# EDGAR Filing Document

**Accession Number:** 0000774013
**File Stem:** 0001193125-23-061337
**Filing Date:** 2023-3
**Character Count:** 517979
**Document Hash:** 42d45a91ce780f1c6062b9361faa47fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-061337.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001193125-23-061337

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000774013
- **IRS NUMBER:** 226437104
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04375
- **FILM NUMBER:** 23708783

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

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

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

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

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

## Series and Classes Contracts Data

### BlackRock New York Municipal Opportunities Fund (Series ID: S000004034)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011313 | Investor A1   |  |
| C000011316 | Institutional |  |
| C000038358 | Investor A    |  |
| C000038359 | Investor C    |  |
| C000199771 | 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: 811-04375

Name of Fund: BlackRock Multi-State Municipal Series Trust

BlackRock New York 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 Multi-State Municipal Series Trust, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 06/30/2023

Date of reporting period: 12/31/2022

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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.

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| | |
|:---|:---|
| ![LOGO](g421912g42l24.jpg)  | **DECEMBER 31, 2022** |

---

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

**BlackRock Multi-State Municipal Series Trust** 

· BlackRock New York Municipal Opportunities Fund

**BlackRock Municipal Bond Fund, Inc.** 

· BlackRock High Yield Municipal Fund

· BlackRock National Municipal Fund

· BlackRock Short-Term Municipal Fund

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

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended December 31, 2022, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest 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 during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the year as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, 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 fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and heightened 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 seven 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 slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a level 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](g421912sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g421912photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of December 31, 2022** | **Total Returns as of December 31, 2022** | **Total Returns as of December 31, 2022** |
|  | <br> *6-Month*  | <br> *12-Month*  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | 2.31% | (18.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | 3.91 | (20.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | 6.36 | (14.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (2.99) | (20.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 1.32 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (5.58) | (16.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds <br>(Bloomberg U.S. Aggregate Bond Index) | (2.97) | (13.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds <br>(Bloomberg Municipal Bond Index) | 0.50 | (8.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 3.50 | (11.18) |
| 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](#tx421912_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx421912_3) | 4 |
|  [About Fund Performance](#tx421912_4) | 15 |
|  [Disclosure of Expenses](#tx421912_5) | 15 |
|  [The Benefits and Risks of Leveraging](#tx421912_6) | 16 |
|  [Derivative Financial Instruments](#tx421912_7) | 16 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx421912_9) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx421912_10) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx421912_11) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx421912_12) | 61 |
|  [Financial Highlights](#tx421912_13) | 63 |
|  [Notes to Financial Statements](#tx421912_14) | 82 |
|  [Statement Regarding Liquidity Risk Management Program](#tx421912_15) | 94 |
|  [Additional Information](#tx421912_16) | 95 |
|  [Glossary of Terms Used in this Report](#tx421912_17) | 97 |

---

![LOGO](g421912g63k41.jpg)

3.0 ------

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| | |
|:---|:---|
| Fund Summary as of December 31, 2022 | **BlackRock New York Municipal Opportunities Fund** |

---

**Investment Objective** 

**BlackRock NewYork Municipal Opportunities Fund's (the "Fund")** investment objective is to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended December 31, 2022, all of the Fund's share classes outperformed its primary benchmark, the Bloomberg Municipal Bond Index, with the exception of the Fund's Investor C shares, which underperformed. For the same period, all of the Fund's share classes outperformed its secondary benchmark, a customized weighted index comprised of 85% Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged USD/10% Bloomberg Municipal Bond: New York High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index New York Taxable Bonds Total Return Index Value (the "Customized Reference Benchmark"). The following discussion of relative performance pertains to the Customized Reference Benchmark.

**What factors influenced performance?** 

Municipal bonds posted slightly positive returns in the reporting period, as the benefit of income offset 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 use of U.S. Treasury futures to manage interest rate risk was the strongest contributor to performance in the rising rate environment. The Fund also benefited from having a duration lower than that of the benchmark at various points throughout the period. (Duration is a measure of interest rate sensitivity.) The Fund's yield curve positioning detracted from results due to an underweight in 10-year issues. Security selection in the utility sector also detracted, as did an overweight in lower-rated investment-grade and non-investment grade securities.

**Describe recent portfolio activity.** 

The Fund's net duration positioning increased over the period. New issuance of New York municipals remained robust, which kept yield spreads wide and presented opportunities to add securities at attractive valuations and higher coupons that are not typically available.

In terms of maturity positioning, the investment adviser made the largest increase in the 15- to 18-year range. It also raised the Fund's allocation to AA rated bonds. At the sector level, the largest increase occurred in transportation issues. The investment adviser also continued to focus its efforts on diversifying when opportunities became available at favorable valuations. The Fund's cash weighting was slightly above 5% at the close of the year, which is higher than normal. This positioning was temporary in nature, and it did not have a material impact on performance.

**Describe portfolio positioning at period end.** 

The Fund's net duration was marginally below the benchmark but higher than it was at the end of 2021. The Fund was overweight in A rated bonds and lower-quality debt. It was also overweight in the 15- to 25-year maturity range.

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.

**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 | 3.35% | 3.25% | 0.92% | (8.36)% | N/A | 0.94% | N/A | 2.42% | N/A |
|  Investor A | 2.97 | 2.90 | 0.79 | (8.67) | (12.55)% | 0.69 | (0.18)% | 2.16 | 1.72% |
|  Investor A1 | 3.12 | 3.05 | 0.87 | (8.53) | N/A | 0.84 | N/A | 2.31 | N/A |
|  Investor C | 2.35 | 2.26 | 0.41 | (9.28) | (10.17) | (0.06) | (0.06) | 1.54 | 1.54 |
|  Class K | 3.40 | 3.32 | 0.85 | (8.41) | N/A | 0.97 | N/A | 2.43 | N/A |
|  **Bloomberg Municipal Bond Index<sup>(c)</sup>**  |  |  | 0.50 | (8.53) | N/A | 1.25 | N/A | 2.13 | N/A |
|  **Customized Reference Benchmark<sup>(d)</sup>**  |  |  | 0.10 | (9.74) | N/A | 1.07 | N/A | N/A | 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 investment grade New York municipal bonds. The Fund's returns prior to February 18, 2015 are the returns of the Fund when it followed different investment strategies under the name BlackRock New York Municipal Bond Fund. 

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

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 December 31, 2022 (continued) | **BlackRock New York Municipal Opportunities Fund** |

---

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>(07/01/22)* | *Ending<br>Account<br>Value<br>(12/31/22)* | *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>(07/01/22)* | *Ending<br>Account<br>Value<br>(12/31/22)* | *Expenses<br>Paid<br>During<br>the<br>Period* *<br><sup>(a)</sup>* | *Ending<br>Account<br>Value<br>(12/31/22)* | *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 | $1009.20 | $3.54 | $2.53 | $1000.00 | $1021.68 | $3.57 | $1022.68 | $2.55 | 0.70% | 0.50% |
|  Investor A | 1000.00 | 1007.90 | 4.81 | 3.80 | 1000.00 | 1020.42 | 4.84 | 1021.42 | 3.82 | 0.95 | 0.75 |
|  Investor A1 | 1000.00 | 1008.70 | 4.05 | 3.04 | 1000.00 | 1021.17 | 4.08 | 1022.18 | 3.06 | 0.80 | 0.60 |
|  Investor C | 1000.00 | 1004.10 | 8.59 | 7.58 | 1000.00 | 1016.64 | 8.64 | 1017.64 | 7.62 | 1.70 | 1.50 |
|  Class K | 1000.00 | 1008.50 | 3.29 | 2.28 | 1000.00 | 1021.93 | 3.31 | 1022.94 | 2.29 | 0.65 | 0.45 |

---

<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 184/365 (to reflect the one-half year period shown).

**Portfolio Information** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)(b)</sup>* | *Percent of<br>Total Investments* |
|  Transportation | 24.5% |
|  County/City/Special District/School District | 19.8 |
|  Utilities | 16.0 |
|  State | 15.2 |
|  Education | 13.0 |
|  Housing | 3.8 |
|  Tobacco | 3.4 |
|  Health | 2.1 |
|  Corporate | 1.6 |
|  Other\* | 0.6 |

---

**CALL/MATURITY SCHEDULE** 

---

| | |
|:---|:---|
| *Calendar Year Ended December 31,<sup>(a)(c)</sup>* | *Percentage* |
| 2022 | 1.2% |
| 2023 | 6.4 |
| 2024 | 4.7 |
| 2025 | 3.0 |
| 2026 | 4.4 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(d)</sup>* | *Percent of<br>Total Investments* |
|  AAA/Aaa | 11.3% |
|  AA/Aa | 55.1 |
|  A | 17 |
|  BBB/Baa | 3.9 |
|  BB/Ba | 1.2 |
|  B | 1 |
|  N/R<sup>(e)</sup>  | 10.5 |

---

<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 December 31, 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. 

\* 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. 

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

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| | |
|:---|:---|
| Fund Summary as of December 31, 2022 | **BlackRock High Yield Municipal Fund** |

---

**Investment Objective** 

**BlackRock High Yield Municipal Fund's (the "Fund")** investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended December 31, 2022, the Fund's Institutional and Class K Shares outperformed its primary benchmark, the Bloomberg Municipal High Yield Bond Index, while Investor A Shares performed in line and the Investor C Shares underperformed. For the same period, all the Fund's share classes underperformed the secondary benchmark, a customized weighted index comprised of 20% Bloomberg Municipal Bond Rated Baa Index / 60% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index / 20% Bloomberg Municipal Investment Grade ex BBB (the "High Yield Customized Reference Benchmark"). The following discussion of relative performance pertains to the High Yield Customized Reference Benchmark.

**What factors influenced performance?** 

High yield municipal bonds posted negative returns in the reporting period, with the effect of falling prices offsetting the benefit from income. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed. High yield municipals bonds lagged investment-grade issues at a time of elevated investor risk aversion.

The Fund's long duration positioning (above-benchmark interest rate sensitivity) detracted from performance. Similarly, holdings in bonds with coupons of less than 5% and maturities of 20 years and longer lagged due to their above-average interest rate sensitivity. The Fund's use of leverage, though modest, nonetheless detracted at a time in which prices generally moved lower. At the sector level, utilities detracted primarily due to the Fund's out-of-benchmark position in the bonds of Puerto Rico Electric Power Authority.

Income was a large contributor to performance given the decline in prices across the asset class. The Fund's use of U.S. Treasury futures to manage interest rate risk also contributed to performance in the rising-rate environment. The Fund's cash position, while limited, helped results given the negative return for the index.

**Describe recent portfolio activity.** 

The Fund kept duration above that of the benchmark throughout the period, but the investment adviser added to the short Treasury position to limit interest rate sensitivity. The Fund's tax-loss harvesting picked up in the final months of 2022, as declining prices gave the investment adviser the opportunity to rotate into higher-yielding securities.

At a time of sizable industry outflows, the investment adviser opted to keep ample cash reserves to meet redemptions. When replenishing cash reserves, the investment adviser sold some of the Fund's holdings in more defensive securities that had outperformed.

**Describe portfolio positioning at period end.** 

The Fund maintained a long duration versus the benchmark, as valuations had become much more compelling following the market downturn and concurrent widening of yield spreads. The Fund's yield curve positioning featured overweights in maturities of 20 years and longer on the view that this market segment offered an attractive relative value. The investment adviser maintained a bias toward higher-quality bonds due to their favorable liquidity characteristics. Education (led by charter schools) was the Fund's leading sector overweight, followed by development districts and corporate-backed securities. State tax-backed, local tax-backed and school districts were the largest underweights, highlighting the investment adviser's preference for revenue sectors.

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.

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 December 31, 2022 (continued) | **BlackRock High Yield Municipal 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 | 4.23% | 4.18% | (1.38)% | (15.36)% | N/A | 1.66% | N/A | 3.21% | N/A |
|  Investor A | 3.79 | 3.77 | (1.51) | (15.52) | (19.11)% | 1.42 | 0.55% | 2.95 | 2.51% |
|  Investor C | 3.20 | 3.14 | (1.99) | (16.21) | (17.03) | 0.64 | 0.64 | 2.34 | 2.34 |
|  Class K | 4.25 | 4.22 | (1.36) | (15.24) | N/A | 1.70 | N/A | 3.24 | N/A |
|  **Bloomberg Municipal High Yield Bond Index<sup>(c)</sup>**  |  |  | (1.51) | (13.10) | N/A | 2.63 | N/A | 3.49 | N/A |
|  **High Yield Customized Reference Benchmark<sup>(d)</sup>**  |  |  | (0.86) | (11.85) | N/A | 2.17 | N/A | N/A | 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 seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund primarily invest in municipal bonds that have a maturity of five years or longer. 

<sup>(c)</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.

<sup>(d)</sup> A customized weighted index comprised of 20% Bloomberg Municipal Bond Rated Baa Index/60% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/20% Bloomberg Municipal Investment Grade ex BBB (the "High Yield Customized Reference Benchmark"). The High Yield Customized Reference Benchmark commenced on September 30, 2016. 

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 | 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>(07/01/22)* | *Ending<br>Account<br>Value<br>(12/31/22)* | *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>(07/01/22)* | *Ending*<br> *Account<br>Value*<br> *(12/31/22)* | <br> ** <br>| *Expenses<br>Paid<br>During<br>the<br>Period* *<br><sup>(a)</sup>* | *Ending<br>Account<br>Value<br>(12/31/22)* | *Expenses<br>Paid* *During<br>the<br>Period*<br> ** <br> *<br><sup>(a)</sup>*  | *Including<br>Interest<br>Expense<br>and Fees* | *Excluding<br>Interest<br>Expense<br>and Fees* |
|  Institutional | $1000.00 | $986.20 | $3.40 | $2.70 | $1000.00 | $1021.78 |  | $3.47 | $1022.48 | $2.75 | 0.68% | 0.54% |
|  Investor A | 1000.00 | 984.90 | 4.65 | 3.90 | 1000.00 | 1020.52 |  | 4.74 | 1021.27 | 3.97 | 0.93 | 0.78 |
|  Investor C | 1000.00 | 980.10 | 8.38 | 7.69 | 1000.00 | 1016.74 |  | 8.54 | 1017.44 | 7.83 | 1.68 | 1.54 |
|  Class K | 1000.00 | 986.40 | 3.15 | 2.45 | 1000.00 | 1022.03 |  | 3.21 | 1022.74 | 2.50 | 0.63 | 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 184/365 (to reflect the one-half year period shown).

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

------

---

| | |
|:---|:---|
| Fund Summary as of December 31, 2022 (continued) | **BlackRock High Yield Municipal Fund** |

---

**Portfolio Information** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)(b)</sup>* | *Percent of<br>Total Investments* |
|  State | 23.2% |
|  Education | 15.7 |
|  Health | 14.5 |
|  Corporate | 10.1 |
|  Transportation | 9.6 |
|  Utilities | 8.2 |
|  Housing | 7.3 |
|  County/City/Special District/School District | 5.5 |
|  Tobacco | 3.3 |
|  Other | 2.6 |

---

**CALL/MATURITY SCHEDULE** 

---

| | |
|:---|:---|
| *Calendar Year Ended December 31,<sup>(a)(c)</sup>* | *Percentage* |
| 2022 | 0.2% |
| 2023 | 9.6 |
| 2024 | 4.6 |
| 2025 | 2.5 |
| 2026 | 5.7 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(d)</sup>* | *Percent of<br>Total Investments* |
|  AAA/Aaa | 2.5% |
|  AA/Aa | 14.0 |
|  A | 14.8 |
|  BBB/Baa | 11.7 |
|  BB/Ba | 7.0 |
|  B | 1.5 |
|  CCC/Caa | 0.3 |
|  N/R<sup>(e)</sup>  | 48.2 |

---

<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 December 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.1% of the Fund's total investments. 

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 December 31, 2022 | **BlackRock National Municipal Fund** |

---

**Investment Objective** 

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

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended December 31, 2022, the Fund underperformed its primary benchmark, the Bloomberg Municipal Bond Index, and its secondary benchmark, a customized weighted index comprised of 90% Bloomberg Municipal Bond Index Total Return Index Valued Unhedged / 10% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the "National Customized Reference Benchmark"). The following discussion of relative performance pertains to the National Customized Reference Benchmark.

**What factors influenced performance?** 

Municipal bonds posted slightly positive returns in the semi-annual period, as the benefit of income offset 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.

Given the flat returns for the market and the Fund's closely in-line performance versus the benchmark, few aspects of portfolio positioning stood out as key drivers of relative performance. With that said, positions in longer-duration, longer-maturity securities were a modest contributor. (Duration is a measure of interest-rate sensitivity). Overweights in the transportation, utilities and corporate-backed sectors were slightly additive to results, as well.

On the negative side, the Fund's cash position, while limited, was a slight detractor given the narrow gain for the index. Holdings in bonds with short call dates also underperformed due to their lower duration. (A bond is "called" when an issuer redeems it prior to its maturity date.)

The Fund continued to use U.S. Treasury futures to manage interest-rate risk, but this strategy, which helped performance in the first half of 2022, marginally detracted from performance in the ultimately flat market.

**Describe recent portfolio activity.** 

The historic rise in yields over the past year has created valuations that the investment adviser believes should provide an attractive entry point for long-term investors. The increase in yields has occurred in the context of improving municipal credit quality, indicating a potentially favorable risk/return profile in the market. Still, the investment adviser expects Fed policy and mutual fund flows are likely to remain a source of volatility in the near term.

With this as background, the investment adviser increased the Fund's duration by putting cash to work in longer-term bonds. Additionally, it reduced the extent of its interest rate risk-management program.

The investment adviser also sought to rotate the portfolio's holdings to take tax losses where appropriate.

**Describe portfolio positioning at period end.** 

The Fund had an average credit quality of AA-, and it held a 13.8% weighting in bonds subject to the alternative minimum tax ("AMT"). Duration stood at approximately 8.9 years, compared with 7.0 years for the benchmark. The portfolio was overweight in the corporate-backed, transportation and utilities sectors, while its largest underweight was in the school districts category.

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 9

------

---

| | |
|:---|:---|
| Fund Summary as of December 31, 2022 (continued) | **BlackRock National Municipal 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 | 3.58% | 3.52% | 0.10% | (10.21)% | N/A | 0.68% | N/A | 1.93% | N/A |
|  Service | 3.33 | 3.26 | (0.02) | (10.44) | N/A | 0.43 | N/A | 1.69 | N/A |
|  Investor A | 3.18 | 3.13 | 0.08 | (10.35) | (14.16)% | 0.43 | (0.44)% | 1.71 | 1.27% |
|  Investor C | 2.57 | 2.51 | (0.40) | (11.10) | (11.97) | (0.32) | (0.32) | 1.10 | 1.10 |
|  Class K | 3.63 | 3.60 | 0.13 | (10.17) | N/A | 0.71 | N/A | 2.00 | N/A |
|  **Bloomberg Municipal Bond Index<sup>(c)</sup>**  |  |  | 0.50 | (8.53) | N/A | 1.25 | N/A | 2.13 | N/A |
|  **National Customized Reference Benchmark<sup>(d)</sup>**  |  |  | 0.30 | (8.99) | N/A | 1.40 | N/A | N/A | 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. 

<sup>(b)</sup> Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund will primarily invest in municipal bonds that have a maturity of five years or longer. 

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

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>(07/01/22)* | *Ending<br>Account<br>Value<br>(12/31/22)* | *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>(07/01/22)* | *Ending<br>Account<br>Value<br>(12/31/22)* | *Expenses<br>Paid<br>During<br>the<br>Period* *<br><sup>(a)</sup>* | *Ending<br>Account<br>Value<br>(12/31/22)* | *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 | $1001.00 | $2.77 | $2.17 | $1000.00 | $1022.43 | $2.80 | $1023.04 | $2.19 | 0.55% | 0.43% |
|  Service | 1000.00 | 999.80 | 3.98 | 3.38 | 1000.00 | 1021.22 | 4.02 | 1021.83 | 3.41 | 0.79 | 0.67 |
|  Investor A | 1000.00 | 1000.80 | 4.03 | 3.43 | 1000.00 | 1021.17 | 4.08 | 1021.78 | 3.46 | 0.80 | 0.68 |
|  Investor C | 1000.00 | 996.00 | 7.80 | 7.19 | 1000.00 | 1017.39 | 7.88 | 1018.00 | 7.27 | 1.55 | 1.43 |
|  Class K | 1000.00 | 1001.30 | 2.52 | 1.92 | 1000.00 | 1022.68 | 2.55 | 1023.29 | 1.94 | 0.50 | 0.38 |

---

<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 184/365 (to reflect the one-half year period shown).

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 December 31, 2022 (continued) | **BlackRock National Municipal Fund** |

---

**Portfolio Information** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)(b)</sup>* | *Percent of<br>Total Investments* |
|  State | 22.8% |
|  Transportation | 22.4 |
|  Utilities | 16.1 |
|  Health | 11.5 |
|  County/City/Special District/School District | 9.6 |
|  Education | 7.4 |
|  Corporate | 5.6 |
|  Housing | 2.5 |
|  Tobacco | 1.5 |
|  Other | 0.6 |

---

**CALL/MATURITY SCHEDULE** 

---

| | |
|:---|:---|
| *Calendar Year Ended December 31,<sup>(a)(c)</sup>* | *Percentage* |
| 2023 | 2.3% |
| 2024 | 1.5 |
| 2025 | 2.3 |
| 2026 | 8.2 |
| 2027 | 4.4 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(d)</sup>* | *Percent of*<br> *Total Investments* |
|  AAA/Aaa | 10.2% |
|  AA/Aa | 52.0 |
|  A | 22.6 |
|  BBB/Baa | 3.0 |
|  BB/Ba | 2.4 |
|  B | 0.6 |
|  CCC/Caa | — <sup>(e)</sup> |
|  N/R<sup>(f)</sup>  | 9.2 |

---

<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> Rounds to less than 0.1%. 

