# EDGAR Filing Document

**Accession Number:** 0000774013
**File Stem:** 0001193125-26-037285
**Filing Date:** 2026-2
**Character Count:** 479707
**Document Hash:** 89c9f2bcecd56cb21683d57eb7da7fff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-037285.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001193125-26-037285

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000774013

**ORGANIZATION NAME:**
- **EIN:** 226437104
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04375
- **FILM NUMBER:** 26597340

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH MULTI STATE MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20051212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH N Y MUNI BD FD OF M L MULTI ST MUNI SER TRUST
- **DATE OF NAME CHANGE:** 19930225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH MULTI STATE TAX EXEMPT SERIES TRUST
- **DATE OF NAME CHANGE:** 19871206

## Series and Classes Contracts Data

### BlackRock New Jersey Municipal Bond Fund (Series ID: S000004033)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011309 | Investor A1   |  |
| C000011312 | Institutional |  |
| C000038245 | Investor A    |  |
| C000038247 | Investor C    |  |
| C000038248 | Service       |  |
| C000199769 | Class K       |  |

### BlackRock Pennsylvania Municipal Bond Fund (Series ID: S000004035)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011317 | Investor A1   |  |
| C000011320 | Institutional |  |
| C000038303 | Investor A    |  |
| C000038305 | Investor C    |  |
| C000038306 | Service       |  |
| C000199770 | Class K       |  |

?xml version='1.0' encoding='ASCII'? BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-04375

Name of Fund:

---

| |
|:---|
| BlackRock Multi-State Municipal Series Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock New Jersey Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Pennsylvania Municipal Bond Fund |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Multi-State Municipal Series Trust, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

5/31/2026

Date of reporting period:

11/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock New Jersey Municipal Bond Fund

### Institutional Shares \| MANJX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock New Jersey Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $28 | 0.55%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$292715647 |
| Number of Portfolio Holdings | &nbsp;&nbsp;186 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Transportation | 36.7% |
| County/City/Special District/School District | 14.7% |
| Education | 13.0% |
| State | 11.2% |
| Health | 7.7% |
| Corporate | 7.4% |
| Housing | 6.4% |
| Tobacco | 2.8% |
| Utilities | 0.1% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AAA/Aaa | 3.7% |
| AA/Aa | 42.7% |
| A | 38.2% |
| BBB/Baa | 4.2% |
| BB/Ba | 2.8% |
| N/R | 8.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock New Jersey Municipal Bond Fund

Institutional Shares \| MANJX

Semi-Annual Shareholder Report — November 30, 2025

MANJX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock New Jersey Municipal Bond Fund

### Service Shares \| MSNJX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock New Jersey Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Service Shares | $41 | 0.80%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$292715647 |
| Number of Portfolio Holdings | &nbsp;&nbsp;186 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Transportation | 36.7% |
| County/City/Special District/School District | 14.7% |
| Education | 13.0% |
| State | 11.2% |
| Health | 7.7% |
| Corporate | 7.4% |
| Housing | 6.4% |
| Tobacco | 2.8% |
| Utilities | 0.1% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AAA/Aaa | 3.7% |
| AA/Aa | 42.7% |
| A | 38.2% |
| BBB/Baa | 4.2% |
| BB/Ba | 2.8% |
| N/R | 8.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock New Jersey Municipal Bond Fund

Service Shares \| MSNJX

Semi-Annual Shareholder Report — November 30, 2025

MSNJX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock New Jersey Municipal Bond Fund

### Investor A Shares \| MENJX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock New Jersey Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $41 | 0.80%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$292715647 |
| Number of Portfolio Holdings | &nbsp;&nbsp;186 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Transportation | 36.7% |
| County/City/Special District/School District | 14.7% |
| Education | 13.0% |
| State | 11.2% |
| Health | 7.7% |
| Corporate | 7.4% |
| Housing | 6.4% |
| Tobacco | 2.8% |
| Utilities | 0.1% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AAA/Aaa | 3.7% |
| AA/Aa | 42.7% |
| A | 38.2% |
| BBB/Baa | 4.2% |
| BB/Ba | 2.8% |
| N/R | 8.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock New Jersey Municipal Bond Fund

Investor A Shares \| MENJX

Semi-Annual Shareholder Report — November 30, 2025

MENJX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock New Jersey Municipal Bond Fund

### Investor A1 Shares \| MDNJX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock New Jersey Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A1 Shares | $33 | 0.65%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$292715647 |
| Number of Portfolio Holdings | &nbsp;&nbsp;186 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Transportation | 36.7% |
| County/City/Special District/School District | 14.7% |
| Education | 13.0% |
| State | 11.2% |
| Health | 7.7% |
| Corporate | 7.4% |
| Housing | 6.4% |
| Tobacco | 2.8% |
| Utilities | 0.1% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AAA/Aaa | 3.7% |
| AA/Aa | 42.7% |
| A | 38.2% |
| BBB/Baa | 4.2% |
| BB/Ba | 2.8% |
| N/R | 8.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock New Jersey Municipal Bond Fund

Investor A1 Shares \| MDNJX

Semi-Annual Shareholder Report — November 30, 2025

MDNJX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock New Jersey Municipal Bond Fund

### Investor C Shares \| MFNJX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock New Jersey Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor C Shares | $80 | 1.55%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$292715647 |
| Number of Portfolio Holdings | &nbsp;&nbsp;186 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Transportation | 36.7% |
| County/City/Special District/School District | 14.7% |
| Education | 13.0% |
| State | 11.2% |
| Health | 7.7% |
| Corporate | 7.4% |
| Housing | 6.4% |
| Tobacco | 2.8% |
| Utilities | 0.1% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AAA/Aaa | 3.7% |
| AA/Aa | 42.7% |
| A | 38.2% |
| BBB/Baa | 4.2% |
| BB/Ba | 2.8% |
| N/R | 8.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock New Jersey Municipal Bond Fund

Investor C Shares \| MFNJX

Semi-Annual Shareholder Report — November 30, 2025

MFNJX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock New Jersey Municipal Bond Fund

### Class K Shares \| MKNJX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock New Jersey Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $26 | 0.50%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$292715647 |
| Number of Portfolio Holdings | &nbsp;&nbsp;186 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Transportation | 36.7% |
| County/City/Special District/School District | 14.7% |
| Education | 13.0% |
| State | 11.2% |
| Health | 7.7% |
| Corporate | 7.4% |
| Housing | 6.4% |
| Tobacco | 2.8% |
| Utilities | 0.1% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AAA/Aaa | 3.7% |
| AA/Aa | 42.7% |
| A | 38.2% |
| BBB/Baa | 4.2% |
| BB/Ba | 2.8% |
| N/R | 8.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock New Jersey Municipal Bond Fund

Class K Shares \| MKNJX

Semi-Annual Shareholder Report — November 30, 2025

MKNJX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock Pennsylvania Municipal Bond Fund

### Institutional Shares \| MAPYX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Pennsylvania Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $35 | 0.67%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$321526364 |
| Number of Portfolio Holdings | &nbsp;&nbsp;154 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Health | 22.4% |
| Transportation | 20.5% |
| Education | 14.3% |
| Housing | 13.6% |
| County/City/Special District/School District | 12.9% |
| Utilities | 9.7% |
| Corporate | 3.0% |
| State | 2.0% |
| Tobacco | 1.6% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AA/Aa | 51.4% |
| A | 20.6% |
| BBB/Baa | 10.5% |
| BB/Ba | 2.8% |
| B | 0.4% |
| N/R | 14.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock Pennsylvania Municipal Bond Fund

Institutional Shares \| MAPYX

Semi-Annual Shareholder Report — November 30, 2025

MAPYX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock Pennsylvania Municipal Bond Fund

### Service Shares \| MSPYX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Pennsylvania Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Service Shares | $47 | 0.92%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$321526364 |
| Number of Portfolio Holdings | &nbsp;&nbsp;154 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Health | 22.4% |
| Transportation | 20.5% |
| Education | 14.3% |
| Housing | 13.6% |
| County/City/Special District/School District | 12.9% |
| Utilities | 9.7% |
| Corporate | 3.0% |
| State | 2.0% |
| Tobacco | 1.6% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AA/Aa | 51.4% |
| A | 20.6% |
| BBB/Baa | 10.5% |
| BB/Ba | 2.8% |
| B | 0.4% |
| N/R | 14.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock Pennsylvania Municipal Bond Fund

Service Shares \| MSPYX

Semi-Annual Shareholder Report — November 30, 2025

MSPYX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock Pennsylvania Municipal Bond Fund

### Investor A Shares \| MEPYX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Pennsylvania Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $47 | 0.92%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$321526364 |
| Number of Portfolio Holdings | &nbsp;&nbsp;154 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Health | 22.4% |
| Transportation | 20.5% |
| Education | 14.3% |
| Housing | 13.6% |
| County/City/Special District/School District | 12.9% |
| Utilities | 9.7% |
| Corporate | 3.0% |
| State | 2.0% |
| Tobacco | 1.6% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AA/Aa | 51.4% |
| A | 20.6% |
| BBB/Baa | 10.5% |
| BB/Ba | 2.8% |
| B | 0.4% |
| N/R | 14.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock Pennsylvania Municipal Bond Fund

Investor A Shares \| MEPYX

Semi-Annual Shareholder Report — November 30, 2025

MEPYX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock Pennsylvania Municipal Bond Fund

### Investor A1 Shares \| MDPYX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Pennsylvania Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A1 Shares | $40 | 0.77%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$321526364 |
| Number of Portfolio Holdings | &nbsp;&nbsp;154 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Health | 22.4% |
| Transportation | 20.5% |
| Education | 14.3% |
| Housing | 13.6% |
| County/City/Special District/School District | 12.9% |
| Utilities | 9.7% |
| Corporate | 3.0% |
| State | 2.0% |
| Tobacco | 1.6% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AA/Aa | 51.4% |
| A | 20.6% |
| BBB/Baa | 10.5% |
| BB/Ba | 2.8% |
| B | 0.4% |
| N/R | 14.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock Pennsylvania Municipal Bond Fund

Investor A1 Shares \| MDPYX

Semi-Annual Shareholder Report — November 30, 2025

MDPYX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock Pennsylvania Municipal Bond Fund

### Investor C Shares \| MFPYX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Pennsylvania Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor C Shares | $86 | 1.67%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$321526364 |
| Number of Portfolio Holdings | &nbsp;&nbsp;154 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Health | 22.4% |
| Transportation | 20.5% |
| Education | 14.3% |
| Housing | 13.6% |
| County/City/Special District/School District | 12.9% |
| Utilities | 9.7% |
| Corporate | 3.0% |
| State | 2.0% |
| Tobacco | 1.6% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AA/Aa | 51.4% |
| A | 20.6% |
| BBB/Baa | 10.5% |
| BB/Ba | 2.8% |
| B | 0.4% |
| N/R | 14.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock Pennsylvania Municipal Bond Fund

Investor C Shares \| MFPYX

Semi-Annual Shareholder Report — November 30, 2025

MFPYX-11/25-SAR

![TSR - BLK Retail Logo](g37934images_5573.jpg)

### BlackRock Pennsylvania Municipal Bond Fund

### Class K Shares \| MKPYX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Pennsylvania Municipal Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $32 | 0.62%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$321526364 |
| Number of Portfolio Holdings | &nbsp;&nbsp;154 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Sector allocation** | **Sector allocation** |
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(b)</sup>* |
| Health | 22.4% |
| Transportation | 20.5% |
| Education | 14.3% |
| Housing | 13.6% |
| County/City/Special District/School District | 12.9% |
| Utilities | 9.7% |
| Corporate | 3.0% |
| State | 2.0% |
| Tobacco | 1.6% |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| AA/Aa | 51.4% |
| A | 20.6% |
| BBB/Baa | 10.5% |
| BB/Ba | 2.8% |
| B | 0.4% |
| N/R | 14.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g37934images_5572.jpg)

BlackRock Pennsylvania Municipal Bond Fund

Class K Shares \| MKPYX

Semi-Annual Shareholder Report — November 30, 2025

MKPYX-11/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

![](g37934imgdcbef3ba1.jpg)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock California Municipal Series Trust** |
| • BlackRock California Municipal Opportunities Fund |
| **BlackRock Multi-State Municipal Series Trust** |
| • BlackRock New Jersey Municipal Bond Fund |
| • BlackRock Pennsylvania Municipal Bond Fund |
| **BlackRock Municipal Series Trust** |
| • BlackRock Strategic Municipal Opportunities Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [The Benefits and Risks of Leveraging](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_RskDeriv-Footer-FundBookName-907_1)  | 3 |
| [Derivative Financial Instruments](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_RskDeriv-Footer-FundBookName-907_1)  | 3 |
| [Schedules of Investments](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_SOI-Footer-FundBookName-907_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_FS-Footer-FundBookName-907_1)  | 30 |
| [Statements of Operations](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_FS-Footer-FundBookName-907_3)  | 32 |
| [Statements of Changes in Net Assets](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_FS-Footer-FundBookName-907_4)  | 33 |
| [Financial Highlights](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_FIHI-Footer-FundBookName-907_1)  | 35 |
| [Notes to Financial Statements](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_NTF-Footer-FundBookName-907_1)  | 57 |
| [Additional Information](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_ADDInfo-Footer-FundBookName-907_1)  | 70 |
| [Disclosure of Investment Advisory Agreements](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_IAA1-Footer-FundBookName-907_1)  | 72 |
| [Glossary of Terms Used in these Financial Statements](#xx_a68947cc-4b7b-45b7-a5e7-02035b97aefd_Terms-Footer-FundBookName-907_1)  | 76 |

---

------

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance returns and net asset value ("NAV"). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

Each Fund may leverage its assets through the use of proceeds received in tender option bond ("TOB") transactions, as described in the Notes to Financial Statements. In a TOB Trust transaction, each Fund transfers municipal bonds or other municipal securities into a special purpose entity (a "TOB Trust"). TOB investments generally provide each Fund with economic benefits in periods of declining short-term interest rates but expose each Fund to risks during periods of rising short-term interest rates. Additionally, fluctuations in the market value of municipal bonds deposited into a TOB Trust may adversely affect each Fund's NAV per share.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund's shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to each Fund's shareholders, and the value of these portfolio holdings is reflected in each Fund's per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund's return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage.

Furthermore, the value of each Fund's portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund's NAV positively or negatively in addition to the impact on each Fund's performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund's leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund's NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund's shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund's ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund's shareholders and may reduce income.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

The Benefits and Risks of Leveraging / Derivative Financial Instruments

------

Schedule of Investments (unaudited)

November 30, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Meta Platforms, Inc., 4.88%, 11/15/35 | $5160 | $5215925 |
| **Total Corporate Bonds — 0.2%** <br>**(Cost: $5,159,071)** | **Total Corporate Bonds — 0.2%** <br>**(Cost: $5,159,071)** | 5215925 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 86.9%** | **California — 86.9%** |  |
| **Corporate — 16.8%** | **Corporate — 16.8%** |  |
| California Community Choice Financing Authority, RB |  |  |
| Sustainability Bonds, 5.50%, 10/01/54<sup>(a)</sup> | 14315 | 15706105 |
| Series A, Sustainability Bonds, 5.00%, 01/01/56<sup>(a)</sup> | 17395 | 18479249 |
| Series B, Class B, Sustainability Bonds, 5.00%, <br> 03/01/56<sup>(a)</sup><br>| 55075 | 60424154 |
| Series D, Sustainability Bonds, 5.00%, 02/01/55<sup>(a)</sup> | 20110 | 21930536 |
| Series E, Sustainability Bonds, 5.00%, 10/01/56<sup>(a)</sup> | 60000 | 65792250 |
| Series E-1, Sustainability Bonds, 5.00%, 02/01/54<sup>(a)</sup> | 55670 | 59463003 |
| Series F, Sustainability Bonds, 5.00%, 11/01/33 | 22960 | 25146299 |
| Series F, Sustainability Bonds, 5.00%, 02/01/55<sup>(a)</sup> | 45000 | 49153878 |
| Series G, Sustainability Bonds, 5.00%, 11/01/55<sup>(a)</sup> | 34925 | 36655272 |
| California Municipal Finance Authority, RB<sup>(a)</sup> <br>|  |  |
| Series A, AMT, 3.45%, 12/01/44 | 16600 | 16598614 |
| Series A, AMT, 3.80%, 10/01/45 | 6250 | 6250000 |
| Central Valley Energy Authority, RB, 5.00%, <br> 12/01/55<sup>(a)</sup><br>| 15000 | 16645254 |
| San Joaquin Valley Clean Energy Authority, RB, <br> Series A, Sustainability Bonds, 5.50%, 01/01/56<sup>(a)</sup><br>| 8000 | 9118075 |
|  |  | 401362689 |
| **County/City/Special District/School District — 30.4%** | **County/City/Special District/School District — 30.4%** |  |
| Berkeley Unified School District, GO, Series D, <br> Election 2020, 4.00%, 08/01/47<br>| 4220 | 4189816 |
| Brea Olinda Unified School District, GO, Series A, <br> 5.00%, 08/01/49<br>| 2050 | 2204281 |
| Butte-Glenn Community College District, GO, Series D, <br> Election 2016, 5.00%, 08/01/50<br>| 6935 | 7466391 |
| California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, 1.60%, 10/01/29<br>| 3575 | 3303387 |
| Chabot-Las Positas Community College District, GO, <br> Series C, Election 2016, 5.25%, 08/01/48<br>| 14280 | 15403349 |
| Chaffey Community College District, GO, Series B-1, <br> Election 2018, 5.50%, 06/01/49<br>| 7500 | 8378959 |
| Chaffey Joint Union High School District, GO, Series H, <br> Election 2012, 5.00%, 08/01/49<br>| 3045 | 3252051 |
| Citrus Community College District, GO |  |  |
| Series B, Election 2020, 5.00%, 08/01/46 | 3840 | 4173228 |
| Series B, Election 2020, 5.00%, 08/01/49 | 1530 | 1634036 |
| City of Sacramento California Transient Occupancy Tax <br> Revenue, RB, Series A, 5.00%, 06/01/48<br>| 10000 | 10220211 |
| City of San Jose California, GO |  |  |
| Series A, 5.00%, 09/01/48 | 5810 | 6337106 |
| Series A, 5.00%, 09/01/49 | 8920 | 9696490 |
| Series A, 5.00%, 09/01/50 | 7535 | 8127962 |
| Series A, 5.00%, 09/01/51 | 7705 | 8287072 |
| Clovis Unified School District, GO, Series A, Election <br> 2024, 5.00%, 08/01/50<br>| 4665 | 4934098 |
| Coast Community College District, GO, Series B, <br> Election 2002, (AGM), 0.00%, 08/01/30<sup>(b)</sup><br>| 26425 | 23287615 |
| Cupertino Union School District, GO |  |  |
| Series A, Election 2024, 5.75%, 08/01/44 | 1100 | 1282610 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| Cupertino Union School District, GO (continued) |  |  |
| Series A, Election 2024, 5.75%, 08/01/50 | $4720 | $5362684 |
| Del Mar Union School District, GO, Series B, Election <br> 2018, 4.00%, 08/01/46<br>| 4280 | 4292989 |
| Foothill-De Anza Community College District, GO |  |  |
| Series D, Election 2020, 5.00%, 08/01/43 | 3000 | 3347852 |
| Series D, Election 2020, 5.00%, 08/01/44 | 3150 | 3487476 |
| Series D, Election 2020, 5.00%, 08/01/45 | 3000 | 3306751 |
| Fremont Unified School District/Alameda County <br> California, GO, Series A, Election 2024, 5.25%, <br> 08/01/43<br>| 7565 | 8400051 |
| Fremont Union High School District, GO, Election <br> 2022, 4.00%, 08/01/48<br>| 22500 | 22132064 |
| Los Angeles County Metropolitan Transportation <br> Authority Sales Tax Revenue, RB, Series A, 5.00%, <br> 07/01/42<br>| 8945 | 9695670 |
| Los Gatos Union School District, GO, Election 2024, <br> 5.00%, 08/01/52<br>| 12275 | 13090691 |
| Lucia Mar Unified School District, GO, Series D, <br> Election 2016, 5.25%, 08/01/47<br>| 9000 | 9630986 |
| Manteca Unified School District, GO, Series B, Election <br> 2020, 5.25%, 08/01/53<br>| 3700 | 3946418 |
| Mt San Antonio Community College District, GO, <br> Series A, Election 2024, 5.00%, 08/01/50<br>| 21250 | 22948948 |
| Municipal Improvement Corp. of Los Angeles, RB, <br> Series A, 5.25%, 05/01/50<br>| 15000 | 16026359 |
| Newark Unified School District, GO, Series A, Election <br> 2024, 5.25%, 08/01/50<br>| 3610 | 3928100 |
| Oceanside Unified School District, GO, Series C, <br> Election 2020, 5.25%, 08/01/50<br>| 2205 | 2391975 |
| Ohlone Community College District, GO, Series C, <br> 4.00%, 08/01/41<br>| 10000 | 9998004 |
| Ohlone Community College District, Refunding GO, <br> 4.00%, 08/01/41<br>| 11000 | 10997804 |
| Sacramento Area Flood Control Agency, Refunding <br> SAB, 5.00%, 10/01/41<br>| 8000 | 8102248 |
| Sacramento City Unified School District, GO, Series C, <br> Election 2020, (AGM), 5.00%, 08/01/50<br>| 4000 | 4220853 |
| Salinas Union High School District, GO, Series B, <br> Election 2020, 5.00%, 08/01/48<br>| 9410 | 10161354 |
| San Bernardino Community College District, GO, <br> Series B, Election 2018, 5.00%, 08/01/49<br>| 15640 | 16351997 |
| San Diego Community College District, GO, <br> Series A-1, 5.00%, 08/01/55<br>| 9425 | 10107991 |
| San Diego County Regional Transportation <br> Commission, Refunding RB, Series A, 5.00%, <br> 04/01/41<br>| 10500 | 10556024 |
| San Diego Public Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| Series A, 5.00%, 10/15/47 | 15000 | 16238831 |
| Series A, 5.00%, 10/15/49 | 1750 | 1867329 |
| Series A, 5.00%, 10/15/50 | 23955 | 25541070 |
| San Diego Unified School District, GO |  |  |
| Series I, Election 2012, 5.00%, 07/01/47 | 10000 | 10171668 |
| Series C-3, Election 2022, 5.00%, 07/01/50 | 14655 | 15686051 |
| Series A-3, Sustainability Bonds, 5.00%, 07/01/48 | 17935 | 19163626 |
| Series N2, Sustainability Bonds, 5.00%, 07/01/48 | 5990 | 6400341 |
| San Francisco Bay Area Rapid Transit District, GO |  |  |
| Series A, Election 2016, Sustainability Bonds, <br> 5.00%, 08/01/47<br>| 4000 | 4071705 |
| Series D1, Sustainability Bonds, 5.25%, 08/01/47 | 11805 | 12673360 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| San Jose Unified School District, GO, Series C, <br> Election 2002, (NPFGC), 0.00%, 06/01/31<sup>(b)</sup><br>| 25000 | $21708663 |
| San Leandro Unified School District, GO, Series B, <br> 5.25%, 08/01/48<br>| 8335 | 8880984 |
| San Luis Coastal Unified School District, GO, Series B, <br> Election 2022, 5.00%, 08/01/50<br>| 5775 | 6097881 |
| San Luis Obispo County Financing Authority, <br> Refunding RB, 5.50%, 11/15/47<br>| 5165 | 5674139 |
| San Marcos Unified School District, GO, Series A, <br> Election 2024, 5.25%, 08/01/50<br>| 13250 | 14461694 |
| San Mateo County Community College District, GO, <br> Series B, Election 2014, 5.00%, 09/01/45<br>| 34000 | 35176543 |
| San Mateo Foster City Public Financing Authority, RB, <br> 4.00%, 05/01/45<br>| 4000 | 3968524 |
| San Mateo Foster City School District, GO |  |  |
| Series C, Election 2020, 5.00%, 08/01/43 | 2380 | 2619732 |
| Series C, Election 2020, 5.00%, 08/01/51 | 11500 | 12233189 |
| Santa Clara County Financing Authority, RB, Series A, <br> 4.00%, 05/01/45<br>| 15565 | 15257913 |
| Santa Clara Unified School District, GO, 4.00%, <br> 07/01/41<br>| 10000 | 10200723 |
| Santa Clarita Community College District, GO, Election <br> 2016, 5.25%, 08/01/48<br>| 8545 | 9197594 |
| Santa Monica-Malibu Unified School District, GO, <br> Series A, Election 2024, 08/01/55<sup>(c)</sup><br>| 15000 | 15875589 |
| Santa Rosa High School District, GO, Series B, 5.25%, <br> 08/01/50<br>| 7490 | 8115842 |
| Tamalpais Union High School District, GO |  |  |
| Series A, Election 2024, 4.00%, 08/01/46 | 13420 | 13522252 |
| Series A, Election 2024, 4.00%, 08/01/47 | 10000 | 10050134 |
| Series A, Election 2024, 4.00%, 08/01/48 | 7965 | 7989902 |
| Series A, Election 2024, 4.13%, 08/01/49 | 9500 | 9598561 |
| Series A, Election 2024, 4.13%, 08/01/50 | 12000 | 12095106 |
| Tracy Unified School District School Facilities <br> Improvement District No. 3, GO, Series A, Election <br> 2024, 5.00%, 08/01/50<br>| 2635 | 2834720 |
| Victor Valley Union High School District, GO, Series A, <br> Election 2024, 5.25%, 08/01/50<br>| 4500 | 4881582 |
| West Valley-Mission Community College District, GO |  |  |
| Series A, 4.00%, 08/01/44 | 18345 | 18417096 |
| Series B, 4.00%, 08/01/47 | 15000 | 15046631 |
| Series B, 5.00%, 08/01/47 | 5000 | 5335303 |
| Series B, Election 2012, 4.00%, 08/01/40 | 10000 | 9978738 |
|  |  | 725696967 |
| **Education — 3.5%** | **Education — 3.5%** |  |
| California Infrastructure & Economic Development <br> Bank, RB, CAB, 0.00%, 01/01/60<sup>(b)</sup><br>| 37500 | 3513188 |
| California Municipal Finance Authority, RB, 4.65%, <br> 05/01/30<br>| 400 | 408401 |
| California Municipal Finance Authority, Refunding <br> RB<sup>(d)(e)(f)</sup> <br>|  |  |
| 5.00%, 08/01/39 | 835 | 626696 |
| 5.00%, 08/01/48 | 1795 | 1195432 |
| California Public Finance Authority, RB, Series B, <br> 5.00%, 07/01/26<sup>(f)</sup><br>| 40 | 39770 |
| California School Finance Authority, RB, Series A, <br> 6.00%, 07/01/51<sup>(f)</sup><br>| 1500 | 1508351 |
| California School Finance Authority, Refunding RB, <br> Series A, 4.75%, 06/01/44<sup>(f)</sup><br>| 810 | 762167 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education (continued)** | **Education (continued)** |  |
| California State University, Refunding RB |  |  |
| Series A, 5.00%, 11/01/43 | 18000 | $18681449 |
| Series A, 5.25%, 11/01/50 | 33815 | 36973132 |
| Series B, 1.67%, 11/01/29 | 9000 | 8310894 |
| Series B, 1.85%, 11/01/31 | 6750 | 5991646 |
| Series D, 1.69%, 11/01/29 | 5000 | 4620049 |
| University of California, RB, Series CC, 5.00%, <br> 05/15/53<br>| 1150 | 1220305 |
|  |  | 83851480 |
| **Health — 3.7%** | **Health — 3.7%** |  |
| California Health Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| Series A, 5.25%, 08/15/50 | 2995 | 3265261 |
| Series A-2, Class B, (BAM-TCRS), 4.00%, 11/01/44 | 7550 | 7296873 |
| Series B, 5.00%, 11/15/46 | 9965 | 10027550 |
| California Public Finance Authority, RB |  |  |
| Series A, 6.20%, 06/01/44<sup>(f)</sup> | 11380 | 11169676 |
| Series A, 5.00%, 07/15/46 | 8580 | 9062042 |
| Series A, 6.50%, 06/01/54<sup>(f)</sup> | 3000 | 2941286 |
| Series B, 8.25%, 06/01/33 | 12930 | 13352789 |
| California Public Finance Authority, Refunding RB, <br> Series A, 5.00%, 08/01/47<br>| 6000 | 6097734 |
| Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series P, 5.00%, 05/15/47<br>| 24880 | 26090544 |
|  |  | 89303755 |
| **Housing — 0.8%** | **Housing — 0.8%** |  |
| California Housing Finance Agency, RB, M/F Housing |  |  |
| Series P-S, Subordinate, 8.00%, 07/01/67<sup>(a)(f)</sup> | 5395 | 5469611 |
| Series A, Sustainability Bonds, 4.75%, 08/01/45 | 13000 | 13492195 |
| CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 4.00%, 07/01/58<sup>(f)</sup><br>| 1205 | 772783 |
|  |  | 19734589 |
| **State — 4.1%** | **State — 4.1%** |  |
| California State Public Works Board, RB |  |  |
| Series A, 5.00%, 04/01/46 | 5000 | 5392884 |
| Series A, 5.00%, 04/01/49 | 42215 | 44872823 |
| Series A, 5.00%, 04/01/50 | 7500 | 7980864 |
| Series C, 5.00%, 11/01/50 | 5260 | 5618862 |
| State of California, GO, 5.00%, 11/01/50 | 10000 | 10702276 |
| State of California, Refunding GO |  |  |
| 5.10%, 09/01/35 | 10000 | 10477817 |
| 5.00%, 10/01/45 | 5000 | 5364821 |
| 5.50%, 08/01/49 | 5750 | 6389623 |
|  |  | 96799970 |
| **Tobacco — 1.8%** | **Tobacco — 1.8%** |  |
| California County Tobacco Securitization Agency, <br> Refunding RB, Series A, 5.00%, 06/01/47<br>| 2595 | 2472470 |
| California County Tobacco Securitization Agency, <br> Refunding RB, CAB, Series B-2, Subordinate, <br> 0.00%, 06/01/55<sup>(b)</sup><br>| 7620 | 1460135 |
| California Statewide Financing Authority, RB<sup>(b)(f)</sup> <br>|  |  |
| Series D, 0.00%, 06/01/55 | 20750 | 1285886 |
| Series L, 0.00%, 06/01/55 | 91500 | 6907234 |
| Golden State Tobacco Securitization Corp., Refunding <br> RB, Series B, 5.00%, 06/01/51<br>| 10440 | 10453986 |
| Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(b)</sup><br>| 95805 | 10271637 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** |  |
| Inland Empire Tobacco Securitization Corp., RB, <br> 0.00%, 06/01/57<sup>(b)</sup><br>| 34680 | $2686240 |
| Tobacco Securitization Authority of Southern California, <br> Refunding RB, 5.00%, 06/01/48<br>| 8055 | 8067718 |
|  |  | 43605306 |
| **Transportation — 13.8%** | **Transportation — 13.8%** |  |
| Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign, ARB, Series B, 5.56%, 07/01/32<br>| 755 | 791166 |
| California Infrastructure & Economic Development <br> Bank, Refunding, Sustainability Bonds, 12.00%, <br> 01/01/65<br>| 50020 | 42517000 |
| City of Los Angeles Department of Airports, ARB |  |  |
| Series A, AMT, 5.00%, 05/15/42 | 10000 | 10106751 |
| AMT, Sustainability Bonds, 5.25%, 05/15/47 | 23500 | 24579141 |
| Series E, Subordinate, 5.00%, 05/15/50 | 8950 | 9503702 |
| City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| AMT, 5.50%, 05/15/47 | 7000 | 7412348 |
| AMT, Subordinate, 5.00%, 05/15/35 | 5425 | 5727370 |
| City of Los Angeles Department of Airports, Refunding <br> RB<br>|  |  |
| Series D, Subordinate, 5.25%, 05/15/48 | 2545 | 2782586 |
| Series D, Subordinate, 05/15/51<sup>(c)</sup> | 13590 | 14661194 |
| Series D, Class D, Subordinate, 5.00%, 05/15/48 | 27500 | 29442386 |
| County of Sacramento California Airport System <br> Revenue, ARB<br>|  |  |
| 5.00%, 07/01/49 | 3445 | 3650271 |
| 5.25%, 07/01/49 | 30110 | 32487693 |
| San Diego County Regional Airport Authority, ARB |  |  |
| Series B, AMT, 5.00%, 07/01/47 | 2250 | 2254801 |
| Series B, AMT, 5.00%, 07/01/48 | 15750 | 16290079 |
| Series B, AMT, 5.25%, 07/01/50 | 12500 | 13182781 |
| Series B, AMT, Subordinate, 5.00%, 07/01/51 | 6500 | 6604207 |
| San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| Series A, AMT, 5.00%, 05/01/38 | 10350 | 10798618 |
| Series A, AMT, 5.00%, 05/01/47 | 35700 | 35836138 |
| Series B, AMT, 5.00%, 05/01/46 | 36820 | 36850100 |
| Series D, AMT, 5.00%, 05/01/43 | 16440 | 16657386 |
| Series D, AMT, 5.25%, 05/01/48 | 3900 | 3962419 |
| Series E, AMT, 5.00%, 05/01/37 | 4000 | 4187650 |
|  |  | 330285787 |
| **Utilities — 12.0%** | **Utilities — 12.0%** |  |
| City of Los Angeles California Wastewater System <br> Revenue, Refunding RB<br>|  |  |
| Series A, 5.00%, 06/01/44 | 10000 | 11040351 |
| Series A, Subordinate, 5.25%, 06/01/50 | 10000 | 10943342 |
| City of Modesto California Wastewater Revenue, RB, <br> 5.00%, 11/01/50<br>| 3475 | 3732258 |
| City of San Francisco California Public Utilities <br> Commission Water Revenue, Refunding RB<br>|  |  |
| 5.25%, 11/01/48 | 2000 | 2168789 |
| Series D, Class D, 5.00%, 11/01/51 | 30775 | 32745154 |
| East Bay Municipal Utility District Water System <br> Revenue, RB<br>|  |  |
| Series A, Sustainability Bonds, 5.00%, 06/01/42 | 32920 | 33670793 |
| Series A, Sustainability Bonds, 5.00%, 06/01/43 | 2775 | 3125578 |
| Series A, Sustainability Bonds, 5.00%, 06/01/44 | 6545 | 6968246 |
| Series A, Sustainability Bonds, 5.00%, 06/01/45 | 1350 | 1496375 |
| Series A, Sustainability Bonds, 5.00%, 06/01/49 | 15000 | 16054722 |
| Series A, Sustainability Bonds, 5.00%, 06/01/50 | 20000 | 21559342 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities (continued)** | **Utilities (continued)** |  |
| East Bay Municipal Utility District Water System <br> Revenue, RB (continued)<br>|  |  |
| Series A, Sustainability Bonds, 5.00%, 06/01/55 | 1850 | $1979261 |
| East Bay Municipal Utility District Water System <br> Revenue, Refunding RB, Series B, 5.00%, 06/01/43<br>| 4505 | 5074136 |
| Imperial Irrigation District Electric System Revenue, <br> Refunding RB, 5.00%, 11/01/50<br>| 5775 | 6173359 |
| Metropolitan Water District of Southern California, <br> Refunding RB<br>|  |  |
| Series A, 5.00%, 04/01/48 | 7095 | 7589901 |
| Series A, 5.00%, 10/01/49 | 5000 | 5189907 |
| Modesto Irrigation District, RB |  |  |
| Series A, 5.25%, 10/01/43 | 6605 | 7296236 |
| Series A, 5.25%, 10/01/48 | 5000 | 5433172 |
| Sacramento County Water Financing Authority, RB, <br> 5.00%, 06/01/50<br>| 9005 | 9627036 |
| Sacramento Municipal Utility District, Refunding RB, <br> Series H, Sustainability Bonds, 5.00%, 08/15/50<br>| 20000 | 20819178 |
| San Diego Public Facilities Financing Authority, RB, <br> Series A, Subordinate, 5.00%, 05/15/47<br>| 6625 | 7029642 |
| San Diego Public Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| Series A, 5.25%, 08/01/48 | 6400 | 6934172 |
| Series B, 5.00%, 08/01/39 | 8735 | 8825187 |
| Series A, Subordinate, 5.00%, 08/01/43 | 1000 | 1037582 |
| San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, RB<br>|  |  |
| Series A, Sustainability Bonds, 4.66%, 10/01/27 | 16710 | 16979766 |
| Series B, Sustainability Bonds, 1.00%, 10/01/26<sup>(g)</sup> | 27880 | 27558677 |
| San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, Refunding RB, <br> Series C, Sustainability Bonds, 5.00%, 10/01/49<br>| 3330 | 3554964 |
| San Jose Financing Authority, Refunding RB, Series B, <br> Sustainability Bonds, 5.00%, 11/01/47<br>| 2000 | 2142462 |
|  |  | 286749588 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | 2077390131 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** |  |
| District of Columbia Tobacco Settlement Financing <br> Corp., RB, Series A, 0.00%, 06/15/46<sup>(b)</sup><br>| 2125 | 498053 |
| **Florida**<sup>(d)(e)(f)</sup> **— 0.2%** | **Florida**<sup>(d)(e)(f)</sup> **— 0.2%** |  |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| Florida Development Finance Corp., RB, Series A, <br> AMT, 0.00%, 07/15/59<br>| 6470 | 2102750 |
| Florida Development Finance Corp., Refunding RB, <br> AMT, 0.00%, 07/15/32<br>| 4785 | 1555125 |
| **Total Municipal Bonds in Florida** | **Total Municipal Bonds in Florida** | 3657875 |
| **Ohio — 0.2%** | **Ohio — 0.2%** |  |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** |  |
| Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, <br> 06/01/55<br>| 6720 | 5658657 |
| **Puerto Rico — 4.9%** | **Puerto Rico — 4.9%** |  |
| **State — 2.9%** | **State — 2.9%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| Series A-1, Restructured, 5.63%, 07/01/29 | 829 | 879731 |
| Series A-1, Restructured, 5.75%, 07/01/31 | 805 | 886359 |
| Series A-1, Restructured, 4.00%, 07/01/35 | 1723 | 1709833 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock California Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State (continued)** | **State (continued)** |  |
| Commonwealth of Puerto Rico, GO (continued) |  |  |
| Series A-1, Restructured, 4.00%, 07/01/37 | 1479 | $1420073 |
| Series A-1, Restructured, 4.00%, 07/01/41 | 431 | 398217 |
| Series A-1, Restructured, 4.00%, 07/01/46 | 2091 | 1857623 |
| Commonwealth of Puerto Rico, GO, CAB, Series A, <br> Restructured, 0.00%, 07/01/33<sup>(b)</sup><br>| 2467 | 1775605 |
| Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(a)(d)(e)</sup><br>| 34472 | 20079881 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| Series A-1, Restructured, 4.75%, 07/01/53 | 15728 | 14938849 |
| Series A-2, Restructured, 4.54%, 07/01/53 | 114 | 103743 |
| Series A-2, Restructured, 4.78%, 07/01/58 | 12102 | 11397285 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB<sup>(b)</sup> <br>|  |  |
| Series A-1, Restructured, 0.00%, 07/01/29 | 1117 | 988990 |
| Series A-1, Restructured, 0.00%, 07/01/33 | 3239 | 2454018 |
| Series A-1, Restructured, 0.00%, 07/01/46 | 23633 | 8017491 |
| Series B-1, Restructured, 0.00%, 07/01/46 | 5761 | 1919141 |
|  |  | 68826839 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** |  |
| Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(b)</sup><br>| 89730 | 4273652 |
| **Utilities**<sup>(d)(e)</sup> **— 1.8%** | **Utilities**<sup>(d)(e)</sup> **— 1.8%** |  |
| Puerto Rico Electric Power Authority, RB |  |  |
| Series A, 7.00%, 07/01/33 | 2230 | 1482950 |
| Series A, 6.75%, 07/01/36 | 7630 | 5073950 |
| Series A, 7.00%, 07/01/43 | 955 | 635075 |
| Series A-3, 10.00%, 07/01/19 | 2137 | 1420780 |
| Series B-3, 10.00%, 07/01/19 | 2137 | 1420781 |
| Series C-1, 5.40%, 01/01/18 | 5870 | 3903515 |
| Series C-2, 5.40%, 07/01/18 | 5871 | 3904147 |
| Series C-3, 5.40%, 01/01/20 | 593 | 394646 |
| Series C-4, 5.40%, 07/01/20 | 593 | 394646 |
| Series CCC, 5.25%, 07/01/28 | 955 | 635075 |
| Series D-4, 7.50%, 07/01/20 | 4342 | 2887618 |
| Series TT, 5.00%, 07/01/26 | 1285 | 854525 |
| Series WW, 5.50%, 07/01/17 | 1315 | 874475 |
| Series WW, 5.50%, 07/01/18 | 1155 | 768075 |
| Series WW, 5.50%, 07/01/19 | 935 | 621775 |
| Series WW, 5.38%, 07/01/24 | 875 | 581875 |
| Series WW, 5.25%, 07/01/33 | 885 | 588525 |
| Series WW, 5.50%, 07/01/38 | 1170 | 778050 |
| Series XX, 5.25%, 07/01/17 | 645 | 428925 |
| Series XX, 5.25%, 07/01/35 | 400 | 266000 |
| Series XX, 5.75%, 07/01/36 | 555 | 369075 |
| Series XX, 5.25%, 07/01/40 | 745 | 495425 |
| Puerto Rico Electric Power Authority, Refunding RB |  |  |
| Series AAA, 5.25%, 07/01/27 | 6540 | 4349100 |
| Series AAA, 5.25%, 07/01/29 | 530 | 352450 |
| Series UU, 0.00%, 07/01/17<sup>(a)</sup> | 395 | 262675 |
| Series UU, 0.00%, 07/01/18<sup>(a)</sup> | 355 | 236075 |
| Series UU, 0.00%, 07/01/20<sup>(a)</sup> | 3175 | 2111375 |
| Series UU, 1.00%, 07/01/31<sup>(a)</sup> | 3765 | 2503725 |
| Series ZZ, 5.00%, 07/01/28 | 990 | 658350 |
| Series ZZ, 5.00%, 12/29/49 | 925 | 615125 |
| Puerto Rico Electric Power Authority, Refunding RB, <br> BAB, Series YY, 6.13%, 07/01/40<br>| 4060 | 2699900 |
|  |  | 42568683 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | 115669174 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin — 0.5%** | **Wisconsin — 0.5%** |  |
| **Transportation — 0.5%** | **Transportation — 0.5%** |  |
| Public Finance Authority, RB, Series A, AMT, Senior <br> Lien, 5.75%, 07/01/49<br>| $12000 | $12555635 |
| **Total Municipal Bonds — 92.7%** <br>**(Cost: $2,215,072,988)** | **Total Municipal Bonds — 92.7%** <br>**(Cost: $2,215,072,988)** | 2215429525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<br>| 416100 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 92.9%** <br>**(Cost: $2,220,232,059)** | **Total Long-Term Investments — 92.9%** <br>**(Cost: $2,220,232,059)** | 2220645450 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** |  |
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.61%<sup>(h)(i)</sup><br>| 47994777 | 47999576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 4.2%** | **U.S. Treasury Obligations — 4.2%** |  |
| U.S. Treasury Bills<sup>(j)</sup> <br>|  |  |
| 4.11%, 12/04/25 | $50000 | 49983875 |
| 4.03%, 12/11/25 | 50000 | 49945625 |
|  |  | 99929500 |
| **Total Short-Term Securities — 6.2%** <br>**(Cost: $147,928,176)** | **Total Short-Term Securities — 6.2%** <br>**(Cost: $147,928,176)** | 147929076 |
| **Total Investments — 99.1%** <br>**(Cost: $2,368,160,235)** | **Total Investments — 99.1%** <br>**(Cost: $2,368,160,235)** | 2368574526 |
| **Other Assets Less Liabilities — 0.9%** | **Other Assets Less Liabilities — 0.9%** | 20918815 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2389493341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Zero-coupon bond.

