# EDGAR Filing Document

**Accession Number:** 0000799113
**File Stem:** 0001193125-23-021228
**Filing Date:** 2023-2
**Character Count:** 558110
**Document Hash:** b4d2a70523954ec3d1adb8f81e4e8242
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-021228.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001193125-23-021228

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000799113
- **IRS NUMBER:** 226419427
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04802
- **FILM NUMBER:** 23575884

**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:** BLACKROCK INTERMEDIATE MUNICIPAL FUND OF BLACKROCK MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH MUNICIPAL INTERMEDIATE TERM FUND OF MERRILL LYNCH MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20051216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH MUN INTERM TERM FD OF ML MUN SER TR
- **DATE OF NAME CHANGE:** 19931123

## Series and Classes Contracts Data

### BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust (Series ID: S000004053)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011339 | Investor A1   |  |
| C000011342 | Institutional |  |
| C000038983 | Investor A    |  |
| C000038984 | Investor C    |  |
| C000199785 | Class K       |  |

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: 811-04802

Name of Fund: BlackRock Municipal Series Trust

BlackRock Strategic Municipal Opportunities Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Series Trust, 55 East 52<sup>nd</sup> Street, New York, NY 10055

Registrant's telephone number, including area code: (800) 441-7762

Date of fiscal year end: 05/31/2023

Date of reporting period: 11/30/2022

------

Item 1 – Report to Stockholders

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

------

---

| | |
|:---|:---|
| ![LOGO](g423764g42l24.jpg)  | **NOVEMBER 30, 2022** |

---

**2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**BlackRock California Municipal Series Trust** 

· BlackRock California Municipal Opportunities Fund

**BlackRock Multi-State Municipal Series Trust** 

· BlackRock New Jersey Municipal Bond Fund

· BlackRock Pennsylvania Municipal Bond Fund

**BlackRock Municipal Bond Fund, Inc.** 

· BlackRock Impact Municipal Fund

**BlackRock Municipal Series Trust** 

· BlackRock Strategic Municipal Opportunities Fund

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

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended November 30, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates six times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but this prospect has not yet been fully priced in by markets. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

![LOGO](g423764sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g423764photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (0.40)% | &nbsp;&nbsp;&nbsp;&nbsp;(9.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | 1.98 | (13.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (3.59) | (10.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (8.15) | (17.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (5.33) | (15.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (4.06) | (12.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (1.43) | &nbsp;&nbsp;&nbsp;&nbsp;(8.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (2.87) | &nbsp;&nbsp;&nbsp;&nbsp;(8.95) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx423764_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx423764_2) | 4 |
|  [About Fund Performance](#tx423764_3) | 19 |
|  [Disclosure of Expenses](#tx423764_4) | 20 |
|  [The Benefits and Risks of Leveraging](#tx423764_5) | 21 |
|  [Derivative Financial Instruments](#tx423764_6) | 21 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx423764_7) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx423764_8) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx423764_9) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx423764_10) | 68 |
|  [Financial Highlights](#tx423764_11) | 71 |
|  [Notes to Financial Statements](#tx423764_12) | 96 |
|  [Statement Regarding Liquidity Risk Management Program](#tx423764_13) | 110 |
|  [Additional Information](#tx423764_14) | 111 |
|  [Glossary of Terms Used in this Report](#tx423764_15) | 113 |

---

![LOGO](g423764snap03.jpg)

3.0 ------

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock California Municipal Opportunities Fund** |

---

**Investment Objective** 

**BlackRock California Municipal Opportunities Fund's (the "Fund")** investment objective is to provide shareholders with income exempt from Federal and California income taxes.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund's Class K Shares outperformed its primary benchmark, a customized weighted index comprised of 85% Bloomberg Municipal Bond: California Exempt Total Return Index Unhedged USD/10% California Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index California Taxable Bonds Total Return Index Value (the "California Customized Reference Benchmark"), while the Fund's Investor A and Investor C Shares underperformed its primary benchmark and the Fund's Institutional and Investor A1 Shares performed in line. For the same period, the Fund's Institutional and Class K Shares outperformed its secondary benchmark, the Bloomberg Municipal Bond Index, while the Investor A1 Shares performed in line. For the same period, the Fund's Investor A and Investor C Shares underperformed its secondary benchmark. The following discussion of relative performance pertains to the California Customized Reference Benchmark.

**What factors influenced performance?** 

Both the national and California municipal markets posted modestly negative returns during the period, as the benefit of income was offset by the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed.

In terms of the Fund's relative performance, the investment adviser's use of U.S. Treasury futures to manage interest rate risk was the strongest contributor to performance in the rising rate environment. The Fund's cash position, while limited, also contributed at a time of broader market weakness. Security selection in the school districts sector was an additional contributor of note.

On the other hand, the Fund's holdings in longer-maturity and longer-duration securities detracted from results. (Duration is a measure of interest rate sensitivity.) Its holdings in high-yield (non- investment-grade) bonds also lagged given that yield spreads widened. Specifically, the workforce housing sector—which makes up a large portion of the Fund's high yield position—experienced poor performance. At the individual security level, Puerto Rico Electric Power Authority was a particularly weak performer as the territory's financial picture remained challenged.

The Fund's holdings in taxable and corporate-backed securities also detracted. Selection in state general obligation debt further detracted, as did an overweight in the utilities sector.

The Fund's use of leverage, while augmenting income, hurt results by amplifying the effect of falling prices.

**Describe recent portfolio activity.** 

The Fund continued to seek a balance of competitive total return and tax-free income using an active strategy designed to capitalize on credit, yield curve and interest rate trends.

The investment adviser actively adjusted the portfolio's positioning in response to the shifting market environment. Most notably, the Fund's cash reserves were put to work in an effort to capitalize on falling prices and widening yield spreads. It also sought to harvest tax losses where appropriate and redeploy the proceeds into higher-yielding securities.

**Describe portfolio positioning at period end.** 

The Fund's duration was 6.9 years, 0.5 years below the index and down from 9.0 on May 31, 2021. The underweight to duration was largely achieved through the use of the interest-rate risk management strategies.

The Fund maintained a high-quality bias, with an average credit rating of AA. However, the Fund held 13.4% of its assets in high yield bonds. At the close of the period, 12.5% of the portfolio was subject to the alternative minimum tax and 5% was invested in taxable securities.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

4 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock California Municipal Opportunities Fund** |

---

**Performance** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *Standardized<br>30-Day Yields* | *Unsubsidized<br>30-Day Yields* | *6-Month*<br> *Total*<br> *Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | 3.56% | 3.54% | (1.37)% | (8.11)% | N/A | 1.21% | N/A | 2.04% | N/A |
|  Investor A | 3.18 | 3.16 | (1.50) | (8.27) | (12.17)% | 0.96 | 0.09% | 1.81 | 1.36% |
|  Investor A1 | 3.33 | 3.31 | (1.42) | (8.12) | N/A | 1.12 | N/A | 1.96 | N/A |
|  Investor C | 2.58 | 2.56 | (1.87) | (9.03) | (9.92) | 0.20 | 0.20 | 1.20 | 1.20 |
|  Class K | 3.60 | 3.57 | (1.27) | (7.98) | N/A | 1.27 | N/A | 2.08 | N/A |
|  **California Customized Reference Benchmark<sup>(c)</sup>**  |  |  | (1.39) | (9.58) | N/A | 1.37 | N/A | N/A | N/A |
|  **Bloomberg Municipal Bond Index<sup>(d)</sup>**  |  |  | (1.43) | (8.64) | N/A | 1.40 | N/A | 1.98 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal circumstances, the Fund will invest at least 80% of its assets in California municipal bonds. The Fund's returns prior to January 26, 2015 are the returns of the Fund when it followed different investment strategies under the name BlackRock California Municipal Bond Fund. 

<sup>(c)</sup> Acustomized weighted index comprised of 85% Bloomberg Municipal Bond: California Exempt Total Return Index Unhedged USD/10% California Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index California Taxable Bonds Total Return Index Value (the "California Customized Reference Benchmark"). The California Customized Reference Benchmark commenced on September 30, 2016. 

<sup>(d)</sup> An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

N/A— Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |
|  | | | Expenses Paid During the<br> Period | Expenses Paid During the<br> Period | | Including Interest<br> Expense<br> and Fees | Including Interest<br> Expense<br> and Fees | Excluding Interest<br> Expense<br> and Fees | Excluding Interest<br> Expense<br> and Fees | Annualized Expense Ratio | Annualized Expense Ratio |
|  | *Beginning*<br>*Account*<br>*Value*<br>*(06/01/22)* | *Ending*<br>*Account*<br>*Value*<br>*(11/30/22)* | *Including*<br>*Interest*<br>*Expense*<br>*and Fees* <br>*<sup>(a)</sup>* | *Excluding*<br>*Interest*<br>*Expense*<br>*and Fees* <br>*<sup>(a)</sup>* | *Beginning*<br>*Account*<br>*Value*<br>*(06/01/22)* | *Ending*<br>*Account*<br>*Value*<br>*(11/30/22)* | *Expenses*<br>*Paid*<br>*During*<br>*the*<br>*Period* <br>*<sup>(a)</sup>* | *Ending*<br>*Account*<br>*Value*<br>*(11/30/22)* | *Expenses*<br>*Paid*<br>*During the*<br>*Period* <br>*<sup>(a)</sup>* | *Including*<br>*Interest*<br>*Expense*<br>*and Fees* | *Excluding*<br>*Interest*<br>*Expense*<br>*and Fees* |
|  Institutional | $1000.00 | $986.30 | $3.04 | $2.19 | $1000.00 | $1022.01 | $3.09 | $1022.86 | $2.23 | 0.61% | 0.44% |
|  Investor A | 1000.00 | 985.00 | 4.28 | 3.38 | 1000.00 | 1020.76 | 4.36 | 1021.66 | 3.44 | 0.86 | 0.68 |
|  Investor A1 | 1000.00 | 985.80 | 3.48 | 2.64 | 1000.00 | 1021.56 | 3.55 | 1022.41 | 2.69 | 0.70 | 0.53 |
|  Investor C | 1000.00 | 981.30 | 8.00 | 7.15 | 1000.00 | 1017.00 | 8.14 | 1017.85 | 7.28 | 1.61 | 1.44 |
|  Class K | 1000.00 | 987.30 | 2.79 | 1.94 | 1000.00 | 1022.26 | 2.84 | 1023.11 | 1.98 | 0.56 | 0.39 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

F U N D S U M M A R Y 5

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock California Municipal Opportunities Fund** |

---

**Portfolio Information** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)(b)</sup>* | *Percent of*<br> *Total Investments* |
|  Utilities | 30.9% |
|  County/City/Special District/School District | 20.8 |
|  Transportation | 13.7 |
|  State | 11.3 |
|  Education | 9.8 |
|  Health | 6.4 |
|  Housing | 3.8 |
|  Tobacco | 1.9 |
|  Corporate | 1.4 |
|  Health Care Providers & Services | — <sup>(c)</sup> |

---

**CALL/MATURITY SCHEDULE** 

---

| | |
|:---|:---|
| *Calendar Year Ended December 31,<sup>(a)(d)</sup>* | *Percentage* |
| 2022 | 0.3% |
| 2023 | 3.1 |
| 2024 | 0.9 |
| 2025 | 0.6 |
| 2026 | 11.3 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(e)</sup>* | *Percent of*<br> *Total Investments* |
|  AAA/Aaa | 14.5% |
|  AA/Aa | 61.5 |
|  A | 9.9 |
|  BBB/Baa | 1.1 |
|  BB/Ba | 0.2 |
|  CCC/Caa | 0.1 |
|  N/R<sup>(f)</sup>  | 12.7 |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

<sup>(c)</sup> Rounds to less than 0.1%. 

<sup>(d)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(e)</sup> For financial reporting purposes, 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>(f)</sup> The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund's total investments. 

6 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock New Jersey Municipal Bond Fund** |

---

**Investment Objective** 

**BlackRock New Jersey Municipal Bond Fund's (the "Fund")** investment objective is to provide shareholders with income exempt from Federal income tax and New Jersey personal income taxes.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its primary benchmark, a customized weighted index comprised of 90% Bloomberg Municipal Bond: New Jersey Exempt Total Return Index Unhedged USD/10% New Jersey Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the "New Jersey Customized Reference Benchmark"), as well as its secondary benchmark, the Bloomberg Municipal Bond Index. The following discussion of relative performance pertains to the New Jersey Customized Reference Benchmark.

**What factors influenced performance?** 

Both the national and New Jersey municipal markets posted modestly negative returns for the reporting period, as the benefit of income was offset by the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed.

The Fund's overweight to duration and holdings in longer-term bonds were key detractors from relative performance, as were overweight allocations to the corporate-backed, healthcare and state tax-backed sectors. (Duration is a measure of interest rate sensitivity.) Within the tax-backed states sector, the Fund held an out-of-benchmark allocation to Puerto Rico.

On the positive side, holdings in cash and pre-refunded bonds contributed due to their low duration and the higher yields available on short-term investments following the Fed's long series of interest rate hikes. Underweights in the transportation and high yield tobacco sectors helped relative performance, as well. The Fund used U.S. Treasury futures to manage interest-rate risk, which was also additive to performance given that yields rose.

**Describe recent portfolio activity.** 

The investment adviser's activity was focused on reducing the portfolio's duration. It achieved this by selling long-term issues, eliminating leverage, selling bonds with lower coupons and raising cash levels. In addition, it sought to harvest tax losses and swap into higher-yielding securities. While these steps led to a meaningful reduction in duration, the Fund was nonetheless slightly overweight to duration at the close of the period. The Fund also continued to have an overweight in long-term bonds. At the sector level, the Fund's weightings in airports increased, while its holdings in lower-coupon general obligation bonds declined.

**Describe portfolio positioning at period end.** 

The Fund's cash weighting stood at 8%, above typical levels. The investment adviser maintained an elevated cash position to help preserve capital in a time of heightened volatility and poor market performance. In addition, cash started to provide a source of income as the Fed aggressively raised interest rates.

The Fund maintained underweights in airport and toll road issues, both of which have large index weightings. Conversely, it was overweight in local general obligations, charter schools, school districts and hospitals. The Fund was overweight in bonds with maturities of 20 years and longer to capture their higher income, and it was underweight in shorter maturities. The Fund maintained a barbell approach to credit positioning, with overweights in AAAs, AAs and non-rated bonds, together with underweights in As and BBBs.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

F U N D S U M M A R Y 7

------

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock New Jersey Municipal Bond Fund** |

---

**Performance** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | |  | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | | |  | 1 Year | 1 Year |  | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *Standardized*<br> *30-Day Yields* | *Unsubsidized*<br> *30-Day Yields* | *6-Month*<br> *Total*<br> *Returns* | | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional | 3.41% | 3.22% | (2.20)% |  | (10.18)% | N/A |  | 1.22% | N/A | 1.99% | N/A |
|  Service | 3.17 | 2.98 | (2.32) |  | (10.40) | N/A |  | 0.97 | N/A | 1.79 | N/A |
|  Investor A | 3.03 | 2.89 | (2.32) |  | (10.39) | (14.19)% |  | 0.97 | 0.10% | 1.79 | 1.35% |
|  Investor A1 | 3.18 | 3.04 | (2.24) |  | (10.16) | N/A |  | 1.14 | N/A | 1.95 | N/A |
|  Investor C | 2.43 | 2.28 | (2.69) |  | (11.07) | (11.94) |  | 0.22 | 0.22 | 1.17 | 1.17 |
|  Class K | 3.46 | 3.32 | (2.17) |  | (10.13) | N/A |  | 1.27 | N/A | 2.01 | N/A |
|  **New Jersey Customized Reference Benchmark<sup>(c)</sup>** |  |  | (0.89) |  | (8.54) | N/A |  | 2.37 | N/A | N/A | N/A |
|  **Bloomberg Municipal Bond Index<sup>(d)</sup>** |  |  | (1.43) |  | (8.64) | N/A |  | 1.40 | N/A | 1.98 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal circumstances, the Fund will invest at least 80% of its assets in New Jersey municipal bonds. 

<sup>(c)</sup> A customized weighted index comprised of 90% Bloomberg Municipal Bond: New Jersey Exempt Total Return Index Unhedged USD/10% New Jersey Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the "New Jersey Customized Reference Benchmark"). The New Jersey Customized Reference Benchmark commenced on September 30, 2016. 

<sup>(d)</sup> An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

N/A— Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |
|  | | | Expenses Paid During the<br> Period | Expenses Paid During the<br> Period | | Including Interest<br> Expense<br> and Fees | Including Interest<br> Expense<br> and Fees | Excluding Interest<br> Expense<br> and Fees | Excluding Interest<br> Expense<br> and Fees | Annualized Expense Ratio | Annualized Expense Ratio |
|  | *Beginning*<br> *Account*<br> *Value*<br> *(06/01/22*<br>*)*  | *Ending*<br> *Account*<br> *Value*<br> *(11/30/22*<br>*)*  | *Including*<br> *Interest*<br> *Expense*<br> *and Fees*<br>*<sup>(a)</sup>*  | *Excluding*<br> *Interest*<br> *Expense*<br> *and Fees*<br>*<sup>(a)</sup>*  | *Beginning*<br> *Account*<br> *Value*<br> *(06/01/22*<br>*)*  | *Ending*<br> *Account*<br> *Value*<br> *(11/30/22*<br>*)*  | *Expenses*<br> *Paid*<br> *During*<br> *the*<br> *Period*<br>*<sup>(a)</sup>*  | *Ending*<br> *Account*<br> *Value*<br> (11/30/22)  | *Expenses*<br> *Paid*<br> *During*<br> *the*<br> *Period*<br>*<sup>(a)</sup>*  | *Including*<br> *Interest*<br> *Expense*<br> and Fees | *Excluding*<br> *Interest*<br> *Expense*<br> and Fees |
|  Institutional | $1000.00 | $978.00 | $2.88 | $2.58 | $1000.00 | $1022.16 | $2.94 | $1022.46 | $2.64 | 0.58% | 0.52% |
|  Service | 1000.00 | 976.80 | 4.11 | 3.82 | 1000.00 | 1020.91 | 4.20 | 1021.21 | 3.90 | 0.83 | 0.77 |
|  Investor A | 1000.00 | 976.80 | 4.11 | 3.82 | 1000.00 | 1020.91 | 4.20 | 1021.21 | 3.90 | 0.83 | 0.77 |
|  Investor A1 | 1000.00 | 977.60 | 3.37 | 3.07 | 1000.00 | 1021.66 | 3.45 | 1021.96 | 3.14 | 0.68 | 0.62 |
|  Investor C | 1000.00 | 973.10 | 7.82 | 7.52 | 1000.00 | 1017.15 | 7.99 | 1017.45 | 7.69 | 1.58 | 1.52 |
|  Class K | 1000.00 | 978.30 | 2.63 | 2.33 | 1000.00 | 1022.41 | 2.69 | 1022.71 | 2.38 | 0.53 | 0.47 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

8 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock New Jersey Municipal Bond Fund** |

---

**Portfolio Information** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)(b)</sup>* | *Percent of*<br> *Total Investments* |
|  State | 25.0% |
|  Transportation | 18.9 |
|  Health | 17.4 |
|  Education | 16.1 |
|  County/City/Special District/School District | 14.8 |
|  Housing | 3.2 |
|  Corporate | 2.9 |
|  Tobacco | 1.4 |
|  Utilities | 0.3 |

---

**CALL/MATURITY SCHEDULE** 

---

| | |
|:---|:---|
| *Calendar Year Ended December 31,<sup>(a)(c)</sup>* | *Percentage* |
| 2022 | 4.8% |
| 2023 | 8.9 |
| 2024 | 18.3 |
| 2025 | 4.9 |
| 2026 | 11.8 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(d)</sup>* | *Percent of*<br> *Total Investments* |
|  AAA/Aaa | 3.3% |
|  AA/Aa | 43.7 |
|  A | 40.4 |
|  BBB/Baa | 6.8 |
|  BB/Ba | 0.4 |
|  B | 0.1 |
|  N/R<sup>(e)</sup>  | 5.3 |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

<sup>(c)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(d)</sup> For financial reporting purposes, 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>(e)</sup> The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund's total investments. 

F U N D S U M M A R Y 9

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Pennsylvania Municipal Bond Fund** |

---

**Investment Objective** 

**BlackRock Pennsylvania Municipal Bond Fund's (the "Fund")** investment objective is to provide shareholders with income exempt from Federal income tax and Pennsylvania personal income taxes.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its primary benchmark, a customized weighted index comprised of 90% Bloomberg Pennsylvania Total Return Index Unhedged USD/10% Pennsylvania Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the "Pennsylvania Customized Reference Benchmark"), as well as its secondary benchmark, the Bloomberg Municipal Bond Index. The following discussion of relative performance pertains to the Pennsylvania Customized Reference Benchmark.

**What factors influenced performance?** 

Both the national and Pennsylvania municipal markets posted modestly negative returns for the reporting period, as the benefit of income was offset by the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed.

On a sector basis, overweight positions in school districts, higher education, utilities and local tax-backed securities detracted from relative performance. An out-of-benchmark allocation to Puerto Rico detracted, as well. The Fund's overweight to duration (interest rate sensitivity) and holdings in longer-term bonds were further detractors of note.

On the other hand, an underweight in healthcare—together with a higher-quality bias in the sector—contributed. The investment adviser's use of U.S. Treasury futures to manage interest rate risk was the strongest contributor to performance in the rising rate environment. The Fund's cash position, while limited, also contributed at a time of broader market weakness.

**Describe recent portfolio activity.** 

The investment adviser's activity was focused on reducing the portfolio's duration. It achieved this by selling long-term issues, eliminating leverage, selling bonds with lower coupons and raising cash levels. In addition, it sought to harvest tax losses and swap into higher-yielding securities. While these steps led to a meaningful reduction in duration, the Fund was nonetheless slightly overweight to duration at the close of the period. The Fund also continued to have an overweight in long-term bonds. At the sector level, the Fund's weightings in pre-refunded bonds, floating-rate notes and cash increased, while its holdings in hospitals, airports and lease-backed securities declined.

**Describe portfolio positioning at period end.** 

The Fund's cash weighting stood at 8%, above typical levels. The investment adviser maintained an elevated cash position to help preserve capital in a time of heightened volatility and poor market performance. In addition, cash started to provide a source of income as the Fed aggressively raised interest rates.

The Fund was overweight in longer-term debt. On a sector basis, the Fund was overweight in school districts, private universities and public universities. It was underweight in general obligations, hospitals and toll roads. In terms of credit quality, the portfolio was overweight in high yield bonds and BBBs, and it was underweight in those rated AA and A.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

10 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Pennsylvania Municipal Bond Fund** |

---

**Performance** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *Standardized<br>30-Day Yields* | *Unsubsidized<br>30-Day Yields* | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | 3.54% | 3.33% | (3.38)% | (11.46)% | N/A | 0.56% | N/A | 1.55% | N/A |
|  Service | 3.30 | 3.15 | (3.50) | (11.67) | N/A | 0.30 | N/A | 1.33 | N/A |
|  Investor A | 3.16 | 3.06 | (3.50) | (11.66) | (15.41)% | 0.30 | (0.57)% | 1.33 | 0.89% |
|  Investor A1 | 3.31 | 3.18 | (3.52) | (11.61) | N/A | 0.45 | N/A | 1.48 | N/A |
|  Investor C | 2.56 | 2.43 | (3.86) | (12.33) | (13.19) | (0.43) | (0.43) | 0.71 | 0.71 |
|  Class K | 3.59 | 3.48 | (3.36) | (11.41) | N/A | 0.61 | N/A | 1.57 | N/A |
|  **Pennsylvania Customized Reference Benchmark<sup>(c)</sup>**  |  |  | (2.13) | (9.61) | N/A | 1.60 | N/A | N/A | N/A |
|  **Bloomberg Municipal Bond Index<sup>(d)</sup>**  |  |  | (1.43) | (8.64) | N/A | 1.40 | N/A | 1.98 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal circumstances, the Fund will invest at least 80% of its assets in Pennsylvania municipal bonds. 

<sup>(c)</sup> A customized weighted index comprised of 90% Bloomberg Pennsylvania Total Return Index Unhedged USD/10% Pennsylvania Bloomberg Municipal Bond: High Yield (non- Investment Grade) Total Return Index (the "Pennsylvania Customized Reference Benchmark") .The Pennsylvania Customized Reference Benchmark commenced on September 30, 2016. 

<sup>(d)</sup> An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

N/A— Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Actual | | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |
|  | | | Expenses Paid During<br>the Period | Expenses Paid During<br>the Period | Expenses Paid During<br>the Period | | Including Interest<br>Expense<br>and Fees | Including Interest<br>Expense<br>and Fees |  | Excluding Interest<br>Expense<br>and Fees | Excluding Interest<br>Expense<br>and Fees | Annualized Expense Ratio | Annualized Expense Ratio |
|  | *Beginning*<br>*Account*<br>*Value*<br>*(06/01/22*<br>*)* | *Ending*<br>*Account*<br>*Value<br>(11/30/22*<br>*)*  | *Including*<br>*Interest*  *Expense*<br>*and Fees* | <br>*<sup>(a)</sup>*  | *Excluding*<br>*Interest*<br>*Expense*<br>*and Fees* <br>*<sup>(a)</sup>* | *Beginning*<br>*Account*<br>*Value*<br>*(06/01/22*<br>*)* | *Ending*<br>*Account*<br>*Value*<br>*(11/30/22*<br>*)* | *Expenses*<br>*Paid*<br>*During*  *the*<br>*Period* | <br>*<sup>(a)</sup>*  | *Ending*<br>*Account*<br>*Value*<br>*(11/30/22*<br>*)* | *Expenses*<br>*Paid* *During*<br> *the*<br>*Period*<br>*<sup>(a)</sup>*  | *Including*<br>*Interest*<br>*Expense*<br>*and Fees* | *Excluding*<br>*Interest*<br>*Expense*<br>*and Fees* |
|  Institutional | $1000.00 | $966.20 | $3.01 |  | $2.66 | $1000.00 | $1022.01 | $3.09 |  | $1022.36 | $2.74 | 0.61% | 0.54% |
|  Service | 1000.00 | 965.00 | 4.24 |  | 3.89 | 1000.00 | 1020.76 | 4.36 |  | 1021.11 | 4.00 | 0.86 | 0.79 |
|  Investor A | 1000.00 | 965.00 | 4.19 |  | 3.84 | 1000.00 | 1020.81 | 4.31 |  | 1021.16 | 3.95 | 0.85 | 0.78 |
|  Investor A1 | 1000.00 | 964.80 | 3.50 |  | 3.15 | 1000.00 | 1021.51 | 3.60 |  | 1021.86 | 3.24 | 0.71 | 0.64 |
|  Investor C | 1000.00 | 961.40 | 7.92 |  | 7.57 | 1000.00 | 1017.00 | 8.14 |  | 1017.35 | 7.79 | 1.61 | 1.54 |
|  Class K | 1000.00 | 966.40 | 2.76 |  | 2.42 | 1000.00 | 1022.26 | 2.84 |  | 1022.61 | 2.48 | 0.56 | 0.49 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Pennsylvania Municipal Bond Fund** |

---

**Portfolio Information** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)(b)</sup>* | *Percent of<br>Total Investments* |
|  Education | 21.2% |
|  Health | 19.7 |
|  County/City/Special District/School District | 15.9 |
|  Transportation | 15.7 |
|  Utilities | 9.4 |
|  State | 8.2 |
|  Corporate | 6.0 |
|  Housing | 3.9 |

---

**CALL/MATURITY SCHEDULE** 

---

| | |
|:---|:---|
| *Calendar Year Ended December 31,<sup>(a)(c)</sup>* | *Percentage* |
| 2022 | 2.3% |
| 2023 | 8.7 |
| 2024 | 2.3 |
| 2025 | 10.6 |
| 2026 | 6.2 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(d)</sup>* | *Percent of<br>Total Investments* |
|  AAA/Aaa | 0.3% |
|  AA/Aa | 44.3 |
|  A | 30.5 |
|  BBB/Baa | 4.2 |
|  BB/Ba | 3.9 |
|  B | 0.5 |
|  N/R<sup>(e)</sup>  | 16.3 |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

<sup>(c)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(d)</sup> For financial reporting purposes, 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>(e)</sup> The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund's total investments. 

12 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Impact Municipal Fund** |

---

**Investment Objective** 

**BlackRock Impact Municipal Fund's (the "Fund")** investment objective is to seek to maximize income exempt from Federal income taxes while investing in municipal bonds the proceeds of which Fund management views as generating positive social and environmental impacts.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund outperformed its primary benchmark, a customized weighted index comprised of 65% Bloomberg Municipal Bond Index and 35% Bloomberg Municipal High Yield Bond Index (the "Customized Reference Benchmark") and one of its secondary benchmarks, the Bloomberg Municipal High Yield Bond Index. For the same period, the Fund underperformed its other secondary benchmark, the Bloomberg Municipal Bond Index. The following discussion of relative performance pertains to the Customized Reference Benchmark.

**What factors influenced performance?** 

Municipal bonds posted modestly negative returns in the semiannual period, as the benefit of income was offset by the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed.

In terms of the Fund's relative performance, the investment adviser's use of U.S. Treasury futures to manage interest rate risk was the strongest contributor in the rising rate environment. The Fund's overweight in higher-rated bonds and corresponding underweight in lower-rated issues also contributed to performance. Security selection in the education sector was an additional contributor. The Fund's cash position, while not a core aspect of its strategy, further helped results at a time of broader market weakness.

On the other hand, holdings in 4% coupon bonds—which underperformed due to their higher interest rate sensitivity—detracted. The Fund's yield curve positioning also hurt results due to the underperformance of its holdings in securities with maturities of 25 years and longer. In addition, an above-benchmark duration (interest-rate sensitivity) detracted at a time of rising rates.

**Describe recent portfolio activity.** 

As municipal yields rose, the investment adviser shifted the portfolio's holdings toward higher-coupon issues (5% and above) and away from those with lower coupons (largely 4%).

**Describe portfolio positioning at period end.** 

The Fund's cash position was slightly elevated at the end of November 2022. This reflected the investment adviser's decision to harvest tax losses by rotating out of lower-yielding and lower-coupon securities. The investment adviser also sought to keep some cash on hand to redeploy in the event of further market weakness.

The Fund was positioned with an overweight to duration and overweights in both investment-grade bonds and issues with maturities of 20 years and longer. The Fund was underweight in non- investment-grade bonds. Its leading sector overweights included utilities, housing and education, while its largest underweights were in state tax-backed and transportation issues.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

F U N D S U M M A R Y 13

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Impact Municipal Fund** |

---

**Performance** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Total Returns<sup>(a)(b)</sup> | Total Returns<sup>(a)(b)</sup> |
|  | | | | Since<br> Inception<sup>(c)</sup>  | Since<br> Inception<sup>(c)</sup>  |
|  | *Standardized<br>30-Day Yields* | *Unsubsidized<br>30-Day Yields* | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | 3.57% | 3.00% | (2.30)% | (3.88)% | N/A |
|  Investor A | 3.18 | 2.64 | (2.43) | (4.05) | (8.13)% |
|  Class K | 3.59 | 3.00 | (2.29) | (3.85) | N/A |
|  **Customized Reference Benchmark<sup>(d)</sup>**  |  |  | (2.50) | (5.61) | N/A |
|  **Bloomberg Municipal Bond Index<sup>(e)</sup>**  |  |  | (1.43) | (4.13) | N/A |
|  **Bloomberg Municipal High Yield Bond Index<sup>(f)</sup>**  |  |  | (4.50) | (8.36) | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees. 

<sup>(b)</sup> Under normal circumstances, the Fund invests 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds and derivatives with similar economic characteristics. 

<sup>(c)</sup> The Fund commenced operations on March 14, 2022.

<sup>(d)</sup> A customized weighted index comprised of 65% Bloomberg Municipal Bond Index/35% Bloomberg Municipal High Yield Bond Index (the "Customized Reference Benchmark"). 

<sup>(e)</sup> An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

<sup>(f)</sup> An index designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies.

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning*<br>*Account Value*<br>*(06/01/22*<br>*)* | *Ending*<br>*Account Value*<br>*(11/30/22*<br>*)* | *Expenses*<br>*Paid During*<br>*the Period* <br>*<sup>(a)</sup>* | *Beginning*<br>*Account Value*<br>*(06/01/22*<br>*)* | *Ending*<br>*Account Value*<br>*(11/30/22*<br>*)* | *Expenses*<br>*Paid During*<br>*the Period* <br>*<sup>(a)</sup>* | *Annualized*<br>*Expense*<br>*Ratio* |
|  Institutional | $1000.00 | $977.00 | $2.78 | $1000.00 | $1022.26 | $2.84 | 0.56% |
|  Investor A | 1000.00 | 975.70 | 4.01 | 1000.00 | 1021.01 | 4.10 | 0.81 |
|  Class K | 1000.00 | 977.10 | 2.63 | 1000.00 | 1022.41 | 2.69 | 0.53 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

14 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Impact Municipal Fund** |

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**Portfolio Information** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)(b)</sup>* | *Percent of<br>Total Investments* |
|  Utilities | 19.4% |
|  County/City/Special District/School District | 17.3 |
|  Health | 14.3 |
|  Education | 14.2 |
|  State | 10.7 |
|  Housing | 10.4 |
|  Transportation | 9.0 |
|  Corporate | 4.7 |

---

**CALL/MATURITY SCHEDULE** 

---

| | |
|:---|:---|
| *Calendar Year Ended December 31,<sup>(a)(c)</sup>* | *Percentage* |
| 2022 | 3.4% |
| 2023 |  |
| 2024 |  |
| 2025 |  |
| 2026 |  |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(d)</sup>* | *Percent of<br>Total Investments* |
|  AAA/Aaa | 11.2% |
|  AA/Aa | 53.8 |
|  A | 20.0 |
|  BBB/Baa | 6.7 |
|  BB/Ba | 1.1 |
|  B | 0.4 |
|  N/R | 6.8 |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

<sup>(c)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(d)</sup> For financial reporting purposes, 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. 

F U N D S U M M A R Y 15

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund** |

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**Investment Objective** 

**BlackRock Strategic Municipal Opportunities Fund's (the "Fund")** investment objective is to provide shareholders with a high level of income exempt from Federal income taxes.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its primary benchmark, a customized weighted index comprised of 72% Bloomberg Municipal Bond Index Total Return Index Value Unhedged/23% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index Taxable Bonds Total Return Index Value (the "Customized Reference Benchmark"), as well as its secondary benchmark, the Bloomberg Municipal Bond Index. The following discussion of relative performance pertains to the Customize Reference Benchmark.

**What factors influenced performance?** 

Municipal bonds posted modestly negative returns for the reporting period, as the benefit of income was offset by the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed.

The Fund's underperformance was largely driven by its longer duration stance relative to the benchmark. (Duration is a measure of interest-rate sensitivity.) Its overweight allocation to the long end of the yield curve—specifically, holdings in the 12-15 year range and those with maturities of 25 years and above—also detracted. From a credit standpoint, an overweight in AA rated issues hindered performance. Security selection in the housing, utilities and transportation sectors further detracted from results.

The Fund's use of U.S. Treasury futures to manage interest rate risk was the strongest contributor to performance in the rising rate environment. Security selection in healthcare also contributed, as did allocations to cash and pre-refunded bonds.

**Describe recent portfolio activity.** 

The Fund opened the period with a duration of 6.63 years and closed with a duration of 6.46 years. While the investment adviser maintained a long-duration positioning for much of the period, it took advantage of occasions of market strength to reduce duration. The portfolio's duration was below that its benchmark at the end of November 2022.

At the beginning of the period, the Fund's largest sector weightings were in transportation, housing and healthcare. The Fund subsequently increased its allocations to the state tax-backed, school district and housing sectors and decreased its weightings in the local tax-backed and transportation sectors.

With respect to credit tiers, the Fund maintained its largest allocations in AA and A rated bonds within the investment-grade category. About 26% of the Fund's assets were in high yield (below investment grade) securities, down from 28% at the start of the period, with an overweight allocation to Puerto Rico. The Fund sought to meet redemptions by selling B, BBB and not-rated issues. Conversely, it increased its holdings in AAA and AA rated securities.

The Fund held an allocation of approximately 41% to the long end of the yield curve (bonds with maturities of 20 years and above), down seven percentage points from the beginning of the period. Its weighting in taxable securities was 7.5%, versus 7.6% at the end of May 2022.

