000 8,397,751 Series A, 5.00%, 02/15/41 .......................... 6,020 6,288,545 Series B, 4.00%, 02/15/40 ......................... 3,750 3,570,345 Series C, 4.00%, 02/15/44 ......................... 12,185 11,148,187 City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.25%, 03/01/49 .................... 17,500 18,085,709 City of Houston Texas Airport System Revenue, Refunding ARB Series A, AMT, Subordinate Lien, 5.25%, 07/01/41 .. 1,865 1,961,488 Series A, AMT, Subordinate Lien, 5.25%, 07/01/42 .. 3,585 3,744,471 City of Houston Texas, Refunding GOL Series A, 5.00%, 03/01/38 .......................... 535 567,907 Series A, 5.25%, 03/01/40 .......................... 350 371,348 Series A, 5.25%, 03/01/43 .......................... 570 599,482 City of Marble Falls Texas, SAB (d) 3.38%, 09/01/26 ................................... 100 100,000 3.88%, 09/01/31 ................................... 200 193,160 4.13%, 09/01/41 ................................... 730 653,036
Security
Par (000) Value
Texas (continued) City of Marble Falls Texas, SAB (d) (continued) 4.38%, 09/01/51 ................................... $ 1,000 $ 852,881 City of Midland Texas, Refunding GOL, Series B, 5.00%, 03/01/47 ................................... 3,220 3,287,284 City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB Series A, 5.25%, 02/01/46 .......................... 5,330 5,600,304 Series A, 5.25%, 02/01/49 .......................... 15,000 15,647,502 Series C, 5.50%, 02/01/49 ......................... 1,660 1,764,600 Series D, 5.00%, 02/01/43 ......................... 8,000 8,418,870 Series E, 5.25%, 02/01/49 ......................... 5,500 5,749,749 Conroe Independent School District, GO, (PSF), 5.00%, 02/15/45 ................................... 5,000 5,211,852 County of Williamson Texas, Refunding GO, 5.00%, 02/15/43 .......................................... 1,985 2,068,810 Dallas Fort Worth International Airport, Refunding ARB 5.25%, 11/01/48 ................................... 18,425 19,191,966 Series A-1, AMT, 5.25%, 11/01/45 .................. 8,000 8,238,422 Series A-1, AMT, 5.25%, 11/01/46 .................. 15,000 15,369,867 Dallas Independent School District, GO, Series A, (PSF), 5.00%, 02/15/48 ............................ 3,500 3,610,720 Deer Park Independent School District, GO, (PSF), 5.00%, 08/15/47 ................................... 5,000 5,116,845 Fort Bend Independent School District, Refunding GO Series A, (PSF), 5.00%, 08/15/44 ................... 945 986,019 Series A, (PSF), 5.25%, 08/15/55 ................... 5,000 5,186,105 Fredericksburg Independent School District, GO, (PSF), 5.00%, 02/15/47 ............................ 8,120 8,279,268 Lower Colorado River Authority, Refunding RB 5.25%, 05/15/48 ................................... 1,890 1,947,642 5.00%, 05/15/49 ................................... 4,080 4,144,936 Series A, (BAM), 5.25%, 05/15/43 .................. 3,450 3,691,102 Medina Valley Independent School District, GO, (PSF), 4.00%, 02/15/53 ................................... 3,720 3,243,261 Midland Independent School District, GO, (PSF), 5.00%, 02/15/47 ................................... 5,000 5,192,795 New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 ........... 395 403,430 North Texas Municipal Water District Water System Revenue, Refunding RB, 5.25%, 09/01/51 .......... 5,800 6,003,754 North Texas Municipal Water District, RB, 5.25%, 06/01/43 .......................................... 4,500 4,694,073 Northwest Independent School District, GO (PSF), 5.00%, 02/15/48 ............................ 5,865 5,971,189 Series A, (PSF), 5.00%, 02/15/48 ................... 5,130 5,227,835 Permanent University Fund - Texas A&M University System, Refunding RB, Series A, 5.00%, 07/01/33 .. 1,955 2,173,892 Permanent University Fund - University of Texas System, Refunding RB Series A, 5.00%, 07/01/40 .......................... 3,700 3,905,548 Series A, 5.00%, 07/01/48 .......................... 1,750 1,805,725 Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 .......................... 15,000 15,093,417 Port of Beaumont Industrial Development Authority, RB, 4.10%, 01/01/28 (d) ............................. 16,545 15,276,412 Port of Beaumont Navigation District, Refunding RB, Series A, AMT, 4.00%, 01/01/50 (d) .................. 20,670 15,634,207 Pottsboro Independent School District, GO, (PSF), 5.00%, 02/15/47 ................................... 4,180 4,261,988
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 9 BNM1026U-6041638-19232805
Page 10
Security
Par (000) Value
Texas (continued) Prosper Independent School District, GO (PSF), 4.00%, 02/15/53 ............................ $ 3,155 $ 2,763,437 (PSF), 4.00%, 02/15/54 ............................ 4,650 4,050,508 San Antonio Housing Trust Public Facility Corp., RB, Series 2024-11FN, Class PT, 4.45%, 04/01/43 ...... 3,385 3,171,128 San Antonio Water System, Refunding RB Series A, Junior Lien, 5.25%, 05/15/48 .............. 7,005 7,337,539 Series C, Junior Lien, 5.00%, 05/15/45 ............. 3,275 3,430,108 State of Texas, Refunding GO 5.00%, 10/01/43 ................................... 5,000 5,289,209 5.00%, 10/01/44 ................................... 5,725 6,028,237 Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/49 ............... 2,450 2,480,424 Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/49 .............. 1,000 1,025,226 Texas Department of Housing & Community Affairs, RB, S/F Housing, Series B, (GNMA), 5.25%, 07/01/53 .......................................... 3,760 3,775,034 Texas Transportation Finance Corp., Refunding RB, Series A, Subordinate, 5.25%, 10/01/50 ............. 6,000 6,296,653 Texas Water Development Board, RB 5.00%, 08/01/45 ................................... 2,800 2,925,545 4.00%, 10/15/45 ................................... 10,000 9,092,077 5.00%, 10/15/47 ................................... 10,000 10,275,902 University of Houston, Refunding RB, Series A, 4.00%, 02/15/42 .......................................... 3,255 3,024,640 373,587,301 Utah — 0.7% City of Salt Lake City Utah Airport Revenue, ARB Series A, AMT, 5.25%, 07/01/42 .................... 5,430 5,670,260 Series A, AMT, 5.00%, 07/01/46 .................... 3,000 3,028,085 North Davis County Sewer District, RB, Series A, 3.00%, 03/01/39 ................................... 1,475 1,259,453 University of Utah, Refunding RB Series A, 5.00%, 08/01/44 .......................... 