<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 December 31, 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 11

------

---

| | |
|:---|:---|
| Fund Summary as of December 31, 2022 | **BlackRock Short-Term Municipal Fund** |

---

**Investment Objective** 

**BlackRock Short-Term Municipal Fund's (the "Fund")** investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended December 31, 2022, the Fund's Institutional, Investor A1 and Class K shares outperformed their primary benchmark, the Bloomberg Municipal 1-5 Year Index, while the Investor A Shares performed in line and the Investor C Shares underperformed. For the same period, all the Fund's share classes outperformed its secondary benchmark, a customized index comprised of the Bloomberg National Short 0-3 Year Maturities, excluding non-investment grade (the "Short-Term Customized Reference Benchmark"), except for the Fund's Investor C Shares which underperformed. The following discussion of relative performance pertains to the Fund's secondary benchmark, the Short-Term Customized Reference Benchmark.

**What factors influenced performance?** 

Municipal bonds posted slightly positive returns in the reporting period, as the benefit of income offset 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 underweight to duration contributed to performance at a time of rising rates. (Duration is a measure of interest rate sensitivity.) An overweight in bonds with maturities of one year and less, together with an overweight in those with maturities of three to four years, also helped performance. An overweight in the healthcare sector further contributed, as did an underweight in AAA rated securities.

On the other hand, overweights in the education, housing, corporate-backed and transportation sectors detracted. The Fund was also hurt by its overweights in four- to seven-year maturities, AA rated debt, and lower-quality issues.

**Describe recent portfolio activity.** 

The investment adviser took advantage of market strength in July 2022 by tactically shifting to an underweight duration position. It remained underweight-to-neutral against the benchmark for the remainder of the period.

The investment adviser reduced the Fund's allocation to bonds subject to the alternative minimum tax ("AMT") as yield spreads tightened. However, it believed the yields on AMT debt remained attractive relative to other opportunities in short-dated securities. In addition, the pool of investors subject to the AMT has declined considerably following the changes under the Tax Cuts and Jobs Act of 2017.

The investment adviser also added to the Fund's floating rate position, shifting from VRDNs ("variable rate demand notes") into FRNs ("floating rate notes"). Both VRDN and FRN securities have augmented the Fund's defensive positioning, and they have benefited from rising rates.

The investment adviser continued to emphasize A and BBB rated debt. It preferred lower-rated investment-grade securities on a longer-term basis given the bonds' compelling risk-adjusted yields. In addition, the highly diverse market provides a wide range of opportunities to identify undervalued issues.

Finally, the Fund participated in the new issuance of a series of municipal general obligation one-year notes that were priced with attractive yield spreads.

**Describe portfolio positioning at period end.** 

The Fund had a slightly short duration relative to the benchmark. It was overweight in zero- to two-year and four- to seven-year bonds, and it was underweight in the three- to four-year maturity range. In terms of credit quality, the Fund was overweight in lower-rated investment-grade debt (securities rated A and BBB), and it was underweight in those rated AAA and AA.

The Fund was overweight in the corporate-backed, transportation, housing and sectors, and it was underweight in general obligations, utilities and pre-refunded issues.

Although the Fund was fully invested, it held a meaningful, 14% position in short-term VRDNs. VRDNs allow the investment adviser to maintain positions in the longer-dated portion of the yield curve while also keeping the portfolio's duration near that of the index. VRDNs have no price volatility, and their yields adjust higher as rates rise.

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.

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 December 31, 2022 (continued) | **BlackRock Short-Term Municipal 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 | 2.91% | 2.81% | 0.22% | (2.59)% | N/A | 0.50% | N/A | 0.45% | N/A |
|  Investor A | 2.59 | 2.53 | 0.10 | (2.82) | (5.73)% | 0.28 | (0.33)% | 0.20 | (0.10)% |
|  Investor A1 | 2.79 | 2.72 | 0.17 | (2.69) | N/A | 0.40 | N/A | 0.35 | N/A |
|  Investor C | 1.92 | 1.84 | (0.20) | (3.56) | (4.52) | (0.48) | (0.48) | (0.42) | (0.42) |
|  Class K | 2.93 | 2.87 | 0.35 | (2.44) | N/A | 0.57 | N/A | 0.48 | N/A |
|  **Bloomberg Municipal 1-5 Year Index<sup>(c)</sup>**  |  |  | 0.08 | (3.17) | N/A | 1.06 | N/A | 1.06 | N/A |
|  **Short-Term Customized Reference Benchmark<sup>(d)</sup>**  |  |  | 0.04 | (2.00) | N/A | 1.00 | N/A | N/A | 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. 

<sup>(b)</sup> Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and invests primarily in investment grade municipal bonds or municipal notes, including variable rate demand obligations. The Fund will maintain a dollar weighted maturity of no more than three years. 

<sup>(c)</sup> An index that covers the long-term tax-exempt bond market. It includes general obligation and revenue bonds with maturities less than 5 years.

<sup>(d)</sup> A customized index comprised of the Bloomberg National Short 0-3 year maturities, excluding non-investment grade (the "Short-Term Customized Reference Benchmark"). The Short-Term Customized Reference Benchmark commenced on September 30, 2016.

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>(07/01/22)* | *Ending<br>Account Value<br>(12/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(07/01/22)* | *Ending<br>Account Value<br>(12/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $1002.20 | $1.82 | $1000.00 | $1023.39 | $1.84 | 0.36% |
|  Investor A | 1000.00 | 1001.00 | 2.98 | 1000.00 | 1022.23 | 3.01 | 0.59 |
|  Investor A1 | 1000.00 | 1001.70 | 2.32 | 1000.00 | 1022.89 | 2.35 | 0.46 |
|  Investor C | 1000.00 | 998.00 | 6.85 | 1000.00 | 1018.35 | 6.92 | 1.36 |
|  Class K | 1000.00 | 1003.50 | 1.57 | 1000.00 | 1023.64 | 1.58 | 0.31 |

---

<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 184/365 (to reflect the one-half year period shown).

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

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---

| | |
|:---|:---|
| Fund Summary as of December 31, 2022 (continued) | **BlackRock Short-Term Municipal Fund** |

---

**Portfolio Information** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)(b)</sup>* | *Percent of<br>Total Investments* |
|  Corporate | 28.1% |
|  Utilities | 12.3 |
|  State | 10.3 |
|  County/City/Special District/School District | 9.9 |
|  Transportation | 9.7 |
|  Education | 9.6 |
|  Housing | 9.6 |
|  Health | 9.0 |
|  Other | 1.5 |

---

**CALL/MATURITY SCHEDULE** 

---

| | |
|:---|:---|
| *Calendar Year Ended December 31,<sup>(a)(c)</sup>* | *Percentage* |
| 2022 | 5.7% |
| 2023 | 22.8 |
| 2024 | 14.1 |
| 2025 | 9.3 |
| 2026 | 8.9 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(d)</sup>* | *Percent of<br>Total Investments* |
|  AAA/Aaa | 4.0% |
|  AA/Aa | 30.7 |
|  A | 53.5 |
|  BBB/Baa | 5.2 |
|  N/R | 6.6 |

---

<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. 

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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About Fund Performance

**Institutional and 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. BlackRock New York Municipal Opportunities Fund's and BlackRock High Yield Municipal Fund's Class K Share performance shown prior to the Class K shares inception date of January 25, 2018 is that of the respective Fund's Institutional Shares. The performance of each Fund's Class K Shares 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. On the close of business on August 15, 2016, all of the issued and outstanding BlackRock Shares of BlackRock National Municipal Fund were redesignated as Class K Shares.

**Service Shares** (available only in BlackRock National Municipal 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% for all Funds except BlackRock Short-Term Municipal Fund, which incurs a 3.00% maximum initial sales charge, and all Funds incur 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 New York Municipal Opportunities Fund and BlackRock Short-Term Municipal Fund) are subject to a maximum initial sales charge (front-end load) of 4.00% for BlackRock New York Municipal Opportunities Fund and 1.00% for BlackRock Short-Term Municipal Fund and a service fee of 0.10% per year (but no distribution fee). The maximum initial sales charge does not apply to current eligible investors of Investor A1 Shares of the Funds. These shares are only available for dividend and capital gain reinvestment by existing shareholders and for purchase by certain eligible employer-sponsored retirement plans. 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 reinvestment of dividends and capital gains by existing shareholders.

**Investor C Shares** 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.

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.

A B O U T F U N D P E R F O R M A N C E / D I S C L O SU R E O F E X P E N S E S 15

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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 of BlackRock New York Municipal Opportunities Fund, BlackRock High Yield Municipal Fund and BlackRock National Municipal 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.

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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---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> December 31, 2022 | **BlackRock New York Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds** |  |  |
| **Consumer Discretionary — 0.1%** |  |  |
|  YMCA of Greater New York, 2.30%, 08/01/26 | $1000 | $891548 |
| **Education — 0.1%** |  |  |
|  Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48 | 1910 | 1750517 |
| **Health Care Providers & Services — 0.1%** |  |  |
|  Northwell Healthcare, Inc., RB, 4.26%, 11/01/47 | 2500 | 1985625 |
| **Thrifts & Mortgage Finance — 0.4%** |  |  |
|  Community Preservation Corp., RB, Series 2020,<br>Class C, 2.87%, 02/01/30 | 5520 | 4665341 |
| **Total Corporate Bonds — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $11,325,461)** |  | 9293031 |
|  **Municipal Bonds** |  |  |
| **Illinois — 0.0%** |  |  |
| **County/City/Special District/School District — 0.0%** |  |  |
|  Chicago Board of Education, GO, BAB, 6.14%, 12/01/39 | 615 | 524609 |
| **New York — 78.2%** |  |  |
| **Corporate — 1.6%** |  |  |
|  Build NYC Resource Corp., Refunding RB<sup>(a)</sup>AMT, 4.50%, 01/01/25 | 210 | 213009 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/35 | 100 | 104045 |
|  New York Liberty Development Corp., RB, 5.50%, 10/01/37 | 4780 | 5307081 |
|  New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35 | 9365 | 10294121 |
|  New York Transportation Development Corp., ARB,<br>AMT, 5.00%, 01/01/33 | 1000 | 1009478 |
|  New York Transportation Development Corp., RB,<br>AMT, 5.00%, 10/01/35 | 3245 | 3230167 |
|  |  | 20157901 |
| **County/City/Special District/School District — 16.0%** |  |  |
|  Battery Park City Authority, Refunding RB<br>Series B, 5.00%, 11/01/38 | 3750 | 4128566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/39 | 2850 | 3131614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/40 | 8500 | 9311036 |
|  City of New York, GO<br>Series B, 5.25%, 10/01/43 | 1500 | 1685950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 10/01/43 | 3000 | 3210900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/41 | 6480 | 6425374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/42 | 2490 | 2657759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/43 | 1010 | 1074263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 03/01/43 | 2000 | 2130852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 05/01/44 | 2500 | 2849425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-1, 5.00%, 03/01/40 | 6000 | 6400218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series F-1, 5.00%, 04/01/39 | 10000 | 10695080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series F-2, 1.94%, 03/01/29 | 9410 | 7875323 |
|  City of New York, Refunding GO<br>Series C-3, 2.46%, 08/01/33 | 2145 | 1670704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.38%, 06/01/32 | 15 | 15028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.12%, 08/01/33 | 3500 | 2630404 |
|  County of Nassau New York, GO<br>Series A, 4.00%, 04/01/39 | 1000 | 993793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (AGM), 5.00%, 07/01/37 | 1145 | 1215374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (AGM), 5.00%, 07/01/42 | 4190 | 4421150 |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **County/City/Special District/School District (continued)** |  |  |
| County of Nassau New York, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (AGM), 5.00%, 07/01/45 | $4960 | $5215906 |
|  County of Nassau New York, Refunding GO<br>Series A, (AGM), 4.00%, 04/01/38 | 2635 | 2576571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 04/01/46 | 1000 | 1057050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/35 | 3600 | 3897382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (BAM TCRS), 5.00%, 04/01/36 | 2440 | 2621558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (AGM), 5.00%, 04/01/44 | 3425 | 3659376 |
|  Hudson Yards Infrastructure Corp., Refunding RB<br>Series 2022, 4.00%, 02/15/40 | 1000 | 994116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 4.00%, 02/15/42 | 2660 | 2574220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/36 | 2000 | 2132320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/15/38 | 2000 | 1988958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/42 | 3510 | 3651362 |
|  Monroe County Industrial Development Corp., RB<br>(SAW), 5.00%, 05/01/33 | 2885 | 3168939 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 5.00%, 05/01/34 | 2375 | 2594395 |
|  Nassau County Interim Finance Authority, Refunding RB<br>Series A, 5.00%, 11/15/34 | 5030 | 5835710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 1.28%, 11/15/28 | 3750 | 3050569 |
|  New York City Industrial Development Agency, RB<sup>(b)</sup>(AGC), 0.00%, 03/01/41 | 4155 | 1660899 |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGC), 0.00%, 03/01/42 | 5500 | 2074655 |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGC), 0.00%, 03/01/43 | 2000 | 714808 |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGC), 0.00%, 03/01/45 | 2450 | 775124 |
|  New York City Industrial Development Agency, Refunding RB, Series A, AMT, 5.00%, 07/01/28 | 2210 | 2210217 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, RB<br>Series E-1, 4.00%, 02/01/46 | 1910 | 1762028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, 5.00%, 05/01/38 | 3450 | 3636566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.00%, 11/01/35 | 200 | 206092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.00%, 11/01/36 | 680 | 700628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B-1, 4.00%, 11/01/45 | 10000 | 9259180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Subordinate, 5.00%, 08/01/38 | 490 | 517381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Subordinate, 4.00%, 08/01/45 | 3420 | 3175258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, Subordinate, 4.00%, 02/01/42 | 6000 | 5742720 |
|  New York Convention Center Development Corp., RB, CAB, Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55<sup>(b)</sup>  | 5500 | 973599 |
|  New York Convention Center Development Corp., Refunding RB<br>5.00%, 11/15/32 | 3540 | 3702989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/35 | 3500 | 3628439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | 7690 | 7756196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 | 8490 | 8623420 |
|  New York Liberty Development Corp., Refunding RB<br>Class 2, 5.38%, 11/15/40<sup>(a)</sup>  | 520 | 509111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 11/15/44<sup>(a)</sup>  | 12570 | 11404950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.75%, 11/15/41 | 17000 | 12330083 |
|  New York State Dormitory Authority, RB, 5.00%, 07/01/26 | 1015 | 1016546 |
|  New York State Dormitory Authority, Refunding RB,<br>Series B, 5.00%, 08/15/27<sup>(c)</sup>  | 5 | 5560 |
|  |  | 199927694 |
| **Education — 10.4%** |  |  |
|  Albany Capital Resource Corp., Refunding RB<br>4.00%, 07/01/41 | 1650 | 1247798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/51 | 1705 | 1145291 |

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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 17

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock New York Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Education (continued)** |  |  |
|  Amherst Development Corp., Refunding RB<br>5.00%, 10/01/43 | $85 | $84548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/48 | 1040 | 1016506 |
|  Buffalo & Erie County Industrial Land Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 06/01/27 | 1000 | 1008685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/35 | 655 | 667241 |
|  Build NYC Resource Corp., RB<sup>(a)</sup>5.00%, 02/01/33 | 815 | 818754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/39 | 1285 | 1297249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/42 | 500 | 506034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/49 | 1145 | 1147591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/62 | 1475 | 1426639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.88%, 05/01/31 | 700 | 689634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.13%, 05/01/38 | 140 | 133257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 05/01/48 | 2175 | 2068029 |
|  Build NYC Resource Corp., Refunding RB<br>5.00%, 06/01/30 | 385 | 404403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/33 | 275 | 291030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/35 | 250 | 254310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/35 | 740 | 773242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/40 | 310 | 314070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/47 | 725 | 735669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/47 | 2900 | 3186906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/43 | 325 | 332857 |
|  County of Cattaraugus New York, RB<br>5.00%, 05/01/34 | 130 | 132020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/39 | 225 | 226339 |
|  Dobbs Ferry Local Development Corp., RB<br>5.00%, 07/01/39 | 1000 | 1020494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 | 2000 | 2025882 |
|  Dutchess County Local Development Corp., RB<br>5.00%, 07/01/43 | 955 | 993693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 | 1435 | 1471831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/52 | 2500 | 2586587 |
|  Dutchess County Local Development Corp., Refunding RB | 1980 | 2060152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/46 | 2500 | 2290478 |
|  Geneva Development Corp., RB, 5.25%, 09/01/23<sup>(c)</sup>  | 160 | 162427 |
|  Hempstead Town Local Development Corp., Refunding RB<br>5.00%, 10/01/34 | 570 | 584915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 | 265 | 271432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/47 | 2165 | 2210225 |
|  Monroe County Industrial Development Corp., Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/37 | 1765 | 1768474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/33 | 350 | 380641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/34 | 350 | 379368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/35 | 800 | 861843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/36 | 1000 | 1069237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 500 | 529604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/50 | 5000 | 4666945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.05%, 07/01/28 | 1000 | 988567 |
|  New York City Transitional Finance Authority Building Aid Revenue, RB, Series S1, (SAW), 4.00%, 07/15/45 | 2460 | 2371538 |
|  New York State Dormitory Authority, RB<br>4.00%, 07/01/46 | 2450 | 2315113 |