The Fund maintained a cash weighting above typical levels in response to continued industry-wide redemptions.

**Describe portfolio positioning at period end.** 

The Fund was overweight in the transportation and housing sectors and underweight in school districts and tax-backed issues. The Fund's average credit quality was AA-.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

16 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Strategic Municipal Opportunities Fund** |

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**Performance** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *Standardized*<br> *30-Day Yields* | *Unsubsidized*<br> *30-Day Yields* | *6-Month*<br> *Total*<br> *Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional | 3.22% | 3.17% | (3.60)% | (11.40)% | N/A | 0.50% | N/A | 1.78% | N/A |
|  Investor A | 2.88 | 2.84 | (3.71) | (11.60) | (15.36)% | 0.26 | (0.60)% | 1.55 | 1.11% |
|  Investor A1 | 3.11 | 3.06 | (3.55) | (11.46) | N/A | 0.43 | N/A | 1.71 | N/A |
|  Investor C | 2.26 | 2.21 | (4.08) | (12.27) | (13.13) | (0.48) | (0.48) | 0.94 | 0.94 |
|  Class K | 3.29 | 3.24 | (3.57) | (11.33) | N/A | 0.57 | N/A | 1.81 | N/A |
|  **Customized Reference Benchmark<sup>(c)</sup>**  |  |  | (2.29) | (10.10) | N/A | 1.74 | N/A | N/A | N/A |
|  **Bloomberg Municipal Bond Index <sup>(d)</sup>**  |  |  | (1.43) | (8.64) | N/A | 1.40 | N/A | 1.98 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal circumstances the Fund invests at least 80% of its assets in municipal bonds. The Fund's returns prior to January 27, 2014 are the returns of the Fund when it followed different investment strategies under the name BlackRock Intermediate Municipal Fund. 

<sup>(c)</sup> A customized weighted index comprised of 72% Bloomberg Municipal Bond Index Total Return Index Value Unhedged/23% Municipal Bond: High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index Taxable Bonds Total Return Index Value (the "Customized Reference Benchmark"). The Customized Reference Benchmark commenced on September 30, 2016. 

<sup>(d)</sup> An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  | | |
|  | | | Expenses Paid During the<br>Period | Expenses Paid During the<br>Period | | Including Interest<br>Expense<br>and Fees | Including Interest<br>Expense<br>and Fees |  | Excluding Interest<br>Expense<br>and Fees | Excluding Interest<br>Expense<br>and Fees |  | Annualized Expense Ratio | Annualized Expense Ratio |
|  | *Beginning*<br> *Account*<br> *Value*<br> *(06/01/22)*  | *Ending*<br>*Account*<br>*Value*<br>*(11/30/22)* | *Including*<br>*Interest*<br>*Expense*<br>*and Fees* <br>*<sup>(a)</sup>* | *Excluding*<br> *Interest*<br> *Expense*<br> *and Fees*<br><sup>(a)</sup>  | *Beginning*<br> *Account*<br> *Value*<br> *(06/01/22)*  | *Ending*<br> *Account*<br> *Value*<br> *(11/30/22)*  | *Expenses*<br> *Paid*<br> *During* <br> *the*<br> *Period* | <br>*<sup>(a)</sup>*  | *Ending*<br> *Account*<br> *Value*<br> *(11/30/22)*  | *Expenses*<br> *Paid*<br> *During* <br> *the*<br> *Period* | <br>*<sup>(a)</sup>*  | *Including*<br> *Interest*<br> *Expense*<br> *and Fees* | *Excluding*<br> *Interest*<br> *Expense*<br> *and Fees* |
|  Institutional | $1000.00 | $964.00 | $3.89 | $2.86 | $1000.00 | $1021.11 | $4.00 |  | $1022.16 | $2.94 |  | 0.79% | 0.58% |
|  Investor A | 1000.00 | 962.90 | 4.92 | 3.89 | 1000.00 | 1020.05 | 5.06 |  | 1021.11 | 4.00 |  | 1.00 | 0.79 |
|  Investor A1 | 1000.00 | 964.50 | 4.24 | 3.20 | 1000.00 | 1020.76 | 4.36 |  | 1021.81 | 3.29 |  | 0.86 | 0.65 |
|  Investor C | 1000.00 | 959.20 | 8.69 | 7.66 | 1000.00 | 1016.19 | 8.95 |  | 1017.25 | 7.88 |  | 1.77 | 1.56 |
|  Class K | 1000.00 | 964.30 | 3.50 | 2.46 | 1000.00 | 1021.51 | 3.60 |  | 1022.56 | 2.53 |  | 0.71 | 0.50 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

F U N D S U M M A R Y 17

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Strategic Municipal Opportunities Fund** |

---

**Portfolio Information** 

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector<sup>(a)(b)</sup>* | *Percent of*<br> *Total Investments* |
|  Transportation | 20.2% |
|  Housing | 15.5 |
|  County/City/Special District/School District | 14.8 |
|  Health | 13.2 |
|  State | 12.4 |
|  Utilities | 11.4 |
|  Education | 8.2 |
|  Corporate | 2.7 |
|  Other\* | 1.6 |
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,<sup>(a)(c)</sup>* | *Percentage* |
| 2022 | 0.6% |
| 2023 | 7.2 |
| 2024 | 5.6 |
| 2025 | 4.9 |
| 2026 | 6.8 |

---

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating<sup>(a)(d)</sup>* | *Percent of*<br> *Total Investments* |
|  AAA/Aaa | 11.7% |
|  AA/Aa | 43.4 |
|  A | 12.9 |
|  BBB/Baa | 8.6 |
|  BB/Ba | 3.4 |
|  B | 0.6 |
|  CCC/Caa | 0.2 |
|  N/R<sup>(e)</sup>  | 19.2 |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

<sup>(c)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(d)</sup> For financial reporting purposes, 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>(e)</sup> The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund's total investments. 

<sup>\*</sup> Includes one or more investment categories that individually represents less than 1.0% of the Fund's total investments. Please refer to the Schedule of Investments for details. 

18 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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About Fund Performance

**Institutional Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors.

**Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. For each Fund, except BlackRock Impact Municipal Fund, Class K Shares performance shown prior to the Class K January 25, 2018 inception date is that of Institutional Shares. The performance of the Funds' Class K Shares, except BlackRock Impact Municipal Fund, would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**Service Shares** (available only in BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund) are not subject to any sales charge. These shares are subject to a service fee of 0.25% per year (but no distribution fee) and are only available to certain eligible investors.

**Investor A Shares** are subject to a maximum initial sales charge (front-end load) of 4.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge ("CDSC") where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

**Investor A1 Shares** (available only in BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock Pennsylvania Municipal Bond Fund and BlackRock Strategic Municipal Opportunities Fund) are subject to a maximum initial sales charge (front-end load) of 4.00% and a service fee of 0.10% per year (but no distribution fee). Investor A1 Shares for BlackRock Strategic Municipal Opportunities Fund incur a maximum initial sales charge (front-end load) of 1.00% and a service fee of 0.10% per year (but no distribution fee) for BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund. The initial sales charge does not apply to current eligible shareholders of Investor A1 Shares of the Funds. Investor A1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain eligible employer-sponsored retirement plans and, for BlackRock California Municipal Opportunities Fund only, fee based programs previously approved by the Fund. Certain redemptions of these shares may be subject to a CDSC 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 the reinvestment of dividends and capital gains by existing shareholders and, for BlackRock California Municipal Opportunities Fund only, fee based programs previously approved by the Fund.

**Investor C Shares** (available only in BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock Pennsylvania Municipal Bond Fund and BlackRock Strategic Municipal Opportunities Fund) are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), each Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund's expenses. Without such waiver(s) and/or reimbursement(s), each Fund's performance would have been lower. With respect to each Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

A B O U T F U N D P E R F O R M A N C E 19

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Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

20 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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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, the Fund's shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to the Funds' 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 Fund 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 was 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 Funds 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.

T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 21

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| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> November 30, 2022 | **BlackRock California Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

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| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
|  **Corporate Bonds** | **Corporate Bonds** |  |
| **Education — 0.1%** | **Education — 0.1%** |  |
|  Chapman University, 3.00%, 04/01/51 | $2100 | $1413437 |
|  University of Southern California, 3.03%, 10/01/39 | 650 | 517882 |
|  |  | 1931319 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
|  Providence St Joseph Health Obligated Group, Series A, 3.93%, 10/01/48 | 1012 | 797149 |
|  **Total Corporate Bonds — 0.1%<br>(Cost: $3,892,294)** | **Total Corporate Bonds — 0.1%<br>(Cost: $3,892,294)** | 2728468 |
|  **Municipal Bonds** | **Municipal Bonds** |  |
|  **California — 80.6%** | **California — 80.6%** |  |
|  **Corporate — 1.5%** | **Corporate — 1.5%** |  |
|  California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52<sup>(b)</sup>  | 37765 | 37244674 |
| **County/City/Special District/School District — 19.0%** | **County/City/Special District/School District — 19.0%** |  |
|  Anaheim City School District, GO, Series A, Class A, Election 2016, 4.00%, 08/01/41 | 2970 | 2986650 |
|  California Infrastructure & Economic Development Bank, Refunding RB, Series A, 1.60%, 10/01/29 | 3575 | 2868895 |
|  Cerritos Community College District, GO, Series A, AMT, 4.00%, 08/01/44 | 5850 | 5833737 |
|  ChiNo.Valley Unified School District, GO, Series B, 4.00%, 08/01/45 | 10100 | 9753004 |
|  City & County of San Francisco California Community Facilities District No. 2014-1, ST | City & County of San Francisco California Community Facilities District No. 2014-1, ST |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.78%, 09/01/30 | 1110 | 1023170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.92%, 09/01/31 | 3410 | 3126278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.97%, 09/01/32 | 1880 | 1708719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.02%, 09/01/33 | 2070 | 1869314 |
|  City & County of San Francisco California, GO | City & County of San Francisco California, GO |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 4.00%, 06/15/45 | 2000 | 2005240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 06/15/39 | 2010 | 2051205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 06/15/41 | 2265 | 2296647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 4.00%, 06/15/41 | 1605 | 1627425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 4.00%, 06/15/43 | 870 | 876671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 06/15/36 | 5155 | 5199199 |
|  City & County of San Francisco California, Refunding COP | City & County of San Francisco California, Refunding COP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/41 | 3000 | 2954709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/42 | 1795 | 1751100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/44 | 10000 | 9647530 |
|  City & County of San Francisco, GO 4.00%, 06/15/41 | 3185 | 3207760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Class D1, 4.00%, 06/15/46 | 2500 | 2401583 |
|  Clovis Unified School District, GO, Series B, Election 2020, 5.00%, 08/01/47 | 3250 | 3506262 |
|  Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30<sup>(c)</sup>  | 26425 | 20551383 |
|  Corona-Norco Unified School District, Refunding GO, Series A, 4.00%, 08/01/36 | 5120 | 5200338 |
|  El Monte Union High School District, GO, Series B, Class B, 4.00%, 06/01/46 | 2830 | 2772565 |
|  Escondido Union School District, GO | Escondido Union School District, GO |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Election 2014, 4.00%, 08/01/43 | 2150 | 2152187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Election 2014, 4.00%, 08/01/47 | 8000 | 7815264 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
|  Fremont Union High School District, GO, Series A, AMT, 4.00%, 08/01/38 | $1375 | $1393250 |
|  Gilroy Unified School District, GO, 4.00%, 08/01/46 | 7000 | 6819148 |
|  Grossmont-Cuyamaca Community College District, GO, Series C, 4.00%, 08/01/46 | 2905 | 2803444 |
|  Hartnell Community College District, GO, Series A, Class A, Election 2016, 4.00%, 08/01/47 | 5165 | 4937084 |
|  Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26 | 7855 | 8065200 |
|  Los Angeles Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Election 2008, 4.00%, 08/01/37 | 4045 | 4127724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Election 2008, 4.00%, 08/01/38 | 10040 | 10176203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Election 2008, 4.00%, 08/01/39 | 10000 | 10134850 |
|  Los Angeles Community College District, Refunding GO, 2.11%, 08/01/32 | 2590 | 2065792 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB, Class A, 4.00%, 06/01/36 | 5425 | 5642955 |
|  Los Angeles County Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 19235 | 20825696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 06/01/39 | 12770 | 12942906 |
|  Los Angeles County Public Works Financing Authority, Refunding RB, Class A, 4.00%, 12/01/43 | 4600 | 4481918 |
|  Menifee Union School District, GO, Series B, (BAM), 4.00%, 08/01/43 | 1500 | 1468454 |
|  Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49 | 9425 | 9217264 |
|  Mount San Jacinto Community College District, GO, Series B, Election 2014, 4.00%, 08/01/43 | 7585 | 7592539 |
|  Municipal Improvement Corp. of Los Angeles, Refunding RB, Series B, Class B, 4.00%, 11/01/34  | 6000 | 6109764 |
|  North Orange County Community College District, GO, Series B, GO, 4.00%, 08/01/44 | 3575 | 3576623 |
|  Orange County Local Transportation Authority Sales Tax Revenue, RB, 5.00%, 02/15/39 | 2000 | 2176212 |
|  Orange County Local Transportation Authority, RB, 5.00%, 02/15/40 | 5000 | 5426255 |
|  Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45 | 4395 | 4703428 |
|  Peralta Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 08/01/42 | 3000 | 3355674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 08/01/52 | 5000 | 5573645 |
|  Pomona Unified School District, GO, Series F, (BAM), 4.00%, 08/01/48 | 5000 | 4789670 |
|  San Bernardino County Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/38 | 3240 | 3354417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/39 | 3250 | 3349313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/40 | 1255 | 1287937 |
|  San Carlos School District, GO, Election 2012, 4.00%, 10/01/41 | 1500 | 1503465 |
|  San Diego Community College District, Refunding GO, 2.38%, 08/01/33 | 5375 | 4271459 |
|  San Diego County Regional Transportation Commission, RB, Series B, Subordinate, 5.00%, 04/01/45 | 3440 | 3722899 |
|  San Diego County Regional Transportation Commission, Refunding RB, Series A, 4.00%, 04/01/48 | 3775 | 3722848 |

---

22 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock California Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
|  San Diego Public Facilities Financing Authority, Refunding RB, Series A, 5.00%, 10/15/46 | $1000 | $1066696 |
|  San Diego Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.00%, 07/01/49 | 1000 | 973064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L-2, 4.00%, 07/01/39 | 2000 | 2015864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N-2, 4.00%, 07/01/46 | 10000 | 9812540 |
|  San Francisco Bay Area Rapid Transit District Sales Tax Revenue, RB, Series A, AMT, 4.00%, 07/01/39  | 1730 | 1730093 |
|  San Francisco Bay Area Rapid Transit District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Election 2016, 5.00%, 08/01/47 | 21675 | 22835978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D1, Election 2016, 4.00%, 08/01/47 | 4750 | 4684502 |
|  San Francisco City & County Redevelopment Agency Successor Agency, Refunding TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 3.13%, 08/01/28 | 1150 | 1026776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 3.25%, 08/01/29 | 1000 | 881416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 3.38%, 08/01/30 | 1250 | 1091520 |
|  San Francisco City & County Redevelopment Financing Authority, TA, Series A, (BHAC-CR), 5.75%, 08/01/37 | 5000 | 5118585 |
|  San Gabriel Unified School District, GO, Series D, Election 2008, (AGM), 4.00%, 08/01/41 | 1445 | 1440338 |
|  San Joaquin County Transportation Authority, Refunding RB, 5.00%, 03/01/41 | 17955 | 18956458 |
|  San Jose Redevelopment Agency Successor Agency, Refunding TA, Series A-T, 3.25%, 08/01/29 | 8730 | 7838772 |
|  San Jose Unified School District, GO, Series F, Election 2012, 4.00%, 08/01/42 | 4000 | 4026256 |
|  San Jose Unified School District, GO, CAB, Series C, Election 2002, (NPFGC), 0.00%, 06/01/31<sup>(c)</sup>  | 25000 | 18920025 |
|  San Lorenzo Unified School District, GO, 4.00%, 08/01/40 | 1115 | 1113237 |
|  San Luis Obispo County Financing Authority, Refunding RB, 5.50%, 11/15/47 | 5165 | 5710951 |
|  San Marcos Unified School District, GO, Series E, GO, 4.00%, 08/01/42 | 5000 | 5013570 |
|  San Mateo County Community College District, GO, Series B, Election 2014, 5.00%, 09/01/45 | 30000 | 32106210 |
|  San Mateo Foster City Public Financing Authority, RB, 4.00%, 05/01/45 | 4000 | 3955096 |
|  Santa Clara County Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/35 | 4000 | 4127472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/01/45 | 2230 | 2148699 |
|  Santa Clara Unified School District, GO, Elsction 2014, 4.00%, 07/01/41 | 5000 | 5017125 |
|  Santa Clarita Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Election 2016, 4.00%, 08/01/42 | 1400 | 1407869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Election 2016, 5.25%, 08/01/48 | 4000 | 4484684 |
|  Santa Cruz City Elementary School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.00%, 08/01/34 | 1770 | 1476861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.00%, 08/01/36 | 695 | 546454 |
|  Santa Cruz City High School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.00%, 08/01/35 | 450 | 364712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.00%, 08/01/36 | 1755 | 1379000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.00%, 08/01/37 | 2870 | 2187778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.00%, 08/01/38 | 2955 | 2195364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.13%, 08/01/39 | 3070 | 2275889 |
|  Simi Valley Unified School District, GO, Series B, 4.00%, 08/01/48 | 3250 | 3117166 |
|  South Orange County Public Financing Authority, RB 5.00%, 06/01/43 | 1790 | 1961559 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
|  South Orange County Public Financing Authority, RB (continued) | South Orange County Public Financing Authority, RB (continued) | South Orange County Public Financing Authority, RB (continued) | South Orange County Public Financing Authority, RB (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/47 | $| 13300 | $14510952 |
|  Southwestern Community College District, GO, Series A, AMT, 4.00%, 08/01/47 |  | 7940 | 7986568 |
|  West Valley-Mission Community College District, GO, Series A, AMT, 4.00%, 08/01/44 |  | 2000 | 1995334 |
|  |  |  | 482306304 |
| **Education — 7.6%** | **Education — 7.6%** | **Education — 7.6%** |  |
|  California Educational Facilities Authority, RB, Series A, 3.56%, 04/01/31 |  | 2000 | 1759242 |
|  California Infrastructure & Economic Development Bank, RB<sup>(d)</sup>  | California Infrastructure & Economic Development Bank, RB<sup>(d)</sup>  | California Infrastructure & Economic Development Bank, RB<sup>(d)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 01/01/35 |  | 985 | 886291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/55 |  | 2205 | 1875412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 01/01/24 |  | 435 | 425529 |
|  California Infrastructure & Economic Development Bank, RB, CAB<sup>(c)</sup>  | California Infrastructure & Economic Development Bank, RB, CAB<sup>(c)</sup>  | California Infrastructure & Economic Development Bank, RB, CAB<sup>(c)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/35 |  | 2620 | 1200602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/60 |  | 37500 | 2052825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, Class B, 0.00%, 01/01/61<sup>(d)</sup>  |  | 17885 | 1039959 |
|  California Infrastructure & Economic Development Bank, Refunding RB, Series A, 1.84%, 10/01/31 |  | 1100 | 853302 |
|  California Municipal Finance Authority, RB 5.00%, 06/15/41<sup>(d)</sup>  |  | 925 | 861490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/44 |  | 500 | 501594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/51<sup>(d)</sup>  |  | 1385 | 1230282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/01/34<sup>(d)</sup>  |  | 265 | 265312 |
|  California Municipal Finance Authority, Refunding RB<sup>(d)</sup>  | California Municipal Finance Authority, Refunding RB<sup>(d)</sup>  | California Municipal Finance Authority, Refunding RB<sup>(d)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/39 |  | 1785 | 1678657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/48 |  | 2140 | 1896081 |
|  California Public Finance Authority, RB, Series B, 5.00%, 07/01/26<sup>(d)</sup>  |  | 265 | 259857 |
|  California School Finance Authority, RB <sup>(d)</sup> 5.00%, 06/01/40 |  | 1420 | 1406830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/50 |  | 2240 | 2115749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/33 |  | 525 | 532544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/43 |  | 525 | 519475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/49 |  | 7105 | 6495846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 07/01/51 |  | 1500 | 1516398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/55 |  | 1000 | 942610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/58 |  | 3355 | 2988976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 06/01/31 |  | 735 | 659832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 6.00%, 06/01/59 |  | 8925 | 8495154 |
|  California State University RB, 5.00%, 11/01/43 |  | 35250 | 37718910 |
|  California State University, Refunding RB | California State University, Refunding RB | California State University, Refunding RB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, 1.85%, 11/01/31 |  | 6750 | 5261179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, 2.53%, 11/01/33 |  | 2580 | 2055873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Class D, 1.69%, 11/01/29 |  | 5000 | 4071760 |
|  California Statewide Communities Development Authority, Refunding RB<sup>(d)</sup>  | California Statewide Communities Development Authority, Refunding RB<sup>(d)</sup>  | California Statewide Communities Development Authority, Refunding RB<sup>(d)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 06/01/36 |  | 2900 | 2819455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 06/01/46 |  | 4100 | 3774403 |
|  East Bay Municipal Utility District Water System Revenue, Series A, RB, 5.00%, 06/01/42 |  | 27045 | 28820748 |
|  Hastings Campus Housing Finance Authority, RB, Series A, Class A, 5.00%, 07/01/61<sup>(d)</sup>  |  | 7640 | 6335577 |
|  Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47 |  | 4740 | 5089850 |

---

S C H E D U L E O F I N V E S T M E N T S 23

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock California Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
|  **Education (continued)** |  |  |
|  University of California, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AV, 5.25%, 05/15/42 | $12305 | $13241607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, RB, 5.00%, 05/15/42 | 20000 | 21325900 |
|  University of California, RB, BAB, 6.30%, 05/15/50 | 3790 | 4009930 |
|  University of California, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BE, 4.00%, 05/15/47 | 4500 | 4507330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 4.00%, 05/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;10300 | 10429873 |
|  |  | 191922244 |
| **Health — 6.6%** |  |  |
|  California Health Facilities Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/46 | 5000 | 4793265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 4.00%, 08/15/40 | 7500 | 7461112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 5.00%, 08/15/51 | 5000 | 5300210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/35 | 4350 | 4249737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/40 | 1620 | 1621662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/48 | 25000 | 24026650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/50 | 35000 | 33510680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 11/01/44 | 26655 | 26227454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A-2, 4.00%, 11/01/38 | 4900 | 4912818 |
|  California Municipal Finance Authority, Refunding RB<sup>(d)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/39 | 980 | 976421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/49 | 1105 | 1040506 |
|  California Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/38 | 1000 | 1006913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/39 | 1500 | 1504029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/40 | 1455 | 1458959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/41 | 3715 | 3707005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/46 | 5300 | 5695126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/51 | 4800 | 4620874 |
|  California Public Finance Authority, Refunding RB, Series A, 4.00%, 08/01/47 | 5250 | 4908834 |
|  City of Corona, RB, 2.24%, 05/01/30 | 10000 | 8203110 |
|  City of Huntington Beach California, Refunding RB, 2.32%, 06/15/30 | 2750 | 2236525 |
|  Regents of the University of California Medical Center Pooled Revenue, RB, 5.00%, 05/15/41 | 4830 | 5295902 |
|  Regents of the University of California Medical Center Pooled Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 05/15/41 | 8215 | 8531310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.00%, 05/15/44 | 6050 | 5825134 |
|  |  | 167114236 |
| **Housing — 3.9%** |  |  |
|  California Community Housing Agency, RB, M/F Housing<sup>(d)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/46 | 3200 | 2473334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/49 | 2630 | 2291543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 3.00%, 02/01/57 | 5000 | 3180880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 02/01/50 | 1605 | 1132478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 08/01/51 | 12920 | 9185887 |
|  California Housing Finance Agency, RB, M/F Housing Class A, 3.25%, 08/20/36 | 8864 | 7654435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, (FHLMC),<br>3.75%, 03/25/35 | 14542 | 14477667 |
|  City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39 | 21506 | 17400892 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Housing (continued)** |  |  |
|  CMFA Special Finance Agency VII, RB, Series A1, 3.00%, 08/01/56<sup>(d)</sup>  | $1430 | $930738 |
|  CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56<sup>(d)</sup>  | 4840 | 3031912 |
|  CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49<sup>(d)</sup>  | 2740 | 2100500 |
|  CMFA Special Finance Agency, RB, M/F Housing<sup>(d)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/45 | 3965 | 2977422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 3.00%, 12/01/56 | 960 | 618127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 08/01/45 | 1205 | 942373 |
|  CSCDA Community Improvement Authority, RB, M/F Housing<sup>(d)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/47 | 3430 | 2472934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/56 | 5620 | 3729050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/56 | 2275 | 1727988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/01/56 | 1460 | 972284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/56 | 445 | 310645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/57 | 5075 | 3511590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/57 | 4730 | 3294771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/58 | 2150 | 1498131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/51 | 1375 | 1245989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/56 | 2045 | 1321412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/58 | 2450 | 1626271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 03/01/57 | 500 | 342299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 06/01/57 | 535 | 384455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Mezzanine Lien, 4.00%, 02/01/57 | 1450 | 1027770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Mezzanine Lien, 4.00%, 12/01/59 | 2925 | 2002727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 3.25%, 05/01/57 | 805 | 543063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 3.13%, 06/01/57 | 3850 | 2539098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Sub Lien, 4.00%, 12/01/59 | 4580 | 3064167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100012832 |
| **State — 7.2%** |  |  |
|  California State Public Works Board, RB 4.00%, 11/01/41 | 6825 | 6815288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/01/41 | 3860 | 3904321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/01/46 | 21640 | 20908590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/38 | 5000 | 5483535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/44 | 24985 | 26907671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Class D, 4.00%, 05/01/42 | 5000 | 5006595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Class D, 4.00%, 05/01/44 | 2280 | 2246516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Class D, 4.00%, 05/01/45 | 6570 | 6418128 |
|  California State University, Refunding RB, Series B, Class B, 1.67%, 11/01/29 | 9000 | 7318881 |
|  California Statewide Communities Development Authority, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 09/02/39 | 1375 | 1427045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 09/02/44 | 675 | 692352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 09/02/48 | 675 | 690205 |
|  El Dorado Irrigation District, Refunding RB, Series C, Class C, 2.06%, 03/01/29 | 3500 | 2964469 |
|  Sacramento Area Flood Control Agency, SAB, 4.00%, 10/01/43 | 8245 | 8120937 |
|  San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB<sup>(c)(d)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/01/23 | 465 | 453193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/01/31 | 3000 | 1983684 |
|  State of California, Refunding GO 4.00%, 03/01/36 | 3190 | 3294469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/37 | 2680 | 2761124 |

---

24 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock California Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
|  **State (continued)** |  |  |
|  State of California, Refunding GO (continued) 5.25%, 10/01/39 | $18150 | $19471973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/42 | 14185 | 15985899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/47 | 10000 | 11279830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/49 | 11500 | 11502357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Various Purposes, 5.00%, 10/01/39 | 5000 | 5287685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Various Purposes, 4.00%, 03/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | 13155870 |
|  |  | 184080617 |
| **Tobacco — 1.6%** |  |  |
|  California County Tobacco Securitization Agency, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/50 | 1070 | 1042468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/47 | 2595 | 2405604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/49 | 1540 | 1338446 |
|  California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 11/01/43<sup>(c)</sup>  | 7620 | 1361664 |
|  California Statewide Financing Authority, RB, 0.00%, 06/01/55<sup>(c)(d)</sup>  | 12700 | 694766 |
|  California Statewide Financing Authority, RB, CAB, Series D, 0.00%, 06/01/55<sup>(c)(d)</sup>  | 20750 | 1280897 |
|  Golden State Tobacco Securitization Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, (SAP), 2.75%, 06/01/34 | 5175 | 4097793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinate, 3.85%, 06/01/50 | 6020 | 5528642 |
|  Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Class B-2, Subordinate, 0.00%, 06/01/66<sup>(c)</sup>  | 21820 | 2333082 |
|  Inland Empire Tobacco Securitization Corp., RB, 0.00%, 06/01/57<sup>(c)</sup>  | 34680 | 2181892 |
|  Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 | 4205 | 3715513 |
|  Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 | 14240 | 14546772 |
|  |  | 40527539 |
| **Transportation — 14.1%** |  |  |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, 5.56%, 07/01/32 | 1000 | 1008911 |
|  City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/44 | 7525 | 8095320 |
|  City of Long Beach California Harbor Revenue, RB, Series A, AMT, 5.00%, 05/15/49 | 2690 | 2893022 |
|  City of Long Beach California Harbor Revenue, Refunding ARB, Series C, 5.00%, 05/15/47 | 6400 | 6716749 |
|  City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.25%, 05/15/47 | 7000 | 7418166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 05/15/40 | 15545 | 15183408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/40 | 6615 | 6747836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 05/15/42 | 5425 | 5117430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/42 | 23725 | 24594189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/44 | 3395 | 3526695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/41 | 18710 | 19278634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 05/15/45 | 20000 | 20624720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, 5.00%, 05/15/41 | 8520 | 8683107 |
|  City of Los Angeles Department of Airports, Refunding ARB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.00%, 05/15/35 | 5425 | 5746404 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Transportation (continued)** |  |  |
|  City of Los Angeles Department of Airports, Refunding ARB (continued) | City of Los Angeles Department of Airports, Refunding ARB (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/46 | $5000 | $5254360 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.00%, 07/01/41 | 1100 | 1172599 |
|  Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/47 | 8475 | 8528681 |
|  Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44 | 2000 | 2014142 |
|  Port of Los Angeles, Refunding RB, Series C, 4.00%, 08/01/39 | 3570 | 3586479 |
|  San Diego County Regional Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 5.00%, 07/01/46 | 25710 | 26525650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 07/01/46 | 19560 | 20606695 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB 2nd Series, AMT, 5.00%, 05/01/48 | 10145 | 10301415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 05/01/42 | 40370 | 41865587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/44 | 10125 | 10124676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/47 | 31420 | 31869055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B-AMT, AMT, 5.00%, 05/01/46 | 29915 | 30283523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, 5.00%, 05/01/43 | 6440 | 6612205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, 5.25%, 05/01/48 | 3500 | 3601136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/38 | 9055 | 9405628 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, 5.00%, 10/01/46 | 4000 | 4372556 |
|  San Francisco Municipal Transportation Agency, RB, Series C, 4.00%, 03/01/46 | 7000 | 6745396 |
|  |  | 358504374 |
| **Utilities — 19.1%** |  |  |
|  California Statewide Communities Development Authority, Refunding RB, 1.68%, 02/01/29 | 1000 | 803196 |
|  City of Los Angeles California Wastewater System Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/43 | 10000 | 10672640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 06/01/47 | 12655 | 13864489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 4.00%, 06/01/52 | 10000 | 9463280 |
|  City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42 | 6465 | 6867278 |
|  Contra Costa Water District, Refunding RB, Series W, Class D, 4.00%, 10/01/46 | 10000 | 9867210 |
|  East Bay Municipal Utility District Water System Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/49 | 2500 | 2686005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.00%, 06/01/45 | 4885 | 4887369 |
|  Eastern Municipal Water District Financing Authority, RB, Series D, Class D, 5.25%, 07/01/42 | 18500 | 19918969 |
|  Irvine Ranch Water District, COP, 5.00%, 03/01/46 | 19330 | 20222911 |
|  Los Angeles Department of Water & Power Water System Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/41 | 12520 | 13262774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/44 | 10650 | 11339918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 07/01/46 | 29820 | 30995892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/49 | 15000 | 14738820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/43 | 7480 | 8385304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/47 | 5000 | 5531235 |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock California Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
|  **Utilities (continued)** |  |  |
|  Los Angeles Department of Water & Power, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/51 | $29545 | $31935456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/49 | 5780 | 6170208 |
|  Metropolitan Water District of Southern California, RB, Series A, AMT, 5.00%, 10/01/51 | 3000 | 3302691 |
|  Metropolitan Water District of Southern California, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/38 | 7000 | 7710990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 07/01/39 | 21705 | 24370417 |
|  Northern California Power Agency, RB, BAB, Series A, 7.31%, 06/01/40 | 2150 | 2540545 |
|  Rancho Water District Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/38 | 4500 | 4641390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/39 | 4475 | 4598720 |
|  Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/45 | 10015 | 10882309 |
|  Sacramento Municipal Utility District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 08/15/38 | 22390 | 24656450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 08/15/41 | 20020 | 21869808 |
|  Sacramento Municipal Utility District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.00%, 08/15/40 | 7700 | 7875722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.00%, 08/15/45 | 1000 | 988230 |
|  San Diego Public Facilities Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/36 | 5000 | 5391390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14554644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/38 | 7725 | 8208631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/39 | 8735 | 9256881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 08/01/36 | 500 | 513740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 08/01/37 | 1000 | 1020433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 08/01/38 | 1000 | 1016212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 08/01/39 | 1250 | 1262500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 08/01/40 | 1925 | 1944377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 08/01/45 | 14745 | 14435532 |
|  San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/41 | 2515 | 2523134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/43 | 2390 | 2372450 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26 | 27880 | 26330541 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/01/42 | 17010 | 17013793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/43 | 2965 | 3277206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/44 | 2515 | 2768145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/48 | 4290 | 4670214 |
|  San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44 | 5205 | 5205812 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Utilities (continued)** |  |  |  |
|  South Coast Water District Financing Authority, Refunding RB, Series A, 5.00%, 02/01/44 | $| 2480 | $2672247 |
|  State of California Department of Water Resources, Refunding RB, Series AW, 4.00%, 12/01/34 |  | 24015 | 24866716 |
|  |  |  | 484354824 |
|  **Total Municipal Bonds in California**  | **Total Municipal Bonds in California**  | **Total Municipal Bonds in California**  | 2046067644 |
|  **Illinois — 0.1%** |  |  |  |
|  **County/City/Special District/School District — 0.1%** | **County/City/Special District/School District — 0.1%** | **County/City/Special District/School District — 0.1%** |  |
|  Chicago Board of Education, GO, BAB, 6.14%, 12/01/39 |  | 2060 | 1776647 |
|  **Puerto Rico — 7.7%** |  |  |  |
|  **State — 4.3%** |  |  |  |
|  Commonwealth of Puerto Rico, GO 0.00%, 11/01/43<sup>(c)</sup>  |  | 18362 | 8384773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/51<sup>(c)</sup>  |  | 24815 | 8781129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.63%, 07/01/29 |  | 5196 | 5315414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.75%, 07/01/31 |  | 2021 | 2070329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/33 |  | 1917 | 1671521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/35 |  | 1723 | 1471381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/37 |  | 1479 | 1232378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/41 |  | 2010 | 1611424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/46 |  | 2091 | 1606053 |
|  Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33<sup>(c)</sup>  |  | 2467 | 1347450 |
|  Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51<sup>(c)</sup>  |  | 1124 | 367540 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Convertiable, Restructured, 4.33%, 07/01/40 |  | 380 | 343016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 |  | 38748 | 34941319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 |  | 9537 | 8977588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 |  | 114 | 99178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 |  | 15623 | 14113615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 |  | 10624 | 9586768 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB<sup>(c)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/29 |  | 1117 | 811629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/33 |  | 3239 | 1894420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 |  | 17313 | 4360954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 |  | 5761 | 1470639 |
|  |  |  | 110458518 |
| **Tobacco — 0.4%** |  |  |  |
|  Children's Trust Fund, RB, Series A, Class A, 0.00%, 05/15/57<sup>(c)</sup>  |  | 150000 | 9916950 |
| **Utilities — 3.0%** |  |  |  |
|  Puerto Rico Electric Power Authority, RB 3rd Series, 0.00%, 01/01/20<sup>(a)(e)</sup>  |  | 593 | 449564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19<sup>(a)(e)</sup>  |  | 2137 | 1666479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19<sup>(a)(e)</sup>  |  | 2137 | 1666479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18<sup>(a)(e)</sup>  |  | 5870 | 4446726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.40%, 07/01/18<sup>(a)(e)</sup>  |  | 5871 | 4447446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20<sup>(a)(e)</sup>  |  | 593 | 449564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/26<sup>(a)(e)</sup>  |  | 1680 | 1240596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28<sup>(a)(e)</sup>  |  | 955 | 705220 |