<sup>(c)</sup> When-issued security.

<sup>(d)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> 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. 

<sup>(g)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations.

<sup>(h)</sup> Affiliate of the Fund.

<sup>(i)</sup> Annualized 7-day yield as of period end.

<sup>(j)</sup> Rates are discount rates or a range of discount rates 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.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock California Municipal Opportunities Fund** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*11/30/25*<br>| *Shares* <br>*Held at* <br>*11/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $186656608 | $—<br> $(138657032 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $47999576 | 47994777 | $1138462 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended November 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(103721)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(103721)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5215925 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5215925 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2215429525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2215429525 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 47999576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47999576 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99929500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99929500 |
|  | &nbsp;&nbsp; $47999576 | &nbsp;&nbsp;&nbsp;&nbsp; $2320574950 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2368574526 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

November 30, 2025

**BlackRock New Jersey Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 0.1%** | **Alabama — 0.1%** |  |
| **Corporate — 0.1%** | **Corporate — 0.1%** |  |
| Black Belt Energy Gas District, RB, Series A, 5.25%, <br> 05/01/56<sup>(a)</sup><br>| $280 | $289364 |
| **California — 0.2%** | **California — 0.2%** |  |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| California Infrastructure & Economic Development Bank, <br> Refunding, Sustainability Bonds, 01/01/65<sup>(b)</sup><br>| 635 | 539750 |
| **New Jersey — 82.6%** | **New Jersey — 82.6%** |  |
| **Corporate — 6.9%** | **Corporate — 6.9%** |  |
| New Jersey Economic Development Authority, ARB, <br> Series B, AMT, 5.63%, 11/15/30<br>| 510 | 510880 |
| New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| 3.38%, 04/01/38 | 1360 | 1266202 |
| 3.50%, 04/01/42 | 720 | 628267 |
| AMT, 3.75%, 11/01/34<sup>(a)</sup> | 5000 | 5059523 |
| AMT, 3.00%, 08/01/41 | 5670 | 4757823 |
| AMT, 3.00%, 08/01/43 | 5600 | 4455016 |
| Series A, AMT, 2.20%, 10/01/39<sup>(a)</sup> | 3880 | 3659182 |
|  |  | 20336893 |
| **County/City/Special District/School District — 13.8%** | **County/City/Special District/School District — 13.8%** |  |
| Carlstadt School District, Refunding GO, (SCH BD RES <br> FD), 4.00%, 05/01/30<br>| 1415 | 1416017 |
| Casino Reinvestment Development Authority, Inc., RB |  |  |
| Series B, (AGM), 5.00%, 11/01/43 | 180 | 190605 |
| Series B, (AGM), 5.00%, 11/01/44 | 200 | 210382 |
| Casino Reinvestment Development Authority, Inc., <br> Refunding RB<br>|  |  |
| Series A, (AGM), 5.00%, 11/01/41 | 300 | 324119 |
| Series A, (AGM), 5.00%, 11/01/42 | 105 | 112241 |
| City of East Orange New Jersey, Refunding GO, (AGM), <br> 3.00%, 09/15/31<br>| 2200 | 2200787 |
| City of Hoboken New Jersey, Refunding GO, Series A, <br> 4.00%, 03/10/26<br>| 2500 | 2508934 |
| City of Newark New Jersey, GOL, (SAW), 4.50%, <br> 03/15/36<br>| 885 | 886902 |
| Clifton Board of Education, GO |  |  |
| (AGM SCH BD RES FD), 2.00%, 08/15/41 | 1630 | 1145683 |
| (AGM SCH BD RES FD), 2.25%, 08/15/46 | 1850 | 1206609 |
| County of Bergen New Jersey, Refunding GO, 3.00%, <br> 07/15/38<br>| 1070 | 1013686 |
| Essex County Improvement Authority, RB, (GTD), 4.00%, <br> 11/01/44<br>| 7695 | 7587699 |
| Essex County Improvement Authority, Refunding RB, <br> (NPFGC GTD), 5.50%, 10/01/29<br>| 1500 | 1664929 |
| Ewing Township Board of Education, GO |  |  |
| (SCH BD RES FD), 4.00%, 07/15/38 | 920 | 926680 |
| (SCH BD RES FD), 4.00%, 07/15/39 | 740 | 744421 |
| Hudson County Improvement Authority, RB, 5.00%, <br> 05/01/46<br>| 1000 | 1003256 |
| Lenape Regional High School District, GO, (AGM SCH <br> BD RES FD), 3.50%, 01/01/39<br>| 3400 | 3302385 |
| Monmouth Regional High School District, GO, (SCH BD <br> RES FD), 3.00%, 02/01/34<br>| 1260 | 1256838 |
| New Jersey Economic Development Authority, RB |  |  |
| 5.00%, 12/15/28<sup>(c)</sup> | 2040 | 2188212 |
| Series B, 6.50%, 04/01/31 | 1195 | 1202013 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| New Jersey Economic Development Authority, Refunding <br> SAB, 6.50%, 04/01/28<br>| 1109 | $1144304 |
| Newark Board of Education, Refunding GO, <br> Sustainability Bonds, (BAM SCH BD RES FD), 3.00%, <br> 07/15/39<br>| 630 | 558732 |
| Township of Monroe New Jersey/Middlesex County, <br> Refunding GO<br>|  |  |
| 3.00%, 06/01/37 | 385 | 367942 |
| 3.00%, 06/01/38 | 410 | 385431 |
| Union County Utilities Authority, Refunding RB |  |  |
| Series A, AMT, (GTD), 4.75%, 12/01/31 | 1150 | 1150379 |
| Series A, AMT, (GTD), 5.25%, 12/01/31 | 5640 | 5649827 |
|  |  | 40349013 |
| **Education — 9.6%** | **Education — 9.6%** |  |
| Atlantic County Improvement Authority, RB, Series A, <br> (AGM), 4.00%, 07/01/46<br>| 1250 | 1189573 |
| Camden County Improvement Authority, RB, <br> Sustainability Bonds, 6.00%, 06/15/52<br>| 220 | 229283 |
| Gloucester County Improvement Authority, Refunding RB |  |  |
| 5.00%, 07/01/43 | 500 | 544478 |
| 5.00%, 07/01/44 | 500 | 539329 |
| Middlesex County Improvement Authority, RB, 5.00%, <br> 08/15/53<br>| 2870 | 3003987 |
| New Jersey Economic Development Authority, RB |  |  |
| Series A, 5.00%, 07/01/27<sup>(d)</sup> | 100 | 100435 |
| Series A, 5.13%, 11/01/29<sup>(d)</sup> | 100 | 100975 |
| Series A, 5.25%, 07/01/37<sup>(d)</sup> | 470 | 468549 |
| Series A, 6.25%, 11/01/38<sup>(d)</sup> | 210 | 216689 |
| Series A, 5.38%, 07/01/47<sup>(d)</sup> | 815 | 741713 |
| Series A, 5.00%, 12/01/48 | 2190 | 2204994 |
| Series A, 5.00%, 06/15/49<sup>(d)</sup> | 135 | 127924 |
| Series A, 5.00%, 01/01/50 | 265 | 245133 |
| Series A, 6.50%, 11/01/52<sup>(d)</sup> | 1210 | 1239514 |
| Series A, 5.25%, 11/01/54<sup>(d)</sup> | 1100 | 947133 |
| New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| (AGM), 5.00%, 06/01/37 | 2760 | 2822750 |
| (AGM), 5.00%, 06/01/42 | 690 | 699078 |
| Series A, 5.63%, 08/01/34<sup>(d)</sup> | 230 | 230070 |
| Series A, 5.00%, 09/01/37<sup>(d)</sup> | 315 | 317094 |
| Series A, 5.88%, 08/01/44<sup>(d)</sup> | 430 | 430021 |
| Series A, 5.13%, 09/01/52<sup>(d)</sup> | 1000 | 961476 |
| New Jersey Educational Facilities Authority, RB, <br> Series C, (AGM), 3.25%, 07/01/49<br>| 290 | 238047 |
| New Jersey Educational Facilities Authority, Refunding <br> RB<br>|  |  |
| Series B, 5.00%, 07/01/32 | 2465 | 2494194 |
| Series H, (AGM), 4.00%, 07/01/39 | 715 | 715126 |
| New Jersey Higher Education Student Assistance <br> Authority, RB<br>|  |  |
| Series B, AMT, 4.00%, 12/01/44 | 375 | 360942 |
| Series B, AMT, 4.25%, 12/01/45 | 1030 | 1024668 |
| Sub-Series C, AMT, 4.00%, 12/01/48 | 700 | 610050 |
| Series C, AMT, Subordinate, 5.00%, 12/01/53 | 265 | 259538 |
| Series C, AMT, Subordinate, 5.25%, 12/01/54 | 475 | 478676 |
| New Jersey Higher Education Student Assistance <br> Authority, Refunding RB<br>|  |  |
| Series 1-B, AMT, 4.50%, 12/01/45 | 1450 | 1488064 |
| Series B, AMT, 4.00%, 12/01/41 | 660 | 655543 |
| Sub-Series C, AMT, 3.63%, 12/01/49 | 1065 | 822346 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock New Jersey Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education (continued)** | **Education (continued)** |  |
| New Jersey Higher Education Student Assistance <br> Authority, Refunding RB (continued)<br>|  |  |
| Series C, AMT, Subordinate, 5.00%, 12/01/52 | 1075 | $1067118 |
| Passaic County Improvement Authority, RB |  |  |
| Series A, 5.00%, 01/01/55 | 300 | 282421 |
| Series A, 5.00%, 01/01/60 | 200 | 183506 |
|  |  | 28040437 |
| **Health — 7.4%** | **Health — 7.4%** |  |
| New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| 5.00%, 01/01/34 | 270 | 275023 |
| 5.00%, 01/01/39 | 520 | 523285 |
| 5.00%, 01/01/49 | 500 | 461208 |
| New Jersey Health Care Facilities Financing Authority, <br> RB<br>|  |  |
| 5.00%, 07/01/42 | 3000 | 3035721 |
| 2.38%, 07/01/46 | 3740 | 2430059 |
| 3.00%, 07/01/51 | 9155 | 6990973 |
| New Jersey Health Care Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| 5.00%, 07/01/29 | 285 | 287026 |
| 5.00%, 07/01/34 | 1000 | 1011812 |
| 4.00%, 07/01/41 | 1000 | 991891 |
| Series A, 4.00%, 07/01/32 | 2300 | 2303549 |
| Series A, 5.00%, 07/01/43 | 900 | 904664 |
| Series A, 4.13%, 07/01/54 | 1085 | 995823 |
| Series A, 5.25%, 07/01/54 | 1340 | 1420908 |
|  |  | 21631942 |
| **Housing — 5.3%** | **Housing — 5.3%** |  |
| New Jersey Housing & Mortgage Finance Agency, RB, <br> 5.25%, 12/20/65<br>| 345 | 380175 |
| New Jersey Housing & Mortgage Finance Agency, RB, <br> M/F Housing<br>|  |  |
| Series A, (FNMA), 4.55%, 05/01/41 | 420 | 443119 |
| Series A, Sustainability Bonds, (HUD SECT 8), 4.50%, <br> 05/01/50<br>| 130 | 127059 |
| Series A, Sustainability Bonds, 4.90%, 11/01/50 | 1900 | 1923418 |
| Series A, Sustainability Bonds, 4.95%, 11/01/55 | 1000 | 1009556 |
| Series D-1, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.10%, 11/01/45<br>| 1000 | 1036591 |
| Series D-1, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.20%, 11/01/55<br>| 1500 | 1552768 |
| Series E-1, Sustainability Bonds, (HUD SECT 8), <br> 4.50%, 05/01/50<br>| 205 | 200362 |
| New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing<br>|  |  |
| Series H, Sustainability Bonds, 2.15%, 10/01/41 | 910 | 670093 |
| Series H, Sustainability Bonds, 2.30%, 10/01/46 | 680 | 482036 |
| Series K, Sustainability Bonds, 4.70%, 10/01/50 | 570 | 571269 |
| New Jersey Housing & Mortgage Finance Agency, <br> Refunding RB, M/F Housing<br>|  |  |
| Series A, (HUD SECT 8), 2.45%, 11/01/45 | 240 | 173031 |
| Series A, 4.00%, 11/01/48 | 150 | 137546 |
| Series A, (HUD SECT 8), 2.55%, 11/01/50 | 220 | 146093 |
| Series A, 4.10%, 11/01/53 | 100 | 89865 |
| Series D, AMT, 4.25%, 11/01/37 | 310 | 310222 |
| Series A, Sustainability Bonds, (HUD SECT 8), 2.25%, <br> 11/01/36<br>| 350 | 294007 |
| Series A, Sustainability Bonds, (HUD SECT 8), 2.65%, <br> 11/01/46<br>| 350 | 251805 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Housing (continued)** | **Housing (continued)** |  |
| New Jersey Housing & Mortgage Finance Agency, <br> Refunding RB, M/F Housing (continued)<br>|  |  |
| Series A, Sustainability Bonds, (HUD SECT 8), 2.70%, <br> 11/01/51<br>| 350 | $236858 |
| New Jersey Housing & Mortgage Finance Agency, <br> Refunding RB, S/F Housing<br>|  |  |
| Series A, 3.75%, 10/01/35 | 900 | 900740 |
| Series E, 2.25%, 10/01/40 | 680 | 527694 |
| Newark Housing Authority, RB, M/F Housing |  |  |
| Series A, 5.00%, 12/01/30 | 1640 | 1642846 |
| Series A, 4.38%, 12/01/33 | 2515 | 2515435 |
|  |  | 15622588 |
| **State — 6.7%** | **State — 6.7%** |  |
| Garden State Preservation Trust, RB |  |  |
| Series A, (AGM), 5.75%, 11/01/28 | 1625 | 1713676 |
| Series B, (AGM), 0.00%, 11/01/27<sup>(e)</sup> | 4135 | 3889474 |
| New Jersey Economic Development Authority, RB |  |  |
| 5.00%, 06/15/43 | 1955 | 2005136 |
| 4.00%, 06/15/49 | 1190 | 1101319 |
| 5.00%, 06/15/49 | 700 | 714405 |
| Series A, 5.00%, 06/15/42 | 4000 | 4079617 |
| Series EEE, 5.00%, 06/15/48 | 735 | 746728 |
| New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| Sub-Series A, 5.00%, 07/01/33 | 125 | 127237 |
| Sub-Series A, 4.00%, 07/01/34 | 705 | 705981 |
| New Jersey Educational Facilities Authority, RB, <br> Series A, 5.25%, 09/01/53<br>| 655 | 687582 |
| State of New Jersey, GO |  |  |
| 2.00%, 06/01/37 | 2000 | 1607026 |
| 5.00%, 06/01/38 | 2000 | 2135486 |
|  |  | 19513667 |
| **Tobacco — 2.7%** | **Tobacco — 2.7%** |  |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| Series A, 5.00%, 06/01/46 | 1750 | 1739019 |
| Series A, 5.25%, 06/01/46 | 1000 | 1002945 |
| Sub-Series B, 5.00%, 06/01/46 | 5205 | 5052851 |
|  |  | 7794815 |
| **Transportation — 30.2%** | **Transportation — 30.2%** |  |
| New Jersey Economic Development Authority, ARB, <br> AMT, 6.38%, 01/01/35<sup>(d)</sup><br>| 725 | 752028 |
| New Jersey Economic Development Authority, RB |  |  |
| Series A, Class A, 5.25%, 11/01/47 | 3700 | 3894601 |
| Series A, Class A, 5.00%, 11/01/52 | 1000 | 1029392 |
| AMT, (AGM), 5.13%, 01/01/39 | 1000 | 1001442 |
| AMT, (AGM), 5.13%, 07/01/42 | 1000 | 1001054 |
| AMT, 5.38%, 01/01/43 | 905 | 905817 |
| New Jersey Economic Development Authority, Refunding <br> ARB, AMT, 5.00%, 10/01/47<br>| 500 | 500128 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| 5.00%, 06/15/42 | 210 | 223789 |
| 5.25%, 06/15/46 | 105 | 111002 |
| Series A, 5.00%, 06/15/30 | 1250 | 1263053 |
| Series A, 0.00%, 12/15/32<sup>(e)</sup> | 10000 | 7995029 |
| Series AA, 4.00%, 06/15/36 | 1435 | 1470995 |
| Series AA, 4.00%, 06/15/45 | 2470 | 2360350 |
| Series AA, 5.00%, 06/15/45 | 3500 | 3586859 |
| Series AA, 5.00%, 06/15/55 | 1500 | 1558598 |
| Series BB, 4.00%, 06/15/44 | 2335 | 2233465 |
| Series BB, 4.00%, 06/15/50 | 1000 | 919653 |
| Series BB, 5.25%, 06/15/50 | 5125 | 5400652 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock New Jersey Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| New Jersey Transportation Trust Fund Authority, <br> RB (continued)<br>|  |  |
| Series CC, 5.25%, 06/15/55 | 6800 | $7170743 |
| Series S, 5.00%, 06/15/33 | 550 | 583049 |
| Series S, Class BB, 5.00%, 06/15/36 | 1250 | 1374586 |
| Series S, Class BB, 4.00%, 06/15/37 | 700 | 713460 |
| New Jersey Transportation Trust Fund Authority, RB, <br> CAB<sup>(e)</sup> <br>|  |  |
| Series A, 0.00%, 12/15/35 | 8900 | 6281312 |
| Series A, 0.00%, 12/15/38 | 10000 | 6097585 |
| New Jersey Transportation Trust Fund Authority, <br> Refunding RB<br>|  |  |
| Series A, 5.00%, 06/15/31 | 2730 | 2757572 |
| Series A, 4.00%, 06/15/36 | 1700 | 1746488 |
| Series A, 5.25%, 06/15/41 | 1000 | 1094986 |
| Series AA, 4.25%, 06/15/44 | 1545 | 1507420 |
| New Jersey Turnpike Authority, RB |  |  |
| Series A, 4.00%, 01/01/42 | 1000 | 998217 |
| Series A, 5.25%, 01/01/50 | 5000 | 5408384 |
| Series A, 4.00%, 01/01/51 | 1560 | 1478157 |
| Series B, 5.25%, 01/01/52 | 3405 | 3612263 |
| New Jersey Turnpike Authority, Refunding RB |  |  |
| Series A, 4.00%, 01/01/39 | 1000 | 1024959 |
| Series C, 5.00%, 01/01/45 | 1500 | 1595346 |
| Series D-2, (AGM), 5.25%, 01/01/26 | 4000 | 4008715 |
| South Jersey Port Corp., ARB, Series B, AMT, 5.00%, <br> 01/01/42<br>| 2380 | 2406926 |
| South Jersey Transportation Authority, RB |  |  |
| 5.25%, 11/01/52 | 2000 | 2073778 |
| Series B-1, (BAM), 5.25%, 11/01/52 | 300 | 314322 |
|  |  | 88456175 |
| **Utilities — 0.0%** | **Utilities — 0.0%** |  |
| New Jersey Infrastructure Bank, RB, Sustainability <br> Bonds, 2.00%, 09/01/43<br>| 240 | 159872 |
| **Total Municipal Bonds in New Jersey** | **Total Municipal Bonds in New Jersey** | 241905402 |
| **New York — 4.7%** | **New York — 4.7%** |  |
| **County/City/Special District/School District — 0.3%** | **County/City/Special District/School District — 0.3%** |  |
| New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series E, Subordinate, 5.00%, <br> 11/01/53<br>| 935 | 966824 |
| **State — 0.8%** | **State — 0.8%** |  |
| New York State Dormitory Authority, Refunding RB, <br> Series A, 5.00%, 03/15/50<br>| 2140 | 2228251 |
| **Transportation — 3.6%** | **Transportation — 3.6%** |  |
| Port Authority of New York & New Jersey, ARB |  |  |
| Series 93, 6.13%, 06/01/94 | 1000 | 1001675 |
| AMT, 5.00%, 11/01/30 | 1000 | 1065940 |
| AMT, 5.00%, 11/01/33 | 495 | 525721 |
| Series 218, AMT, 5.00%, 11/01/32 | 1495 | 1588273 |
| Series 221, AMT, 4.00%, 07/15/45 | 525 | 485370 |
| Series 221, AMT, 4.00%, 07/15/50 | 1335 | 1201338 |
| Port Authority of New York & New Jersey, Refunding <br> ARB<br>|  |  |
| AMT, 5.00%, 01/15/52 | 1915 | 1945669 |
| Series 223, AMT, 4.00%, 07/15/41 | 725 | 711908 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| Port Authority of New York & New Jersey, Refunding <br> ARB (continued)<br>|  |  |
| Series 223, AMT, 4.00%, 07/15/46 | 1755 | $1611158 |
| Series 238, AMT, 5.00%, 07/15/39 | 330 | 355680 |
|  |  | 10492732 |
| **Total Municipal Bonds in New York** | **Total Municipal Bonds in New York** | 13687807 |
| **Pennsylvania — 0.4%** | **Pennsylvania — 0.4%** |  |
| **Transportation — 0.4%** | **Transportation — 0.4%** |  |
| Delaware River Joint Toll Bridge Commission, RB, <br> 5.00%, 07/01/42<br>| 1130 | 1153292 |
| **Puerto Rico — 3.3%** | **Puerto Rico — 3.3%** |  |
| **State — 3.3%** | **State — 3.3%** |  |
| Commonwealth of Puerto Rico, GO, Series A-1, <br> Restructured, 5.75%, 07/01/31<br>| 1043 | 1148813 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| Series A-1, Restructured, 5.00%, 07/01/58 | 1830 | 1779884 |
| Series B-2, Restructured, 4.33%, 07/01/40 | 5000 | 4868072 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB<sup>(e)</sup> <br>|  |  |
| Series A-1, Restructured, 0.00%, 07/01/46 | 5099 | 1729835 |
| Series B-1, Restructured, 0.00%, 07/01/46 | 567 | 188882 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | 9715486 |
| **Wisconsin — 0.8%** | **Wisconsin — 0.8%** |  |
| **Education — 0.1%** | **Education — 0.1%** |  |
| Public Finance Authority, RB, 5.00%, 07/01/55<sup>(d)</sup> | 215 | 195400 |
| **Transportation — 0.7%** | **Transportation — 0.7%** |  |
| Public Finance Authority, RB |  |  |
| Series A, AMT, Senior Lien, 5.50%, 07/01/44 | 1000 | 1034323 |
| Series A, AMT, Senior Lien, 5.75%, 07/01/49 | 1000 | 1046303 |
|  |  | 2080626 |
| **Total Municipal Bonds in Wisconsin** | **Total Municipal Bonds in Wisconsin** | 2276026 |
| **Total Municipal Bonds — 92.1%** <br>**(Cost: $268,064,919)** | **Total Municipal Bonds — 92.1%** <br>**(Cost: $268,064,919)** | 269567127 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(f)</sup> |
| **New Jersey — 3.6%** | **New Jersey — 3.6%** | **New Jersey — 3.6%** |
| **Education — 2.8%** | **Education — 2.8%** |  |
| New Jersey Educational Facilities Authority, RB, <br> Series B, 5.25%, 03/01/54<br>| 7500 | 8128736 |
| **Housing — 0.8%** | **Housing — 0.8%** |  |
| New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing, Sustainability Bonds, Series M, 5.05%, <br> 10/01/45<br>| 2258 | 2344870 |
| **Total Municipal Bonds in New Jersey** | **Total Municipal Bonds in New Jersey** | 10473606 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 3.6%** <br>**(Cost: $10,396,273)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 3.6%** <br>**(Cost: $10,396,273)** | 10473606 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock New Jersey Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<br>| 5250 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 95.7%** <br>**(Cost: $278,461,192)** | **Total Long-Term Investments — 95.7%** <br>**(Cost: $278,461,192)** | 280040733 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.3%** | **Money Market Funds — 5.3%** |  |
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.61%<sup>(g)(h)</sup><br>| 15675282 | 15676850 |
| **Total Short-Term Securities — 5.3%** <br>**(Cost: $15,676,793)** | **Total Short-Term Securities — 5.3%** <br>**(Cost: $15,676,793)** | 15676850 |
| **Total Investments — 101.0%** <br>**(Cost: $294,137,985)** | **Total Investments — 101.0%** <br>**(Cost: $294,137,985)** | 295717583 |
| **Other Assets Less Liabilities — 1.5%** | **Other Assets Less Liabilities — 1.5%** | 4340454 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (2.5)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (2.5)%** | (7342390)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $292715647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> When-issued security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Zero-coupon bond.