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| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Education (continued)** |  |  |
|  New York State Dormitory Authority, RB (continued) 1st Series, (AMBAC), 5.50%, 07/01/40 | $500 | $601830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, (BHAC-CR AMBAC), 5.50%, 07/01/31 | 475 | 553085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/24<sup>(c)</sup>  | 250 | 259110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 07/01/24<sup>(c)</sup>  | 2500 | 2600160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 8065 | 8528487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/44 | 2010 | 1901062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/46 | 675 | 684586 |
|  New York State Dormitory Authority, Refunding RB<br>5.00%, 07/01/29 | 375 | 386111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 07/01/30 | 4000 | 3259824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | 300 | 308894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 1585 | 1664057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 | 1190 | 1209531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/23<sup>(c)</sup>  | 2095 | 2118596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24<sup>(c)</sup>  | 1000 | 1033448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.58%, 07/01/33 | 4000 | 3120352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/33 | 470 | 487382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/34 | 2000 | 2090798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/35 | 2750 | 3025946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/36 | 1850 | 1990689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 350 | 368216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/38 | 1005 | 1065581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/41 | 500 | 518847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 1000 | 1012685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/46 | 10180 | 9850148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/47 | 1250 | 1092150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/51 | 3000 | 3187263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/38 | 10000 | 10854840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 07/01/49 | 2500 | 2392263 |
|  Onondaga County Trust for Cultural Resources, Refunding RB<br>5.00%, 05/01/40 | 135 | 136687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/41 | 3760 | 3625321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/47 | 3000 | 2803101 |
|  Orange County Funding Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 360 | 360132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/42 | 220 | 220053 |
|  Schenectady County Capital Resource Corp., Refunding RB<br>5.00%, 07/01/32 | 335 | 389214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/52 | 285 | 304737 |
|  St Lawrence County Industrial Development Agency, Refunding RB, Series B, 4.43%, 07/01/56 | 1500 | 1202345 |
|  Troy Capital Resource Corp., Refunding RB<br>5.00%, 08/01/32 | 1000 | 1046567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/35 | 1110 | 1085506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/40 | 160 | 146560 |
|  Trust for Cultural Resources of The City of New York, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/32 | 500 | 517078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 885 | 914963 |
|  |  | 129835753 |
| **Health — 2.2%** |  |  |
|  Buffalo & Erie County Industrial Land Development Corp., RB, 5.25%, 07/01/35 | 1000 | 850235 |
|  Build NYC Resource Corp., Refunding RB, 5.00%, 07/01/24<sup>(c)</sup>  | 1100 | 1136093 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock New York Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Health (continued)** | **Health (continued)** | **Health (continued)** |
|  Dutchess County Local Development Corp., RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24<sup>(c)</sup>  | $750 | $774609 |
|  Genesee County Funding Corp., Refunding RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/52 | 4345 | 4401807 |
|  Huntington Local Development Corp., RB, Series A,<br>5.25%, 07/01/56 | 525 | 401837 |
|  Monroe County Industrial Development Corp., RB<br>5.00%, 12/01/29 | 660 | 689329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/41 | 100 | 86876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | 1450 | 1439467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/37 | 370 | 370054 |
|  New York State Dormitory Authority, Refunding RB<br>5.00%, 05/01/38 | 1705 | 1812306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/39 | 140 | 97913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/40 | 325 | 223609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | 450 | 350298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/52 | 4000 | 4082476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/32 | 1270 | 1324154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/43 | 1570 | 1592730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.15%, 03/15/31 | 2000 | 1579394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catholic Health Services, 4.00%, 07/01/38 | 110 | 78195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catholic Health Services, 4.00%, 07/01/45 | 810 | 513913 |
|  Southold Local Development Corp., RB, 4.00%, 12/01/45 | 1900 | 1527015 |
|  Suffolk County Economic Development Corp., RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Catholic Health Services, 5.00%, 07/01/32 | 385 | 395698 |
|  Tompkins County Development Corp., Refunding RB, 5.00%, 07/01/44 | 1145 | 1110956 |
|  Westchester County Healthcare Corp., Refunding RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Senior Lien, 6.00%, 11/01/30 | 105 | 105174 |
|  Westchester County Local Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/23<sup>(d)</sup>  | 85 | 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/34 | 500 | 507534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/41<sup>(a)</sup>  | 1150 | 966680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/46<sup>(a)</sup>  | 1395 | 1119002 |
|  |  | 27622354 |
| **Housing — 3.9%** |  |  |
|  New York City Housing Development Corp., RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/01/46 | 2805 | 2496416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/47 | 1500 | 1474503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.25%, 07/03/23<sup>(c)</sup>  | 500 | 505634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.85%, 11/01/38 | 4000 | 3653012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.00%, 11/01/48 | 2925 | 2512446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 2.75%, 05/01/50<sup>(e)</sup>  | 6500 | 6465498 |
|  New York City Housing Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (HUD SECT 8), 3.76%, 01/01/29 | 3000 | 2742168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.10%, 11/01/38 | 2500 | 2184997 |
|  New York State Housing Finance Agency, RB, M/F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (FHLMC, FNMA, SONYMA GNMA),<br>2.75%, 11/01/31 | 1000 | 911249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, (SONYMA), 4.15%, 11/01/47 | 165 | 145062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-1, (SONYMA HUD SECT 8), 2.80%, 11/01/51 | 4500 | 2961625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (SONYMA), 4.90%, 02/15/38 | 645 | 645065 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Housing (continued)** | **Housing (continued)** | **Housing (continued)** |
|  New York State Housing Finance Agency, RB, M/F Housing (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (SONYMA), 5.10%, 02/15/38 | $875 | $875238 |
|  New York State Housing Finance Agency, Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, Series C, (SONYMA), 3.85%, 11/01/39 | 4425 | 4022520 |
|  State of New York Mortgage Agency, RB, S/F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing, Series 239, (SONYMA), 3.25%, 10/01/51 | 4995 | 4850265 |
|  State of New York Mortgage Agency, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 235, AMT, 1.40%, 10/01/27 | 5460 | 4834939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 235, AMT, 1.50%, 04/01/28 | 5475 | 4792886 |
|  Yonkers Industrial Development Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, (SONYMA), 5.25%, 04/01/37 | 585 | 585270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (SONYMA), 4.80%, 10/01/26 | 335 | 335283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, (SONYMA), 5.00%, 10/01/37 | 1640 | 1640341 |
|  |  | 48634417 |
| **State — 9.4%** |  |  |
|  New York City Transitional Finance Authority Building Aid Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, Subordinate, (SAW), 5.00%, 07/15/38 | 2250 | 2397722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, Subordinate, (SAW), 5.00%, 07/15/43 | 4865 | 5022898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, Subordinate, (SAW), 5.25%, 07/15/36 | 2080 | 2276383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, Subordinate, (SAW), 5.00%, 07/15/37 | 3015 | 3228845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 | 5000 | 5334475 |
|  New York City Transitional Finance Authority Building Aid Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, (SAW), 4.00%, 07/15/37 | 1265 | 1271779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1A, (SAW), 4.00%, 07/15/39 | 2000 | 1966440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, Subordinate, (SAW), 5.00%, 07/15/37 | 7000 | 7487557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-4A, Subordinate, (SAW), 5.25%, 07/15/35 | 7665 | 8506471 |
|  New York State Dormitory Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/39 | 1630 | 1732930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/40 | 2500 | 2623332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/43 | 585 | 609268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/15/39 | 15390 | 16231356 |
|  New York State Dormitory Authority, Refunding RB<br>5.00%, 03/15/39 | 9000 | 9568323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/15/39 | 7250 | 7799398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/41 | 5000 | 5314555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/43 | 5000 | 4746405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/40 | 645 | 687120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/41 | 3615 | 3837127 |
|  New York State Urban Development Corp., RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/30 | 250 | 251001 |
|  New York State Urban Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/43 | 4700 | 4556288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/44 | 2800 | 2712352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/46 | 2625 | 2475813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/38 | 10000 | 10506530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.77%, 03/15/31 | 7500 | 6289155 |
|  |  | 117433523 |
| **Tobacco — 3.5%** |  |  |
|  Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 06/01/39 | 825 | 812168 |
|  Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 4595 | 4484568 |
|  New York Counties Tobacco Trust IV, Refunding RB Series A, 6.25%, 06/01/41<sup>(a)</sup>  | 2200 | 2200176 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock New York Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Tobacco (continued)** |  |  |
|  New York Counties Tobacco Trust IV, Refunding<br>RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/42 | $3775 | $3573676 |
|  New York Counties Tobacco Trust VI, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2-B, 5.00%, 06/01/45 | 6350 | 5898559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2-B, 5.00%, 06/01/51 | 3955 | 3629911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/28 | 90 | 94513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/29 | 105 | 109889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 06/01/51 | 4055 | 3162478 |
|  Niagara Tobacco Asset Securitization Corp.,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/34 | 2250 | 2285773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/40 | 1250 | 1255851 |
|  TSASC, Inc., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/30 | 775 | 809770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/33 | 3000 | 3090051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/36 | 5835 | 5931138 |
|  Westchester Tobacco Asset Securitization Corp.,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series C, 4.00%, 06/01/42 | 4730 | 4591893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series C, 5.13%, 06/01/51 | 2375 | 2359206 |
|  |  | 44289620 |
| **Transportation — 19.6%** |  |  |
|  Albany County Airport Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 12/15/35 | 120 | 114862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 12/15/34 | 235 | 226968 |
|  Metropolitan Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/35 | 1000 | 1069827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/42 | 5000 | 5222100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.25%, 11/15/23<sup>(c)</sup>  | 1040 | 1060926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 11/15/45 | 3000 | 2484390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 11/15/46 | 3300 | 2704495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 11/15/43 | 7500 | 6340875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 11/15/33 | 500 | 509144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 11/15/44 | 2125 | 2132291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-3, 4.00%, 11/15/47 | 2000 | 1626764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 11/15/38 | 2350 | 2353642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A-1, 5.00%, 11/15/40 | 1645 | 1649766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series D-1, 5.00%, 11/15/39 | 4250 | 4262401 |
|  Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/35 | 1750 | 1776856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/37 | 1500 | 1512239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.25%, 11/15/23<sup>(c)</sup>  | 670 | 683478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/35 | 2500 | 2551597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 11/15/45 | 2500 | 2070325 |
|  MTA Hudson Rail Yards Trust Obligations, Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, Series A, 5.00%, 11/15/56 | 7985 | 7916050 |
|  New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 4.00%, 02/15/43 | 5000 | 4706350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 2.75%, 02/15/44 | 6125 | 4364020 |
|  New York State Bridge Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/39 | 275 | 269568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/40 | 350 | 341914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/41 | 165 | 160414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/46 | 2460 | 2320968 |
|  New York State Thruway Authority, RB, Series A,<br>Junior Lien, 5.25%, 01/01/56 | 7500 | 7674832 |
|  New York State Thruway Authority, Refunding RB<br>5.00%, 03/15/41 | 4000 | 4369700 |
|  Series J, 5.00%, 01/01/41 | 3250 | 3277586 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Transportation (continued)** |  |  |
|  New York State Thruway Authority, Refunding<br>RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.00%, 01/01/29 | $5000 | $5228490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 5.00%, 01/01/32 | 1500 | 1559703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 01/01/35 | 1050 | 1140011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 4.00%, 01/01/45 | 940 | 890889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.00%, 01/01/37 | 4400 | 4416971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.00%, 01/01/40 | 5000 | 4821555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.00%, 01/01/45 | 1550 | 1469019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.00%, 01/01/47 | 2345 | 2191393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 01/01/41 | 4275 | 4137311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 01/01/45 | 1500 | 1368431 |
|  New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, (AGM), 4.00%, 07/01/35 | 2000 | 1950150 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/35 | 1510 | 1546889 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/37 | 5310 | 5419705 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/41 | 2565 | 2611693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/34 | 250 | 251842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/41 | 750 | 727725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 1500 | 1451627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 01/01/50 | 15000 | 14553390 |
|  New York Transportation Development Corp., RB,<br>AMT, 4.00%, 10/31/46 | 1355 | 1165425 |
|  New York Transportation Development Corp.,<br>Refunding RB, 5.00%, 12/01/38 | 4250 | 4457107 |
|  Niagara Falls Bridge Commission, RB, (AGM), 4.16%, 10/01/33 | 1650 | 1467779 |
|  Niagara Frontier Transportation Authority, Refunding<br>ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 04/01/32 | 400 | 424149 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 04/01/33 | 375 | 396348 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 04/01/34 | 225 | 237113 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 04/01/35 | 200 | 209904 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 04/01/36 | 210 | 219653 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 04/01/37 | 250 | 260268 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 04/01/38 | 250 | 259644 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 04/01/39 | 175 | 181407 |
|  Port Authority of New York & New Jersey, ARB<br>Series 217, 4.00%, 11/01/38 | 4055 | 3963110 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 09/01/43 | 2400 | 2202108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218th Series, AMT, 4.00%, 11/01/41 | 5690 | 5282954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, 218th Series, AMT, 4.00%, 11/01/47 . | 3980 | 3544106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 221, AMT, 4.00%, 07/15/38 | 2000 | 1910572 |
|  Port Authority of New York & New Jersey, RB, 5.00%, 09/01/48 | 955 | 999347 |
|  Port Authority of New York & New Jersey, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 179, 5.00%, 12/01/38 | 150 | 152815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 230, 5.00%, 12/01/42 | 1890 | 2060183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 178th Series, AMT, 5.00%, 12/01/43 | 285 | 286537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 195th Series, AMT, 5.00%, 10/01/35 | 1755 | 1821709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 195th Series, AMT, 5.00%, 04/01/36 | 4680 | 4781907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202nd Series, AMT, 5.00%, 04/15/37 | 5000 | 5179050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206th Series, AMT, 5.00%, 11/15/37 | 1525 | 1583231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, 186th Series, AMT, 5.00%, 10/15/44 . | 1000 | 1009646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 197, AMT, 5.00%, 11/15/41 | 1250 | 1279784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 223, AMT, 4.00%, 07/15/41 | 2370 | 2206543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 223, AMT, 4.00%, 07/15/46 | 720 | 645701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 231, AMT, 5.00%, 08/01/38 | 2500 | 2665250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 231, AMT, 5.50%, 08/01/39 | 2500 | 2762080 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock New York Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
|  Port Authority of New York & New Jersey, Refunding ARB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 231, AMT, 5.50%, 08/01/40 | $4000 | $4402508 |
|  Triborough Bridge & Tunnel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/47 | 5000 | 5368895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/49 | 4630 | 4894674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/51 | 1500 | 1587519 |
|  Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/15/42 | 3000 | 2915790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/47 | 2500 | 2670995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 05/15/46 | 2370 | 2249350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/38 | 9000 | 9478521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/37 | 6000 | 6435282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.00%, 11/15/42 | 6380 | 6706752 |
|  Triborough Bridge & Tunnel Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/52 | 10465 | 11487357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/57 | 1200 | 1317388 |
|  |  | 244621603 |
| **Utilities — 11.6%** |  |  |
|  Long Island Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/36 | 1080 | 1166732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/38 | 4200 | 4500157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/39 | 9875 | 10510930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/42 | 1000 | 1035068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/47 | 2225 | 2280496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (AGC), 5.25%, 09/01/29 | 3500 | 3953726 |
|  Long Island Power Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/39 | 6000 | 6117079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/42 | 1500 | 1467417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/43 | 3170 | 3351162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 1.50%, 09/01/51<sup>(e)</sup>  | 2500 | 2371343 |
|  New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/43 | 5000 | 4829160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, 5.25%, 06/15/47 | 2455 | 2564081 |
|  New York City Municipal Water Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 4.00%, 06/15/45 | 16410 | 15554645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-2, 3.48%, 06/15/49<sup>(e)</sup>  | 15000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD-2, 5.00%, 06/15/40 | 3455 | 3665458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 4.00%, 06/15/39 | 2500 | 2505812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.00%, 06/15/40 | 5000 | 5320065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 5.00%, 06/15/40 | 11500 | 12258678 |
|  New York Power Authority, RB, (AGM), 4.00%,<br>11/15/47 | 9500 | 8946710 |
|  New York Power Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/45 | 1875 | 1800606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/50 | 12990 | 12151586 |
|  New York State Environmental Facilities Corp.,<br>Refunding RB, 5.81%, 06/15/39 | 1000 | 1046818 |
|  Utility Debt Securitization Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/38 | 2875 | 3099017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/40 | 6895 | 7410043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Utilities (continued)** |  |  |
|  Utility Debt Securitization Authority, Refunding RB<br>5.00%, 12/15/36 | $1865 | $1977857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TE1, 5.00%, 12/15/38 | 9000 | 10294830 |
|  |  | 145179476 |
|  **Total Municipal Bonds in New York** | **Total Municipal Bonds in New York** | 977702341 |
|  **Puerto Rico — 7.4%** |  |  |
| **State — 4.3%** |  |  |
|  Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/43<sup>(e)</sup>  | 9350 | 4092655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/51<sup>(e)</sup>  | 11927 | 3935978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.63%, 07/01/29 | 2619 | 2682438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.75%, 07/01/31 | 1092 | 1125741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/33 | 1036 | 898659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/35 | 931 | 782990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/37 | 799 | 652952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/41 | 1087 | 850758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/46 | 1130 | 847214 |
|  Commonwealth of Puerto Rico, GO, CAB, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructured, 0.00%, 07/01/33<sup>(b)</sup>  | 1333 | 720001 |
|  Commonwealth of Puerto Rico, RB, 0.00%,<br>11/01/51<sup>(e)</sup>  | 546 | 176513 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Convertiable, Restructured, 4.33%,<br>07/01/40 | 182 | 161591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 13005 | 11520076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 9193 | 8316300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 | 49 | 41321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 5323 | 4639468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 10378 | 9214222 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue, RB, CAB<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/29 | 490 | 351285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/33 | 1423 | 806889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 7502 | 1848485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 2677 | 665202 |
|  |  | 54330738 |
| **Utilities — 3.1%** |  |  |
|  Puerto Rico Electric Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3rd Series, 1.00%, 01/01/23<sup>(f)(g)</sup>  | 278 | 212290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19<sup>(f)(g)</sup>  | 999 | 764275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19<sup>(f)(g)</sup>  | 999 | 764275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18<sup>(f)(g)</sup>  | 2745 | 2099803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.40%, 07/01/18<sup>(f)(g)</sup>  | 2745 | 2100142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20<sup>(f)(g)</sup>  | 277 | 212290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/26<sup>(f)(g)</sup>  | 770 | 569259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28<sup>(f)(g)</sup>  | 440 | 325291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-4, 7.50%, 07/01/20 | 762 | 582930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17<sup>(f)(g)</sup>  | 610 | 450972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/19<sup>(f)(g)</sup>  | 970 | 717119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/24<sup>(f)(g)</sup>  | 385 | 284630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33<sup>(f)(g)</sup>  | 420 | 310505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35<sup>(f)(g)</sup>  | 185 | 136770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36<sup>(f)(g)</sup>  | 260 | 192217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 6.75%, 07/01/36<sup>(f)(g)</sup>  | 3560 | 2723400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 5.00%, 07/01/29<sup>(f)(g)</sup>  | 1860 | 1375094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 7.00%, 07/01/33<sup>(f)(g)</sup>  | 1025 | 784125 |

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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 21

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock New York Municipal Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Utilities (continued)** |  |  |  |  |
|  Puerto Rico Electric Power Authority, RB (continued) | Puerto Rico Electric Power Authority, RB (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 A, RB, 5.00%, 07/01/42<sup>(f)(g)</sup>  | $| 3150 | $| 2328789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 7.00%, 07/01/43<sup>(f)(g)</sup>  |  | 410 |  | 313650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, RB, 5.00%, 07/01/25<sup>(f)(g)</sup>  |  | 210 |  | 155253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, RB, 5.00%, 07/01/26<sup>(f)(g)</sup>  |  | 565 |  | 417703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, RB, 5.50%, 07/01/38<sup>(f)(g)</sup>  |  | 520 |  | 384435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, RB, 5.25%, 07/01/27<sup>(f)(g)</sup>  |  | 285 |  | 210700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, RB, 5.25%, 07/01/40<sup>(f)(g)</sup>  |  | 5345 |  | 3951548 |
|  Puerto Rico Electric Power Authority, Refunding RB | Puerto Rico Electric Power Authority, Refunding RB | Puerto Rico Electric Power Authority, Refunding RB | Puerto Rico Electric Power Authority, Refunding RB | Puerto Rico Electric Power Authority, Refunding RB |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/22<sup>(f)(g)</sup>  |  | 990 |  | 731905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/23 |  | 2670 |  | 1973926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/28<sup>(f)(g)</sup>  |  | 5655 |  | 4180730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BBB, 5.40%, 07/01/28 |  | 1240 |  | 916729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/17<sup>(e)(f)(g)</sup>  |  | 185 |  | 138750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 1.58%, 07/01/18<sup>(e)(f)(g)</sup>  |  | 165 |  | 123750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 1.32%, 07/01/20<sup>(e)(f)(g)</sup>  |  | 1475 |  | 1106250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 3.89%, 07/01/31<sup>(e)(f)(g)</sup>  |  | 1755 |  | 1316250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/17<sup>(f)(g)</sup>  |  | 430 |  | 317898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/19<sup>(f)(g)</sup>  |  | 1370 |  | 1012838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/20 |  | 2220 |  | 1641242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/24<sup>(f)(g)</sup>  |  | 875 |  | 646886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/28<sup>(f)(g)</sup>  |  | 435 |  | 321595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Refunding RB,<br>5.25%, 07/01/29<sup>(f)(g)</sup>  |  | 235 |  | 173735 |
|  Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40 |  | 1860 |  | 1375094 |
|  |  |  |  | 38345043 |
|  **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** |  | 92675781 |
|  **Total Municipal Bonds — 85.6%<br>(Cost: $1,132,729,164)** | **Total Municipal Bonds — 85.6%<br>(Cost: $1,132,729,164)** | **Total Municipal Bonds — 85.6%<br>(Cost: $1,132,729,164)** |  | 1070902731 |
|  **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(h)</sup>**  | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(h)</sup>**  | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(h)</sup>**  | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(h)</sup>**  | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(h)</sup>**  |
|  **New York — 17.2%** | **New York — 17.2%** | **New York — 17.2%** | **New York — 17.2%** | **New York — 17.2%** |
| **County/City/Special District/School District — 4.5%** |  |  |  |  |
|  City of New York, GO, Series A-1, 5.25%, 09/01/43 |  | 10000 |  | 11232305 |
|  City of New York, Refunding GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series 1-I, 5.00%, 03/01/32 |  | 990 |  | 1014748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series 1-I, 5.00%, 03/01/36 |  | 1750 |  | 1792655 |
|  Hudson Yards Infrastructure Corp., Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/38 |  | 17485 |  | 18277866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/39 |  | 9005 |  | 9392270 |
|  New York City Transitional Finance Authority Future |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Secured Revenue, RB, Series A1, 5.00%, 08/01/40 |  | 13360 |  | 14164933 |
|  |  |  |  | 55874777 |
|  **Education — 2.9%** |  |  |  |  |
|  New York City Transitional Finance Authority Future<br>Tax Secured Revenue, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.25%, 11/01/43 |  | 2960 |  | 3280457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 11/01/45 |  | 5910 |  | 6652479 |
|  New York City Transitional Finance Authority Future<br>Tax Secured Revenue, Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-3, 5.00%, 05/01/40 |  | 15000 |  | 15928575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.25%, 11/01/48 |  | 10000 |  | 10950350 |
|  |  |  |  | 36811861 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Housing — 0.1%** |  |  |  |
|  New York City Housing Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series A, 4.25%, 11/01/43 | $| 627 | $595228 |
| **State — 2.0%** |  |  |  |
|  New York State Dormitory Authority, Refunding RB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/42 |  | 9410 | 9952044 |
|  New York State Urban Development Corp., Refunding RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/41 |  | 10000 | 10924250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 |  | 4220 | 4561269 |
|  |  |  | 25437563 |
| **Transportation — 5.8%** |  |  |  |
|  Metropolitan Transportation Authority, Refunding RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 11/15/36 |  | 13500 | 14283115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 11/15/51 |  | 10000 | 10274391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/41 |  | 11365 | 11621246 |
|  Port Authority of New York & New Jersey, Refunding ARB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 178th Series, AMT, 5.00%, 12/01/32 |  | 991 | 1004758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194th Series, 5.25%, 10/15/55 |  | 2310 | 2376876 |
|  Triborough Bridge & Tunnel Authority, Refunding RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 |  | 10000 | 10471295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.25%, 05/15/52 |  | 12610 | 13642053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, Senior Lien, 5.25%, 05/15/47 |  | 8410 | 9228428 |
|  |  |  | 72902162 |
|  **Utilities — 1.9%** |  |  |  |
|  New York City Municipal Water Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series AA-3, 5.00%, 06/15/47 |  | 12500 | 13456844 |
|  Utility Debt Securitization Authority, Refunding RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/41 |  | 7800 | 8349814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Restructured, 4.00%, 12/15/35 |  | 1580 | 1612684 |
|  |  |  | 23419342 |
|  **Total Municipal Bonds in New York** |  |  | 215040933 |
|  **Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.2%<br>(Cost: $213,809,373)** | **Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.2%<br>(Cost: $213,809,373)** | **Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.2%<br>(Cost: $213,809,373)** | 215040933 |
|  **Total Long-Term Investments — 103.5%<br>(Cost: $1,357,863,998)** | **Total Long-Term Investments — 103.5%<br>(Cost: $1,357,863,998)** | **Total Long-Term Investments — 103.5%<br>(Cost: $1,357,863,998)** | 1295236695 |
|  | *Shares* | *Shares* |  |
| **Short-Term Securities** |  |  |  |
| **Money Market Funds — 3.2%** |  |  |  |
|  BlackRock Liquidity Funds New York Money Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio, 3.34%<sup>(i)(j)</sup>  |  | 39372266 | 39372266 |
|  **Total Short-Term Securities — 3.2%<br>(Cost: $39,371,930)** |  |  | 39372266 |
|  **Total Investments — 106.7%<br>(Cost: $1,397,235,928)** |  |  | 1334608961 |
|  **Other Assets Less Liabilities — 1.7%** |  |  | 21247183 |
|  **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.4)%** |  |  | (104993003) |
|  **Net Assets — 100.0%** |  |  | $1250863141 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock New York Municipal Opportunities Fund** |

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<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> Zero-coupon bond.