---

26 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock California Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Utilities (continued)** |  |  |  |
|  Puerto Rico Electric Power Authority, RB (continued) | Puerto Rico Electric Power Authority, RB (continued) | Puerto Rico Electric Power Authority, RB (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-4, 7.50%, 07/01/20 | $| 1638 | $1240852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17<sup>(a)(e)</sup>  |  | 1315 | 971062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/18<sup>(a)(e)</sup>  |  | 1155 | 852910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/19<sup>(a)(e)</sup>  |  | 935 | 690451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/24<sup>(a)(e)</sup>  |  | 875 | 646144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33<sup>(a)(e)</sup>  |  | 885 | 653528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35<sup>(a)(e)</sup>  |  | 400 | 295380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36<sup>(a)(e)</sup>  |  | 555 | 409840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 6.75%, 07/01/36<sup>(a)(e)</sup>  |  | 7630 | 5780038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 5.00%, 07/01/29<sup>(a)(e)</sup>  |  | 4130 | 3049799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 7.00%, 07/01/33<sup>(a)(e)</sup>  |  | 2230 | 1689316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 5.00%, 07/01/42<sup>(a)(e)</sup>  |  | 8830 | 6520513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 7.00%, 07/01/43<sup>(a)(e)</sup>  |  | 955 | 723452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, RB, 5.00%, 07/01/25<sup>(a)(e)</sup>  |  | 480 | 354456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, RB, 5.00%, 07/01/26<sup>(a)(e)</sup>  |  | 1285 | 948908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, RB, 5.50%, 07/01/38<sup>(a)(e)</sup>  |  | 1170 | 863987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, RB, 5.25%, 07/01/27<sup>(a)(e)</sup>  |  | 645 | 476300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, RB, 5.25%, 07/01/40<sup>(a)(e)</sup>  |  | 11490 | 8484790 |
|  Puerto Rico Electric Power Authority, Refunding RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/22<sup>(a)(e)</sup>  |  | 2150 | 1587668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/27 |  | 6540 | 4829463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/28<sup>(a)(e)</sup>  |  | 4690 | 3463330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BBB, 5.40%, 07/01/28 |  | 2805 | 2071352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 3.47%, 07/01/17<sup>(a)(b)(e)</sup>  |  | 395 | 296250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/18<sup>(a)(b)(e)</sup>  |  | 355 | 266250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 1.32%, 07/01/20<sup>(a)(b)(e)</sup>  |  | 3175 | 2381250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 3.21%, 07/01/31<sup>(b)(e)</sup>  |  | 3765 | 2823750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/17<sup>(a)(e)</sup>  |  | 925 | 683066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/19 |  | 2945 | 2174735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/24<sup>(a)(e)</sup>  |  | 1990 | 1469516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/28<sup>(a)(e)</sup>  |  | 990 | 731066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Refunding RB, 5.25%, 07/01/29<sup>(a)(e)</sup>  |  | 530 | 391379 |
|  Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40 |  | 4060 | 2998107 |
|  |  |  | 75890982 |
|  **Total Municipal Bonds in Puerto Rico** |  |  | 196266450 |
|  **Total Municipal Bonds — 88.4%<br>(Cost: $2,364,778,168)** |  |  | 2244110741 |
|  **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>**  | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(f)</sup>**  |
|  **California — 14.5%** | **California — 14.5%** | **California — 14.5%** |  |
| **County/City/Special District/School District — 2.4%** | **County/City/Special District/School District — 2.4%** | **County/City/Special District/School District — 2.4%** |  |
|  Grossmont-Cuyamaca Community College District, GO, Election 2012, Series B, 5.00%, 08/01/44 |  | 29715 | 31616402 |
|  Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Refunding RB, Series A, 5.00%, 07/01/44 |  | 25935 | 27829748 |
|  |  |  | 59446150 |
| **Education — 2.4%** |  |  |  |
|  Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47 |  | 15370 | 16504437 |
|  University of California, Refunding RB, Series AZ, 5.00%, 05/15/43 |  | 41740 | 44853261 |
|  |  |  | 61357698 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Par* <br> *(000)*  | *Value* |
|  **Utilities — 9.7%** |  |  |  |
|  City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 | $| 20000 | $21227740 |
|  City of Los Angeles Department of Airports, ARB, AMT, Series A, 5.00%, 05/15/34 |  | 11635 | 12638658 |
|  Eastern Municipal Water District Financing Authority, RB, Series D, Class D, 5.00%, 07/01/47 |  | 36105 | 37997651 |
|  Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46 |  | 35325 | 38588168 |
|  Metropolitan Water District of Southern California, RB, AMT, Series A, 5.00%, 10/01/51 |  | 26620 | 29305878 |
|  Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/50 |  | 23620 | 25406570 |
|  San Diego Public Facilities Financing Authority, Refunding RB, Subordinate, Series A, 5.00%, 08/01/43 |  | 33820 | 36336225 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43 |  | 41405 | 44198702 |
|  |  |  | 245699592 |
|  **Total Municipal Bonds in California** |  |  | 366503440 |
|  **Total Municipal Bonds Transferred to Tender Option Bond Trusts — 14.5%<br>(Cost: $382,356,373)** | **Total Municipal Bonds Transferred to Tender Option Bond Trusts — 14.5%<br>(Cost: $382,356,373)** | **Total Municipal Bonds Transferred to Tender Option Bond Trusts — 14.5%<br>(Cost: $382,356,373)** | 366503440 |
|  **Total Long-Term Investments — 103.0%<br>(Cost: $2,751,026,835)** |  |  | 2613342649 |
|  | *Shares* | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 3.1%** |  |  |  |
|  BlackRock Liquidity Funds California Money Fund, Institutional Class,<br>1.33%<sup>(g)(h)</sup>  |  | 79171327 | 79131741 |
|  **Total Short-Term Securities — 3.1%<br>(Cost: $79,118,235)** |  |  | 79131741 |
|  **Total Investments — 106.1%<br>(Cost: $2,830,145,070)** |  |  | 2692474390 |
|  **Other Assets Less Liabilities — 0.7%** |  |  | 16500274 |
|  **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.8)%** | **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.8)%** | **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.8)%** | (171498230) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;2537476434 |

---

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

<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> Zero-coupon bond.

<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> Issuer filed for bankruptcy and/or is in default.

<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 Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock California Municipal Opportunities Fund** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares<br>Held at<br>11/30/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* | |
|  | BlackRock Liquidity Funds California Money Fund, Institutional Class | $124791461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— $(45651950)<sup>(a)</sup> | $(16177) | $8407 | $79131741 | 79171327 | $529552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

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

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 3046 | 03/22/23 | $346578 | $(2470744) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 3361 | 03/22/23 | 428948 | (2990327) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 1828 | 03/31/23 | 198852 | (1438321) |
|  |  |  |  | $(6899392) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6899392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6899392 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest* <br> *Rate<br>Contracts*  | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $68949577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $68949577 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(14228410) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(14228410) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $793616813 |

---

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

28 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock California Municipal Opportunities Fund** |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $2728468 | $— | $2728468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 2244110741 |  | 2244110741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts |  | 366503440 |  | 366503440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 79131741 |  |  | 79131741 |
|  | $79131741 | $2613342649 | $— | $2692474390 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $(6899392) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(6899392) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $170,654,950 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2022 | **BlackRock New Jersey Municipal Bond Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Guam — 0.2%** | **Guam — 0.2%** | **Guam — 0.2%** |
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
|  Guam Government Waterworks Authority, RB, Series A, AMT, 5.00%, 01/01/50 | $500 | $500368 |
| **New Jersey — 87.0%** |  |  |
| **Corporate — 2.8%** |  |  |
|  New Jersey Economic Development Authority, RB, AMT, 4.00%, 08/01/59 | 4200 | 3271469 |
|  New Jersey Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/38 | 1360 | 1256761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/42 | 720 | 630887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.20%, 10/01/39<sup>(a)</sup>  | 3880 | 3414039 |
|  |  | 8573156 |
| **County/City/Special District/School District — 14.1%** | **County/City/Special District/School District — 14.1%** | **County/City/Special District/School District — 14.1%** |
|  Carlstadt School District, Refunding GO, (SCH BD RES FD), 4.00%, 05/01/30 | 1415 | 1438125 |
|  City of East Orange New Jesery, Refunding GO, (AGM), 3.00%, 09/15/31 | 2200 | 2153547 |
|  Clifton Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGM SCH BD RES FD), 2.25%, 08/15/45 | 1790 | 1200861 |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGM SCH BD RES FD), 2.25%, 08/15/46 | 1850 | 1214569 |
|  Essex County Improvement Authority, RB, (GTD), 4.00%, 11/01/44 | 7695 | 7644336 |
|  Essex County Improvement Authority, Refunding RB, (NPFGC GTD), 5.50%, 10/01/29 | 1500 | 1764032 |
|  Ewing Township Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SCH BD RES FD), 4.00%, 07/15/38 | 920 | 920477 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SCH BD RES FD), 4.00%, 07/15/39 | 740 | 736654 |
|  Hudson County Improvement Authority, RB, 5.00%, 05/01/46 | 1440 | 1487367 |
|  Monmouth Regional High School District, GO, (SCH BD RES FD), 3.00%, 02/01/34 | 1260 | 1191018 |
|  New Jersey Economic Development Authority, RB 5.00%, 06/15/23<sup>(b)</sup>  | 2000 | 2026402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.00%, 06/15/41 | 1990 | 2027906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 6.50%, 04/01/31 | 1605 | 1632068 |
|  Newark Board of Education, Refunding GO, (BAM SCH BD RES FD), 3.00%, 07/15/39 | 630 | 531215 |
|  Sparta Township Board of Education, Refunding GO, (SCH BD RES FD), 5.00%, 02/15/25<sup>(b)</sup>  | 1350 | 1419773 |
|  Toms River Board of Education, GO, (SCH BD RES FD), 3.00%, 07/15/37 | 4605 | 4127683 |
|  Township of Bloomfield New Jersey, Refunding GO, 3.00%, 02/01/33 | 1040 | 1022355 |
|  Township of Irvington New Jersey, Refunding GO, Series A, (AGM), 5.00%, 07/15/24<sup>(b)</sup>  | 2445 | 2539230 |
|  Township of Monroe New Jersey/Gloucester County, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/37 | 385 | 359225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/38 | 410 | 377424 |
|  Union County Utilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (GTD), 4.75%, 12/01/31 | 1225 | 1226844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (GTD), 5.25%, 12/01/31 | 6120 | 6131806 |
|  |  | 43172917 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Education — 15.4%** | **Education — 15.4%** | **Education — 15.4%** |
|  Atlantic County Improvement Authority, RB, Series A, (AGM), 4.00%, 07/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;1250 | $1156195 |
|  Camden County Improvement Authority, RB, 6.00%, 06/15/52 | 220 | 227598 |
|  Gloucester County Improvement Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 | 530 | 539277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 07/01/34 | 1855 | 1931684 |
|  New Jersey Economic Development Authority, RB 6.00%, 10/01/43 | 1000 | 1013402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27<sup>(c)</sup>  | 170 | 169193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.13%, 11/01/29<sup>(c)</sup>  | 100 | 99468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/37<sup>(c)</sup>  | 470 | 451449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.25%, 11/01/38<sup>(c)</sup>  | 210 | 215773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/39<sup>(c)</sup>  | 825 | 784178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.38%, 07/01/47<sup>(c)</sup>  | 815 | 749300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/48 | 2190 | 2087015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49<sup>(c)</sup>  | 135 | 122514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/50 | 200 | 186573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.50%, 11/01/52<sup>(c)</sup>  | 1210 | 1230737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/54<sup>(c)</sup>  | 1100 | 945785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 07/01/47 | 265 | 243382 |
|  New Jersey Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/37 | 2760 | 2826947 |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/42 | 690 | 703370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I, (SAP), 3.50%, 03/01/28<sup>(a)</sup>  | 2590 | 2602624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.75%, 08/01/24<sup>(c)</sup>  | 100 | 99524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.63%, 08/01/34<sup>(c)</sup>  | 250 | 250785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/37<sup>(c)</sup>  | 315 | 300292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.88%, 08/01/44<sup>(c)</sup>  | 430 | 430679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.13%, 09/01/52<sup>(c)</sup>  | 1000 | 890043 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 3.00%, 08/01/41 | 4620 | 3302644 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 3.00%, 08/01/43 | 6650 | 4812284 |
|  New Jersey Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (AGM), 3.25%, 07/01/49 | 290 | 225276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (AGM), 4.00%, 07/01/50 | 245 | 224677 |
|  New Jersey Educational Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/33 | 2005 | 2055741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/32 | 2465 | 2586386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, (AGM), 4.00%, 07/01/39 | 715 | 690288 |
|  New Jersey Higher Education Student Assistance Authority, RB, Sub-Series C, AMT, 4.00%, 12/01/48 | 700 | 619606 |
|  New Jersey Higher Education Student Assistance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B-AMT, AMT, 3.00%, 12/01/32 | 1635 | 1525921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B-AMT, AMT, 4.00%, 12/01/41 | 950 | 974860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series C, Class C-AMT, AMT, 3.63%, 12/01/49 | 1065 | 877443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Class C-AMT, AMT, Subordinate, 5.00%, 12/01/52 | 1075 | 1077244 |
|  New Jersey Institute of Technology, RB, Series A, AMT, 5.00%, 07/01/40 | 5000 | 5130565 |
|  Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23<sup>(b)</sup>  | 2500 | 2526180 |
|  |  | 46886902 |

---

30 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock New Jersey Municipal Bond Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Health — 16.6%** | **Health — 16.6%** | **Health — 16.6%** |
|  New Jersey Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/34 | $270 | $258546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/39 | 270 | 247413 |
|  New Jersey Health Care Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 4660 | 4791859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/01/46 | 3740 | 2407101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/51 | 7905 | 5799069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/35 | 1460 | 1478687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/39 | 1150 | 1169628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 1535 | 1553415 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.55%, 12/07/22<sup>(a)(d)</sup>  | 14000 | 14000000 |
|  New Jersey Health Care Facilities Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/23<sup>(b)</sup>  | 460 | 467971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24<sup>(b)</sup>  | 2950 | 3060881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | 285 | 291814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/34 | 1000 | 1051341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/39 | 4060 | 4173749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/41 | 1000 | 970292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/32 | 2300 | 2351557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 5000 | 5226955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 1290 | 1322980 |
|  |  | 50623258 |
| **Housing — 3.0%** |  |  |
|  New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 2.15%, 10/01/41 | 910 | 665701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 2.30%, 10/01/46 | 680 | 467567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 2.40%, 04/01/52 | 680 | 446181 |
|  New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.25%, 11/01/36 | 350 | 281315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.45%, 11/01/45 | 240 | 175198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.65%, 11/01/46 | 350 | 246932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/48 | 150 | 133329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.55%, 11/01/50 | 220 | 153905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.70%, 11/01/51 | 350 | 236494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.10%, 11/01/53 | 100 | 94166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.63%, 11/01/56 | 220 | 138296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.75%, 11/01/56 | 350 | 229053 |
|  New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.75%, 10/01/35 | 900 | 865788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 2.25%, 10/01/40 | 695 | 504653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 2.40%, 10/01/45 | 530 | 359570 |
|  Newark Housing Authority, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/30 | 1640 | 1670412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.38%, 12/01/33 | 2515 | 2533644 |
|  |  | 9202204 |
| **State — 20.9%** |  |  |
|  Casino Reinvestment Development Authority, Inc., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D, (AGM), 4.00%, 11/01/34 | 500 | 501868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D, 5.25%, 11/01/39 | 1020 | 1042345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D, 5.25%, 11/01/44 | 1590 | 1608471 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **State (continued)** |  |  |
|  Garden State Preservation Trust, RB, Series A, Class A, (AGM), 5.75%, 11/01/28 | $2565 | $2819520 |
|  Garden State Preservation Trust, RB, CAB<sup>(e)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, (AGM), 0.00%, 11/01/24 | 10000 | 9446980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, (AGM), 0.00%, 11/01/27 | 4135 | 3501162 |
|  New Jersey Economic Development Authority, RB 4.00%, 06/15/49 | 1190 | 1048263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 2200 | 2307083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/42 | 4000 | 4085532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DDD, 5.00%, 06/15/42 | 3000 | 3071817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/43 | 5505 | 5636603 |
|  New Jersey Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series PP, 4.00%, 06/15/24<sup>(b)</sup>  | 4875 | 4980670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, 5.00%, 07/01/33 | 125 | 128898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, 4.00%, 07/01/34 | 165 | 158970 |
|  New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 | 2194 | 2258183 |
|  New Jersey Educational Facilities Authority, RB, Series A, 5.00%, 09/01/33 | 1750 | 1800225 |
|  New Jersey Health Care Facilities Financing Authority, RB, 5.00%, 09/15/29 | 2000 | 2031756 |
|  New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/45 | 1775 | 1613427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/45 | 1000 | 1009442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/50 | 2500 | 2193163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.25%, 06/15/43 | 1720 | 1784909 |
|  New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, Class A, 0.00%, 12/15/38<sup>(e)</sup>  | 10000 | 4576970 |
|  New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/32 | 1775 | 1892201 |
|  South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/42 | 2380 | 2374652 |
|  State of New Jersey, GO, 2.00%, 06/01/37 | 2600 | 2001532 |
|  |  | 63874642 |
| **Tobacco — 1.3%** |  |  |
|  Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 1000 | 980798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 1000 | 1006818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 2000 | 2001636 |
|  |  | 3989252 |
| **Transportation — 12.8%** |  |  |
|  New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, (AGM), 5.13%, 01/01/39 | 1000 | 1009048 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, (AGM), 5.13%, 07/01/42 | 1000 | 1009201 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 905 | 906683 |
|  New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/42<sup>(f)</sup>  | 210 | 217659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/46<sup>(f)</sup>  | 210 | 221099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class BB, 5.00%, 06/15/36 | 1250 | 1331019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class BB, 4.00%, 06/15/37 | 700 | 670876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class BB, 4.00%, 06/15/50 | 650 | 570222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/30 | 1250 | 1313771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.25%, 06/15/31 | 2000 | 2024344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/36 | 1435 | 1400805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/50 | 1500 | 1315898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, Class AA, 5.00%, 06/15/45 | 2500 | 2568455 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock New Jersey Municipal Bond Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
|  New Jersey Transportation Trust Fund Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/33 | $550 | $584940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/44 | 2335 | 2126793 |
|  New Jersey Transportation Trust Fund Authority, RB, CAB<sup>(e)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/32 | 10000 | 6530720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/15/35 | 8900 | 4862417 |
|  New Jersey Transportation Trust Fund Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/31 | 2730 | 2853841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/35 | 455 | 477066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/36 | 1700 | 1659491 |
|  New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45 | 2000 | 2037088 |
|  New Jersey Turnpike Authority, Refunding RB, Series A, (BHAC-CR AGM), 5.25%, 01/01/30 | 1000 | 1146723 |
|  South Jersey Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/32 | 440 | 450976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/33 | 250 | 255395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/39 | 1500 | 1514332 |
|  |  | 39058862 |
| **Utilities — 0.1%** |  |  |
|  Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, Class A, AMT, 5.00%, 12/01/24<sup>(g)</sup>  | 205 | 208743 |
|  New Jersey Infrastructure Bank, RB, 2.00%, 09/01/43 | 240 | 152263 |
|  |  | 361006 |
|  **Total Municipal Bonds in New Jersey** |  | 265742199 |
| **New York — 4.3%** |  |  |
| **Transportation — 4.3%** |  |  |
|  Port Authority of New York & New Jersey, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, 93rd Series, 6.13%, 06/01/94 | 1000 | 1037093 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 11/01/33 | 495 | 527851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218th Series, AMT, 5.00%, 11/01/32 | 1495 | 1599154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, 221st Series, AMT, 4.00%, 07/15/50 | 1335 | 1194937 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, AMT, 5.00%, 11/01/30 | 1000 | 1076521 |
|  Port Authority of New York & New Jersey, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 194th Series, 5.25%, 10/15/55 | 1460 | 1504676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 205th, 5.00%, 11/15/42 | 1975 | 2071613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 178th Series, AMT, 5.00%, 12/01/43 | 285 | 287093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, 186th Series, AMT, 5.00%, 10/15/44 | 3000 | 3038253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 223, AMT, 4.00%, 07/15/41 | 725 | 684209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 223, AMT, 4.00%, 07/15/46 | 225 | 203539 |
| **Total Municipal Bonds in New York** |  | 13224939 |
| **Pennsylvania — 0.9%** |  |  |
| **Transportation — 0.9%** |  |  |
|  Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42 | 1130 | 1178411 |
|  Delaware River Port Authority, RB, 5.00%, 01/01/40 | 1500 | 1536116 |
|  **Total Municipal Bonds in Pennsylvania** |  | 2714527 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Puerto Rico — 3.0%** | **Puerto Rico — 3.0%** | **Puerto Rico — 3.0%** |
| **State — 3.0%** |  |  |
|  Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.63%, 07/01/29 | $1043 | $1067563 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 2932 | 2643955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 2622 | 2468201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 1757 | 1587251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 580 | 523374 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB<sup>(e)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 2674 | 673551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 567 | 144741 |
|  **Total Municipal Bonds in Puerto Rico** |  | 9108636 |
|  **Total Long-Term Investments — 95.4%<br>(Cost: $299,579,542)** |  | 291290669 |
|  | *Shares* |  |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 3.4%** |  |  |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.59%<sup>(h)(i)</sup>  | 10207996 | 10209017 |
|  **Total Short-Term Securities — 3.4%<br>(Cost: $10,207,236)** |  | 10209017 |
|  **Total Investments — 98.8%<br>(Cost: $309,786,778)** |  | 301499686 |
|  **Other Assets Less Liabilities — 1.2%** |  | 3774692 |
|  **Net Assets — 100.0%** |  | $305274378 |

---

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

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

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

<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.

For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

32 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock New Jersey Municipal Bond Fund** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *05/31/22*  | *Purchases*<br> *at Cost*  | *Proceeds*<br> *from Sales*  | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *11/30/22*  | *Shares*<br> *Held at*<br> *11/30/22*  | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*  |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class | $13301815 | $– $| (3084654)<sup>(a)</sup> | $(8881) | $737 | $10209017 | 10207996 | $132525 | $— |

---

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

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*  | *Expiration*<br> *Date*  | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 41 | 03/22/23 | $4665 | $(35999) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 50 | 03/22/23 | 6381 | (53662) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 35 | 03/31/23 | 3807 | (30060) |
|  |  |  |  | $(119721) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit<br>Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119721 | $— | $119721 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts*  | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $2363475 | $— | $2363475 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $(457158) | $— | $(457158) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $20476696 |

---

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

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock New Jersey Municipal Bond Fund** |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $291290669 | $— | $291290669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10209017 |  |  | 10209017 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;10209017 | $&nbsp;&nbsp;&nbsp;&nbsp;291290669 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;301499686 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $(119721) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(119721) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

34 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> November 30, 2022 | **BlackRock Pennsylvania Municipal Bond Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Par*<br> *(000)*  | *Value* | *Value* |
|  **Municipal Bonds** |  |  |  |  |
| **Guam — 0.2%** |  |  |  |  |
| **Utilities — 0.2%** |  |  |  |  |
|  Guam Government Waterworks Authority, RB, Series A, AMT, 5.00%, 01/01/50 | $| 820 | $| 820603 |
| **Pennsylvania — 93.9%** |  |  |  |  |
| **Corporate — 5.8%** |  |  |  |  |
|  Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29 |  | 3100 |  | 2996847 |
|  Pennsylvania Economic Development Financing Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, AMT, 2.30%, 06/01/41<sup>(a)</sup>  |  | 13335 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12949205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 0.58%, 08/01/37<sup>(a)</sup>  |  | 5000 |  | 4765550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 3.25%, 08/01/39<sup>(b)</sup>  |  | 2800 |  | 2180786 |
|  Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |  | 1355 |  | 1357294 |
|  |  |  |  | 24249682 |
| **County/City/Special District/School District — 15.4%** | **County/City/Special District/School District — 15.4%** | **County/City/Special District/School District — 15.4%** | **County/City/Special District/School District — 15.4%** | **County/City/Special District/School District — 15.4%** |
|  Altoona Area School District, GO, Series A, AMT, (AGM, SAW), 5.00%, 12/01/36 |  | 2895 |  | 3040404 |
|  Bethlehem Area School District, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (BAM SAW), 5.00%, 08/01/34 |  | 2390 |  | 2505633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (BAM SAW), 5.00%, 08/01/35 |  | 1790 |  | 1875811 |
|  Boyertown Area School District, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 5.00%, 10/01/36 |  | 890 |  | 914205 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 5.00%, 10/01/38 |  | 1335 |  | 1367892 |
|  Bristol Township School District, GO, (BAM SAW), 5.00%, 06/01/42 |  | 2550 |  | 2680139 |
|  Catasauqua Area School District, Refunding GO, (BAM SAW), 4.00%, 02/15/42 |  | 2255 |  | 2150165 |
|  City of Lancaster Pennsylvania, GO, (BAM), 4.00%, 11/01/42 |  | 3720 |  | 3503381 |
|  City of Philadelphia Pennsylvania, GO, Series B, 5.00%, 02/01/39 |  | 1540 |  | 1642672 |
|  City of Philadelphia Pennsylvania, Refunding GO, Series A, 5.00%, 08/01/37 |  | 2140 |  | 2248855 |
|  Coatesville School District, GO, CAB<sup>(c)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (BAM SAW), 0.00%, 10/01/34 |  | 290 |  | 174089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (BAM SAW), 0.00%, 10/01/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 |  | 1270651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, (BAM SAW), 0.00%, 10/01/35 |  | 2565 |  | 1456356 |
|  Coatesville School District, Refunding GO, CAB<sup>(c)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, (BAM SAW), 0.00%, 10/01/33 |  | 500 |  | 316575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, (BAM SAW), 0.00%, 10/01/34 |  | 980 |  | 588301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Class C, (BAM SAW), 0.00%, 10/01/33 |  | 640 |  | 405216 |
|  County of Lancaster Pennsylvania, Refunding GO<br>4.00%, 11/01/34 |  | 500 |  | 510046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/35 |  | 520 |  | 528043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/36 |  | 540 |  | 546227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/37 |  | 565 |  | 569224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/38 |  | 585 |  | 588056 |
|  Dallastown Area School District, Refunding GO, (SAW), 5.00%, 04/15/34 |  | 1835 |  | 1913342 |
|  Fox Chapel Area School District, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 5.00%, 02/01/39 |  | 4100 |  | 4348275 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 5.00%, 02/01/42 |  | 6365 |  | 6698831 |
|  Mechanicsburg Area School District, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (SAW), 4.00%, 03/01/40 |  | 2160 |  | 2122576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (SAW), 4.00%, 03/01/42 |  | 2335 |  | 2259727 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |
|  North Allegheny School District, GO, (SAW), 4.00%, 05/01/39 | $1000 | $981660 |
|  School District of Philadelphia, Refunding GO, Series F, (SAW), 5.00%, 09/01/37 | 1815 | 1876588 |
|  Springfield School District/Delaware County, GO, (SAW), 5.00%, 03/01/40 | 1710 | 1807372 |
|  State Public School Building Authority, Refunding RB, Series A, (AGM), 5.00%, 06/01/33 | 5000 | 5320820 |
|  Tredyffrin Easttown School District, GO, (SAW), 5.00%, 02/15/39 | 1130 | 1208006 |
|  West Shore School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 5.00%, 11/15/43 | 4045 | 4229412 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 5.00%, 11/15/48 | 1975 | 2048320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63696870 |
| **Education — 20.6%** |  |  |
|  Berks County Municipal Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/39 | 290 | 270885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/49 | 795 | 719728 |
|  Bethlehem Redevelopment Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | 320 | 334270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/38 | 330 | 299968 |
|  Chester County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/49 | 3750 | 3465559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/51 | 4000 | 3666256 |
|  Delaware County Authority, RB, 5.00%, 08/01/40 | 1795 | 1851302 |
|  East Hempfield Township Industrial Development Authority, RB<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 1215 | 1231842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/25 | 1810 | 1915241 |
|  Latrobe Industrial Development Authority, Refunding RB, 4.00%, 03/01/46 | 515 | 420586 |
|  Lehigh County Industrial Development Authority, Refunding RB, 4.00%, 05/01/51 | 1545 | 1114776 |
|  Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38 | 6000 | 5906034 |
|  Pennsylvania Higher Education Assistance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 06/01/30 | 260 | 279599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.63%, 06/01/42 | 2000 | 1690530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 3.13%, 06/01/48 | 650 | 469710 |
|  Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 4.00%, 06/15/34 | 5790 | 5853875 |
|  Pennsylvania Higher Educational Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/36 | 500 | 479616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/37 | 1595 | 1517328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/41 | 810 | 831023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/15/23<sup>(d)</sup>  | 2420 | 2459349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 07/15/23<sup>(d)</sup>  | 365 | 371478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/25 | 200 | 206481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/26 | 100 | 103922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/27 | 150 | 156694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/29 | 1150 | 1209227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (AGM), 4.00%, 05/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 4498580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 11/01/31 | 205 | 216813 |
|  Pennsylvania State University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/48 | 2615 | 2769594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 09/01/43 | 3935 | 4253971 |
|  Philadelphia Authority for Industrial Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 | 485 | 451930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/39 | 840 | 782899 |

---

S C H E D U L E O F I N V E S T M E N T S 35

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Pennsylvania Municipal Bond Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Education (continued)** |  |  |
|  Philadelphia Authority for Industrial Development, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/41 | $490 | $392914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/48 | 8090 | 7946742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/50 | 800 | 688051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/51 | 395 | 284849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | 2193250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/56 | 560 | 389597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/15/52 | 625 | 588413 |
|  Philadelphia Authority for Industrial Development, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | 745 | 772583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/40 | 675 | 676148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/40<sup>(b)</sup>  | 1180 | 1126081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/42 | 4780 | 3820195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/50 | 2010 | 1876852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/50<sup>(b)</sup>  | 585 | 523790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 5.00%, 04/01/45 | 3330 | 3399910 |
|  Sports & Exhibition Authority, of Pittsburgh and Allegheny County RB, Series A, VRDN, (AGM), 1.91%, 12/07/22<sup>(a)(e)</sup>  | 7165 | 7165000 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 2.26%, 02/15/24<sup>(a)</sup>  | 3620 | 3636782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85280223 |
| **Health — 19.1%** |  |  |
|  Allegheny County Hospital Development Authority, RB, Series D2, 2.60%, 11/15/47<sup>(a)</sup>  | 2865 | 2904889 |
|  Allegheny County Hospital Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/37 | 4300 | 4143351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/39 | 2250 | 2160491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/47 | 1950 | 1967733 |
|  Bucks County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/44 | 1690 | 1500178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/51 | 2500 | 1778540 |
|  Bucks County Industrial Development Authority, Refunding RB, 5.00%, 10/01/37 | 1560 | 1565393 |
|  Chester County Health and Education Facilities Authority, RB, Series A, 4.00%, 09/01/39 | 970 | 930809 |
|  Chester County Health and Education Facilities Authority, Refunding RB, Series A, Class A, 5.25%, 12/01/45 | 1500 | 1342535 |
|  Cumberland County Municipal Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25<sup>(d)</sup>  | 430 | 450204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/36 | 645 | 580585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/01/38 | 260 | 231628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/38 | 2185 | 2191902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/39<sup>(d)</sup>  | 1120 | 1249993 |
|  Doylestown Hospital Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/45 | 1250 | 902145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 1500 | 1239365 |
|  DuBois Hospital Authority, Refunding RB, 4.00%, 07/15/48 | 3440 | 2900474 |
|  Geisinger Authority, Refunding RB, Series A-2, 5.00%, 02/15/39 | 5950 | 6128381 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40 | 1600 | 1538259 |
|  Hospitals & Higher Education Facilities Authority, of Philadelphia, Refunding RB,<br>5.00%, 07/01/33 | 1000 | 1023279 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Health (continued)** |  |  |
|  Lancaster County Hospital Authority, Refunding RB, 5.00%, 11/01/35 | $925 | $945877 |
|  Lancaster Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/44 | 730 | 662328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 | 1170 | 1195563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/49 | 985 | 855623 |
|  Montgomery County Higher Education and Health Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/37 | 1365 | 1425003 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 4.00%, 09/01/44 | 7550 | 6797688 |
|  Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 01/01/40 | 5000 | 4962735 |
|  Moon Industrial Development Authority, Refunding RB, 6.00%, 07/01/45 | 2250 | 1931283 |
|  Mount Lebanon Hospital Authority, RB, 4.00%, 07/01/48 | 2910 | 2688334 |
|  Northampton County General Purpose Authority, Refunding RB, 5.00%, 08/15/46 | 1350 | 1355041 |
|  Pennsylvania Economic Development Financing Authority, RB, Series B, 4.00%, 03/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 1923556 |
|  Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42 | 4000 | 3761364 |
|  Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/41 | 5000 | 5067665 |
|  St. Mary Hospital Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28<sup>(d)</sup>  | 4065 | 4594190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/48 | 2035 | 2084935 |
|  West Cornwall Township Municipal Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/36 | 500 | 449832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/41 | 445 | 380226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/46 | 715 | 583326 |
|  Westmoreland County Industrial Development Authority, Refunding RB, Series A, 4.00%, 07/01/37 | 1040 | 910963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79305666 |
| **Housing — 3.7%** |  |  |
|  Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 137, 2.45%, 10/01/41 | 1315 | 950274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 137, 2.60%, 04/01/46 | 5270 | 3621049 |
|  Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 136, 2.55%, 10/01/51 | 2250 | 1432762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 4.15%, 10/01/42 | 3000 | 2802084 |
|  Philadelphia Authority for Industrial Development, RB, M/F Housing<sup>(f)(g)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 12/01/36 | 1260 | 983955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/46 | 5740 | 4167022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/51 | 2300 | 1595089 |
|  |  | 15552235 |
| **State — 5.1%** |  |  |
|  Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42<sup>(b)</sup>  | 330 | 297681 |
|  Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, 5.00%, 05/01/42 | 3770 | 3666057 |
|  Chester County Industrial Development Authority, SAB<sup>(b)</sup>4.25%, 03/01/35 | 1280 | 1181548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/38 | 483 | 465500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/48 | 916 | 847720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/50 | 2720 | 2400090 |