2,030 2,145,670 Series A, 5.00%, 08/01/45 .......................... 3,620 3,813,857 Series A, 5.00%, 08/01/46 .......................... 4,065 4,258,372 Utah Charter School Finance Authority, RB, 5.63%, 06/15/54 (d) ........................................ 4,885 4,245,620 24,421,317 Virginia — 2.7% Ballston Quarter Community Development Authority, TA, Series A-1, 5.50%, 03/01/46 .................... 2,765 2,717,002 Ballston Quarter Community Development Authority, TA, CAB, Series A-2, 7.13%, 03/01/59 (i) ............. 6,638 6,161,881 Cherry Hill Community Development Authority, SAB, 5.15%, 03/01/35 (d) ................................. 955 956,236 Chesterfield County Economic Development Authority, RB 5.00%, 04/01/43 ................................... 2,500 2,622,630 5.00%, 04/01/45 ................................... 6,500 6,770,794 City of Norfolk Virginia Water Revenue, RB, 5.00%, 11/01/45 .......................................... 5,230 5,463,507 City of Richmond VA Public Utility Revenue, Refunding RB Series B, 4.25%, 01/15/47 ......................... 2,750 2,681,200 Series B, 5.00%, 01/15/51 ......................... 3,375 3,462,468 County of Fairfax Virginia Sewer Revenue, RB, Series A, 5.00%, 07/15/46 .......................... 5,000 5,187,365 Fairfax County Industrial Development Authority, Refunding RB 4.00%, 05/15/42 ................................... 5,255 4,903,332
Security
Par (000) Value
Virginia (continued) Fairfax County Industrial Development Authority, Refunding RB (continued) Series A, 4.00%, 05/15/48 .......................... $ 1,780 $ 1,595,118 Henrico County Economic Development Authority, Refunding RB, Series A, 5.00%, 11/01/48 ........... 1,425 1,436,423 Lower Magnolia Green Community Development Authority, SAB (d) 5.00%, 03/01/35 ................................... 2,530 2,530,303 5.00%, 03/01/45 ................................... 2,780 2,710,993 Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46 ........................ 23,305 16,454,696 Virginia Commonwealth University Health System Authority, RB Series A, 5.25%, 07/01/49 .......................... 4,800 5,018,247 Series A, 4.00%, 07/01/54 .......................... 2,500 2,110,692 Virginia Housing Development Authority, RB, S/F Housing Series E-2, 4.40%, 10/01/44 ....................... 680 657,522 Series E-2, 4.55%, 10/01/49 ....................... 1,965 1,880,517 Virginia Public Building Authority, RB, Series A, 5.00%, 08/01/45 .......................................... 4,600 4,833,034 Virginia Resources Authority, Refunding RB (SAW), 5.00%, 11/01/37 ........................... 3,000 3,336,809 Series B, 5.00%, 11/01/50 .......................... 5,000 5,131,058 Winchester Economic Development Authority, RB, Series A, 5.00%, 08/01/43 .......................... 1,400 1,471,890 90,093,717 Washington — 2.0% City of Seattle WA Drainage & Wastewater Revenue, Refunding RB, 5.25%, 05/01/50 .................... 625 654,421 City of Tacoma WA Electric System Revenue, Refunding RB, Series A, 5.00%, 01/01/49 ........... 1,740 1,773,006 King County Housing Authority, RB, 5.38%, 07/01/45 ... 6,000 6,193,057 Pierce County School District No. 10 Tacoma, GO, (GTD), 5.00%, 12/01/48 ............................ 1,000 1,026,702 Port of Seattle Washington, ARB Series A, AMT, 4.00%, 05/01/43 .................... 5,000 4,579,534 Series B, AMT, Intermediate Lien, 5.25%, 10/01/43 .. 7,615 7,980,502 Port of Seattle Washington, Refunding ARB, Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 ........... 7,995 8,111,589 State of Washington, GO Series 2024-A, 5.00%, 08/01/43 .................... 14,025 14,644,495 Series E, 5.00%, 08/01/44 ......................... 3,980 4,191,925 Series F, 5.00%, 06/01/49 .......................... 10,000 10,269,332 Vancouver Housing Authority, RB, M/F Housing, 5.00%, 08/01/40 ................................... 1,675 1,658,438 Washington State Housing Finance Commission, RB (d) Series A, 4.00%, 07/01/27 .......................... 295 293,517 Series A, 5.50%, 01/01/44 .......................... 920 900,211 Washington State Housing Finance Commission, RB, M/F Housing, Series 2, Class 1, Sustainability Bonds, 4.22%, 03/01/50 ........................... 3,518 3,324,544 65,601,273 Wisconsin — 1.1% Public Finance Authority, ARB AMT, 4.00%, 07/01/41 ............................. 1,755 1,579,308 AMT, 4.25%, 07/01/54 ............................. 6,310 5,280,625 Public Finance Authority, RB 6.25%, 10/01/31 (b)(d)(f) ............................. 1,285 128,500 7.00%, 10/01/47 (b)(d)(f) ............................. 1,285 128,500 Class B, 7.00%, 12/01/30 (b)(d)(f) ..................... 1,620 1,052,984 Series A, 7.00%, 11/01/46 (b)(d)(f) .................... 5,085 1,779,750
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
10 BNM1026U-6041638-19232805
Page 11
Security
Par (000) Value
Wisconsin (continued) Public Finance Authority, RB (continued) AMT, 6.50%, 06/30/60 ............................. $ 7,500 $ 8,202,875 Public Finance Authority, Refunding RB, Series B, 6.13%, 10/01/49 (d) ................................. 8,530 7,629,416 University of Wisconsin Hospitals & Clinics, RB, Series A, Sustainability Bonds, 5.00%, 04/01/49 ..... 1,630 1,635,270 Wisconsin Health & Educational Facilities Authority, RB 5.25%, 08/15/50 ................................... 5,000 5,102,341 Series A, 5.75%, 08/15/59 .......................... 1,575 1,605,924 Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/44 ........... 1,700 1,721,321 35,846,814 Total Municipal Bonds — 93.1% (Cost: $3,154,811,526) .............................................. 3,067,269,440
Municipal Bonds Transferred to Tender Option Bond Trusts (j)