<sup>(c)</sup> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

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

<sup>(e)</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>(f)</sup> Issuer filed for bankruptcy and/or is in default. (g) Non-income producing security.

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

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

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

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 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>06/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds New York Money Fund Portfolio. | $35564012 | $3808255 <sup>(a)</sup> | $– $– $| (1) | $39372266 | 39372266 | $257913 | $— |

---

<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 | 847 | 03/22/23 | $94983 | $726791 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 858 | 03/22/23 | 106982 | 1843243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 589 | 03/31/23 | 63511 | 126364 |
|  |  |  |  | $2696398 |

---

**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* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $— | $— | $2696398 | $— | $2696398 |

---

<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). 

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> December 31, 2022 | **BlackRock New York Municipal Opportunities Fund** |

---

For the period ended December 31, 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 | $— | $— | $— | $— | $18970715 | $— | $18970715 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $3565818 | $— | $3565818 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $384089062 |

---

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 | $— | $9293031 | $— | $9293031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 1070902731 |  | 1070902731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts |  | 215040933 |  | 215040933 |
| &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 | 39372266 |  |  | 39372266 |
|  | $39372266 | $1295236695 | $— | $1334608961 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $2696398 | $— | $— | $2696398 |

---

<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 $104,579,671 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.* 

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Municipal Bonds** |  |  |
|  **Alabama — 3.6%** |  |  |
|  Black Belt Energy Gas District, RB<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53 | $13790 | $14345516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 1825 | 1915268 |
|  Chelsea Park Cooperative District, SAB, 5.00%,<br>05/01/48 | 930 | 837500 |
|  County of Jefferson Alabama Sewer Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 365 | 372987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Sub Lien, 7.00%, 10/01/51 | 2355 | 2523531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Sub Lien, 6.50%, 10/01/53 | 3465 | 3700211 |
|  Hoover Industrial Development Board, RB, AMT,<br>6.38%, 11/01/50<sup>(a)</sup>  | 5620 | 6339382 |
|  MidCity Improvement District, SAB<br>3.88%, 11/01/27 | 130 | 124322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/32 | 350 | 320616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/42 | 745 | 626458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/49 | 795 | 655620 |
|  Southeast Energy Authority A Cooperative District,<br>RB, Series B-1, 5.00%, 05/01/53<sup>(a)</sup>  | 21645 | 22327424 |
|  Stadium Trace Village Improvement District, RB,<br>3.63%, 03/01/36 | 3860 | 3379125 |
|  Sumter County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, AMT, 6.00%, 07/15/52<sup>(a)</sup>  | 5260 | 4799240 |
|  Tuscaloosa County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series A, 5.25%, 05/01/44<sup>(b)</sup>  | 1110 | 985035 |
|  |  | 63252235 |
| **Arizona — 2.7%** |  |  |
|  Arizona Industrial Development Authority, RB<br>5.00%, 07/01/45<sup>(b)</sup> | 1135 | 1020359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 01/01/55<sup>(b)</sup>  | 4540 | 4626360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/55<sup>(b)</sup>  | 1215 | 1040802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 4.00%, 07/01/61 | 3110 | 2295037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/39<sup>(b)</sup>  | 1270 | 1179747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/39<sup>(b)</sup>  | 150 | 143803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49<sup>(b)</sup>  | 2790 | 2432632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/49<sup>(b)</sup>  | 675 | 618523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/49<sup>(b)</sup>  | 345 | 310953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/51 | 1555 | 1264344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54<sup>(b)</sup>  | 1110 | 946474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/61 | 3190 | 2479794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.13%, 07/01/47<sup>(b)</sup>  | 420 | 393999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 07/01/51<sup>(b)</sup>  | 570 | 536698 |
|  Arizona Industrial Development Authority, Refunding RB<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 630 | 632667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 07/01/52 | 2970 | 2951518 |
|  Florence Town, Inc. Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Authority, RB, 6.00%, 07/01/23<sup>(b)(c)</sup>  | 1375 | 1395742 |
|  Glendale Industrial Development Authority, RB<br>5.00%, 05/15/41 | 275 | 254245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/56 | 1090 | 943918 |
|  Industrial Development Authority of the City of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/54 | 1330 | 1243617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/59 | 655 | 606032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 1445 | 1356992 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Arizona (continued)** |  |  |
|  Industrial Development Authority of the City of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.75%, 07/01/44<sup>(b)</sup>  | $810 | $843255 |
|  Industrial Development Authority of the City of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix, Refunding RB<sup>(b)</sup><br> 5.00%, 07/01/35 | 300 | 299434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/35 | 295 | 294444 |
|  Industrial Development Authority of the County of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pima, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/39 | 700 | 647396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/49 | 870 | 760375 |
|  Industrial Development Authority of the County of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pima, Refunding RB<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/51 | 3995 | 2931104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/56 | 1285 | 1128752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/57 | 3070 | 2171156 |
|  La Paz County Industrial Development Authority, RB,<br>5.88%, 06/15/48<sup>(b)</sup>  | 1340 | 1239397 |
|  Maricopa County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/40 | 1255 | 1270302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/51 | 1255 | 1267431 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/15/47 | 6500 | 5330241 |
|  |  | 46857543 |
| **Arkansas — 1.4%** |  |  |
|  Arkansas Development Finance Authority, RB<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.50%, 09/01/49 | 5290 | 4675773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.75%, 09/01/49 | 16105 | 15027704 |
|  University of Arkansas, RB, Series A, 5.00%,<br>04/01/52 | 5000 | 5326015 |
|  |  | 25029492 |
| **California — 5.2%** |  |  |
|  California Community Housing Agency, RB, M/F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/49 | 690 | 602310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 08/01/47 | 4430 | 3294330 |
|  California Housing Finance Agency, RB, M/F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 3.25%, 08/20/36 | 8656 | 7483221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 3.50%, 11/20/35 | 5734 | 5130055 |
|  California Municipal Finance Authority, ARB, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 4.00%, 12/31/47 | 2560 | 2158121 |
|  California Municipal Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/01/34<sup>(b)</sup>  | 270 | 270678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 08/01/44<sup>(b)</sup>  | 655 | 657181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 02/01/46 | 1200 | 908874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.13%, 08/01/49<sup>(b)</sup>  | 570 | 571833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/01/51 | 930 | 836937 |
|  California Municipal Finance Authority, Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, Series A, 3.00%, 11/01/48 | 2000 | 1444772 |
|  California Public Finance Authority, RB, Series A,<br>6.25%, 07/01/54<sup>(b)</sup>  | 5270 | 5592118 |
|  California School Finance Authority, RB<br>6.65%, 07/01/33 | 295 | 297352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 07/01/43 | 650 | 654435 |
|  California Statewide Communities Development<br>Authority, SAB, Series 2021-A, 4.00%, 09/02/51 | 1990 | 1597319 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **California (continued)** |  |  |
|  City of Los Angeles Department of Airports,<br>Refunding ARB, AMT, 5.25%, 05/15/47 | $8000 | $8428144 |
|  CMFA Special Finance Agency I, RB, M/F Housing,<br>Series A, 4.00%, 04/01/56<sup>(b)</sup> | 9320 | 7266702 |
|  CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56<sup>(b)</sup> | 2415 | 1475891 |
|  CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49<sup>(b)</sup> | 1845 | 1441456 |
|  CSCDA Community Improvement Authority, RB, M/F Housing<sup>(b)</sup> 2.80%, 03/01/47 | 1435 | 1034114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/56 | 3670 | 2493350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/56 | 7370 | 5468065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/01/56 | 3425 | 2355030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/56 | 4120 | 3245963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/56 | 1230 | 1005968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/56 | 4460 | 3162198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/57 | 1740 | 1211456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/58 | 1405 | 998862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/54 | 1050 | 949251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/56 | 5550 | 3595323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/58 | 1585 | 1051037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 03/01/57 | 2465 | 1735192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 06/01/57 | 1445 | 1042945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Mezzanine Lien, 4.00%, 12/01/59 | 4645 | 3189187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Sub Lien, 4.00%, 12/01/59 | 2380 | 1591499 |
|  Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61<sup>(b)</sup> | 4420 | 1441941 |
|  Riverside County Transportation Commission, RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, 5.75%, 06/01/23<sup>(c)</sup> | 2115 | 2139090 |
|  San Francisco City & County Redevelopment Agency Successor Agency, ST, CAB, Series C,<br>0.00%, 08/01/43<sup>(d)</sup> | 3000 | 846366 |
|  San Francisco City & County Redevelopment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Successor Agency, TA, CAB<sup>(b)(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/01/23 | 470 | 459599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/01/26 | 580 | 492012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 0.00%, 08/01/31 | 1155 | 766525 |
|  |  | 90386702 |
| **Colorado — 4.8%** |  |  |
|  9th Avenue Metropolitan District No.2, GO, 5.00%, 12/01/48 | 1564 | 1339213 |
|  Aurora Crossroads Metropolitan District No.2, GO<br>Series A, 5.00%, 12/01/40 | 1000 | 930257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/50 | 500 | 430212 |
|  Aviation Station North Metropolitan District No.2, GO<br>Series A, 5.00%, 12/01/39 | 750 | 692137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/48 | 1350 | 1141852 |
|  Banning Lewis Ranch Metropolitan District No.8, GO, 4.88%, 12/01/51<sup>(b)</sup> | 2335 | 1766332 |
|  Broadway Station Metropolitan District No.2, GO<br>Series A, 5.00%, 12/01/35 | 734 | 703350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.13%, 12/01/48 | 2840 | 2447586 |
|  Bromley Park Metropolitan District No.2, Refunding GO, Sub-Series B, 6.38%, 12/15/47 | 937 | 861780 |
|  Cascade Ridge Metropolitan District, GO, 5.00%, 12/01/51 | 3000 | 2416803 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Colorado (continued)** |  |  |
|  Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47<sup>(b)</sup> | $820 | $698850 |
|  City & County of Denver Colorado Airport System Revenue, Refunding ARB<br>Series A, AMT, 4.13%, 11/15/47 | 5875 | 5198552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.13%, 11/15/53 | 3225 | 2816331 |
|  Clear Creek Transit Metropolitan District No.2, GO<br>Series A, 5.00%, 12/01/41 | 575 | 525476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/50 | 1000 | 843447 |
|  Colorado Educational & Cultural Facilities Authority, Refunding RB<sup>(b)</sup><br>5.00%, 12/01/40 | 115 | 108397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/50 | 155 | 137663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 | 180 | 156930 |
|  Colorado Health Facilities Authority, RB<br>5.50%, 11/01/47 | 780 | 817261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 1630 | 1659777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/35 | 1255 | 1148622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/44 | 1415 | 1193775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | 940 | 751419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/58 | 1980 | 1486681 |
|  Colorado High Performance Transportation Enterprise, RB, 5.00%, 12/31/56 | 2500 | 2427435 |
|  Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 | 1260 | 1055040 |
|  Eagle Brook Meadows Metropolitan District No.3, GO, Series 2021, 5.00%, 12/01/51 | 1600 | 1328103 |
|  Fitzsimons Village Metropolitan District No.3, Refunding GO Series A-1, 4.00%, 12/01/26 | 800 | 768163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 12/01/41 | 1500 | 1166860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.25%, 12/01/55 | 3095 | 2140261 |
|  Four Corners Business Improvement District, GO, 6.00%, 12/01/52 | 2000 | 1777016 |
|  Green Valley Ranch East Metropolitan District No.6, GO, Series A, 5.88%, 12/01/50 | 2615 | 2475764 |
|  Greenways Metropolitan District No.1, GO, Series A, 4.63%, 12/01/51 | 1580 | 1081761 |
|  Home Place Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 2345 | 2076802 |
|  Horizon Metropolitan District No.2, GO, 4.50%, 12/01/51<sup>(b)</sup> | 1675 | 1134362 |
|  Jefferson Center Metropolitan District No.1, RB<br>Series A-2, 4.13%, 12/01/40 | 580 | 500237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.38%, 12/01/47 | 1000 | 836255 |
|  Karl's Farm Metropolitan District No.2, GO<sup>(b)</sup><br>Series A, 5.38%, 12/01/40 | 515 | 470085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.63%, 12/01/50 | 1350 | 1191825 |
|  Lanterns Metropolitan District No.2, GO, Series A, 4.50%, 12/01/50 | 1810 | 1272751 |
|  Longs Peak Metropolitan District, GO, 5.25%, 12/01/51<sup>(b)</sup> | 5000 | 4103258 |
|  Loretto Heights Community Authority, RB, 4.88%, 12/01/51 | 2640 | 1987953 |
|  North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 | 760 | 692156 |
|  Palisade Metropolitan District No.2, GO, Subordinate, 7.25%, 12/15/49 | 2825 | 2510132 |

---

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> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Colorado (continued)** |  |  |  |  |
|  Palisade Park West Metropolitan District, GO,<br>Series A, 5.13%, 12/01/49 | $| 1500 | $| 1289823 |
|  Pomponio Terrace Metropolitan District, GO,<br>Series A, 5.00%, 12/01/49 |  | 1450 |  | 1309807 |
|  Prairie Farm Metropolitan District, GO, Series A,<br>5.25%, 12/01/48 |  | 1240 |  | 1117064 |
|  Pronghorn Valley Metropolitan District, GO, Series A,<br>4.00%, 12/01/51 |  | 1300 |  | 951261 |
|  Pueblo Urban Renewal Authority, TA,<br>4.75%, 12/01/45<sup>(b)</sup> |  | 3045 |  | 2503301 |
|  Reunion Metropolitan District, RB, Series A,<br>3.63%, 12/01/44 |  | 1545 |  | 1109001 |
|  Sky Ranch Community Authority Board, RB,<br>Series A, 5.75%, 12/01/52 |  | 1500 |  | 1372374 |
|  Southlands Metropolitan District No.1, Refunding<br>GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/37 |  | 1115 |  | 1060296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/47 |  | 3990 |  | 3489383 |
|  Sterling Ranch Community Authority Board, RB,<br>Series B, Subordinate, 7.13%, 12/15/50 |  | 741 |  | 686204 |
|  Thompson Crossing Metropolitan District No.4, Refunding GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/39 |  | 1400 |  | 1311173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/49 |  | 1480 |  | 1274734 |
|  Timberleaf Metropolitan District, GO, Series A,<br>5.75%, 12/01/50 |  | 1730 |  | 1532140 |
|  Waters' Edge Metropolitan District No.2, GO,<br>5.00%, 12/01/51 |  | 2595 |  | 2084520 |
|  Westcreek Metropolitan District No.2, GO, Series A,<br>5.38%, 12/01/48 |  | 800 |  | 715077 |
|  Wild Plum Metropolitan District, GO, Series A,<br>5.00%, 12/01/24<sup>(c)</sup> |  | 595 |  | 618848 |
|  |  |  |  | 83693928 |
|  **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
|  Connecticut Housing Finance Authority, Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, (FHLMC, FNMA, GNMA), 3.00%, 11/15/49 |  | 1700 |  | 1639082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, AMT, 2.00%, 05/15/30 |  | 125 |  | 110110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, AMT, 2.05%, 11/15/30 |  | 500 |  | 436887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, AMT, 2.15%, 11/15/31 |  | 400 |  | 343737 |
|  Connecticut State Health & Educational Facilities<br>Authority, RB<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/45 |  | 825 |  | 730987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/55 |  | 1100 |  | 906795 |
|  Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45<sup>(b)</sup> |  | 3735 |  | 3741936 |
|  Mohegan Tribe of Indians of Connecticut, RB,<br>Series A, AMT, 6.75%, 02/01/45<sup>(b)</sup> |  | 966 |  | 966352 |
|  Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30<sup>(b)</sup> |  | 2045 |  | 2117399 |
|  |  |  |  | 10993285 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Delaware — 0.3%** |  |  |
|  Affordable Housing Opportunities Trust, RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AH-01, Class B, 6.88%, 05/01/39<sup>(b)(e)</sup> | $3647 | $3262869 |
|  County of Kent Delaware, RB, Series A,<br>5.00%, 07/01/58 | 1500 | 1316784 |
|  |  | 4579653 |
| **District of Columbia — 1.8%** |  |  |
|  District of Columbia Tobacco Settlement Financing Corp., RB<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 06/15/46 | 40740 | 8889672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/15/46 | 43620 | 8498092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00%, 06/15/55 | 88900 | 7923621 |
|  District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 385 | 395363 |
|  District of Columbia, RB, Class A, AMT, 5.50%, 02/28/37 | 880 | 940406 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGC), 0.00%, 10/01/30<sup>(d)</sup> | 3005 | 2233100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 10/01/49 | 2170 | 1903975 |
|  |  | 30784229 |
| **Florida — 11.3%** |  |  |
|  Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44 | 1720 | 1733036 |
|  Artisan Lakes East Community Development<br>District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, 3.13%, 05/01/41 | 475 | 350872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, 4.00%, 05/01/51 | 450 | 344757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, 3.13%, 05/01/41<sup>(b)</sup> | 510 | 376725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, 4.00%, 05/01/52<sup>(b)</sup> | 550 | 418751 |
|  Babcock Ranch Community Independent Special<br>District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 5.00%, 05/01/42 | 1570 | 1489200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 5.00%, 05/01/53 | 1175 | 1063259 |
|  Boggy Branch Community Development District,<br>SAB, 4.00%, 05/01/51 | 1365 | 1045763 |
|  Boggy Creek Improvement District, Refunding SAB,<br>Series 2013, 5.13%, 05/01/43 | 1180 | 1132239 |
|  Brevard County Health Facilities Authority,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/45<sup>(b)</sup> | 4040 | 3269241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/55<sup>(b)</sup> | 5960 | 4480507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/52 | 10000 | 10175850 |
|  Buckhead Trails Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 5.63%, 05/01/42 | 740 | 741341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 5.75%, 05/01/52 | 495 | 482610 |
|  Capital Region Community Development District,<br>Refunding SAB, Series A-1, 5.13%, 05/01/39 | 2280 | 2233401 |
|  Capital Trust Agency, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/35<sup>(b)</sup> | 2250 | 1893629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/41<sup>(b)</sup> | 220 | 212832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/49<sup>(b)</sup> | 1265 | 1137742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(b)</sup> | 6820 | 5007987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/56<sup>(b)</sup> | 740 | 663935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/56<sup>(b)</sup> | 6670 | 5291551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49<sup>(b)</sup> | 500 | 400329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/49 | 300 | 277669 |