---

36 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Pennsylvania Municipal Bond Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **State (continued)** |  |  |
|  Commonwealth Financing Authority, RB, 5.00%, 06/01/35 | $2205 | $2338777 |
|  Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1425 | 1433821 |
|  Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | 2620 | 2631324 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B, 5.25%, 12/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215 | 3309299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 12/01/44 | 1500 | 1594036 |
|  Redevelopment Authority of The County of Washington, Refunding TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/23 | 195 | 194347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | 600 | 601870 |
|  |  | 20962070 |
| **Transportation — 15.2%** |  |  |
|  City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, (AGM), 4.00%, 07/01/40 | 1075 | 1008348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/37 | 1800 | 1843774 |
|  Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42 | 4045 | 4218296 |
|  Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/01/42 | 2515 | 2635345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/41 | 100 | 103553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/35 | 885 | 982008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.00%, 06/01/42 | 5205 | 5342157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.25%, 06/01/47 | 1000 | 1029947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 12/01/37 | 2660 | 2830956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 12/01/39 | 2075 | 2192833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Subordinate, 3.00%, 12/01/51 | 1580 | 1027958 |
|  Pennsylvania Turnpike Commission, RB, CAB<sup>(c)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A-3, (AGM), 0.00%, 12/01/40 | 1820 | 807536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A-3, 0.00%, 12/01/42 | 5740 | 2136864 |
|  Pennsylvania Turnpike Commission, Refunding RB<br>5.25%, 12/01/52<sup>(h)</sup>  | 1225 | 1310251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.25%, 12/01/45 | 4730 | 4840214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, (AGM), 5.00%, 06/01/35 | 2900 | 3108284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/46 | 825 | 872560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 12/01/51 | 1780 | 1288699 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.86%, 12/07/22<sup>(a)(e)</sup>  | 15000 | 15000000 |
|  Southeastern Pennsylvania Transportation Authority, RB<br>5.00%, 06/01/32 | 1925 | 2123140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/47 | 3695 | 4039496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/52 | 2000 | 2167272 |
|  Susquehanna Area Regional Airport Authority, Refunding RB, AMT, 5.00%, 01/01/38 | 2200 | 2203969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63113460 |
| **Utilities — 9.0%** |  |  |
|  Aliquippa Municipal Water Authority Water & Sewer Revenue, RB, (BAM),<br>4.00%, 11/15/51 | 2405 | 2144209 |
|  Allegheny County Sanitary Authority, RB, 5.00%, 06/01/43 | 4000 | 4210108 |
|  City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.50%, 06/01/47 | 3100 | 3440740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/43 | 3460 | 3644411 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Utilities (continued)** |  |  |
|  City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 11/01/45 | $3210 | $3403900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 10/01/52 | 1190 | 1238862 |
|  Delaware County Regional Water Quality Control Authority, RB, 5.00%, 05/01/23<sup>(d)</sup>  | 980 | 989812 |
|  New Kensington Municipal Sanitary Authority, RB, (AGM), 3.25%, 12/01/47 | 2055 | 1755196 |
|  Oxford Area Sewer Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (BAM), 3.00%, 07/01/35 | 155 | 142693 |
| &nbsp;&nbsp;&nbsp;&nbsp; (BAM), 3.00%, 07/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | 1833638 |
| &nbsp;&nbsp;&nbsp;&nbsp; (BAM), 2.38%, 07/01/55 | 915 | 515884 |
|  Pennsylvania Economic Development Financing Authority, Refunding RB, Class B, VRDN, 2.80%, 12/07/22<sup>(a)(e)</sup>  | 2000 | 2000000 |
|  Philadelphia Gas Works Co., Refunding RB 5.00%, 08/01/30 | 700 | 731444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 | 900 | 937866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/32 | 1200 | 1246103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/33 | 600 | 619646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/34 | 1050 | 1082002 |
|  Pittsburgh Water & Sewer Authority, RB, Series A, 1st Lien, (AGM), 5.00%, 09/01/44 | 2045 | 2158275 |
|  Pittsburgh Water & Sewer Authority, Refunding RB, Series C, Class C, (AGM), 2.55%, 09/01/40<sup>(a)</sup>  | 3620 | 3628015 |
|  Williamsport Sanitary Authority, Refunding RB, (BAM), 4.00%, 01/01/40 | 1420 | 1409286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37132090 |
| **Total Municipal Bonds in Pennsylvania** |  | 389292296 |
| **Puerto Rico — 2.9%** |  |  |
| **State — 2.9%** |  |  |
|  Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.63%, 07/01/29 | 1643 | 1680878 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 4797 | 4325733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 3034 | 2740876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 1950 | 1759620 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB<sup>(c)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 5314 | 1338538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 925 | 236129 |
|  **Total Municipal Bonds in Puerto Rico** |  | 12081774 |
|  **Total Long-Term Investments — 97.0%<br>(Cost: $429,536,444)** |  | 402194673 |

---

S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Pennsylvania Municipal Bond Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.1%** |  |  |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.59%<sup>(i)(j)</sup>  | 4432232 | $4432675 |
|  **Total Short-Term Securities — 1.1%<br>(Cost: $4,432,232)** |  | 4432675 |
|  **Total Investments — 98.1%<br>(Cost: $433,968,676)** |  | 406627348 |
|  **Other Assets Less Liabilities — 1.9%** |  | 7985552 |
|  **Net Assets — 100.0%** |  | $414612900 |

---

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

<sup>(d)</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>(e)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

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

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

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

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

For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *05/31/22*  | *Purchases*<br> *at Cost*  | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *11/30/22*  | *Shares*<br> *Held at*<br> *11/30/22*  | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*  |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class | $14915694 | $– $| (10475572)<sup>(a)</sup> | $(7116) | $(331) | $4432675 | 4432232 | $90394 | $— |

---

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

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*  | *Expiration<br>Date* | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 53 | 03/22/23 | $6030 | $(46670) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 83 | 03/22/23 | 10593 | (89079) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 46 | 03/31/23 | 5004 | (39507) |
|  |  |  |  | $(175256) |

---

38 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Pennsylvania Municipal Bond Fund** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;175256 | $— | $175256 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;3468903 | $— | $3468903 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $(731622) | $— | $(731622) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $31704039 |

---

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. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $402194673 | $— | $402194673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 4432675 |  |  | 4432675 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;4432675 | $402194673 | $— | $406627348 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $(175256) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(175256) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> November 30, 2022 | **BlackRock Impact Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Bonds** |  |  |
| **Alabama — 0.2%** |  |  |
|  Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52<sup>(a)</sup>  | $100 | $92828 |
| **Arizona — 1.9%** |  |  |
|  Arizona Industrial Development Authority, RB, Series A, 4.00%, 02/01/50 | 1000 | 883140 |
| **Arkansas — 2.3%** |  |  |
|  University of Arkansas, RB, Series A, 5.00%, 04/01/47 | 1000 | 1079226 |
| **California — 14.5%** |  |  |
|  California Community Choice Financing Authority, RB, Series A, 4.00%, 10/01/52<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1500 | 1510497 |
|  California Public Finance Authority, RB, Series A, 4.00%, 07/15/51 | 1000 | 962682 |
|  California School Finance Authority, RB, 5.00%, 08/01/42<sup>(b)</sup>  | 125 | 126163 |
|  California State Public Works Board, RB, Series D, Class D, 4.00%, 05/01/45 | 1000 | 976884 |
|  City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, 4.00%, 06/01/52 | 1500 | 1419492 |
|  CSCDA Community Improvement Authority, RB, M/F Housing<sup>(b)</sup><br>3.25%, 04/01/57 | 250 | 172985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 3.00%, 02/01/57 | 350 | 226002 |
|  Los Angeles Unified School District, CA ,GO, 4.00%, 07/01/37 | 500 | 511821 |
|  Val Verde Unified School District, GO, Series B, Election 2020, (AGM), 4.00%, 08/01/51 | 1000 | 930902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837428 |
| **Colorado — 1.2%** |  |  |
|  Denver City & County School District No. 1, GO, Series A, AMT, (SAW), 5.00%, 12/01/42 | 500 | 560201 |
| **Connecticut — 5.4%** |  |  |
|  Connecticut State Health & Educational Facilities Authority, RB, Series A, Class A, 4.00%, 07/01/51 | 500 | 440757 |
|  State of Connecticut, GO, Series 2020, 4.00%, 01/15/37 | 1000 | 1007698 |
|  University of Connecticut, RB, Series A, AMT, 5.00%, 05/01/39 | 1000 | 1098317 |
|  |  | 2546772 |
| **Delaware — 0.1%** |  |  |
|  Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39<sup>(b)(c)</sup>  | 80 | 68769 |
| **District of Columbia — 2.3%** |  |  |
|  District of Columbia, RB, Class A-AMT, AMT, 5.50%, 02/28/34 | 1000 | 1084361 |
| **Florida — 5.6%** |  |  |
|  Brevard County Health Facilities Authority, Refunding RB, Series A, 4.00%, 04/01/52 | 1000 | 872689 |
|  County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48 | 1000 | 940576 |
|  Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.00%, 06/15/42 | 500 | 438476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 06/15/47 | 375 | 369387 |
|  |  | 2621128 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Georgia — 0.7%** |  |  |
|  Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Series A, 4.00%, 06/01/49 | $325 | $332745 |
| **Illinois — 4.4%** |  |  |
|  Chicago Board of Education, GO, Series A, AMT, 5.00%, 12/01/33 | 500 | 498952 |
|  Chicago Transit Authority, Sales Tax Receipts Fund, Series A, 2nd Lien, 5.00%, 12/01/57 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | 1204395 |
|  Illinois Housing Development Authority, RB, M/F Housing, Series G, 6.25%, 10/01/52 | 350 | 382413 |
|  |  | 2085760 |
| **Kentucky — 2.7%** |  |  |
|  City of Henderson KY, RB, Series SE, Class A, AMT, 4.70%, 01/01/52<sup>(b)</sup>  | 250 | 222880 |
|  Louisville/Jefferson County Metropolitan Government, RB, Series A, (AGM), 5.00%, 05/15/47 | 1000 | 1029523 |
|  |  | 1252403 |
| **Louisiana — 2.6%** |  |  |
|  Jefferson Parish Consolidated Sewerage District<br>No 1, RB, (BAM), 4.00%, 02/01/39 | 1000 | 978462 |
|  Louisiana Public Facilities Authority, RB, Series A, 6.38%, 06/01/52<sup>(b)</sup>  | 250 | 253056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231518 |
| **Maine — 0.1%** |  |  |
|  Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51<sup>(b)</sup>  | 100 | 68703 |
| **Maryland — 1.6%** |  |  |
|  Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 | 715 | 735857 |
| **Massachusetts — 5.5%** |  |  |
|  Massachusetts Bay Transportation Authority Assessment Revenue, Refunding RB, Series A, 5.00%, 07/01/52 | 1500 | 1649371 |
|  University of Massachusetts Building Authority, RB, Series 1, 4.00%, 11/01/46 | 1000 | 969988 |
|  |  | 2619359 |
| **Michigan — 2.1%** |  |  |
|  Ludington Area School District, GO, Series II, (BAM Q-SBLF), 4.00%, 05/01/51 | 1000 | 972937 |
| **Minnesota — 1.9%** |  |  |
|  Duluth Economic Development Authority, RB, Class B, 5.25%, 06/15/42 | 500 | 508078 |
|  Minnesota Housing Finance Agency, RB, S/F Housing, Series N, 6.00%, 01/01/53 | 340 | 369477 |
|  |  | 877555 |
| **Mississippi — 0.2%** |  |  |
|  Mississippi Business Finance Corp., RB, AMT, 7.75%, 07/15/47<sup>(a)</sup>  | 100 | 100407 |
| **New Hampshire — 1.5%** |  |  |
|  New Hampshire Housing Finance Authority, RB, M/F Housing, Series 2022, 4.38%, 09/20/36 | 746 | 714035 |
| **New Jersey — 0.3%** |  |  |
|  Camden County Improvement Authority, RB, 6.00%, 06/15/47 | 115 | 120639 |
| **New York — 11.8%** |  |  |
|  Battery Park City Authority, RB, 4.00%, 11/01/44 | 1500 | 1460847 |
|  Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32 | 245 | 228176 |

---

40 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Impact Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **New York (continued)** |  |  |
|  Metropolitan Transportation Authority, Refunding RB, Series A-1, 5.00%, 11/15/49 | $1000 | $960290 |
|  New York City Municipal Water Finance Authority, RB, Series CC-1, 4.00%, 06/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 942053 |
|  New York Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGM), 4.00%, 11/15/39 | 1000 | 1001327 |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGM), 4.00%, 11/15/40 | 1000 | 994159 |
|  |  | 5586852 |
| **North Carolina — 0.5%** |  |  |
|  North Carolina Housing Finance Agency, RB, S/F Housing, (GNMA,FNMA,FHLMC), 3.75%, 07/01/52 | 250 | 247182 |
| **North Dakota — 0.5%** |  |  |
|  North Carolina Housing Finance Agency, RB, S/F Housing, Series A, 4.00%, 01/01/53 | 230 | 229541 |
| **Ohio — 3.5%** |  |  |
|  Ohio State University, RB, Series B-1, VRDN, 1.70%, 12/01/39<sup>(a)</sup>  | 1500 | 1500000 |
|  Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42<sup>(b)</sup>  | 200 | 169678 |
|  |  | 1669678 |
| **Oregon — 1.4%** |  |  |
|  Oregon State Facilities Authority, RB, Series A, 5.00%, 06/01/52 | 125 | 127404 |
|  State of Oregon Housing & Community Services Department, RB, S/F Housing, Series A, AMT, 4.00%, 07/01/51 | 535 | 533681 |
|  |  | 661085 |
| **Pennsylvania — 5.7%** |  |  |
|  City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series C, 5.50%, 06/01/47 | 1000 | 1109916 |
|  Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/52 | 475 | 481036 |
|  Southeastern Pennsylvania Transportation Authority, RB, 5.25%, 06/01/47 | 1000 | 1093233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684185 |
| **South Carolina — 1.4%** |  |  |
|  South Carolina State Housing Finance & Development Authority, RB, S/F Housing, Series A, AMT, 4.00%, 01/01/52 | 680 | 679308 |
| **Tennessee — 0.4%** |  |  |
|  Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 1, 3.75%, 07/01/52 | 200 | 197273 |
| **Texas — 6.6%** |  |  |
|  Arlington Higher Education Finance Corp., RB (PSF), 5.00%, 08/15/47 | 500 | 520594 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Texas (continued)** |  |  |
|  Arlington Higher Education Finance Corp., RB (continued)<br>Series A, 5.25%, 08/15/32 | $250 | $247801 |
|  City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46 | 1000 | 1072626 |
|  New Hope Cultural Education Facilities Finance Corp., Refunding RB, Class A, 6.63%, 10/01/43 | 100 | 96224 |
|  Tarrant County Cultural Education Facilities Finance Corp., RB, Class F, 5.00%, 11/15/52<sup>(a)</sup>  | 415 | 457734 |
|  Texas State Technical College, RB, 5.50%, 08/01/42 | 665 | 742911 |
|  |  | 3137890 |
| **Utah — 3.7%** |  |  |
|  University of Utah, RB, Series A, 4.00%, 08/01/43 | 1500 | 1504849 |
|  Utah Infrastructure Agency, RB, 5.00%, 10/15/32 | 250 | 258364 |
|  |  | 1763213 |
| **Virginia — 2.2%** |  |  |
|  Henrico County Economic Development Authority, Refunding RB, Class A, 5.00%, 10/01/47 | 1000 | 1026378 |
|  **Total Long-Term Investments — 94.8%<br>(Cost: $47,315,481)** |  | &nbsp;&nbsp;&nbsp;&nbsp;44768356 |
|  | *Shares* |  |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 3.1%** |  |  |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.59%<sup>(d)(e)</sup>  | 1459328 | 1459474 |
|  **Total Short-Term Securities — 3.1%<br>(Cost: $1,459,182)** |  | 1459474 |
|  **Total Investments — 97.9%<br>(Cost: $48,774,663)** |  | 46227830 |
|  **Other Assets Less Liabilities — 2.1%** |  | 1014037 |
|  **Net Assets — 100.0%** |  | $47241867 |

---

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

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

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

For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Impact Municipal Fund** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *05/31/22*  | *Purchases*<br> *at Cost*  | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *11/30/22*  | *Shares*<br> *Held at*<br> *11/30/22*  | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*  |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class | $1983841 | $– $| (524383)<sup>(a)</sup> | $(74) | $90 | $1459474 | 1459328 | $13256 | $— |

---

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

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*  | *Expiration*<br> *Date*  | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts<br>10-Year U.S. Treasury Note | 24 | 03/22/23 | $2731 | $(21343) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 37 | 03/22/23 | 4722 | (45896) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 12 | 03/31/23 | 1305 | (10306) |
|  |  |  |  | $(77545) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | $— | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;77545 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;77545 |

---

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts*  | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $663919 | $— | $663919 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(139993) | $— | $(139993) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $8843688 |

---

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

42 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Impact Municipal Fund** |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $44699587 | $68769 | $44768356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1459474 |  |  | 1459474 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459474 | $&nbsp;&nbsp;&nbsp;&nbsp;44699587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68769 | $46227830 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $(77545) | $— | $— | $(77545) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 43

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Corporate Bonds** |  |  |
| **Education — 0.7%** |  |  |
|  Capital Trust Agency, Inc., RB<br>8.25%, 01/01/44 | $940 | $1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;3010 | 60200 |
|  Chapman University, 3.00%, 04/01/51 | 3495 | 2352364 |
|  Conservation Fund A Nonprofit Corp., Series 2019, 3.47%, 12/15/29 | 2677 | 2328550 |
|  Grand Canyon University, 5.13%, 10/01/28 | 37874 | 35139497 |
|  |  | 39882049 |
| **Health Care Providers & Services — 0.5%** |  |  |
|  Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50 | 1046 | 689864 |
|  Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/41 | 22500 | 15419605 |
|  OhioHealth Corp., 2.83%, 11/15/41 | 16570 | 12061123 |
|  Providence St Joseph Health Obligated Group, Series A, 3.93%, 10/01/48 | 1738 | 1369017 |
|  |  | 29539609 |
| **Thrifts & Mortgage Finance — 0.2%** |  |  |
|  Community Preservation Corp., Series 2020, Class C, 2.87%, 02/01/30 | 17450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14811707 |
| **Total Corporate Bonds — 1.4%<br> (Cost: $106,070,263)** |  | 84233365 |
|  **Municipal Bonds** |  |  |
| **Alabama — 0.6%** |  |  |
|  Alabama Federal Aid Highway Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.16%, 09/01/32 | 4000 | 3139080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.26%, 09/01/33 | 6300 | 4905980 |
|  County of Jefferson Alabama Sewer Revenue,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Sub Lien, 7.00%, 10/01/51 | 3000 | 3221322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Class D, Sub Lien, 6.50%, 10/01/53 | 15110 | 16158800 |
|  Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44<sup>(a)</sup>  | 6540 | 5441660 |
|  |  | 32866842 |
| **Alaska — 0.4%** |  |  |
|  State of Alaska International Airports System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/32 | 5000 | 5270560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/34 | 5000 | 5245605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 10/01/27 | 6060 | 6416861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 10/01/30 | 5570 | 5997776 |
|  |  | 22930802 |
| **Arizona — 3.3%** |  |  |
|  Arizona Health Facilities Authority, RB, Series B, 3.32%, 01/01/37<sup>(b)</sup> | 50000 | 46221100 |
|  Arizona Health Facilities Authority, Refunding RB, 5.00%, 12/01/39 | 5000 | 5064715 |
|  Arizona Industrial Development Authority, RB<sup>(a)</sup> 7.10%, 01/01/55 | 3195 | 3263098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/39 | 1335 | 1308812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 2075 | 1939619 |
|  Arizona Industrial Development Authority, RB, M/F Housing, Series 2019-2, Class A, 3.63%, 05/20/33 | 56745 | 54324844 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Arizona (continued)** |  |  |
|  City of Phoenix Civic Improvement Corp., ARB, Junior Lien, 5.00%, 07/01/44 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | $10351820 |
|  City of Phoenix Civic Improvement Corp., Refunding RB, Series D, Junior Lien, 5.00%, 07/01/37 | 10000 | 10467870 |
|  Industrial Development Authority of the City of Phoenix, Refunding RB, 5.00%, 07/01/35<sup>(a)</sup>  | 1795 | 1777664 |
|  Maricopa County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/31 | 1000 | 1098480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/32 | 1000 | 1091125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/34 | 1000 | 1073652 |
|  Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/36<sup>(a)</sup>  | 250 | 243664 |
|  Maricopa County Pollution Control Corp., Refunding RB, 2.40%, 06/01/35 | 50000 | 38494900 |
|  Salt River Project Agricultural Improvement & Power District, RB, 5.00%, 01/01/47 | 5000 | 5375630 |
|  Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 01/01/31 | 10000 | 11639690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193736683 |
| **Arkansas<sup>(a)</sup> — 0.5%** |  |  |
|  Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.50%, 09/01/49 | 13150 | 11288552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.75%, 09/01/49 | 16695 | 14901539 |
|  |  | 26190091 |
| **California — 12.3%** |  |  |
|  Antelope Valley Community College District, Refunding, GO, Series A, Class A, Election 2016, 4.00%, 08/01/46 | 10000 | 9522100 |
|  Bay Area Toll Authority, Refunding RB, Series A, 2.00%, 04/01/56<sup>(b)</sup>  | 15000 | 13911960 |
|  California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/51<sup>(a)</sup>  | 1915 | 1361531 |
|  California Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/36 | 5000 | 5205570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/37 | 5000 | 5183105 |
|  California Health Facilities Financing Authority, Refunding RB, 4.00%, 05/15/51 | 5000 | 4678530 |
|  California Housing Finance Agency, RB, M/F Housing<br>Class A, 3.25%, 08/20/36 | 11548 | 9984852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 3.50%, 11/20/35 | 43622 | 39247166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35 | 49295 | 49024890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.25%, 01/15/35 | 19 | 18359 |
|  California Municipal Finance Authority, RB<br>5.38%, 07/01/34<sup>(a)</sup>  | 1000 | 1000031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/01/44<sup>(a)</sup>  | 2760 | 2706757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/44 | 1960 | 1966248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 08/01/44<sup>(a)</sup>  | 330 | 331166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.13%, 08/01/49<sup>(a)</sup>  | 285 | 286104 |
|  California Municipal Finance Authority, RB, S/F Housing, Series B, 5.88%, 08/15/49 | 1000 | 1002841 |
|  California Pollution Control Financing Authority, RB<sup>(a)</sup><br>AMT, 5.00%, 07/01/37 | 10000 | 9761360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 11/21/45 | 50000 | 47315850 |
|  California Pollution Control Financing Authority, Refunding RB, Series A-2, AMT, 3.63%, 07/01/27 | 13000 | 12669514 |
|  California School Finance Authority, RB, Series A, 6.75%, 11/01/45<sup>(a)</sup>  | 1395 | 1417266 |

---

44 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **California (continued)** |  |  |
|  California Statewide Communities Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;24000 | $20102616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.25%, 11/01/44<sup>(a)</sup>  | 1250 | 1044623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, 1.45%, 04/01/28 | 10000 | 8817230 |
|  City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/45 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;10139080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Subordinate, 5.00%, 05/15/30 | 5000 | 5449775 |
|  City of Los Angeles Department of Airports, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/34 | 4125 | 4657009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/36 | 3165 | 3520129 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/15/26 | 5000 | 5292605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/40 | 5000 | 5342030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/46 | 10000 | 10485190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/30 | 10000 | 10942160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/31 | 14600 | 16016185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/32 | 13000 | 14254266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/33 | 20000 | 21760040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/34 | 20000 | 21648880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/35 | 10000 | 10784750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/36 | 10000 | 10726180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 5.00%, 05/15/37 | 10000 | 10714770 |
|  Cloverdale Unified School District, Refunding, GO, Series B, Class B, 4.00%, 08/01/49 | 5000 | 4829625 |
|  CMFA Special Finance Agency VII, RB, Series A1, 3.00%, 08/01/56<sup>(a)</sup>  | 865 | 562999 |
|  CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49<sup>(a)</sup>  | 7490 | 5741879 |
|  CMFA Special Finance Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/45<sup>(a)</sup>  | 885 | 692116 |
|  CSCDA Community Improvement Authority, RB, M/F<br>Housing<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/56 | 15360 | 10191852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/56 | 19980 | 15053213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/01/56 | 8120 | 5407498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/56 | 3340 | 2643309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/56 | 2985 | 2083766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/57 | 1105 | 764593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/57 | 7700 | 5363581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/58 | 5880 | 4097213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/58 | 6700 | 4447353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 06/01/57 | 5890 | 4232595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Mezzanine Lien, 4.00%, 12/01/59 | 8355 | 5720610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 3.25%, 05/01/57 | 2180 | 1470654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 3.13%, 06/01/57 | 8865 | 5846521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Sub Lien, 4.00%, 12/01/59 | 10420 | 6971313 |
|  Folsom Cordova Unified School District School Facilities Improvement Dist No 5, GO, Series A, Class A, Election 2014, 4.00%, 10/01/40 | 10000 | 10006570 |
|  Fresno Unified School District, GO, Series B, 4.00%, 08/01/46 | 10000 | 9841770 |
|  Glendale Community College District, GO, CAB, Series B, 0.00%, 08/01/39<sup>(c)</sup>  | 6755 | 3231680 |
|  Golden State Tobacco Securitization Corp., Refunding RB, Class B, (SAP), 2.35%, 06/01/30 | 8000 | 6576840 |
|  Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Class B-2, Subordinate, 0.00%, 06/01/66<sup>(c)</sup>  | 19450 | 2079672 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  Los Angeles Community College District, GO, Series C-1, Election 2016, 5.00%, 08/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;5000 | $5420780 |
|  Municipal Improvement Corp. of Los Angeles, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/39 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;5540530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/40 | 5000 | 5518895 |
|  Northern California Gas Authority No. 1, RB, Series B, 3.23%, 07/01/27<sup>(b)</sup>  | 3600 | 3585971 |
|  Palo Alto Unified School District, GO, 3.00%, 08/01/33 | 5000 | 4815150 |
|  Poway Unified School District, Refunding GO, CAB<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/35 | 5950 | 3606468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/38 | 22210 | 11398283 |
|  San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/31 | 5750 | 6252061 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/32 | 5000 | 5408510 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/43 | 10000 | 11052970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/44 | 10000 | 11007690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/45 | 5000 | 5485120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/47 | 10000 | 9699670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/48 | 25000 | 23808175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/49 | 25000 | 23782575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/50 | 5000 | 4773930 |
|  San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB<sup>(a)(c)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/01/26 | 1170 | 989033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/01/43 | 20000 | 7230800 |
|  San Mateo County Community College District, GO<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Election 2005, (NPFGC), 0.00%, 09/01/35 | 11000 | 6867905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Election 2005, (NPFGC), 0.00%, 09/01/36 | 21650 | 12830591 |
|  State of California Department of Water Resources, Refunding RB, Series BC, 1.41%, 12/01/29 | 4600 | 3693496 |
|  State of California, Refunding GO, (AGM), 5.25%, 08/01/32 | 10000 | 12076860 |
|  Tobacco Securitization Authority of Northern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/27 | 1550 | 1636468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | 1000 | 1062642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/29 | 1050 | 1125137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/32 | 1300 | 1407851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/34 | 1335 | 1315764 |
|  |  | 717543265 |
| **Colorado — 1.3%** |  |  |
|  City & County of Denver CO Airport System Revenue, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 11/15/30 | 10000 | 10816820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/36 | 5000 | 5366410 |
|  Colorado Educational & Cultural Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 30 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/46<sup>(a)</sup>  | 2000 | 1835790 |
|  Colorado Health Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/30 | 10000 | 10654220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/31 | 5000 | 5290415 |

---

S C H E D U L E O F I N V E S T M E N T S 45

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Colorado (continued)** |  |  |
|  Colorado Health Facilities Authority, Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/32 | $5000 | $5265760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/35 | 5000 | 5212335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;10365780 |
|  DIATC Metropolitan District, GO <sup>(a)</sup>5.00%, 12/01/39 | 1245 | 1163369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/49 | 2000 | 1737740 |
|  Fitzsimons Village Metropolitan District No. 1, Refunding GO, Senior Lien, 5.00%, 12/01/49 | 1040 | 874668 |
|  Flying Horse Metropolitan District No. 3, Refunding GO, 6.00%, 12/01/49<sup>(a)</sup>  | 2965 | 2737157 |
|  Garfield Pitkin & Eagle Counties School District No Re-1 Roaring Fork, GO, Class 1, 4.00%, 12/15/35<sup>(d)</sup>  | 5000 | 5200350 |
|  Plaza Metropolitan District No.1, Refunding TA, 4.00%, 12/01/23<sup>(a)</sup>  | 1000 | 991065 |
|  Public Authority for Colorado Energy, RB, 6.25%, 11/15/28 | 5000 | 5308240 |
|  STC Metropolitan District No.2, Refunding GO, Series A, 4.00%, 12/01/29 | 1000 | 954507 |
|  Village at Dry Creek Metropolitan District No. 2, GO, 4.38%, 12/01/44 | 2483 | 2043648 |
|  |  | 75848274 |
| **Connecticut — 1.5%** |  |  |
|  Colorado Housing and Finance Authority, Refunding RB, S/F Housing, Series A, Class A, RB, 3.85%, 05/15/45 | 10000 | 8805140 |
|  Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series A-1, 2.88%, 11/15/30 | 5030 | 4805979 |
|  Connecticut Housing Finance Authority, Refunding RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 05/15/26 | 1000 | 919067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 11/15/26 | 1000 | 906456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/15/27 | 2500 | 2240533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/27 | 2250 | 1989074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 05/15/28 | 2940 | 2571362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 11/15/28 | 1150 | 992344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 05/15/29 | 3000 | 2569227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 11/15/29 | 5630 | 4753718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/15/30 | 3450 | 2911352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 11/15/30 | 4050 | 3379850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/31 | 1220 | 1032110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/31 | 4910 | 4116190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 05/15/32 | 3740 | 3120900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/34 | 2635 | 2092393 |
|  Connecticut State Health & Educational Facilities Authority, RB, Series A-1, 5.00%, 10/01/54<sup>(a)</sup>  | 2370 | 1934764 |
|  Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45<sup>(a)</sup>  | 10540 | 10582824 |
|  Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45<sup>(a)</sup>  | 5475 | 5508349 |
|  Mohegan Tribe of Indians of Connecticut, Refunding RB<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.75%, 02/01/24 | 3320 | 3353469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.75%, 02/01/25 | 3755 | 3822015 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Connecticut (continued)** |  |  |
|  Mohegan Tribe of Indians of Connecticut, Refunding RB<sup>(a)</sup> (continued)<br>Series C, 6.25%, 02/01/30 | $4930 | $5119894 |
|  State of Connecticut, Special Tax Revenue, RB, Series D, 4.00%, 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | 9973960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;87500970 |
| **Delaware — 0.4%** |  |  |
|  Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39<sup>(a)(e)</sup>  | 15037 | 12937242 |
|  State of Delaware, Refunding GO, 5.00%, 03/01/34 | 5000 | 5851555 |
|  State of Delaware, Refunding, GO, 5.00%, 03/01/32 | 5070 | 6010211 |
|  |  | 24799008 |
| **District of Columbia — 0.7%** |  |  |
|  District of Columbia, Refunding GO, Series D, Class D, 4.00%, 02/01/39 | 5000 | 5083390 |
|  District of Columbia, Refunding RB, Series C, 5.00%, 12/01/26 | 5250 | 5728522 |
|  Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/27 | 5000 | 5321160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/30 | 5000 | 5147245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/01/51 | 10000 | 8745640 |
|  Washington Metropolitan Area Transit Authority, RB, Series A, 4.00%, 07/15/43 | 10000 | 9777910 |
|  |  | 39803867 |
| **Florida — 4.0%** |  |  |
|  Alta Lakes Community Development District, SAB<br>3.50%, 05/01/24 | 195 | 193180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29 | 550 | 524728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/39 | 1030 | 932104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/49 | 1775 | 1545865 |
|  Babcock Ranch Community Independent Special District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/26 | 335 | 333829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/31 | 500 | 490059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/46 | 3465 | 3307699 |
|  Brevard County Health Facilities Authority, Refunding RB<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/31 | 580 | 543208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/45 | 1575 | 1290101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/55 | 2340 | 1763237 |
|  Broward County Florida Tourist Development Tax Revenue, Refunding RB, 4.00%, 09/01/47 | 10000 | 8913530 |
|  Canaveral Port Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, 5.00%, 06/01/48 | 5000 | 5103920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, AMT, 5.00%, 06/01/45 | 5000 | 5064800 |
|  Capital Trust Agency, Inc., RB<br>8.00%, 01/01/34 | 550 | 11000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/56<sup>(a)</sup>  | 12000 | 9596928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49<sup>(a)</sup>  | 5000 | 4006815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 12/15/39 | 1775 | 1788502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Class A-2, 5.00%, 01/01/26<sup>(a)</sup>  | 2060 | 2049799 |
|  Celebration Pointe Community Development District No.1, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/24 | 100 | 100182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/34 | 710 | 700238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/45 | 985 | 941032 |

---

46 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Florida (continued)** |  |  |
|  Celebration Pointe Community Development District No.1, SAB (continued)<br>4.00%, 05/01/53 | $2695 | $1971220 |
|  Charles Cove Community Development District, SAB, 4.00%, 05/01/52 | 1160 | 893010 |
|  Charlotte County Industrial Development Authority, RB, AMT, 5.50%, 10/01/36<sup>(a)</sup>  | 3220 | 3228269 |
|  City of St Petersburg FL Public Utility Revenue, RB, Series B, 5.00%, 10/01/52 | 5000 | 5386890 |
|  Collier County Industrial Development Authority, Refunding RB, Series A, Class A, 8.25%, 05/15/49<sup>(a)(e)(f)(g)</sup>  | 1000 | 683128 |
|  County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series C, 4.06%, 10/01/31 | 5120 | 4736251 |
|  County of Miami-Dade Florida, RB<sup>(c)</sup>0.00%, 10/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;14582430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/01/44 | 10000 | 3391580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AGC, (AGC), 0.00%, 10/01/44 | 48000 | 17664768 |
|  County of Miami-Dade Florida, Refunding RB, Series A, AGC, (AGC), 0.00%, 10/01/45<sup>(c)</sup>  | 10000 | 3454250 |
|  County of Miami-Dade Seaport Department, Refunding RB, Series B-2, AMT, Subordinate, 4.00%, 10/01/50 | 11005 | 9702767 |
|  County of Palm Beach Florida, RB<sup>(a)</sup>5.25%, 04/01/23 | 85 | 84837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/39 | 2700 | 2603283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/51 | 2305 | 2108983 |
|  Crossings At Fleming Island Community Development District, Refunding SAB, Series A-3, Class A3, Senior Lien, 6.50%, 05/01/44 | 2185 | 2229045 |
|  Duval County Public Schools, COP<sup>(h)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.00%, 07/01/30 | 5750 | 6480963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.00%, 07/01/31 | 6500 | 7278473 |
|  Epperson North Community Development District, SAB, Series A, 4.00%, 11/01/51 | 995 | 762328 |
|  Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/15/29<sup>(a)</sup>  | 365 | 363470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 06/15/34<sup>(a)</sup>  | 440 | 439030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.13%, 06/15/44<sup>(a)</sup>  | 1685 | 1620247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/56<sup>(a)</sup>  | 4090 | 3470022 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 3.00%, 06/01/32 | 4240 | 3464190 |
|  Florida Development Finance Corp., Refunding RB<br>5.00%, 11/15/28 | 1050 | 1137874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/29 | 1350 | 1474393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/30 | 1500 | 1648260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/31 | 1600 | 1763938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 | 1800 | 1978524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/57<sup>(a)</sup>  | 5810 | 5702393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.50%, 12/15/56<sup>(a)</sup>  | 11970 | 9149437 |
|  Florida Housing Finance Corp., RB, S/F Housing Class 1, (GNMA/FNMA/FHLMC),<br> 3.70%, 07/01/38 | 2275 | 2290754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class 1, (GNMA/FNMA/FHLMC), 1.80%, 07/01/36 | 2495 | 2011397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class 1, (GNMA/FNMA/FHLMC), 2.10%, 07/01/46 | 9975 | 6823808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class 1, (GNMA/FNMA/FHLMC), 2.15%, 07/01/51 | 6485 | 4167164 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Florida (continued)** |  |  |
|  Harbor Bay Community Development District, Refunding SAB, Series A-2, Class A-2, 3.75%, 05/01/34 | $1005 | $883846 |
|  Harbor Bay Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 3.88%, 05/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;2170 | 1839650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.10%, 05/01/48 | 1400 | 1126560 |
|  Lakewood Ranch Stewardship District, SAB<br>4.25%, 05/01/25 | 195 | 193807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/01/26 | 185 | 176472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/26 | 770 | 761755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/01/31 | 260 | 225690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/35 | 1100 | 1059849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/39 | 605 | 547498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/41 | 645 | 478698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/45 | 2275 | 2073933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/46 | 5415 | &nbsp;&nbsp;&nbsp;&nbsp;5089223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/49 | 1505 | 1284842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/51 | 925 | 716111 |
|  Miami-Dade County Seaport Department, Refunding RB, Series A-2, (AGM), 4.00%, 10/01/49 | 5000 | 4618545 |
|  Midtown Miami Community Development District, Refunding SAB, Series B, 5.00%, 05/01/37 | 1870 | 1839525 |
|  Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/39 | 2030 | 1967884 |
|  Portico Community Development District, Refunding SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 3.20%, 05/01/31 | 995 | 884396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 3.50%, 05/01/37 | 1250 | 1033646 |
|  Reunion East Community Development District, SAB 2.40%, 05/01/26 | 290 | 278092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/01/31 | 500 | 440105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/51 | 2685 | 2078657 |
|  Sawyers Landing Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/31 | 1550 | 1461464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/41 | 2525 | 2256161 |
|  State of Florida, Refunding GO, 5.00%, 07/01/28 | 5000 | 5598350 |
|  Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10<sup>(f)(g)</sup>  | 143 | 90783 |
|  Sumter Landing Community Development District, RB, 4.17%, 10/01/47 | 2030 | 1724286 |
|  Talavera Community Development District, SAB<br>4.35%, 05/01/40 | 495 | 441703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/50 | 770 | 653801 |
|  Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40<sup>(i)</sup>  | 490 | 432776 |
|  Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40<sup>(f)(g)</sup>  | 535 | 5 |
|  Trout Creek Community Development District, SAB 5.50%, 05/01/35 | 2325 | 2334660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/45 | 3610 | 3614444 |
|  Village Center Community Development District, Refunding RB, 5.02%, 11/01/36 | 1500 | 1434798 |
|  Westside Haines City Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/26 | 250 | 241216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/31 | 435 | 391744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/41 | 2025 | 1580191 |
|  |  | 235803298 |