California — 0.8% City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Sustainability Bonds, 5.25%, 05/15/50 .......................................... 10,000 10,229,385 San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/53 .................... 17,420 17,454,212 27,683,597 Colorado — 0.6% City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48 (k) ........................................ 19,910 19,642,643 Florida — 2.0% County of Miami-Dade Florida Transit System, RB 5.00%, 07/01/48 ................................... 13,815 14,107,667 0.00%, 07/01/50 ................................... 15,000 15,228,759 5.00%, 07/01/51 ................................... 10,000 10,126,785 School District of Broward County, GO, 5.00%, 07/01/51 (k) ........................................ 26,045 26,269,561 65,732,772 Georgia — 0.3% City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/47 .... 10,000 10,096,843 Hawaii — 0.3% State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 (k) .................. 10,000 10,011,270 Illinois — 0.3% Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/33 ................ 10,000 10,863,867 Kansas — 0.8% Kansas Development Finance Authority, RB, Series C-1, 5.00%, 09/01/50 (k) ..................... 26,825 27,283,253 Kentucky — 0.4% Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, Series C, 5.00%, 05/15/49 ... 11,995 12,219,807
Security
Par (000) Value
Massachusetts — 0.6% Commonwealth of Massachusetts, GO, Series I, 5.00%, 12/01/53 ................................... $ 10,000 $ 10,157,678 Commonwealth of Massachusetts, GOL, Series C, 5.00%, 10/01/48 ................................... 9,500 9,749,058 19,906,736 Nebraska — 0.9% Omaha Public Power District, RB, Series A, 5.25%, 02/01/48 .......................................... 28,050 29,144,127 Nevada — 0.3% Las Vegas Valley Water District, GOL, Series A, 5.25%, 06/01/50 .......................................... 10,000 10,452,698 New York — 1.9% Empire State Development Corp., RB, Series A, 5.00%, 03/15/50 ................................... 12,000 12,227,527 Port Authority of New York & New Jersey, Refunding ARB, AMT, 5.00%, 01/15/52 ........................ 40,000 40,043,163 Triborough Bridge & Tunnel Authority, Refunding RB, Series A-1, 5.00%, 05/15/51 ........................ 9,070 9,225,831 61,496,521 Pennsylvania — 0.3% City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, AMT, 5.00%, 07/01/51 (k) ........... 10,000 9,856,724 Texas — 0.9% City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/52 .................... 10,000 10,096,478 Texas Water Development Board, RB, Series A, 5.00%, 10/15/44 ................................... 16,930 17,604,034 27,700,512 Utah — 0.3% City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.25%, 07/01/48 (k) .................. 10,000 10,063,257 Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.7% (Cost: $351,238,993) ................................................ 352,154,627
Shares Warrants
Construction & Engineering — 0.0% Brightline West, (Expires 11/26/35, Strike Price USD 5.00) (a)(b) .......................................... 1,996,869 998,434 Total Warrants — 0.0% (Cost: $ — ) ........................................................ 998,434 Total Long-Term Investments — 103.9% (Cost: $3,506,053,857) .............................................. 3,424,115,550
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 11 BNM1026U-6041638-19232805
Page 12
Security Shares Value Short-Term Securities
Money Market Funds — 2.7% BlackRock Liquidity Funds, MuniCash, Institutional Shares, 2.21% (l)(m) ................................ 88,586,528 $ 88,595,387 Total Short-Term Securities — 2.7% (Cost: $88,595,146) ................................................. 88,595,387 Total Investments — 106.6% (Cost: $3,594,649,003) .............................................. 3,512,710,937 Other Assets Less Liabilities — 0.6% ................................. 22,655,662 Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.2)% ............................................. (238,966,940) Net Assets — 100.0% ................................................. $ 3,296,399,659 (a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. (b) Non-income producing security. (c) 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.
(d) 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. (e) Zero-coupon bond. (f) Issuer filed for bankruptcy and/or is in default. (g) When-issued security. (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) 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. (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. (k) All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between July 1, 2027 to March 1, 2031, is $75,563,707. (l) Affiliate of the Fund. (m) Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2026 for purposes of Section 2(a)(3) of the Investm ent Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 05/31/26
Purchases at Cost
Proceeds from Sales
Net Realized Gain (Loss)
Change in Unrealized Appreciation (Depreciation)
Value at 08/31/26
Shares Held at 08/31/26 Income
Capital Gain Distributions from Underlying Funds BlackRock Liquidity Funds, MuniCash, Institutional Shares ............................................... $ 53,494,917 $ 35,100,470 (a) $ — $ — $ — $ 88,595,387 88,586,528 $ 561,105 $ —
(a) Represents net amount purchased (sold).
Fair Value Hiera rchy as of P eriod End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are cate gorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Commit tee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) an d the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments ca tegorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hie rarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 ha ve significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by priv ately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instru ments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. F or information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund (Percentages shown are based on Net Assets)
12 BNM1026U-6041638-19232805
Page 13
Fair Value Hiera rchy as of P eriod End (continued) The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial inst ruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks ............................................................... $ — $ — $ 3,693,049 $ 3,693,049 Municipal Bonds ............................................................... — 3,067,269,440 — 3,067,269,440 Municipal Bonds Transferred to Tender Option Bond Trusts ...................... — 352,154,627 — 352,154,627 Warrants ...................................................................... — — 998,434 998,434 Short-Term Securities Money Market Funds ........................................................... 88,595,387 — — 88,595,387 $ 88,595,387 $ 3,419,424,067 $ 4,691,483 $ 3,512,710,937
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period en d, TOB Trust Certificates of $237,914,965 are categorized as Level 2 within the fair value hierarchy.