---

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> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
|  Capital Trust Agency, Inc., RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/01/54<sup>(b)</sup> | $1925 | $1744293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/54 | 260 | 236574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/35<sup>(d)</sup> | 3365 | 1430394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/60<sup>(d)</sup> | 64500 | 3476292 |
|  Capital Trust Agency, Inc., RB, CAB,<br>0.00%, 07/01/61<sup>(b)(d)</sup> | 166025 | 8087078 |
|  Celebration Pointe Community Development District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; No.1, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/24 | 165 | 165139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/34 | 1180 | 1160425 |
|  Charles Cove Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/25 | 275 | 269127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/30 | 360 | 335439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/40 | 975 | 836987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/50 | 1505 | 1199393 |
|  Charlotte County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/34 | 530 | 506456 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/49 | 2510 | 2163291 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/01/51 | 3150 | 2321478 |
|  City of Tallahassee Florida, RB, Series A, 5.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/01/55 | 2600 | 2588885 |
|  Collier County Health Facilities Authority, RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/48 | 2090 | 2117408 |
|  Collier County Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series A, 8.13%, 05/15/44<sup>(b)(f)(g)</sup> | 370 | 252757 |
|  County of Lake Florida, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/39 | 550 | 520895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/49 | 825 | 736327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/54 | 830 | 723836 |
|  County of Osceola Florida Transportation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 10/01/54 | 2500 | 1963752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/50<sup>(d)</sup> | 1770 | 349131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/51<sup>(d)</sup> | 2125 | 382264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/52<sup>(d)</sup> | 2125 | 382179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/53<sup>(d)</sup> | 5675 | 900475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/54<sup>(d)</sup> | 2125 | 340170 |
|  County of Palm Beach Florida, RB, 5.00%, 04/01/51<sup>(b)</sup> | 540 | 502533 |
|  Elevation Pointe Community Development District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.40%, 05/01/42 | 700 | 614823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.60%, 05/01/52 | 1090 | 922736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.40%, 05/01/32 | 2200 | 2046455 |
|  Escambia County Health Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, 4.00%, 08/15/45 | 6530 | 5683203 |
|  Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/41<sup>(b)</sup> | 1245 | 1143655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/51<sup>(b)</sup> | 1190 | 1025968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/55<sup>(b)</sup> | 2830 | 2427820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/15/29<sup>(b)</sup> | 695 | 695049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 06/15/34<sup>(b)</sup> | 835 | 835630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.13%, 06/15/44<sup>(b)</sup> | 3185 | 3068464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/52 | 2875 | 2265787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/52 | 1500 | 1421800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/55<sup>(b)</sup> | 10455 | 8583534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.50%, 12/15/56<sup>(b)</sup> | 5945 | 4506649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/56<sup>(b)</sup> | 2030 | 1709396 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/01/29<sup>(b)</sup> | 3300 | 3069482 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
|  Florida Development Finance Corp., RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 3.00%, 06/01/32 | $915 | $752033 |
|  Florida Development Finance Corp., Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/27 | 395 | 353054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/46 | 1700 | 1262335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/57 | 1515 | 1475595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 4.00%, 06/01/36 | 2110 | 1803227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 4.00%, 06/01/55 | 2750 | 1885708 |
|  Gracewater Sarasota Community Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District, SAB, 4.00%, 05/01/52 | 1000 | 761366 |
|  Grand Oaks Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/40 | 915 | 842783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/52 | 1015 | 890273 |
|  Greater Orlando Aviation Authority, Refunding RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 11/15/36 | 2000 | 2001220 |
|  Greeneway Improvement District, SAB, 5.13%, 05/01/43<sup>(b)</sup> | 940 | 940228 |
|  Hills of Michigannneola Community Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District, SAB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 1025 | 865905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/50 | 1500 | 1158843 |
|  Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/25 | 80 | 79500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/26 | 160 | 157997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/01/29<sup>(b)</sup> | 580 | 581884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/31 | 205 | 178838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/35 | 265 | 255657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/39<sup>(b)</sup> | 570 | 473461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/39<sup>(b)</sup> | 530 | 536865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/40 | 525 | 429631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/41 | 155 | 112256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/45 | 545 | 496557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/46 | 905 | 844470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/01/48<sup>(b)</sup> | 875 | 880103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/49<sup>(b)</sup> | 355 | 276092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/50 | 525 | 399284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/52 | 685 | 521536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A, 3.90%, 05/01/23 | 100 | 99743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A, 4.25%, 05/01/28 | 535 | 523337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A, 5.00%, 05/01/38 | 1175 | 1126437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A, 5.10%, 05/01/48 | 2545 | 2335175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1B, 4.75%, 05/01/29 | 955 | 944230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1B, 5.30%, 05/01/39 | 1090 | 1075045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1B, 5.45%, 05/01/48 | 1930 | 1860655 |
|  Laurel Road Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 2.60%, 05/01/26 | 230 | 221493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 3.00%, 05/01/31 | 250 | 222142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 3.25%, 05/01/41 | 1010 | 760651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 05/01/52 | 1155 | 879378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 3.13%, 05/01/31 | 1695 | 1455705 |
|  Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51 | 4710 | 3215522 |
|  Miami-Dade County Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Authority, RB, 5.00%, 01/15/48 | 1405 | 1315329 |
|  Midtown Miami Community Development District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/29 | 1745 | 1745024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/37 | 890 | 876217 |
|  Mirada II Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/31 | 500 | 442266 |

---

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> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
|  Mirada II Community Development District,<br>SAB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/51 | $1500 | $1136475 |
|  North River Ranch Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 05/01/40 | 845 | 702038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.25%, 05/01/51 | 1430 | 1105955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.20%, 05/01/35 | 1220 | 1048844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3, 4.75%, 05/01/40 | 1615 | 1356220 |
|  Pinellas County Industrial Development Authority,<br>RB, 5.00%, 07/01/39 | 220 | 213406 |
|  Sandridge Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, 3.88%, 05/01/41 | 615 | 500126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, 4.00%, 05/01/51 | 600 | 454590 |
|  Sawyers Landing Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/41 | 530 | 446352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/53 | 3520 | 2761799 |
|  Seminole County Industrial Development Authority,<br>Refunding RB, 5.75%, 11/15/54 | 2420 | 2006122 |
|  Somerset Community Development District, Refunding SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/32 | 515 | 500852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/37 | 665 | 589649 |
|  South Broward Hospital District, RB, Series A,<br>3.00%, 05/01/51 | 5145 | 3835222 |
|  Southern Groves Community Development District<br>No.5, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/25 | 105 | 103943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/30 | 175 | 171106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/40 | 825 | 776214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/46 | 600 | 557600 |
|  Tolomato Community Development District,<br>Refunding SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2, 6.61%, 05/01/40 | 125 | 110537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.25%, 05/01/37 | 910 | 834925 |
|  Tolomato Community Development District, SAB,<br>Series 2015-3, 6.61%, 05/01/40<sup>(f)(g)</sup> | 135 | 1 |
|  Trout Creek Community Development District, SAB<br>5.38%, 05/01/38 | 670 | 666371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/49 | 1695 | 1647330 |
|  V-Dana Community Development District, SAB<sup>(b)</sup> Series 1, Class AR, 3.00%, 05/01/25 | 230 | 225009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class AR, 3.50%, 05/01/31 | 525 | 484019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class AR, 4.00%, 05/01/40 | 750 | 636362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, Class AR, 4.00%, 05/01/51 | 1200 | 918617 |
|  Viera East Community Development District, Refunding SAB,<br>5.00%, 05/01/26 | 640 | 640531 |
|  Viera Stewardship District, SAB, Series 2021, 4.00%, 05/01/53 | 1710 | 1294020 |
|  Village Community Development District No.14, SAB<br>5.38%, 05/01/42 | 3365 | 3378692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/53 | 2510 | 2481496 |
|  West Villages Improvement District, SAB<br>4.25%, 05/01/29 | 400 | 385927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/39 | 885 | 818872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/50 | 1415 | 1274004 |
|  Windward at Lakewood Ranch Community Development District, SAB<br>3.25%, 05/01/27 | 700 | 676432 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
|  Windward at Lakewood Ranch Community Development District, SAB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/32 | $835 | $759195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/42 | 730 | 606480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/52 | 880 | 701235 |
|  |  | 197058273 |
| **Georgia — 1.7%** |  |  |
|  Atlanta Urban Redevelopment Agency, RB,<br>3.88%, 07/01/51<sup>(b)</sup> | 2805 | 2252393 |
|  Dalton Whitfield County Joint Development Authority,<br>4.00%, 08/15/48 | 3135 | 2858963 |
|  East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62<sup>(b)</sup> | 875 | 784456 |
|  Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25<sup>(c)</sup> | 555 | 586514 |
|  Main Street Natural Gas, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/35 | 1020 | 1055364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/36 | 1020 | 1047586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/37 | 1120 | 1141382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/38 | 615 | 623216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | 2055 | 2019259 |
|  Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49 | 4150 | 3365426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/49 | 10235 | 10035991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/52 | 2765 | 2727827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/59 | 525 | 504235 |
|  |  | 29002612 |
| **Idaho — 0.6%** |  |  |
|  Idaho Health Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/33 | 375 | 313181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/37 | 1000 | 964554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/51 | 2835 | 1921810 |
|  Idaho Housing & Finance Association, RB<br>5.00%, 12/01/46<sup>(b)</sup> | 1000 | 945165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/47 | 3215 | 3450364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 07/01/39<sup>(b)</sup> | 370 | 383198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 07/01/49<sup>(b)</sup> | 595 | 606335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 07/01/54<sup>(b)</sup> | 570 | 578061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.95%, 06/15/55<sup>(b)</sup> | 1540 | 1623422 |
|  Power County Industrial Development Corp., RB, AMT,<br>6.45%, 08/01/32 | 265 | 265306 |
|  |  | 11051396 |
| **Illinois — 4.9%** |  |  |
|  Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 3015 | 2982019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/47 | 4095 | 3880119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 1010 | 960564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/46 | 725 | 687531 |
|  Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/01/25<sup>(d)</sup> | 590 | 526143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/30 | 2210 | 2277491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/35 | 1155 | 1069648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/41 | 4905 | 4207735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/30 | 1370 | 1400215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/31 | 1500 | 1533368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/44 | 3700 | 3552462 |

---

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) (continued)<br> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Illinois (continued)** |  |  |
|  Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 | $5550 | $5602597 |
|  City of Chicago Illinois, Refunding GO, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/37 | 6469 | 5824396 |
|  Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/34 | 335 | 338187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/35 | 1000 | 928856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/37 | 1000 | 899251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/39 | 2000 | 1764000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/41 | 1250 | 1082205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/45 | 790 | 795731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/56 | 815 | 660776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 08/15/48 | 6350 | 4464875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/15/41 | 3000 | 3092700 |
|  Illinois State Toll Highway Authority, RB, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/46 | 5715 | 6038880 |
|  Metropolitan Pier & Exposition Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/15/53 | 3925 | 3949029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/57 | 4555 | 4394395 |
|  Metropolitan Pier & Exposition Authority, Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 4.00%, 06/15/50 | 9695 | 7927951 |
|  State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/30 | 1235 | 1312383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/39 | 510 | 510130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/39 | 2460 | 2561362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/35 | 1460 | 1460934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/38 | 2250 | 1994980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/38 | 2190 | 2190009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/39 | 2100 | 1842403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/40 | 2300 | 1996108 |
|  |  | 84709433 |
| **Indiana — 0.6%** |  |  |
|  City of Valparaiso Indiana, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 6.75%, 01/01/34 | 525 | 536186 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 7.00%, 01/01/44 | 1270 | 1292661 |
|  City of Vincennes Indiana, Refunding RB,<br>6.25%, 01/01/29<sup>(b)</sup> | 2090 | 2055613 |
|  Indiana Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/23<sup>(c)</sup> | 370 | 371995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 6.75%, 05/01/39 | 2785 | 3179345 |
|  Indiana Housing & Community Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Authority, RB, 5.38%, 10/01/40<sup>(b)</sup> | 3175 | 2639635 |
|  |  | 10075435 |
| **Iowa — 0.3%** |  |  |
|  Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48 | 2360 | 1967726 |
|  Iowa Higher Education Loan Authority, Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 5.50%, 11/01/51 | 1000 | 947675 |
|  Iowa Tobacco Settlement Authority, Refunding RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B2, Subordinate, 0.00%, 06/01/65<sup>(d)</sup> | 23995 | 2720937 |
|  |  | 5636338 |
| **Kansas — 0.3%** |  |  |
|  City of Manhattan Kansas, RB, Series A, 4.00%, 06/01/52 | 1360 | 929621 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Kansas (continued)** |  |  |
|  City of Prairie Village Kansas, Refunding TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/01/30 | $750 | $659868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/01/36 | 1000 | 806185 |
|  City of Shawnee Kansas, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/41 | 770 | 742796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/56 | 1900 | 1692531 |
|  |  | 4831001 |
| **Kentucky — 0.8%** |  |  |
|  City of Hazard Kentucky, Refunding RB, 3.00%, 07/01/46 | 2500 | 1798263 |
|  City of Henderson Kentucky, RB, Series SE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, AMT, 4.70%, 01/01/52<sup>(b)</sup> | 685 | 604687 |
|  Kentucky Economic Development Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24<sup>(d)</sup> | 250 | 236512 |
|  Kentucky Public Energy Authority, RB, Series C, RB, 4.00%, 02/01/50<sup>(a)</sup> | 9000 | 8901531 |
|  Kentucky Public Transportation Infrastructure |  |  |
|  Authority, RB, Series A, 6.00%, 07/01/23<sup>(c)</sup> | 3000 | 3034446 |
|  |  | 14575439 |
| **Louisiana<sup>(b)</sup> — 0.8%** |  |  |
|  Juban Crossing Economic Development District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series C, 7.00%, 09/15/44 | 2985 | 2514475 |
|  Louisiana Local Government Environmental |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities & Community Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 5.00%, 07/01/54 | 1990 | 1755960 |
|  Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/41 | 990 | 892666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/49 | 500 | 429789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/51 | 1830 | 1590482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/60 | 3385 | 2858396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/62 | 855 | 862976 |
|  Parish of St James Louisiana, RB, 2nd Series, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 07/01/40 | 3160 | 3372554 |
|  |  | 14277298 |
| **Maine — 0.2%** |  |  |
|  Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51<sup>(b)</sup> | 4050 | 2792629 |
| **Maryland — 2.2%** |  |  |
|  City of Baltimore Maryland, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/42 | 260 | 246950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/51 | 780 | 723637 |
|  City of Baltimore Maryland, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/46 | 1500 | 1284554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/27 | 325 | 318541 |
|  County of Frederick Maryland, Refunding TA, 4.63%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/01/43<sup>(b)</sup> | 4890 | 4578224 |
|  Maryland Economic Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/56 | 985 | 962029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, 5.25%, 06/30/55 | 4760 | 4861807 |
|  Maryland Economic Development Corp., TA, 4.00%, 09/01/50 | 605 | 474566 |
|  Maryland Health & Higher Educational Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, 03/01/55<sup>(b)</sup> | 8165 | 8493690 |

---

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> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Maryland (continued)** |  |  |
|  Maryland Health & Higher Educational Facilities<br>Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 04/15/50 | $&nbsp;&nbsp;&nbsp;&nbsp;15000 | $&nbsp;&nbsp;&nbsp;&nbsp;13506045 |
|  Maryland State Transportation Authority, Refunding<br>RB, Series A, 2.50%, 07/01/47 | 2750 | 1795406 |
|  Montgomery County Housing Opportunities<br>Commission, RB, M/F Housing, Series C, (FHA<br>542(C)), 2.85%, 01/01/51 | 1855 | 1306495 |
|  |  | 38551944 |
| **Massachusetts — 1.0%** |  |  |
|  Massachusetts Development Finance Agency, RB<br>4.00%, 06/01/56 | 1570 | 1258583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 07/01/45 | 715 | 604043 |
|  Massachusetts Development Finance Agency,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/32<sup>(b)</sup> | 355 | 358563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/42<sup>(b)</sup> | 855 | 838450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/50 | 1050 | 778151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 06/01/50 | 2120 | 1775848 |
|  Massachusetts Port Authority, ARB, Series E, AMT,<br>5.00%, 07/01/51 | 11915 | 12192274 |
|  |  | 17805912 |
| **Michigan — 0.4%** |  |  |
|  Advanced Technology Academy, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/24 | 125 | 122376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/34 | 400 | 394684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/44 | 160 | 148717 |
|  City of Detroit Michigan, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/34 | 485 | 489015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/35 | 485 | 488077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/36 | 340 | 341488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/37 | 545 | 545584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/38 | 240 | 240142 |
|  Grand Traverse County Hospital Finance Authority,<br>Refunding RB, 3.00%, 07/01/51 | 2000 | 1382096 |
|  Michigan Strategic Fund, RB 5.00%, 11/15/42 | 280 | 261218 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 2030 | 2019190 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/01/61<sup>(a)</sup> | 1355 | 1322188 |
|  |  | 7754775 |
| **Minnesota — 0.7%** |  |  |
|  City of Cologne Minnesota, RB, Series A, 5.00%,<br>07/01/45 | 2065 | 1866355 |
|  City of Deephaven Minnesota, Refunding RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/40 | 500 | 495881 |
|  City of Minneapolis Minnesota, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/55 | 1405 | 1155389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, 07/01/55 | 3435 | 3313202 |
|  Duluth Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.25%, 02/15/48 | 1925 | 1653296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/53 | 1060 | 1067251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/58 | 2790 | 2803046 |
|  |  | 12354420 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Mississippi — 0.3%** |  |  |
|  Mississippi Home Corp., Refunding RB, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (FHLMC, FNMA, GNMA), 2.10%, 12/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;8025 | $&nbsp;&nbsp;&nbsp;&nbsp;6056516 |
| **Missouri — 0.9%** |  |  |
|  Industrial Development Authority of the City of St.<br>Louis Missouri, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.38%, 11/15/35 | 1020 | 783881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.75%, 11/15/47 | 1135 | 855597 |
|  Kansas City Industrial Development Authority, ARB,<br>Class B, AMT, 5.00%, 03/01/54 | 5550 | 5564324 |
|  Kansas City Industrial Development Authority, RB,<br>Series C, 7.50%, 11/15/46 | 425 | 341427 |
|  Kansas City Industrial Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 5.00%, 11/15/46 | 772 | 628880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D, 2.00%, 11/15/46 | 345 | 15341 |
|  Kansas City Land Clearance Redevelopment<br>Authority, TA<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.38%, 02/01/31 | 3105 | 2691507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/40 | 1240 | 1012955 |
|  Plaza at Noah's Ark Community Improvement<br>District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/25 | 350 | 337686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/26 | 275 | 260813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 | 225 | 202185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/35 | 750 | 616603 |
|  Poplar Bluff Regional Transportation Development<br>District, RB, 4.75%, 12/01/42 | 2200 | 2129752 |
|  |  | 15440951 |
| **Nevada — 0.2%** |  |  |
|  City of Las Vegas Nevada Special Improvement<br>District No.815, SAB, 5.00%, 12/01/49 | 810 | 796483 |
|  Tahoe-Douglas Visitors Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | 1490 | 1499286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/45 | 1460 | 1437374 |
|  |  | 3733143 |
| **New Hampshire — 0.7%** |  |  |
|  New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 08/15/40 | 1435 | 1232965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.25%, 08/15/46 | 1610 | 1325956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 08/15/55 | 3350 | 2743784 |
|  New Hampshire Business Finance Authority,<br>Refunding RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.63%, 11/01/42 | 4650 | 4310238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 4.88%, 11/01/42 | 2515 | 2317150 |
|  |  | 11930093 |
| **New Jersey — 3.0%** |  |  |
|  Casino Reinvestment Development Authority, Inc.,<br>Refunding RB, Class D, 5.25%, 11/01/44 | 5750 | 5802986 |
|  Industrial Pollution Control Financing Authority of<br>Gloucester County, Refunding RB, Series A, AMT,<br>5.00%, 12/01/24<sup>(h)</sup> | 620 | 628968 |
|  New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/39 | 1165 | 1108543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/43 | 970 | 985073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 7835 | 8129047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/32 | 235 | 232891 |

---

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> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New Jersey (continued)** |  |  |
|  New Jersey Economic Development Authority,<br>RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | $&nbsp;&nbsp;&nbsp;&nbsp;375 | $&nbsp;&nbsp;&nbsp;&nbsp;364861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/54<sup>(b)</sup> | 3955 | 3361133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/43 | 3755 | 3840036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/43 | 5550 | 5675685 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 1360 | 1366041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 6.50%, 04/01/31 | 2405 | 2451732 |
|  New Jersey Health Care Facilities Financing<br>Authority, RB, 3.00%, 07/01/51 | 10160 | 7253092 |
|  New Jersey Higher Education Student Assistance<br>Authority, RB, Series C, AMT, 3.25%, 12/01/51 | 1700 | 1190209 |
|  New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.25%, 06/15/41 | 1265 | 1289780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/50 | 5000 | 4268565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.25%, 06/15/43 | 4095 | 4251806 |
|  |  | 52200448 |
| **New Mexico — 0.4%** |  |  |
|  New Mexico Mortgage Finance Authority, RB, S/F<br>Housing, Class C, (FHLMC, FNMA, GNMA),<br>3.00%, 01/01/52 | 7465 | 7179830 |
| **New York — 6.9%** |  |  |
|  Albany Capital Resource Corp., Refunding RB,<br>4.00%, 07/01/41 | 3750 | 2835904 |
|  Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32 | 2255 | 2093591 |
|  Build NYC Resource Corp., Refunding RB, AMT,<br>5.00%, 01/01/35<sup>(b)</sup> | 1215 | 1264144 |
|  Chautauqua Tobacco Asset Securitization Corp.,<br>Refunding RB, 5.00%, 06/01/48 | 1975 | 1929154 |
|  City of New York, GO, Series A-1, 4.00%, 09/01/46 | 3825 | 3606791 |
|  Huntington Local Development Corp., RB, Series A,<br>5.25%, 07/01/56 | 585 | 447761 |
|  Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 4.75%, 11/15/45 | 4115 | 3880190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/50 | 1340 | 1304984 |
|  New York City Industrial Development Agency, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (AGM), 3.00%, 01/01/36 | 300 | 262762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (AGM), 3.00%, 01/01/40 | 1130 | 915793 |
|  New York City Transitional Finance Authority Future<br>Tax Secured Revenue, RB, Series F-1,<br>Subordinate, 5.00%, 02/01/51 | 4495 | 4770224 |
|  New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2, 5.15%, 11/15/34<sup>(b)</sup> | 450 | 446913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40<sup>(b)</sup> | 1070 | 1047593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 2.75%, 02/15/44 | 14320 | 10202900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.00%, 11/15/44<sup>(b)</sup> | 4775 | 4332429 |
|  New York Power Authority, Refunding RB, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/55 | 3425 | 3105906 |
|  New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 02/15/47 | 17085 | 15824178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/35<sup>(b)</sup> | 785 | 780053 |
|  New York State Housing Finance Agency, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-1, (SONYMA HUD SECT 8), 2.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/41 | 2950 | 2102017 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
|  New York State Housing Finance Agency, RB, M/F<br>Housing (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J-1, (SONYMA HUD SECT 8), 2.65%,<br>11/01/46 | $&nbsp;&nbsp;&nbsp;&nbsp;3935 | $&nbsp;&nbsp;&nbsp;&nbsp;2648031 |
|  New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/35 | 10000 | 10244300 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 01/01/36 | 5000 | 4552150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 3000 | 2903253 |
|  New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 3845 | 3827425 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 04/30/53 | 3365 | 2768362 |
|  New York Transportation Development Corp.,<br>Refunding ARB, AMT, 5.38%, 08/01/36 | 3665 | 3574427 |
|  New York Transportation Development Corp.,<br>Refunding RB, 4.00%, 12/01/40 | 3000 | 2753787 |
|  Niagara Area Development Corp., Refunding RB,<br>Series A, AMT, 4.75%, 11/01/42<sup>(b)</sup> | 530 | 496844 |
|  Port Authority of New York & New Jersey, Refunding<br>ARB, Series 223, AMT, 4.00%, 07/15/61 | 15000 | 12548055 |
|  State of New York Mortgage Agency, RB, S/F<br>Housing, Series 239, (SONYMA), 2.60%,<br>10/01/44 | 4040 | 2891537 |
|  Triborough Bridge & Tunnel Authority, RB, Series A,<br>4.00%, 11/15/54 | 670 | 613419 |
|  Westchester County Healthcare Corp., RB, Series A,<br>Senior Lien, 5.00%, 11/01/44 | 1259 | 1265435 |
|  Westchester County Local Development Corp.,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/41<sup>(b)</sup> | 240 | 201742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/46<sup>(b)</sup> | 290 | 232624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/56<sup>(b)</sup> | 5000 | 3803480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.13%, 07/01/55 | 1100 | 894182 |
|  Westchester Tobacco Asset Securitization Corp.,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series C, 4.00%, 06/01/42 | 740 | 718394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series C, 5.13%, 06/01/51 | 2000 | 1986700 |
|  |  | 120077434 |
| **North Carolina — 0.1%** |  |  |
|  North Carolina Turnpike Authority, RB, Senior Lien,<br>4.00%, 01/01/55 | 3000 | 2434896 |
| **North Dakota — 0.3%** |  |  |
|  County of Cass North Dakota, Refunding RB,<br>Series B, 5.25%, 02/15/58 | 1785 | 1796454 |
|  University of North Dakota, COP, Series A, (AGM),<br>2.50%, 06/01/54 | 6200 | 3551695 |
|  |  | 5348149 |
| **Ohio — 2.4%** |  |  |
|  American Municipal Power, Inc., Refunding RB,<br>4.00%, 02/15/37 | 2750 | 2700181 |
|  Buckeye Tobacco Settlement Financing Authority,<br>Refunding RB, Series B-2, Class 2, 5.00%,<br>06/01/55 | 12320 | 10649408 |
|  Cleveland-Cuyahoga County Port Authority, Refunding TA<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/55 | 1190 | 926405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 4.00%, 12/01/55 | 925 | 734159 |
|  County of Hamilton Ohio, Refunding RB, Series C,<br>5.00%, 01/01/46 | 1435 | 1320138 |