---

S C H E D U L E O F I N V E S T M E N T S 47

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Georgia — 2.7%** |  |  |
|  Atlanta Urban Redevelopment Agency, RB<sup>(a)</sup>2.38%, 07/01/26 | $1380 | $1307615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;1930 | 1683508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/01/42 | 5605 | 4673057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/51 | 2630 | 2129861 |
|  City of Atlanta Georgia Department of Aviation, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/28 | 1100 | 1212233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/29 | 1095 | 1222101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/32 | 1625 | 1850969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/33 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;2036394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/34 | 1635 | 1836262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/29 | 1160 | 1243942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/30 | 1315 | 1419381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/31 | 1730 | 1874796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/34 | 1000 | 1072859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/35 | 1500 | 1604681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/36 | 1500 | 1598756 |
|  City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, Refunding RB, 5.00%, 11/01/40 | 10000 | 10385710 |
|  City of Columbus GA, GO, 5.00%, 01/01/30 | 5000 | 5734090 |
|  East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62<sup>(a)</sup>  | 3355 | 2964377 |
|  Georgia Housing & Finance Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.55%, 12/01/42 | 10000 | 8754980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1, 3.65%, 06/01/44 | 9670 | 9221438 |
|  Georgia Housing & Finance Authority, Refunding RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 2.40%, 12/01/41 | 4245 | 3111402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 2.65%, 12/01/46 | 8000 | 5696912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 2.70%, 12/01/51 | 9535 | 6909919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 3.80%, 12/01/40 | 8175 | 8102038 |
|  Georgia State Road & Tollway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (GTD), 4.00%, 07/15/38 | 5470 | 5632371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (GTD), 4.00%, 07/15/40 | 10000 | 10237330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (GTD), 4.00%, 07/15/41 | 10000 | 10201260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (GTD), 4.00%, 07/15/43 | 10000 | 10145560 |
|  Gwinnett County School District, GO, Series B, 5.00%, 08/01/27 | 10000 | 11028470 |
|  State of Georgia, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/30 | 5000 | 5806300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 08/01/32 | 5000 | 5785805 |
|  State of Georgia, Refunding GO, Series A, Class A, 4.00%, 07/01/34 | 5000 | 5290695 |
|  State of Georgia, Refunding, GO, Series A, Class A, 4.00%, 07/01/35 | 5000 | 5242130 |
|  |  | 157017202 |
| **Hawaii — 0.4%** |  |  |
|  Kauai County Community Facilities District, ST 5.00%, 05/15/44 | 625 | 627569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/49 | 2750 | 2699747 |
|  State of Hawaii Department of Budget & Finance, Refunding RB, Series A, Class A, 4.00%, 07/01/40 | 14000 | 13305404 |
|  State of Hawaii, Refunding GO, Series GJ, 2.04%, 08/01/31 | 7500 | 6001260 |
|  |  | 22633980 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Idaho — 0.3%** |  |  |
|  Idaho Housing & Finance Association, RB<sup>(a)</sup> 4.25%, 06/15/62 | $5910 | $4329565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.95%, 06/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;5150 | 5453773 |
|  Idaho Housing & Finance Association, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.00%, 07/15/36 | 1500 | 1512702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.00%, 07/15/37 | 2100 | 2094668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.00%, 07/15/38 | 3000 | 2950365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.00%, 07/15/39 | 3250 | 3185777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19526850 |
| **Illinois — 3.1%** |  |  |
|  Chicago Board of Education, GO<br>6.32%, 11/01/29 | 7990 | 7750108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 29655 | 28156236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/46 | 5000 | 4694845 |
|  Chicago Board of Education, GO, BAB<br>6.04%, 12/01/29 | 19810 | 19149614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.52%, 12/01/40 | 7045 | 6275306 |
|  Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/35 | 11230 | 10027492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/27 | 4585 | 4643564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/34 | 5590 | 5549472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Class C, 5.00%, 12/01/24 | 3280 | 3329853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 12/01/23 | 7220 | 7286142 |
|  City of Chicago Illinois Revenue, Refunding SAB<sup>(a)</sup>1.57%, 12/01/22 | 270 | 269979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 12/01/23 | 280 | 273379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 12/01/24 | 315 | 301843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 12/01/25 | 335 | 316571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 12/01/26 | 305 | 284305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 12/01/27 | 248 | 229128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 12/01/28 | 270 | 248025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/29 | 325 | 297323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 12/01/30 | 350 | 318299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/31 | 375 | 339302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/01/32 | 300 | 269197 |
|  Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 4.00%, 08/15/39 | 7000 | 6497288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/33 | 3640 | 4045205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 08/15/27 | 2165 | 2346522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 08/15/28 | 3310 | 3631586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 08/15/30 | 2560 | 2864538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 08/15/31 | 2530 | 2852851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 08/15/32 | 2960 | 3323695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 08/15/34 | 4870 | 5361052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 08/15/35 | 5000 | 5455515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 4.00%, 11/15/39 | 15000 | 13554105 |
|  Illinois Housing Development Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Class A, (FHLMC,FNMA,GNMA), 2.25%, 04/01/30 | 975 | 894285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Class A, (FHLMC,FNMA,GNMA), 2.35%, 04/01/31 | 900 | 803887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Class A, (FHLMC,FNMA,GNMA), 2.70%, 10/01/34 | 5000 | 4388495 |
|  Sales Tax Securitization Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2nd Lien, 5.00%, 01/01/27 | 8865 | 9406164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2nd Lien, 5.00%, 01/01/33 | 3000 | 3334578 |
|  State of Illinois, GO, Series A, AMT, 5.00%, 12/01/30 | 10000 | 10597050 |
|  |  | 179366799 |

---

48 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Indiana — 0.2%** |  |  |
|  City of Valparaiso Indiana, RB, AMT, 5.88%, 01/01/24 | $110 | $110897 |
|  Indiana Finance Authority, RB, 1st Lien, 5.25%, 10/01/47 | 5000 | 5409455 |
|  Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, 3.83%, 09/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;2780 | 2062193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1, 1st Lien, 5.00%, 10/01/26 | 5015 | 5424129 |
|  |  | 13006674 |
| **Iowa — 0.1%** |  |  |
|  Iowa Tobacco Settlement Authority, Refunding RB, Series B2, Subordinate, 0.00%, 06/01/65<sup>(c)</sup>  | 59095 | 6479530 |
| **Kentucky — 0.2%** |  |  |
|  City of Henderson KY, RB, Series SE, Class A, AMT, 4.70%, 01/01/52<sup>(a)</sup>  | 2490 | 2219882 |
|  Kentucky Economic Development Finance Authority, RB, Series B, 5.00%, 08/15/33 | 5000 | 5226625 |
|  Westvaco Corp., RB, 7.67%, 01/15/27<sup>(a)</sup>  | 3100 | 3282212 |
|  |  | 10728719 |
| **Louisiana — 0.3%** |  |  |
|  Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44<sup>(a)</sup>  | 5600 | 4701385 |
|  Louisiana Public Facilities Authority, RB, Series A, 5.00%, 04/01/57<sup>(a)</sup>  | 4965 | 4117593 |
|  Louisiana Public Facilities Authority, Refunding RB, Class A, 3.00%, 05/15/47 | 15000 | 10950000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19768978 |
| **Maine — 0.5%** |  |  |
|  Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51<sup>(a)</sup>  | 12755 | 8763119 |
|  Maine Health & Higher Educational Facilities Authority, RB, Series A, 4.00%, 07/01/50 | 5000 | 4242695 |
|  Maine State Housing Authority, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 0.60%, 11/15/26 | 2000 | 1813752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 1.85%, 11/15/36 | 2750 | 2029008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.05%, 11/15/41 | 1185 | 788306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.15%, 11/15/46 | 5000 | 3022595 |
|  Maine State Housing Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 11/15/38 | 6075 | 6094525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.55%, 11/15/37 | 1035 | 981095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 3.00%, 11/15/44 | 2500 | 1974067 |
|  |  | 29709162 |
| **Maryland — 1.3%** |  |  |
|  Anne Arundel County Consolidated Special Taxing District, ST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/36 | 600 | 601325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/44 | 1220 | 1217423 |
|  Anne County Arundel, GO<br>5.00%, 10/01/30 | 4380 | 5091334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/31 | 4225 | 4981693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | 4015 | 4719046 |
|  County of Anne Arundel Maryland, Refunding GO 5.00%, 04/01/30 | 3550 | 4093754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/31 | 4685 | 5486036 |
|  County of Howard Maryland, TA, 6.10%, 02/15/44 | 1170 | 1180057 |
|  Maryland Community Development Administration, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.75%, 07/01/34 | 1005 | 874582 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Maryland (continued)** |  |  |
|  Maryland Community Development Administration, RB, M/F Housing (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (FHA 542(C)), 2.95%, 07/01/62 | $2000 | $1260606 |
|  Maryland Community Development Administration, Refunding RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.50%, 09/01/40 | 5000 | 3722020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.60%, 03/01/42 | 3490 | 2571977 |
|  Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55<sup>(a)</sup>  | 10405 | 10865140 |
|  State of Maryland Department of Transportation, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 08/01/30 | 1000 | 1084007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 08/01/31 | 1250 | 1353959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 08/01/34 | 1105 | 1173743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 08/01/35 | 1115 | 1178455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 4.00%, 08/01/37 | 1500 | 1425443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 4.00%, 08/01/38 | 1500 | 1416708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 4.00%, 08/01/39 | 1840 | 1729661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 4.00%, 08/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | 1479099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 3.00%, 10/01/33 | 5000 | 4777200 |
|  State of Maryland, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/27 | 5000 | 5517310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/30 | 5000 | 5762045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;73562623 |
| **Massachusetts — 2.1%** |  |  |
|  City of Cambridge, GO, 5.00%, 02/15/29 | 5400 | 6122947 |
|  Commonwealth of Massachusetts, RB, Series A, 3.88%, 01/15/31 | 8670 | 8162415 |
|  Commonwealth of Massachusetts, Refunding GO, Series A, 5.00%, 10/01/30 | 8975 | 10418997 |
|  Massachusetts Bay Transportation Authority, Sales Tax Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.25%, 07/01/32 | 5000 | 5999635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding RB, 5.00%, 07/01/26 | 6000 | 6484236 |
|  Massachusetts Clean Water Trust, Refunding RB, 5.00%, 08/01/26 | 5000 | 5412300 |
|  Massachusetts Development Finance Agency, RB 5.00%, 10/01/38 | 5000 | 4756040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/43 | 5000 | 4563705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/44 | 5000 | 5002700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J2, 5.00%, 07/01/43 | 5000 | 5127490 |
|  Massachusetts Development Finance Agency, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/32<sup>(a)</sup>  | 2560 | 2574093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/42<sup>(a)</sup>  | 8225 | 8121826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/27 | 5000 | 5546690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/29 | 150 | 160049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/30 | 225 | 241112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/32 | 425 | 455778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/34 | 375 | 394902 |
|  Massachusetts Educational Financing Authority, RB, Series A, 2.46%, 07/01/30 | 5000 | 4090100 |
|  Massachusetts Housing Finance Agency, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.40%, 12/01/49 | 3115 | 2402920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C1, (FHA HUD SECT 8), 2.75%, 12/01/55 | 2250 | 1577803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 2.65%, 12/01/34 | 2950 | 2531625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 3.10%, 12/01/44 | 2500 | 1919137 |

---

S C H E D U L E O F I N V E S T M E N T S 49

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Massachusetts (continued)** |  |  |
|  Massachusetts Housing Finance Agency, RB, M/F Housing (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 3.25%, 12/01/54 | $7790 | $5666228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 3.30%, 12/01/59 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | 7192980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 3.35%, 06/01/62 | 5010 | 3612856 |
|  Massachusetts Housing Finance Agency, Refunding RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, (FHA), 2.75%, 12/01/34 | 2180 | 1892190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, (FHA), 3.30%, 12/01/56 | 5790 | 4219167 |
|  Massachusetts Water Resources Authority, Refunding RB, Series C, 2.39%, 08/01/33 | 9380 | 7521334 |
|  |  | 122171255 |
| **Michigan — 2.4%** |  |  |
|  Grand Traverse County Hospital Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | 1175 | 1296933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | 1710 | 1902062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 | 2700 | 3019902 |
|  Michigan Finance Authority, RB<br>4.00%, 02/15/47 | 10000 | 9131200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 5.00%, 12/01/28 | 1500 | 1660995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 5.00%, 12/01/29 | 2000 | 2237786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 5.00%, 12/01/43<sup>(b)</sup>  | 10000 | 10859560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/57<sup>(a)</sup>  | 4020 | 3787351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 11/01/44 | 5000 | 5063640 |
|  Michigan Finance Authority, Refunding RB<br>5.00%, 11/15/37 | 5000 | 5130395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 | 16000 | 14860912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/44 | 10000 | 9260890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/44 | 5000 | 5019920 |
|  Michigan State Housing Development Authority, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 3.80%, 10/01/38 | 10000 | 9514580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.25%, 10/01/41 | 5140 | 3645473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.45%, 10/01/46 | 15565 | 10442169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.55%, 10/01/51 | 8700 | 5601721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.15%, 10/01/53 | 10000 | 8878360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.70%, 10/01/56 | 4175 | 2671015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.73%, 10/01/59 | 10000 | 6281810 |
|  Michigan State University, RB, Series B, (AMBAC), 3.72%, 02/15/37<sup>(b)</sup>  | 5000 | 4918000 |
|  State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/44 | 10000 | 9849770 |
|  State of Michigan, Refunding RB,<br>5.00%, 03/15/27 | 5000 | 5459330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;140493774 |
| **Minnesota — 0.7%** |  |  |
|  City of Minneapolis, RB<br>4.00%, 11/15/36 | 3500 | 3440430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/37 | 3250 | 3157083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/38 | 3750 | 3617351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/39 | 4250 | 4069277 |
|  City of Minneapolis, RB, M/F Housing, (FNMA COLL), 2.35%, 02/01/38 | 7000 | 5663770 |
|  Minnesota Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (FHLMC,FNMA,GNMA), 2.40%, 01/01/35 | 1240 | 1091985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (FHLMC,FNMA,GNMA), 2.63%, 01/01/40 | 4950 | 4201011 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Minnesota (continued)** |  |  |
|  Minnesota Housing Finance Agency, RB, S/F Housing (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (FHLMC,FNMA,GNMA), 3.50%, 07/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;7480 | $7370799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, (FHLMC,FNMA,GNMA), 1.85%, 01/01/29 | 730 | 675142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, (FHLMC,FNMA,GNMA), 1.90%, 07/01/29 | 740 | 696666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, (FHLMC,FNMA,GNMA), 1.95%, 01/01/30 | 1435 | 1347646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, (FHLMC,FNMA,GNMA), 2.05%, 01/01/31 | 1460 | 1303263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, Class E, (FHLMC,FNMA,GNMA), 2.50%, 07/01/40 | 3700 | 2926289 |
|  Minnesota Housing Finance Agency, Refunding RB, S/F Housing, Series B, AMT, (FHLMC,FNMA,GNMA), 3.10%, 07/01/35 | 605 | 558778 |
|  |  | 40119490 |
| **Mississippi — 0.2%** |  |  |
|  Mississippi Business Finance Corp., Refunding RB, 2.38%, 06/01/44 | 9190 | 5505748 |
|  Mississippi Home Corp,. RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (FHLMC, FNMA, GNMA), 2.13%, 12/01/44 | 1000 | 724659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (FHLMC, FNMA, GNMA), 3.00%, 12/01/50 | 3660 | 3549746 |
|  |  | 9780153 |
| **Missouri — 1.6%** |  |  |
|  City of St. Louis Missouri Airport Revenue, ARB, Series C, (AGM), 5.00%, 07/01/42 | 5000 | 5184690 |
|  Health & Educational Facilities Authority of the State of Missouri, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/31 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;5652045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/32 | 2200 | 2474945 |
|  Kansas City Industrial Development Authority, ARB AMT, (AGM), 5.00%, 03/01/57 | 10000 | 10081500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 03/01/34 | 5000 | 5219310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 03/01/35 | 5000 | 5194265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 03/01/36 | 5000 | 5171935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 03/01/39 | 5000 | 5120930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, AMT, 5.00%, 03/01/39 | 5000 | 5134285 |
|  Kansas City Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 10.00%, 11/15/37 | 2735 | 2410785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.50%, 11/15/46 | 1701 | 1364780 |
|  Kansas City Industrial Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 5.00%, 11/15/46 | 8059 | 6552433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D, 2.00%, 11/15/46 | 3597 | 160524 |
|  Missouri Housing Development Commission, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (FHLMC,FNMA,GNMA), 2.55%, 11/01/40 | 1505 | 1291734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (FHLMC,FNMA,GNMA), 2.70%, 11/01/45 | 2145 | 1825935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (FHLMC,FNMA,GNMA), 3.50%, 11/01/50 | 7510 | 7378665 |

---

50 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Missouri (continued)** |  |  |
|  Missouri State Environmental Improvement & Energy Resources Authority, Refunding RB, Series C, 2.75%, 09/01/33 | $25000 | $22758375 |
|  St. Louis Land Clearance for Redevelopment Authority, Refunding RB, 3.88%, 10/01/35 | 2280 | 1877692 |
|  |  | 94854828 |
| **Nebraska — 0.3%** |  |  |
|  Metropolitan Utilities District of Omaha Gas System Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 5455 | 6359210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/33 | 5730 | 6638841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/34 | 5000 | 5752855 |
|  |  | 18750906 |
| **Nevada — 0.7%** |  |  |
|  City of Las Vegas Nevada Special Improvement District No. 607, Refunding SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 | 205 | 206295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 75 | 76281 |
|  City of North Las Vegas Nevada, GO, BAB, 6.57%, 06/01/40 | 5175 | 5321934 |
|  Clark County Department of Aviation, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 5.00%, 07/01/27 | 6380 | 6853403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, Subordinate, 5.00%, 07/01/33 | 2800 | 3125811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, Subordinate, 5.00%, 07/01/34 | 5000 | 5535590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, Subordinate, 5.00%, 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 5488070 |
|  Clark County School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (AGM), 5.00%, 06/15/26 | 5000 | 5363235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.00%, 06/15/26 | 5000 | 5363480 |
|  State of Nevada Department of Business & Industry, RB<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/15/29 | 250 | 247647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 12/15/38 | 965 | 952947 |
|  Washoe County School District, GO, Series A, 4.00%, 06/01/46 | 5000 | 4701830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43236523 |
| **New Hampshire — 0.7%** |  |  |
|  National Finance Authority, RB, Series 2020-1, Class A, 4.13%, 01/20/34 | 19211 | 18412464 |
|  New Hampshire Business Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/32 | 12880 | 9986250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.63%, 11/01/42<sup>(a)</sup>  | 7900 | 7267471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 4.88%, 11/01/42<sup>(a)</sup>  | 2995 | 2743172 |
|  |  | 38409357 |
| **New Jersey — 2.4%** |  |  |
|  Essex County Improvement Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, (BAM), 4.00%, 08/01/37 | 300 | 292509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, (BAM), 4.00%, 08/01/38 | 610 | 590605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, (BAM), 4.00%, 08/01/39 | 630 | 607086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, (BAM), 4.00%, 08/01/40 | 330 | 316215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, (BAM), 4.00%, 08/01/41 | 350 | 332816 |
|  Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB,<br>Series A, Class A, AMT, 5.00%, 12/01/24<sup>(j)</sup>  | 620 | 631319 |
|  New Jersey Economic Development Authority, RB, Series B, 5.50%, 11/01/26<sup>(a)</sup>  | 265 | 248988 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **New Jersey (continued)** |  |  |
|  New Jersey Economic Development Authority, Refunding RB, Series A, AMT, 2.20%, 10/01/39<sup>(b)</sup>  | $50000 | $43995350 |
|  New Jersey Health Care Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 1350 | 1473821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | 2000 | 2217454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | 2120 | 2414055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 | 5430 | 5866751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 | 3000 | 3416763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | 1475 | 1658639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/34 | 5500 | 6119014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/35 | 3885 | 3949429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/36 | 4000 | 4017924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/37 | 3650 | 3640849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/38 | 2850 | 2815227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/39 | 6000 | 5885154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/40 | 6000 | 5879502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/45 | 10000 | 9427420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/51 | 2255 | 2057987 |
|  New Jersey Health Care Facilities Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/35 | 5000 | 5037645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/39 | 5000 | 5199280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 9585880 |
|  New Jersey Turnpike Authority, Refunding RB, Series D, 5.00%, 01/01/28 | 10000 | 10671760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138349442 |
| **New Mexico — 0.4%** |  |  |
|  New Mexico Mortgage Finance Authority, RB, S/F Housing, Series A, AMT, (FHLMC, FNMA, GNMA), 2.70%, 07/01/40 | 2380 | 2078038 |
|  State of New Mexico Severance Tax Permanent Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/29 | 5000 | 5647595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/31 | 5000 | 5813510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/32 | 5000 | 5869765 |
|  Winrock Town Center Tax Increment Development District No.1, Refunding TA<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 3.75%, 05/01/28 | 500 | 477332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 4.00%, 05/01/33 | 1035 | 900286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 4.25%, 05/01/40 | 1750 | 1443194 |
|  |  | 22229720 |
| **New York — 10.3%** |  |  |
|  Nassau County Interim Finance Authority, Refunding RB, Series B, 1.28%, 11/15/28 | 11250 | 9138679 |
|  New York City Housing Development Corp., RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.80%, 02/01/50 | 50000 | 34407000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, 2.25%, 11/01/41 | 29100 | 19966529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G-1, 3.90%, 05/01/45 | 5000 | 4380015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.25%, 11/01/36 | 3240 | 2478645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.45%, 11/01/41 | 6200 | 4429602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.65%, 11/01/46 | 7135 | 5129723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.70%, 11/01/51 | 8285 | 5402234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.80%, 05/01/56 | 10045 | 6503595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I-1, 2.10%, 11/01/35 | 2915 | 2226818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I-1, 2.55%, 11/01/45 | 28970 | 19233849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I-1, 2.65%, 11/01/50 | 5000 | 3245575 |

---

S C H E D U L E O F I N V E S T M E N T S 51

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **New York (continued)** |  |  |
|  New York City Housing Development Corp., RB, M/F Housing (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I-1, 2.70%, 11/01/55 | $5000 | $3161750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I-1, 2.80%, 11/01/60 | 5000 | 3138705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.85%, 11/01/39 | 8000 | 6275192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.00%, 11/01/44 | 8135 | 6083784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.05%, 11/01/49 | 10000 | 7158950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.15%, 11/01/54 | 15000 | 10643880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.25%, 11/01/59 | 10000 | 7480840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.35%, 11/01/65 | 15000 | 11219070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, RB, 3.95%, 11/15/44 | 10000 | 9060630 |
|  New York City Housing Development Corp., Refunding RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/31 | 1170 | 1001412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.25%, 11/01/41 | 8495 | 5806205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.40%, 11/01/46 | 10000 | 6516180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.50%, 11/01/51 | 14155 | 8778690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.60%, 11/01/56 | 7210 | 4406622 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, RB,<br>Series C-3, 3.50%, 11/01/32 | 16000 | 13954560 |
|  New York Liberty Development Corp., Refunding RB<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class 2, 5.15%, 11/15/34 | 240 | 238460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class 2, 5.38%, 11/15/40 | 570 | 571351 |
|  New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/26 | 5000 | 5369200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/31 | 5000 | 5773565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.75%, 07/01/24<sup>(d)</sup>  | 990 | 1004040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/35 | 25000 | 28297925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/36 | 15000 | 16822980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 03/15/37 | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25361525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 03/15/38 | 25000 | 25146550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 03/15/39 | 15000 | 15043890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catholic Health Services, 4.00%, 07/01/37 | 1860 | 1319071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catholic Health Services, 4.00%, 07/01/38 | 1650 | 1139851 |
|  New York State Housing Finance Agency, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, (FNMA SONYMA), 2.25%, 11/01/29 | 275 | 248685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, (FNMA SONYMA), 2.35%, 11/01/30 | 250 | 224343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, (FNMA SONYMA), 2.40%, 11/01/31 | 250 | 222292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, (FNMA SONYMA), 3.15%, 11/01/44 | 1000 | 761548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, (FNMA SONYMA), 2.40%, 05/01/31 | 280 | 250574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, (FNMA SONYMA), 2.75%, 11/01/34 | 1250 | 1049911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, (FNMA SONYMA), 3.15%, 11/01/44 | 3275 | 2494070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, (FHLMC,FNMA,GNMA SONYMA), 3.00%, 11/01/32 | 1500 | 1363859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, (FHLMC,FNMA,GNMA SONYMA), 3.15%, 11/01/32 | 1000 | 921343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, (FHLMC,FNMA,GNMA SONYMA), 3.50%, 11/01/37 | 415 | 363172 |
|  New York State Thruway Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 11418988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 03/15/38 | 10000 | 10067040 |
|  New York State Urban Development Corp., RB, 2.13%, 03/15/32 | 500 | 387792 |
|  New York State Urban Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/28 | 5000 | 5600470 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **New York (continued)** |  |  |
|  New York State Urban Development Corp., Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 | $5000 | $5676915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/30 | 5000 | 5742405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/31 | 5000 | 5801130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/32 | 5000 | 5836165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.84%, 03/15/32 | 10000 | 8290350 |
|  New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/26 | 10000 | 10194700 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/27 | 10000 | 10170200 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/28 | 10000 | 10260590 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/29 | 10000 | 10182500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/30 | 10000 | 10118760 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/34 | 15500 | 15639531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/34 | 5000 | 5046485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/41 | 5000 | 4999245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 50000 | 48701600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 01/01/50 | 25000 | 25023025 |
|  New York Transportation Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/26 | 1450 | 1513433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/27 | 1500 | 1569627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 1300 | 1361712 |
|  State of New York Mortgage Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 225, 2.45%, 10/01/45 | 15000 | 10137000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 227, 2.30%, 10/01/40 | 7000 | 5211682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 227, 2.50%, 10/01/47 | 12730 | 9251375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 226, AMT, 1.80%, 04/01/28 | 1000 | 883743 |
|  Triborough Bridge & Tunnel Authority, Refunding RB, Senior Lien, 5.00%, 05/15/27 | 10000 | 10949480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605252882 |
| **North Carolina — 2.9%** |  |  |
|  City of Charlotte North Carolina Airport Special Facilities Revenue, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/34 | 3095 | 3401284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/49 | 5000 | 5246635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 | 2395 | 2655571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 | 1750 | 1965127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/30 | 2250 | 2555854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/31 | 5120 | 5876721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/33 | 5750 | 6520615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/34 | 3000 | 3375129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/35 | 3100 | 3149749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/36 | 3375 | 3399759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 5000 | 5502985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/38 | 4250 | 4204351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/39 | 5000 | 4910940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/41 | 2410 | 2325568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 9375270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 07/01/51 | 5000 | 4492235 |
|  City of Charlotte North Carolina Water & Sewer System Revenue, Refunding RB, Series A, 4.00%, 07/01/52 | 5000 | 4901395 |
|  County of Mecklenburg North Carolina, GO 5.00%, 09/01/28 | 10000 | 11227430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/29 | 10000 | 11417750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 | 5745 | 6523873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 | 10000 | 11604620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/34 | 10000 | 11774320 |

---

52 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **North Carolina (continued)** |  |  |
|  County of Mecklenburg North Carolina, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/35 | $5000 | $5845665 |
|  North Carolina Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 43, (FHLMC,FNMA,GNMA), 2.63%, 01/01/35 | 2935 | 2487462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 43, (FHLMC,FNMA,GNMA), 2.80%, 01/01/40 | 5025 | 4299877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 44, 1.75%, 01/01/26 | 935 | 884088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 44, 1.80%, 07/01/26 | 1205 | 1130984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 44, 2.05%, 01/01/28 | 1280 | 1182673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 44, 2.20%, 07/01/29 | 1010 | 920028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 44, 2.30%, 01/01/31 | 1060 | 942615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 44, 2.35%, 07/01/31 | 935 | 804212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 44, 2.55%, 07/01/35 | 1175 | 983338 |
|  North Carolina Medical Care Commission, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/45 | 5000 | 5037345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/41<sup>(d)</sup>  | 2470 | 2215420 |
|  Raleigh Durham Airport Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/34 | 5000 | 5200960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/35 | 5000 | 5189695 |
|  State of North Carolina, GO, Series B, 5.00%, 06/01/29 | 5000 | 5689565 |
|  Town of Mooresville North Carolina, SAB, 5.38%, 03/01/40<sup>(a)</sup>  | 2100 | 2091081 |
|  |  | 171312189 |
| **North Dakota — 0.0%** |  |  |
|  North Dakota Housing Finance Agency, RB, S/F Housing, 3.05%, 07/01/43 | 715 | 616665 |
| **Ohio — 0.5%** |  |  |
|  Ohio Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (FHLMC,FNMA,GNMA), 2.50%, 09/01/35 | 1275 | 1166352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (FHLMC,FNMA,GNMA), 2.75%, 09/01/40 | 2335 | 2091504 |
|  Ohio Turnpike & Infrastructure Commission, Refunding RB, Class A, Junior Lien, 5.00%, 02/15/33 | 5000 | 5886990 |
|  Ohio Water Development Authority, RB,<br>Series A, AMT, 5.00%, 06/01/29 | 10000 | 11299950 |
|  Ohio Water Development Authority, Water Pollution Control Loan Fund, RB, Series B, 5.00%, 12/01/26 | 2410 | 2623328 |
|  University of Cincinnati, Refunding RB,<br>Series A, 5.00%, 06/01/44 | 5000 | 5249400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28317524 |
| **Oklahoma — 0.2%** |  |  |
|  Oklahoma Development Finance Authority, RB 7.25%, 09/01/51<sup>(a)</sup>  | 5010 | 5172429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 08/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 8728880 |
|  |  | 13901309 |
| **Oregon — 1.7%** |  |  |
|  Clackamas & Washington Counties School District No.3, GO, CAB, Series A, Class A, (GTD), 0.00%, 06/15/49<sup>(c)</sup>  | 1750 | 480905 |
|  County of Multnomah Oregon, GO, Series B, 0.80%, 06/15/26 | 26870 | 23517108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Oregon (continued)** |  |  |
|  Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/49 | $865 | $850049 |
|  Oregon Health & Science University, Refunding RB, Series A, 4.00%, 07/01/51 | 20000 | 18287660 |
|  Oregon State Facilities Authority, Refunding RB, Series A, 4.00%, 06/01/41 | 10000 | 9457380 |
|  Port of Portland OR Airport Revenue, Refunding ARB, Series 28, AMT, 5.00%, 07/01/52 | 5000 | 5087680 |
|  Port of Portland Oregon Airport Revenue, ARB, Series 24B, Class A-AMT, AMT, 5.00%, 07/01/47 | 5000 | 5065850 |
|  Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 4.00%, 07/01/50 | 5000 | 4257010 |
|  Salem-Keizer School District No.24J, GO, CAB, Series A, (GTD), 0.00%, 06/15/40<sup>(c)</sup>  | 12395 | 5541743 |
|  State of Oregon Housing & Community Services Department, RB, M/F Housing, Series B, AMT, (FHA FHLMC,FNMA,GNMA), 4.13%, 07/01/43 | 165 | 160626 |
|  Tualatin Valley Fire & Rescue Rural Fire Protection District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 | 5875 | 6555543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 | 5865 | 6648435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/30 | 5000 | 5751670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/31 | 5000 | 5833190 |
|  |  | 97494849 |
| **Pennsylvania — 3.2%** |  |  |
|  Allegheny County Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 4.00%, 01/01/46 | 10000 | 9353310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 01/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 10183360 |
|  Bucks County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/46 | 1390 | 1046103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/51 | 1000 | 711416 |
|  Central Bradford Progress Authority, RB,<br>Series B, Class B, 4.00%, 12/01/51 | 10000 | 8407750 |
|  Chester County Health and Education Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 12/01/22 | 895 | 894990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 12/01/23 | 985 | 980703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 12/01/24 | 1035 | 1024709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.00%, 12/01/25 | 1075 | 1056896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 5.25%, 12/01/45 | 1500 | 1342535 |
|  City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/27 | 5000 | 5291215 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/28 | 10350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11001377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/29 | 5000 | 5256445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/30 | 5000 | 5253835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/42 | 5000 | 5071870 |
|  Commonwealth of Pennsylvania, GO, First Series, (BAM-TCRS), 4.00%, 03/01/35 | 5000 | 5099450 |
|  County of Lehigh Pennsylvania, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 | 5000 | 5060365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/49 | 10000 | 8464690 |
|  Geisinger Authority, Refunding RB, 5.00%, 04/01/43<sup>(b)</sup>  | 10000 | 10571600 |
|  Lancaster County Hospital Authority,/PA RB, 5.00%, 11/01/51 | 5000 | 5071125 |
|  Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1725 | 1735678 |
|  Pennsylvania Economic Development Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/15/30 | 8000 | 6583296 |

---

S C H E D U L E O F I N V E S T M E N T S 53

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Pennsylvania (continued)** |  |  |
|  Pennsylvania Economic Development Financing Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/38 | $5000 | $5014440 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/42 | 5000 | 5021610 |
|  Pennsylvania Economic Development Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/28 | 1500 | 1636349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/29 | 1650 | 1815597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/31 | 1400 | 1558582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/32 | 1100 | 1219394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/33 | 1150 | 1259702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/34 | 1400 | 1521468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/15/37 | 1400 | 1361723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/15/39 | 1325 | 1270672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/15/40 | 1200 | 1148924 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.50%, 11/01/44 | 3250 | 3255502 |
|  Pennsylvania Higher Educational Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/15/37 | 1000 | 997530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 08/15/39 | 1000 | 984052 |
|  Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 127B, 3.55%, 10/01/33 | 9915 | 9662614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-131A, 1.85%, 04/01/26 | 1550 | 1472987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-131A, 2.10%, 04/01/28 | 1915 | 1770065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 125B, AMT, 3.65%, 10/01/42 | 20000 | 17245300 |
|  Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 121, 2.80%, 10/01/31 | 11770 | 10742232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 134B, AMT, 5.00%, 04/01/27 | 1500 | 1589442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 134B, AMT, 5.00%, 10/01/27 | 1250 | 1331561 |
|  Philadelphia Authority for Industrial Development, Refunding RB, Series A, 5.00%, 09/01/35 | 5000 | 5189565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186532029 |
| **Puerto Rico — 10.9%** |  |  |
|  Children's Trust Fund, RB, Series A, Class A, 0.00%, 05/15/57<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307385 | 20322145 |
|  Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/43<sup>(b)(c)</sup>  | 59841 | 27325804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/51<sup>(b)(c)</sup>  | 97281 | 34423791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.63%, 07/01/29 | 16290 | 16665059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.75%, 07/01/31 | 7605 | 7788753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/33 | 7211 | 6288409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/35 | 6482 | 5535464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/37 | 5563 | 4636305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/41 | 7564 | 6062317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/46 | 7867 | 6042107 |
|  Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33<sup>(c)</sup>  | 9280 | 5069223 |
|  Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51<sup>(b)(c)</sup>  | 2967 | 970599 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/25 | 315 | 318232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/33 | 900 | 890594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/37 | 450 | 434475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 07/01/42 | 5385 | 4411758 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/42 | 7250 | 5882592 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Puerto Rico (continued)** |  |  |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB<sup>(a)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/47 | $15000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11860005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.75%, 07/01/27 | 43100 | 38626435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, 5.00%, 07/01/47 | 9795 | 9044106 |
|  Puerto Rico Electric Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3rd Series, 0.00%, 01/01/20<sup>(f)(g)</sup>  | 1908 | 1444992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Class A1, 10.00%, 07/01/19 | 928 | 723649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Class A2, 10.00%, 07/01/19 | 4681 | 3650837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19<sup>(f)(g)</sup>  | 6867 | 5356412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19<sup>(f)(g)</sup>  | 6867 | 5356411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18<sup>(f)(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18867 | 14292705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.40%, 07/01/18<sup>(f)(g)</sup>  | 18870 | 14295016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20<sup>(f)(g)</sup>  | 1908 | 1444992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/26<sup>(f)(g)</sup>  | 8495 | 6273133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28<sup>(f)(g)</sup>  | 3120 | 2303964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Class D-1, 7.50%, 01/01/20 | 9399 | 7120052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-4, 7.50%, 07/01/20 | 5100 | 3863459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/18<sup>(f)(g)</sup>  | 3620 | 2673189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/20 | 1690 | 1247981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17<sup>(f)(g)</sup>  | 4300 | 3175335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/18<sup>(f)(g)</sup>  | 6025 | 4449161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/20 | 1000 | 738450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/24<sup>(f)(g)</sup>  | 4545 | 3356255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/25 | 2300 | 1698435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33<sup>(f)(g)</sup>  | 2725 | 2012276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35<sup>(f)(g)</sup>  | 1310 | 967370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36<sup>(f)(g)</sup>  | 1825 | 1347671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 6.75%, 07/01/36<sup>(f)(g)</sup>  | 24370 | 18461274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 5.00%, 07/01/29<sup>(f)(g)</sup>  | 5540 | 4091013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 7.00%, 07/01/33<sup>(f)(g)</sup>  | 7445 | 5639893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 5.00%, 07/01/42<sup>(f)(g)</sup>  | 23970 | 17700647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 7.00%, 07/01/43<sup>(f)(g)</sup>  | 3350 | 2537762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, RB, 5.50%, 07/01/38<sup>(f)(g)</sup>  | 3980 | 2939031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, RB, 5.25%, 07/01/27<sup>(f)(g)</sup>  | 2630 | 1942124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, RB, 5.25%, 07/01/40<sup>(f)(g)</sup>  | 36125 | 26676506 |
|  Puerto Rico Electric Power Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/22<sup>(f)(g)</sup>  | 7025 | 5187611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/25 | 5750 | 4246088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/28<sup>(f)(g)</sup>  | 4870 | 3596252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BBB, 5.40%, 07/01/28 | 9505 | 7018967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DDD, 5.00%, 07/01/19<sup>(f)(g)</sup>  | 2000 | 1476900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DDD, 5.00%, 07/01/20 | 1810 | 1336595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 3.47%, 07/01/17<sup>(b)(f)(g)</sup>  | 1295 | 971250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/18<sup>(b)(f)(g)</sup>  | 1165 | 873750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 1.32%, 07/01/20<sup>(b)(f)(g)</sup>  | 10400 | 7800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 3.21%, 07/01/31<sup>(b)(f)(g)</sup>  | 12285 | 9213750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 5.50%, 07/01/20 | 6440 | 4755618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/18<sup>(f)(g)</sup>  | 10185 | 7521113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/19 | 4745 | 3503945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/24<sup>(f)(g)</sup>  | 1435 | 1059676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/25 | 2440 | 1801818 |
|  Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40 | 13440 | 9924768 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl Facs Fing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | 450 | 478212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | 400 | 428536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | 470 | 506893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | 600 | 650762 |