Portfolio Abbreviation
AMT Alternative Minimum Tax ARB Airport Revenue Bonds BAM Build America Mutual Assurance Co. BAM-TCRS Build America Mutual Assurance Co. - Transferable Custodial Receipts CAB Capital Appreciation Bonds COP Certificates of Participation FHLMC Federal Home Loan Mortgage Corp. FNMA Federal National Mortgage Association GNMA Government National Mortgage Association GO General Obligation Bonds GOL General Obligation Ltd. GTD Guaranteed M/F Multi-Family PSF Permanent School Fund RB Revenue Bonds S/F Single-Family SAB Special Assessment Bonds SAW State Aid Withholding ST Special Tax TA Tax Allocation
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Strategic Municipal Opportunities Fund
S CHEDULE OF I NVESTMENTS 13 BNM1026U-6041638-19232805
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "f726a99a-cb23-4f1b-8536-d1ff981ebaee",
"date_created": "2026-10-21T22:42:42.150000Z",
"date_modified": "2026-10-21T22:42:42.150000Z",
"file_hash": "37d0af9dcbf1210311007babbc14909fb1d38abd07a9ea8c55fde36babc8a82b",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 13,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 12,
"width": 147,
"x": 791,
"y": 45
},
"id": "d0fe8eeb-2517-4149-b895-d8c37559d9e0",
"page_number": 1,
"text": "AUGUST 31, 2026"
},
{
"block_type": "box",
"box": {
"height": 34,
"width": 528,
"x": 93,
"y": 133
},
"id": "33cb72ae-8477-419a-8582-dcf110692baa",
"page_number": 1,
"text": "2026 Quarterly Report"
},
{
"block_type": "box",
"box": {
"height": 33,
"width": 281,
"x": 93,
"y": 169
},
"id": "b47e56f5-f1ba-4da9-93cc-cfdece0a765a",
"page_number": 1,
"text": "(Unaudited)"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 273,
"x": 62,
"y": 255
},
"id": "4f19743c-1b36-4990-a387-c3b7b6cad483",
"page_number": 1,
"text": "BlackRock Municipal Series Trust"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 62,
"y": 273
},
"id": "dbe36a19-ca19-4e20-a383-b3b10ba49718",
"page_number": 1,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 399,
"x": 80,
"y": 271
},
"id": "2a4d79d6-3dfe-4845-bab1-234048e7e935",
"page_number": 1,
"text": "BlackRock Strategic Municipal Opportunities Fund"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 369,
"x": 96,
"y": 916
},
"id": "e4b91819-3792-49d1-85bb-917268ef1cd4",
"page_number": 1,
"text": "Not FDIC Insured \u2022 May Lose Value \u2022 No Bank Guarantee"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 176,
"x": 636,
"y": 981
},
"id": "dfbbb1c7-19fe-4937-8ddc-b3a76e40a333",
"page_number": 1,
"text": "BNM1026U-6041638-19232805"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 452,
"x": 31,
"y": 98
},
"id": "09ad9d5e-5e24-47c0-905f-18fd41fe7bf7",
"page_number": 2,
"text": "Security Shares Value"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 108,
"x": 30,
"y": 117
},
"id": "1cd951e2-f3e7-4388-b778-ae8f5fb9f224",
"page_number": 2,
"text": "Common Stocks"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 188,
"x": 30,
"y": 140
},
"id": "0cc123dd-55fe-4fc7-af0e-478604f5e9c4",
"page_number": 2,
"text": "Construction \u0026 Engineering \u2014 0.1%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 126,
"x": 30,
"y": 152
},
"id": "77217bb6-3eb8-46b1-bbda-d318db3fcf17",
"page_number": 2,
"text": "TimberHp By Go Lab, Inc."
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 20,
"x": 157,
"y": 151
},
"id": "d0f91c4b-5323-4419-8c79-fb2bcde195c2",
"page_number": 2,
"text": "(a)(b)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 117,
"x": 182,
"y": 159
},
"id": "f6ac2753-9580-4f46-bfd0-83c384fb3e6b",
"page_number": 2,
"text": "........................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 141,
"x": 342,
"y": 152
},
"id": "1116507e-a586-4ae6-ba3e-2dc4433a41f4",
"page_number": 2,
"text": "1,943,710 $ 3,693,049"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 156,
"x": 30,
"y": 171
},
"id": "755dc9ce-1951-4195-be95-34477586689b",
"page_number": 2,
"text": "Total Common Stocks \u2014 0.1%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 71,
"x": 44,
"y": 184
},
"id": "75fba3e9-c38c-433e-bea3-30feb1aad965",
"page_number": 2,
"text": "(Cost: $3,338)"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 268,
"x": 121,
"y": 190
},
"id": "302ff5f7-7d35-4cdb-a87f-56e390e3fe0f",
"page_number": 2,
"text": "......................................................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 48,
"x": 435,
"y": 184
},
"id": "123cf860-08db-4f2a-865e-abf6b73cf30f",
"page_number": 2,
"text": "3,693,049"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 17,
"x": 374,
"y": 220
},
"id": "5e6690e9-5929-48dc-a6f7-179ebb4b7df0",
"page_number": 2,
"text": "Par"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 365,
"y": 233
},
"id": "1ff2efc0-cd46-4e6a-beec-fc6dfff229ec",
"page_number": 2,
"text": "(000)"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 108,
"x": 31,
"y": 252
},
"id": "3863dd2c-528d-44e8-a95e-40660534266d",
"page_number": 2,
"text": "Municipal Bonds"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 88,
"x": 30,
"y": 274
},
"id": "b406be78-51a7-4ce0-9612-462c6578556f",
"page_number": 2,
"text": "Alabama \u2014 8.1%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 167,
"x": 31,
"y": 287
},
"id": "a7d11d84-0baa-4c40-8c77-976194b8fa34",
"page_number": 2,
"text": "Black Belt Energy Gas District, RB"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 44,
"y": 300
},
"id": "bb4d6ac8-05c3-4e24-acc2-bed1ae86c93c",
"page_number": 2,
"text": "Series A, 5.25%, 01/01/54"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 171,
"y": 299
},
"id": "c2d4e0f7-2e3b-4b42-8921-064d73e6a10d",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 117,
"x": 182,
"y": 307
},
"id": "4425cb0f-afae-45e8-81d8-6db78f05aff4",
"page_number": 2,
"text": "........................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 153,
"x": 328,
"y": 300
},
"id": "06692a24-1ea9-48e3-ab4d-7c6440bb208e",
"page_number": 2,
"text": "$ 31,050 32,346,251"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 44,
"y": 313
},
"id": "3392eee9-e68d-4f04-b095-6d2246e30c85",
"page_number": 2,
"text": "Series A, 5.25%, 05/01/55"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 171,
"y": 312
},
"id": "920f8343-1098-4739-aae0-cca27c65c8ff",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 117,