---

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> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Ohio (continued)** |  |  |
|  County of Hardin Ohio, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;620 | $&nbsp;&nbsp;&nbsp;&nbsp;599012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/40 | 615 | 568879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/50 | 2895 | 2580143 |
|  Franklin County Convention Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 | 1800 | 1761161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/51 | 4000 | 3823268 |
|  Hickory Chase Community Authority, Refunding RB,<br>5.00%, 12/01/40<sup>(b)</sup> | 1815 | 1606166 |
|  Jefferson County Port Authority, RB, AMT, 3.50%,<br>12/01/51<sup>(b)</sup> | 4125 | 2836606 |
|  Ohio Air Quality Development Authority, RB, AMT,<br>5.00%, 07/01/49<sup>(b)</sup> | 4700 | 4144474 |
|  Ohio Higher Educational Facility Commission,<br>Refunding RB, 4.00%, 10/01/47 | 3500 | 2914237 |
|  Port of Greater Cincinnati Development Authority,<br>RB, 4.25%, 12/01/50<sup>(b)</sup> | 1100 | 873124 |
|  Southern Ohio Port Authority, RB, Series A, AMT,<br>7.00%, 12/01/42<sup>(b)</sup> | 5980 | 4240316 |
|  |  | 42277677 |
| **Oklahoma — 1.7%** |  |  |
|  Norman Regional Hospital Authority, RB, 4.00%,<br>09/01/45 | 3565 | 3093671 |
|  Oklahoma Development Finance Authority, RB<br>7.25%, 09/01/51<sup>(b)</sup> | 14390 | 14955628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 7.25%, 09/01/51<sup>(b)</sup> | 1920 | 1995470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/38 | 4585 | 4139897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 08/15/48 | 850 | 743529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 08/15/52 | 3280 | 2944390 |
|  Tulsa Authority for Economic Opportunity, TA,<br>4.38%, 12/01/41<sup>(b)</sup> | 1165 | 921704 |
|  Tulsa County Industrial Authority, Refunding RB,<br>5.25%, 11/15/37 | 1050 | 1050158 |
|  |  | 29844447 |
| **Oregon — 0.3%** |  |  |
|  Medford Hospital Facilities Authority, Refunding RB,<br>Series A, 4.00%, 08/15/50 | 4845 | 4339042 |
|  Oregon State Facilities Authority, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49 | 915 | 812034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/15/55 | 505 | 451801 |
|  |  | 5602877 |
| **Pennsylvania — 1.5%** |  |  |
|  Bucks County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/46 | 275 | 210431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/51 | 200 | 144935 |
|  East Hempfield Township Industrial Development<br>Authority, RB, 5.00%, 07/01/24<sup>(c)</sup> | 2750 | 2836114 |
|  Montgomery County Higher Education and Health<br>Authority, Refunding RB, Series A, 4.00%,<br>09/01/49 | 880 | 753962 |
|  Montgomery County Industrial Development<br>Authority, Refunding RB, 5.00%, 12/01/46 | 1470 | 1412554 |
|  Northampton County Industrial Development<br>Authority, TA, 7.00%, 07/01/32 | 980 | 985289 |
|  Pennsylvania Economic Development Financing<br>Authority, RB, AMT, 5.00%, 06/30/42 | 895 | 895333 |
|  Pennsylvania Economic Development Financing<br>Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/15/40 | 3520 | 3314957 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Pennsylvania (continued)** |  |  |
|  Pennsylvania Economic Development Financing<br>Authority, Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;2250 | $&nbsp;&nbsp;&nbsp;&nbsp;1886879 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.50%, 11/01/44 | 5390 | 5324797 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 2890 | 3039982 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 4830 | 4746518 |
|  |  | 25551751 |
| **Puerto Rico — 11.7%** |  |  |
|  Children's Trust Fund, RB, Series A, 0.00%,<br>05/15/57<sup>(d)</sup> | 135505 | 9054444 |
|  Children's Trust Fund, Refunding RB, Series B,<br>0.00%, 05/15/55<sup>(d)</sup> | 2000 | 200006 |
|  Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/43<sup>(a)</sup> | 14814 | 6484136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/51<sup>(a)</sup> | 34481 | 11378898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.38%, 07/01/25 | — <sup>(i)</sup> | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.63%, 07/01/29 | 11002 | 11269225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 5.75%, 07/01/31 | 5352 | 5514629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/33 | 1849 | 1603858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/35 | 1662 | 1397426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/37 | 1426 | 1165341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/41 | 1939 | 1518370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A1, Restructured, 4.00%, 07/01/46 | 2017 | 1512044 |
|  Commonwealth of Puerto Rico, GO, CAB, Series A,<br>Restructured, 0.00%, 07/01/33<sup>(d)</sup> | 2379 | 1285007 |
|  Commonwealth of Puerto Rico, RB, 0.00%,<br>11/01/51<sup>(a)</sup> | 763 | 246784 |
|  PRIFA Custodial Trust, RB, Series 2005, 0.00%,<br>03/15/49 | 3300 | 1047750 |
|  Puerto Rico Commonwealth Aqueduct & Sewer<br>Authority, RB, Series A, AMT, 4.00%, 07/01/42<sup>(b)</sup> | 1075 | 863450 |
|  Puerto Rico Commonwealth Aqueduct & Sewer<br>Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/33<sup>(b)</sup> | 3530 | 3410746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/28<sup>(b)</sup> | 4465 | 4436049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/29<sup>(b)</sup> | 3265 | 3224909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 07/01/32<sup>(d)</sup> | 9050 | 5367121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/42<sup>(b)</sup> | 5000 | 4011565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/47<sup>(b)</sup> | 2905 | 2240205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, 5.00%, 07/01/35<sup>(b)</sup> | 3455 | 3293043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, 5.00%, 07/01/47<sup>(b)</sup> | 4625 | 4162865 |
|  Puerto Rico Electric Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/23<sup>(a)(f)(g)</sup> | 4430 | 3959253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3rd Series, 1.00%, 01/01/23<sup>(a)(f)(g)</sup> | 208 | 158873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.25%, 07/01/30 | 250 | 191250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/40 | 1000 | 765000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.05%, 07/01/42<sup>(f)(g)</sup> | 1080 | 798442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 10.00%, 07/01/19 | 230 | 176112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 10.00%, 07/01/19<sup>(f)(g)</sup> | 1161 | 888492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19<sup>(f)(g)</sup> | 748 | 571966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19<sup>(f)(g)</sup> | 748 | 571966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18<sup>(f)(g)</sup> | 2054 | 1571445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.40%, 07/01/18<sup>(f)(g)</sup> | 2054 | 1571699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20<sup>(f)(g)</sup> | 208 | 158873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.00%, 07/01/22 | 715 | 528598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.00%, 07/01/25 | 620 | 458365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/26<sup>(f)(g)</sup> | 590 | 436186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28<sup>(f)(g)</sup> | 1945 | 1437935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 7.50%, 01/01/20<sup>(f)(g)</sup> | 2332 | 1784156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/19<sup>(f)(g)</sup> | 900 | 665368 |

---

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> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Puerto Rico (continued)** |  |  |
|  Puerto Rico Electric Power Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17<sup>(f)(g)</sup> | $475 | $351166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/19<sup>(f)(g)</sup> | 750 | 554474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/22<sup>(f)(g)</sup> | 4500 | 3326841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/24<sup>(f)(g)</sup> | 815 | 602528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/25 | 1940 | 1434238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33<sup>(f)(g)</sup> | 315 | 232879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35<sup>(f)(g)</sup> | 705 | 521205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36<sup>(f)(g)</sup> | 2870 | 2121785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 6.75%, 07/01/36<sup>(f)(g)</sup> | 5830 | 4459950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 7.00%, 07/01/33<sup>(f)(g)</sup> | 8735 | 6682275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 5.00%, 07/01/42<sup>(f)(g)</sup> | 2315 | 1711475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 7.00%, 07/01/43<sup>(f)(g)</sup> | 775 | 592875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, RB, 5.00%, 07/01/25<sup>(f)(g)</sup> | 3270 | 2417504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, RB, 5.00%, 07/01/26<sup>(f)(g)</sup> | 455 | 336381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, RB, 5.50%, 07/01/38<sup>(f)(g)</sup> | 415 | 306809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, RB, 5.25%, 07/01/27<sup>(f)(g)</sup> | 230 | 170038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, RB, 5.25%, 07/01/40<sup>(f)(g)</sup> | 8385 | 6199014 |
|  Puerto Rico Electric Power Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/22<sup>(f)(g)</sup> | 765 | 565563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/25 | 3560 | 2631901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/28<sup>(f)(g)</sup> | 3655 | 2702134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/17<sup>(a)(f)(g)</sup> | 2660 | 1995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 1.58%, 07/01/18<sup>(a)(f)(g)</sup> | 125 | 93750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 1.32%, 07/01/20<sup>(a)(f)(g)</sup> | 1135 | 851250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 3.89%, 07/01/31<sup>(a)(f)(g)</sup> | 1345 | 1008750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/17<sup>(f)(g)</sup> | 330 | 243968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/19<sup>(f)(g)</sup> | 1050 | 776263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/23<sup>(f)(g)</sup> | 370 | 273540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/24<sup>(f)(g)</sup> | 5050 | 3733455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/25 | 265 | 195914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/28<sup>(f)(g)</sup> | 345 | 255058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Refunding RB, 5.25%, 07/01/29<sup>(f)(g)</sup> | 190 | 140467 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax<br>Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Convertiable, Restructured, 4.33%,<br>07/01/40 | 7453 | 6617228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.50%, 07/01/34 | 2255 | 2120167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 12864 | 11395176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 9552 | 8641064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 | 1564 | 1318885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 7333 | 6391362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 15338 | 13618012 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax<br>Revenue, RB, CAB<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/29 | 2914 | 2089073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/33 | 2574 | 1459545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 7072 | 1742534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 2066 | 513376 |
|  |  | 204776725 |
| **Rhode Island — 0.3%** |  |  |
|  Tobacco Settlement Financing Corp., Refunding RB,<br>Series B, 5.00%, 06/01/50 | 5650 | 5604625 |
| **South Carolina — 0.7%** |  |  |
|  City of Hardeeville South Carolina, SAB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/27 | 500 | 477104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/32 | 850 | 727259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/41 | 1400 | 1101772 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **South Carolina (continued)** |  |  |
|  City of Hardeeville South Carolina,<br>SAB<sup>(b)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/52 | $1350 | $960610 |
|  County of Dorchester South Carolina, SAB, 6.00%,<br>10/01/51<sup>(b)</sup> | 2240 | 2241564 |
|  South Carolina Jobs-Economic Development<br>Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(b)</sup> | 1935 | 1847844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/42 | 585 | 546515 |
|  South Carolina Jobs-Economic Development<br>Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/27 | 480 | 457613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/52 | 800 | 741878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/48 | 3315 | 3330156 |
|  |  | 12432315 |
| **South Dakota — 0.8%** |  |  |
|  South Dakota Housing Development Authority,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, (FHLMC, FNMA, GNMA),<br>3.00%, 11/01/51 | 6005 | 5816161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.00%, 11/01/52 | 7710 | 7411985 |
|  |  | 13228146 |
| **Tennessee — 1.4%** |  |  |
|  Chattanooga Health Educational & Housing Facility<br>Board, Refunding RB, Series A, 4.00%, 08/01/44 .. | 410 | 349751 |
|  Franklin Health & Educational Facilities Board,<br>Refunding RB, Series A, 7.50%, 06/01/47<sup>(b)(f)(g)</sup> | 4060 | 1219795 |
|  Knox County Health Educational & Housing Facility<br>Board, Refunding RB, 5.00%, 04/01/36 | 560 | 567274 |
|  Metropolitan Government Nashville & Davidson<br>County Health & Educational Facilities Board,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/49 | 1635 | 1202345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/01/58 | 7565 | 7108596 |
|  Metropolitan Government Nashville & Davidson<br>County Industrial Development Board, SAB,<br>4.00%, 06/01/51<sup>(b)</sup> | 2350 | 1874095 |
|  Metropolitan Government Nashville & Davidson<br>County Industrial Development Board, SAB, CAB,<br>0.00%, 06/01/43<sup>(b)(d)</sup> | 4000 | 1278444 |
|  Metropolitan Nashville Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/33 | 1150 | 1272559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/34 | 1250 | 1374671 |
|  Nashville Metropolitan Development & Housing<br>Agency, TA, 5.13%, 06/01/36<sup>(b)</sup> | 500 | 495165 |
|  Tennergy Corp., RB, Series A, 5.50%,<br>10/01/53<sup>(a)</sup> | 7435 | 7835077 |
|  |  | 24577772 |
| **Texas — 6.0%** |  |  |
|  Angelina & Neches River Authority, RB, Series A,<br>AMT, 7.50%, 12/01/45<sup>(b)</sup> | 2340 | 1621606 |
|  Arlington Higher Education Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/51 | 2045 | 1647734 |
| &nbsp;&nbsp;&nbsp;&nbsp; (PSF), 5.00%, 08/15/52 | 3440 | 3609004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/54<sup>(b)</sup> | 6260 | 5829531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/62<sup>(b)</sup> | 1970 | 2033749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/01/62<sup>(b)</sup> | 1670 | 1709003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.88%, 03/01/24 | 230 | 231328 |