<sup>(f)</sup> Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. 

<sup>(g)</sup> Affiliate of the Fund.

<sup>(h)</sup> 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 six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*11/30/25*<br>| *Shares* <br>*Held at* <br>*11/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $5686971<br> $9989879 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $15676850 | 15675282 | $127126 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $269567127 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $269567127 |
| Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10473606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10473606 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 15676850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15676850 |
|  | &nbsp;&nbsp; $15676850 | &nbsp;&nbsp;&nbsp;&nbsp; $280040733 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $295717583 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock New Jersey Municipal Bond Fund** 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $7,317,797 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

November 30, 2025

**BlackRock Pennsylvania Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 0.1%** | **Alabama — 0.1%** |  |
| **Corporate — 0.1%** | **Corporate — 0.1%** |  |
| Black Belt Energy Gas District, RB, Series A, 5.25%, <br> 05/01/56<sup>(a)</sup><br>| $335 | $346203 |
| **California — 0.2%** | **California — 0.2%** |  |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| California Infrastructure & Economic Development Bank, <br> Refunding, Sustainability Bonds, 01/01/65<sup>(b)</sup><br>| 710 | 603500 |
| **Pennsylvania — 92.8%** | **Pennsylvania — 92.8%** |  |
| **Corporate — 3.0%** | **Corporate — 3.0%** |  |
| Montgomery County Industrial Development Authority, <br> Refunding RB, Series A, 4.10%, 04/01/53<sup>(a)</sup><br>| 1240 | 1272388 |
| Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| 6.88%, 09/01/47<sup>(c)</sup> | 1545 | 1605554 |
| Class A, AMT, 4.00%, 06/01/41<sup>(a)</sup> | 2000 | 2001884 |
| Series B-2, AMT, 3.85%, 04/01/49<sup>(a)</sup> | 2125 | 2124501 |
| Pennsylvania Economic Development Financing <br> Authority, Refunding RB<br>|  |  |
| Series B, 5.25%, 12/01/38<sup>(a)</sup> | 430 | 433187 |
| Series C, 5.25%, 12/01/37<sup>(a)</sup> | 755 | 760977 |
| AMT, 5.50%, 11/01/44 | 1355 | 1355473 |
|  |  | 9553964 |
| **County/City/Special District/School District — 13.2%** | **County/City/Special District/School District — 13.2%** |  |
| Allentown Neighborhood Improvement Zone <br> Development Authority, RB<sup>(c)</sup> <br>|  |  |
| 5.00%, 05/01/32 | 1405 | 1428965 |
| 5.00%, 05/01/42 | 2345 | 2395340 |
| 6.00%, 05/01/42 | 2500 | 2700294 |
| Altoona Area School District, GOL, Series A, (AGM <br> SAW), 5.00%, 12/01/36<br>| 2895 | 2895181 |
| Chester County Industrial Development Authority, SAB<sup>(c)</sup> <br>|  |  |
| 4.25%, 03/01/35 | 1155 | 1092718 |
| 5.00%, 03/01/38 | 309 | 310693 |
| 5.13%, 03/01/48 | 680 | 670280 |
| 4.75%, 03/01/50 | 2685 | 2414580 |
| City of Philadelphia Pennsylvania, GO |  |  |
| Series A, 5.00%, 08/01/35 | 2000 | 2337351 |
| Series A, 5.25%, 08/01/45 | 750 | 822053 |
| Series B, 5.00%, 02/01/39 | 1540 | 1626484 |
| City of Pittsburgh Pennsylvania, GO, 5.00%, 09/01/41 | 750 | 800859 |
| Coatesville School District, GOL, CAB<sup>(d)</sup> <br>|  |  |
| Series A, (BAM SAW), 0.00%, 10/01/35 | 2565 | 1719417 |
| Series A, (BAM SAW), 0.00%, 10/01/37 | 2505 | 1507834 |
| Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| AMT, 5.00%, 06/30/32 | 1375 | 1506502 |
| AMT, 5.50%, 06/30/43 | 2500 | 2617985 |
| AMT, 6.00%, 06/30/61 | 1945 | 2062959 |
| Redevelopment Authority of The County of Washington, <br> Refunding TA, 5.00%, 07/01/28<br>| 310 | 311322 |
| School District of Philadelphia, GOL |  |  |
| Series A, (SAW), 5.50%, 09/01/48 | 4000 | 4272148 |
| Series D, (AGM SAW), 3.00%, 09/01/44 | 4640 | 3747105 |
| State Public School Building Authority, Refunding RB, <br> Series A, (AGM SAW), 5.00%, 06/01/33<br>| 5000 | 5079953 |
|  |  | 42320023 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education — 14.5%** | **Education — 14.5%** |  |
| Berks County Municipal Authority, Refunding RB |  |  |
| 5.00%, 10/01/39 | $600 | $566295 |
| 5.00%, 10/01/49 | 795 | 669830 |
| Chester County Industrial Development Authority, RB, <br> Sustainability Bonds, 4.00%, 12/01/51<br>| 4000 | 3636264 |
| Montgomery County Industrial Development Authority, <br> Refunding RB, 5.25%, 11/01/54<br>| 1735 | 1687020 |
| Northampton County General Purpose Authority, <br> Refunding RB, 4.00%, 11/01/38<br>| 2000 | 2002054 |
| Pennsylvania Economic Development Financing <br> Authority, RB, 5.00%, 08/01/49<br>| 800 | 845463 |
| Pennsylvania Higher Education Assistance Agency, RB |  |  |
| Series A, 2.63%, 06/01/42 | 1205 | 1089304 |
| Series 1C, AMT, 5.50%, 06/01/52 | 1515 | 1538495 |
| Sub-Series 1C, AMT, 5.00%, 06/01/51 | 4370 | 4265399 |
| Series B, AMT, Subordinate, 3.00%, 06/01/47 | 1700 | 1214649 |
| Series B, AMT, Subordinate, 3.13%, 06/01/48 | 650 | 467486 |
| Series B, AMT, Subordinate, 5.00%, 06/01/50 | 755 | 734219 |
| Pennsylvania Higher Educational Facilities Authority, RB, <br> 4.00%, 06/15/55<br>| 2300 | 2081167 |
| Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| 5.00%, 05/01/41 | 810 | 815282 |
| Series A, 5.00%, 11/01/29 | 1150 | 1192951 |
| Series A, 5.00%, 11/01/31 | 205 | 215668 |
| Series A, (AGM), 4.00%, 05/01/50 | 5000 | 4458522 |
| Pennsylvania State University, RB, 5.25%, 09/01/53 | 4010 | 4261574 |
| Pennsylvania State University, Refunding RB, Series A, <br> 5.50%, 09/01/55<br>| 2150 | 2355077 |
| Philadelphia Authority for Industrial Development, RB |  |  |
| 4.00%, 06/15/29 | 310 | 304722 |
| 5.00%, 06/15/39 | 590 | 575782 |
| 4.00%, 12/01/48 | 8090 | 7587089 |
| 5.00%, 06/15/50 | 800 | 693709 |
| 5.25%, 11/01/52 | 2145 | 2216219 |
| Philadelphia Authority for Industrial Development, <br> Refunding RB<br>|  |  |
| 5.00%, 06/15/40<sup>(c)</sup> | 600 | 597042 |
| Series A, 5.25%, 06/15/52 | 625 | 598590 |
|  |  | 46669872 |
| **Health — 20.8%** | **Health — 20.8%** |  |
| Allegheny County Hospital Development Authority, RB, <br> Series D2, 3.49%, 11/15/47<sup>(a)</sup><br>| 2865 | 2837525 |
| Allegheny County Hospital Development Authority, <br> Refunding RB, Series A, 4.00%, 04/01/37<br>| 4300 | 4300249 |
| Chester County Health and Education Facilities Authority, <br> RB, Series A, 4.00%, 09/01/50<br>| 1500 | 1331392 |
| Chester County Health and Education Facilities Authority, <br> Refunding RB<br>|  |  |
| 5.25%, 06/01/55 | 2250 | 2267703 |
| Series A, 5.25%, 12/01/45 | 1500 | 1241511 |
| Cumberland County Municipal Authority, Refunding RB |  |  |
| 4.00%, 01/01/36 | 645 | 626236 |
| 4.13%, 01/01/38 | 260 | 250854 |
| 5.00%, 01/01/38 | 1480 | 1480458 |
| Doylestown Hospital Authority, RB, 4.00%, 07/01/45 | 1125 | 1049818 |
| DuBois Hospital Authority, Refunding RB, (BAM-TCRS), <br> 4.00%, 07/15/48<br>| 3440 | 3155669 |
| Geisinger Authority, Refunding RB |  |  |
| Series A-1, 5.00%, 02/15/45 | 5950 | 6003857 |
| Series A-1, 4.00%, 02/15/47 | 1800 | 1606218 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Pennsylvania Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health (continued)** | **Health (continued)** |  |
| Lancaster Industrial Development Authority, RB |  |  |
| 4.00%, 12/01/44 | 985 | $857588 |
| 5.00%, 12/01/49 | 730 | 710371 |
| Lancaster Municipal Authority, Refunding RB |  |  |
| Series A, 5.00%, 05/01/44 | 690 | 696478 |
| Series A, 5.00%, 05/01/49 | 615 | 609848 |
| Series A, 5.00%, 12/01/55 | 700 | 679965 |
| Montgomery County Higher Education and Health <br> Authority, Refunding RB<br>|  |  |
| 4.00%, 09/01/49 | 1170 | 1051170 |
| Class B, 5.00%, 05/01/57 | 2500 | 2516041 |
| Series B, (BAM-TCRS), 4.00%, 05/01/52 | 1965 | 1733241 |
| Montgomery County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| 5.25%, 01/01/40 | 5000 | 5000202 |
| 5.00%, 12/01/46 | 850 | 804613 |
| Moon Industrial Development Authority, Refunding RB, <br> 6.00%, 07/01/45<br>| 2250 | 2206610 |
| Northampton County General Purpose Authority, <br> Refunding RB, Series A1, (AGM), 4.00%, 08/15/43<br>| 2915 | 2767985 |
| Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| Series A-1, 5.00%, 05/15/31 | 2640 | 2891620 |
| Series A-2, 4.00%, 05/15/53 | 1480 | 1301182 |
| Pennsylvania Economic Development Financing <br> Authority, Refunding RB<br>|  |  |
| Series A, 4.00%, 02/15/52 | 860 | 759873 |
| Series B, 5.00%, 03/15/50 | 3415 | 3533099 |
| Pennsylvania Higher Educational Facilities Authority, RB, <br> 3.00%, 08/15/47<br>| 4265 | 3385583 |
| Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, Series A, 4.00%, 08/15/43<br>| 2850 | 2727514 |
| Philadelphia Authority for Industrial Development, RB, <br> Series A, 4.00%, 07/01/49<br>| 3120 | 2889287 |
| Pottsville Hospital Authority, Refunding RB, Series B, <br> 5.00%, 01/01/27<sup>(e)</sup><br>| 3500 | 3591458 |
|  |  | 66865218 |
| **Housing — 11.7%** | **Housing — 11.7%** |  |
| Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |
| Series 137, Sustainability Bonds, 2.60%, 04/01/46 | 3000 | 2224661 |
| Series 143A, Sustainability Bonds, 5.38%, 10/01/46 | 2350 | 2465021 |
| Series 145A, Sustainability Bonds, 4.60%, 10/01/44 | 2880 | 2912670 |
| Series 145A, Sustainability Bonds, 6.00%, 10/01/54 | 2780 | 3009454 |
| Series 146A, Sustainability Bonds, 4.13%, 10/01/39 | 1525 | 1534253 |
| Series 146A, Sustainability Bonds, 4.50%, 10/01/44 | 2000 | 2011079 |
| Series 148A, Sustainability Bonds, 4.80%, 10/01/55 | 3180 | 3169234 |
| Series 149A, Sustainability Bonds, 5.20%, 04/01/53 | 1415 | 1451867 |
| Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing<br>|  |  |
| Series 142-A, Sustainability Bonds, 5.00%, 10/01/43 | 1500 | 1553750 |
| Series 150A, Sustainability Bonds, 5.25%, 10/01/52 | 2830 | 2926991 |
| Pennsylvania Housing Finance Agency, S/F Housing<sup>(b)</sup> <br>|  |  |
| Sustainability Bonds, 10/01/53 | 3300 | 3301679 |
| Sustainability Bonds, 10/01/55 | 3300 | 3765177 |
| Philadelphia Authority for Industrial Development, RB, <br> M/F Housing<sup>(f)(g)</sup> <br>|  |  |
| Series A, 3.50%, 12/01/36 | 1260 | 989100 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Housing (continued)** | **Housing (continued)** |  |
| Philadelphia Authority for Industrial Development, RB, <br> M/F Housing<sup>(f)(g)</sup> (continued)<br>|  |  |
| Series A, 4.00%, 12/01/46 | 5740 | $4505900 |
| Series A, 4.00%, 12/01/51 | 2300 | 1794000 |
|  |  | 37614836 |
| **State — 1.2%** | **State — 1.2%** |  |
| Commonwealth of Pennsylvania, GO, 1st Series, <br> Class B, 4.00%, 08/15/43<br>| 2750 | 2730196 |
| Pennsylvania Turnpike Commission Oil Franchise Tax <br> Revenue, Refunding RB, Series A, 3.00%, 12/01/51<br>| 1500 | 1124127 |
|  |  | 3854323 |
| **Tobacco — 1.6%** | **Tobacco — 1.6%** |  |
| Commonwealth Financing Authority, RB |  |  |
| 5.00%, 06/01/35 | 2205 | 2298621 |
| (AGM), 4.00%, 06/01/39 | 3045 | 3015348 |
|  |  | 5313969 |
| **Transportation — 20.1%** | **Transportation — 20.1%** |  |
| Allegheny County Airport Authority, ARB |  |  |
| Series A, AMT, (AGM), 5.25%, 01/01/39 | 1120 | 1256999 |
| Series A, AMT, 5.00%, 01/01/56 | 1900 | 1903326 |
| City of Philadelphia Pennsylvania Airport Revenue, <br> Refunding ARB<br>|  |  |
| AMT, (AGM), 4.00%, 07/01/40 | 1075 | 1057712 |
| AMT, (AGM), 4.00%, 07/01/46 | 6000 | 5479283 |
| City of Philadelphia Pennsylvania Airport Revenue, <br> Refunding RB, Series B, AMT, 5.50%, 07/01/51<br>| 750 | 805437 |
| Delaware River Joint Toll Bridge Commission, RB, <br> 5.00%, 07/01/42<br>| 1545 | 1576846 |
| Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| 5.00%, 12/31/38 | 9400 | 9435018 |
| AMT, 5.25%, 06/30/53 | 5355 | 5442660 |
| Pennsylvania Turnpike Commission Oil Franchise Tax <br> Revenue, Refunding RB, Series A, 4.00%, 12/01/51<br>| 4680 | 4284184 |
| Pennsylvania Turnpike Commission, RB |  |  |
| Sub-Series B-1, 5.00%, 06/01/42 | 500 | 508718 |
| Sub-Series B-1, 5.25%, 06/01/47 | 1000 | 1015123 |
| 1st Series, Subordinate, 5.00%, 12/01/40 | 2965 | 3263346 |
| Series A, Subordinate, 5.00%, 12/01/37 | 2660 | 2840295 |
| Series A, Subordinate, 3.00%, 12/01/42 | 3100 | 2593710 |
| Series A, Subordinate, 4.00%, 12/01/44 | 1700 | 1618511 |
| Series A, Subordinate, 4.00%, 12/01/49 | 2500 | 2302878 |
| Series A, Subordinate, 4.00%, 12/01/50 | 2500 | 2272889 |
| Pennsylvania Turnpike Commission, RB, CAB<sup>(d)</sup> <br>|  |  |
| Series A-3, (BAM-TCRS), 0.00%, 12/01/41 | 1820 | 890706 |
| Sub-Series A-3, 0.00%, 12/01/42 | 5740 | 2586940 |
| Pennsylvania Turnpike Commission, Refunding RB |  |  |
| Series C, 4.00%, 12/01/51 | 5000 | 4577120 |
| Subordinate, 5.00%, 12/01/42 | 160 | 174436 |
| Series 2017-3, Subordinate, 5.00%, 12/01/40 | 450 | 463149 |
| Southeastern Pennsylvania Transportation Authority, RB |  |  |
| 5.25%, 06/01/47 | 2000 | 2111489 |
| 5.25%, 06/01/52 | 3695 | 3868661 |
| Susquehanna Area Regional Airport Authority, Refunding <br> RB, AMT, 5.00%, 01/01/38<br>| 2200 | 2220015 |
|  |  | 64549451 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Pennsylvania Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities — 6.7%** | **Utilities — 6.7%** |  |
| Allegheny County Sanitary Authority, Refunding RB, <br> 4.00%, 12/01/49<br>| $640 | $597539 |
| City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB<br>|  |  |
| Series A, 5.00%, 10/01/43 | 3460 | 3559186 |
| Series C, (AGM), 5.25%, 09/01/49 | 2000 | 2153201 |
| Series C, 5.50%, 06/01/52 | 3100 | 3312547 |
| City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, (AGM), 4.50%, <br> 09/01/48<br>| 1760 | 1781311 |
| Philadelphia Gas Works Co., Refunding RB, Series A, <br> (AGM), 5.25%, 08/01/54<br>| 4000 | 4221323 |
| Pittsburgh Water & Sewer Authority, RB, Series A, 1st <br> Lien, (AGM), 5.00%, 09/01/55<br>| 1230 | 1278480 |
| Westmoreland County Municipal Authority, RB, (AGM), <br> 5.00%, 08/15/49<br>| 3000 | 3145244 |
| Williamsport Sanitary Authority, Refunding RB, (BAM), <br> 4.00%, 01/01/40<br>| 1420 | 1432398 |
|  |  | 21481229 |
| **Total Municipal Bonds in Pennsylvania** | **Total Municipal Bonds in Pennsylvania** | 298222885 |
| **Puerto Rico — 0.8%** | **Puerto Rico — 0.8%** |  |
| **State — 0.8%** | **State — 0.8%** |  |
| Commonwealth of Puerto Rico, GO, Series A-1, <br> Restructured, 5.75%, 07/01/31<br>| 1643 | 1808806 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, Series A-1, Restructured, 5.00%, <br> 07/01/58<br>| 600 | 583568 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series B-1, Restructured, 0.00%, <br> 07/01/46<sup>(d)</sup><br>| 925 | 308142 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | 2700516 |
| **Wisconsin — 0.7%** | **Wisconsin — 0.7%** |  |
| **Transportation — 0.7%** | **Transportation — 0.7%** |  |
| Public Finance Authority, RB |  |  |
| Series A, AMT, Senior Lien, 5.50%, 07/01/44 | 1050 | 1086039 |
| Series A, AMT, Senior Lien, 5.75%, 07/01/49 | 1000 | 1046303 |
| **Total Municipal Bonds in Wisconsin** | **Total Municipal Bonds in Wisconsin** | 2132342 |
| **Total Municipal Bonds — 94.6%** <br>**(Cost: $306,113,323)** | **Total Municipal Bonds — 94.6%** <br>**(Cost: $306,113,323)** | 304005446 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> |
| **Pennsylvania — 7.3%** | **Pennsylvania — 7.3%** | **Pennsylvania — 7.3%** |
| **Health — 2.0%** | **Health — 2.0%** |  |
| Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, 5.25%, 08/15/50<sup>(i)</sup><br>| 6000 | 6378367 |
| **Housing — 2.1%** | **Housing — 2.1%** |  |
| Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Sustainability Bonds, Series 147 A, 4.70%, <br> 10/01/49<sup>(i)</sup><br>| 1840 | 1848781 |
| Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing, Sustainability Bonds, Series 142-A, <br> 5.00%, 10/01/50<br>| 4997 | 5031595 |
|  |  | 6880376 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities — 3.2%** | **Utilities — 3.2%** |  |
| City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, 5.50%, 09/01/53<br>| $3522 | $3804051 |
| Philadelphia Gas Works Co., Refunding RB, Series A, <br> 5.25%, 08/01/54<sup>(i)</sup><br>| 6102 | 6439799 |
|  |  | 10243850 |
| **Total Municipal Bonds in Pennsylvania** | **Total Municipal Bonds in Pennsylvania** | 23502593 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 7.3%** <br>**(Cost: $23,243,905)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 7.3%** <br>**(Cost: $23,243,905)** | 23502593 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<br>| 5880 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 101.9%** <br>**(Cost: $329,357,228)** | **Total Long-Term Investments — 101.9%** <br>**(Cost: $329,357,228)** | 327508039 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** |  |
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.61%<sup>(j)(k)</sup><br>| 11741126 | 11742300 |
| **Total Short-Term Securities — 3.6%** <br>**(Cost: $11,742,299)** | **Total Short-Term Securities — 3.6%** <br>**(Cost: $11,742,299)** | 11742300 |
| **Total Investments — 105.5%** <br>**(Cost: $341,099,527)** | **Total Investments — 105.5%** <br>**(Cost: $341,099,527)** | 339250339 |
| **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (2621846)<br>|
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (4.7)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (4.7)%** | (15102129)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $321526364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> When-issued security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Zero-coupon bond.

<sup>(e)</sup> 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. 

<sup>(f)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(g)</sup> Non-income producing security.

<sup>(h)</sup> Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. 

<sup>(i)</sup> 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 August 1, 2032 to October 1, 2042, is $9,858,109. See Note 4 of the Notes to Financial Statements for details. 

<sup>(j)</sup> Affiliate of the Fund.