"x": 182,
"y": 319
},
"id": "edfe65bf-bcd4-49f6-a229-bffee774bac7",
"page_number": 2,
"text": "........................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 313
},
"id": "7016500e-b7c7-49b4-830c-b03a5a301410",
"page_number": 2,
"text": "7,450 7,661,143"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 44,
"y": 326
},
"id": "3c231998-8fcd-4118-98c9-92546b437956",
"page_number": 2,
"text": "Series B, 5.00%, 10/01/55"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 172,
"y": 325
},
"id": "95089c8c-efa0-4011-8aa6-8fba8ebcf314",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 117,
"x": 182,
"y": 332
},
"id": "8a76221e-2111-4074-b7c1-538d8cb04bd9",
"page_number": 2,
"text": "........................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 326
},
"id": "c5b10643-542d-4328-b2b2-3c1d459df281",
"page_number": 2,
"text": "2,950 3,068,888"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 44,
"y": 339
},
"id": "47bfb6d0-4fce-47c0-9bf6-906adfb64c1d",
"page_number": 2,
"text": "Series C, 5.50%, 10/01/54"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 172,
"y": 338
},
"id": "f4e11932-a821-421e-baf1-2ea402d947d8",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 112,
"x": 187,
"y": 345
},
"id": "1b78962d-5550-4289-86ec-6e231304a5a8",
"page_number": 2,
"text": "......................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 357,
"y": 339
},
"id": "7ae28ff0-436e-4040-aa7c-acb0435fc507",
"page_number": 2,
"text": "25,000 26,566,813"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 44,
"y": 352
},
"id": "3165a169-e00f-4719-9c6a-29b18d0a15fd",
"page_number": 2,
"text": "Series D, 5.00%, 03/01/55"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 172,
"y": 350
},
"id": "9c035b8a-0536-4e50-91e1-bad260251092",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 112,
"x": 187,
"y": 358
},
"id": "6ff59faf-7603-4817-a629-f65e1531334a",
"page_number": 2,
"text": "......................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 352
},
"id": "b1e2bc6c-6906-4f07-86e1-e219de06e48e",
"page_number": 2,
"text": "2,200 2,289,242"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 125,
"x": 44,
"y": 365
},
"id": "3fd0b694-4fda-4ceb-a357-f81f0e4f3951",
"page_number": 2,
"text": "Series F, 5.00%, 12/01/35"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 127,
"x": 172,
"y": 371
},
"id": "d0aa7f15-454d-452b-8c7f-74d0c29f86dc",
"page_number": 2,
"text": ".........................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 357,
"y": 365
},
"id": "589ec680-5d22-47b5-9b5e-0d7f128bbd8f",
"page_number": 2,
"text": "22,055 22,956,617"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 223,
"x": 31,
"y": 378
},
"id": "0b09ded3-2cfa-4195-a6f1-24e22068c578",
"page_number": 2,
"text": "Black Belt Energy Gas District, Refunding RB,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 137,
"x": 44,
"y": 390
},
"id": "2c990239-80e1-43dd-8d75-f02daf7cdf19",
"page_number": 2,
"text": "Series H-1, 5.00%, 01/01/34"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 112,
"x": 187,
"y": 397
},
"id": "9dea2e20-f414-461c-8cf3-75a93f47845f",
"page_number": 2,
"text": "......................."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 125,
"x": 358,
"y": 391
},
"id": "dddb1bfe-d893-4a6d-a2a5-32dad1474fa5",
"page_number": 2,
"text": "11,185 11,609,916"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 225,
"x": 30,
"y": 403
},
"id": "cf821fa4-33ea-4b14-8a86-afc4b894972f",
"page_number": 2,
"text": "County of Jefferson Alabama Sewer Revenue,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 67,
"x": 44,
"y": 416
},
"id": "847cc7e2-6c95-484d-b86e-794dc2cb69d2",
"page_number": 2,
"text": "Refunding RB"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 44,
"y": 429
},
"id": "917b26ac-804c-45a6-8d84-47ac9bb9f9f3",
"page_number": 2,
"text": "5.25%, 10/01/49"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 173,
"x": 126,
"y": 435
},
"id": "716756fc-1dd4-4ca3-b4cf-545e7db00d20",
"page_number": 2,
"text": "..................................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 429
},
"id": "e0996b29-f2bd-4126-9bdd-208c511eed8f",
"page_number": 2,
"text": "5,485 5,600,703"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 44,
"y": 442
},
"id": "24ab7e69-61f8-4382-bbc6-28905946251f",
"page_number": 2,
"text": "5.50%, 10/01/53"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 173,
"x": 126,
"y": 448
},
"id": "c8016f94-2042-4580-bfa6-e8e8ef6b5713",
"page_number": 2,
"text": "..................................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 442
},
"id": "dbc7ba4d-55be-4a9e-ac22-5bb28ccef70d",
"page_number": 2,
"text": "7,075 7,276,402"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 216,
"x": 31,
"y": 455
},
"id": "16e9d3c4-1384-423d-8a5c-10f217381a83",
"page_number": 2,
"text": "Energy Southeast A Cooperative District, RB"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 248,
"y": 454
},
"id": "5c434e40-1e9f-4cb2-ab38-3e95ad4022cf",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 135,
"x": 44,
"y": 468
},
"id": "f6fc08f8-9292-4c27-9984-2a0eabff1199",
"page_number": 2,
"text": "Series A-1, 5.50%, 11/01/53"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 117,
"x": 182,
"y": 474
},
"id": "1998a5a7-a05d-48d4-aac7-f54cdc484306",
"page_number": 2,
"text": "........................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 357,
"y": 468
},
"id": "6fd2c51b-0fd2-4929-9930-82f0ba6d29ef",
"page_number": 2,
"text": "30,150 31,970,505"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 44,
"y": 481
},
"id": "bb30bae8-f6ad-4a96-8721-d424c67a3611",
"page_number": 2,
"text": "Series B, 5.25%, 07/01/54"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 122,
"x": 177,
"y": 487
},
"id": "9e4b8284-4583-4f1b-8efa-42bf513a9b18",
"page_number": 2,
"text": "........................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 357,
"y": 481
},
"id": "073ce366-6c55-49dd-a0e1-ea6a9447ae3b",
"page_number": 2,
"text": "21,885 22,936,920"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 136,
"x": 44,
"y": 494
},
"id": "c0f14646-89b3-49b0-ad2b-331437df72c5",
"page_number": 2,
"text": "Series B-1, 5.75%, 04/01/54"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 112,