---

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) (continued)<br> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  Arlington Higher Education Finance Corp.,<br>Refunding RB, 5.00%, 08/15/51 | $1000 | $848308 |
|  Brazoria County Industrial Development Corp., RB,<br>AMT, 7.00%, 03/01/39 | 1610 | 1523646 |
|  Central Texas Regional Mobility Authority, Refunding<br>RB<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/28 | 3000 | 2473569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/29 | 500 | 396279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/30 | 1330 | 1014951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/31 | 4000 | 2932624 |
|  City of Crandall Texas, SAB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/26 | 100 | 97712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/31 | 200 | 193309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/31 | 100 | 96177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/41 | 770 | 708852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/41 | 500 | 462564 |
|  City of Houston Texas Airport System Revenue,<br>ARB, AMT, 5.00%, 07/15/28 | 2725 | 2767426 |
|  City of Houston Texas Airport System Revenue, RB,<br>Series A, AMT, 6.63%, 07/15/38 | 1110 | 1110058 |
|  City of Houston Texas Airport System Revenue,<br>Refunding ARB, AMT, 5.00%, 07/15/27 | 615 | 625262 |
|  City of Houston Texas Airport System Revenue,<br>Refunding RB, Series C, AMT, 5.00%, 07/15/27 | 3925 | 3980397 |
|  City of Marble Falls Taxas, SAB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/31 | 100 | 89258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/41 | 295 | 229997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/01/51 | 500 | 368311 |
|  City of San Marcos Texas, SAB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/27 | 228 | 220794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/32 | 237 | 219836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/42 | 750 | 635782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/51 | 520 | 424937 |
|  Fort Bend County Industrial Development Corp., RB,<br>Series B, 4.75%, 11/01/42 | 3380 | 3237492 |
|  Harris County Cultural Education Facilities Finance<br>Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/38 | 510 | 475098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/43 | 520 | 464127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.13%, 01/01/48 | 1535 | 1333889 |
|  Harris County-Houston Sports Authority, Refunding<br>RB, Series G, Senior Lien, (NPFGC), 0.00%,<br>11/15/41<sup>(d)</sup> | 350 | 119612 |
|  Hemphill County Hospital District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/39 | 1500 | 1366201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/45 | 2500 | 2201307 |
|  Hidalgo County Regional Mobility Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, 4.00%, 12/01/39 | 745 | 726608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, 4.00%, 12/01/41 | 1490 | 1423373 |
|  Hidalgo County Regional Mobility Authority,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Junior Lien, 4.00%, 12/01/38 | 585 | 546625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Junior Lien, 4.00%, 12/01/39 | 1000 | 926460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Junior Lien, 4.00%, 12/01/40 | 1040 | 953332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Junior Lien, 4.00%, 12/01/41 | 1000 | 905099 |
|  Houston Higher Education Finance Corp., RB,<br>4.00%, 10/01/51 | 1400 | 1097659 |
|  Mission Economic Development Corp., Refunding<br>RB, AMT, Senior Lien, 4.63%, 10/01/31<sup>(b)</sup> | 1385 | 1349255 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 07/01/57 | $3000 | $2545137 |
|  New Hope Cultural Education Facilities Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.88%, 04/01/23<sup>(c)</sup> | 890 | 895806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 04/01/23<sup>(c)</sup> | 1355 | 1364240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.75%, 10/01/52 | 5000 | 4713235 |
|  New Hope Higher Education Finance Corp., RB,<br>Series A, 5.75%, 06/15/51<sup>(b)</sup> | 5580 | 4975524 |
|  Newark Higher Education Finance Corp., RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/15/35 | 375 | 384499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, 08/15/45 | 735 | 747117 |
|  Port Beaumont Navigation District, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 2.75%, 01/01/36 | 665 | 488465 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 2.88%, 01/01/41 | 3000 | 1997793 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 3.00%, 01/01/50 | 21760 | 12907967 |
|  Port Beaumont Navigation District, Refunding RB,<br>Series A, AMT, 3.63%, 01/01/35<sup>(b)</sup> | 2775 | 2290441 |
|  San Antonio Education Facilities Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/41 | 645 | 568595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/51 | 885 | 723499 |
|  Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48 | 8560 | 8720894 |
|  Texas Transportation Commission State Highway 249 System, RB, CAB<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/46 | 2580 | 677714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/47 | 3850 | 945048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/48 | 4070 | 928745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/49 | 3825 | 809561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/50 | 5485 | 1080101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/51 | 3230 | 592621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/52 | 3230 | 552634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/53 | 290 | 46396 |
|  |  | 104184173 |
| **Utah — 0.1%** |  |  |
|  Utah Charter School Finance Authority, RB,<br>Series A, 5.00%, 06/15/52<sup>(b)</sup> | 1320 | 1125515 |
| **Vermont — 0.5%** |  |  |
|  East Central Vermont Telecommunications District, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.75%, 12/01/40 | 2850 | 2502206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/01/44 | 3695 | 3012955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/01/50 | 3000 | 2325099 |
|  Vermont Student Assistance Corp., RB, Class A, AMT, 2.38%, 06/15/39 | 2170 | 1650300 |
|  |  | 9490560 |
| **Virginia — 1.2%** |  |  |
|  Hampton Roads Transportation Accountability Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, 4.00%, 07/01/55 | 9770 | 9073477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Senior Lien, 4.00%, 07/01/60 | 4325 | 3957362 |
|  Hanover County Economic Development Authority,<br>Refunding RB, 4.00%, 07/01/40<sup>(b)</sup> | 1790 | 1507606 |
|  Henrico County Economic Development Authority,<br>Refunding RB, 4.00%, 10/01/50 | 1250 | 1089460 |
|  Lower Magnolia Green Community Development<br>Authority, SAB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/35 | 490 | 483761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/45 | 505 | 473529 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) continued)<br> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Virginia (continued)** |  |  |
|  Norfolk Redevelopment & Housing Authority, RB,<br>Series A, 5.00%, 01/01/49 | $1250 | $1026781 |
|  Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45 | 830 | 740926 |
|  Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48 | 2885 | 2193079 |
|  |  | 20545981 |
| **Washington — 1.2%** |  |  |
|  Washington Economic Development Finance Authority, RB, Series A, AMT, 5.63%, 12/01/40<sup>(b)</sup> | 3470 | 3487617 |
|  Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 885 | 761180 |
|  Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58 | 5365 | 3096179 |
|  Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/56<sup>(b)</sup> | 1400 | 1218661 |
|  Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 | 9381 | 8257372 |
|  Washington State Housing Finance Commission, Refunding RB<sup>(b)</sup><br>5.75%, 01/01/35 | 355 | 337271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/45 | 940 | 875967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/48 | 2410 | 2276679 |
|  |  | 20310926 |
| **Wisconsin — 3.9%** |  |  |
|  Public Finance Authority, ARB<br>AMT, 4.00%, 07/01/41 | 530 | 405730 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.25%, 07/01/54 | 3690 | 2612579 |
|  Public Finance Authority, RB<br>5.00%, 06/15/39 | 310 | 312969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/41<sup>(b)</sup> | 925 | 845545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/42<sup>(b)</sup> | 1555 | 1437114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/45<sup>(b)</sup> | 280 | 251167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/49 | 955 | 918478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/49<sup>(b)</sup> | 5975 | 5130207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/50<sup>(b)</sup> | 315 | 282951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/53 | 645 | 610580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/55<sup>(b)</sup> | 2405 | 2006326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/56<sup>(b)</sup> | 3790 | 3207341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.25%, 06/15/31<sup>(b)</sup> | 170 | 154878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.25%, 10/01/31<sup>(b)</sup> | 910 | 766033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/40<sup>(b)</sup> | 750 | 687800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/41<sup>(b)</sup> | 510 | 445886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.38%, 06/01/44<sup>(b)</sup> | 1215 | 1032516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.85%, 11/01/46<sup>(b)(f)(g)</sup> | 1325 | 993750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, 11/01/46<sup>(b)(f)(g)</sup> | 805 | 603750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.38%, 07/15/47<sup>(b)</sup> | 1595 | 1507661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, 10/01/47<sup>(b)</sup> | 910 | 726154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/49<sup>(b)</sup> | 1340 | 1147777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.63%, 06/15/49<sup>(b)</sup> | 8025 | 7688728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/51<sup>(b)</sup> | 1060 | 857261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/51<sup>(b)</sup> | 5280 | 3923235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/54<sup>(b)</sup> | 1500 | 1217046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/55<sup>(b)</sup> | 11540 | 8864301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.75%, 06/15/56<sup>(b)</sup> | 2415 | 1738380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(b)</sup> | 895 | 771937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 12/01/48<sup>(b)(f)(g)</sup> | 38 | 8436 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Wisconsin (continued)** |  |  |
| Public Finance Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/35<sup>(b)(d)</sup> | $1135 | $483113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/60<sup>(b)(d)</sup> | 31635 | 1704620 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 09/30/51 | 4000 | 3125780 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 03/31/56 | 3370 | 2570835 |
|  Public Finance Authority, Refunding RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/32 | 595 | 566165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/42 | 650 | 528372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/52 | 1300 | 1096621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 | 815 | 601913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/52 | 1135 | 969930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/34 | 280 | 275027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/39 | 680 | 639240 |
|  Wisconsin Health & Educational Facilities Authority, Refunding RB<br>5.00%, 11/01/46 | 130 | 103921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/47 | 3900 | 2909611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/57 | 1050 | 732126 |
|  Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 | 740 | 740627 |
|  |  | 68204417 |
| **Total Municipal Bonds — 92.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $1,810,467,703)** |  | 1618213339 |
|  **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(j)</sup>** | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(j)</sup>** | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(j)</sup>** |
|  **Georgia — 1.1%** |  |  |
|  Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52<sup>(a)</sup> | 18800 | 19411050 |
| **Illinois — 0.7%** |  |  |
|  Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41<sup>(c)</sup> | 12 | 6287701 |
|  Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 | 5011 | 5151305 |
|  |  | 11439006 |
| **Massachusetts — 0.2%** |  |  |
|  Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45 | 3463 | 3312539 |
| **Nebraska — 0.5%** |  |  |
|  Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53<sup>(a)</sup> | 9313 | 9654361 |
| **New York — 3.3%** |  |  |
|  New York City Housing Development Corp., Refunding RB, Series C-1, 4.15%, 11/01/39 | 3107 | 12336392 |
|  New York State Dormitory Authority, Refunding RB,<br>Series D, 4.00%, 02/15/47 | 32925 | 30495228 |
|  New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46 | 13000 | 11990472 |
|  Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 | 2925 | 3009681 |
|  |  | 57831773 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock High Yield Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **North Carolina — 1.1%** |  |  |
|  North Carolina Medical Care Commission, RB,<br>4.00%, 11/01/49 | $21050 | $19421267 |
| **Pennsylvania — 0.8%** |  |  |
|  Pennsylvania Economic Development Financing<br>Authority, RB, Series A-1, 4.00%, 04/15/50 | 11000 | 9345385 |
|  Pennsylvania Turnpike Commission, RB, Series A,<br>5.50%, 12/01/42 | 3677 | 3839829 |
|  |  | 13185214 |
| **Virginia — 0.4%** |  |  |
|  Fairfax County Industrial Development Authority,<br>Refunding RB, 4.00%, 05/15/42 | 8137 | 7786590 |
| **Washington — 0.5%** |  |  |
|  Snohomish County Public Utility District No.1, RB,<br>Series 1, 5.00%, 12/01/45 | 8664 | 8929735 |
| **Wisconsin — 0.1%** |  |  |
|  Wisconsin Health & Educational Facilities Authority,<br>Refunding RB, 4.00%, 12/01/46 | 1778 | 1622389 |
|  **Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.7%<br>(Cost: $159,616,208)** |  | 152593924 |
|  **Total Long-Term Investments — 101.4%<br>(Cost: $1,970,083,911)** |  | 1770807263 |
|  | *Shares* |  |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 2.7%** |  |  |
|  BlackRock Liquidity Funds, MuniCash, Institutional<br>Class, 3.09%<sup>(k)(l)</sup> | 47996554 | 47991754 |
|  **Total Short-Term Securities — 2.7%<br>(Cost: $47,991,649)** |  | 47991754 |
|  **Total Investments — 104.1%<br>(Cost: $2,018,075,560)** |  | 1818799017 |
|  **Other Assets Less Liabilities — 1.2%** |  | 20010066 |
|  **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.3)%** |  | (92299734) |
|  **Net Assets — 100.0%** |  | $1746509349 |

---

<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> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. (d) Zero-coupon bond.

<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. (g) Non-income producing security.

<sup>(h)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations. (i) Rounds to less than 1,000.

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

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

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 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>06/30/22* | *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>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class. | $77796619 | $– $| (29776925)<sup>(a)</sup> | $(14354) | $(13586) | $47991754 | 47996554 | $561253 | $— |

---

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

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> December 31, 2022 | **BlackRock High Yield Municipal Fund** |

---

**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 | 742 | 03/22/23 | $83208 | $824100 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 1187 | 03/22/23 | 148004 | 3028789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 485 | 03/31/23 | 52297 | 182992 |
|  |  |  |  | $4035881 |

---

**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* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $4035881 | $— | $4035881 |

---

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

For the period ended December 31, 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 | $— | $— | $— | $— | $21194088 | $— | $21194088 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $(477800) | $— | $(477800) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $289107493 |

---

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 | $— | $1614950470 | $3262869 | $1618213339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts |  | 152593924 |  | 152593924 |

---

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> December 31, 2022 | **BlackRock High Yield Municipal Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &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 | $47991754 | $— | $— | $47991754 |
|  | $47991754 | $1767544394 | $3262869 | $1818799017 |
|  Derivative Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $4035881 | $— | $— | $4035881 |

---

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 $91,838,967 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 39

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Municipal Bonds** |  |  |
| **Alabama<sup>(a)</sup> — 2.0%** |  |  |
|  Black Belt Energy Gas District, RB<br>Series C-1, 5.25%, 02/01/53 | $62425 | $64939729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 11170 | 11722490 |
|  Southeast Energy Authority A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/51 | 102970 | 101278820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 05/01/53 | 20000 | 20630560 |
|  |  | 198571599 |
| **Arizona — 1.8%** |  |  |
|  Arizona Industrial Development Authority, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/49 | 1695 | 1580406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/54 | 10655 | 9755974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/39 | 1300 | 1207615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 2010 | 1752541 |
|  Arizona Industrial Development Authority, Refunding RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/37 | 2830 | 2844294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 07/01/52 | 2450 | 2434754 |
|  City of Phoenix Civic Improvement Corp., RB 5.00%, 07/01/44 | 7930 | 8704959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/45 | 1000 | 953777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Junior Lien, 5.00%, 07/01/44 | 42815 | 46128967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Junior Lien, 4.00%, 07/01/40 | 1000 | 1001818 |
|  Industrial Development Authority of the City of Phoenix, RB<br>6.88%, 07/01/23<sup>(c)</sup> | 3440 | 3506481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.75%, 07/01/44<sup>(b)</sup> | 2190 | 2279913 |
|  Maricopa County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019F, 4.00%, 01/01/45 | 9400 | 8878037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/41 | 10000 | 9686100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/44 | 30445 | 29098661 |
|  Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 | 31100 | 32202837 |
|  Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 | 280 | 283727 |
|  Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/41 | 11595 | 11687888 |
|  |  | 173988749 |
| **Arkansas<sup>(b)</sup> — 0.6%** |  |  |
|  Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.50%, 09/01/49 | 15325 | 13545599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.75%, 09/01/49 | 50925 | 47518525 |
|  |  | 61064124 |
| **California — 14.3%** |  |  |
|  California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52<sup>(a)</sup> | 160000 | 157919040 |
|  California Community Housing Agency, RB, M/F Housing<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 02/01/50 | 6860 | 5152258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 08/01/51 | 7940 | 5531210 |
|  California Health Facilities Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/51 | 10000 | 9344790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/48 | 22500 | 21501202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/50 | 35000 | 33310025 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  California Health Facilities Financing Authority, Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/44 | $21960 | $22252332 |
|  California Housing Finance Agency, RB, M/F Housing Class A, 3.25%, 08/20/36 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, (FHLMC COLL), 3.75%, 03/25/35 | 14527 | 14187006 |
|  California Infrastructure & Economic Development Bank, RB, Series A-1, 5.00%, 01/01/56<sup>(b)</sup> | 2200 | 1607375 |
|  California Infrastructure & Economic Development Bank, RB, CAB, Class B, 0.00%, 01/01/61<sup>(b)(d)</sup> | 48025 | 2384393 |
|  California Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/46 | 2855 | 3074395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/51 | 8450 | 8008031 |
|  California State Public Works Board, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/46 | 12765 | 12266961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/46 | 17305 | 18858453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/01/40 | 10000 | 10140790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/01/46 | 10000 | 9635520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 05/01/45 | 4950 | 4817934 |
|  California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30 | 3510 | 3374974 |
|  City & County of San Francisco California, GO, Series D-1, 4.00%, 06/15/43 | 2065 | 2083523 |
|  City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39 | 25000 | 20257625 |
|  City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 | 27620 | 29352685 |
|  City of Los Angeles Department of Airports, ARB AMT, 5.00%, 05/15/47 | 26170 | 27075142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 05/15/38 | 14370 | 13750337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 05/15/39 | 10940 | 10290372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 05/15/45 | 17175 | 17776108 |
|  City of Los Angeles Department of Airports, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 05/15/42 | 2000 | 1827496 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/15/45 | 18000 | 18800460 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.00%, 05/15/44 | 10035 | 10388372 |
|  CMFA Special Finance Agency VII, RB, Series A1, 3.00%, 08/01/56<sup>(b)</sup> | 1330 | 885819 |
|  CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49<sup>(b)</sup> | 11440 | 8937809 |
|  CMFA Special Finance Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/45<sup>(b)</sup> | 1365 | 1087949 |
|  County of Sacramento California Airport System Revenue, Refunding RB, Sub-Series B, 5.00%, 07/01/41 | 8200 | 8437554 |
|  CSCDA Community Improvement Authority, RB, M/F Housing<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/56 | 23665 | 16077693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/56 | 33920 | 25150779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/01/56 | 9025 | 6205590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/56 | 5000 | 3305800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/56 | 4620 | 3275640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/57 | 1700 | 1179848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/57 | 11890 | 8278282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/58 | 9055 | 6437507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/54 | 8950 | 8091239 |

---

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> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **California (continued)** |  |  |
|  CSCDA Community Improvement Authority, RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing<sup>(b)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/58 | $10330 | $6849978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 06/01/57 | 9220 | 6654636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Mezzanine Lien, 4.00%, 12/01/59 | 6125 | 4205333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 3.25%, 05/01/57 | 3340 | 2258755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, 3.13%, 06/01/57 | 13670 | 9063935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Sub Lien, 4.00%, 12/01/59 | 15875 | 10615565 |
|  Elk Grove Unified School District, GO, 4.00%, 08/01/46 | 2895 | 2831322 |
|  Los Angeles Community College District, Refunding GO, 4.00%, 08/01/38 | 10000 | 10134020 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 19635 | 21825795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/45 | 15060 | 16510248 |
|  Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/44 | 24365 | 25858818 |
|  Los Angeles Department of Water & Power, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 07/01/37 | 13500 | 14689012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 07/01/38 | 15000 | 16237950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 07/01/39 | 7000 | 7539406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/46 | 19755 | 21357624 |
|  Metropolitan Water District of Southern California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series C, 5.00%, 07/01/40 | 7215 | 8049783 |
|  Mount San Antonio Community College District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO, Series 2018-A, Election 2018, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/49 | 110 | 106162 |
|  Oxnard Union High School District, GO, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/44 | 2500 | 2484455 |
|  Regents of the University of California Medical |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Center Pooled Revenue, RB, Series P,<br> 5.00%, 05/15/47 | 21000 | 22420104 |
|  San Diego County Regional Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/51 | 25000 | 25289500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 5.00%, 07/01/56 | 40000 | 40301440 |
|  San Diego County Regional Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding ARB, Series B, AMT, Subordinate,<br> 5.00%, 07/01/49 | 12840 | 13005122 |
|  San Diego County Regional Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commission, Refunding RB, Series A, 5.00%, 04/01/41 | 35000 | 37119460 |
|  San Diego Public Facilities Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series A, Subordinate, 5.25%, 08/01/47 | 13645 | 14662303 |
|  San Francisco City & County Airport Comm-San |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Francisco International Airport, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Series, AMT, 5.00%, 05/01/48 | 34750 | 35589143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/44 | 31450 | 32617518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/49 | 24200 | 24845898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, AMT, 5.00%, 05/01/46 | 57000 | 58001604 |
|  San Francisco City & County Public Utilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commission Wastewater Revenue, RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 1.00%, 10/01/26 | 100000 | 94416100 |
|  South Orange County Public Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB, 5.00%, 06/01/52 | 10000 | 10705500 |
|  State of California, GO, 4.00%, 03/01/46 | 14000 | 13701744 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br>*(000)* | *Value* |
| **California (continued)** |  |  |
|  State of California, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/37 | $16170 | $16582966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/38 | 5000 | 5069390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/39 | 20100 | 21594334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/46 | 15000 | 14685705 |
|  University of California, RB, 5.00%, 01/30/23 | 100000 | 105412600 |
|  University of California, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BE, 5.00%, 05/15/43 | 23275 | 25343985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BH, 4.00%, 05/15/46 | 5000 | 4900765 |
|  |  | 1395858296 |
|  **Colorado — 3.4%** |  |  |
|  Brighton Crossing Metropolitan District No.6, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/35 | 525 | 499451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 515 | 466597 |
|  Broadway Station Metropolitan District No.2, GO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.13%, 12/01/48 | 3585 | 3089646 |
|  City & County of Denver Colorado Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/37 | 25015 | 25965420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/43 | 13860 | 14246943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 12/01/43 | 51045 | 53146370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 11/15/47 | 26000 | 26738946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/48 | 4120 | 4196241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 12/01/48 | 11575 | 11962878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, 5.75%, 11/15/45 | 3290 | 3584504 |
|  City & County of Denver Colorado Dedicated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Excise Tax Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/43 | 2500 | 2444568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/48 | 12920 | 13279176 |
|  City & County of Denver Colorado, COP, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/43 | 10000 | 10455590 |
|  City & County of Denver Colorado, Refunding RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/32 | 36115 | 36069856 |
|  City of Colorado Springs CO Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/47 | 11500 | 12479593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/50 | 6840 | 7278348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 11/15/42 | 2250 | 2384165 |
|  Colorado Educational & Cultural Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/31 | 500 | 494556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/40 | 990 | 933159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/41 | 750 | 668715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/50 | 1320 | 1172354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/51 | 755 | 620960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 | 1540 | 1342623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/61 | 1225 | 964370 |
|  Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 | 4390 | 4599710 |
|  Colorado Health Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/38 | 14855 | 14321007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/43 | 14650 | 13883175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/47 | 26070 | 27730607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/38 | 5350 | 4908951 |
|  Cottonwood Highlands Metropolitan District No.1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO, Series A, 5.00%, 12/01/49 | 900 | 797107 |
|  Mayfield Metropolitan District, GO, Series A,<br>5.75%, 12/01/50 | 1190 | 1157733 |

---

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> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br>*(000)* | *Value* |
| **Colorado (continued)** |  |  |
|  Southlands Metropolitan District No.1, Refunding GO, Series A-1, 5.00%, 12/01/47 | $3000 | $2623596 |
|  State of Colorado, COP, Series J,<br>5.25%, 03/15/42 . | 20000 | 21137160 |
|  STC Metropolitan District No.2, Refunding GO, Series A, 4.00%, 12/01/29 | 1500 | 1443347 |
|  |  | 327087422 |
|  **Connecticut — 0.8%** |  |  |
|  Connecticut State Health & Educational Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Authority, RB, 5.00%, 07/01/47 | 10000 | 10496420 |
|  Connecticut State Health & Educational Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A, 0.38%, 07/01/35<sup>(a)</sup> | 39965 | 38582331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G-1, 5.00%, 07/01/39<sup>(b)</sup> | 1500 | 1440311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G-1, 5.00%, 07/01/44<sup>(b)</sup> | 2000 | 1846120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G-1, 5.00%, 07/01/50<sup>(b)</sup> | 2350 | 2075978 |
|  Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45<sup>(b)</sup> | 3895 | 3902233 |
|  State of Connecticut Special Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/01/39 | 12590 | 12331804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/01/40 | 3265 | 3183672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 11/01/40 | 6000 | 5901180 |
|  |  | 79760049 |
|  **Delaware — 0.2%** |  |  |
|  Delaware State Economic Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series A, 1.25%, 10/01/45<sup>(a)</sup> | 25165 | 23324507 |
|  **District of Columbia — 4.9%** |  |  |
|  District of Columbia Water & Sewer Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/49 | 5850 | 6153030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/49 | 3855 | 3577428 |
|  District of Columbia Water & Sewer Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Sub-Lien, 5.25%, 10/01/40 | 48060 | 50918272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Sub-Lien, 5.25%, 10/01/44 | 63075 | 66385239 |
|  District of Columbia, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/41 | 30000 | 31418310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 06/01/42 | 34680 | 36690885 |
|  District of Columbia, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/45 | 10000 | 10748390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/47 | 28465 | 30933286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 07/01/47 | 15250 | 17367081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 05/01/45 | 10000 | 9641510 |
|  District of Columbia, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/15/39 | 5000 | 5031815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 02/01/40 | 5250 | 5150581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 02/01/46 | 20000 | 19054160 |
|  District of Columbia, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 3000 | 2990112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 10005 | 11032223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/44 | 11000 | 10667569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/45 | 12185 | 11797493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 5.00%, 03/01/44 | 3980 | 4265848 |
|  Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/36 | 10000 | 10465490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/01/40 | 1000 | 913369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/01/41 | 4325 | 4004189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/48 | 12400 | 12634558 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br>*(000)* | *Value* |
| **District of Columbia (continued)** |  |  |
|  Washington Metropolitan Area Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/35 | $1110 | $1150331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/40 | 3345 | 3259314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/41 | 8150 | 8929645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/45 | 4850 | 5226593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/46 | 23235 | 21886255 |
|  Washington Metropolitan Area Transit Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/43 | 35480 | 37108745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/42 | 40000 | 41912280 |
|  |  | 481314001 |
|  **Florida — 3.4%** |  |  |
|  Brevard County Health Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/45 | 2830 | 2290087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/55 | 4170 | 3134852 |
|  Capital Trust Agency, Inc., RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/54 | 2095 | 1850442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49 | 4365 | 3494872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 3400 | 2484040 |
|  Capital Trust Agency, Inc., RB, CAB, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/61<sup>(b)(d)</sup> | 6970 | 300378 |
|  City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 | 12910 | 13127262 |
|  City of Tampa Florida, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/43 | 11720 | 12546541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/46 | 15430 | 16400331 |
|  County of Miami-Dade Florida Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding ARB, Series A, AMT, 5.00%, 10/01/44 | 8000 | 8066520 |
|  County of Miami-Dade Florida Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series B, AMT, 5.00%, 10/01/40 | 100000 | 101602000 |
|  County of Miami-Dade Seaport Department, ARB<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 10/01/23 | 6325 | 6468002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 6.00%, 10/01/23 | 2350 | 2390674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 6.25%, 10/01/23 | 5000 | 5112070 |
|  County of Palm Beach Florida, RB, 5.00%, 04/01/51<sup>(b)</sup> | 4770 | 4439043 |
|  Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/56<sup>(b)</sup> | 6295 | 5300812 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 3.00%, 06/01/32 | 6760 | 5556003 |
|  Florida Development Finance Corp., Refunding RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/57 | 8670 | 8444493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/15/56 | 18065 | 13694300 |
|  Greater Orlando Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/44 | 18420 | 18885989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 10/01/42 | 22310 | 22901817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 10/01/47 | 32485 | 32915556 |
|  Hillsborough County Port District, ARB, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/48 | 8375 | 8669097 |
|  Lakewood Ranch Stewardship District, Refunding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SAB, 4.00%, 05/01/50<sup>(b)</sup> | 1250 | 947561 |
|  Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/27 | 1745 | 1739674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/37<sup>(b)</sup> | 1655 | 1611687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/37 | 2755 | 2751584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/39 | 1160 | 1092183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/47<sup>(b)</sup> | 1985 | 1866496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 | 4770 | 4642961 |