<sup>(k)</sup> 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Pennsylvania Municipal Bond Fund** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*11/30/25*<br>| *Shares* <br>*Held at* <br>*11/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $18089403 | $—<br> $(6347103 )<sup>(a)</sup><br>| &nbsp;&nbsp; $29 | $(29)<br>| $11742300 | 11741126 | $129041 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $304005446 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $304005446 |
| Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23502593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23502593 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 11742300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11742300 |
|  | &nbsp;&nbsp; $11742300 | &nbsp;&nbsp;&nbsp;&nbsp; $327508039 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $339250339 |

---

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $14,995,531 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |  |
| TimberHp By Go Lab, Inc.<sup>(a)</sup> | 1943710 | $7833151 |
| **Total Common Stocks — 0.3%** <br>**(Cost: $3,338)** | **Total Common Stocks — 0.3%** <br>**(Cost: $3,338)** | 7833151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Meta Platforms, Inc., 4.88%, 11/15/35 | $7573 | 7655078 |
| **Total Corporate Bonds — 0.2%** <br>**(Cost: $7,571,637)** | **Total Corporate Bonds — 0.2%** <br>**(Cost: $7,571,637)** | 7655078 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** |  |
| Nuveen AMT-Free Quality Municipal Income Fund | 960000 | 11116800 |
| **Total Investment Companies — 0.3%** <br>**(Cost: $10,874,371)** | **Total Investment Companies — 0.3%** <br>**(Cost: $10,874,371)** | 11116800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 8.4%** | **Alabama — 8.4%** |  |
| Black Belt Energy Gas District, RB<sup>(b)</sup> <br>|  |  |
| Series A, 5.25%, 01/01/54 | $31050 | 33410483 |
| Series A, 5.25%, 05/01/55 | 7450 | 8169210 |
| Series C, 5.50%, 10/01/54 | 25000 | 27614847 |
| Black Belt Energy Gas District, Refunding RB, <br> Series D, 5.00%, 12/01/55<sup>(b)</sup><br>| 13605 | 14740656 |
| County of Jefferson Alabama Sewer Revenue, <br> Refunding RB<br>|  |  |
| 5.25%, 10/01/49 | 5485 | 5700479 |
| 5.50%, 10/01/53 | 5000 | 5265742 |
| Energy Southeast A Cooperative District, RB |  |  |
| Series A, 5.00%, 11/01/35 | 9415 | 10163162 |
| Series A-1, 5.50%, 11/01/53<sup>(b)</sup> | 30150 | 32951152 |
| Series B, 5.25%, 07/01/54<sup>(b)</sup> | 21885 | 23793324 |
| Series B-1, 5.75%, 04/01/54<sup>(b)</sup> | 52565 | 58141542 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| Series A, 5.00%, 01/01/56<sup>(b)</sup> | 6200 | 6474366 |
| Series B, 5.00%, 01/01/54<sup>(b)</sup> | 31495 | 33484265 |
| Series B, 5.25%, 03/01/55<sup>(b)</sup> | 4000 | 4241496 |
| Series E, 5.00%, 10/01/30 | 25000 | 26905953 |
|  |  | 291056677 |
| **Alaska — 0.0%** | **Alaska — 0.0%** |  |
| Northern Tobacco Securitization Corp., Refunding RB, <br> Series A, Class 1, 4.00%, 06/01/50<br>| 1000 | 839353 |
| **Arizona — 2.5%** | **Arizona — 2.5%** |  |
| Arizona Industrial Development Authority, RB, 7.10%, <br> 01/01/55<sup>(c)</sup><br>| 3095 | 3109992 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Arizona (continued)** | **Arizona (continued)** |  |
| City of Mesa Arizona Utility System Revenue, RB |  |  |
| 5.00%, 07/01/41 | 7535 | $8197409 |
| 5.00%, 07/01/44 | 10000 | 10619436 |
| (AGM), 4.50%, 07/01/49 | 980 | 980922 |
| City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 3330 | 3579102 |
| Maricopa County & Phoenix Industrial Development <br> Authorities, RB, S/F Housing, Series C, (FHLMC, <br> FNMA, GNMA), 6.25%, 03/01/55<br>| 6065 | 6755261 |
| Maricopa County Industrial Development Authority, <br> RB, 7.38%, 10/01/29<sup>(c)</sup><br>| 17415 | 18315589 |
| Salt River Project Agricultural Improvement & Power <br> District, RB<br>|  |  |
| Series A, 5.00%, 01/01/50 | 4000 | 4176544 |
| Series A, 5.25%, 01/01/54 | 5000 | 5353671 |
| Series B, 5.00%, 01/01/48 | 6250 | 6598724 |
| Salt River Project Agricultural Improvement & Power <br> District, Refunding RB, Series A, 5.00%, 01/01/44<br>| 12000 | 13058028 |
| Yuma Industrial Development Authority, Refunding <br> RB, Series A, 5.25%, 08/01/54<br>| 4135 | 4304612 |
|  |  | 85049290 |
| **Arkansas — 0.7%** | **Arkansas — 0.7%** |  |
| Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 7.38%, 07/01/48<sup>(c)</sup><br>| 23000 | 24969918 |
| **California — 4.3%** | **California — 4.3%** |  |
| Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign, ARB, Series B, AMT, 5.25%, 07/01/49<br>| 3115 | 3260128 |
| California County Tobacco Securitization Agency, RB, <br> Series D, 0.00%, 06/01/55<sup>(d)</sup><br>| 12395 | 939167 |
| California Enterprise Development Authority, RB, <br> 10.00%, 11/15/32<sup>(c)</sup><br>| 670 | 690657 |
| California Housing Finance Agency, RB, M/F Housing, <br> Series A, 4.25%, 01/15/35<br>| 18 | 18205 |
| California Infrastructure & Economic Development <br> Bank, Refunding, Sustainability Bonds, 12.00%, <br> 01/01/65<br>| 42245 | 35908245 |
| California Municipal Finance Authority, RB |  |  |
| 5.38%, 07/01/34<sup>(c)</sup> | 1000 | 1000573 |
| 5.63%, 07/01/44<sup>(c)</sup> | 2760 | 2748123 |
| Series A, AMT, 4.00%, 07/15/29 | 2120 | 2136292 |
| California School Finance Authority, RB<sup>(c)</sup> <br>|  |  |
| Series A, 7.00%, 06/01/54 | 895 | 816836 |
| Series B, 9.00%, 06/01/34 | 100 | 102941 |
| California Statewide Financing Authority, RB, <br> Series D, 0.00%, 06/01/55<sup>(c)(d)</sup><br>| 10750 | 666182 |
| City of Los Angeles Department of Airports, ARB, <br> AMT, Sustainability Bonds, 5.25%, 05/15/47<br>| 1500 | 1568881 |
| City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| Series S, AMT, 5.00%, 05/15/40 | 9500 | 10057824 |
| Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 3750 | 4021304 |
| City of San Francisco California Public Utilities <br> Commission Water Revenue, Refunding RB, <br> 5.25%, 11/01/52<br>| 5000 | 5349094 |
| CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(c)</sup> <br>|  |  |
| Sustainability Bonds, 4.00%, 07/01/58 | 5880 | 3770924 |
| Series B, Sustainability Bonds, 4.00%, 07/01/58 | 6700 | 3681384 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(d)</sup><br>| 136220 | $14604691 |
| Las Virgenes Unified School District, GO, Series B, <br> Election 2022, 5.25%, 08/01/51<br>| 5000 | 5432575 |
| Sacramento Municipal Utility District, Refunding RB, <br> Series H, Sustainability Bonds, 5.00%, 08/15/50<br>| 11670 | 12147990 |
| San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| Series 2, Class A, AMT, 5.25%, 05/01/42 | 1285 | 1390719 |
| Series 2, Class A, AMT, 5.25%, 05/01/49 | 7025 | 7377102 |
| Series A, AMT, 5.25%, 05/01/55 | 2760 | 2891519 |
| Series A, AMT, 5.50%, 05/01/55 | 19000 | 20430005 |
| State of California, Refunding GO, 5.00%, 09/01/43 | 7080 | 7715538 |
|  |  | 148726899 |
| **Colorado — 2.7%** | **Colorado — 2.7%** |  |
| Arapahoe County School District No. 5 Cherry Creek, <br> GO, (SAW), 5.25%, 12/15/43<br>| 5720 | 6369555 |
| Board of Governors of Colorado State University <br> System, RB, Series C, 5.25%, 03/01/50<br>| 1550 | 1650151 |
| City of Aurora Colorado Water Revenue, RB, 1st Lien, <br> 4.00%, 08/01/54<br>| 5680 | 5293735 |
| City of Colorado Springs Colorado Utilities System <br> Revenue, RB<br>|  |  |
| Series A, 5.00%, 11/15/43 | 3550 | 3898322 |
| Series B, 5.00%, 11/15/47 | 13000 | 13593507 |
| Colorado Bridge & Tunnel Enterprise, RB, Series A, <br> (AGM), 5.25%, 12/01/50<br>| 3000 | 3198311 |
| Colorado Educational & Cultural Facilities Authority, <br> RB, Series B, Subordinate Lien, 8.50%, <br> 02/01/59<sup>(c)</sup><br>| 5175 | 5894443 |
| Colorado Health Facilities Authority, Refunding RB, <br> Series A, 3.00%, 11/15/51<br>| 1395 | 1009479 |
| Colorado Housing and Finance Authority, RB, M/F <br> Housing, Series A, Class A, Sustainability Bonds, <br> (FNMA), 4.48%, 03/01/44<br>| 2630 | 2676568 |
| County of Adams Colorado, COP, 5.25%, 12/01/49 | 10065 | 10774208 |
| Denver City & County School District No. 1, GO, <br> Series C, (SAW), 5.50%, 12/01/47<br>| 6990 | 7761125 |
| Douglas County School District No. Re-1 Douglas & <br> Elbert Counties, GO<br>|  |  |
| Series 1, (SAW), 5.00%, 12/15/43 | 9980 | 10875669 |
| Series 1, (SAW), 5.00%, 12/15/44 | 12000 | 12969976 |
| Flying Horse Metropolitan District No. 3, Refunding <br> GOL, 6.00%, 12/01/49<sup>(c)</sup><br>| 2965 | 2972292 |
| Red Barn Metropolitan District, Refunding GOL, <br> Series A, 5.50%, 12/01/55<br>| 2100 | 2117053 |
| University of Colorado, RB, Series A, 5.00%, <br> 06/01/50<br>| 3335 | 3541822 |
|  |  | 94596216 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** |  |
| Connecticut Housing Finance Authority, Refunding <br> RB, S/F Housing, Series A, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 4.60%, 11/15/49<br>| 5000 | 4929401 |
| Connecticut State Health & Educational Facilities <br> Authority, RB, 5.25%, 07/15/48<br>| 1760 | 1862227 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Connecticut (continued)** | **Connecticut (continued)** |  |
| Mohegan Tribal Finance Authority, RB, 7.00%, <br> 02/01/45<sup>(c)</sup><br>| 3090 | $3114274 |
| Waterbury Housing Authority, RB, M/F Housing, <br> Series A, (FHLMC, HUD SECT 8), 4.50%, <br> 02/01/42<br>| 3705 | 3842379 |
|  |  | 13748281 |
| **Delaware**<sup>(c)</sup> **— 0.5%** | **Delaware**<sup>(c)</sup> **— 0.5%** |  |
| Affordable Housing Opportunities Trust, RB, <br> Series AH-01, Class B, 6.88%, 05/01/39<br>| 14861 | 14954162 |
| Town of Bridgeville Delaware, ST |  |  |
| 5.25%, 07/01/44 | 340 | 344011 |
| 5.63%, 07/01/53 | 790 | 804236 |
|  |  | 16102409 |
| **District of Columbia — 1.2%** | **District of Columbia — 1.2%** |  |
| District of Columbia Income Tax Revenue, Refunding <br> RB<br>|  |  |
| Series A, 5.00%, 06/01/43 | 1750 | 1902987 |
| Series A, 5.25%, 06/01/50 | 5000 | 5401611 |
| District of Columbia Tobacco Settlement Financing <br> Corp., RB, Series A, 0.00%, 06/15/46<sup>(d)</sup><br>| 3645 | 854307 |
| District of Columbia, GO, Series A, 5.00%, 08/01/49 | 10135 | 10663079 |
| Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB<br>|  |  |
| Series A, AMT, 5.50%, 10/01/44 | 2395 | 2629854 |
| Series A, AMT, 5.50%, 10/01/45 | 3000 | 3279789 |
| Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB<br>|  |  |
| Sustainability Bonds, 5.00%, 07/15/45 | 3945 | 4150146 |
| Sustainability Bonds, 5.00%, 07/15/48 | 11570 | 12047614 |
|  |  | 40929387 |
| **Florida — 5.1%** | **Florida — 5.1%** |  |
| Alta Lakes Community Development District, SAB |  |  |
| 3.75%, 05/01/29 | 450 | 450580 |
| 4.63%, 05/01/49 | 1775 | 1670976 |
| Babcock Ranch Community Independent Special <br> District, SAB<br>|  |  |
| 4.75%, 11/01/26 | 100 | 100077 |
| 5.00%, 11/01/31 | 500 | 500489 |
| Series 2024, 5.00%, 05/01/44<sup>(c)</sup> | 1375 | 1380534 |
| Brevard County Health Facilities Authority, Refunding <br> RB, 4.00%, 11/15/31<sup>(c)</sup><br>| 580 | 556133 |
| Capital Trust Agency, Inc., RB<sup>(c)</sup> <br>|  |  |
| 4.88%, 06/15/56 | 12000 | 9503574 |
| Series A, 5.00%, 06/15/49 | 5000 | 4498206 |
| Series A-2, 5.00%, 01/01/26 | 245 | 244687 |
| Celebration Pointe Community Development District <br> No. 1, SAB<sup>(e)(f)</sup> <br>|  |  |
| 5.00%, 05/01/34 | 710 | 568000 |
| 5.13%, 05/01/45 | 985 | 788000 |
| Charlotte County Industrial Development Authority, <br> RB, AMT, 5.50%, 10/01/36<sup>(c)</sup><br>| 2745 | 2748098 |
| City of Fort Lauderdale Florida Water & Sewer <br> Revenue, RB<br>|  |  |
| Series A, 5.00%, 09/01/43 | 3425 | 3726623 |
| Series A, 5.00%, 09/01/44 | 2595 | 2803633 |
| Series B, 5.50%, 09/01/48 | 8510 | 9299412 |
| City of Jacksonville Florida, Refunding RB, 5.00%, <br> 10/01/43<br>| 5000 | 5385884 |
| County of Lee Florida Airport Revenue, ARB, AMT, <br> 5.25%, 10/01/54<br>| 11890 | 12245184 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.25%, 10/01/50<br>| $2100 | $2182545 |
| County of Miami-Dade Florida, RB, 0.00%, <br> 10/01/39<sup>(d)</sup><br>| 15765 | 9191711 |
| County of Monroe Florida, RB, 5.00%, 04/01/48 | 5560 | 5802363 |
| County of Pasco Florida, RB, (AGM), 5.00%, <br> 09/01/48<br>| 1000 | 1025581 |
| County of Sarasota Florida Utility System Revenue, <br> RB, 5.25%, 10/01/47<br>| 14795 | 15777987 |
| Crossings At Fleming Island Community Development <br> District, Refunding SAB, Series A-3, Senior Lien, <br> 6.50%, 05/01/44<br>| 1990 | 1991950 |
| Epperson North Community Development District, <br> SAB, Series A, 4.00%, 11/01/51<br>| 860 | 717080 |
| Florida Development Finance Corp., RB<sup>(c)</sup> <br>|  |  |
| Series A, 5.75%, 06/15/29 | 260 | 260214 |
| Series A, 6.00%, 06/15/34 | 440 | 440424 |
| Series C, 5.75%, 12/15/56 | 4090 | 2975509 |
| Series A, AMT, 0.00%, 07/15/59<sup>(b)(e)(f)</sup> | 19225 | 6248125 |
| Series A, Class A, AMT, 4.38%, 10/01/54<sup>(b)</sup> | 1390 | 1409564 |
| Florida Development Finance Corp., Refunding RB<sup>(c)</sup> <br>|  |  |
| Series A, 4.50%, 12/15/56 | 11970 | 7894757 |
| AMT, 0.00%, 07/15/32<sup>(b)(e)(f)</sup> | 7850 | 2551250 |
| Greater Orlando Aviation Authority, ARB, AMT, 5.25%, <br> 10/01/41<br>| 5065 | 5536949 |
| Harbor Bay Community Development District, <br> Refunding SAB, Series A-2, 3.75%, 05/01/34<br>| 990 | 974259 |
| Harbor Bay Community Development District, SAB, <br> Series A-1, 4.10%, 05/01/48<br>| 1400 | 1240078 |
| Hillsborough County Aviation Authority, ARB, <br> Series B, AMT, 5.50%, 10/01/49<br>| 3005 | 3209052 |
| Hobe-St Lucie Conservancy District, SAB, 5.88%, <br> 05/01/55<br>| 1610 | 1649423 |
| JEA Water & Sewer System Revenue, Refunding RB, <br> Series A, 5.25%, 10/01/49<br>| 7255 | 7764908 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| 2.13%, 05/01/26 | 50 | 49585 |
| 4.40%, 05/01/39 | 415 | 417069 |
| 4.88%, 05/01/45 | 2215 | 2166158 |
| 4.50%, 05/01/49 | 480 | 435121 |
| North AR-1 Pasco Community Development District, <br> SAB<br>|  |  |
| Series A, 5.75%, 05/01/44 | 385 | 395427 |
| Series A, 6.00%, 05/01/54 | 680 | 697261 |
| Orange County Health Facilities Authority, Refunding <br> RB<br>|  |  |
| Series A, 5.00%, 10/01/45 | 4875 | 5159345 |
| Series A, 5.00%, 10/01/47 | 2000 | 2098678 |
| Orlando Utilities Commission, RB |  |  |
| Series A, 5.00%, 10/01/48 | 10000 | 10452435 |
| Series A, 5.00%, 10/01/50 | 5000 | 5269772 |
| Reunion East Community Development District, SAB, <br> Series 2021, 2.40%, 05/01/26<br>| 75 | 74536 |
| Sarasota County Public Hospital District, RB, 4.00%, <br> 07/01/52<br>| 5000 | 4466514 |
| Sawyers Landing Community Development District, <br> SAB, 4.25%, 05/01/53<br>| 3015 | 2604165 |
| Shadowlawn Community Development District, SAB, <br> 5.50%, 05/01/44<br>| 1545 | 1547451 |
| Sterling Hill Community Development District, <br> Refunding SAB, Series B, 5.50%, 11/01/10<sup>(e)(f)</sup><br>| 143 | 58443 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Talavera Community Development District, SAB, <br> 4.50%, 05/01/50<br>| 770 | $700546 |
| Village Center Community Development District, <br> Refunding RB, 5.02%, 11/01/36<br>| 1500 | 1542889 |
| Westside Haines City Community Development <br> District, SAB<br>|  |  |
| 2.50%, 05/01/26 | 65 | 64627 |
| 5.75%, 05/01/44 | 1190 | 1218987 |
| 6.00%, 05/01/54 | 460 | 471057 |
|  |  | 175203885 |
| **Georgia — 1.3%** | **Georgia — 1.3%** |  |
| City of Atlanta Georgia Department of Aviation, ARB |  |  |
| Series B-1, AMT, Sustainability Bonds, 5.25%, <br> 07/01/41<br>| 1700 | 1859844 |
| Series B-1, AMT, Sustainability Bonds, 5.25%, <br> 07/01/50<br>| 6825 | 7136307 |
| Columbia County Hospital Authority, RB, Series A, <br> (AGM), 5.00%, 04/01/48<br>| 3445 | 3571753 |
| Development Authority for Fulton County, RB, (BAM-<br> TCRS), 4.00%, 07/01/49<br>| 5085 | 4729945 |
| East Point Business & Industrial Development <br> Authority, RB, Series A, 5.25%, 06/15/62<sup>(c)</sup><br>| 3355 | 2199115 |
| Main Street Natural Gas, Inc., RB<sup>(b)</sup> <br>|  |  |
| Series A, 5.00%, 06/01/53 | 12500 | 13224529 |
| Series D, 5.00%, 05/01/54 | 7725 | 8207298 |
| Metropolitan Atlanta Rapid Transit Authority, RB, <br> Series A, Sustainability Bonds, 5.25%, 07/01/50<br>| 3295 | 3565504 |
|  |  | 44494295 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** |  |
| State of Hawaii Airports System Revenue, Refunding <br> RB, Series C, AMT, 5.00%, 07/01/44<br>| 3000 | 3135181 |
| **Idaho — 0.7%** | **Idaho — 0.7%** |  |
| Idaho Health Facilities Authority, Refunding RB, <br> Series A, 5.00%, 03/01/42<br>| 5600 | 6092345 |
| Idaho Housing & Finance Association, RB |  |  |
| 4.25%, 06/15/62<sup>(c)</sup> | 5910 | 4001372 |
| Series A, 5.25%, 08/15/48 | 6680 | 7171302 |
| Series A, 6.95%, 06/15/55<sup>(c)</sup> | 5150 | 5228336 |
|  |  | 22493355 |
| **Illinois — 2.1%** | **Illinois — 2.1%** |  |
| Chicago Midway International Airport, Refunding ARB, <br> Series A, AMT, Senior Lien, (BAM), 5.50%, <br> 01/01/53<br>| 3285 | 3443797 |
| Chicago Midway International Airport, Refunding RB, <br> Series C, AMT, 5.00%, 01/01/38<br>| 1240 | 1329801 |
| Chicago O'Hare International Airport, Refunding ARB, <br> Series A, AMT, Senior Lien, 5.25%, 01/01/42<br>| 1850 | 1982630 |
| Chicago O'Hare International Airport, Refunding RB, <br> Series C, AMT, 5.25%, 01/01/45<br>| 1000 | 1053489 |
| City of Chicago Illinois Lakeshore East Special <br> Assessment Area, Refunding SAB<sup>(c)</sup> <br>|  |  |
| 2.53%, 12/01/25 | 327 | 327000 |
| 2.69%, 12/01/26 | 267 | 263128 |
| 2.87%, 12/01/27 | 221 | 215658 |
| Illinois Finance Authority, RB |  |  |
| Series A, Sustainability Bonds, 5.00%, 07/01/43 | 1000 | 1083941 |
| Series A, Sustainability Bonds, 5.00%, 07/01/44 | 1000 | 1075485 |
| Illinois Housing Development Authority, Refunding <br> RB, Series H-1, 4.00%, 01/01/42<br>| 5275 | 5101386 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| Illinois Housing Development Authority, Refunding <br> RB, S/F Housing, Series H, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 4.65%, 10/01/43<br>| 4875 | $4947391 |
| Illinois State Toll Highway Authority, RB |  |  |
| Series A, 5.00%, 01/01/44 | 9250 | 9800118 |
| Series A, 5.25%, 01/01/45 | 10000 | 10723944 |
| Regional Transportation Authority, RB, Series A, <br> 5.00%, 06/01/50<br>| 5000 | 5178162 |
| State of Illinois, GO |  |  |
| Series B, 5.25%, 05/01/44 | 11920 | 12609224 |
| Series B, 5.25%, 05/01/49 | 4000 | 4146597 |
| Series C, 5.00%, 12/01/46 | 4850 | 4974905 |
| Series F, 5.25%, 09/01/48 | 2950 | 3059467 |
| State of Illinois, Refunding GO, 5.00%, 02/01/37 | 2400 | 2653339 |
|  |  | 73969462 |
| **Indiana — 1.5%** | **Indiana — 1.5%** |  |
| Indiana Finance Authority, RB |  |  |
| Series A, 5.00%, 10/01/53 | 8060 | 8291079 |
| Series B, 1st Lien, Sustainability Bonds, 5.25%, <br> 10/01/47<br>| 5000 | 5254350 |
| Series A, Sustainability Bonds, 5.00%, 02/01/43 | 5000 | 5426597 |
| Indiana Finance Authority, Refunding RB |  |  |
| Series C, 5.00%, 10/01/42 | 2650 | 2889103 |
| Series C, 5.00%, 02/01/45 | 1375 | 1488935 |
| Series B, Sustainability Bonds, 5.00%, 02/01/44 | 3510 | 3761055 |
| Indiana Municipal Power Agency, Refunding RB, <br> Series A, (AGM), 5.00%, 01/01/43<br>| 13025 | 14002821 |
| Indianapolis Local Public Improvement Bond Bank, <br> RB, Series D, 6.00%, 02/01/48<br>| 3150 | 3524125 |
| Indianapolis Local Public Improvement Bond Bank, <br> Refunding ARB, Series B1, 5.25%, 01/01/55<br>| 4000 | 4218558 |
| IPS Multi-School Building Corp., Refunding RB, <br> Sustainability Bonds, 5.00%, 07/15/44<br>| 1500 | 1589582 |
|  |  | 50446205 |
| **Iowa — 0.2%** | **Iowa — 0.2%** |  |
| County of Polk Iowa, GO, Series A, AMT, 5.25%, <br> 06/01/45<br>| 5000 | 5300887 |
| **Kansas — 1.2%** | **Kansas — 1.2%** |  |
| Kansas Development Finance Authority, RB, <br> Series SR, 5.00%, 05/01/41<br>| 7495 | 8207009 |
| Kansas Development Finance Authority, Refunding <br> RB<br>|  |  |
| Series C-1, 5.00%, 09/01/42 | 6295 | 6725098 |
| Series C-1, 5.00%, 09/01/46 | 7690 | 8037198 |
| State of Kansas Department of Transportation, <br> Refunding RB, Series A, 5.00%, 09/01/44<br>| 2050 | 2210147 |
| Wyandotte County Unified School District No. <br> 500 Kansas City, GO, (BAM), 5.00%, 09/01/50<br>| 17090 | 17870892 |
|  |  | 43050344 |
| **Kentucky — 0.1%** | **Kentucky — 0.1%** |  |
| Westvaco Corp., RB, 7.67%, 01/15/27<sup>(c)</sup> | 3100 | 3204199 |
| **Louisiana — 0.5%** | **Louisiana — 0.5%** |  |
| City of Lafayette Louisiana Utilities Revenue, RB, <br> (AGM), 5.00%, 11/01/44<br>| 5910 | 6259459 |
| Louisiana Stadium & Exposition District, Refunding <br> RB, Series A, 5.00%, 07/01/48<br>| 10000 | 10278470 |
|  |  | 16537929 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maine — 0.8%** | **Maine — 0.8%** |  |
| Finance Authority of Maine, RB |  |  |
| Series B, 9.50%, 06/01/32 | $3250 | $1676015 |
| Series A, AMT, 8.50%, 06/01/32 | 3250 | 1678852 |
| AMT, Sustainability Bonds, 8.50%, 06/01/35 | 17065 | 8740040 |
| Maine Health & Higher Educational Facilities <br> Authority, Refunding RB, 4.00%, 07/01/37<sup>(c)</sup><br>| 18500 | 16161720 |
|  |  | 28256627 |
| **Maryland — 1.1%** | **Maryland — 1.1%** |  |
| County of Prince George's Maryland, Refunding GOL, <br> Series A, 5.00%, 08/01/40<br>| 4500 | 4987957 |
| Maryland Community Development Administration, <br> RB, M/F Housing, Series D-1, Sustainability Bonds, <br> (FNMA), 4.35%, 02/01/44<br>| 11375 | 11253459 |
| Maryland Health & Higher Educational Facilities <br> Authority, RB, 7.00%, 03/01/55<sup>(c)</sup><br>| 10405 | 10604425 |
| Washington Suburban Sanitary Commission, RB, <br> (GTD), 5.00%, 06/01/43<br>| 9270 | 10158304 |
|  |  | 37004145 |
| **Massachusetts — 2.7%** | **Massachusetts — 2.7%** |  |
| Commonwealth of Massachusetts, GO |  |  |
| Series C, 5.00%, 06/01/45 | 9905 | 10666256 |
| Series I, 5.00%, 12/01/47 | 1000 | 1060245 |
| Commonwealth of Massachusetts, GOL |  |  |
| Series A, 5.00%, 05/01/48 | 6220 | 6523797 |
| Series D, 5.00%, 10/01/50 | 10000 | 10457955 |
| Series D, 5.00%, 10/01/53 | 10000 | 10424905 |
| Series E, 5.00%, 11/01/47 | 4500 | 4716868 |
| Massachusetts Bay Transportation Authority Sales <br> Tax Revenue, Refunding RB, Series A, 5.00%, <br> 07/01/46<br>| 5560 | 5917168 |
| Massachusetts Development Finance Agency, RB |  |  |
| 5.00%, 10/01/38 | 5000 | 4861570 |
| 5.00%, 10/01/43 | 5000 | 4711228 |
| Series J2, 5.00%, 07/01/48 | 3000 | 3042448 |
| Massachusetts Development Finance Agency, <br> Refunding RB, 4.13%, 10/01/42<sup>(c)</sup><br>| 4225 | 3931014 |
| Massachusetts Port Authority, Refunding ARB, <br> Series C, AMT, 5.00%, 07/01/49<br>| 5000 | 5051916 |
| Massachusetts School Building Authority, RB, <br> Series A, Subordinate, 5.00%, 02/15/50<br>| 13375 | 14096164 |
| Town of Nantucket Mmassachusetts, Refunding GOL, <br> 4.00%, 03/15/47<br>| 1240 | 1223901 |
| Town of Wakefield Massachusetts, GOL, 5.00%, <br> 08/15/50<br>| 5000 | 5309001 |
|  |  | 91994436 |
| **Michigan — 1.4%** | **Michigan — 1.4%** |  |
| Michigan Finance Authority, RB |  |  |
| 4.00%, 02/15/47 | 8000 | 7235375 |
| Series A, 6.50%, 06/01/57<sup>(c)(e)(f)</sup> | 4020 | 1929600 |
| Michigan Finance Authority, Refunding RB |  |  |
| 5.00%, 06/01/26<sup>(g)</sup> | 145 | 146528 |
| Series A, 4.00%, 12/01/46 | 9750 | 8940172 |
| Series A, Class 1, 4.00%, 06/01/49 | 17745 | 15389813 |
| Michigan State Housing Development Authority, RB, <br> M/F Housing, Series A, 4.15%, 10/01/53<br>| 8765 | 8209911 |
| State of Michigan Trunk Line Revenue, RB, 5.00%, <br> 11/15/46<br>| 6340 | 6705656 |
|  |  | 48557055 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mississippi — 0.1%** | **Mississippi — 0.1%** |  |
| Mississippi Home Corp., RB, Series 2025-06FN, <br> Class PT, 4.55%, 04/01/42<br>| $3975 | $4111868 |
| **Missouri — 1.3%** | **Missouri — 1.3%** |  |
| City of St Louis Missouri Airport Revenue, ARB, <br> Series A, (AGM), 5.25%, 07/01/49<br>| 17400 | 18553924 |
| Health & Educational Facilities Authority of the State <br> of Missouri, RB, Series A, 4.00%, 05/15/48<br>| 2995 | 2770713 |
| Health & Educational Facilities Authority of the State <br> of Missouri, Refunding RB, Series A, 4.00%, <br> 04/01/45<br>| 5000 | 4700296 |
| Kansas City Industrial Development Authority, ARB, <br> Series A, AMT, 5.00%, 03/01/44<br>| 5000 | 5056724 |
| Kansas City Industrial Development Authority, RB<sup>(e)(f)</sup> <br>|  |  |
| Series A, 10.00%, 11/15/37 | 2735 | 2735000 |
| Series C, 7.50%, 11/15/46 | 1701 | 1700993 |
| Kansas City Industrial Development Authority, RB, <br> M/F Housing, Sustainability Bonds, (FNMA), <br> 4.39%, 09/01/42<br>| 7463 | 7597752 |
| Kansas City Industrial Development Authority, <br> Refunding RB<sup>(e)(f)</sup> <br>|  |  |
| Series B, Class B, 5.00%, 11/15/46 | 8059 | 3062626 |
| Series D, Class D, 2.00%, 11/15/46 | 3597 | 360 |
|  |  | 46178388 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** |  |
| Nebraska Investment Finance Authority, RB, S/F <br> Housing, Series E, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 5.00%, 03/01/49<br>| 1750 | 1805389 |
| Omaha Airport Authority, ARB, AMT, (AGM), 5.25%, <br> 12/15/49<br>| 4415 | 4619650 |
| Omaha Public Power District, RB |  |  |
| Series A, 5.25%, 02/01/53 | 4000 | 4225157 |
| Series C, 4.00%, 02/01/49 | 4100 | 3812253 |
|  |  | 14462449 |
| **Nevada — 1.3%** | **Nevada — 1.3%** |  |
| Clark County School District, Refunding GOL, <br> Series B, 5.00%, 06/15/45<br>| 10000 | 10729979 |
| Clark County Water Reclamation District, GOL |  |  |
| 5.00%, 07/01/42 | 12020 | 13015400 |
| 5.00%, 07/01/46 | 12335 | 12995624 |
| 5.00%, 07/01/47 | 3290 | 3458859 |
| Las Vegas Valley Water District, GOL, Series A, <br> 5.00%, 06/01/45<br>| 4230 | 4545761 |
| State of Nevada Department of Business & Industry, <br> RB, Series A, 4.50%, 12/15/29<sup>(c)</sup><br>| 160 | 160019 |
|  |  | 44905642 |
| **New Hampshire — 1.1%** | **New Hampshire — 1.1%** |  |
| National Finance Authority Affordable Housing <br> Certificates, RB, Series 2024-1, 4.15%, 10/20/40<br>| 1661 | 1654859 |
| New Hampshire Business Finance Authority, RB |  |  |
| 5.88%, 12/15/33<sup>(c)</sup> | 3745 | 3706875 |
| Series A, Sustainability Bonds, 5.00%, 06/01/55 | 2700 | 2724703 |
| New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 12139 | 12119866 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Hampshire (continued)** | **New Hampshire (continued)** |  |
| New Hampshire Business Finance Authority, RB, M/F <br> Housing (continued)<br>|  |  |
| Series 2, Class 3-A, Sustainability Bonds, 0.00%, <br> 10/01/51<sup>(b)</sup><br>| 11194 | $11061147 |
| New Hampshire Business Finance Authority, <br> Refunding RB, 3.30%, 04/01/32<br>| 8545 | 6219631 |
|  |  | 37487081 |
| **New Jersey — 2.6%** | **New Jersey — 2.6%** |  |
| New Jersey Economic Development Authority, RB, <br> Series B, 5.50%, 11/01/26<sup>(c)</sup><br>| 95 | 93613 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| 5.25%, 06/15/46 | 2435 | 2574194 |
| Series AA, 5.00%, 06/15/44 | 4000 | 4276873 |
| Series CC, 5.00%, 06/15/41 | 3725 | 4067350 |
| Series CC, 5.25%, 06/15/50 | 17700 | 18748628 |
| Series CC, 5.25%, 06/15/55 | 16320 | 17209784 |
| New Jersey Transportation Trust Fund Authority, <br> Refunding RB<br>|  |  |
| Series AA, 5.25%, 06/15/41 | 7250 | 8053942 |
| Series AA, 5.00%, 06/15/42 | 15520 | 16781335 |
| New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/50<br>| 5125 | 5543594 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| Series A, 5.25%, 06/01/46 | 5000 | 5014724 |
| Sub-Series B, 5.00%, 06/01/46 | 7775 | 7547727 |
|  |  | 89911764 |
| **New York — 10.1%** | **New York — 10.1%** |  |
| City of New York, GO |  |  |
| Series A, 5.00%, 08/01/51 | 2500 | 2563429 |
| Series A-1, 5.00%, 08/01/42 | 4000 | 4342549 |
| Series A-1, 5.00%, 08/01/48 | 10000 | 10441564 |
| Series B, 5.25%, 10/01/47 | 4015 | 4209793 |
| Series C, 5.00%, 09/01/47 | 6925 | 7214102 |
| Series C, 5.25%, 03/01/49 | 11675 | 12313517 |
| Series F-1, 5.00%, 03/01/50 | 7415 | 7543403 |
| Series G-1, 5.25%, 02/01/50 | 7470 | 7878888 |
| Empire State Development Corp., RB, Series A, <br> 5.00%, 03/15/43<br>| 7000 | 7508354 |
| Empire State Development Corp., Refunding RB |  |  |
| Series E, 4.00%, 03/15/42 | 8000 | 7858254 |
| Series A, Sustainability Bonds, 5.00%, 03/15/55 | 4070 | 4225358 |
| New York City Housing Development Corp., RB, M/F <br> Housing, Sustainability Bonds, (HUD SECT 8), <br> 4.80%, 02/01/53<br>| 7570 | 7582425 |
| New York City Municipal Water Finance Authority, RB |  |  |
| Series BB, 5.25%, 06/15/55 | 6900 | 7324273 |
| Series BB-1, 5.00%, 06/15/50 | 3025 | 3131447 |
| Sub-Series AA-1, 5.25%, 06/15/53 | 3825 | 4043896 |
| Sub-Series BB-1, 5.25%, 06/15/54 | 1000 | 1055151 |
| Series AA, Class 1, Subordinate, 5.00%, 06/15/51 | 4000 | 4158695 |
| New York City Municipal Water Finance Authority, <br> Refunding RB<br>|  |  |
| Series BB-2, 4.00%, 06/15/42 | 3835 | 3787038 |
| Series AA2, Subordinate, 5.00%, 06/15/49 | 3735 | 3906633 |
| New York City Transitional Finance Authority Building <br> Aid Revenue, RB, Series S-1, (SAW), 5.00%, <br> 07/15/37<br>| 4000 | 4633366 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| New York City Transitional Finance Authority Future <br> Tax Secured Revenue, RB<br>|  |  |