"x": 187,
"y": 500
},
"id": "cb668e5a-0f97-4075-841a-53bab0651ea8",
"page_number": 2,
"text": "......................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 357,
"y": 494
},
"id": "c6cd6449-2b01-4703-9440-3641c7383515",
"page_number": 2,
"text": "36,850 39,740,790"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 263,
"x": 30,
"y": 506
},
"id": "c3ed7a6f-6b06-441a-a9dd-cec3617ecb47",
"page_number": 2,
"text": "Southeast Energy Authority A Cooperative District, RB"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 44,
"y": 519
},
"id": "15f022e5-b918-4304-a71d-dc683e0c88f8",
"page_number": 2,
"text": "Series B, 5.00%, 01/01/54"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 172,
"y": 518
},
"id": "441f9c39-d591-435a-97a4-96a897ebac4a",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 117,
"x": 182,
"y": 526
},
"id": "bc333a1c-b031-4a36-8fa3-6f9d1018340b",
"page_number": 2,
"text": "........................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 357,
"y": 519
},
"id": "e760e6e1-5d0d-40e8-9b5f-23ff1abd50c9",
"page_number": 2,
"text": "31,495 32,855,949"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 44,
"y": 532
},
"id": "7b3d87a8-52ff-4a8d-8f0f-af1ec231afe3",
"page_number": 2,
"text": "Series B, 5.25%, 03/01/55"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 8,
"x": 172,
"y": 531
},
"id": "f6c1612c-0430-401f-a51b-5950cc67cf60",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 117,
"x": 182,
"y": 539
},
"id": "94394608-e752-4e79-b389-b469091aa9f6",
"page_number": 2,
"text": "........................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 532
},
"id": "24fdce0e-54c8-4bf9-9142-522e26546398",
"page_number": 2,
"text": "4,000 4,105,294"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 44,
"y": 545
},
"id": "b54a4ad9-daa5-42c6-a1d6-7b3445a4ef3f",
"page_number": 2,
"text": "Series E, 5.00%, 10/01/30"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 122,
"x": 177,
"y": 552
},
"id": "84d5b94f-c17b-40ac-a160-7a7fe2eeef72",
"page_number": 2,
"text": "........................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 125,
"x": 358,
"y": 545
},
"id": "e15b1b15-7531-40f0-b45c-9a14d41c525a",
"page_number": 2,
"text": "15,000 15,880,398"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 59,
"x": 422,
"y": 561
},
"id": "fb319de7-cc75-4ff7-9a1a-46e482b5bf5c",
"page_number": 2,
"text": "266,865,831"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 77,
"x": 30,
"y": 577
},
"id": "78e3217e-33ec-4c3f-9a96-d0fa674a8633",
"page_number": 2,
"text": "Alaska \u2014 0.0%"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 262,
"x": 31,
"y": 590
},
"id": "3503acfc-aca4-4fc8-b91a-afccd16e30ce",
"page_number": 2,
"text": "Northern Tobacco Securitization Corp., Refunding RB,"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 169,
"x": 44,
"y": 603
},
"id": "6301d73b-646f-41e3-a498-291f8e5547da",
"page_number": 2,
"text": "Series A, Class 1, 4.00%, 06/01/50"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 82,
"x": 217,
"y": 609
},
"id": "ac141af9-4f95-445f-8711-0dba25252daa",
"page_number": 2,
"text": "................."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 117,
"x": 364,
"y": 603
},
"id": "e0feab43-1a6d-45cd-b670-26642cbc29af",
"page_number": 2,
"text": "1,000 838,191"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 82,
"x": 30,
"y": 621
},
"id": "75eb5eea-9190-447a-a767-69aa2576145f",
"page_number": 2,
"text": "Arizona \u2014 2.1%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 259,
"x": 30,
"y": 634
},
"id": "9e8a74f6-95c4-43a3-b396-7a4a0ddf6b55",
"page_number": 2,
"text": "Arizona Industrial Development Authority, RB, 7.10%,"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 42,
"x": 44,
"y": 647
},
"id": "e47d10f2-f497-4b6b-8f1a-6806b5326e78",
"page_number": 2,
"text": "01/01/55"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 87,
"y": 646
},
"id": "5606183e-c502-4ede-a647-22486fb4f967",
"page_number": 2,
"text": "(d)"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 198,
"x": 101,
"y": 653
},
"id": "75b92c3f-38d1-41be-82e0-46f5907db86e",
"page_number": 2,
"text": "........................................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 647
},
"id": "14a5f6b3-4512-4f86-b80b-f50cd9f6ae4f",
"page_number": 2,
"text": "3,095 3,097,709"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 239,
"x": 30,
"y": 660
},
"id": "4cd23394-d1e6-4b58-b38b-69ec3ba58bbb",
"page_number": 2,
"text": "City of Mesa Arizona Utility System Revenue, RB"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 77,
"x": 44,
"y": 673
},
"id": "9c6e9ebc-1ed7-4b41-b4a5-84389b274680",
"page_number": 2,
"text": "5.00%, 07/01/41"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 173,
"x": 126,
"y": 679
},
"id": "09c60dc7-d297-425a-91a1-bea0fb8aa597",
"page_number": 2,
"text": "..................................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 673
},
"id": "31ec26cc-8440-4d95-9076-2775a33c937f",
"page_number": 2,
"text": "7,535 7,891,844"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 44,
"y": 686
},
"id": "fd178e84-d59a-4c44-985b-244b613e882f",
"page_number": 2,
"text": "5.00%, 07/01/44"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 173,
"x": 126,
"y": 692
},
"id": "1c937794-5d68-465e-a428-bfd11a187bc4",
"page_number": 2,
"text": "..................................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 125,
"x": 358,
"y": 686
},
"id": "e417cca4-e4c1-40ac-9fa0-874b770cffd0",
"page_number": 2,
"text": "10,000 10,377,368"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 256,
"x": 30,
"y": 699
},
"id": "691d08fa-3d7e-40f2-904c-4029f7fb9cfa",
"page_number": 2,
"text": "City of Phoenix Civic Improvement Corp., RB, Junior"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 106,
"x": 44,
"y": 711
},
"id": "dbb350ec-0f75-4047-ad20-bbbf30c22118",
"page_number": 2,
"text": "Lien, 5.25%, 07/01/47"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 147,
"x": 152,
"y": 718
},
"id": "096882e7-545c-4621-94f4-4cdf1e20b42c",
"page_number": 2,
"text": ".............................."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 120,
"x": 363,
"y": 712
},
"id": "d0ae02da-16cd-41df-8c87-56992aa7211a",