---

54 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Puerto Rico (continued)** |  |  |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl Facs Fing Authority, Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 | $500 | $544862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 | 500 | 544166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | 500 | 538110 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Convertiable, Restructured, 4.33%, 07/01/40 | 4554 | 4110768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 77623 | 69997161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 | 14353 | 12486823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 39524 | 35705468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 52906 | 47740734 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB<sup>(c)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/29 | 3745 | 2721173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/33 | 10841 | 6340662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18521 | 4727948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638188547 |
| **Rhode Island — 0.4%** |  |  |
|  Rhode Island Health and Educational Building Corp., RB, Series A, 5.00%, 09/01/33 | 10000 | 11897600 |
|  Rhode Island Housing and Mortgage Finance Corp., RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/45 | 10000 | 6975830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 71, (GNMA), 2.75%, 10/01/34 | 3965 | 3458840 |
|  |  | 22332270 |
| **South Carolina — 2.4%** |  |  |
|  County of Dorchester South Carolina, SAB<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/40 | 2310 | 2339804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/51 | 6240 | 6250670 |
|  Lexington County Health Services District, Inc., RB, 5.00%, 11/01/41 | 10000 | 10091170 |
|  South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62<sup>(a)</sup>  | 6915 | 6649478 |
|  South Carolina Jobs-Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/38 | 5000 | 5175890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/43 | 5000 | 5106610 |
|  South Carolina Public Service Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/49 | 10000 | 10045660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/48 | 10000 | 10034190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.50%, 12/01/53 | 5000 | 5039705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, (AGM-CR), 5.74%, 01/01/30 | 5000 | 4968920 |
|  South Carolina Public Service Authority, RB, BAB, Series C, (AGM-CR), 6.45%, 01/01/50 | 10950 | 11677627 |
|  South Carolina Public Service Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/50 | 5000 | 5037825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/41 | 5000 | 5087190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/46 | 10000 | 10065370 |
|  South Carolina State Housing Finance & Development Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 1.75%, 01/01/26 | 1110 | 1066993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 1.85%, 01/01/27 | 955 | 909341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 1.88%, 07/01/27 | 910 | 862480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.40%, 07/01/32 | 1090 | 1008784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 2.80%, 07/01/34 | 1075 | 964343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 3.00%, 07/01/39 | 2075 | 1816314 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **South Carolina (continued)** |  |  |
|  South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 07/01/30 | $890 | $820962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.45%, 07/01/32 | 895 | 799001 |
|  South Carolina Transportation Infrastructure Bank, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/30 | 10000 | 11435080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/31 | 10000 | 11577510 |
|  State of South Carolina, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/38 | 5000 | 5668345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/39 | 5000 | 5645160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140144422 |
| **Tennessee — 0.7%** |  |  |
|  Metropolitan Nashville Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 07/01/36 | 1435 | 1559430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 4.00%, 07/01/49 | 5000 | 4454690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 07/01/49 | 10000 | 10335870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Subordinate, 4.00%, 07/01/54 | 5000 | 4391065 |
|  New Memphis Arena Public Building Authority, RB, CAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/29<sup>(i)</sup>  | 625 | 579066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/30<sup>(i)</sup>  | 750 | 698195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31<sup>(i)</sup>  | 650 | 607749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/32<sup>(c)</sup>  | 1500 | 1021729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/33<sup>(c)</sup>  | 1600 | 1037638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/34<sup>(c)</sup>  | 1500 | 917096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/35<sup>(c)</sup>  | 1500 | 896802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/36<sup>(c)</sup>  | 1500 | 781904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/37<sup>(c)</sup>  | 1600 | 821917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/38<sup>(c)</sup>  | 700 | 341036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/39<sup>(c)</sup>  | 750 | 348022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/41<sup>(c)</sup>  | 810 | 334479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/42<sup>(c)</sup>  | 850 | 345619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/43<sup>(c)</sup>  | 1700 | 625792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/44<sup>(c)</sup>  | 1800 | 624485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/45<sup>(c)</sup>  | 2000 | 654658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/01/46<sup>(c)</sup>  | 1700 | 538099 |
|  Tennessee Housing Development Agency, Refunding RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/01/42<sup>(k)</sup>  | 4995 | 4857742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, 2.65%, 07/01/34 | 1670 | 1611089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, 2.90%, 07/01/39 | 3760 | 3650956 |
|  |  | 42035128 |
| **Texas — 4.5%** |  |  |
|  Arlington Higher Education Finance Corp., RB<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/15/24 | 195 | 192572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 5865 | 6021942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.30%, 04/01/62 | 4325 | 4021108 |
|  Board of Regents of the University of Texas System, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/28 | 5000 | 5614715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 11577510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/32 | 5075 | 6006329 |
|  City of Austin TX Water & Wastewater System Revenue, Refunding RB, 5.00%, 11/15/25 | 3325 | 3546871 |
|  City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, AMT, 6.50%, 07/15/30 | 1000 | 1000135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Class B-1, AMT, 5.00%, 07/15/35 | 7400 | 7426773 |
|  City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38 | 3000 | 3001947 |

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S C H E D U L E O F I N V E S T M E N T S 55

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Texas (continued)** |  |  |
|  City of Houston Texas Airport System Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series D, 5.00%, 07/01/37 | $5000 | $5285185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series D, 5.00%, 07/01/38 | 5000 | 5266260 |
|  City of Houston Texas Combined Utility System Revenue, Refunding RB, CAB, Series A, (AGM), 0.00%, 12/01/28<sup>(c)(j)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;10000 | 8390630 |
|  City of Marble Falls Texas, SAB<sup>(a)</sup>3.38%, 09/01/26 | 230 | 224065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 | 200 | 187494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/01/41 | 730 | 627538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/51 | 1000 | 822698 |
|  Conroe Independent School District, Refunding GO, Series A, 5.00%, 02/15/28 | 5000 | 5543720 |
|  County of Martin TX, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 | 5000 | 5439450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/28 | 5000 | 5523810 |
|  Dallas Independent School District, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (PSF), 4.00%, 08/15/27 | 6750 | 6603586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (PSF), 4.00%, 08/15/29 | 9000 | 8679132 |
|  Goose Creek Consolidated Independent School District, GO, (PSF), 4.00%, 02/15/50 | 5000 | 4855630 |
|  Grand Parkway Transportation Corp., Refunding RB, 4.00%, 10/01/49 | 5000 | 4548560 |
|  Harris County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/28 | 5000 | 5476465 |
|  Hidalgo County Regional Mobility Authority, RB, CAB<sup>(c)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/42 | 3000 | 1015146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/43 | 3000 | 958386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/44 | 3000 | 902262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/45 | 4000 | 1131140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/46 | 6000 | 1597560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/47 | 6125 | 1523306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/48 | 7130 | 1668976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/49 | 7135 | 1571184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/50 | 5145 | 1062942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/52 | 6945 | 1270122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/53 | 5000 | 895165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 0.00%, 12/01/54 | 5000 | 883450 |
|  Leander Independent School District, GO, CAB, Series C, (PSF), 0.00%, 08/15/24<sup>(c)(d)</sup>  | 95000 | &nbsp;&nbsp;&nbsp;&nbsp;32293225 |
|  Matagorda County Navigation District No. 1, Refunding RB, 2.60%, 11/01/29 | 15000 | 13455840 |
|  New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/39<sup>(a)</sup>  | 1210 | 1212265 |
|  New Hope Cultural Education Facilities Finance Corp., Refunding RB<br>Class A, 6.63%, 10/01/43 | 4930 | 4743833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.75%, 10/01/52 | 790 | 747718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B2, 4.50%, 10/01/26 | 2030 | 1976481 |
|  North Texas Municipal Water District Water System Revenue, Refunding RB, Series A, 5.00%, 09/01/29 | 10000 | 11324920 |
|  Port Authority of Houston of Harris County Texas, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/27 | 1350 | 1487830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/51 | 15000 | 15969645 |
|  Port Beaumont Navigation District, Refunding RB, Series B, 6.00%, 01/01/25<sup>(a)</sup>  | 6415 | 6029638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Texas (continued)** |  |  |
|  Port of Beaumont Industrial Development Authority, RB, 4.10%, 01/01/28<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;17000 | $13783804 |
|  Round Rock Independent School District, Refunding, GO, Series A, 5.00%, 08/01/29 | 5000 | 5678345 |
|  Texas Private Activity Bond Surface Transportation Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/31/30 | 5365 | 5744869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/31/31 | 5000 | 5332130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/31/32 | 5000 | 5313440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/31/34 | 5000 | 5268175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/31/35 | 5000 | 5241625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;265967547 |
| **Utah — 1.0%** |  |  |
|  City of Salt Lake City Utah Airport Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 07/01/30 | 7670 | 8308827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 07/01/31 | 5000 | 5442185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 07/01/33 | 6110 | 6550806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 07/01/46 | 10000 | 10192740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A-AMT, AMT, 5.00%, 07/01/51 | 10000 | 10097430 |
|  Nebo School District, Refunding, GO, (GTD), 5.00%, 07/01/35 | 5000 | 5772625 |
|  Utah Charter School Finance Authority, RB<sup>(a)</sup>5.63%, 06/15/26 | 350 | 351459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/42 | 1190 | 1090016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 | 3580 | 3074196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/54 | 4945 | 4374050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/57 | 2590 | 2175129 |
|  Utah State Board of Regents, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/01/38 | 1250 | 1023919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/01/39 | 1250 | 1018482 |
|  |  | 59471864 |
| **Virginia — 2.1%** |  |  |
|  Ballston Quarter Community Development Authority, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.38%, 03/01/36 | 1050 | 830786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 03/01/46 | 6210 | 4428394 |
|  Cherry Hill Community Development Authority, SAB<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/01/35 | 1000 | 989963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/01/45 | 1995 | 1941171 |
|  Chesapeake Bay Bridge & Tunnel District, RB<br>(AGM), 5.00%, 07/01/41 | 5000 | 5140875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/51 | 5000 | 5008845 |
|  Dulles Town Center Community Development Authority, Refunding SAB, 4.00%, 03/01/23 | 1000 | 998241 |
|  FHLMC Multifamily VRD Certificates, RB M/F Housing, Series M053, Class A, 2.55%, 06/15/35 | 18945 | 15483729 |
|  Hanover County Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/38 | 125 | 120191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/47<sup>(a)</sup>  | 1960 | 1509345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 | 365 | 326288 |
|  Henrico County Economic Development Authority, Refunding RB, 5.00%, 06/01/23 | 420 | 420205 |
|  Loudoun County Economic Development Authority, RB, CAB, 0.00%, 07/01/49<sup>(c)</sup>  | 25115 | 7848563 |
|  Lower Magnolia Green Community Development Authority, SAB<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/35 | 2865 | 2794593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/45 | 2950 | 2724974 |

---

56 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Virginia (continued)** |  |  |
|  Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;15285 | $14213231 |
|  Virginia Housing Development Authority, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 10/01/53 | 10000 | 8234050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 3.65%, 03/01/43 | 5000 | 4249870 |
|  Virginia Small Business Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/49 | 5000 | 4994535 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/52 | 10000 | 9942130 |
|  Virginia Small Business Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/29 | 175 | 173411 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 07/01/29 | 2000 | 2012962 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/30 | 3000 | 2960376 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 07/01/30 | 2350 | 2309491 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/31 | 2955 | 2957302 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 07/01/31 | 3250 | 3252964 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/32 | 2750 | 2740334 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 07/01/32 | 2750 | 2710774 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/33 | 1250 | 1228282 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 07/01/33 | 1130 | 1105287 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/34 | 1000 | 973391 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 07/01/34 | 1000 | 968797 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/35 | 1155 | 1112363 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 07/01/35 | 1275 | 1223248 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/36 | 2500 | 2393040 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/37 | 1425 | 1343593 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/38 | 1500 | 1404417 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/39 | 1250 | 1161042 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Senior Lien, 4.00%, 01/01/40 | 1250 | 1152198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;125383251 |
| **Washington — 2.6%** |  |  |
|  Central Puget Sound Regional Transit Authority, RB, Series S-1, 5.00%, 11/01/46 | 10000 | 11495470 |
|  City of Seattle WA, Refunding, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/26 | 5000 | 5241535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/27 | 5000 | 5299095 |
|  King County Housing Authority, Refunding RB<br>(GTD), 3.50%, 05/01/38 | 10000 | 9285000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (HUD SECT 8), 2.75%, 01/01/40 | 1900 | 1473406 |
|  Mason County Public Hospital District No. 1, RB, 5.00%, 12/01/48 | 5000 | 5047685 |
|  Pierce County School District No. 10 Tacoma, Refunding GO, (GTD), 1.73%, 12/01/31 | 4525 | 3417135 |
|  Port of Seattle, Refunding ARB, Class C, AMT, Intermediate Lien, 5.00%, 08/01/33 | 5000 | 5384995 |
|  Seattle Housing Authority, Refunding RB, M/F Housing, (HUD SECT 8), 3.50%, 12/01/35 | 1500 | 1383147 |
|  State of Washington, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2018D, 5.00%, 08/01/26 | 5000 | 5414735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R-2022D, 4.00%, 07/01/27 | 10000 | 10577930 |
|  Washington Health Care Facilities Authority, Refunding RB<br>4.00%, 10/01/42<sup>(b)</sup>  | 27575 | 27726497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D, 5.00%, 10/01/38 | 10000 | 10135420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/37 | 5000 | 5156870 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Par*<br> *(000)*  | *Value* |
| **Washington (continued)** |  |  |  |
|  Washington State Convention Center Public Facilities District, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/31 | $| &nbsp;&nbsp;&nbsp;&nbsp;11045 | $9894199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.00%, 07/01/58 |  | 6790 | 4047988 |
|  Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 |  | 36522 | 33484810 |
|  |  |  | 154465917 |
| **Wisconsin — 3.0%** |  |  |  |
|  Public Finance Authority, ARB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 07/01/41 |  | 1755 | 1366141 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.25%, 07/01/54 |  | 3060 | 2166667 |
|  Public Finance Authority, RB<sup>(a)</sup>6.00%, 06/15/24 |  | 265 | 263286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/01/24 |  | 21420 | 19473800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/40 |  | 1175 | 1109639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/50 |  | 1470 | 1306605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 7.00%, 12/01/30 |  | 2000 | 1891754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.25%, 10/01/31 |  | 1285 | 1081707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/41 |  | 785 | 702066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, 11/01/46<sup>(f)(g)</sup>  |  | 5085 | 3813750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, 10/01/47 |  | 1285 | 1016598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/51 |  | 885 | 734457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/56 |  | 970 | 784066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 01/01/24 |  | 985 | 983618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 06/15/25 |  | 555 | 545825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.62%, 06/01/29 |  | 850 | 811421 |
|  Public Finance Authority, Refunding RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/34<sup>(a)</sup>  |  | 2620 | 2538835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/39<sup>(a)</sup>  |  | 6155 | 5758009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/51 |  | 650 | 472127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.13%, 10/01/49<sup>(a)</sup>  |  | 8530 | 7549476 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 08/01/35 |  | 4840 | 4232585 |
|  Wisconsin Health & Educational Facilities Authority, RB, Series B, 5.00%, 02/15/42 |  | 10000 | 10064030 |
|  Wisconsin Health & Educational Facilities Authority, Refunding RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/39 |  | 16835 | 15805304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/44 |  | 10000 | 10073030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 |  | 15000 | 13625475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/51 |  | 65000 | 57456425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/35 |  | 10000 | 10391970 |
|  |  |  | 176018666 |
|  **Total Municipal Bonds — 92.0%<br>(Cost: $6,112,867,228)** | **Total Municipal Bonds — 92.0%<br>(Cost: $6,112,867,228)** | **Total Municipal Bonds — 92.0%<br>(Cost: $6,112,867,228)** | &nbsp;&nbsp;&nbsp;&nbsp;5384654124 |
|  **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(k)</sup>**  | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(k)</sup>**  | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(k)</sup>**  | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(k)</sup>**  |
| **Arizona — 0.3%** |  |  |  |
|  City of Phoenix Civic Improvement Corp., ARB, Series A, AMT, 5.00%, 07/01/47 |  | 10000 | 10082098 |
|  Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 12/01/45 |  | 10000 | 10581630 |
|  |  |  | 20663728 |
| **California — 2.3%** |  |  |  |
|  California Educational Facilities Authority, Refunding RB<br>5.00%, 09/01/45 |  | 10490 | 11189463 |

---

S C H E D U L E O F I N V E S T M E N T S 57

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **California (continued)** |  |  |
|  California Educational Facilities Authority, Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | $10800182 |
|  California Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/43 | 10000 | 10148718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/52<sup>(d)</sup>  | 10000 | 10177013 |
|  California Infrastructure & Economic Development Bank, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/47 | 10000 | 10574493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/52 | 10000 | 10548335 |
|  California Public Finance Authority, Refunding RB, Series A, 5.00%, 08/01/47 | 10000 | 10317520 |
|  Chaffey Joint Union High School District, GO, Series C, Class C, Election 2012, 5.25%, 08/01/47 | 10000 | 10553188 |
|  Chino Valley Unified School District, GO, Series A, Election 2016, 5.25%, 08/01/47 | 10000 | 10607743 |
|  City of Los Angeles Department of Airports, ARB, Series A, AMT, 5.25%, 05/15/48 | 10000 | 10433150 |
|  East Bay Municipal Utility District Water System Revenue, RB, Series A, Class A, 5.00%, 06/01/42 | 10000 | 10656588 |
|  Manteca Unified School District, GO, Series A, Election 2014, 5.00%, 08/01/40 | 10000 | 10446513 |
|  San Marcos Unified School District, GO, Series C, Election 2010, 5.00%, 08/01/40<sup>(d)</sup>  | 10000 | 10287094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;136740000 |
| **Connecticut — 0.2%** |  |  |
|  Connecticut State Health & Educational Facilities Authority, Refunding RB, 2021, 5.00%, 12/01/45 | 10000 | 10211903 |
| **District of Columbia — 0.5%** |  |  |
|  District of Columbia Water & Sewer Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/52 | 10000 | 10416690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, Sub-Lien, 5.00%, 10/01/44<sup>(d)</sup>  | 10000 | 10202965 |
|  Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, AMT, 5.00%, 10/01/42 | 10000 | 10261005 |
|  |  | 30880660 |
| **Florida — 0.7%** |  |  |
|  East Central Regional Wastewater Treatment Facilities Operation Board, Refunding RB, 5.00%, 10/01/44 | 10000 | 10523153 |
|  Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.80%, 07/01/43 | 2280 | 2304534 |
|  Greater Orlando Aviation Authority, ARB, Series A, AMT, 5.00%, 10/01/46 | 10000 | 10133945 |
|  Miami-Dade County Seaport Department, Refunding RB, Series A-2, (AGM), 4.00%, 10/01/49 | 10000 | 9237087 |
|  Tampa Bay Water, RB, 5.00%, 10/01/38 | 10000 | 10178305 |
|  |  | 42377024 |
| **Georgia — 0.9%** |  |  |
|  City of Atlanta Georgia Department of Aviation, ARB, Series B, AMT, 5.00%, 07/01/44 | 10000 | 10329975 |
|  City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40 | 10000 | 10385714 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **Georgia (continued)** |  |  |
|  Clarke County Hospital Authority, Refunding RB, Series A, Class A, 5.00%, 07/01/46<sup>(l)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | $&nbsp;&nbsp;&nbsp;&nbsp;10121248 |
|  Development Authority of Cobb County, RB, Series A, 5.00%, 06/01/49<sup>(l)</sup>  | 10000 | 10464110 |
|  Gainesville & Hall County Hospital Authority, Refunding RB, Series A, Class A, (GTD), 5.50%, 08/15/54<sup>(d)</sup>  | 10000 | 10626835 |
|  |  | 51927882 |
| **Illinois — 0.2%** |  |  |
|  Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/33 | 10000 | 11115260 |
| **Indiana — 0.2%** |  |  |
|  Indiana Finance Authority, Refunding RB, 5.00%, 11/01/41 | 10000 | 10211638 |
| **Iowa — 0.2%** |  |  |
|  Iowa Finance Authority, Refunding RB, 5.00%, 08/01/42 | 10000 | 10597363 |
| **Maryland — 0.5%** |  |  |
|  City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/43<sup>(d)</sup>  | 10000 | 10257216 |
|  County of Montgomery Maryland, RB, Series 2016, 5.00%, 12/01/45 | 10000 | 10192420 |
|  Maryland Stadium Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/47 | 6590 | 7065182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/47<sup>(d)</sup>  | 3410 | 3655883 |
|  |  | 31170701 |
| **Massachusetts — 0.2%** |  |  |
|  Commonwealth of Massachusetts, GO, Series A, AMT, 5.00%, 03/01/46 | 10000 | 10174278 |
| **Michigan — 0.3%** |  |  |
|  Michigan Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/45 | 9855 | 10024893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/45<sup>(d)</sup>  | 145 | 147500 |
|  Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 4.15%, 10/01/53 | 10000 | 8878360 |
|  |  | 19050753 |
| **Minnesota — 0.2%** |  |  |
|  Western Minnesota Municipal Power Agency, RB, Series A, AMT, 5.00%, 01/01/46<sup>(d)</sup>  | 10000 | 10257119 |
| **Missouri — 0.5%** |  |  |
|  Health & Educational Facilities Authority of the State of Missouri, RB, 5.00%, 01/01/44 | 10000 | 10048160 |
|  Metropolitan St Louis Sewer District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/47 | 10000 | 10499448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/45 | 6785 | 7107340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/45<sup>(d)</sup>  | 3215 | 3367737 |
|  |  | 31022685 |
| **New Jersey — 0.1%** |  |  |
|  New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 10000 | 9126324 |

---

58 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*  | *Value* |
| **New York — 1.7%** |  |  |
|  Metropolitan Transportation Authority, RB, Series A, 5.00%, 11/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | $10464605 |
|  Metropolitan Transportation Authority, Refunding RB, Sub-Series B-1, 5.00%, 11/15/46 | 10000 | 10322388 |
|  New York City Housing Development Corp., RB, M/F Housing, Series C-1A, 4.00%, 11/01/53 | 9245 | 7692064 |
|  New York City Water & Sewer System, RB, Series DD, 5.00%, 06/15/47 | 20000 | 20745568 |
|  New York State Dormitory Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/39 | 10000 | 10259094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/45 | 10000 | 10460240 |
|  New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 02/15/39 | 10000 | 10355213 |
|  Port Authority of New York & New Jersey, Refunding ARB, Series 194th, 5.00%, 10/15/41 | 10000 | 10301808 |
|  Utility Debt Securitization Authority, Refunding RB, Restructured, 5.00%, 12/15/37 | 10000 | 10519210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;101120190 |
| **North Carolina — 0.8%** |  |  |
|  City of Charlotte North Carolina Airport Special Facilities Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/42 | 10000 | 10450090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/47 | 10000 | 10366945 |
|  City of Charlotte North Carolina Airport Special Facilities Revenue, Refunding ARB, Series A, 4.00%, 07/01/51 | 10000 | 9375268 |
|  North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/55<sup>(d)</sup>  | 10000 | 10654838 |
|  North Carolina Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 39-B, (FHLMC, FNMA, GNMA), 3.85%, 07/01/38 | 5290 | 4979958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48 | 1845 | 1815930 |
|  |  | 47643029 |
| **Oklahoma — 0.2%** |  |  |
|  Oklahoma Turnpike Authority, RB, Sereis C, 5.00%, 01/01/47 | 10000 | 10392068 |
| **Oregon — 0.4%** |  |  |
|  Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 07/01/47 | 10000 | 11038085 |
|  University of Oregon, RB, Series A, AMT, 5.00%, 04/01/48 | 10000 | 10489023 |
|  |  | 21527108 |
| **Pennsylvania — 0.5%** |  |  |
|  Lancaster County Hospital Authority, Refunding RB, 5.00%, 08/15/46 | 10000 | 10231563 |
|  Philadelphia Authority for Industrial Development, RB, Series A, 5.00%, 07/01/42<sup>(d)</sup>  | 20000 | 20720336 |
|  |  | 30951899 |
| **Tennessee — 0.2%** |  |  |
|  Tennessee Housing Development Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 3.85%, 07/01/43 | 6105 | 6111280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3, 3.95%, 01/01/49 | 6080 | 5841375 |
|  |  | 11952655 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Par* <br> *(000)*  | *Value* |
| **Texas — 0.9%** |  |  |  |
|  Alamo Regional Mobility Authority, RB, Senior Lien, 5.00%, 06/15/46<sup>(d)</sup>  | $| 10000 | $10583020 |
|  City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/48<sup>(d)</sup>  |  | 10000 | 10040813 |
|  County of Harris Texas, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/47 |  | 10000 | 10416430 |
|  Midlothian Independent School District, GO, (PSF-GTD), 5.00%, 02/15/47 |  | 10000 | 10453235 |
|  Texas Water Development Board, RB, Series A, 5.00%, 10/15/47 |  | 10000 | 10521645 |
|  |  |  | 52015143 |
| **Utah — 0.2%** |  |  |  |
|  Utah Transit Authority, Refunding RB, Series A, 5.00%, 06/15/38<sup>(d)</sup>  |  | 10000 | 10600069 |
| **Virginia — 0.9%** |  |  |  |
|  City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/42 |  | 10000 | 10618585 |
|  Fairfax County Industrial Development Authority, RB, Series A, 5.00%, 05/15/44 |  | 10000 | 10122273 |
|  Fairfax County Water Authority, Refunding RB, 5.00%, 04/01/46 |  | 10000 | 10527313 |
|  University of Virginia, Refunding RB, Series A-2, 5.00%, 04/01/45 |  | 10000 | 10379330 |
|  Virginia Housing Development Authority, RB, M/F Housing, Series D, 3.90%, 10/01/48 |  | 10000 | 8488015 |
|  |  |  | 50135516 |
| **Washington — 0.4%** |  |  |  |
|  Port of Seattle Washington, ARB GO, 5.00%, 01/01/42 |  | 10000 | 10485120 |
|  State of Washington, GO, Series B, 5.00%, 02/01/33 |  | 10000 | 10497815 |
|  |  |  | 20982935 |
|  **Total Municipal Bonds Transferred to Tender Option<br>Bond Trusts —13.5%<br>(Cost: $815,755,679)** | **Total Municipal Bonds Transferred to Tender Option<br>Bond Trusts —13.5%<br>(Cost: $815,755,679)** | **Total Municipal Bonds Transferred to Tender Option<br>Bond Trusts —13.5%<br>(Cost: $815,755,679)** | 792847930 |
|  **Total Long-Term Investments — 106.9%<br>(Cost: $7,034,693,170)** | **Total Long-Term Investments — 106.9%<br>(Cost: $7,034,693,170)** | **Total Long-Term Investments — 106.9%<br>(Cost: $7,034,693,170)** | 6261735419 |
|  | *Shares* | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 0.7%** |  |  |  |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.59%<sup>(m)(n)</sup>  |  | 38834935 | 38838818 |
|  **Total Short-Term Securities — 0.7%<br>(Cost: $38,836,595)** | **Total Short-Term Securities — 0.7%<br>(Cost: $38,836,595)** | **Total Short-Term Securities — 0.7%<br>(Cost: $38,836,595)** | 38838818 |
|  **Total Investments — 107.6%<br>(Cost: $7,073,529,765)** |  |  | 6300574237 |
|  **Other Assets Less Liabilities — 1.8%** | **Other Assets Less Liabilities — 1.8%** | **Other Assets Less Liabilities — 1.8%** | 103720896 |
|  **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.4)%** | **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.4)%** | **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.4)%** | (548560316) |
|  **Net Assets — 100.0%** |  |  | $5855734817 |

---

S C H E D U L E O F I N V E S T M E N T S 59

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund** |

---

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

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

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

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

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

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

<sup>(k)</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>(l)</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, 2024 to June 1, 2025, is $15,513,889. See Note 4 of the Notes to Financial Statements for details. 

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

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

For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *05/31/22*  | *Purchases*<br> *at Cost*  | *Proceeds<br>from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares<br>Held at<br>11/30/22* | *Income* | *Capital Gain<br>Distributions<br>from*<br> *Underlying*<br> *Funds*  |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;181906552 | $– $| (142984270)<sup>(a)</sup> | $(69971) | $(13493) | $38838818 | 38834935 | $1311945 | $— |

---

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

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional*<br> *Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 8122 | 03/22/23 | $924131 | $(6695642) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 6266 | 03/22/23 | 799698 | (6359187) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 4090 | 03/31/23 | 444915 | (3011715) |
|  |  |  |  | $(16066544) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest* <br> *Rate<br>Contracts*  | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $16066544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $16066544 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

60 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Strategic Municipal Opportunities Fund** |

---

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest* <br> *Rate*<br> *Contracts*  | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $168393999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $168393999 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $(34735932) | $— | $(34735932) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $1862706930 |

---

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. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $84233365 | $— | $84233365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 5371033754 | 13620370 | 5384654124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts |  | 792847930 |  | 792847930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 38838818 |  |  | 38838818 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38838818 | $6248115049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13620370 | $6300574237 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $(16066544) | $— | $— | $(16066544) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $545,679,973 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 61

------

Statements of Assets and Liabilities (unaudited)

November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br> California<br> Municipal<br> Opportunities Fund | BlackRock<br> New Jersey<br> Municipal<br> Bond Fund | BlackRock<br> Pennsylvania<br> Municipal<br> Bond Fund | BlackRock<br> Impact<br> Municipal<br> Fund |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $2613342649 | $291290669 | $402194673 | $44768356 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 79131741 | 10209017 | 4432675 | 1459474 |
|  Cash | 238513 | 50383 | 78406 | 34223 |
|  Cash pledged for futures contracts | 23858000 | 357000 | 540000 | 252000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 8026746 | 499078 | 5403223 | 1031797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 10414914 | 1121897 | 481373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 94381 | 16238 | 10186 | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 29355428 | 4108965 | 5124219 | 582838 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager |  |  |  | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 3373831 |  |  |  |
|  Deferred offering costs |  |  |  | 33641 |
|  Prepaid expenses | 68651 | 39494 | 41450 | 30905 |
|  Total assets | 2767904854 | 307692741 | 418306205 | 48200369 |
|  **ACCRUED LIABILITIES** |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 18159678 | 438562 | 1284241 | 741520 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOB Trust | 10014729 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 189458 | 45089 | 60127 | 12773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 20997859 | 1335086 | 1483258 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 24979 | 3359 | 5091 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 1363518 | 261657 | 428616 | 125861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | 843280 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 718592 | 93840 | 140909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 11321 | 1597 | 2286 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 35319 | 29491 | 30441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees |  | 25248 | 20405 | 13881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 211704 | 35176 | 35189 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 311096 | 44905 | 49547 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 6891937 | 104353 | 153195 | 62908 |
|  Total accrued liabilities | 59773470 | 2418363 | 3693305 | 958502 |
|  **OTHER LIABILITIES** |  |  |  |  |
|  TOB Trust Certificates | 170654950 |  |  |  |
|  Total liabilities | 230428420 | 2418363 | 3693305 | 958502 |
|  NET ASSETS | $2537476434 | $305274378 | $414612900 | $47241867 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $2808653481 | $331228400 | $478147347 | $50033612 |
|  Accumulated loss | (271177047) | (25954022) | (63534447) | (2791745) |
|  NET ASSETS | $2537476434 | $305274378 | $414612900 | $47241867 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $2751026835 | $299579542 | $429536444 | $47315481 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $79118235 | $10207236 | $4432232 | $1459182 |

---

62 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br> California<br> Municipal<br> Opportunities Fund | BlackRock<br> New Jersey<br> Municipal<br> Bond Fund | BlackRock<br> Pennsylvania<br> Municipal<br> Bond Fund | BlackRock<br> Impact<br> Municipal<br> Fund |
|  **NET ASSET VALUE** |  |  |  |  |
|  **Institutional** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1611176157 | $164944383 | $263728160 | $117018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 137461645 | 16405338 | 27221508 | 12399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.72 | $10.05 | $9.69 | $9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | $0.10 |
|  **Service** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | N/A | $6641932 | $1035660 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 660617 | 106782 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | N/A | $10.05 | $9.70 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited | Unlimited | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | N/A | $0.10 | $0.10 | N/A |
|  **Investor A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $722616042 | $103699183 | $123680180 | $94365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 61705203 | 10305728 | 12751842 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.71 | $10.06 | $9.70 | $9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 300 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | $0.10 |
|  **Investor A1** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $82251285 | $13508301 | $7111929 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 7017366 | 1341946 | 732967 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.72 | $10.07 | $9.70 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | N/A |
|  **Investor C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $69321914 | $14314159 | $11411515 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 5913931 | 1424102 | 1176819 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.72 | $10.05 | $9.70 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | N/A |
|  **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $52111036 | $2166420 | $7645456 | $47030484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 4444280 | 215552 | 789331 | 4983111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.73 | $10.05 | $9.69 | $9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 500 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | $0.10 |

---

F I N A N C I A L S T A T E M E N T S 63

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2022

---

| | |
|:---|:---|
|  | BlackRock<br> Strategic<br> Municipal<br> Opportunities Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $6261735419 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 38838818 |
|  Cash pledged for futures contracts | 50821000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 42230539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 23080961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 111462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 76660469 |
|  Prepaid expenses | 287783 |
|  Total assets | 6493766451 |
|  **ACCRUED LIABILITIES** |  |
|  Bank overdraft | 188878 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 20949196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 451579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 45456152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 116514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 3427505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | 2880343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2227724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 105254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 93119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 320489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 829143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 15258388 |
|  Total accrued liabilities | 92351661 |
|  **OTHER LIABILITIES** |  |
|  TOB Trust Certificates | 545679973 |
|  Total liabilities | 638031634 |
|  NET ASSETS | $5855734817 |
|  **NET ASSETS CONSIST OF** |  |
|  Paid-in capital | $7130574692 |
|  Accumulated loss | (1274839875) |
|  NET ASSETS | $5855734817 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $7034693170 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $38836595 |

---

64 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2022

---

| | |
|:---|:---|
|  | BlackRock<br> Strategic<br> Municipal<br> Opportunities Fund |
|  **NET ASSET VALUE** |  |
|  **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4510052281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 437507832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
|  **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1116019263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 108305755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
|  **Investor A1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $17180073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1666757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
|  **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $96698102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 9379190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
|  **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $115785098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 11230473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 65

------

Statements of Operations (unaudited)

Six Months Ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br> California<br> Municipal<br> Opportunities Fund | BlackRock<br> New Jersey<br> Municipal<br> Bond Fund | BlackRock<br> Pennsylvania<br>Municipal<br> Bond Fund | BlackRock<br> Impact<br> Municipal<br> Fund |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $529552 | $132525 | $90394 | $13256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 45726982 | 6239508 | 7954210 | 823622 |
|  Total investment income | 46256534 | 6372033 | 8044604 | 836878 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 5012766 | 846283 | 1181137 | 106168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 1387754 | 227816 | 234503 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 702064 | 127971 | 255989 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 160925 | 37872 | 50458 | 10921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 158336 | 34992 | 34143 | 25586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 53335 | 43388 | 43238 | 14760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 22947 | 3387 | 4578 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 21767 | 2866 | 4264 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 19602 | 18302 | 18394 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration |  |  |  | 10027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific |  |  |  | 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering |  |  |  | 89718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 90494 | 16039 | 18286 | 5351 |
|  Total expenses | 7629990 | 1358916 | 1844990 | 272319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees<sup>(a)</sup>  | 2342240 | 95260 | 159159 |  |
|  Total expenses | 9972230 | 1454176 | 2004149 | 272319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived |  |  |  | (4896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived — class specific |  |  |  | (4625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (218053) | (237495) | (240779) | (137610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (69504) | (48140) | (148981) | (164) |
|  Total expenses after fees waived and/or reimbursed | 9684673 | 1168541 | 1614389 | 125024 |
|  Net investment income | 36571861 | 5203492 | 6430215 | 711854 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (102005644) | (9745386) | (18238980) | (806022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (16177) | (8881) | (7116) | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 68949577 | 2363475 | 3468903 | 663919 |
|  | (33072244) | (7390792) | (14777193) | (142177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (38881153) | (5767269) | (8779144) | (1559004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 8407 | 737 | (331) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (14228410) | (457158) | (731622) | (139993) |
|  | (53101156) | (6223690) | (9511097) | (1698907) |
|  Net realized and unrealized loss | (86173400) | (13614482) | (24288290) | (1841084) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(49601539) | $(8410990) | $(17858075) | $(1129230) |

---

<sup>(a)</sup> Related to TOB Trusts.