| Series D, 5.00%, 05/01/46 | 10295 | $10767817 |
| Series D-1, 5.25%, 11/01/48 | 13315 | 14006219 |
| Series F-1, 5.25%, 02/01/53 | 3425 | 3597933 |
| Series A, Subordinate, 5.00%, 05/01/43 | 5520 | 5857436 |
| Series A-1, Subordinate, 5.00%, 05/01/42 | 5000 | 5450081 |
| Series B, Subordinate, 5.00%, 05/01/45 | 1500 | 1573472 |
| Series B, Subordinate, 5.00%, 05/01/46 | 1000 | 1041729 |
| Series G-1, Subordinate, 5.00%, 05/01/46 | 2365 | 2468864 |
| Series G-1, Subordinate, 5.00%, 05/01/52 | 4000 | 4131380 |
| Series H-1, Subordinate, 5.00%, 11/01/46 | 1250 | 1310021 |
| Series H-1, Subordinate, 5.25%, 11/01/48 | 8500 | 9069735 |
| Series H-1, Subordinate, 5.00%, 11/01/50 | 6000 | 6226969 |
| Series I-1, Subordinate, 5.00%, 05/01/50 | 10000 | 10378282 |
| Series I-1, Subordinate, 5.50%, 05/01/53 | 10555 | 11432341 |
| New York State Dormitory Authority, Refunding RB |  |  |
| Series A, 4.00%, 03/15/46 | 5000 | 4657454 |
| Series A, 5.00%, 03/15/47 | 2430 | 2563079 |
| Series A, 5.00%, 03/15/48 | 5000 | 5225069 |
| Series A, 5.00%, 03/15/50 | 16150 | 16816007 |
| Series A, 5.25%, 03/15/52 | 5000 | 5286999 |
| Series B, 5.00%, 03/15/54 | 5000 | 5214198 |
| Series C, 5.00%, 03/15/44 | 500 | 537637 |
| Series C, 5.25%, 03/15/50 | 5000 | 5333840 |
| Series E, 5.00%, 09/15/28<sup>(g)</sup> | 5 | 5300 |
| New York State Thruway Authority, RB, Series A, <br> 5.00%, 03/15/43<br>| 10000 | 10830279 |
| New York State Thruway Authority, Refunding RB, <br> Series P, 5.00%, 01/01/49<br>| 2000 | 2108826 |
| New York Transportation Development Corp., ARB, <br> AMT, Sustainability Bonds, 6.00%, 06/30/55<br>| 8000 | 8528926 |
| New York Transportation Development Corp., RB |  |  |
| AMT, Sustainability Bonds, 5.25%, 06/30/43 | 3000 | 3091381 |
| AMT, Sustainability Bonds, 5.25%, 06/30/44 | 4000 | 4095708 |
| AMT, Sustainability Bonds, 5.38%, 06/30/60 | 14010 | 14052411 |
| AMT, Sustainability Bonds, 5.50%, 06/30/60 | 4945 | 5008736 |
| New York Transportation Development Corp., <br> Refunding RB<br>|  |  |
| Series A, AMT, Sustainability Bonds, (AGM), <br> 5.25%, 12/31/54<br>| 1675 | 1702680 |
| Series A, AMT, Sustainability Bonds, 5.50%, <br> 12/31/60<br>| 4110 | 4197969 |
| Port Authority of New York & New Jersey, Refunding <br> RB, Series 250, 5.00%, 10/15/42<br>| 2025 | 2243353 |
| Suffolk Regional Off-Track Betting Corp., RB, 5.00%, <br> 12/01/34<br>| 4075 | 4199643 |
| Triborough Bridge & Tunnel Authority, RB, Series C-<br> 1A, Senior Lien, 5.00%, 05/15/51<br>| 10750 | 11101053 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| Series C, 5.25%, 05/15/52 | 23785 | 24819997 |
| Series C, Sustainability Bonds, 5.25%, 11/15/40 | 4000 | 4510264 |
|  |  | 349165223 |
| **North Carolina — 0.9%** | **North Carolina — 0.9%** |  |
| City of Charlotte North Carolina Water & Sewer <br> System Revenue, Refunding RB, Series A, 5.00%, <br> 07/01/45<br>| 15000 | 15904932 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **North Carolina (continued)** | **North Carolina (continued)** |  |
| City of Greensboro North Carolina Combined Water & <br> Sewer System Revenue, Refunding RB, Series B, <br> 5.00%, 06/01/49<br>| 6290 | $6696724 |
| North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series A, (FHLMC, FNMA, GNMA), <br> 6.25%, 01/01/55<br>| 4945 | 5502079 |
| North Carolina Medical Care Commission, RB |  |  |
| Series A, 5.00%, 10/01/44 | 375 | 379534 |
| Series A, 5.00%, 10/01/49 | 375 | 374888 |
| Series A, 5.13%, 10/01/54 | 195 | 195254 |
| North Carolina Medical Care Commission, Refunding <br> RB, Series A, 5.25%, 01/01/41<br>| 2275 | 2221323 |
| Town of Mooresville North Carolina, SAB, 5.38%, <br> 03/01/40<sup>(c)</sup><br>| 460 | 460352 |
|  |  | 31735086 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** |  |
| North Dakota Housing Finance Agency, RB, S/F <br> Housing, Series C, Sustainability Bonds, 6.25%, <br> 01/01/55<br>| 4555 | 5072292 |
| **Ohio — 1.1%** | **Ohio — 1.1%** |  |
| Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, <br> 06/01/55<br>| 19390 | 16327584 |
| Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, CAB, Series B-3, Class 2, 0.00%, <br> 06/01/57<sup>(d)</sup><br>| 24710 | 2164468 |
| Columbus Regional Airport Authority, Refunding ARB, <br> Series A, AMT, 5.50%, 01/01/50<br>| 4000 | 4249345 |
| Columbus-Franklin County Finance Authority, RB, <br> M/F Housing, (FNMA), 4.82%, 11/01/43<br>| 2500 | 2671608 |
| JobsOhio Beverage System, Refunding RB |  |  |
| Series A, Senior Lien, 5.00%, 01/01/44 | 2500 | 2707056 |
| Series A, Senior Lien, 5.00%, 01/01/50 | 3000 | 3178771 |
| Ohio Housing Finance Agency, RB, S/F Housing, <br> Series B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 7.00%, 03/01/49<br>| 1250 | 1468612 |
| Worthington City School District, GO, Series C, <br> 5.00%, 12/01/48<br>| 4900 | 5115186 |
|  |  | 37882630 |
| **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |  |
| Oklahoma Capitol Improvement Authority, RB, <br> Series A, 5.25%, 07/01/50<br>| 2185 | 2354526 |
| Oklahoma Development Finance Authority, RB, <br> 7.25%, 09/01/51<sup>(c)</sup><br>| 4905 | 4914668 |
| Oklahoma Turnpike Authority, RB, Series A, 5.00%, <br> 01/01/44<br>| 4500 | 4835260 |
| Oklahoma Water Resources Board, RB |  |  |
| 5.25%, 04/01/50 | 3000 | 3249369 |
| Series A, 4.13%, 10/01/53 | 3730 | 3546534 |
|  |  | 18900357 |
| **Oregon — 1.6%** | **Oregon — 1.6%** |  |
| City of Portland Oregon Sewer System Revenue, <br> Refunding RB<br>|  |  |
| Series A, 2nd Lien, 5.00%, 12/01/43 | 6000 | 6434734 |
| Series A, 2nd Lien, 5.00%, 10/01/49 | 18390 | 19504114 |
| Port of Morrow Oregon, GOL, Series A, 5.15%, <br> 10/01/26<sup>(c)</sup><br>| 7860 | 7860710 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oregon (continued)** | **Oregon (continued)** |  |
| Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 4000 | $4246134 |
| State of Oregon Housing & Community Services <br> Department, RB, M/F Housing, Series B, (FHLMC, <br> FNMA, GNMA), 4.13%, 07/01/43<br>| 165 | 160937 |
| State of Oregon, GO |  |  |
| Series A, 5.00%, 05/01/48 | 1840 | 1937995 |
| Series F, 5.00%, 08/01/48 | 2000 | 2108662 |
| University of Oregon, RB, Series A, 5.00%, 04/01/50 | 10000 | 10241922 |
| Washington & Clackamas Counties School District <br> No. 23J Tigard-Tualatin, GO, (GTD), 5.00%, <br> 06/15/43<br>| 3100 | 3396199 |
|  |  | 55891407 |
| **Pennsylvania — 0.9%** | **Pennsylvania — 0.9%** |  |
| Chester County Health and Education Facilities <br> Authority, Refunding RB<br>|  |  |
| Series A, 5.00%, 12/01/25 | 525 | 525000 |
| Series A, 5.25%, 12/01/45 | 1500 | 1241511 |
| City of Philadelphia Pennsylvania Water & <br> Wastewater Revenue, RB, Series C, (AGM), <br> 5.25%, 09/01/54<br>| 2500 | 2676624 |
| Geisinger Authority, Refunding RB, 4.00%, 04/01/50 | 5985 | 5236778 |
| Pennsylvania Economic Development Financing <br> Authority, Refunding RB, AMT, 5.50%, 11/01/44<br>| 3250 | 3251134 |
| Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, Series B-1, (AGM), 5.00%, <br> 11/01/51<br>| 6510 | 6736963 |
| Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 145A, Sustainability Bonds, <br> 6.00%, 10/01/54<br>| 6760 | 7317953 |
| Upper Darby School District, GOL, (BAM SAW), <br> 5.00%, 04/01/55<br>| 5610 | 5773070 |
|  |  | 32759033 |
| **Puerto Rico — 5.1%** | **Puerto Rico — 5.1%** |  |
| Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(d)</sup><br>| 222915 | 10616973 |
| Commonwealth of Puerto Rico, GO |  |  |
| Series A-1, Restructured, 4.00%, 07/01/37 | 8158 | 7834364 |
| Series A-1, Restructured, 4.00%, 07/01/41 | 1591 | 1469410 |
| Series A-1, Restructured, 4.00%, 07/01/46 | 7867 | 6988537 |
| Commonwealth of Puerto Rico, GO, CAB, Series A, <br> Restructured, 0.00%, 07/01/33<sup>(d)</sup><br>| 9280 | 6679976 |
| Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(b)(e)(f)</sup><br>| 109934 | 64036318 |
| Puerto Rico Electric Power Authority, RB |  |  |
| Series A, 7.00%, 07/01/33<sup>(e)(f)</sup> | 7445 | 4950925 |
| Series A, 7.00%, 07/01/43<sup>(e)(f)</sup> | 3350 | 2227750 |
| Series A-1, 10.00%, 07/01/19<sup>(e)(f)</sup> | 928 | 616957 |
| Series A-2, 10.00%, 07/01/19<sup>(e)(f)</sup> | 4681 | 3112572 |
| Series A-3, 10.00%, 07/01/19<sup>(e)(f)</sup> | 6867 | 4566685 |
| Series B-3, 10.00%, 07/01/19<sup>(e)(f)</sup> | 6867 | 4566684 |
| Series C-1, 5.40%, 01/01/18<sup>(e)(f)</sup> | 18867 | 12546712 |
| Series C-3, 5.40%, 01/01/20<sup>(e)(f)</sup> | 1908 | 1268472 |
| Series C-4, 5.40%, 07/01/20<sup>(e)(f)</sup> | 1907 | 1268472 |
| Series D-1, 7.50%, 01/01/20<sup>(e)(f)</sup> | 9399 | 6250268 |
| Series D-2, 7.50%, 01/01/20<sup>(e)(f)</sup> | 5000 | 3325000 |
| Series D-4, 7.50%, 07/01/20<sup>(e)(f)</sup> | 7444 | 4950118 |
| Series WW, 5.50%, 07/01/20 | 1000 | 665000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| Puerto Rico Electric Power Authority, RB (continued) |  |  |
| Series XX, 5.75%, 07/01/36<sup>(e)(f)</sup> | 1825 | $1213625 |
| Puerto Rico Electric Power Authority, Refunding <br> RB<sup>(e)(f)</sup> <br>|  |  |
| Series UU, 0.00%, 07/01/17<sup>(b)</sup> | 1295 | 861175 |
| Series UU, 0.00%, 07/01/18<sup>(b)</sup> | 1165 | 774725 |
| Series UU, 0.00%, 07/01/20<sup>(b)</sup> | 10400 | 6916000 |
| Series UU, 1.00%, 07/01/31<sup>(b)</sup> | 12285 | 8169525 |
| Series ZZ, 5.25%, 07/01/25 | 2440 | 1622600 |
| Puerto Rico Industrial Tourist Educational Medical & <br> Envirml Ctl Facs Fing Authority, ARB<br>|  |  |
| Series A-1, AMT, 6.75%, 01/01/45 | 1790 | 2028578 |
| Series A-2, AMT, 6.50%, 01/01/42 | 1170 | 1327682 |
| Series A-2, AMT, 6.75%, 01/01/45 | 1790 | 2021868 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, Series A-2, Restructured, 4.78%, <br> 07/01/58<br>| 2500 | 2354422 |
|  |  | 175231393 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |  |
| State of Rhode Island, GO, Series A, 5.00%, <br> 05/01/43<br>| 4195 | 4565827 |
| Tobacco Settlement Financing Corp., RB, CAB, <br> Series A, 0.00%, 06/01/52<sup>(d)</sup><br>| 12980 | 1896984 |
|  |  | 6462811 |
| **South Carolina — 2.4%** | **South Carolina — 2.4%** |  |
| City of Charleston South Carolina Waterworks & <br> Sewer System Revenue, RB<br>|  |  |
| 5.00%, 01/01/47 | 2500 | 2631445 |
| 5.00%, 01/01/49 | 5955 | 6138239 |
| City of Columbia South Carolina Waterworks & Sewer <br> System Revenue, RB, 5.25%, 02/01/52<br>| 6110 | 6505293 |
| County of Dorchester South Carolina, SAB<sup>(c)</sup> <br>|  |  |
| 5.88%, 10/01/40 | 2310 | 2349824 |
| 6.00%, 10/01/51 | 6240 | 6302587 |
| Patriots Energy Group Financing Agency, RB, <br> Series A1, 5.25%, 10/01/54<sup>(b)</sup><br>| 12640 | 13774705 |
| Patriots Energy Group Financing Agency, Refunding <br> RB, Series B-1, 5.25%, 02/01/54<sup>(b)</sup><br>| 5680 | 6160413 |
| South Carolina Jobs-Economic Development <br> Authority, RB<br>|  |  |
| 7.50%, 08/15/62<sup>(c)</sup> | 6915 | 6180166 |
| Series A, 5.25%, 11/01/43 | 11525 | 12445602 |
| Series A, 5.50%, 11/01/54 | 12155 | 12936366 |
| South Carolina Jobs-Economic Development <br> Authority, Refunding RB, Series A, 5.25%, <br> 11/01/42<br>| 775 | 859346 |
| South Carolina Public Service Authority, Refunding <br> RB, Series B, (AGM), 5.00%, 12/01/54<br>| 7520 | 7828269 |
|  |  | 84112255 |
| **Tennessee — 1.9%** | **Tennessee — 1.9%** |  |
| City of Memphis Tennessee Sanitary Sewerage <br> System Revenue, RB<br>|  |  |
| (AGM), 5.00%, 06/01/47 | 3825 | 4041965 |
| (AGM), 5.00%, 06/01/48 | 4015 | 4235150 |
| Metropolitan Government Nashville & Davidson <br> County Health & Educational Fcilities Board, <br> Refunding RB, 5.25%, 10/01/58<br>| 8925 | 8638774 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** |  |
| Metropolitan Government of Nashville & Davidson <br> County Tennessee Water & Sewer Revenue, <br> Refunding RB<br>|  |  |
| 5.00%, 07/01/45 | 2750 | $2948294 |
| 5.00%, 07/01/50 | 5050 | 5303461 |
| Metropolitan Nashville Airport Authority, ARB |  |  |
| Series B, AMT, Subordinate, 5.00%, 07/01/44 | 1235 | 1254256 |
| Series A, Subordinate, 5.00%, 07/01/44 | 5130 | 5317126 |
| Series A, Subordinate, 5.00%, 07/01/54 | 5890 | 5986235 |
| New Memphis Arena Public Building Authority, RB, <br> CAB<sup>(h)</sup> <br>|  |  |
| Convertible, 4.00%, 04/01/29 | 625 | 619159 |
| Convertible, 4.00%, 04/01/30 | 750 | 744179 |
| Convertible, 4.00%, 04/01/31 | 650 | 644340 |
| Tennessee Energy Acquisition Corp., Refunding RB, <br> Series A, 5.00%, 12/01/35<br>| 11950 | 12988359 |
| Tennessee Housing Development Agency, RB, S/F <br> Housing, Series 2-A, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 6.00%, 01/01/55<br>| 4345 | 4792039 |
| Tennessee State School Bond Authority, RB, <br> Series A, 5.00%, 11/01/47<br>| 6520 | 6868660 |
|  |  | 64381997 |
| **Texas — 12.1%** | **Texas — 12.1%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(c)(e)(f)</sup> <br>|  |  |
| 7.50%, 04/01/28 | 210 | 105000 |
| 7.88%, 11/01/62 | 5865 | 3519000 |
| Series A, 5.30%, 04/01/62 | 4325 | 2162500 |
| Austin Community College District, GOL, 5.25%, <br> 08/01/53<br>| 8435 | 8935657 |
| Austin Community College District, Refunding GOL, <br> 5.25%, 08/01/50<br>| 6630 | 7084118 |
| Celina Independent School District, GO |  |  |
| Series A, (PSF), 5.25%, 02/15/41 | 1800 | 2021513 |
| Series A, (PSF), 5.25%, 02/15/42 | 1905 | 2116282 |
| City of Dallas Texas, Refunding GOL |  |  |
| Series A, 5.00%, 02/15/40 | 8000 | 8712789 |
| Series A, 5.00%, 02/15/41 | 6020 | 6513297 |
| Series C, 4.00%, 02/15/44 | 12185 | 11766905 |
| City of El Paso Texas Water & Sewer Revenue, <br> Refunding RB<br>|  |  |
| 5.00%, 03/01/42 | 3000 | 3226214 |
| 5.25%, 03/01/49 | 17500 | 18531698 |
| 5.00%, 03/01/52 | 10000 | 10302470 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| Series A, AMT, 6.50%, 07/15/30 | 860 | 860565 |
| Series A, AMT, 6.63%, 07/15/38 | 3000 | 3002042 |
| Series B, AMT, 5.50%, 07/15/36 | 1000 | 1091429 |
| Series B, AMT, 5.50%, 07/15/37 | 3125 | 3400923 |
| City of Houston Texas Airport System Revenue, <br> Refunding ARB<br>|  |  |
| Series A, AMT, Subordinate Lien, 5.25%, 07/01/41 | 1865 | 2027734 |
| Series A, AMT, Subordinate Lien, 5.25%, 07/01/42 | 3585 | 3854575 |
| City of Houston Texas, Refunding GOL |  |  |
| Series A, 5.00%, 03/01/38 | 535 | 589602 |
| Series A, 5.25%, 03/01/40 | 350 | 384667 |
| Series A, 5.25%, 03/01/43 | 570 | 613087 |
| City of Marble Falls Texas, SAB<sup>(c)</sup> <br>|  |  |
| 3.38%, 09/01/26 | 100 | 99601 |
| 3.88%, 09/01/31 | 200 | 192617 |
| 4.13%, 09/01/41 | 730 | 649135 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| City of Marble Falls Texas, SAB<sup>(c)</sup> (continued) |  |  |
| 4.38%, 09/01/51 | $1000 | $846334 |
| City of Midland Texas, Refunding GOL, Series B, <br> 5.00%, 03/01/47<br>| 3220 | 3351709 |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB<br>|  |  |
| Series A, 5.25%, 02/01/46 | 5330 | 5637436 |
| Series A, 5.25%, 02/01/49 | 15000 | 15884455 |
| Series C, 5.50%, 02/01/49 | 1660 | 1801168 |
| Series D, 5.00%, 02/01/43 | 8000 | 8506466 |
| Series E, 5.25%, 02/01/49 | 5500 | 5839536 |
| Conroe Independent School District, GO, (PSF), <br> 5.00%, 02/15/45<br>| 5000 | 5353844 |
| County of Harris Texas, Refunding GOL, Series A, <br> 5.25%, 09/15/50<br>| 3750 | 4039659 |
| County of Williamson Texas, Refunding GO, 5.00%, <br> 02/15/43<br>| 1985 | 2157139 |
| Dallas Fort Worth International Airport, Refunding <br> ARB<br>|  |  |
| 5.25%, 11/01/48 | 18425 | 19777920 |
| Series A-1, AMT, 5.25%, 11/01/45 | 8000 | 8475724 |
| Series A-1, AMT, 5.25%, 11/01/46 | 15000 | 15829527 |
| Deer Park Independent School District, GO, (PSF), <br> 5.00%, 08/15/47<br>| 5000 | 5213402 |
| Fort Bend Independent School District, Refunding GO |  |  |
| Series A, (PSF), 5.00%, 08/15/44 | 945 | 1006203 |
| Series A, (PSF), 5.25%, 08/15/55 | 5000 | 5337256 |
| Fredericksburg Independent School District, GO, <br> (PSF), 5.00%, 02/15/47<br>| 8120 | 8447369 |
| Leander Independent School District, Refunding GO, <br> Series A, (PSF), 5.00%, 08/15/50<br>| 3545 | 3735620 |
| Lower Colorado River Authority, Refunding RB |  |  |
| 5.00%, 05/15/45 | 2440 | 2547514 |
| (AGM), 5.00%, 05/15/49 | 4080 | 4243904 |
| Series A, (BAM), 5.25%, 05/15/43 | 3450 | 3789127 |
| Midland Independent School District, GO, (PSF), <br> 5.00%, 02/15/47<br>| 5000 | 5242116 |
| New Hope Cultural Education Facilities Finance <br> Corp., Refunding RB, Series A, 6.75%, 10/01/52<br>| 395 | 397789 |
| North Texas Municipal Water District Water System <br> Revenue, Refunding RB, 5.25%, 09/01/51<br>| 5800 | 6177563 |
| North Texas Municipal Water District, RB, 5.25%, <br> 06/01/43<br>| 4500 | 4861069 |
| Northwest Independent School District, GO |  |  |
| (PSF), 5.00%, 02/15/48 | 5865 | 6106837 |
| Series A, (PSF), 5.00%, 02/15/48 | 5130 | 5341530 |
| Permanent University Fund - University of Texas <br> System, Refunding RB<br>|  |  |
| Series A, 5.00%, 07/01/40 | 3700 | 4090420 |
| Series A, 5.00%, 07/01/48 | 1750 | 1873321 |
| Plano Independent School District, GO, 5.00%, <br> 02/15/41<br>| 5025 | 5371511 |
| Port Authority of Houston of Harris County Texas, <br> ARB, 1st Lien, 5.00%, 10/01/53<br>| 15000 | 15554773 |
| Port of Beaumont Industrial Development Authority, <br> RB, 4.10%, 01/01/28<sup>(c)</sup><br>| 16545 | 14991286 |
| Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(c)</sup><br>| 20000 | 20073816 |
| Port of Beaumont Navigation District, Refunding RB, <br> Series A, AMT, 4.00%, 01/01/50<sup>(c)</sup><br>| 20670 | 15892890 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| Pottsboro Independent School District, GO, (PSF), <br> 5.00%, 02/15/47<br>| 4180 | $4348523 |
| San Antonio Housing Trust Public Facility Corp., RB, <br> Series 2024-11FN, Class PT, 4.45%, 04/01/43<br>| 3385 | 3437785 |
| San Antonio Water System, Refunding RB |  |  |
| Series A, Junior Lien, 5.25%, 05/15/48 | 7005 | 7495826 |
| Series C, Junior Lien, 5.00%, 05/15/45 | 3275 | 3503850 |
| State of Texas, Refunding GO |  |  |
| 5.00%, 10/01/43 | 5000 | 5467420 |
| 5.00%, 10/01/44 | 5725 | 6224875 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., RB, Series A, 5.00%, 11/15/49<br>| 2450 | 2553641 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| 5.00%, 12/01/44 | 7450 | 7925136 |
| 5.25%, 12/01/49 | 1000 | 1071949 |
| Texas Department of Housing & Community Affairs, <br> RB, S/F Housing, Series B, (GNMA), 5.25%, <br> 07/01/53<br>| 3760 | 3967811 |
| Texas Transportation Finance Corp., Refunding RB, <br> Series A, Subordinate, 5.25%, 10/01/50<br>| 6000 | 6439766 |
| Texas Water Development Board, RB |  |  |
| 4.00%, 10/15/44 | 1370 | 1333839 |
| 5.00%, 08/01/45 | 2800 | 3006065 |
| 4.00%, 10/15/45 | 10000 | 9652392 |
| 5.00%, 10/15/47 | 10000 | 10431905 |
|  |  | 416420436 |
| **Utah — 0.4%** | **Utah — 0.4%** |  |
| City of Salt Lake City Utah Airport Revenue, ARB |  |  |
| Series A, AMT, 5.25%, 07/01/42 | 5430 | 5784278 |
| Series A, AMT, 5.00%, 07/01/46 | 3000 | 3059864 |
| Utah Charter School Finance Authority, RB<sup>(c)</sup> <br>|  |  |
| 5.63%, 06/15/26 | 50 | 49896 |
| 5.63%, 06/15/54 | 4930 | 4352365 |
|  |  | 13246403 |
| **Virginia — 2.6%** | **Virginia — 2.6%** |  |
| Albemarle County Economic Development Authority, <br> RB, Series A, 5.00%, 06/01/42<br>| 5450 | 5937836 |
| Ballston Quarter Community Development Authority, <br> TA, Series A-1, 5.50%, 03/01/46<br>| 2765 | 2761503 |
| Ballston Quarter Community Development Authority, <br> TA, CAB, Series A-2, 7.13%, 03/01/59<sup>(h)</sup><br>| 6638 | 6090399 |
| Cherry Hill Community Development Authority, SAB, <br> 5.15%, 03/01/35<sup>(c)</sup><br>| 1000 | 1001321 |
| Chesterfield County Economic Development <br> Authority, RB<br>|  |  |
| 5.00%, 04/01/43 | 2500 | 2701929 |
| 5.00%, 04/01/45 | 6500 | 6925797 |
| City of Norfolk Virginia Water Revenue, RB, 5.00%, <br> 11/01/45<br>| 5230 | 5602358 |
| County of Fairfax Virginia Sewer Revenue, RB, <br> Series A, 5.00%, 07/15/46<br>| 5000 | 5254442 |
| Fairfax County Industrial Development Authority, <br> Refunding RB, Series A, 4.00%, 05/15/48<br>| 1780 | 1677841 |
| Hanover County Economic Development Authority, <br> Refunding RB, 4.00%, 07/01/47<sup>(c)</sup><br>| 1960 | 1603990 |
| Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 1425 | 1488225 |
| Lower Magnolia Green Community Development <br> Authority, SAB<sup>(c)</sup> <br>|  |  |
| 5.00%, 03/01/35 | 2695 | 2695539 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia (continued)** | **Virginia (continued)** |  |
| Lower Magnolia Green Community Development <br> Authority, SAB<sup>(c)</sup> (continued)<br>|  |  |
| 5.00%, 03/01/45 | 2780 | $2694893 |
| Tobacco Settlement Financing Corp., Refunding RB, <br> Series A-1, 6.71%, 06/01/46<br>| 24495 | 18571879 |
| Virginia Commonwealth University Health System <br> Authority, RB<br>|  |  |
| Series A, 5.25%, 07/01/49 | 4800 | 5182026 |
| Series A, 4.00%, 07/01/54 | 2500 | 2280734 |
| Virginia Housing Development Authority, RB, S/F <br> Housing<br>|  |  |
| Series E-2, 4.40%, 10/01/44 | 680 | 680186 |
| Series E-2, 4.55%, 10/01/49 | 1965 | 1934880 |
| Virginia Public Building Authority, RB, Series A, <br> 5.00%, 08/01/45<br>| 4600 | 4950822 |
| Virginia Resources Authority, Refunding RB, Series B, <br> (MORAL OBLG), 5.00%, 11/01/50<br>| 5000 | 5298967 |
| Virginia Small Business Financing Authority, RB, AMT, <br> 5.00%, 12/31/49<br>| 2000 | 1950980 |
| Winchester Economic Development Authority, RB, <br> Series A, 5.00%, 08/01/43<br>| 1400 | 1514819 |
|  |  | 88801366 |
| **Washington — 2.6%** | **Washington — 2.6%** |  |
| City of Seattle WA Drainage & Wastewater Revenue, <br> Refunding RB, 5.25%, 05/01/50<br>| 625 | 674012 |
| King County Housing Authority, Refunding RB, 5.38%, <br> 07/01/45<br>| 6000 | 6317067 |
| Mason County Public Hospital District No. 1, RB, <br> 5.00%, 12/01/48<br>| 5000 | 5037456 |
| Pierce County School District No. 10 Tacoma, GO, <br> (GTD), 5.00%, 12/01/48<br>| 1000 | 1060026 |
| Port of Seattle Wasington, ARB |  |  |
| Series A, AMT, 4.00%, 05/01/43 | 5000 | 4671424 |
| Series B, AMT, Intermediate Lien, 5.25%, 10/01/43 | 7615 | 8262549 |
| Port of Seattle Wasington, Refunding ARB, Series B, <br> AMT, Intermediate Lien, 5.25%, 07/01/49<br>| 7995 | 8338836 |
| State of Washington, GO |  |  |
| Series 2024-A, 5.00%, 08/01/43 | 14025 | 15082489 |
| Series A, 5.00%, 08/01/44 | 13000 | 14077865 |
| Series A, 5.00%, 08/01/47 | 8220 | 8726867 |
| Series B, 5.00%, 06/01/46 | 3365 | 3553545 |
| Vancouver Housing Authority, RB, M/F Housing, <br> 5.00%, 08/01/40<br>| 1675 | 1735599 |
| Washington State Housing Finance Commission, <br> RB<sup>(c)</sup> <br>|  |  |
| Series A, 4.00%, 07/01/27 | 295 | 290733 |
| Series A, 5.50%, 01/01/44 | 920 | 897859 |
| Series B2, 3.95%, 07/01/29 | 6890 | 6890045 |
| Washington State Housing Finance Commission, RB, <br> M/F Housing, Series 2, Class 1, Sustainability <br> Bonds, 0.00%, 03/01/50<sup>(b)</sup><br>| 3549 | 3478199 |
|  |  | 89094571 |
| **Wisconsin — 1.2%** | **Wisconsin — 1.2%** |  |
| Public Finance Authority, ARB |  |  |
| AMT, 4.00%, 07/01/41 | 1755 | 1602521 |
| AMT, 4.25%, 07/01/54 | 6310 | 5242561 |
| Public Finance Authority, RB |  |  |
| 6.25%, 10/01/31<sup>(c)(e)(f)</sup> | 1285 | 128500 |
| 7.00%, 10/01/47<sup>(c)(e)(f)</sup> | 1285 | 128500 |
| Series A, 7.00%, 11/01/46<sup>(c)(e)(f)</sup> | 5085 | 2796750 |
| Series B, Class B, 7.00%, 12/01/30<sup>(c)</sup> | 1620 | 1015786 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** |  |
| Public Finance Authority, RB (continued) |  |  |
| AMT, 6.50%, 06/30/60 | 7500 | $8286099 |
| Public Finance Authority, Refunding RB, Series B, <br> 6.13%, 10/01/49<sup>(c)</sup><br>| 8530 | 7478134 |
| University of Wisconsin Hospitals & Clinics, RB, <br> Series A, Sustainability Bonds, 5.00%, 04/01/49<br>| 1630 | 1686117 |
| Wisconsin Health & Educational Facilities Authority, <br> RB<br>|  |  |
| 5.25%, 08/15/50 | 8000 | 8363180 |
| Series A, 5.75%, 08/15/59 | 1575 | 1615028 |
| Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, Series A, 5.00%, 04/01/44<br>| 1700 | 1782637 |
|  |  | 40125813 |
| **Total Municipal Bonds — 90.0%** <br>**(Cost: $3,129,867,456)** | **Total Municipal Bonds — 90.0%** <br>**(Cost: $3,129,867,456)** | 3106006700 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> |
| **California — 0.8%** | **California — 0.8%** |  |
| City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.25%, <br> 05/15/50<br>| 10000 | 10556290 |
| San Diego County Regional Airport Authority, ARB, <br> Series B, AMT, 5.00%, 07/01/53<br>| 17420 | 17895619 |
|  |  | 28451909 |
| **Colorado — 0.6%** | **Colorado — 0.6%** |  |
| City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.00%, <br> 12/01/48<sup>(j)</sup><br>| 19910 | 20030284 |
| **Florida — 1.9%** | **Florida — 1.9%** |  |
| County of Miami-Dade Florida Transit System, RB |  |  |
| 5.00%, 07/01/48 | 13815 | 14343091 |
| 5.00%, 07/01/50 | 15000 | 15525065 |
| 5.00%, 07/01/51 | 10000 | 10341521 |
| School District of Broward County, GO, 5.00%, <br> 07/01/51<sup>(j)</sup><br>| 26045 | 26964606 |
|  |  | 67174283 |
| **Georgia — 0.3%** | **Georgia — 0.3%** |  |
| City of Atlanta Georgia Department of Aviation, <br> Refunding ARB, Series B, AMT, 5.00%, 07/01/47<br>| 10000 | 10238520 |
| **Hawaii — 0.3%** | **Hawaii — 0.3%** |  |
| State of Hawaii Airports System Revenue, ARB, <br> Series A, AMT, 5.00%, 07/01/48<sup>(j)</sup><br>| 10000 | 10085949 |
| **Illinois — 0.3%** | **Illinois — 0.3%** |  |
| Sales Tax Securitization Corp., Refunding RB, <br> Series A, 2nd Lien, 5.00%, 01/01/33<br>| 10000 | 11091165 |
| **Kansas — 0.8%** | **Kansas — 0.8%** |  |
| Kansas Development Finance Authority, Refunding <br> RB, Series C-1, 5.00%, 09/01/50<sup>(j)</sup><br>| 26825 | 27844108 |
| **Kentucky — 0.4%** | **Kentucky — 0.4%** |  |
| Louisville and Jefferson County Metropolitan Sewer <br> District, Refunding RB, Series C, 5.00%, 05/15/49<br>| 11995 | 12545838 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts — 0.6%** | **Massachusetts — 0.6%** |  |
| Commonwealth of Massachusetts, GO, Series I, <br> 5.00%, 12/01/53<br>| $10000 | $10477467 |
| Commonwealth of Massachusetts, GOL, Series C, <br> 5.00%, 10/01/48<br>| 9500 | 9985847 |
|  |  | 20463314 |
| **Nebraska — 0.9%** | **Nebraska — 0.9%** |  |
| Omaha Public Power District, RB, Series A, 5.25%, <br> 02/01/48<br>| 28050 | 29843893 |
| **Nevada — 0.3%** | **Nevada — 0.3%** |  |
| Las Vegas Valley Water District, GOL, Series A, <br> 5.25%, 06/01/50<br>| 10000 | 10830909 |
| **New York — 1.8%** | **New York — 1.8%** |  |
| Empire State Development Corp., RB, Series A, <br> 5.00%, 03/15/50<br>| 12000 | 12478780 |
| Port Authority of New York & New Jersey, Refunding <br> ARB, AMT, 5.00%, 01/15/52<br>| 40000 | 40640611 |
| Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series A-1, 5.00%, 05/15/51<br>| 9070 | 9353017 |
|  |  | 62472408 |
| **Pennsylvania — 0.3%** | **Pennsylvania — 0.3%** |  |
| City of Philadelphia Pennsylvania Airport Revenue, <br> Refunding ARB, AMT, 5.00%, 07/01/51<sup>(j)</sup><br>| 10000 | 10111336 |
| **Texas — 0.8%** | **Texas — 0.8%** |  |
| City of El Paso Texas Water & Sewer Revenue, <br> Refunding RB, 5.00%, 03/01/52<br>| 10000 | 10302470 |
| Texas Water Development Board, RB, Series A, <br> 5.00%, 10/15/44<br>| 16930 | 18082148 |
|  |  | 28384618 |
| **Utah — 0.3%** | **Utah — 0.3%** |  |
| City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.25%, 07/01/48<sup>(j)</sup><br>| 10000 | 10146137 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 10.4%** <br>**(Cost: $351,623,240)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 10.4%** <br>**(Cost: $351,623,240)** | 359714671 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
| City of Dallas Housing Finance Corp., Series 2025-<br> 04FN, Class PT, 4.63%, 10/01/43<br>| 3300 | 3353994 |
| **Total Non-Agency Mortgage-Backed Securities — 0.1%** <br>**(Cost: $3,300,000)** | **Total Non-Agency Mortgage-Backed Securities — 0.1%** <br>**(Cost: $3,300,000)** | 3353994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<br>| 351450 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 101.3%** <br>**(Cost: $3,503,240,042)** | **Total Long-Term Investments — 101.3%** <br>**(Cost: $3,503,240,042)** | 3495680394 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.8%** | **Money Market Funds — 3.8%** |  |
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.61%<sup>(k)(l)</sup><br>| 130334664 | 130347698 |
| **Total Short-Term Securities — 3.8%** <br>**(Cost: $130,347,457)** | **Total Short-Term Securities — 3.8%** <br>**(Cost: $130,347,457)** | 130347698 |
| **Total Investments — 105.1%** <br>**(Cost: $3,633,587,499)** | **Total Investments — 105.1%** <br>**(Cost: $3,633,587,499)** | 3626028092 |
| **Other Assets Less Liabilities — 1.9%** | **Other Assets Less Liabilities — 1.9%** | 64395598 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (7.0)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (7.0)%** | (239976012)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3450447678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Zero-coupon bond.