"page_number": 2,
"text": "3,330 3,514,040"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 251,
"x": 31,
"y": 724
},
"id": "6515f7fd-b00b-435d-9ffd-c622105686f2",
"page_number": 2,
"text": "Maricopa County \u0026 Phoenix Industrial Development"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 239,
"x": 43,
"y": 737
},
"id": "27fc8ab1-c33b-4cfd-8e14-eecedc1a6da1",
"page_number": 2,
"text": "Authorities, RB, S/F Housing, Series C, (FHLMC,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 159,
"x": 44,
"y": 750
},
"id": "7a64c8e2-2dfe-4bbf-8a1e-5309c8a7261c",
"page_number": 2,
"text": "FNMA, GNMA), 6.25%, 03/01/55"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 92,
"x": 207,
"y": 756
},
"id": "93f29f05-73a3-41ef-8432-78c94cffaf4e",
"page_number": 2,
"text": "..................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 750
},
"id": "cca564a2-48c3-48af-8c27-059a08939ea0",
"page_number": 2,
"text": "5,685 6,241,795"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 266,
"x": 31,
"y": 763
},
"id": "59f06426-ed2b-4851-8f24-f2c759cf3162",
"page_number": 2,
"text": "Maricopa County Industrial Development Authority, RB,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 44,
"y": 776
},
"id": "fafd8a57-ebdd-438c-a6d1-629dcfaf1087",
"page_number": 2,
"text": "7.38%, 10/01/29"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 124,
"y": 775
},
"id": "1039dd74-069f-489d-9ed1-f741dc2dfaa8",
"page_number": 2,
"text": "(d)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 162,
"x": 137,
"y": 782
},
"id": "51ca5367-3f1b-4f22-b8ec-bdcbfd2c93bc",
"page_number": 2,
"text": "................................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 125,
"x": 358,
"y": 776
},
"id": "2b79240c-1787-4dec-a136-95254e307012",
"page_number": 2,
"text": "17,415 18,035,597"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 255,
"x": 30,
"y": 789
},
"id": "bc75a9c7-e645-4998-b24b-5df49436fef3",
"page_number": 2,
"text": "Salt River Project Agricultural Improvement \u0026 Power"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 54,
"x": 44,
"y": 802
},
"id": "faa808de-26e1-4310-84e6-38efc710154e",
"page_number": 2,
"text": "District, RB"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 44,
"y": 815
},
"id": "38deac5a-ad72-416c-a9a2-0e15eec8dc44",
"page_number": 2,
"text": "Series A, 5.00%, 01/01/50"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 127,
"x": 172,
"y": 821
},
"id": "753ac6d1-2611-4e85-963b-84a1e8c60073",
"page_number": 2,
"text": ".........................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 815
},
"id": "1ed96169-464b-4e4d-9eec-f5928e5e3324",
"page_number": 2,
"text": "4,000 4,061,190"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 44,
"y": 827
},
"id": "d563c140-d0c8-4add-ba68-0b0cf0104f79",
"page_number": 2,
"text": "Series A, 5.25%, 01/01/54"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 127,
"x": 172,
"y": 834
},
"id": "60c03017-6882-48e0-96e7-72cbd87e90b4",
"page_number": 2,
"text": ".........................."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 125,
"x": 358,
"y": 828
},
"id": "c3f8ce57-aa9a-480d-8bc7-b23819a58805",
"page_number": 2,
"text": "10,000 10,317,806"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 44,
"y": 840
},
"id": "3a3a6b37-b7ca-4fe8-a524-fdff912f8038",
"page_number": 2,
"text": "Series B, 5.00%, 01/01/48"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 122,
"x": 177,
"y": 847
},
"id": "878f6a55-5aa4-48af-86bf-8192e4efdf9f",
"page_number": 2,
"text": "........................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 363,
"y": 840
},
"id": "4e615043-4086-4cad-9a63-6c3762dcf019",
"page_number": 2,
"text": "6,250 6,394,186"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 54,
"x": 429,
"y": 857
},
"id": "81e4ff45-281c-403d-b948-0ecfc633399e",
"page_number": 2,
"text": "69,931,535"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 40,
"x": 521,
"y": 98
},
"id": "adf6a4b4-4fb7-4f4f-b72a-ebe5d4fb1a9c",
"page_number": 2,
"text": "Security"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 18,
"x": 864,
"y": 85
},
"id": "9d35bf9f-af01-4706-91bc-5d7aa809ba4c",
"page_number": 2,
"text": "Par"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 118,
"x": 856,
"y": 98
},
"id": "2ada0ac3-30cc-48fd-8f07-849bc7728a45",
"page_number": 2,
"text": "(000) Value"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 49,
"x": 521,
"y": 119
},
"id": "36f52ed9-443d-425f-bf4e-a9c0242d94cd",
"page_number": 2,
"text": "Arkansas"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 571,
"y": 118
},
"id": "e387127e-ccab-4661-b50a-fd8519bdc6a9",
"page_number": 2,
"text": "(d)"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 38,
"x": 584,
"y": 119
},
"id": "812af410-c31d-4d61-916b-bc28155c6096",
"page_number": 2,
"text": "\u2014 1.9%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 222,
"x": 521,
"y": 132
},
"id": "463b8d6a-1dbf-42c9-a54a-189a2084d6c0",
"page_number": 2,
"text": "Arkansas Development Finance Authority, RB"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 535,
"y": 145
},
"id": "23ee1096-859c-4bec-bc43-aff82aefc897",
"page_number": 2,
"text": "7.38%, 07/01/56"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 173,
"x": 617,
"y": 151
},
"id": "52dfe7d1-1844-498b-9473-19ae054338f5",
"page_number": 2,
"text": "..................................."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 156,
"x": 818,
"y": 144
},
"id": "e92777ad-745e-4b76-a47a-c429a84c3f57",
"page_number": 2,
"text": "$ 27,000 $ 27,911,998"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 108,
"x": 534,
"y": 158
},
"id": "e364b841-fc2f-4516-a6d3-94695d422fd2",
"page_number": 2,
"text": "AMT, 4.88%, 07/01/56"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 643,
"y": 156
},
"id": "a8b6926a-68bd-4837-a3dc-062d5194ab06",
"page_number": 2,
"text": "(c)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 132,
"x": 658,
"y": 164
},
"id": "ea5f3488-7c42-46e7-b32c-8b8399112116",
"page_number": 2,
"text": "..........................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 854,
"y": 158
},
"id": "5aba27ac-9699-45d3-90cc-5951e19bdad7",
"page_number": 2,
"text": "8,500 8,782,327"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 177,