*See notes to financial statements.* 

66 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2022

---

| | |
|:---|:---|
|  | BlackRock<br> Strategic<br> Municipal<br>Opportunities Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $1311945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 115646267 |
|  Total investment income | 116958212 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 17048759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 2400599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 2114370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 396889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 356409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 159521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 103093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 54974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 26958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 280203 |
|  Total expenses | 22941775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees<sup>(a)</sup>  | 7088277 |
|  Total expenses | 30030052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (1774159) |
|  Total expenses after fees waived and/or reimbursed | 28255893 |
|  Net investment income | 88702319 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (308276812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (69971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 168393999 |
|  | (139952784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (195931070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (13493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (34735932) |
|  | (230680495) |
|  Net realized and unrealized loss | (370633279) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(281930960) |

---

<sup>(a)</sup> Related to TOB Trusts. 

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 67

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock California | BlackRock California | BlackRock New Jersey | BlackRock New Jersey |
|  | Municipal Opportunities Fund | Municipal Opportunities Fund | Municipal Bond Fund | Municipal Bond Fund |
|  | Six Months Ended<br>11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Six Months Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $36571861 | $61342269 | $5203492 | $10079743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (33072244) | 53633184 | (7390792) | (285012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (53101156) | (329463624) | (6223690) | (39851385) |
|  Net decrease in net assets resulting from operations | (49601539) | (214488171) | (8410990) | (30056654) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (23635913) | (39442069) | (2967732) | (5896927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | (104695) | (191790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (9780494) | (16551486) | (1688435) | (3044749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A1 | (1129101) | (1805179) | (227103) | (422914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (657598) | (920007) | (176709) | (390028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1101282) | (2362037) | (40201) | (83286) |
|  Decrease in net assets resulting from distributions to shareholders | (36304388) | (61080778) | (5204875) | (10029694) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (411726285) | 43146802 | (26201841) | (13042661) |
|  *NET ASSETS* |  |  |  |  |
|  Total decrease in net assets | (497632212) | (232422147) | (39817706) | (53129009) |
|  Beginning of period | 3035108646 | 3267530793 | 345092084 | 398221093 |
|  End of period | $2537476434 | $3035108646 | $305274378 | $345092084 |

---

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

*See notes to financial statements.* 

68 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Pennsylvania | BlackRock Pennsylvania | BlackRock Impact | BlackRock Impact |
|  | Municipal Bond Fund | Municipal Bond Fund | Municipal Fund | Municipal Fund |
|  | Six Months Ended<br> 11/30/22<br> (unaudited) | Year Ended<br>05/31/22 | Six Months Ended<br> 11/30/22<br> (unaudited) | Period from<br> 03/14/22<br> to 05/31/22<br><sup>(a)</sup> <br>|
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6430215 | $14111556 | $711854 | $156034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (14777193) | (45082) | (142177) | (45009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (9511097) | (60559813) | (1698907) | (925471) |
|  Net decrease in net assets resulting from operations | (17858075) | (46493339) | (1129230) | (814446) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (4325415) | (9830943) | (1728) | (287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | (14538) | (52649) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (1804992) | (3560600) | (1300) | (235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A1 | (104144) | (199344) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (123776) | (266830) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (116408) | (191918) | (713429) | (147976) |
|  Decrease in net assets resulting from distributions to shareholders | (6489273) | (14102284) | (716457) | (148498) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (60193791) | (42903828) | 50498 | 50000000 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (84541139) | (103499451) | (1795189) | 49037056 |
|  Beginning of period | 499154039 | 602653490 | 49037056 |  |
|  End of period | $414612900 | $499154039 | $47241867 | $49037056 |

---

<sup>(a)</sup> Commencement of operations.

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 69

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | BlackRock Strategic | BlackRock Strategic |
|  | Municipal Opportunities Fund | Municipal Opportunities Fund |
|  | Six Months Ended<br> 11/30/22<br> (unaudited) | Year Ended<br>05/31/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $88702319 | $178360941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (139952784) | 201270471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (230680495) | (1061013019) |
|  Net decrease in net assets resulting from operations | (281930960) | (681381607) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (68951487) | (141257072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (15129131) | (31249214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A1 | (261206) | (479191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (930574) | (1856095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1817899) | (3522594) |
|  Decrease in net assets resulting from distributions to shareholders | (87090297) | (178364166) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net decrease in net assets derived from capital share transactions | (1159607078) | (365894985) |
|  *NET ASSETS* |  |  |
|  Total decrease in net assets | (1528628335) | (1225640758) |
|  Beginning of period | 7384363152 | 8610003910 |
|  End of period | $5855734817 | $7384363152 |

---

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

*See notes to financial statements.* 

70 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $12.05 | $13.08 | $12.21 | $12.71 | $12.76 | $12.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.25 | 0.25 | 0.27 | 0.34 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.33) | (1.03) | 0.87 | (0.50) | 0.19 | 0.20 |
|  Net increase (decrease) from investment operations | (0.17) | (0.78) | 1.12 | (0.23) | 0.53 | 0.54 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.25) | (0.25) | (0.27) | (0.34) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.24) | (0.04) |
|  Total distributions | (0.16) | (0.25) | (0.25) | (0.27) | (0.58) | (0.38) |
|  **Net asset value, end of period** | $11.72 | $12.05 | $13.08 | $12.21 | $12.71 | $12.76 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.37)%<sup>(d)</sup> | (6.06)% | 9.26% | (1.85)% | 4.28% | 4.37% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses<sup>(f)</sup>  | 0.64 %<sup>(g)</sup> | 0.49% | 0.48% | 0.57% | 0.63% | 0.57% |
|  Total expenses after fees waived and/or reimbursed | 0.61 %<sup>(g)</sup> | 0.47% | 0.46% | 0.55% | 0.61% | 0.54% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 0.44 %<sup>(g)</sup> | 0.44% | 0.43% | 0.43% | 0.44% | 0.44% |
|  Net investment income | 2.78 %<sup>(g)</sup> | 1.95% | 1.98% | 2.13% | 2.70% | 2.68% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1611176 | $1907899 | $1922918 | $1865633 | $2016387 | $1190045 |
|  Borrowings outstanding, end of period (000) | $170655 | $147795 | $143145 | $148145 | $253167 | $141267 |
|  Portfolio turnover rate | 27% | 82% | 53% | 117% | 126% | 129% |

---

<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> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> 11/30/22<br> (unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/18 |
| Expense ratios | N/A | N/A | N/A | 0.56% | 0.62% | 0.57% |

---

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

<sup>(h)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 71

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $12.04 | $13.07 | $12.19 | $12.70 | $12.75 | $12.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.15 | 0.22 | 0.22 | 0.24 | 0.31 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.33) | (1.03) | 0.88 | (0.51) | 0.19 | 0.21 |
|  Net increase (decrease) from investment operations | (0.18) | (0.81) | 1.10 | (0.27) | 0.50 | 0.52 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.22) | (0.22) | (0.24) | (0.31) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.24) | (0.04) |
|  Total distributions | (0.15) | (0.22) | (0.22) | (0.24) | (0.55) | (0.35) |
|  **Net asset value, end of period** | $11.71 | $12.04 | $13.07 | $12.19 | $12.70 | $12.75 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.50)%<sup>(d)</sup> | (6.30)% | 9.09% | (2.18)% | 4.02% | 4.19% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.87 %<sup>(f)</sup> | 0.72% | 0.72% | 0.82 %<sup>(g)</sup> | 0.88 %<sup>(g)</sup> | 0.81 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.86 %<sup>(f)</sup> | 0.71% | 0.71% | 0.80% | 0.86% | 0.79% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 0.68 %<sup>(f)</sup> | 0.68% | 0.68% | 0.68% | 0.69% | 0.69% |
|  Net investment income | 2.54 %<sup>(f)</sup> | 1.69% | 1.74% | 1.88% | 2.45% | 2.45% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $722616 | $843462 | $1025162 | $1069541 | $941069 | $631410 |
|  Borrowings outstanding, end of period (000) | $170655 | $147795 | $143145 | $148145 | $253167 | $141267 |
|  Portfolio turnover rate | 27% | 82% | 53% | 117% | 126% | 129% |

---

<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> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(h)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

72 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $12.05 | $13.08 | $12.20 | $12.71 | $12.76 | $12.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.24 | 0.24 | 0.26 | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.33) | (1.03) | 0.88 | (0.51) | 0.19 | 0.21 |
|  Net increase (decrease) from investment operations | (0.17) | (0.79) | 1.12 | (0.25) | 0.52 | 0.54 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.24) | (0.24) | (0.26) | (0.33) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.24) | (0.04) |
|  Total distributions | (0.16) | (0.24) | (0.24) | (0.26) | (0.57) | (0.37) |
|  **Net asset value, end of period** | $11.72 | $12.05 | $13.08 | $12.20 | $12.71 | $12.76 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.42)%<sup>(d)</sup> | (6.15)% | 9.25% | (2.01)% | 4.18% | 4.35% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses<sup>(f)</sup>  | 0.72 %<sup>(g)</sup> | 0.57% | 0.57% | 0.65% | 0.72% | 0.66% |
|  Total expenses after fees waived and/or reimbursed | 0.70 %<sup>(g)</sup> | 0.56% | 0.56% | 0.63% | 0.70% | 0.64% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 0.53 %<sup>(g)</sup> | 0.53% | 0.53% | 0.51% | 0.53% | 0.54% |
|  Net investment income | 2.69 %<sup>(g)</sup> | 1.85% | 1.89% | 2.08% | 2.61% | 2.61% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $82251 | $88442 | $103726 | $103229 | $112554 | $118780 |
|  Borrowings outstanding, end of period (000) | $170655 | $147795 | $143145 | $148145 | $253167 | $141267 |
|  Portfolio turnover rate | 27% | 82% | 53% | 117% | 126% | 129% |

---

<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> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> 11/30/22<br> (unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
| Expense ratios | N/A | N/A | N/A | 0.65% | 0.71% | 0.66% |

---

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

<sup>(h)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 73

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $12.05 | $13.08 | $12.21 | $12.71 | $12.76 | $12.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.10 | 0.12 | 0.12 | 0.14 | 0.21 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.33) | (1.03) | 0.87 | (0.50) | 0.19 | 0.20 |
|  Net increase (decrease) from investment operations | (0.23) | (0.91) | 0.99 | (0.36) | 0.40 | 0.42 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.12) | (0.12) | (0.14) | (0.21) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.24) | (0.04) |
|  Total distributions | (0.10) | (0.12) | (0.12) | (0.14) | (0.45) | (0.26) |
|  **Net asset value, end of period** | $11.72 | $12.05 | $13.08 | $12.21 | $12.71 | $12.76 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.87)%<sup>(d)</sup> | (7.00)% | 8.17% | (2.82)% | 3.24% | 3.33% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.63 %<sup>(f)</sup> | 1.48% | 1.48% | 1.57 %<sup>(g)</sup> | 1.63 %<sup>(g)</sup> | 1.57 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.61 %<sup>(f)</sup> | 1.47% | 1.47% | 1.56% | 1.61% | 1.54% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 1.44 %<sup>(f)</sup> | 1.44% | 1.44% | 1.43% | 1.44% | 1.44% |
|  Net investment income | 1.78 %<sup>(f)</sup> | 0.93% | 0.99% | 1.14% | 1.70% | 1.70% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $69322 | $84141 | $107235 | $144972 | $150543 | $124032 |
|  Borrowings outstanding, end of period (000) | $170655 | $147795 | $143145 | $148145 | $253167 | $141267 |
|  Portfolio turnover rate | 27% | 82% | 53% | 117% | 126% | 129% |

---

<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> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(h)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

74 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Period from<br> 01/25/18<br> to 05/31/18<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $12.05 | $13.08 | $12.21 | $12.71 | $12.76 | $12.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.17 | 0.26 | 0.26 | 0.28 | 0.34 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.32) | (1.04) | 0.87 | (0.50) | 0.19 | 0.06 |
|  Net increase (decrease) from investment operations | (0.15) | (0.78) | 1.13 | (0.22) | 0.53 | 0.17 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.17) | (0.25) | (0.26) | (0.28) | (0.34) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.24) |  |
|  Total distributions | (0.17) | (0.25) | (0.26) | (0.28) | (0.58) | (0.12) |
|  **Net asset value, end of period** | $11.73 | $12.05 | $13.08 | $12.21 | $12.71 | $12.76 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.27)%<sup>(e)</sup> | (6.01)% | 9.31% | (1.80)% | 4.33% | 1.31 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.58 %<sup>(g)</sup> | 0.43% | 0.43% | 0.51 %<sup>(h)</sup> | 0.58% | 0.54 %<sup>(g)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.56 %<sup>(g)</sup> | 0.42% | 0.42% | 0.50% | 0.56% | 0.49 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(j)</sup>  | 0.39 %<sup>(g)</sup> | 0.39% | 0.39% | 0.38% | 0.39% | 0.39 %<sup>(g)</sup> |
|  Net investment income | 2.78 %<sup>(g)</sup> | 1.99% | 2.02% | 2.19% | 2.71% | 2.76 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $52111 | $111164 | $108489 | $108494 | $113480 | $36441 |
|  Borrowings outstanding, end of period (000) | $170655 | $147795 | $143145 | $148145 | $253167 | $141267 |
|  Portfolio turnover rate | 27% | 82% | 53% | 117% | 126% | 129% |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(i)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.54%. 

<sup>(j)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 75

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br>05/31/21 | Year Ended<br>05/31/20 | Year Ended<br>05/31/19 | Year Ended<br>05/31/18 |
|  **Net asset value, beginning of period** | $10.45 | $11.59 | $10.84 | $11.30 | $11.05 | $11.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.17 | 0.31 | 0.35 | 0.37 | 0.40 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (1.15) | 0.75 | (0.46) | 0.25 | (0.00)<sup>(b)</sup> |
|  Net increase (decrease) from investment operations | (0.23) | (0.84) | 1.10 | (0.09) | 0.65 | 0.40 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.17) | (0.30) | (0.35) | (0.37) | (0.40) | (0.40) |
|  **Net asset value, end of period** | $10.05 | $10.45 | $11.59 | $10.84 | $11.30 | $11.05 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.20)%<sup>(e)</sup> | (7.37)% | 10.23% | (0.89)% | 6.05% | 3.69% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.77 %<sup>(g)</sup> | 0.74% | 0.73% | 0.81% | 0.85% | 0.84% |
|  Total expenses after fees waived and/or reimbursed | 0.58 %<sup>(g)</sup> | 0.56% | 0.56% | 0.63% | 0.65% | 0.64% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 0.52 %<sup>(g)</sup> | 0.52% | 0.52% | 0.52% | 0.52% | 0.54% |
|  Net investment income | 3.34 %<sup>(g)</sup> | 2.70% | 3.06% | 3.27% | 3.65% | 3.60% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $164944 | $190069 | $215903 | $188512 | $178716 | $152759 |
|  Borrowings outstanding, end of period (000) | $— | $16739 | $17972 | $22054 | $16419 | $16419 |
|  Portfolio turnover rate | 23% | 20% | 16% | 21% | 15% | 16% |

---

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

<sup>(b)</sup> Amount is less than $0.005 per share. 

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

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

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

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

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

<sup>(h)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

76 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.45 | $11.59 | $10.84 | $11.30 | $11.05 | $11.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.27 | 0.32 | 0.34 | 0.37 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (1.13) | 0.75 | (0.46) | 0.25 | (0.00)<sup>(b)</sup> |
|  Net increase (decrease) from investment operations | (0.24) | (0.86) | 1.07 | (0.12) | 0.62 | 0.37 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.16) | (0.28) | (0.32) | (0.34) | (0.37) | (0.37) |
|  **Net asset value, end of period** | $10.05 | $10.45 | $11.59 | $10.84 | $11.30 | $11.05 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.32)%<sup>(e)</sup> | (7.60)% | 9.96% | (1.13)% | 5.79% | 3.43% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.02 %<sup>(g)</sup> | 0.96% | 0.96% | 1.02% | 1.08% | 1.09% |
|  Total expenses after fees waived and/or reimbursed | 0.83 %<sup>(g)</sup> | 0.81% | 0.81% | 0.88% | 0.90% | 0.89% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 0.77 %<sup>(g)</sup> | 0.77% | 0.77% | 0.77% | 0.77% | 0.79% |
|  Net investment income | 309 %<sup>(g)</sup> | 2.42% | 2.77% | 2.98% | 3.34% | 3.35% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $6642 | $7293 | $7955 | $7466 | $7874 | $7921 |
|  Borrowings outstanding, end of period (000) | $— | $16739 | $17972 | $22054 | $16419 | $16419 |
|  Portfolio turnover rate | 23% | 20% | 16% | 21% | 15% | 16% |

---

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

<sup>(b)</sup> Amount is greater than $(0.005) per share. 

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

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

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

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

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

<sup>(h)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 77

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.46 | $11.60 | $10.85 | $11.31 | $11.06 | $11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.28 | 0.32 | 0.34 | 0.37 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (1.14) | 0.75 | (0.46) | 0.25 | (0.00)<sup>(b)</sup> |
|  Net increase (decrease) from investment operations | (0.24) | (0.86) | 1.07 | (0.12) | 0.62 | 0.37 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.16) | (0.28) | (0.32) | (0.34) | (0.37) | (0.37) |
|  **Net asset value, end of period** | $10.06 | $10.46 | $11.60 | $10.85 | $11.31 | $11.06 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.32)%<sup>(e)</sup> | (7.59)% | 9.96% | (1.13)% | 5.79% | 3.43% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.98 %<sup>(g)</sup> | 0.94% | 0.93% | 1.02% | 1.05% | 1.02% |
|  Total expenses after fees waived and/or reimbursed | 0.83 %<sup>(g)</sup> | 0.81% | 0.80% | 0.88% | 0.90% | 0.89% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 0.77 %<sup>(g)</sup> | 0.77% | 0.77% | 0.77% | 0.77% | 0.79% |
|  Net investment income | 3.09 %<sup>(g)</sup> | 2.45% | 2.81% | 3.01% | 3.39% | 3.35% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $103699 | $112909 | $128040 | $106048 | $90055 | $72565 |
|  Borrowings outstanding, end of period (000) | $— | $16739 | $17972 | $22054 | $16419 | $16419 |
|  Portfolio turnover rate | 23% | 20% | 16% | 21% | 15% | 16% |

---

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

<sup>(b)</sup> Amount is greater than $(0.005) per share. 

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

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

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

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

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

<sup>(h)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

78 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.47 | $11.60 | $10.85 | $11.31 | $11.06 | $11.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.29 | 0.34 | 0.36 | 0.39 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (1.13) | 0.75 | (0.46) | 0.25 | (0.01) |
|  Net increase (decrease) from investment operations | (0.24) | (0.84) | 1.09 | (0.10) | 0.64 | 0.38 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.16) | (0.29) | (0.34) | (0.36) | (0.39) | (0.39) |
|  **Net asset value, end of period** | $10.07 | $10.47 | $11.60 | $10.85 | $11.31 | $11.06 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.24)%<sup>(d)</sup> | (7.35)% | 10.12% | (0.97)% | 5.95% | 3.49% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.82 %<sup>(f)</sup> | 0.79% | 0.78% | 0.85% | 0.88% | 0.87% |
|  Total expenses after fees waived and/or reimbursed | 0.68 %<sup>(f)</sup> | 0.66% | 0.65% | 0.73% | 0.74% | 0.74% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.62 %<sup>(f)</sup> | 0.61% | 0.62% | 0.61% | 0.62% | 0.64% |
|  Net investment income | 3.24 %<sup>(f)</sup> | 2.59% | 2.96% | 3.16% | 3.54% | 3.50% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $13508 | $14636 | $17417 | $17241 | $19760 | $20534 |
|  Borrowings outstanding, end of period (000) | $— | $16739 | $17972 | $22054 | $16419 | $16419 |
|  Portfolio turnover rate | 23% | 20% | 16% | 21% | 15% | 16% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 79

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.45 | $11.59 | $10.84 | $11.30 | $11.05 | $11.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.12 | 0.19 | 0.23 | 0.25 | 0.29 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (1.14) | 0.75 | (0.45) | 0.25 | 0.00 <sup>(b)</sup> |
|  Net increase (decrease) from investment operations | (0.28) | (0.95) | 0.98 | (0.20) | 0.54 | 0.29 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.12) | (0.19) | (0.23) | (0.26) | (0.29) | (0.29) |
|  **Net asset value, end of period** | $10.05 | $10.45 | $11.59 | $10.84 | $11.30 | $11.05 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.69)%<sup>(e)</sup> | (8.29)% | 9.14% | (1.87)% | 5.00% | 2.65% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.74 %<sup>(g)</sup> | 1.70% | 1.68% | 1.76% | 1.79% | 1.78% |
|  Total expenses after fees waived and/or reimbursed | 1.58 %<sup>(g)</sup> | 1.56% | 1.56% | 1.63% | 1.64% | 1.64% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 1.52 %<sup>(g)</sup> | 1.52% | 1.52% | 1.52% | 1.52% | 1.54% |
|  Net investment income | 2.34 %<sup>(g)</sup> | 1.68% | 2.06% | 2.26% | 2.64% | 2.60% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $14314 | $17672 | $26004 | $32313 | $31234 | $29509 |
|  Borrowings outstanding, end of period (000) | $— | $16739 | $17972 | $22054 | $16419 | $16419 |
|  Portfolio turnover rate | 23% | 20% | 16% | 21% | 15% | 16% |

---

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

<sup>(b)</sup> Amount is less than $0.005 per share. 

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

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

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

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

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

<sup>(h)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

80 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>11/30/22<br>(unaudited) |<br>Year Ended<br>05/31/22 |<br>Year Ended<br>05/31/21 |<br>Year Ended<br>05/31/20 |<br>Year Ended<br>05/31/19 | Period from<br>01/25/18<sup>(a)</sup><br>to 05/31/18 |
|  **Net asset value, beginning of period** | $10.45 | $11.59 | $10.83 | $11.30 | $11.04 | $11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.17 | 0.31 | 0.35 | 0.37 | 0.41 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (1.14) | 0.76 | (0.47) | 0.26 | (0.07) |
|  Net increase (decrease) from investment operations | (0.23) | (0.83) | 1.11 | (0.10) | 0.67 | 0.07 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.17) | (0.31) | (0.35) | (0.37) | (0.41) | (0.14) |
|  **Net asset value, end of period** | $10.05 | $10.45 | $11.59 | $10.83 | $11.30 | $11.04 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.17)%<sup>(e)</sup> | (7.32)% | 10.39% | (0.93)% | 6.20% | 0.66 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.69 %<sup>(g)</sup> | 0.65% | 0.64% | 0.72% | 0.75% | 0.74 %<sup>(g)(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.53 %<sup>(g)</sup> | 0.51% | 0.51% | 0.58% | 0.60% | 0.57 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(i)</sup>  | 0.47 %<sup>(g)</sup> | 0.47% | 0.47% | 0.47% | 0.47% | 0.47 %<sup>(g)</sup> |
|  Net investment income | 3.39 %<sup>(g)</sup> | 2.75% | 3.10% | 3.32% | 3.70% | 3.88 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2166 | $2513 | $2902 | $2075 | $1660 | $1776 |
|  Borrowings outstanding, end of period (000) | $— | $16739 | $17972 | $22054 | $16419 | $16419 |
|  Portfolio turnover rate | 23% | 20% | 16% | 21% | 15% | 16% |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.74%. 

<sup>(i)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 81

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.18 | $11.29 | $10.75 | $11.11 | $10.98 | $11.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.14 | 0.27 | 0.33 | 0.38 | 0.43 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.49) | (1.11) | 0.54 | (0.36) | 0.13 | (0.23) |
|  Net increase (decrease) from investment operations | (0.35) | (0.84) | 0.87 | 0.02 | 0.56 | 0.22 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.14) | (0.27) | (0.33) | (0.38) | (0.43) | (0.45) |
|  **Net asset value, end of period** | $9.69 | $10.18 | $11.29 | $10.75 | $11.11 | $10.98 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.38)%<sup>(d)</sup> | (7.56)% | 8.20% | 0.14% | 5.22% | 2.02% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.82 %<sup>(f)</sup> | 0.78% | 0.79% | 0.93% | 1.04% | 0.97% |
|  Total expenses after fees waived and/or reimbursed | 0.61 %<sup>(f)</sup> | 0.59% | 0.61% | 0.75% | 0.84% | 0.78% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.54 %<sup>(f)</sup> | 0.54% | 0.54% | 0.54% | 0.54% | 0.55% |
|  Net investment income | 2.93 %<sup>(f)</sup> | 2.47% | 2.98% | 3.44% | 3.93% | 4.06% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $263728 | $325614 | $403080 | $370399 | $379911 | $356315 |
|  Borrowings outstanding, end of period (000) | $— | $29938 | $49169 | $64784 | $64404 | $70199 |
|  Portfolio turnover rate | 24% | 27% | 27% | 26% | 23% | 17% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

82 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.19 | $11.30 | $10.76 | $11.13 | $10.99 | $11.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.13 | 0.24 | 0.30 | 0.35 | 0.40 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.49) | (1.11) | 0.54 | (0.37) | 0.14 | (0.23) |
|  Net increase (decrease) from investment operations | (0.36) | (0.87) | 0.84 | (0.02) | 0.54 | 0.19 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.13) | (0.24) | (0.30) | (0.35) | (0.40) | (0.42) |
|  **Net asset value, end of period** | $9.70 | $10.19 | $11.30 | $10.76 | $11.13 | $10.99 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.50)%<sup>(d)</sup> | (7.79)% | 7.93% | (0.20)% | 5.05% | 1.76% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.05 %<sup>(f)</sup> | 0.98% | 0.97% | 1.14% | 1.26% | 1.19% |
|  Total expenses after fees waived and/or reimbursed | 0.86 %<sup>(f)</sup> | 0.84% | 0.86% | 1.00% | 1.09% | 1.03% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.79 %<sup>(f)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.80% |
|  Net investment income | 2.68 %<sup>(f)</sup> | 2.21% | 2.72% | 3.19% | 3.67% | 3.81% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1036 | $1350 | $2367 | $1986 | $2080 | $1783 |
|  Borrowings outstanding, end of period (000) | $— | $29938 | $49169 | $64784 | $64404 | $70199 |
|  Portfolio turnover rate | 24% | 27% | 27% | 26% | 23% | 17% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 83

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.19 | $11.30 | $10.76 | $11.13 | $10.99 | $11.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.13 | 0.25 | 0.30 | 0.35 | 0.40 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.49) | (1.11) | 0.54 | (0.37) | 0.14 | (0.23) |
|  Net increase (decrease) from investment operations | (0.36) | (0.86) | 0.84 | (0.02) | 0.54 | 0.19 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.13) | (0.25) | (0.30) | (0.35) | (0.40) | (0.42) |
|  **Net asset value, end of period** | $9.70 | $10.19 | $11.30 | $10.76 | $11.13 | $10.99 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.50)%<sup>(d)</sup> | (7.78)% | 7.93% | (0.20)% | 5.05% | 1.76% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.96 %<sup>(f)</sup> | 0.93% | 0.94% | 1.09% | 1.19% | 1.16% |
|  Total expenses after fees waived and/or reimbursed | 0.85 %<sup>(f)</sup> | 0.83% | 0.85% | 1.00% | 1.09% | 1.03% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.78 %<sup>(f)</sup> | 0.78% | 0.78% | 0.79% | 0.79% | 0.80% |
|  Net investment income | 2.69 %<sup>(f)</sup> | 2.23% | 2.72% | 3.19% | 3.67% | 3.82% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $123680 | $142514 | $161081 | $131336 | $110756 | $98414 |
|  Borrowings outstanding, end of period (000) | $— | $29938 | $49169 | $64784 | $64404 | $70199 |
|  Portfolio turnover rate | 24% | 27% | 27% | 26% | 23% | 17% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

84 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.20 | $11.30 | $10.77 | $11.13 | $11.00 | $11.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.14 | 0.26 | 0.32 | 0.37 | 0.42 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.50) | (1.10) | 0.53 | (0.36) | 0.13 | (0.22) |
|  Net increase (decrease) from investment operations | (0.36) | (0.84) | 0.85 | 0.01 | 0.55 | 0.22 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.14) | (0.26) | (0.32) | (0.37) | (0.42) | (0.44) |
|  **Net asset value, end of period** | $9.70 | $10.20 | $11.30 | $10.77 | $11.13 | $11.00 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.52)%<sup>(d)</sup> | (7.56)% | 7.99% | 0.04% | 5.11% | 2.01% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.85 %<sup>(f)</sup> | 0.81% | 0.82% | 0.96% | 1.05% | 0.98% |
|  Total expenses after fees waived and/or reimbursed | 0.71 %<sup>(f)</sup> | 0.69% | 0.71% | 0.85% | 0.94% | 0.88% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.64 %<sup>(f)</sup> | 0.64% | 0.64% | 0.64% | 0.64% | 0.65% |
|  Net investment income | 2.83 %<sup>(f)</sup> | 2.37% | 2.88% | 3.34% | 3.83% | 3.96% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $7112 | $7651 | $8925 | $9462 | $10502 | $13763 |
|  Borrowings outstanding, end of period (000) | $— | $29938 | $49169 | $64784 | $64404 | $70199 |
|  Portfolio turnover rate | 24% | 27% | 27% | 26% | 23% | 17% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 85

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.19 | $11.30 | $10.76 | $11.12 | $10.99 | $11.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.09 | 0.16 | 0.22 | 0.27 | 0.32 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.48) | (1.11) | 0.54 | (0.36) | 0.13 | (0.23) |
|  Net increase (decrease) from investment operations | (0.39) | (0.95) | 0.76 | (0.09) | 0.45 | 0.11 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.10) | (0.16) | (0.22) | (0.27) | (0.32) | (0.34) |
|  **Net asset value, end of period** | $9.70 | $10.19 | $11.30 | $10.76 | $11.12 | $10.99 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.86)%<sup>(d)</sup> | (8.48)% | 7.12% | (0.85)% | 4.18% | 1.01% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.75 %<sup>(f)</sup> | 1.70% | 1.71% | 1.85% | 1.95% | 1.87% |
|  Total expenses after fees waived and/or reimbursed | 1.61 %<sup>(f)</sup> | 1.59% | 1.61% | 1.75% | 1.84% | 1.78% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 1.54 %<sup>(f)</sup> | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
|  Net investment income | 1.93 %<sup>(f)</sup> | 1.47% | 2.00% | 2.44% | 2.93% | 3.06% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $11412 | $14249 | $20866 | $29078 | $29936 | $32105 |
|  Borrowings outstanding, end of period (000) | $— | $29938 | $49169 | $64784 | $64404 | $70199 |
|  Portfolio turnover rate | 24% | 27% | 27% | 26% | 23% | 17% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

86 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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>11/30/22<br>(unaudited) | <br>Year Ended<br>05/31/22 | <br>Year Ended<br>05/31/21 | <br>Year Ended<br>05/31/20 |<br>Year Ended<br>05/31/19 | Period from<br>01/25/18<sup>(a)</sup><br>to 05/31/18 |
|  **Net asset value, beginning of period** | $10.18 | $11.29 | $10.75 | $11.11 | $10.98 | $11.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.15 | 0.28 | 0.33 | 0.38 | 0.43 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.49) | (1.11) | 0.55 | (0.35) | 0.13 | (0.09) |
|  Net increase (decrease) from investment operations | (0.34) | (0.83) | 0.88 | 0.03 | 0.56 | 0.06 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.15) | (0.28) | (0.34) | (0.39) | (0.43) | (0.15) |
|  **Net asset value, end of period** | $9.69 | $10.18 | $11.29 | $10.75 | $11.11 | $10.98 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.36)%<sup>(e)</sup> | (7.52)% | 8.25% | 0.19% | 5.28% | 0.60 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.67 %<sup>(g)</sup> | 0.64% | 0.65% | 0.80% | 0.90% | 0.84 %<sup>(g)(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.56 %<sup>(g)</sup> | 0.54% | 0.56% | 0.70% | 0.79% | 0.72 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(i)</sup>  | 0.49 %<sup>(g)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49 %<sup>(g)</sup> |
|  Net investment income | 2.98 %<sup>(g)</sup> | 2.53% | 3.01% | 3.48% | 3.98% | 4.41 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $7645 | $7776 | $6334 | $3982 | $2329 | $2488 |
|  Borrowings outstanding, end of period (000) | $— | $29938 | $49169 | $64784 | $64404 | $70199 |
|  Portfolio turnover rate | 24% | 27% | 27% | 26% | 23% | 17% |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.84%. 

<sup>(i)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 87

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock Impact Municipal Fund | BlackRock Impact Municipal Fund |
|  | Institutional | Institutional |
| | Six Months Ended<br>11/30/22<br>(unaudited) | Period from<br>03/14/22<sup>(a)</sup><br>to 05/31/22 |
|  **Net asset value, beginning of period** | $9.81 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.14 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.37) | (0.19) |
|  Net decrease from investment operations | (0.23) | (0.16) |
|  Distributions from net investment income<sup>(c)</sup>  | (0.14) | (0.03) |
|  **Net asset value, end of period** | $9.44 | $9.81 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (2.30)%<sup>(e)</sup> | (1.61)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 1.07 %<sup>(g)(h)</sup> | 1.13 %<sup>(g)(i)(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.56 %<sup>(g)</sup> | 0.58 %<sup>(g)</sup> |
|  Net investment income | 2.99 %<sup>(g)</sup> | 1.44 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $117 | $98 |
|  Portfolio turnover rate | 18% | — % |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.27%. 