<sup>(e)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(f)</sup> Non-income producing security.

<sup>(g)</sup> 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. 

<sup>(h)</sup> 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. 

<sup>(i)</sup> Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. 

<sup>(j)</sup> 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. See Note 4 of the Notes to Financial Statements for details. 

<sup>(k)</sup> Affiliate of the Fund.

<sup>(l)</sup> 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 six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*11/30/25*<br>| *Shares* <br>*Held at* <br>*11/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $27152306<br> $103195392 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $130347698 | 130334664 | $1739967 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7833151 | &nbsp;&nbsp;&nbsp;&nbsp; $7833151 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7655078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7655078 |
| Investment Companies | &nbsp;&nbsp; 11116800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11116800 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3106006700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3106006700 |
| Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 359714671 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 359714671 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3353994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3353994 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

November 30, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $130347698 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $130347698 |
|  | &nbsp;&nbsp; $141464498 | &nbsp;&nbsp;&nbsp;&nbsp; $3476730443 | &nbsp;&nbsp;&nbsp;&nbsp; $7833151 | &nbsp;&nbsp;&nbsp;&nbsp; $3626028092 |

---

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $237,914,965 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>California <br>Municipal <br>Opportunities Fund<br>| BlackRock <br>New Jersey <br>Municipal <br>Bond Fund<br>| BlackRock <br>Pennsylvania <br>Municipal <br>Bond Fund<br>| BlackRock <br>Strategic <br>Municipal <br>Opportunities Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $2320574950 | $280040733 | $327508039 | $3495680394 |
| Investments, at value — affiliated<sup>(b)</sup> | 47999576 | 15676850 | 11742300 | 130347698 |
| Cash | 22176901 | 251583 | 283031 | 18619211 |
| Receivables: |  |  |  |  |
| Investments sold |  | 836864 | 857675 | 2182359 |
| Capital shares sold | 1852235 | 782605 | 205875 | 3962701 |
| Dividends — unaffiliated |  | 31206 |  | 68000 |
| Dividends — affiliated | 147002 |  | 31039 | 258958 |
| Interest — unaffiliated | 24290426 | 4221556 | 4686501 | 49008642 |
| Prepaid expenses | 103674 | 24573 | 22409 | 156919 |
| Total assets | 2417144764 | 301865970 | 345336869 | 3700284882 |
| **LIABILITIES** |  |  |  |  |
| Payables: |  |  |  |  |
| Investments purchased | 21483489 | 617567 | 7754224 |  |
| Accounting services fees | 88375 | 30920 | 37712 | 167652 |
| Capital shares redeemed | 3529698 | 718075 | 274474 | 5313538 |
| Custodian fees | 19104 | 1323 | 1557 |  |
| Income dividend distributions | 1223233 | 224857 | 372574 | 1630451 |
| Interest expense and fees |  | 24593 | 106598 | 2061047 |
| Investment advisory fees | 715557 | 93845 | 113478 | 1344054 |
| Trustees' and Officer's fees | 8720 | 1343 | 1464 | 191063 |
| Other accrued expenses | 25270 | 27879 | 27381 | 27997 |
| Professional fees | 25826 | 4597 | 11693 | 41057 |
| Service and distribution fees | 143953 | 27168 | 23487 | 151098 |
| Transfer agent fees | 388198 | 60359 | 90332 | 994282 |
| Total liabilities | 27651423 | 1832526 | 8814974 | 11922239 |
| **OTHER LIABILITIES** |  |  |  |  |
| TOB Trust Certificates |  | 7317797 | 14995531 | 237914965 |
| Total liabilities | 27651423 | 9150323 | 23810505 | 249837204 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $2389493341 | $292715647 | $321526364 | $3450447678 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $2620711942 | $313929518 | $378252956 | $4699757561 |
| Accumulated loss | (231218601) | (21213871) | (56726592) | (1249309883) |
| NET ASSETS | $2389493341 | $292715647 | $321526364 | $3450447678 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2320160659 | $278461192 | $329357228 | $3503240042 |
| <sup>(b)</sup> Investments, at cost—affiliated | $47999576 | $15676793 | $11742299 | $130347457 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>California <br>Municipal <br>Opportunities Fund<br>| BlackRock <br>New Jersey <br>Municipal <br>Bond Fund<br>| BlackRock <br>Pennsylvania <br>Municipal <br>Bond Fund<br>| BlackRock <br>Strategic <br>Municipal <br>Opportunities Fund<br>|
| **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| Net assets | $1663660392 | $172788841 | $210376268 | $2811273874 |
| Shares outstanding | 138671804 | 16867319 | 21312507 | 269201507 |
| Net asset value | $12.00 | $10.24 | $9.87 | $10.44 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | $0.10 | $0.10 | $0.10 | $0.10 |
| **Service** |  |  |  |  |
| Net assets | N/A | $6155171 | $963410 | N/A |
| Shares outstanding | N/A | 600856 | 97490 | N/A |
| Net asset value | N/A | $10.24 | $9.88 | N/A |
| Shares authorized | N/A | Unlimited | Unlimited | N/A |
| Par value | N/A | $0.10 | $0.10 | N/A |
| **Investor A** |  |  |  |  |
| Net assets | $563287221 | $93325340 | $95156105 | $552114833 |
| Shares outstanding | 46991887 | 9102853 | 9628900 | 52894447 |
| Net asset value | $11.99 | $10.25 | $9.88 | $10.44 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | $0.10 | $0.10 | $0.10 | $0.10 |
| **Investor A1** |  |  |  |  |
| Net assets | $60605730 | $11180927 | $4537240 | $12648192 |
| Shares outstanding | 5050766 | 1090165 | 458923 | 1211346 |
| Net asset value | $12.00 | $10.26 | $9.89 | $10.44 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | $0.10 | $0.10 | $0.10 | $0.10 |
| **Investor C** |  |  |  |  |
| Net assets | $24947178 | $6656204 | $3515297 | $24761194 |
| Shares outstanding | 2079289 | 649931 | 355775 | 2370949 |
| Net asset value | $12.00 | $10.24 | $9.88 | $10.44 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | $0.10 | $0.10 | $0.10 | $0.10 |
| **Class K** |  |  |  |  |
| Net assets | $76992820 | $2609164 | $6978044 | $49649585 |
| Shares outstanding | 6416062 | 254780 | 707026 | 4754463 |
| Net asset value | $12.00 | $10.24 | $9.87 | $10.44 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | $0.10 | $0.10 | $0.10 | $0.10 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>California <br>Municipal <br>Opportunities Fund<br>| &nbsp;&nbsp; BlackRock <br>New Jersey <br>Municipal <br>Bond Fund<br>| &nbsp;&nbsp; BlackRock <br>Pennsylvania <br>Municipal <br>Bond Fund<br>| &nbsp;&nbsp; BlackRock <br>Strategic <br>Municipal <br>Opportunities Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $631808 |
| Dividends — affiliated | &nbsp;&nbsp; 1138462 | &nbsp;&nbsp;&nbsp; 127126 | &nbsp;&nbsp;&nbsp; 129041 | &nbsp;&nbsp;&nbsp; 1739967 |
| Interest — unaffiliated | &nbsp;&nbsp; 47269040 | &nbsp;&nbsp;&nbsp; 6083610 | &nbsp;&nbsp;&nbsp; 7176399 | &nbsp;&nbsp;&nbsp; 82460122 |
| Total investment income | &nbsp;&nbsp; 48407502 | &nbsp;&nbsp;&nbsp; 6210736 | &nbsp;&nbsp;&nbsp; 7305440 | &nbsp;&nbsp;&nbsp; 84831897 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 4288404 | &nbsp;&nbsp;&nbsp; 735251 | &nbsp;&nbsp;&nbsp; 834649 | &nbsp;&nbsp;&nbsp; 9224697 |
| Portfolio investment fees | &nbsp;&nbsp; 1110411 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3465696 |
| Service and distribution — class specific | &nbsp;&nbsp; 854301 | &nbsp;&nbsp;&nbsp; 158797 | &nbsp;&nbsp;&nbsp; 142339 | &nbsp;&nbsp;&nbsp; 846449 |
| Transfer agent — class specific | &nbsp;&nbsp; 824126 | &nbsp;&nbsp;&nbsp; 116948 | &nbsp;&nbsp;&nbsp; 180054 | &nbsp;&nbsp;&nbsp; 1677100 |
| Accounting services | &nbsp;&nbsp; 128341 | &nbsp;&nbsp;&nbsp; 31353 | &nbsp;&nbsp;&nbsp; 31854 | &nbsp;&nbsp;&nbsp; 167313 |
| Professional | &nbsp;&nbsp; 46998 | &nbsp;&nbsp;&nbsp; 34872 | &nbsp;&nbsp;&nbsp; 30526 | &nbsp;&nbsp;&nbsp; 80169 |
| Registration | &nbsp;&nbsp; 35369 | &nbsp;&nbsp;&nbsp; 36979 | &nbsp;&nbsp;&nbsp; 36944 | &nbsp;&nbsp;&nbsp; 63879 |
| Trustees and Officer | &nbsp;&nbsp; 18339 | &nbsp;&nbsp;&nbsp; 2891 | &nbsp;&nbsp;&nbsp; 3163 | &nbsp;&nbsp;&nbsp; 43074 |
| Printing and postage | &nbsp;&nbsp; 15231 | &nbsp;&nbsp;&nbsp; 11591 | &nbsp;&nbsp;&nbsp; 10565 | &nbsp;&nbsp;&nbsp; 20428 |
| Custodian | &nbsp;&nbsp; 7982 | &nbsp;&nbsp;&nbsp; 1714 | &nbsp;&nbsp;&nbsp; 1897 | &nbsp;&nbsp;&nbsp; 15022 |
| Miscellaneous | &nbsp;&nbsp; 27673 | &nbsp;&nbsp;&nbsp; 13193 | &nbsp;&nbsp;&nbsp; 12988 | &nbsp;&nbsp;&nbsp; 40916 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 7357175 | &nbsp;&nbsp;&nbsp; 1143589 | &nbsp;&nbsp;&nbsp; 1284979 | &nbsp;&nbsp;&nbsp; 15644743 |
| Interest expense and fees — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 76696 | &nbsp;&nbsp;&nbsp; 41496 | &nbsp;&nbsp;&nbsp; 216021 | &nbsp;&nbsp;&nbsp; 3603190 |
| Total expenses | &nbsp;&nbsp; 7433871 | &nbsp;&nbsp;&nbsp; 1185085 | &nbsp;&nbsp;&nbsp; 1501000 | &nbsp;&nbsp;&nbsp; 19247933 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (52403)<br>| &nbsp;&nbsp;&nbsp; (203231)<br>| &nbsp;&nbsp;&nbsp; (176032)<br>| &nbsp;&nbsp;&nbsp; (949378)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (256272)<br>| &nbsp;&nbsp;&nbsp; (47067)<br>| &nbsp;&nbsp;&nbsp; (104033)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 7125196 | &nbsp;&nbsp;&nbsp; 934787 | &nbsp;&nbsp;&nbsp; 1220935 | &nbsp;&nbsp;&nbsp; 18298555 |
| Net investment income | &nbsp;&nbsp; 41282306 | &nbsp;&nbsp;&nbsp; 5275949 | &nbsp;&nbsp;&nbsp; 6084505 | &nbsp;&nbsp;&nbsp; 66533342 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (9396661)<br>| &nbsp;&nbsp;&nbsp; (587009)<br>| &nbsp;&nbsp;&nbsp; (845138)<br>| &nbsp;&nbsp;&nbsp; (54109540)<br>|
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; (103721)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (9500382)<br>| &nbsp;&nbsp;&nbsp; (587009)<br>| &nbsp;&nbsp;&nbsp; (845109)<br>| &nbsp;&nbsp;&nbsp; (54109540)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 79557978 | &nbsp;&nbsp;&nbsp; 10060920 | &nbsp;&nbsp;&nbsp; 12423847 | &nbsp;&nbsp;&nbsp; 178919854 |
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — |
| Unfunded commitments | &nbsp;&nbsp; (7615146)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23806937)<br>|
|  | &nbsp;&nbsp; 71942832 | &nbsp;&nbsp;&nbsp; 10060920 | &nbsp;&nbsp;&nbsp; 12423818 | &nbsp;&nbsp;&nbsp; 155112917 |
| Net realized and unrealized gain | &nbsp;&nbsp; 62442450 | &nbsp;&nbsp;&nbsp; 9473911 | &nbsp;&nbsp;&nbsp; 11578709 | &nbsp;&nbsp;&nbsp; 101003377 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $103724756 | &nbsp;&nbsp;&nbsp; $14749860 | &nbsp;&nbsp;&nbsp; $17663214 | &nbsp;&nbsp;&nbsp; $167536719 |
| <sup>(a)</sup> All or a portion of is related to TOB Trusts. | <sup>(a)</sup> All or a portion of is related to TOB Trusts. | <sup>(a)</sup> All or a portion of is related to TOB Trusts. | <sup>(a)</sup> All or a portion of is related to TOB Trusts. | <sup>(a)</sup> All or a portion of is related to TOB Trusts. |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock California <br>Municipal Opportunities Fund | BlackRock California <br>Municipal Opportunities Fund | BlackRock New Jersey <br>Municipal Bond Fund | BlackRock New Jersey <br>Municipal Bond Fund |
|  | Six Months Ended <br>11/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>05/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>11/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>05/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $41282306 | &nbsp;&nbsp;&nbsp; $81226845 | &nbsp;&nbsp;&nbsp; $5275949 | &nbsp;&nbsp;&nbsp; $10437393 |
| Net realized loss | &nbsp;&nbsp; (9500382)<br>| &nbsp;&nbsp;&nbsp; (29500087)<br>| &nbsp;&nbsp;&nbsp; (587009)<br>| &nbsp;&nbsp;&nbsp; (1287426)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 71942832 | &nbsp;&nbsp;&nbsp; (12172885)<br>| &nbsp;&nbsp;&nbsp; 10060920 | &nbsp;&nbsp;&nbsp; (5617684)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 103724756 | &nbsp;&nbsp;&nbsp; 39553873 | &nbsp;&nbsp;&nbsp; 14749860 | &nbsp;&nbsp;&nbsp; 3532283 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (28719449)<br>| &nbsp;&nbsp;&nbsp; (55382535)<br>| &nbsp;&nbsp;&nbsp; (3165900)<br>| &nbsp;&nbsp;&nbsp; (6377267)<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (106358)<br>| &nbsp;&nbsp;&nbsp; (208595)<br>|
| Investor A | &nbsp;&nbsp; (9139687)<br>| &nbsp;&nbsp;&nbsp; (18752041)<br>| &nbsp;&nbsp;&nbsp; (1567450)<br>| &nbsp;&nbsp;&nbsp; (2972541)<br>|
| Investor A1 | &nbsp;&nbsp; (1084964)<br>| &nbsp;&nbsp;&nbsp; (2397289)<br>| &nbsp;&nbsp;&nbsp; (204055)<br>| &nbsp;&nbsp;&nbsp; (413221)<br>|
| Investor C | &nbsp;&nbsp; (347169)<br>| &nbsp;&nbsp;&nbsp; (917227)<br>| &nbsp;&nbsp;&nbsp; (96400)<br>| &nbsp;&nbsp;&nbsp; (238422)<br>|
| Class K | &nbsp;&nbsp; (1337548)<br>| &nbsp;&nbsp;&nbsp; (2715597)<br>| &nbsp;&nbsp;&nbsp; (42279)<br>| &nbsp;&nbsp;&nbsp; (75459)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (40628817)<br>| &nbsp;&nbsp;&nbsp; (80164689)<br>| &nbsp;&nbsp;&nbsp; (5182442)<br>| &nbsp;&nbsp;&nbsp; (10285505)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (1389296)<br>| &nbsp;&nbsp;&nbsp; 82757246 | &nbsp;&nbsp;&nbsp; 4378185 | &nbsp;&nbsp;&nbsp; (7819971)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 61706643 | &nbsp;&nbsp;&nbsp; 42146430 | &nbsp;&nbsp;&nbsp; 13945603 | &nbsp;&nbsp;&nbsp; (14573193)<br>|
| Beginning of period | &nbsp;&nbsp; 2327786698 | &nbsp;&nbsp;&nbsp; 2285640268 | &nbsp;&nbsp;&nbsp; 278770044 | &nbsp;&nbsp;&nbsp; 293343237 |
| End of period | &nbsp;&nbsp; $2389493341 | &nbsp;&nbsp;&nbsp; $2327786698 | &nbsp;&nbsp;&nbsp; $292715647 | &nbsp;&nbsp;&nbsp; $278770044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Pennsylvania <br>Municipal Bond Fund | BlackRock Pennsylvania <br>Municipal Bond Fund | BlackRock Strategic <br>Municipal Opportunities Fund | BlackRock Strategic <br>Municipal Opportunities Fund |
|  | Six Months Ended <br>11/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>05/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>11/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>05/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $6084505 | &nbsp;&nbsp;&nbsp; $11936932 | &nbsp;&nbsp;&nbsp; $66533342 | &nbsp;&nbsp;&nbsp; $144090876 |
| Net realized loss | &nbsp;&nbsp; (845109)<br>| &nbsp;&nbsp;&nbsp; (2827304)<br>| &nbsp;&nbsp;&nbsp; (54109540)<br>| &nbsp;&nbsp;&nbsp; (55145268)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 12423818 | &nbsp;&nbsp;&nbsp; (1699553)<br>| &nbsp;&nbsp;&nbsp; 155112917 | &nbsp;&nbsp;&nbsp; (44203048)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 17663214 | &nbsp;&nbsp;&nbsp; 7410075 | &nbsp;&nbsp;&nbsp; 167536719 | &nbsp;&nbsp;&nbsp; 44742560 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (3980480)<br>| &nbsp;&nbsp;&nbsp; (7747727)<br>| &nbsp;&nbsp;&nbsp; (53254728)<br>| &nbsp;&nbsp;&nbsp; (112804567)<br>|
| Service | &nbsp;&nbsp; (16812)<br>| &nbsp;&nbsp;&nbsp; (34873)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investor A | &nbsp;&nbsp; (1715773)<br>| &nbsp;&nbsp;&nbsp; (3362853)<br>| &nbsp;&nbsp;&nbsp; (9936446)<br>| &nbsp;&nbsp;&nbsp; (23099835)<br>|
| Investor A1 | &nbsp;&nbsp; (87770)<br>| &nbsp;&nbsp;&nbsp; (189551)<br>| &nbsp;&nbsp;&nbsp; (236862)<br>| &nbsp;&nbsp;&nbsp; (522580)<br>|
| Investor C | &nbsp;&nbsp; (53120)<br>| &nbsp;&nbsp;&nbsp; (145275)<br>| &nbsp;&nbsp;&nbsp; (380901)<br>| &nbsp;&nbsp;&nbsp; (1088363)<br>|
| Class K | &nbsp;&nbsp; (136781)<br>| &nbsp;&nbsp;&nbsp; (301075)<br>| &nbsp;&nbsp;&nbsp; (994308)<br>| &nbsp;&nbsp;&nbsp; (2595340)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (5990736)<br>| &nbsp;&nbsp;&nbsp; (11781354)<br>| &nbsp;&nbsp;&nbsp; (64803245)<br>| &nbsp;&nbsp;&nbsp; (140110685)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (10206276)<br>| &nbsp;&nbsp;&nbsp; (20206533)<br>| &nbsp;&nbsp;&nbsp; (216697297)<br>| &nbsp;&nbsp;&nbsp; (263172978)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1466202 | &nbsp;&nbsp;&nbsp; (24577812)<br>| &nbsp;&nbsp;&nbsp; (113963823)<br>| &nbsp;&nbsp;&nbsp; (358541103)<br>|
| Beginning of period | &nbsp;&nbsp; 320060162 | &nbsp;&nbsp;&nbsp; 344637974 | &nbsp;&nbsp;&nbsp; 3564411501 | &nbsp;&nbsp;&nbsp; 3922952604 |
| End of period | &nbsp;&nbsp; $321526364 | &nbsp;&nbsp;&nbsp; $320060162 | &nbsp;&nbsp;&nbsp; $3450447678 | &nbsp;&nbsp;&nbsp; $3564411501 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock California Municipal Opportunities Fund | BlackRock California Municipal Opportunities Fund | BlackRock California Municipal Opportunities Fund | BlackRock California Municipal Opportunities Fund | BlackRock California Municipal Opportunities Fund | BlackRock California Municipal Opportunities Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $12.21 |
| Net investment income<sup>(a)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.33 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net increase (decrease) from investment operations | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $13.08 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.69 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (6.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.26<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.53 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.49 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest <br> expense and fees or portfolio investment fees<sup>(j)</sup><br>| 0.44 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | 3.67 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1663660 | &nbsp;&nbsp;&nbsp; $1613992 | &nbsp;&nbsp;&nbsp; $1513123 | &nbsp;&nbsp;&nbsp; $1646282 | &nbsp;&nbsp;&nbsp; $1907899 | &nbsp;&nbsp;&nbsp; $1922918 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17660 | &nbsp;&nbsp;&nbsp; $83195 | &nbsp;&nbsp;&nbsp; $147795 | &nbsp;&nbsp;&nbsp; $143145 |
| Portfolio turnover rate | &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.48% and 0.45%, respectively. 