"x": 535,
"y": 171
},
"id": "63cad21c-f2c0-4cb3-a2ff-16743303d803",
"page_number": 2,
"text": "Sustainable Bonds, 7.50%, 07/01/48"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 72,
"x": 718,
"y": 177
},
"id": "86b8ba84-ee94-4f4e-988c-9a26e26f104e",
"page_number": 2,
"text": "..............."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 848,
"y": 171
},
"id": "6845e40d-6ff8-412b-876b-fbc21123144c",
"page_number": 2,
"text": "23,000 25,975,945"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 55,
"x": 919,
"y": 187
},
"id": "e8f563c4-e10f-46bc-9f4c-15c2f1806bf7",
"page_number": 2,
"text": "62,670,270"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 92,
"x": 521,
"y": 202
},
"id": "7387cf1b-ccfa-49bc-8f03-1d0f974e8075",
"page_number": 2,
"text": "California \u2014 4.4%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 250,
"x": 521,
"y": 215
},
"id": "40a22ee9-d42a-4fbc-aa5f-36e0298c0035",
"page_number": 2,
"text": "Burbank-Glendale-Pasadena Airport Authority Brick"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 239,
"x": 535,
"y": 228
},
"id": "6f3d4823-e2fb-4aac-b8e5-e334be2b170f",
"page_number": 2,
"text": "Campaign, ARB, Series B, AMT, 5.25%, 07/01/49"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 11,
"x": 779,
"y": 234
},
"id": "735bb8ff-bd14-4a1e-95bd-8e397ad775b1",
"page_number": 2,
"text": "..."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 119,
"x": 855,
"y": 228
},
"id": "b1420c5d-76d5-4092-8f13-6303331ae4f3",
"page_number": 2,
"text": "3,115 3,199,413"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 259,
"x": 521,
"y": 241
},
"id": "d736179a-3800-4e42-91e8-5ad131054457",
"page_number": 2,
"text": "California Community Choice Financing Authority, RB"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 177,
"x": 535,
"y": 254
},
"id": "6ed3af3c-b9bd-48d3-ad72-b217395c6fcb",
"page_number": 2,
"text": "Sustainable Bonds, 5.00%, 10/01/34"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 72,
"x": 718,
"y": 260
},
"id": "98fccc16-0478-45e0-b067-0bdaf287a3f2",
"page_number": 2,
"text": "..............."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 854,
"y": 254
},
"id": "c85885d5-9aed-450c-9a9c-fdc271927e64",
"page_number": 2,
"text": "7,120 7,520,205"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 177,
"x": 535,
"y": 267
},
"id": "e8231561-0635-4387-bc81-7d8e287cd020",
"page_number": 2,
"text": "Sustainable Bonds, 5.00%, 06/01/36"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 72,
"x": 718,
"y": 273
},
"id": "9c7dfcd6-56c5-44c5-8d59-503d3985b2de",
"page_number": 2,
"text": "..............."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 120,
"x": 854,
"y": 267
},
"id": "bb34ef35-9623-46c1-9b51-fe03e9749f24",
"page_number": 2,
"text": "8,655 9,247,236"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 259,
"x": 521,
"y": 279
},
"id": "cd614a76-a01d-4155-8aee-34ae9f4b7c07",
"page_number": 2,
"text": "California County Tobacco Securitization Agency, RB,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
"x": 535,
"y": 292
},
"id": "715b288f-0379-4832-8d40-21c7c83eb1b5",
"page_number": 2,
"text": "Series D, 0.00%, 06/01/55"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 663,
"y": 291
},
"id": "3fb52585-775e-4151-ac11-2789dd41d4a4",
"page_number": 2,
"text": "(e)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 112,
"x": 678,
"y": 299
},
"id": "84382859-12ab-47af-8d0e-10e4201263e1",
"page_number": 2,
"text": "......................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 125,
"x": 849,
"y": 292
},
"id": "795c2527-4ba7-4b6b-821e-d8fb04967705",
"page_number": 2,
"text": "12,395 893,476"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 236,
"x": 521,
"y": 305
},
"id": "194c7713-950b-45a6-be5a-fd9ddb4b7baa",
"page_number": 2,
"text": "California Enterprise Development Authority, RB,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 84,
"x": 535,
"y": 318
},
"id": "08b73ab8-4ce9-48b4-b586-e47d26173f61",
"page_number": 2,
"text": "10.00%, 11/15/32"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 9,
"x": 620,
"y": 317
},
"id": "55c01554-f9c7-4e54-b9d7-e154b558cfc6",
"page_number": 2,
"text": "(d)"
},
{
"block_type": "box",
"box": {
"height": 2,
"width": 158,
"x": 632,
"y": 324
},
"id": "7c9b15eb-3249-4569-bb64-2b461ed74fec",
"page_number": 2,
"text": "................................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 111,
"x": 863,
"y": 318
},
"id": "c5e898cb-6d8c-4809-905e-0aa4807a2370",
"page_number": 2,
"text": "670 650,957"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 262,
"x": 521,
"y": 331
},
"id": "39a98c88-58ac-44f4-a5d7-a3ef8d69e05a",
"page_number": 2,
"text": "California Housing Finance Agency, RB, M/F Housing,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 126,
"x": 535,
"y": 344
},
"id": "dd0a7f0b-d682-4e6f-a7b6-a733650179ca",
"page_number": 2,
"text": "Series A, 4.25%, 01/15/35"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 127,
"x": 663,
"y": 350
},
"id": "f0209d9c-85cc-465c-ae15-5349e94729e9",
"page_number": 2,
"text": ".........................."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 104,
"x": 870,
"y": 344
},
"id": "22a63251-0174-4607-a6cb-f096f4461fbd",
"page_number": 2,
"text": "16 16,407"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 244,
"x": 521,
"y": 357
},
"id": "07e442d7-9f8b-425a-89f5-cc56d3ea2cf3",
"page_number": 2,
"text": "California Infrastructure \u0026 Economic Development"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 242,
"x": 535,
"y": 370
},
"id": "30d6bbe6-1659-453b-88ee-67709fe52171",
"page_number": 2,
"text": "Bank, Refunding RB, Class B, AMT, Sustainability"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 122,
"x": 535,
"y": 383
},
"id": "8dee36fb-5b4f-42db-b722-7f01f92158ed",
"page_number": 2,
"text": "Bonds, 12.00%, 01/01/65"
},
{
"block_type": "box",
"box": {
"height": 6,
"width": 19,
"x": 658,
"y": 381
},
"id": "a331b9b2-5a9a-4cb0-80a0-bc5fa0c78a80",
"page_number": 2,
"text": "(c)(d)"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 107,
"x": 683,
"y": 389
},
"id": "6e63178e-8496-440d-bbca-644c88f87441",
"page_number": 2,
"text": "......................"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 127,
...