<sup>(i)</sup> Includes non-recurring expenses of organization and offering costs. Without these costs, total expenses would have been 1.05%. 

<sup>(j)</sup> Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.77%. 

*See notes to financial statements.* 

88 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Impact Municipal Fund (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Impact Municipal Fund (continued) |
|  | Investor A | Investor A |
| | Six Months Ended<br>11/30/22<br>(unaudited) | Period from<br>03/14/22<sup>(a)</sup><br>to 05/31/22 |
|  **Net asset value, beginning of period** | $9.81 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.13 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.37) | (0.19) |
|  Net decrease from investment operations | (0.24) | (0.17) |
|  Distributions from net investment income<sup>(c)</sup>  | (0.13) | (0.02) |
|  **Net asset value, end of period** | $9.44 | $9.81 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (2.43)%<sup>(e)</sup> | (1.66)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 1.34 %<sup>(g)(h)</sup> | 1.37 %<sup>(g)(i)(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(g)</sup> | 0.83 %<sup>(g)</sup> |
|  Net investment income | 2.73 %<sup>(g)</sup> | 1.19 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $94 | $98 |
|  Portfolio turnover rate | 18% | — % |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.53%. 

<sup>(i)</sup> Includes non-recurring expenses of organization and offering costs. Without these costs, total expenses would have been 1.30%. 

<sup>(j)</sup> Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.02%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 89

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Impact Municipal Fund (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Impact Municipal Fund (continued) |
|  | Class K | Class K |
| | Six Months Ended<br>11/30/22<br>(unaudited) | Period from<br>03/14/22<sup>(a)</sup><br>to 05/31/22 |
|  **Net asset value, beginning of period** | $9.81 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.14 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.37) | (0.19) |
|  Net decrease from investment operations | (0.23) | (0.16) |
|  Distributions from net investment income<sup>(c)</sup>  | (0.14) | (0.03) |
|  **Net asset value, end of period** | $9.44 | $9.81 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (2.29)%<sup>(e)</sup> | (1.60)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 0.96 %<sup>(g)(h)</sup> | 0.75 %<sup>(g)(i)(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.53 %<sup>(g)</sup> | 0.53 %<sup>(g)</sup> |
|  Net investment income | 3.02 %<sup>(g)</sup> | 1.50 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $47030 | $48841 |
|  Portfolio turnover rate | 18% | — % |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.15%. 

<sup>(i)</sup> Includes non-recurring expenses of organization and offering costs. Without these costs, total expenses would have been 0.68%. 

<sup>(j)</sup> Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.40%. 

*See notes to financial statements.* 

90 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.84 | $11.95 | $10.90 | $11.70 | $11.75 | $11.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.14 | 0.25 | 0.27 | 0.29 | 0.35 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.53) | (1.11) | 1.04 | (0.80) | 0.14 | 0.18 |
|  Net increase (decrease) from investment operations | (0.39) | (0.86) | 1.31 | (0.51) | 0.49 | 0.51 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.25) | (0.26) | (0.29) | (0.35) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.19) |  |
|  Total distributions | (0.14) | (0.25) | (0.26) | (0.29) | (0.54) | (0.33) |
|  **Net asset value, end of period** | $10.31 | $10.84 | $11.95 | $10.90 | $11.70 | $11.75 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.60)%<sup>(d)</sup> | (7.34)% | 12.18% | (4.46)% | 4.41% | 4.47% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.84 %<sup>(f)</sup> | 0.67% | 0.67% | 0.75% | 0.82% | 0.81% |
|  Total expenses after fees waived and/or reimbursed | 0.79 %<sup>(f)</sup> | 0.63% | 0.61% | 0.70% | 0.77% | 0.75% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.58 %<sup>(f)</sup> | 0.55% | 0.55% | 0.54% | 0.55% | 0.57% |
|  Net investment income | 2.70 %<sup>(f)</sup> | 2.10% | 2.32% | 2.53% | 3.05% | 2.83% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $4510052 | $5736839 | $6514428 | $6827755 | $8539776 | $5791442 |
|  Borrowings outstanding, end of period (000) | $545680 | $745620 | $764712 | $869463 | $960205 | $767480 |
|  Portfolio turnover rate | 18% | 106% | 100% | 119% | 68% | 145% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 91

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 | Year Ended<br>05/31/20 | Year Ended<br>05/31/19 | Year Ended<br>05/31/18 |
|  **Net asset value, beginning of period** | $10.83 | $11.94 | $10.90 | $11.69 | $11.74 | $11.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.13 | 0.22 | 0.24 | 0.27 | 0.33 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.53) | (1.11) | 1.04 | (0.79) | 0.14 | 0.18 |
|  Net increase (decrease) from investment operations | (0.40) | (0.89) | 1.28 | (0.52) | 0.47 | 0.49 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.22) | (0.24) | (0.27) | (0.33) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.19) |  |
|  Total distributions | (0.13) | (0.22) | (0.24) | (0.27) | (0.52) | (0.31) |
|  **Net asset value, end of period** | $10.30 | $10.83 | $11.94 | $10.90 | $11.69 | $11.74 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.71)%<sup>(d)</sup> | (7.55)% | 11.83% | (4.59)% | 4.17% | 4.26% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.05 %<sup>(f)</sup> | 0.89% | 0.89% | 0.98% | 1.05% | 1.02% |
|  Total expenses after fees waived and/or reimbursed | 1.00 %<sup>(f)</sup> | 0.85% | 0.84% | 0.92% | 1.00% | 0.96% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.79 %<sup>(f)</sup> | 0.77% | 0.77% | 0.76% | 0.78% | 0.78% |
|  Net investment income | 2.49 %<sup>(f)</sup> | 1.88% | 2.10% | 2.31% | 2.82% | 2.63% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1116019 | $1367516 | $1717910 | $1871557 | $1846094 | $1441879 |
|  Borrowings outstanding, end of period (000) | $545680 | $745620 | $764712 | $869463 | $960205 | $767480 |
|  Portfolio turnover rate | 18% | 106% | 100% | 119% | 68% | 145% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

92 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 | Year Ended<br>05/31/20 | Year Ended<br>05/31/19 | Year Ended<br>05/31/18 |
|  **Net asset value, beginning of period** | $10.83 | $11.94 | $10.90 | $11.70 | $11.75 | $11.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.14 | 0.24 | 0.26 | 0.29 | 0.35 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.52) | (1.11) | 1.03 | (0.81) | 0.14 | 0.19 |
|  Net increase (decrease) from investment operations | (0.38) | (0.87) | 1.29 | (0.52) | 0.49 | 0.51 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.24) | (0.25) | (0.28) | (0.35) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.19) |  |
|  Total distributions | (0.14) | (0.24) | (0.25) | (0.28) | (0.54) | (0.32) |
|  **Net asset value, end of period** | $10.31 | $10.83 | $11.94 | $10.90 | $11.70 | $11.75 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.55)%<sup>(d)</sup> | (7.42)% | 11.99% | (4.52)% | 4.33% | 4.49% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.91 %<sup>(f)</sup> | 0.74% | 0.75% | 0.82% | 0.90% | 0.88% |
|  Total expenses after fees waived and/or reimbursed | 0.86 %<sup>(f)</sup> | 0.71% | 0.69% | 0.76% | 0.84% | 0.83% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.65 %<sup>(f)</sup> | 0.63% | 0.63% | 0.60% | 0.62% | 0.64% |
|  Net investment income | 2.64 %<sup>(f)</sup> | 2.03% | 2.25% | 2.48% | 2.99% | 2.77% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $17180 | $21176 | $24645 | $23881 | $27606 | $29233 |
|  Borrowings outstanding, end of period (000) | $545680 | $745620 | $764712 | $869463 | $960205 | $767480 |
|  Portfolio turnover rate | 18% | 106% | 100% | 119% | 68% | 145% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 93

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $10.84 | $11.95 | $10.90 | $11.70 | $11.75 | $11.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.09 | 0.13 | 0.15 | 0.18 | 0.24 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.53) | (1.11) | 1.05 | (0.80) | 0.14 | 0.19 |
|  Net increase (decrease) from investment operations | (0.44) | (0.98) | 1.20 | (0.62) | 0.38 | 0.41 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.09) | (0.13) | (0.15) | (0.18) | (0.24) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.19) |  |
|  Total distributions | (0.09) | (0.13) | (0.15) | (0.18) | (0.43) | (0.22) |
|  **Net asset value, end of period** | $10.31 | $10.84 | $11.95 | $10.90 | $11.70 | $11.75 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (4.08)%<sup>(d)</sup> | (8.25)% | 11.07% | (5.39)% | 3.39% | 3.54% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.82 %<sup>(f)</sup> | 1.65% | 1.66% | 1.73% | 1.81% | 1.79% |
|  Total expenses after fees waived and/or reimbursed | 1.77 %<sup>(f)</sup> | 1.61% | 1.61% | 1.68% | 1.75% | 1.73% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 1.56 %<sup>(f)</sup> | 1.53% | 1.54% | 1.52% | 1.53% | 1.55% |
|  Net investment income | 1.72 %<sup>(f)</sup> | 1.11% | 1.35% | 1.56% | 2.07% | 1.86% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $96698 | $134639 | $184220 | $271382 | $307887 | $269156 |
|  Borrowings outstanding, end of period (000) | $545680 | $745620 | $764712 | $869463 | $960205 | $767480 |
|  Portfolio turnover rate | 18% | 106% | 100% | 119% | 68% | 145% |

---

<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> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

94 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Period from<br> 01/25/18<br> to 05/31/18<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $10.84 | $11.95 | $10.90 | $11.70 | $11.75 | $11.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.15 | 0.25 | 0.27 | 0.30 | 0.36 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.54) | (1.11) | 1.05 | (0.80) | 0.14 | 0.02 |
|  Net increase (decrease) from investment operations | (0.39) | (0.86) | 1.32 | (0.50) | 0.50 | 0.13 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.25) | (0.27) | (0.30) | (0.36) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.19) |  |
|  Total distributions | (0.14) | (0.25) | (0.27) | (0.30) | (0.55) | (0.11) |
|  **Net asset value, end of period** | $10.31 | $10.84 | $11.95 | $10.90 | $11.70 | $11.75 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (3.57)%<sup>(e)</sup> | (7.28)% | 12.24% | (4.39)% | 4.47% | 1.16 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.76 %<sup>(g)</sup> | 0.60% | 0.61% | 0.69% | 0.76% | 0.74 %<sup>(g)(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.71 %<sup>(g)</sup> | 0.56% | 0.56% | 0.63% | 0.71% | 0.68 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(i)</sup>  | 0.50 %<sup>(g)</sup> | 0.48% | 0.49% | 0.47% | 0.48% | 0.50 %<sup>(g)</sup> |
|  Net investment income | 2.78 %<sup>(g)</sup> | 2.16% | 2.37% | 2.59% | 3.11% | 3.20 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $115785 | $124194 | $168801 | $162366 | $126051 | $63971 |
|  Borrowings outstanding, end of period (000) | $545680 | $745620 | $764712 | $869463 | $960205 | $767480 |
|  Portfolio turnover rate | 18% | 106% | 100% | 119% | 68% | 145% |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.74%. 

<sup>(i)</sup> Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 95

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Notes to Financial Statements (unaudited)

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

BlackRock California Municipal Series Trust, BlackRock Multi-State Municipal Series Trust, BlackRock Municipal Series Trust (each, a "Trust" or collectively, the "Trusts") and BlackRock Municipal Bond Fund, Inc. (the "Corporation") 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 Corporation is organized as a Maryland corporation. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

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

---

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 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 |

---

<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 Boards of Trustees of the Trusts and the Board of Directors of the Corporation are collectively referred to throughout this report as the "Board," and the directors/trustees thereof are collectively referred to throughout this report as "Trustees".

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. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**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.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by each Fund's 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

96 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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.

**Offering Costs:** Offering costs are amortized over a 12-month period beginning with the commencement of operations of a class of shares.

**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.

***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;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations 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 may trade at lower prices than institutional round lots. 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 published net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

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.

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.

---

| | |
|:---|:---|
| | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
|  Market approach | (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
|  | (ii) recapitalizations and other transactions across the capital structure; and |
| | (iii) market multiples of comparable issuers. |
|  Income approach | (i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
| | (ii) quoted prices for similar investments or assets in active markets; and |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 97

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Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
| | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
| | (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
|  Cost approach | (i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
|  | (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; |
|  | (iii) relevant news and other public sources; and |
| | (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company. |

---

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining 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 involve 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.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information 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. 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 for identical assets or liabilities that each
Fund has the ability to access;

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the BlackRock 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*** 

**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.

**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.

**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.

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Notes to Financial Statements (unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Interest Expense* | *Liquidity Fees* | *Other Expenses* | *Total* |
|  California Municipal Opportunities | $1776260 | $435093 | $130887 | $&nbsp;&nbsp;&nbsp;&nbsp;2342240 |
|  New Jersey Municipal Bond | 66149 | 19786 | 9325 | 95260 |
|  Pennsylvania Municipal Bond | 110685 | 35963 | 12511 | 159159 |
|  Strategic Municipal Opportunities | 5212894 | 1425546 | 449837 | 7088277 |

---

For the six months ended November 30, 2022, the following table is a summary of each Fund's TOB Trusts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Underlying<br>Municipal Bonds<br>Transferred to* *TOB Trusts* | *<br>* <br> *<sup>(a)</sup>*  | *Liability for<br>TOB Trust<br>Certificates* | *<br><sup>(b)</sup>* | *Range of<br>Interest Rates<br>on TOB Trust<br>Certificates at<br>Period End* | *Average* <br> *TOB Trust<br>Certificates<br>Outstanding*  | <br> *<br>* <br>| *Daily Weighted* <br> *Average Rate* <br> *of Interest and* <br> *Other Expenses* <br> *on TOB Trusts*  |
|  California Municipal Opportunities | $366503440 |  | $170654950 |  | 1.93% — 1.95% | $220032981 |  | 2.12% |
|  New Jersey Municipal Bond |  |  |  |  |  | 10345555 |  | 1.84 |
|  Pennsylvania Municipal Bond |  |  |  |  |  | 17823260 |  | 1.78 |
|  Strategic Municipal Opportunities | 792847930 |  | 545679973 |  | 1.92 —2.09 | 658640029 |  | 2.14 |

---

<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, 2022, 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, 2022. 

***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").

N O T E S T O F I N A N C I A L S T A T E M E N T S 99

------

Notes to Financial Statements (unaudited) (continued)

**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 and the Corporation, on behalf of the Funds, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services and with respect to the Funds except Impact Municipal, administrative 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.

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 | Investment Advisory Fees |
| *Average Daily Net Assets* | *California<br>Municipal<br> Opportunities* | *New Jersey<br>Municipal<br>Bond* | *Pennsylvania<br>Municipal<br>Bond* | *Impact<br>Municipal* | *Strategic <br>Municipal <br>Opportunities* |
|  First $1 billion | 0.38% | 0.52% | 0.52% | 0.45% | 0.55% |
|  $1 billion — $3 billion | 0.36 | 0.49 | 0.49 | 0.42 | 0.52 |
|  $3 billion — $5 billion | 0.34 | 0.47 | 0.47 | 0.41 | 0.50 |
|  $5 billion — $10 billion | 0.33 | 0.45 | 0.45 | 0.39 | 0.48 |
|  Greater than $10 billion | 0.32 | 0.44 | 0.44 | 0.38 | 0.47 |

---

**Service and Distribution Fees:** The Trusts and the Corporation, 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 | Impact Municipal | Impact Municipal | 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 Fees* | *Distribution Fees* |
|  Service | N/A | N/A | 0.25% | N/A | 0.25% | N/A | N/A | N/A | N/A | N/A |
|  Investor A | 0.25% | N/A | 0.25 | N/A | 0.25 | N/A | 0.25% | N/A | 0.25% | N/A |
|  Investor A1 | 0.10 | N/A | 0.10 | N/A | 0.10 | N/A | N/A | N/A | 0.10 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25 | 0.75% | N/A | N/A | 0.25 | 0.75% |

---

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, 2022, 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 | $— | $971616 | $42256 | $373882 | $&nbsp;&nbsp;&nbsp;&nbsp;1387754 |
|  New Jersey Municipal Bond | 8475 | 136634 | 7011 | 75696 | 227816 |
|  Pennsylvania Municipal Bond | 1342 | 166216 | 3643 | 63302 | 234503 |
|  Impact Municipal |  | 118 |  |  | 118 |
|  Strategic Municipal Opportunities |  | 1547072 | 10083 | 557215 | 2114370 |

---

**Administration:** With respect to Impact Municipal, the Fund entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
|  First $500 million | 0.0425% |

---

100 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
|  $500 million — $1 billion | 0.0400% |
|  $1 billion — $2 billion | 0.0375 |
|  $2 billion — $4 billion | 0.0350 |
|  $4 billion — $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, with respect to Impact Municipal, the Manager charges each of the share classes an administration fee, which is shown as administration – class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended November 30, 2022, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Impact Municipal | $11 | $9 | $4698 | $&nbsp;&nbsp;&nbsp;&nbsp;4718 |

---

**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, 2022, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | |
|:---|:---|
| *Fund Name* | *Institutional* |
|  New Jersey Municipal Bond | $34054 |
|  Pennsylvania Municipal Bond | 152104 |
|  Strategic Municipal Opportunities | 285141 |

---

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, 2022, 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 | $1996 | $— | $2004 | $970 | $303 | $152 | $&nbsp;&nbsp;&nbsp;&nbsp;5425 |
|  New Jersey Municipal Bond | 303 | 786 | 606 | 245 | 158 | 63 | 2161 |
|  Pennsylvania Municipal Bond | 485 | 54 | 846 | 303 | 170 | 18 | 1876 |
|  Strategic Municipal Opportunities | 5683 |  | 3942 | 127 | 728 | 234 | 10714 |

---

For the six months ended November 30, 2022, 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 | $495777 | $— | $168436 | $17268 | $19821 | $762 | $&nbsp;&nbsp;&nbsp;&nbsp;702064 |
|  New Jersey Municipal Bond | 88634 | 3069 | 27785 | 3492 | 4821 | 170 | 127971 |
|  Pennsylvania Municipal Bond | 217845 | 704 | 28613 | 3113 | 5449 | 265 | 255989 |
|  Impact Municipal | 63 |  | 62 |  |  | 62 | 187 |
|  Strategic Municipal Opportunities | 2113747 |  | 244847 | 4943 | 34581 | 2481 | 2400599 |

---

**Other Fees:** For the six months ended November 30, 2022, 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 | $1292 |
|  New Jersey Municipal Bond | 566 |
|  Pennsylvania Municipal Bond | 463 |
|  Strategic Municipal Opportunities | 1439 |

---

For the six months ended November 30, 2022, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* |
|  California Municipal Opportunities | $55383 | $1048 |
|  New Jersey Municipal Bond | 2334 | 224 |
|  Pennsylvania Municipal Bond | 11995 | 99 |
|  Strategic Municipal Opportunities | 46922 | 3979 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 101

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Notes to Financial Statements (unaudited) (continued)

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** 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, 2024. 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, Pennsylvania Municipal Bond and Impact Municipal 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, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed*<br> *by the Manager* |
|  California Municipal Opportunities | $25012 |
|  New Jersey Municipal Bond | 10419 |
|  Pennsylvania Municipal Bond | 6729 |
|  Impact Municipal | 819 |
|  Strategic Municipal Opportunities | 97476 |

---

With respect to California Municipal Opportunities, New Jersey Municipal Bond, Pennsylvania Municipal Bond and Impact Municipal, 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, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("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% | —% | 0.69% | 0.54% | 1.44% | 0.39% |
|  New Jersey Municipal Bond | 0.52 | 0.77 | 0.77 | 0.62 | 1.52 | 0.47 |
|  Pennsylvania Municipal Bond | 0.54 | 0.79 | 0.79 | 0.64 | 1.54 | 0.49 |
|  Impact Municipal | 0.58 |  | 0.83 |  |  | 0.53 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, with respect to California Municipal Opportunities, New Jersey Municipal Bond, Pennsylvania Municipal Bond and Impact Municipal 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. These amounts of investment advisory fees waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2022, the Funds waived the following amounts:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed<br>by the Manager* |
|  California Municipal Opportunities | $193041 |
|  New Jersey Municipal Bond | 227076 |
|  Pennsylvania Municipal Bond | 234050 |
|  Impact Municipal | 136791 |

---

With respect to Strategic Municipal Opportunities, the Manager contractually agreed to waive 0.05% of its investment advisory fees through June 30, 2024. 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, 2022, the Manager waived $1,676,683 pursuant to this agreement.

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived — class specific and transfer agent fees waived and/or reimbursed — class specific in the Statements of Operations. For the six months ended November 30, 2022, class specific expense waivers and/or reimbursements are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Administration Fees Waived - Class Specific | Administration Fees Waived - Class Specific | Administration Fees Waived - Class Specific | Administration Fees Waived - Class Specific |
| *Fund Name* | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Impact Municipal | $4 | $3 | $4618 | $4625 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $67531 | $— | $— | $— | $1212 | $761 | $69504 |
|  New Jersey Municipal Bond | 44166 | 1374 | 1335 | 60 | 1035 | 170 | 48140 |
|  Pennsylvania Municipal Bond | 144706 | 436 |  | 1291 | 2284 | 264 | 148981 |
|  Impact Municipal | 52 |  | 53 |  |  | 59 | 164 |

---

Impact Municipal also had a waiver of administration fees, which are included in Administration fees waived in the Statements of Operations. For the six months ended November 30, 2022, the amount was $4,896.

With respect to the contractual expense limitation, if during Impact Municipal's fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not

102 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as the Fund's investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective March 15, 2029, the repayment arrangement between the Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund's contractual caps on net expenses will be terminated.

As of November 30, 2022, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | |
|:---|:---|:---|
|  | Expiring | Expiring |
| *Fund Name/Fund Level/Share Class* | *05/31/24* | *05/31/25* |
|  Impact Municipal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | $75939 | $141687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 71 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | 72 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 2155 | 4677 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), each Fund may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. California Municipal Opportunities, New Jersey Municipal Bond, Pennsylvania Municipal Bond and Strategic Municipal Opportunities are currently permitted to borrow under the Interfund Lending Program. Impact Municipal is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended November 30, 2022, the Funds did not participate in the Interfund Lending Program.

**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.

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

For the six months ended November 30, 2022, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  California Municipal Opportunities | $749097202 | $964794538 |
|  New Jersey Municipal Bond | 69233216 | 94951624 |
|  Pennsylvania Municipal Bond | 107002269 | 187929927 |
|  Impact Municipal | 8476658 | 8216799 |
|  Strategic Municipal Opportunities | 1298287907 | 2400077418 |

---

***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, 2022, 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 103

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Notes to Financial Statements (unaudited) (continued)

As of November 30, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* |
|  California Municipal Opportunities | $84363632 |
|  New Jersey Municipal Bond | 10019851 |
|  Pennsylvania Municipal Bond | 20296131 |
|  Strategic Municipal Opportunities | 304710318 |

---

As of November 30, 2022, 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* | *Gross Unrealized*<br> *Appreciation*  | *Gross Unrealized*<br> *Depreciation*  | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)*  |
|  California Municipal Opportunities | $2663374252 | $14621543 | $(163075747) | $(148454204) |
|  New Jersey Municipal Bond | 309920419 | 5775571 | (14316025) | (8540454) |
|  Pennsylvania Municipal Bond | 434165299 | 1453557 | (29166764) | (27713207) |
|  Impact Municipal | 48772121 | 216279 | (2838115) | (2621836) |
|  Strategic Municipal Opportunities | 6555341166 | 25575155 | (842088601) | (816513446) |

---

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

The Trusts and the Corporation, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), are a party to a 364-day, $2.50 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 2023 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, 2022, the Funds did not borrow under the credit agreement.

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

In the normal course of business, the Funds invest 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; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and 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 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

104 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

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.

**Infectious Illness Risk:** An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

**Valuation Risk:** 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. 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.

**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.

**Concentration 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.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

Certain 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 due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds performance.

**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.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine

N O T E S T O F I N A N C I A L S T A T E M E N T S 105

------

Notes to Financial Statements (unaudited) (continued)

payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended<br>11/30/22* | *Six Months Ended<br>11/30/22* | *Year Ended<br>05/31/22* | *Year Ended<br>05/31/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  California Municipal Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 61368215 | $&nbsp;&nbsp;&nbsp;&nbsp;716278780 | 78483705 | $&nbsp;&nbsp;&nbsp;&nbsp;982634726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1697205 | 19766776 | 2613487 | 33213306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (83963580) | (979022503) | (69750137) | (858877218) |
|  | (20898160) | $(242976947) | 11347055 | $156970814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 6002209 | $70475420 | 12050947 | $154784733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 777308 | 9042188 | 1213100 | 15424427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15145302) | (176334398) | (21640028) | (273782237) |
|  | (8365785) | $(96816790) | (8375981) | $(103573077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 58240 | $677960 | 86172 | $1096465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (381816) | (4466163) | (675599) | (8666881) |
|  | (323576) | $(3788203) | (589427) | $(7570416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 150803 | $1773613 | 557617 | $7216496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 55158 | 642139 | 70566 | 894260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (1275555) | (14851124) | (1842830) | (23389502) |
|  | (1069594) | $(12435372) | (1214647) | $(15278746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2058301 | $23841210 | 4303925 | $55630171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 84323 | 986719 | 172622 | 2195305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6921856) | (80536902) | (3544245) | (45227249) |
|  | (4779232) | $(55708973) | 932302 | $12598227 |
|  | (35436347) | $(411726285) | 2099302 | $43146802 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended<br>11/30/22* | *Six Months Ended<br>11/30/22* | *Year Ended<br>05/31/22* | *Year Ended<br>05/31/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  New Jersey Municipal Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3257075 | $32786270 | 4902090 | $54631779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 217060 | 2179720 | 378971 | 4245371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5251147) | (52671684) | (5726508) | (62106938) |
|  | (1777012) | $(17705694) | (445447) | $(3229788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 138 | $1400 | 17959 | $208861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 9814 | 98547 | 16180 | 181160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (47040) | (482321) | (22797) | (260767) |
|  | (37088) | $(382374) | 11342 | $129254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1424051 | $14424934 | 1655139 | $18512399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 152621 | 1533735 | 246568 | 2764186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2063532) | (20569489) | (2147759) | (23915053) |
|  | (486860) | $(4610820) | (246052) | $&nbsp;&nbsp;&nbsp;&nbsp;(2638468) |

---

106 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended<br>11/30/22* | *Six Months Ended<br>11/30/22* | *Year Ended<br>05/31/22* | *Year Ended<br>05/31/22* |
| *Fund Name / Share Class (continued)* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  New Jersey Municipal Bond (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 15549 | $156308 | 25492 | $285967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (72124) | (715333) | (127982) | (1448072) |
|  | (56575) | $(559025) | (102490) | $(1162105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 85650 | $857908 | 116954 | $1338291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 16706 | 167717 | 32073 | 359699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (369348) | (3724574) | (702321) | (7772179) |
|  | (266992) | $(2698949) | (553294) | $(6074189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 30704 | $309495 | 75896 | $855041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3695 | 37092 | 6936 | 77689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (59296) | (591566) | (92848) | (1000095) |
|  | (24897) | $(244979) | (10016) | $(67365) |
|  | (2649424) | $&nbsp;&nbsp;&nbsp;&nbsp;(26201841) | (1345957) | $&nbsp;&nbsp;&nbsp;&nbsp;(13042661) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended<br>11/30/22* | *Six Months Ended<br>11/30/22* | *Year Ended<br>05/31/22* | *Year Ended<br>05/31/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Pennsylvania Municipal Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2868283 | $27832563 | 5785370 | $63633415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 198043 | 1919911 | 428015 | 4685863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7825248) | (75902799) | (9942737) | (105003672) |
|  | (4758922) | $(46150325) | (3729352) | $(36684394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 965 | $9700 | 26113 | $291146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1487 | 14422 | 4755 | 52191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (28156) | (275694) | (107803) | (1115027) |
|  | (25704) | $(251572) | (76935) | $(771690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 604671 | $5965404 | 1869750 | $20830652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 173976 | 1687680 | 306729 | 3358362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2008534) | (19385338) | (2449797) | (26581633) |
|  | (1229887) | $(11732254) | (273318) | $(2392619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 7074 | $68647 | 11626 | $127274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (24442) | (235947) | (50823) | (569644) |
|  | (17368) | $(167300) | (39197) | $(442370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 50673 | $495248 | 88069 | $983649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 12453 | 120843 | 23480 | 257272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (284547) | (2773067) | (560257) | (6111562) |
|  | (221421) | $(2156976) | (448708) | $(4870641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 232347 | $2270017 | 379523 | $4112899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 12024 | 116408 | 17601 | 191907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (218903) | (2121789) | (194524) | (2046920) |
|  | 25468 | $264636 | 202600 | $2257886 |
|  | (6227834) | $&nbsp;&nbsp;&nbsp;&nbsp;(60193791) | (4364910) | $(42903828) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 107

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended<br>11/30/22* | *Six Months Ended<br>11/30/22* | *Period from<br>03/14/22<sup>(a)</sup>to 05/31/22* | *Period from<br>03/14/22<sup>(a)</sup>to 05/31/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Impact Municipal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2366 | $22191 | 10001 | $100010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 33 | 311 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (1) | (10) |
|  | 2399 | $22502 | 10000 | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 10001 | $100010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (1) | (10) |
|  |  | $— | 10000 | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3113 | $28015 | 4980001 | $49800010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6 | 55 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8) | (74) | (1) | (10) |
|  | 3111 | $27996 | 4980000 | $&nbsp;&nbsp;&nbsp;&nbsp;49800000 |
|  | 5510 | $50498 | 5000000 | $50000000 |

---

<sup>(a)</sup> Commencement of operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended<br>11/30/22* | *Six Months Ended<br>11/30/22* | *Year Ended<br>05/31/22* | *Year Ended<br>05/31/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Strategic Municipal Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 175544972 | $1833500489 | 221635282 | $2547590478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 5294153 | 54746689 | 9432340 | 109013179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (272592258) | (2825910751) | (247122969) | (2763909335) |
|  | (91753133) | $(937663573) | (16055347) | $(107305678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 11718431 | $122423004 | 23740349 | $276113467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1326044 | 13705926 | 2477514 | 28663361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (30972489) | (321365492) | (43852452) | (498701220) |
|  | (17928014) | $(185236562) | (17634589) | $(193924392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 16453 | $169990 | 26819 | $310102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (304462) | (3147733) | (135405) | (1561027) |
|  | (288009) | $(2977743) | (108586) | $(1250925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 363075 | $3772263 | 1192372 | $13983719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 85021 | 879145 | 151885 | 1752219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (3491067) | (36330213) | (4343229) | (49911373) |
|  | (3042971) | $(31678805) | (2998972) | $(34175435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5487818 | $57331728 | 5755720 | $66750562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 120122 | 1243531 | 261433 | 3028787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5837417) | (60625654) | (8685680) | (99017904) |
|  | (229477) | $(2050395) | (2668527) | $(29238555) |
|  | (113241604) | $&nbsp;&nbsp;&nbsp;&nbsp;(1159607078) | (39466021) | $(365894985) |

---

As of November 30, 2022, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Institutional* | *Investor A* | *Investor A* | *Class K* | *Class K* |
|  New Jersey Municipal Bond |  |  |  |  |  | 18124 |
|  Impact Municipal |  | 10000 |  | 10000 |  | 4980000 |

---

108 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

***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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 109

------

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), BlackRock California Municipal Series Trust, BlackRock Multi-State Municipal Series Trust, BlackRock Municipal Bond Fund, Inc. and BlackRock Municipal Series Trust (the "Trusts") have adopted and implemented a liquidity risk management program (the "Program") for BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock Pennsylvania Municipal Bond Fund, BlackRock Impact Municipal Fund and BlackRock Strategic Municipal Opportunities Fund (the "Funds"), each a series of the respective Trust, which is reasonably designed to assess and manage each Fund's liquidity risk.

The Board of Trustees (the "Board") of the Trusts, on behalf of the Funds, met on November 10-11, 2022 (the "Meeting") to review the Program. The Board previously appointed BlackRock Advisors, LLC, the investment adviser to each Fund, as the program administrator for each Fund's Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the "Committee"). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund's Highly Liquid Investment Minimum ("HLIM") where applicable, and any material changes to the Program (the "Report"). The Report covered the period from October 1, 2021 through September 30, 2022 (the "Program Reporting Period").

The Report described the Program's liquidity classification methodology for categorizing each Fund's investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund's HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund's liquidity risk, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;***a)***  ***The Fund's investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.*** During the Program Reporting Period, the Committee reviewed whether each Fund's strategy is appropriate for an open-end fund structure with a focus on funds with
more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a
fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program's calculation of a fund's liquidity bucketing. A fund's derivative
exposure was also considered in such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;***b)***  ***Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.*** During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size utilized for liquidity classifications.
Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund's shareholder ownership concentration
(which, depending on product type and distribution channel, may or may not be available), a fund's distribution channels, and the degree of certainty associated with a fund's short-term and long-term cash flow projections.

&nbsp;&nbsp;&nbsp;&nbsp;***c)***  ***Holdings of cash and cash equivalents, as well as borrowing arrangements.*** Committee considered the terms of
the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is
specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the
Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program's classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

110 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Additional Information

**Dividend Policy** 

Each Fund's dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly/quarterly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by a Fund for any particular month/quarter may be more or less than the amount of net investment income earned by a Fund during such month/quarter. The portion of distributions that exceeds a Fund current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable 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, semi-annual and annual reports, 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.

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**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.

**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.

A D D I T I O N A L I N F O R M A T I O N 111

------

Additional Information (continued)

**BlackRock Privacy Principles** 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

**Fund and Service Providers** 

**Investment Adviser** 

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian** 

State Street Bank and Trust Company

Boston, MA 02111

**Transfer Agent** 

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor** 

BlackRock Investments, LLC

New York, NY 10022

**Independent Registered Public Accounting Firm** 

Deloitte & Touche LLP

Boston, MA 02116

**Legal Counsel** 

Willkie Farr & Gallagher LLP

New York, NY 10019

**Address of the Funds** 

100 Bellevue Parkway

Wilmington, DE 19809

112 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AGM-CR | AGM Insured Custodial Receipt |
| AMBAC | AMBAC Assurance Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| BAM-TCRS | Build America Mutual Assurance Co.- Transferable Custodial Receipts |
| BHAC-CR | Berkshire Hathaway Assurance Corp. - Custodian Receipt |
| CAB | Capital Appreciation Bonds |
| COP | Certificates of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GTD | GTD Guaranteed |
| HUD SECT 8 | U.S. Department of Housing and Urban Development Section 8 |
| M/F | Multi-Family |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| RB | Revenue Bond |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SAW | State Aid Withholding |
| SCH BD RES FD | School Board Resolution Fund |
| SONYMA | State of New York Mortgage Agency |
| ST | Special Tax |
| TA | Tax Allocation |
| VRDN | Variable Rate Demand Note |

---

G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 113

------

**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.

MUNI4-11/22-SAR

---

| | |
|:---|:---|
| ![LOGO](g423764g42l24.jpg)  | ![LOGO](g423764leaf.jpg) |

---

------

&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 Report to Stockholders filed under Item 1(a) 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 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.  |

---

Item 11 – 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 of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&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 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) [Section 302 Certifications are attached](d433816dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) 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](d433816dex99906cert.htm)

**2** 

------

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 Municipal Series Trust

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Municipal Series Trust |

---

Date: January 20, 2023

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 Municipal Series Trust |

---

Date: January 20, 2023

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Municipal Series Trust |

---

Date: January 20, 2023

**3**

## 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 Municipal Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock 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 20, 2023

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock 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 Municipal Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock 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 20, 2023

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock 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 Municipal Series Trust (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended November 30, 2022 (the "Report") fully complies with the requirements of Section 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 20, 2023

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal Series Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal Series Trust (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended November 30, 2022 (the "Report") fully complies with the requirements of Section 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 20, 2023

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock 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**.**