<sup>(h)</sup> Portfolio investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed would have been 0.58% and 0.54%, respectively. 

<sup>(i)</sup> Annualized.

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $12.04 | &nbsp;&nbsp;&nbsp; $13.07 | &nbsp;&nbsp;&nbsp; $12.19 |
| Net investment income<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.33 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net increase (decrease) from investment operations | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.99 | &nbsp;&nbsp;&nbsp; $11.66 | &nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $12.04 | &nbsp;&nbsp;&nbsp; $13.07 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.56 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (6.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.09<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.74 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.74 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense <br> and fees or portfolio investment fees<sup>(j)</sup><br>| 0.68 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Net investment income | 3.42 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $563287 | &nbsp;&nbsp;&nbsp; $552518 | &nbsp;&nbsp;&nbsp; $582866 | &nbsp;&nbsp;&nbsp; $661274 | &nbsp;&nbsp;&nbsp; $843462 | &nbsp;&nbsp;&nbsp; $1025162 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17660 | &nbsp;&nbsp;&nbsp; $83195 | &nbsp;&nbsp;&nbsp; $147795 | &nbsp;&nbsp;&nbsp; $143145 |
| Portfolio turnover rate | &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.70% and 0.69%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio Investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 0.79% and 0.79%, respectively. 

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) |
|  | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $12.20 |
| Net investment income<sup>(a)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 0.32 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net increase (decrease) from investment operations | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp; $11.68 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $13.08 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.55 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (6.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.59 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.58 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees or portfolio investment fees<sup>(j)</sup><br>| 0.53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | 3.58 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $60606 | &nbsp;&nbsp;&nbsp; $65537 | &nbsp;&nbsp;&nbsp; $73407 | &nbsp;&nbsp;&nbsp; $78960 | &nbsp;&nbsp;&nbsp; $88442 | &nbsp;&nbsp;&nbsp; $103726 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17660 | &nbsp;&nbsp;&nbsp; $83195 | &nbsp;&nbsp;&nbsp; $147795 | &nbsp;&nbsp;&nbsp; $143145 |
| Portfolio turnover rate | &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.54% and 0.54%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio Investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 0.63% and 0.63%, respectively. 

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $12.21 |
| Net investment income<sup>(a)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 0.33 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net increase (decrease) from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $13.08 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.17 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.77 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (7.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.17<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.50 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.49 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees or portfolio investment fees<sup>(j)</sup><br>| 1.45 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>|
| Net investment income | 2.67 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $24947 | &nbsp;&nbsp;&nbsp; $29645 | &nbsp;&nbsp;&nbsp; $45817 | &nbsp;&nbsp;&nbsp; $62713 | &nbsp;&nbsp;&nbsp; $84141 | &nbsp;&nbsp;&nbsp; $107235 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17660 | &nbsp;&nbsp;&nbsp; $83195 | &nbsp;&nbsp;&nbsp; $147795 | &nbsp;&nbsp;&nbsp; $143145 |
| Portfolio turnover rate | &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.46% and 1.45%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio Investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.55% and 1.54%, respectively. 

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) | BlackRock California Municipal Opportunities Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $12.21 |
| Net investment income<sup>(a)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 0.31 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net increase (decrease) from investment operations | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp; $11.68 | &nbsp;&nbsp;&nbsp; $11.87 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $12.05 | &nbsp;&nbsp;&nbsp; $13.08 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.62 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.44 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (6.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.31<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.45 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.45 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees or portfolio investment fees<sup>(j)</sup><br>| 0.39 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | 3.71 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $76993 | &nbsp;&nbsp;&nbsp; $66094 | &nbsp;&nbsp;&nbsp; $70427 | &nbsp;&nbsp;&nbsp; $82913 | &nbsp;&nbsp;&nbsp; $111164 | &nbsp;&nbsp;&nbsp; $108489 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17660 | &nbsp;&nbsp;&nbsp; $83195 | &nbsp;&nbsp;&nbsp; $147795 | &nbsp;&nbsp;&nbsp; $143145 |
| Portfolio turnover rate | &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.40% and 0.40%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio Investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 0.50% and 0.50%, respectively. 

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New Jersey Municipal Bond Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock New Jersey Municipal Bond Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp; $10.84 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | 0.33 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net increase (decrease) from investment operations | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $11.59 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.31 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp; (7.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.23<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.55 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.52 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Net investment income | 3.84 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $172789 | &nbsp;&nbsp;&nbsp; $167033 | &nbsp;&nbsp;&nbsp; $174552 | &nbsp;&nbsp;&nbsp; $168721 | &nbsp;&nbsp;&nbsp; $190069 | &nbsp;&nbsp;&nbsp; $215903 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $7318 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16739 | &nbsp;&nbsp;&nbsp; $17972 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) |
|  | Service | Service | Service | Service | Service | Service |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp; $10.84 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 0.33 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net increase (decrease) from investment operations | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $11.59 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.18 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp; (7.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.96<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.03 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.80 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.77 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| Net investment income | 3.59 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6155 | &nbsp;&nbsp;&nbsp; $5929 | &nbsp;&nbsp;&nbsp; $6346 | &nbsp;&nbsp;&nbsp; $6622 | &nbsp;&nbsp;&nbsp; $7293 | &nbsp;&nbsp;&nbsp; $7955 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $7318 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16739 | &nbsp;&nbsp;&nbsp; $17972 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.16 | &nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp; $11.60 | &nbsp;&nbsp;&nbsp; $10.85 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net increase (decrease) from investment operations | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.16 | &nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp; $11.60 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.28 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp; (7.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.96<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.95 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.80 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.77 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| Net investment income | 3.59 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $93325 | &nbsp;&nbsp;&nbsp; $85213 | &nbsp;&nbsp;&nbsp; $87978 | &nbsp;&nbsp;&nbsp; $99046 | &nbsp;&nbsp;&nbsp; $112909 | &nbsp;&nbsp;&nbsp; $128040 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $7318 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16739 | &nbsp;&nbsp;&nbsp; $17972 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) |
|  | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $10.47 | &nbsp;&nbsp;&nbsp; $11.60 | &nbsp;&nbsp;&nbsp; $10.85 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net increase (decrease) from investment operations | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $10.47 | &nbsp;&nbsp;&nbsp; $11.60 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.36 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp; (7.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.12<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.80 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.65 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.62 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Net investment income | 3.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $11181 | &nbsp;&nbsp;&nbsp; $11226 | &nbsp;&nbsp;&nbsp; $12057 | &nbsp;&nbsp;&nbsp; $12899 | &nbsp;&nbsp;&nbsp; $14636 | &nbsp;&nbsp;&nbsp; $17417 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $7318 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16739 | &nbsp;&nbsp;&nbsp; $17972 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp; $10.84 |
| Net investment income<sup>(a)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net increase (decrease) from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $11.59 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.89 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp; (0.47)%<br>| &nbsp;&nbsp;&nbsp; (8.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.14<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.71 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.55 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 1.52 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>|
| Net investment income | 2.85 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6656 | &nbsp;&nbsp;&nbsp; $7306 | &nbsp;&nbsp;&nbsp; $10577 | &nbsp;&nbsp;&nbsp; $12896 | &nbsp;&nbsp;&nbsp; $17672 | &nbsp;&nbsp;&nbsp; $26004 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $7318 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16739 | &nbsp;&nbsp;&nbsp; $17972 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) | BlackRock New Jersey Municipal Bond Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp; $10.83 |
| Net investment income<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | 0.33 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net increase (decrease) from investment operations | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $11.59 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.44 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp; (7.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.39<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.66 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Net investment income | 3.89 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.10<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2609 | &nbsp;&nbsp;&nbsp; $2063 | &nbsp;&nbsp;&nbsp; $1832 | &nbsp;&nbsp;&nbsp; $2322 | &nbsp;&nbsp;&nbsp; $2513 | &nbsp;&nbsp;&nbsp; $2902 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $7318 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16739 | &nbsp;&nbsp;&nbsp; $17972 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Pennsylvania Municipal Bond Fund | BlackRock Pennsylvania Municipal Bond Fund | BlackRock Pennsylvania Municipal Bond Fund | BlackRock Pennsylvania Municipal Bond Fund | BlackRock Pennsylvania Municipal Bond Fund | BlackRock Pennsylvania Municipal Bond Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $11.29 | &nbsp;&nbsp;&nbsp; $10.75 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | 0.35 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net increase (decrease) from investment operations | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.87 | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $11.29 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.68 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp; (1.82)%<br>| &nbsp;&nbsp;&nbsp; (7.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.20<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.88 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.67 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.54 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | 3.88 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $210376 | &nbsp;&nbsp;&nbsp; $206894 | &nbsp;&nbsp;&nbsp; $219584 | &nbsp;&nbsp;&nbsp; $240595 | &nbsp;&nbsp;&nbsp; $325614 | &nbsp;&nbsp;&nbsp; $403080 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $14996 | &nbsp;&nbsp;&nbsp; $10496 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29938 | &nbsp;&nbsp;&nbsp; $49169 |
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) |
|  | Service | Service | Service | Service | Service | Service |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $10.76 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net increase (decrease) from investment operations | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $11.30 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.55 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp; (2.05)%<br>| &nbsp;&nbsp;&nbsp; (7.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.05 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.79 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Net investment income | 3.63 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $963 | &nbsp;&nbsp;&nbsp; $945 | &nbsp;&nbsp;&nbsp; $1061 | &nbsp;&nbsp;&nbsp; $1067 | &nbsp;&nbsp;&nbsp; $1350 | &nbsp;&nbsp;&nbsp; $2367 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $14996 | &nbsp;&nbsp;&nbsp; $10496 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29938 | &nbsp;&nbsp;&nbsp; $49169 |
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $10.76 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net increase (decrease) from investment operations | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $11.30 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.55 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp; (2.05)%<br>| &nbsp;&nbsp;&nbsp; (7.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.03 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.78 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Net investment income | 3.63 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $95156 | &nbsp;&nbsp;&nbsp; $95643 | &nbsp;&nbsp;&nbsp; $103050 | &nbsp;&nbsp;&nbsp; $117457 | &nbsp;&nbsp;&nbsp; $142514 | &nbsp;&nbsp;&nbsp; $161081 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $14996 | &nbsp;&nbsp;&nbsp; $10496 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29938 | &nbsp;&nbsp;&nbsp; $49169 |
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) |
|  | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $10.20 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $10.77 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 0.36 | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net increase (decrease) from investment operations | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $10.20 | &nbsp;&nbsp;&nbsp; $11.30 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.74 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp; (1.91)%<br>| &nbsp;&nbsp;&nbsp; (7.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.99<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.77 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.64 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Net investment income | 3.78 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $4537 | &nbsp;&nbsp;&nbsp; $5024 | &nbsp;&nbsp;&nbsp; $5599 | &nbsp;&nbsp;&nbsp; $6354 | &nbsp;&nbsp;&nbsp; $7651 | &nbsp;&nbsp;&nbsp; $8925 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $14996 | &nbsp;&nbsp;&nbsp; $10496 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29938 | &nbsp;&nbsp;&nbsp; $49169 |
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.68 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $10.76 |
| Net investment income<sup>(a)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.35 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net increase (decrease) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $9.68 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $11.30 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.16 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp; (2.79)%<br>| &nbsp;&nbsp;&nbsp; (8.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.12<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.85 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.67 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 1.54 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>|
| Net investment income | 2.88 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3515 | &nbsp;&nbsp;&nbsp; $4127 | &nbsp;&nbsp;&nbsp; $6941 | &nbsp;&nbsp;&nbsp; $10190 | &nbsp;&nbsp;&nbsp; $14249 | &nbsp;&nbsp;&nbsp; $20866 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $14996 | &nbsp;&nbsp;&nbsp; $10496 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29938 | &nbsp;&nbsp;&nbsp; $49169 |
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) | BlackRock Pennsylvania Municipal Bond Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $11.29 | &nbsp;&nbsp;&nbsp; $10.75 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | 0.35 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net increase (decrease) from investment operations | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.87 | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $11.29 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.71 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>| &nbsp;&nbsp;&nbsp; (1.77)%<br>| &nbsp;&nbsp;&nbsp; (7.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.25<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.62 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<sup>(g)</sup><br>| 0.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net investment income | 3.93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6978 | &nbsp;&nbsp;&nbsp; $7428 | &nbsp;&nbsp;&nbsp; $8404 | &nbsp;&nbsp;&nbsp; $8347 | &nbsp;&nbsp;&nbsp; $7776 | &nbsp;&nbsp;&nbsp; $6334 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $14996 | &nbsp;&nbsp;&nbsp; $10496 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29938 | &nbsp;&nbsp;&nbsp; $49169 |
| Portfolio turnover rate | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Municipal Opportunities Fund | BlackRock Strategic Municipal Opportunities Fund | BlackRock Strategic Municipal Opportunities Fund | BlackRock Strategic Municipal Opportunities Fund | BlackRock Strategic Municipal Opportunities Fund | BlackRock Strategic Municipal Opportunities Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp; $10.84 | &nbsp;&nbsp;&nbsp; $11.95 | &nbsp;&nbsp;&nbsp; $10.90 |
| Net investment income<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net increase (decrease) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp; $10.84 | &nbsp;&nbsp;&nbsp; $11.95 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.91 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.74 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (7.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.18<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.96 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.91 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest <br> expense and fees or portfolio investment fees<sup>(j)</sup><br>| 0.60 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Net investment income | 3.93 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2811274 | &nbsp;&nbsp;&nbsp; $2887517 | &nbsp;&nbsp;&nbsp; $3043763 | &nbsp;&nbsp;&nbsp; $3992499 | &nbsp;&nbsp;&nbsp; $5736839 | &nbsp;&nbsp;&nbsp; $6514428 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $237915 | &nbsp;&nbsp;&nbsp; $289280 | &nbsp;&nbsp;&nbsp; $100365 | &nbsp;&nbsp;&nbsp; $103390 | &nbsp;&nbsp;&nbsp; $745620 | &nbsp;&nbsp;&nbsp; $764712 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.86% and 0.81%, respectively 

<sup>(h)</sup> Portfolio investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed would have been 1.06% and 1.00%, respectively 

<sup>(i)</sup> Annualized.

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.83 | &nbsp;&nbsp;&nbsp; $11.94 | &nbsp;&nbsp;&nbsp; $10.90 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 0.30 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net increase (decrease) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.83 | &nbsp;&nbsp;&nbsp; $11.94 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.91 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.95 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (7.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.83<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.16 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.10 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense <br> and fees or portfolio investment fees<sup>(j)</sup><br>| 0.80 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| Net investment income | 3.73 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $552115 | &nbsp;&nbsp;&nbsp; $578932 | &nbsp;&nbsp;&nbsp; $720886 | &nbsp;&nbsp;&nbsp; $938420 | &nbsp;&nbsp;&nbsp; $1367516 | &nbsp;&nbsp;&nbsp; $1717910 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $237915 | &nbsp;&nbsp;&nbsp; $289280 | &nbsp;&nbsp;&nbsp; $100365 | &nbsp;&nbsp;&nbsp; $103390 | &nbsp;&nbsp;&nbsp; $745620 | &nbsp;&nbsp;&nbsp; $764712 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.06% and 1.00%, respectively 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed would have been 1.26% and 1.20%, respectively. 

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) |
|  | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.83 | &nbsp;&nbsp;&nbsp; $11.94 | &nbsp;&nbsp;&nbsp; $10.90 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 0.30 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net increase (decrease) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.83 | &nbsp;&nbsp;&nbsp; $11.94 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.88 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.88 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.81 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (7.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.99<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.02 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.96 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees or portfolio investment fees<sup>(j)</sup><br>| 0.66 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| Net investment income | 3.87 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $12648 | &nbsp;&nbsp;&nbsp; $13268 | &nbsp;&nbsp;&nbsp; $15144 | &nbsp;&nbsp;&nbsp; $16987 | &nbsp;&nbsp;&nbsp; $21176 | &nbsp;&nbsp;&nbsp; $24645 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $237915 | &nbsp;&nbsp;&nbsp; $289280 | &nbsp;&nbsp;&nbsp; $100365 | &nbsp;&nbsp;&nbsp; $103390 | &nbsp;&nbsp;&nbsp; $745620 | &nbsp;&nbsp;&nbsp; $764712 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.92% and 0.86%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio Investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.11% and 1.06%, respectively. 

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp; $10.84 | &nbsp;&nbsp;&nbsp; $11.95 | &nbsp;&nbsp;&nbsp; $10.90 |
| Net investment income<sup>(a)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net increase (decrease) from investment operations | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp; $10.84 | &nbsp;&nbsp;&nbsp; $11.95 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.40 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.70 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (8.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.07<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.94 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.89 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees or portfolio investment fees<sup>(j)</sup><br>| 1.59 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>|
| Net investment income | 2.94 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $24761 | &nbsp;&nbsp;&nbsp; $30285 | &nbsp;&nbsp;&nbsp; $49452 | &nbsp;&nbsp;&nbsp; $78322 | &nbsp;&nbsp;&nbsp; $134639 | &nbsp;&nbsp;&nbsp; $184220 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $237915 | &nbsp;&nbsp;&nbsp; $289280 | &nbsp;&nbsp;&nbsp; $100365 | &nbsp;&nbsp;&nbsp; $103390 | &nbsp;&nbsp;&nbsp; $745620 | &nbsp;&nbsp;&nbsp; $764712 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.85% and 1.80%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio Investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.04% and 1.98%, respectively. 

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) | BlackRock Strategic Municipal Opportunities Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
|  | Six Months Ended <br>11/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>05/31/25 | &nbsp;&nbsp; Year Ended <br>05/31/24 | &nbsp;&nbsp; Year Ended <br>05/31/23 | &nbsp;&nbsp; Year Ended <br>05/31/22 | &nbsp;&nbsp; Year Ended <br>05/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp; $10.84 | &nbsp;&nbsp;&nbsp; $11.95 | &nbsp;&nbsp;&nbsp; $10.90 |
| Net investment income<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 0.30 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net increase (decrease) from investment operations | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp; $10.14 | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp; $10.84 | &nbsp;&nbsp;&nbsp; $11.95 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.96 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.66 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (7.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.24<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.86 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees or portfolio investment fees<sup>(j)</sup><br>| 0.50 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net investment income | 4.03 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $49650 | &nbsp;&nbsp;&nbsp; $54409 | &nbsp;&nbsp;&nbsp; $93708 | &nbsp;&nbsp;&nbsp; $93826 | &nbsp;&nbsp;&nbsp; $124194 | &nbsp;&nbsp;&nbsp; $168801 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $237915 | &nbsp;&nbsp;&nbsp; $289280 | &nbsp;&nbsp;&nbsp; $100365 | &nbsp;&nbsp;&nbsp; $103390 | &nbsp;&nbsp;&nbsp; $745620 | &nbsp;&nbsp;&nbsp; $764712 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of portfolio Investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.77% and 0.71%, respectively. 

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio Investment fees were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 0.96% and 0.91%, respectively. 

<sup>(j)</sup> All or a portion of interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock California Municipal Series Trust, BlackRock Multi-State Municipal Series Trust and BlackRock Municipal Series Trust (each, a "Trust" or collectively, the "Trusts") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. Each Trust is organized as a Massachusetts business trust. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | | |
|:---|:---|:---|:---|
| *Registrant Name*  | *Fund Name*  | *Herein Referred To As*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock California Municipal Series Trust | BlackRock California Municipal Opportunities Fund | California Municipal Opportunities | Diversified |
| BlackRock Multi-State Municipal Series Trust | BlackRock New Jersey Municipal Bond Fund | New Jersey Municipal Bond | Non-diversified |
|  | BlackRock Pennsylvania Municipal Bond Fund | Pennsylvania Municipal Bond | Non-diversified |
| BlackRock Municipal Series Trust | BlackRock Strategic Municipal Opportunities Fund | Strategic Municipal Opportunities | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold without a sales charge and only to certain eligible investors. Service, Investor A, Investor A1 and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Investor A1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans and, for California Municipal Opportunities only, fee based programs previously approved by the Fund. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional, Service and Class K Shares | No | No |  |
| Investor A Shares | Yes | No<sup>(a)</sup> |  |
| Investor A1 Shares | No<sup>(b)</sup> | No<sup>(c)</sup> |  |
| Investor C Shares | No | Yes<sup>(d)</sup> | To Investor A Shares after approximately 8 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> Investor A1 Shares are subject to a maximum sales charge on purchases of 4.00% for all Funds other than Strategic Municipal Opportunities, which is subject to a maximum sales charge of 1.00%. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans or, for California Municipal Opportunities only, fee based programs previously approved by the Fund, which are currently the only investors who may invest in Investor A1 Shares. 

<sup>(c)</sup> Investor A1 Shares may be subject to CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders and, for California Municipal Opportunities only, fee based programs previously approved by the Fund. 

<sup>(d)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. The California Municipal Opportunities and Strategic Municipal Opportunities Funds capitalize certain transaction costs directly associated with the acquisition or transfer of an investment. The Funds expense any portfolio investment fees associated with unconsummated transactions. Portfolio investment fees that are paid outside of a private investment's commitment, if any, are typically treated as a Fund expense. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by Board of Trustees of each Fund (the "Board"), the trustees who are not "interested persons" of the Funds, as defined in the 1940 Act ("Independent Trustees"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**Indemnifications:** In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds' maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.

**Municipal Bonds Transferred to TOB Trusts:** The Funds leverage their assets through the use of "TOB Trust" transactions. The funds transfer municipal bonds into a special purpose trust (a "TOB Trust"). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests ("TOB Trust Certificates"), which are sold to third-party investors, and residual inverse floating rate interests ("TOB Residuals"), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third-party bank or other financial institution (the "Liquidity Provider") that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a fund's investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. Each Fund's transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds.

**Accounting for TOB Trusts:** The municipal bonds deposited into a TOB Trust are presented in a Fund's Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Fund's payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense and fees in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense and fees in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

TOB Trusts, a Fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense and fees in the Statements of Operations. Amounts recorded within interest expense and fees in the Statements of Operations are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Interest Expense*  | *Liquidity Fees*  | *Other Expenses*  | *Total*  |
| California Municipal Opportunities | &nbsp;&nbsp; $62583 | &nbsp;&nbsp; $10792 | &nbsp;&nbsp; $3321 | &nbsp;&nbsp; $76696 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 34447 | &nbsp;&nbsp; 5610 | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; 41496 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 179895 | &nbsp;&nbsp; 24218 | &nbsp;&nbsp; 11908 | &nbsp;&nbsp; 216021 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; 3021532 | &nbsp;&nbsp; 421752 | &nbsp;&nbsp; 159906 | &nbsp;&nbsp; 3603190 |

---

For the six months ended November 30, 2025, the following table is a summary of each Fund's TOB Trusts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Underlying* <br>*Municipal Bonds* <br>*Transferred to* <br>*TOB Trusts*<sup>(a)</sup><br>| *Liability for* <br>*TOB Trust* <br>*Certificates*<sup>(b)</sup><br>| &nbsp;&nbsp; *Range of* <br>*Interest Rates* <br>*on TOB Trust* <br>*Certificates at* <br>*Period End*<br>| *Average* <br>*TOB Trust* <br>*Certificates* <br>*Outstanding*<br>| *Daily Weighted* <br>*Average Rate* <br>*of Interest and* <br>*Other Expenses* <br>*on TOB Trusts*<br>|
| California Municipal Opportunities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | —% | &nbsp;&nbsp; $5519126 | 2.77<br> % <br>|
| New Jersey Municipal Bond | &nbsp;&nbsp; 10473606 | &nbsp;&nbsp; 7317797 | 2.82 | &nbsp;&nbsp; 2869212 | 2.88 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 23502593 | &nbsp;&nbsp; 14995531 | 2.82 — 2.91 | &nbsp;&nbsp; 14282416 | 3.02 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; 359714671 | &nbsp;&nbsp; 237914965 | 2.79 — 2.89 | &nbsp;&nbsp; 239995349 | 2.99 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. 

<sup>(b)</sup> TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the "Liquidation Shortfall"). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at November 30, 2025, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at November 30, 2025. 

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** The Trusts, on behalf of the Funds, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Average Daily Net Assets* | *California* <br>*Municipal* <br>*Opportunities*<br>| *New Jersey* <br>*Municipal* <br>*Bond*<br>| *Pennsylvania* <br>*Municipal* <br>*Bond*<br>| *Strategic* <br>*Municipal* <br>*Opportunities*<br>|
| First $1 billion | 0.38<br> % <br>| 0.52<br> % <br>| 0.52<br> % <br>| 0.55<br> % <br>|
| $1 billion — $3 billion | 0.36 | 0.49 | 0.49 | 0.52 |
| $3 billion — $5 billion | 0.34 | 0.47 | 0.47 | 0.50 |
| $5 billion — $10 billion | 0.33 | 0.45 | 0.45 | 0.48 |
| Greater than $10 billion | 0.32 | 0.44 | 0.44 | 0.47 |

---

**Service and Distribution Fees:** The Trusts, on behalf of the Funds, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | California Municipal Opportunities | California Municipal Opportunities | New Jersey Municipal Bond | New Jersey Municipal Bond | Pennsylvania Municipal Bond | Pennsylvania Municipal Bond | Strategic Municipal Opportunities | Strategic Municipal Opportunities |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
| Service | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.25<br> % <br>| &nbsp;&nbsp; N/A | 0.25<br> % <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Investor A | 0.25<br> % <br>| &nbsp;&nbsp; N/A | 0.25 | &nbsp;&nbsp; N/A | 0.25 | &nbsp;&nbsp; N/A | 0.25<br> % <br>| &nbsp;&nbsp; N/A |
| Investor A1 | 0.10 | &nbsp;&nbsp; N/A | 0.10 | &nbsp;&nbsp; N/A | 0.10 | &nbsp;&nbsp; N/A | 0.10 | &nbsp;&nbsp; N/A |
| Investor C | 0.25 | 0.75<br> % <br>| 0.25 | 0.75<br> % <br>| 0.25 | 0.75<br> % <br>| 0.25 | 0.75<br> % <br>|

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended November 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Total* |
| California Municipal Opportunities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $688448 | &nbsp;&nbsp; $31166 | &nbsp;&nbsp; $134687 | &nbsp;&nbsp; $854301 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 7537 | &nbsp;&nbsp; 111073 | &nbsp;&nbsp; 5549 | &nbsp;&nbsp; 34638 | &nbsp;&nbsp; 158797 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 1178 | &nbsp;&nbsp; 119991 | &nbsp;&nbsp; 2360 | &nbsp;&nbsp; 18810 | &nbsp;&nbsp; 142339 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; — | &nbsp;&nbsp; 702635 | &nbsp;&nbsp; 6445 | &nbsp;&nbsp; 137369 | &nbsp;&nbsp; 846449 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2025, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Class K* | *Total* |
| California Municipal Opportunities | &nbsp;&nbsp; $1278 | $— | $943 | $639 | $61 | $62 | $2983 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 152 | 511 | 421 | 152 | 61 | 24 | 1321 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 207 | 30 | 487 | 152 | 121 | 8 | 1005 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; 2128 |  | 1368 | 72 | 249 | 116 | 3933 |

---

For the six months ended November 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Class K* | *Total* |
| California Municipal Opportunities | &nbsp;&nbsp; $672467 | $— | $131131 | $12323 | $7352 | $853 | $824126 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 80798 | 4244 | 26209 | 3150 | 2410 | 137 | 116948 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 153211 | 323 | 21776 | 2282 | 2205 | 257 | 180054 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; 1512713 |  | 147550 | 4028 | 11393 | 1416 | 1677100 |

---

**Other Fees:** For the six months ended November 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor A* |
| California Municipal Opportunities | &nbsp;&nbsp; $1470 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 1163 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 202 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; 330 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended November 30, 2025, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* |
| California Municipal Opportunities | &nbsp;&nbsp; $45359 | &nbsp;&nbsp; $839 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 1151 | &nbsp;&nbsp; 123 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 6 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; 7713 | &nbsp;&nbsp; 104 |

---

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** With respect to Strategic Municipal Opportunities, the Manager contractually agreed to waive 0.05% of its investment advisory fees through June 30, 2027. The agreement may be terminated upon 90 days' notice by a majority of Independent Trustees of BlackRock Municipal Series Trust or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2025, the Manager waived $877,346 pursuant to this agreement.

With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. With respect to California Municipal Opportunities, New Jersey Municipal Bond and Pennsylvania Municipal Bond, the amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| California Municipal Opportunities | &nbsp;&nbsp; $45985 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 5134 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 5308 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; 72032 |

---

With respect to California Municipal Opportunities, New Jersey Municipal Bond and Pennsylvania Municipal Bond, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Class K* |
| California Municipal Opportunities | 0.44<br> % <br>| &nbsp;&nbsp; —<br> % <br>| 0.69<br> % <br>| 0.54<br> % <br>| 1.44<br> % <br>| 0.39<br> % <br>|
| New Jersey Municipal Bond | 0.52 | 0.77 | 0.77 | 0.62 | 1.52 | 0.47 |
| Pennsylvania Municipal Bond | 0.54 | 0.79 | 0.79 | 0.64 | 1.54 | 0.49 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027, with respect to California Municipal Opportunities, New Jersey Municipal Bond and Pennsylvania Municipal Bond unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2025, amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| California Municipal Opportunities | &nbsp;&nbsp; $6418 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 198097 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 170724 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific respectively in the Statements of Operations. For the six months ended November 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* |
| *Fund Name*  | *Institutional* | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Class K* | *Total* |
| California Municipal Opportunities | &nbsp;&nbsp; $254607 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $850 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $455 | &nbsp;&nbsp;&nbsp; $360 | &nbsp;&nbsp;&nbsp; $256272 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 38882 | &nbsp;&nbsp;&nbsp; 2737 | &nbsp;&nbsp;&nbsp; 4222 | &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; 47067 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 101081 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 1101 | &nbsp;&nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 104033 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds' Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7.*** ***PURCHASES AND SALES*** 

For the six months ended November 30, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| California Municipal Opportunities | &nbsp;&nbsp; $1088985095 | &nbsp;&nbsp; $972851833 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 26581962 | &nbsp;&nbsp; 25571920 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 63627946 | &nbsp;&nbsp; 57333471 |
| Strategic Municipal Opportunities | &nbsp;&nbsp; 712218922 | &nbsp;&nbsp; 922603093 |

---

***8.*** ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of November 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of May 31, 2025, the Funds had non-expiring capital loss carryforwards as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| California Municipal Opportunities | &nbsp;&nbsp; $(229525583)<br>|
| New Jersey Municipal Bond | &nbsp;&nbsp; (22524823)<br>|
| Pennsylvania Municipal Bond | &nbsp;&nbsp; (53957177)<br>|
| Strategic Municipal Opportunities | &nbsp;&nbsp; (1188266988)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of November 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| California Municipal Opportunities | &nbsp;&nbsp; $2368434631 | &nbsp;&nbsp; $40494658 | &nbsp;&nbsp; $(40354763)<br>| &nbsp;&nbsp; $139895 |
| New Jersey Municipal Bond | &nbsp;&nbsp; 286836774 | &nbsp;&nbsp; 9343114 | &nbsp;&nbsp; (7780102)<br>| &nbsp;&nbsp; 1563012 |
| Pennsylvania Municipal Bond | &nbsp;&nbsp; 327259369 | &nbsp;&nbsp; 5269612 | &nbsp;&nbsp; (8274173)<br>| &nbsp;&nbsp; (3004561)<br>|
| Strategic Municipal Opportunities | &nbsp;&nbsp; 3409451364 | &nbsp;&nbsp; 112776272 | &nbsp;&nbsp; (134114509)<br>| &nbsp;&nbsp; (21338237)<br>|

---

***9.*** ***BANK BORROWINGS*** 

The Trusts, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2025, the Funds did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability;

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

A Fund structures and "sponsors" the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

As short-term interest rates rise, the Funds' investments in the TOB Trusts may adversely affect the Funds' net investment income and dividends to shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds' NAVs per share.

The U.S. Securities and Exchange Commission ("SEC") and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the "Risk Retention Rules"). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. The Risk Retention Rules may adversely affect the Funds' ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>11/30/25 | Six Months Ended <br>11/30/25 | Year Ended <br>05/31/25 | Year Ended <br>05/31/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| California Municipal Opportunities  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 26840094 | &nbsp;&nbsp;&nbsp; $314987802 | &nbsp;&nbsp;&nbsp; 47834187 | &nbsp;&nbsp;&nbsp; $571393036 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2141326 | &nbsp;&nbsp;&nbsp; 25256051 | &nbsp;&nbsp;&nbsp; 4021866 | &nbsp;&nbsp;&nbsp; 48171698 |
| Shares redeemed | &nbsp;&nbsp; (28568089) | &nbsp;&nbsp;&nbsp; (334245006) | &nbsp;&nbsp;&nbsp; (41121204) | &nbsp;&nbsp;&nbsp; (490042345) |
|  | &nbsp;&nbsp; 413331 | &nbsp;&nbsp;&nbsp; $5998847 | &nbsp;&nbsp;&nbsp; 10734849 | &nbsp;&nbsp;&nbsp; $129522389 |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 5287902 | &nbsp;&nbsp;&nbsp; $62448109 | &nbsp;&nbsp;&nbsp; 8557283 | &nbsp;&nbsp;&nbsp; $102522972 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 723597 | &nbsp;&nbsp;&nbsp; 8525444 | &nbsp;&nbsp;&nbsp; 1451239 | &nbsp;&nbsp;&nbsp; 17372024 |
| Shares redeemed | &nbsp;&nbsp; (6389738) | &nbsp;&nbsp;&nbsp; (75076965) | &nbsp;&nbsp;&nbsp; (11803212) | &nbsp;&nbsp;&nbsp; (141241262) |
|  | &nbsp;&nbsp; (378239) | &nbsp;&nbsp;&nbsp; $(4103412) | &nbsp;&nbsp;&nbsp; (1794690) | &nbsp;&nbsp;&nbsp; $(21346266) |
| Investor A1 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 35110 | &nbsp;&nbsp;&nbsp; $426580 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 57376 | &nbsp;&nbsp;&nbsp; 676220 | &nbsp;&nbsp;&nbsp; 124427 | &nbsp;&nbsp;&nbsp; 1491033 |
| Shares redeemed | &nbsp;&nbsp; (619653) | &nbsp;&nbsp;&nbsp; (7252908) | &nbsp;&nbsp;&nbsp; (733016) | &nbsp;&nbsp;&nbsp; (8768963) |
|  | &nbsp;&nbsp; (562277) | &nbsp;&nbsp;&nbsp; $(6576688) | &nbsp;&nbsp;&nbsp; (573479) | &nbsp;&nbsp;&nbsp; $(6851350) |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 122943 | &nbsp;&nbsp;&nbsp; $1460297 | &nbsp;&nbsp;&nbsp; 325351 | &nbsp;&nbsp;&nbsp; $3912267 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 29233 | &nbsp;&nbsp;&nbsp; 344400 | &nbsp;&nbsp;&nbsp; 75962 | &nbsp;&nbsp;&nbsp; 910927 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (612093) | &nbsp;&nbsp;&nbsp; (7195152) | &nbsp;&nbsp;&nbsp; (1723043) | &nbsp;&nbsp;&nbsp; (20682805) |
|  | &nbsp;&nbsp; (459917) | &nbsp;&nbsp;&nbsp; $(5390455) | &nbsp;&nbsp;&nbsp; (1321730) | &nbsp;&nbsp;&nbsp; $(15859611) |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 11/30/25 | Six Months Ended<br> 11/30/25 | Year Ended<br> 05/31/25 | Year Ended<br> 05/31/25 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| California Municipal Opportunities (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2434962 | &nbsp;&nbsp;&nbsp; $28384004 | &nbsp;&nbsp;&nbsp; 2752122 | &nbsp;&nbsp;&nbsp; $33070814 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 77124 | &nbsp;&nbsp;&nbsp; 910819 | &nbsp;&nbsp;&nbsp; 136819 | &nbsp;&nbsp;&nbsp; 1639573 |
| Shares redeemed | &nbsp;&nbsp; (1756386) | &nbsp;&nbsp;&nbsp; (20612411) | &nbsp;&nbsp;&nbsp; (3162152) | &nbsp;&nbsp;&nbsp; (37418303) |
|  | &nbsp;&nbsp; 755700 | &nbsp;&nbsp;&nbsp; $8682412 | &nbsp;&nbsp;&nbsp; (273211) | &nbsp;&nbsp;&nbsp; $(2707916) |
|  | &nbsp;&nbsp; (231402) | &nbsp;&nbsp;&nbsp; $(1389296) | &nbsp;&nbsp;&nbsp; 6771739 | &nbsp;&nbsp;&nbsp; $82757246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>11/30/25 | Six Months Ended <br>11/30/25 | Year Ended <br>05/31/25 | Year Ended <br>05/31/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| New Jersey Municipal Bond  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3782288 | &nbsp;&nbsp;&nbsp; $37910270 | &nbsp;&nbsp;&nbsp; 5077855 | &nbsp;&nbsp;&nbsp; $51884608 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 265108 | &nbsp;&nbsp;&nbsp; 2663668 | &nbsp;&nbsp;&nbsp; 518098 | &nbsp;&nbsp;&nbsp; 5291913 |
| Shares redeemed | &nbsp;&nbsp; (4041791) | &nbsp;&nbsp;&nbsp; (40483397) | &nbsp;&nbsp;&nbsp; (5963174) | &nbsp;&nbsp;&nbsp; (60478595) |
|  | &nbsp;&nbsp; 5605 | &nbsp;&nbsp;&nbsp; $90541 | &nbsp;&nbsp;&nbsp; (367221) | &nbsp;&nbsp;&nbsp; $(3302074) |
| Service |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; $904 | &nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; $7916 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 10307 | &nbsp;&nbsp;&nbsp; 103572 | &nbsp;&nbsp;&nbsp; 19636 | &nbsp;&nbsp;&nbsp; 200590 |
| Shares redeemed | &nbsp;&nbsp; (8030) | &nbsp;&nbsp;&nbsp; (80876) | &nbsp;&nbsp;&nbsp; (48295) | &nbsp;&nbsp;&nbsp; (492392) |
|  | &nbsp;&nbsp; 2365 | &nbsp;&nbsp;&nbsp; $23600 | &nbsp;&nbsp;&nbsp; (27868) | &nbsp;&nbsp;&nbsp; $(283886) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 1224382 | &nbsp;&nbsp;&nbsp; $12260523 | &nbsp;&nbsp;&nbsp; 1943884 | &nbsp;&nbsp;&nbsp; $19960585 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 136571 | &nbsp;&nbsp;&nbsp; 1373712 | &nbsp;&nbsp;&nbsp; 254219 | &nbsp;&nbsp;&nbsp; 2598998 |
| Shares redeemed | &nbsp;&nbsp; (853110) | &nbsp;&nbsp;&nbsp; (8547579) | &nbsp;&nbsp;&nbsp; (2279791) | &nbsp;&nbsp;&nbsp; (23369109) |
|  | &nbsp;&nbsp; 507843 | &nbsp;&nbsp;&nbsp; $5086656 | &nbsp;&nbsp;&nbsp; (81688) | &nbsp;&nbsp;&nbsp; $(809526) |
| Investor A1 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; $177 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 13411 | &nbsp;&nbsp;&nbsp; 134953 | &nbsp;&nbsp;&nbsp; 27628 | &nbsp;&nbsp;&nbsp; 282597 |
| Shares redeemed | &nbsp;&nbsp; (55168) | &nbsp;&nbsp;&nbsp; (550842) | &nbsp;&nbsp;&nbsp; (84393) | &nbsp;&nbsp;&nbsp; (863757) |
|  | &nbsp;&nbsp; (41757) | &nbsp;&nbsp;&nbsp; $(415889) | &nbsp;&nbsp;&nbsp; (56749) | &nbsp;&nbsp;&nbsp; $(580983) |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 20203 | &nbsp;&nbsp;&nbsp; $203874 | &nbsp;&nbsp;&nbsp; 69089 | &nbsp;&nbsp;&nbsp; $704539 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 9422 | &nbsp;&nbsp;&nbsp; 94586 | &nbsp;&nbsp;&nbsp; 22576 | &nbsp;&nbsp;&nbsp; 230818 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (117399) | &nbsp;&nbsp;&nbsp; (1178407) | &nbsp;&nbsp;&nbsp; (398226) | &nbsp;&nbsp;&nbsp; (4066462) |
|  | &nbsp;&nbsp; (87774) | &nbsp;&nbsp;&nbsp; $(879947) | &nbsp;&nbsp;&nbsp; (306561) | &nbsp;&nbsp;&nbsp; $(3131105) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 68037 | &nbsp;&nbsp;&nbsp; $690105 | &nbsp;&nbsp;&nbsp; 75847 | &nbsp;&nbsp;&nbsp; $777610 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 3878 | &nbsp;&nbsp;&nbsp; 38988 | &nbsp;&nbsp;&nbsp; 6749 | &nbsp;&nbsp;&nbsp; 68868 |
| Shares redeemed | &nbsp;&nbsp; (25508) | &nbsp;&nbsp;&nbsp; (255869) | &nbsp;&nbsp;&nbsp; (55168) | &nbsp;&nbsp;&nbsp; (558875) |
|  | &nbsp;&nbsp; 46407 | &nbsp;&nbsp;&nbsp; $473224 | &nbsp;&nbsp;&nbsp; 27428 | &nbsp;&nbsp;&nbsp; $287603 |
|  | &nbsp;&nbsp; 432689 | &nbsp;&nbsp;&nbsp; $4378185 | &nbsp;&nbsp;&nbsp; (812659) | &nbsp;&nbsp;&nbsp; $(7819971) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>11/30/25 | Six Months Ended <br>11/30/25 | Year Ended <br>05/31/25 | Year Ended <br>05/31/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Pennsylvania Municipal Bond  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2372905 | &nbsp;&nbsp;&nbsp; $22886430 | &nbsp;&nbsp;&nbsp; 4459880 | &nbsp;&nbsp;&nbsp; $43501542 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 216895 | &nbsp;&nbsp;&nbsp; 2092101 | &nbsp;&nbsp;&nbsp; 381586 | &nbsp;&nbsp;&nbsp; 3753956 |
| Shares redeemed | &nbsp;&nbsp; (3016805) | &nbsp;&nbsp;&nbsp; (29087944) | &nbsp;&nbsp;&nbsp; (5798655) | &nbsp;&nbsp;&nbsp; (57006430) |
|  | &nbsp;&nbsp; (427005) | &nbsp;&nbsp;&nbsp; $(4109413) | &nbsp;&nbsp;&nbsp; (957189) | &nbsp;&nbsp;&nbsp; $(9750932) |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 11/30/25 | Six Months Ended<br> 11/30/25 | Year Ended<br> 05/31/25 | Year Ended<br> 05/31/25 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Pennsylvania Municipal Bond (continued) |  |  |  |  |
| Service |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; $6431 | &nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; $2100 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1744 | &nbsp;&nbsp;&nbsp; 16833 | &nbsp;&nbsp;&nbsp; 3532 | &nbsp;&nbsp;&nbsp; 34812 |
| Shares redeemed | &nbsp;&nbsp; (4051) | &nbsp;&nbsp;&nbsp; (38116) | &nbsp;&nbsp;&nbsp; (14123) | &nbsp;&nbsp;&nbsp; (139933) |
|  | &nbsp;&nbsp; (1642) | &nbsp;&nbsp;&nbsp; $(14852) | &nbsp;&nbsp;&nbsp; (10377) | &nbsp;&nbsp;&nbsp; $(103021) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 733779 | &nbsp;&nbsp;&nbsp; $7059787 | &nbsp;&nbsp;&nbsp; 1139281 | &nbsp;&nbsp;&nbsp; $11087301 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 168040 | &nbsp;&nbsp;&nbsp; 1621576 | &nbsp;&nbsp;&nbsp; 321167 | &nbsp;&nbsp;&nbsp; 3164228 |
| Shares redeemed | &nbsp;&nbsp; (1311048) | &nbsp;&nbsp;&nbsp; (12656144) | &nbsp;&nbsp;&nbsp; (2061666) | &nbsp;&nbsp;&nbsp; (20442357) |
|  | &nbsp;&nbsp; (409229) | &nbsp;&nbsp;&nbsp; $(3974781) | &nbsp;&nbsp;&nbsp; (601218) | &nbsp;&nbsp;&nbsp; $(6190828) |
| Investor A1 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; $365 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 6136 | &nbsp;&nbsp;&nbsp; 59260 | &nbsp;&nbsp;&nbsp; 12618 | &nbsp;&nbsp;&nbsp; 124370 |
| Shares redeemed | &nbsp;&nbsp; (74273) | &nbsp;&nbsp;&nbsp; (716093) | &nbsp;&nbsp;&nbsp; (63382) | &nbsp;&nbsp;&nbsp; (627415) |
|  | &nbsp;&nbsp; (68128) | &nbsp;&nbsp;&nbsp; $(656748) | &nbsp;&nbsp;&nbsp; (50728) | &nbsp;&nbsp;&nbsp; $(502680) |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 15835 | &nbsp;&nbsp;&nbsp; $150056 | &nbsp;&nbsp;&nbsp; 32690 | &nbsp;&nbsp;&nbsp; $317227 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 5499 | &nbsp;&nbsp;&nbsp; 53033 | &nbsp;&nbsp;&nbsp; 14646 | &nbsp;&nbsp;&nbsp; 144419 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (98783) | &nbsp;&nbsp;&nbsp; (947269) | &nbsp;&nbsp;&nbsp; (330919) | &nbsp;&nbsp;&nbsp; (3257556) |
|  | &nbsp;&nbsp; (77449) | &nbsp;&nbsp;&nbsp; $(744180) | &nbsp;&nbsp;&nbsp; (283583) | &nbsp;&nbsp;&nbsp; $(2795910) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 75831 | &nbsp;&nbsp;&nbsp; $731134 | &nbsp;&nbsp;&nbsp; 132695 | &nbsp;&nbsp;&nbsp; $1307776 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 14272 | &nbsp;&nbsp;&nbsp; 137577 | &nbsp;&nbsp;&nbsp; 30668 | &nbsp;&nbsp;&nbsp; 301911 |
| Shares redeemed | &nbsp;&nbsp; (163738) | &nbsp;&nbsp;&nbsp; (1575013) | &nbsp;&nbsp;&nbsp; (251516) | &nbsp;&nbsp;&nbsp; (2472849) |
|  | &nbsp;&nbsp; (73635) | &nbsp;&nbsp;&nbsp; $(706302) | &nbsp;&nbsp;&nbsp; (88153) | &nbsp;&nbsp;&nbsp; $(863162) |
|  | &nbsp;&nbsp; (1057088) | &nbsp;&nbsp;&nbsp; $(10206276) | &nbsp;&nbsp;&nbsp; (1991248) | &nbsp;&nbsp;&nbsp; $(20206533) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>11/30/25 | Six Months Ended <br>11/30/25 | Year Ended <br>05/31/25 | Year Ended <br>05/31/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Strategic Municipal Opportunities  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 43000045 | &nbsp;&nbsp;&nbsp; $438877841 | &nbsp;&nbsp;&nbsp; 90882203 | &nbsp;&nbsp;&nbsp; $954312218 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 4529621 | &nbsp;&nbsp;&nbsp; 46476279 | &nbsp;&nbsp;&nbsp; 9140497 | &nbsp;&nbsp;&nbsp; 96174236 |
| Shares redeemed | &nbsp;&nbsp; (63163982) | &nbsp;&nbsp;&nbsp; (645155269) | &nbsp;&nbsp;&nbsp; (107592239) | &nbsp;&nbsp;&nbsp; (1126876315) |
|  | &nbsp;&nbsp; (15634316) | &nbsp;&nbsp;&nbsp; $(159801149) | &nbsp;&nbsp;&nbsp; (7569539) | &nbsp;&nbsp;&nbsp; $(76389861) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 3281448 | &nbsp;&nbsp;&nbsp; $33745748 | &nbsp;&nbsp;&nbsp; 7640062 | &nbsp;&nbsp;&nbsp; $80595970 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 873912 | &nbsp;&nbsp;&nbsp; 8961629 | &nbsp;&nbsp;&nbsp; 1969382 | &nbsp;&nbsp;&nbsp; 20728346 |
| Shares redeemed | &nbsp;&nbsp; (8394748) | &nbsp;&nbsp;&nbsp; (85978871) | &nbsp;&nbsp;&nbsp; (21759160) | &nbsp;&nbsp;&nbsp; (229392022) |
|  | &nbsp;&nbsp; (4239388) | &nbsp;&nbsp;&nbsp; $(43271494) | &nbsp;&nbsp;&nbsp; (12149716) | &nbsp;&nbsp;&nbsp; $(128067706) |
| Investor A1 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 16962 | &nbsp;&nbsp;&nbsp; $178473 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 13590 | &nbsp;&nbsp;&nbsp; 139431 | &nbsp;&nbsp;&nbsp; 29156 | &nbsp;&nbsp;&nbsp; 306911 |
| Shares redeemed | &nbsp;&nbsp; (111275) | &nbsp;&nbsp;&nbsp; (1135225) | &nbsp;&nbsp;&nbsp; (192097) | &nbsp;&nbsp;&nbsp; (2032220) |
|  | &nbsp;&nbsp; (97685) | &nbsp;&nbsp;&nbsp; $(995794) | &nbsp;&nbsp;&nbsp; (145979) | &nbsp;&nbsp;&nbsp; $(1546836) |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 99942 | &nbsp;&nbsp;&nbsp; $1027369 | &nbsp;&nbsp;&nbsp; 209618 | &nbsp;&nbsp;&nbsp; $2220057 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 36810 | &nbsp;&nbsp;&nbsp; 377388 | &nbsp;&nbsp;&nbsp; 100811 | &nbsp;&nbsp;&nbsp; 1062793 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (753024) | &nbsp;&nbsp;&nbsp; (7723962) | &nbsp;&nbsp;&nbsp; (2073210) | &nbsp;&nbsp;&nbsp; (21885330) |
|  | &nbsp;&nbsp; (616272) | &nbsp;&nbsp;&nbsp; $(6319205) | &nbsp;&nbsp;&nbsp; (1762781) | &nbsp;&nbsp;&nbsp; $(18602480) |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 11/30/25 | Six Months Ended<br> 11/30/25 | Year Ended<br> 05/31/25 | Year Ended<br> 05/31/25 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Strategic Municipal Opportunities (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 499378 | &nbsp;&nbsp;&nbsp; $5090210 | &nbsp;&nbsp;&nbsp; 2167183 | &nbsp;&nbsp;&nbsp; $22621027 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 88241 | &nbsp;&nbsp;&nbsp; 905325 | &nbsp;&nbsp;&nbsp; 199929 | &nbsp;&nbsp;&nbsp; 2106903 |
| Shares redeemed | &nbsp;&nbsp; (1200437) | &nbsp;&nbsp;&nbsp; (12305190) | &nbsp;&nbsp;&nbsp; (6001949) | &nbsp;&nbsp;&nbsp; (63294025) |
|  | &nbsp;&nbsp; (612818) | &nbsp;&nbsp;&nbsp; $(6309655) | &nbsp;&nbsp;&nbsp; (3634837) | &nbsp;&nbsp;&nbsp; $(38566095) |
|  | &nbsp;&nbsp; (21200479) | &nbsp;&nbsp;&nbsp; $(216697297) | &nbsp;&nbsp;&nbsp; (25262852) | &nbsp;&nbsp;&nbsp; $(263172978) |

---

As of November 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

<u> *Fund Name* </u> <u> *Class K* </u> <br> New Jersey Municipal Bond 18,124

***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Compensation to the independent directors/trustees of the Trusts is paid by the Trusts, on behalf of the Funds.

**Dividend Policy**

Each Fund's dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including return of capital. The Funds' current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Willkie Farr & Gallagher LLP

New York, NY 10019

**Address of the Funds**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Disclosure of Investment Advisory Agreements

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of each of BlackRock California Municipal Series Trust (the "California Municipal Series Trust"), BlackRock Multi-State Municipal Series Trust (the "Multi-State Municipal Series Trust") and BlackRock Municipal Series Trust (the "Municipal Series Trust" and collectively with the California Municipal Series Trust and Multi-State Municipal Series Trust, the "Trusts" and each, a "Trust") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreements (the "Agreements") between the California Municipal Series Trust, on behalf of BlackRock California Municipal Opportunities Fund (the "California Municipal Opportunities Fund"), the Multi-State Municipal Series Trust, on behalf of BlackRock New Jersey Municipal Bond Fund (the "New Jersey Municipal Bond Fund") and BlackRock Pennsylvania Municipal Bond Fund (the "Pennsylvania Municipal Bond Fund"), the Municipal Series Trust, on behalf of BlackRock Strategic Municipal Opportunities Fund (the "Strategic Municipal Opportunities Fund" and collectively with the California Municipal Opportunities Fund, New Jersey Municipal Bond Fund and Pennsylvania Municipal Bond Fund, the "Funds" and each, a "Fund"), and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), each Fund's investment advisor.

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of each Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreements (continued)

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of each Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, the California Municipal Opportunities Fund ranked in the first, second and first quartiles, respectively, against its Performance Peers.

The Board noted that for the one-, three- and five-year periods reported, the New Jersey Municipal Bond Fund ranked in the third, third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the New Jersey Municipal Bond Fund's underperformance relative to its Performance Peers during the applicable periods.

The Board noted that for the one-, three- and five-year periods reported, the Pennsylvania Municipal Bond Fund ranked in the first, third and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Pennsylvania Municipal Bond Fund's underperformance relative to its Performance Peers during the applicable periods.

The Board noted that for the one-, three- and five-year periods reported, the Strategic Municipal Opportunities Fund ranked in the first, third and fourth quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Strategic Municipal Opportunities Fund's underperformance relative to its Performance Peers during the applicable periods.

Disclosure of Investment Advisory Agreements

------

Disclosure of Investment Advisory Agreements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the California Municipal Opportunities Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the California Municipal Opportunities Fund's Expense Peers. The Board also noted that the California Municipal Opportunities Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the California Municipal Opportunities Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the California Municipal Opportunities Fund decreases below certain contractually specified levels. In addition, the Board noted that BlackRock and the Board have contractually agreed to a cap on the California Municipal Opportunities Fund's total expenses as a percentage of the California Municipal Opportunities Fund's average daily net assets on a class-by-class basis.

The Board noted that the New Jersey Municipal Bond Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the New Jersey Municipal Bond Fund's Expense Peers. The Board also noted that the New Jersey Municipal Bond Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the New Jersey Municipal Bond Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the New Jersey Municipal Bond Fund decreases below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the New Jersey Municipal Bond Fund's total expenses as a percentage of the New Jersey Municipal Bond Fund's average daily net assets on a class-by-class basis.

The Board noted that the Pennsylvania Municipal Bond Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Pennsylvania Municipal Bond Fund's Expense Peers. The Board also noted that the Pennsylvania Municipal Bond Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Pennsylvania Municipal Bond Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Pennsylvania Municipal Bond Fund decreases below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Pennsylvania Municipal Bond Fund's total expenses as a percentage of the Pennsylvania Municipal Bond Fund's average daily net assets on a class-by-class basis.

The Board noted that the Strategic Municipal Opportunities Fund's contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile relative to the Strategic Municipal Opportunities Fund's Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that BlackRock believes are generally similar to the Strategic Municipal Opportunities Fund. The Board noted that the Strategic Municipal Opportunities Fund's actual management fee rate and total expense ratio ranked in the second and third quartiles, respectively, relative to the supplemental peer group. The Board further noted that the Strategic Municipal Opportunities Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Strategic Municipal Opportunities Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Strategic Municipal Opportunities

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreements (continued)

Fund decreases below certain contractually specified levels. The Board further noted that BlackRock had contractually agreed to waive a portion of the advisory fee payable by the Strategic Municipal Opportunities Fund.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to each Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Agreements between the Manager and each Trust, on behalf the Trust's respective Fund(s), for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreements

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| BAM-TCRS | Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| 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 | GTD Guaranteed |
| HUD SECT 8 | U.S. Department of Housing and Urban Development <br> Section 8<br>|
| M/F | Multi-Family |
| MT | Mandatory Tender |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| SAW | State Aid Withholding |
| SCH BD RES FD | School Board Resolution Fund |
| ST | Special Tax |
| TA | Tax Allocation |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

![](g37934imgc78b70402.jpg)

![](g37934imgdcbef3ba1.jpg)

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

(a)(3) [Section 302 Certifications are attached](d37934dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Section 906 Certifications are attached](d37934dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Multi-State Municipal Series Trust

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Multi-State Municipal Series Trust |

---

Date: January 21, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Multi-State Municipal Series Trust |

---

Date: January 21, 2026

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Multi-State Municipal Series Trust |

---

Date: January 21, 2026

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Multi-State Municipal Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Multi-State Municipal Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 21, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Multi-State Municipal Series Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Multi-State Municipal Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Multi-State Municipal Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 21, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Multi-State Municipal Series Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Multi-State Municipal Series Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended November 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 21, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Multi-State Municipal Series Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Multi-State Municipal Series Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended November 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 21, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Multi-State Municipal Series Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**