---

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> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Florida (continued)** |  |  |
|  Lakewood Ranch Stewardship District,<br>SAB (continued)<br>4.88%, 05/01/49 | $1250 | $1133731 |
|  Live Oak Lake Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/40 | 1600 | 1400046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/51 | 2840 | 2332356 |
|  Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 | 8370 | 7159095 |
|  River Landing Community Development District, SAB<br>Series A, 4.13%, 05/01/40 | 860 | 762947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.35%, 05/01/51 | 1100 | 930219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.25%, 11/01/35 | 1000 | 948365 |
|  Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39 | 1750 | 1501140 |
|  Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10<sup>(e)(f)</sup> | 147 | 93809 |
|  Windward Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 05/01/51 | 500 | 403790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.40%, 11/01/35 | 1315 | 1158677 |
|  |  | 332551502 |
| **Georgia — 1.1%** |  |  |
|  City of Atlanta Georgia Airport Passenger Facility<br>Charge, ARB, Series D, AMT, 4.00%, 07/01/35 | 10850 | 10548359 |
|  City of Atlanta Georgia Department of Aviation,<br>Refunding RB<br>AMT, 4.00%, 07/01/34 | 20615 | 20094945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/47 | 3000 | 3101916 |
|  East Point Business & Industrial Development<br>Authority, RB, Series A, 5.25%, 06/15/62<sup>(b)</sup> | 5030 | 4509501 |
|  Main Street Natural Gas, Inc., RB<sup>(a)</sup><br>Series B, 5.00%, 12/01/52 | 44395 | 45838504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 03/01/50 | 20710 | 20429711 |
|  |  | 104522936 |
| **Illinois — 6.6%** |  |  |
|  Chicago Board of Education, GO<br>Series A, 5.00%, 12/01/42 | 2200 | 2126905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 25350 | 24052308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/36 | 4620 | 4643419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/33 | 1000 | 1029497 |
|  Chicago Board of Education, Refunding GO<br>Series A, 0.00%, 12/01/25<sup>(d)</sup> | 650 | 579649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/30 | 365 | 376147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/31 | 1000 | 1034504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/35 | 11640 | 10779827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/24 | 4445 | 4487383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/25 | 12760 | 12941549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/26 | 3060 | 3111215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 12/01/24 | 9585 | 9679326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/34 | 5000 | 5072750 |
|  Chicago Board of Education, Refunding GO, CAB,<br>Series A, 5.00%, 12/01/28 | 4000 | 4105596 |
|  Chicago O'Hare International Airport, ARB Class A, AMT, Senior Lien, 5.00%, 01/01/48 | 15065 | 15282674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Senior Lien, 5.25%, 01/01/42 | 56685 | 58958522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Senior Lien, 5.00%, 01/01/47 | 20000 | 20330100 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB<br>Series A, AMT, Senior Lien, 5.00%, 01/01/39 | $4000 | $4124568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.00%, 01/01/48 | 5000 | 5039870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, Senior Lien, 5.50%, 01/01/34 | 5380 | 5380000 |
|  Chicago O'Hare International Airport, Refunding RB<br>Series A, Senior Lien, 4.00%, 01/01/35 | 6225 | 6323436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Senior Lien, 5.00%, 01/01/38 | 30000 | 31233450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Senior Lien, 5.00%, 01/01/39 | 64885 | 67385603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Senior Lien, 4.00%, 01/01/41 | 4380 | 4133301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, Senior Lien, 4.00%, 01/01/38 | 5100 | 4959679 |
|  Illinois Finance Authority, Refunding RB<br>Series A, 5.00%, 07/15/42 | 23695 | 24556692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/15/41 | 37295 | 38447416 |
|  Illinois State Toll Highway Authority, RB<br>Series A, 5.00%, 01/01/40 | 15500 | 15934574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/42 | 48000 | 50122800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/46 | 59510 | 56572110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/40 | 35105 | 36129504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, RB, 4.00%, 01/01/44 | 14345 | 13917289 |
|  State of Illinois, GO<br>5.50%, 05/01/39 | 9040 | 9412484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/42 | 28000 | 29146768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/29 | 27500 | 28555368 |
|  State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32 | 14000 | 14442610 |
|  State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28 | 19250 | 19929159 |
|  Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23 | 1920 | 1922281 |
|  |  | 646260333 |
| **Indiana — 0.4%** |  |  |
|  City of Valparaiso Indiana, RB<br>AMT, 6.75%, 01/01/34 | 3870 | 3952458 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 7.00%, 01/01/44 | 7330 | 7460789 |
|  Indiana Finance Authority, RB, 5.25%, 10/01/52 | 13660 | 14666565 |
|  Indianapolis Local Public Improvement Bond Bank, RB, Seeries A, 5.00%, 02/01/49 | 10000 | 10427520 |
|  |  | 36507332 |
| **Iowa — 0.1%** |  |  |
|  Iowa Tobacco Settlement Authority, Refunding RB, Series B2, Subordinate, 0.00%, 06/01/65<sup>(d)</sup> | 88635 | 10050854 |
| **Kentucky — 0.0%** |  |  |
|  City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52<sup>(b)</sup> | 3030 | 2674748 |
| **Louisiana — 2.2%** |  |  |
|  Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44<sup>(b)</sup> | 2355 | 1983781 |
|  Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51<sup>(a)</sup> | 195960 | 183873187 |
|  Louisiana Local Government Environmental<br>Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46<sup>(a)</sup> | 21580 | 20365413 |
|  Louisiana Public Facilities Authority, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/39 | 1425 | 1319510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/39 | 1300 | 1270571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/49 | 2800 | 2406818 |

---

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) (continued)<br> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Louisiana (continued)** |  |  |
|  Louisiana Public Facilities Authority, RB<sup>(b)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/49 | $3000 | $2782917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/58 | 4500 | 4054262 |
|  |  | 218056459 |
| **Maryland — 0.3%** |  |  |
|  City of Baltimore Maryland, Refunding RB<br>Series A, 4.50%, 09/01/33 | 2735 | 2660143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/38 | 1400 | 1404648 |
|  Maryland Economic Development Corp., RB,<br>Class B, AMT, 5.25%, 06/30/47 | 12285 | 12654926 |
|  Maryland Economic Development Corp., TA,<br>4.00%, 09/01/50 | 5145 | 4035774 |
|  Prince County George's COP, 5.00%, 10/01/48 | 6175 | 6441834 |
|  |  | 27197325 |
| **Massachusetts — 5.2%** |  |  |
|  City of Lowell Massachusetts, Refunding GO<br>(SAW), 4.00%, 08/01/44 | 6315 | 6254603 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 4.00%, 08/01/47 | 7110 | 6921066 |
|  Commonwealth of Massachusetts Transportation<br>Fund Revenue, RB, BAB, Series B, 5.00%, 06/01/52 | 25000 | 27094875 |
|  Commonwealth of Massachusetts, GO 5.00%, 01/01/43 | 3045 | 3223735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/43 | 5000 | 5273430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 5.00%, 07/01/45 | 5915 | 6344955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 04/01/42 | 42000 | 45049158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/44 | 16490 | 17900522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 02/01/39 | 2840 | 2867792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 02/01/42 | 2900 | 2884969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 02/01/44 | 10000 | 9700200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 10125 | 11220434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 05/01/48 | 10000 | 9412630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.25%, 09/01/43 | 92000 | 99156588 |
|  Commonwealth of Massachusetts, Refunding GO,<br>Series D, 4.00%, 11/01/40 | 2500 | 2486793 |
|  Massachusetts Bay Transportation Authority<br>Assessment Revenue, Refunding RB,<br>Series A-1, 4.00%, 07/01/40 | 20000 | 20170820 |
|  Massachusetts Bay Transportation Authority Sales<br>Tax Revenue, Refunding RB, Series A-1, 4.00%, 07/01/40 | 5000 | 5012790 |
|  Massachusetts Development Finance Agency, RB,<br>Series A, 5.25%, 01/01/42 | 9655 | 9850108 |
|  Massachusetts Development Finance Agency,<br>Refunding RB<br>5.00%, 10/01/37<sup>(b)</sup> | 1000 | 1043223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/47<sup>(b)</sup> | 1250 | 1274121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/36 | 50000 | 51045750 |
|  Massachusetts Port Authority, ARB,<br>Series E, AMT, 5.00%, 07/01/46 | 21640 | 22408090 |
|  Massachusetts Port Authority, Refunding ARB<br>Series A, AMT, 5.00%, 07/01/34 | 2110 | 2205653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/37 | 1000 | 1062270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/44 | 15000 | 15524100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/49 | 10000 | 10214440 |
|  Massachusetts School Building Authority, RB,<br>Series A, 4.00%, 08/15/40 | 6890 | 6815333 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Massachusetts (continued)** |  |  |
|  Town of Westwood Massachusetts, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/41 | $2065 | $2066225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/43 | 1840 | 1815545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/47 | 10345 | 10220364 |
|  University of Massachusetts Building Authority, RB,<br>Series 1, 4.00%, 11/01/46 | 10000 | 9639890 |
|  University of Massachusetts Building Authority, Refunding RB<br>Series 1, 5.25%, 11/01/42 | 58840 | 63238231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 4.00%, 11/01/45 | 2435 | 2363367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 5.25%, 11/01/47 | 14425 | 15317864 |
|  |  | 507079934 |
| **Michigan — 3.8%** |  |  |
|  Lansing Board of Water & Light, Refunding RB,<br>Series A, 5.00%, 07/01/44 | 31150 | 32774566 |
|  Michigan Finance Authority, RB<br>4.00%, 02/15/47 | 17220 | 15857381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/57<sup>(b)</sup> | 5980 | 5591736 |
|  Michigan Finance Authority, Refunding RB<br>5.00%, 11/15/41 | 61865 | 63241806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/41 | 25630 | 26456619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/42 | 3450 | 3236065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/44 | 65965 | 62300380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/37 | 25105 | 26372401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/40 | 4750 | 4643144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/41 | 9370 | 9749391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/49 | 19475 | 17700866 |
|  Michigan State Building Authority, Refunding RB<br>Series I, 4.00%, 10/15/38 | 2000 | 1990880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.00%, 10/15/41 | 2000 | 1956400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.00%, 10/15/46 | 6000 | 5726610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.25%, 10/15/57 | 3720 | 4066418 |
|  Michigan State Hospital Finance Authority, Refunding RB, Refunding RB, 5.00%, 11/15/47 | 2950 | 3014487 |
|  Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 16470 | 16382297 |
|  State of Michigan Trunk Line Revenue, RB<br>4.00%, 11/15/44 | 10000 | 9376960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/46 | 29160 | 26767918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/15/45 | 8000 | 7412512 |
|  State of Michiganchigan Trunk Line Revenue, RB, 4.00%, 11/15/41 | 5000 | 4839750 |
|  State of Michiganchigan Trunk Line Revenue, RB,<br>BAB, 4.00%, 11/15/39 | 18600 | 18339154 |
|  |  | 367797741 |
| **Minnesota — 0.2%** |  |  |
|  City of Rochester Minnesota, Refunding RB,<br>4.00%, 11/15/39 | 23070 | 23546142 |
| **Montana — 0.0%** |  |  |
|  City of Kalispell Montana, Refunding RB<br>Series A, 5.25%, 05/15/37 | 405 | 362183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/47 | 1500 | 1236462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/52 | 1500 | 1204421 |
|  |  | 2803066 |
| **Nevada<sup>(b)</sup> — 0.0%** |  |  |
|  State of Nevada Department of Business & Industry, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/15/29 | 280 | 279347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/37 | 875 | 837000 |

---

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> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Nevada (continued)** |  |  |
|  State of Nevada Department of Business & Industry, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/38 | $1080 | $1066623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/47 | 1400 | 1270342 |
|  |  | 3453312 |
| **New Hampshire<sup>(b)</sup> — 0.1%** |  |  |
|  New Hampshire Business Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.63%, 11/01/42 | 9085 | 8421186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 4.88%, 11/01/42 | 3700 | 3408929 |
|  |  | 11830115 |
| **New Jersey — 5.5%** |  |  |
|  Clearview Regional High School District, GO, (SCH BD RES FD), 4.00%, 08/01/41 | 3750 | 3716048 |
|  New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23 | 1460 | 1460432 |
|  New Jersey Economic Development Authority, RB, Series WW, 5.25%, 06/15/40 | 14145 | 14362126 |
|  New Jersey Health Care Facilities Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/41 | 2335 | 2257880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/35 | 7375 | 7869014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/38 | 11950 | 12501899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/39 | 22245 | 23222712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 10000 | 10241000 |
|  New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/43 | 9000 | 9573012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.50%, 06/15/39 | 39890 | 40291533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/45 | 22000 | 19663204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/44 | 35890 | 32396001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/46 | 17500 | 15447005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.25%, 06/15/32 | 20010 | 20666508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.00%, 06/15/46 | 12350 | 12509525 |
|  New Jersey Transportation Trust Fund Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/39 | 8500 | 8123484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/41 | 7000 | 6537510 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/42 | 35000 | 34965805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/48 | 21420 | 20173570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/46 | 26315 | 28331834 |
|  New Jersey Turnpike Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/40 | 19050 | 18901848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/41 | 19955 | 19636239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/42 | 20905 | 20369477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/43 | 8890 | 8621566 |
|  State of New Jersey, GO<br>(BAM-TCRS), 2.00%, 06/01/36 | 6055 | 4855595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/37 | 10000 | 7773950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/39 | 17000 | 18420265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/40 | 30810 | 33054603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/41 | 11500 | 12164941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/42 | 10500 | 11096977 |
|  Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 18260 | 17870715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 20350 | 20391066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 6960 | 6617394 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New Jersey (continued)** |  |  |
|  Township of North Bergen New Jersey, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/39 | $1500 | $1505501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/40 | 1500 | 1501593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/41 | 1500 | 1494102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/42 | 1500 | 1484895 |
|  |  | 530070829 |
| **New Mexico — 0.0%** |  |  |
|  County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 | 155 | 164621 |
| **New York — 15.0%** |  |  |
|  City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 09/01/46 | 4800 | 4526170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/47 | 14000 | 14834862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 10/01/47 | 4040 | 4449490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/40 | 2040 | 2046055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/41 | 1910 | 1893899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.25%, 05/01/41 | 4210 | 4750008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 05/01/44 | 7840 | 8935797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 05/01/45 | 1000 | 1136047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 05/01/46 | 2655 | 2996128 |
|  Hudson Yards Infrastructure Corp., Refunding RB,<br>Series A, 5.00%, 02/15/42 | 23825 | 24784528 |
|  Metropolitan Transportation Authority, RB,<br>Series A-1, 5.25%, 11/15/39 | 10000 | 10035200 |
|  New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/43 | 16040 | 15491945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-1, 5.25%, 06/15/52 | 1530 | 1676143 |
|  New York City Municipal Water Finance Authority,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 5.00%, 06/15/44 | 2460 | 2663961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 4.00%, 06/15/45 | 96140 | 91128799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, 4.00%, 06/15/41 | 5000 | 4809020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 5.00%, 06/15/37 | 24000 | 25880592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 5.25%, 06/15/37 | 15000 | 16389840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD-2, 5.00%, 06/15/40 | 21260 | 22555032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD-3, 4.00%, 06/15/42 | 15000 | 14752215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.25%, 06/15/36 | 14500 | 15772737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.00%, 06/15/40 | 34240 | 36431805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 4.00%, 06/15/42 | 5000 | 4797835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 4.00%, 06/15/45 | 16755 | 16052077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.00%, 06/15/45 | 5490 | 5950474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 5.00%, 06/15/40 | 23790 | 25359474 |
|  New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 | 31165 | 33249783 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 6835 | 6688895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 11/01/41 | 16500 | 15928143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 4.00%, 02/01/41 | 10000 | 9721930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, 5.00%, 02/01/43 | 14280 | 15450646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, RB, 4.00%, 11/01/38 | 15000 | 14857710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinate, 4.00%, 05/01/44 | 30000 | 28197300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Subordinate, 4.00%, 08/01/45 | 22965 | 21321579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, Subordinate, 4.00%, 11/01/42 | 20925 | 19958537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, Subordinate, 5.00%, 02/01/47 | 17220 | 18376099 |

---

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> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
|  New York City Transitional Finance Authority Future<br>Tax Secured Revenue, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-3, Subordinate, 5.00%, 05/01/40 | $10000 | $10619050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, Subordinate, 5.00%, 02/01/44 | 4000 | 4310500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, Subordinate, 5.00%, 02/01/47 | 5000 | 5340510 |
|  New York City Transitional Finance Authority Future<br>Tax Secured Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 11/01/45 | 19690 | 22163674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.25%, 11/01/48 | 19400 | 21243679 |
|  New York Liberty Development Corp., Refunding RB, Series A, 2.88%, 11/15/46 | 53000 | 36610227 |
|  New York Power Authority, RB, (AGM), 4.00%, 11/15/47 | 9850 | 9276326 |
|  New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45 | 71380 | 68547856 |
|  New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43 | 2220 | 2312092 |
|  New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/15/38 | 5000 | 5396715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/39 | 3675 | 3603914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/40 | 47720 | 46336597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/42 | 8105 | 7740640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/43 | 12365 | 11852644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/41 | 20150 | 21388137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/42 | 16800 | 17767730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 03/15/43 | 36455 | 34606039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 03/15/44 | 7135 | 6673052 |
|  New York State Housing Finance Agency, RB, M/F Housing Series J, (SONYMA HUD SECT 8), 1.10%, 11/01/61<sup>(a)</sup> | 36070 | 32627551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L-2, (SONYMA), 0.75%, 11/01/25 | 7650 | 6910184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M-2, (SONYMA FHA 542(C)), 0.75%,<br>11/01/25 | 4380 | 3982616 |
|  New York State Thruway Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/42 | 14865 | 14196744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/48 | 4400 | 4693616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 4.00%, 01/01/45 | 4060 | 3847881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.00%, 01/01/37 | 16450 | 16513448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.00%, 01/01/44 | 14655 | 14030081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.00%, 01/01/45 | 7715 | 7311922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.00%, 01/01/47 | 10155 | 9489807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 01/01/41 | 25725 | 24896449 |
|  New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45 | 19085 | 17758573 |
|  New York State Urban Development Corp.,<br>Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/43 | 12105 | 11734865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/44 | 7200 | 6974618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/46 | 2090 | 1971219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/38 | 8325 | 8245838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/44 | 19500 | 18653797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/46 | 12225 | 13099185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 03/15/41 | 25000 | 24217600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 03/15/42 | 50000 | 47752250 |
|  New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/35 | 1650 | 1690310 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/37 | 10 | 10207 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New York (continued)** |  |  |
|  New York Transportation Development Corp., ARB (continued)<br>AMT, 5.00%, 12/01/38 | $12150 | $12426813 |
|  New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 | 25020 | 24905634 |
|  Niagara Area Development Corp., Refunding RB,<br>Series A, AMT, 4.75%, 11/01/42<sup>(b)</sup> | 5190 | 4865324 |
|  Port Authority of New York & New Jersey, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 09/01/43 | 4455 | 4087663 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 11/01/49 | 8465 | 8692251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, 218th Series, AMT, 5.00%, 11/01/44 | 46300 | 47839614 |
|  Port Authority of New York & New Jersey, RB,<br>Series 207, AMT, 5.00%, 09/15/31 | 14950 | 15975450 |
|  Port Authority of New York & New Jersey,<br>Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 230th Series, 5.25%, 12/01/52 | 3195 | 3494851 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/15/47 | 11050 | 11402020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 207, AMT, 4.00%, 09/15/43 | 3410 | 3127850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 223, AMT, 4.00%, 07/15/40 | 1000 | 939351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 231, AMT, 5.50%, 08/01/40 | 5515 | 6069958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 231, AMT, 5.50%, 08/01/52 | 3415 | 3665617 |
|  Triborough Bridge & Tunnel Authority, RB, Series C, RB, 4.00%, 11/15/42 | 21500 | 20798863 |
|  Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/15/45 | 7805 | 8028496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/47 | 12000 | 12820776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.25%, 05/15/52 | 17150 | 18553625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.00%, 11/15/42 | 55995 | 58862784 |
|  Westchester Tobacco Asset Securitization Corp.,<br>Refunding RB, Sub-Series C, 5.13%, 06/01/51 | 2500 | 2483375 |
|  |  | 1459289213 |
| **North Carolina — 0.0%** |  |  |
|  North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/40 | 1050 | 991949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/45 | 1000 | 907826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/50 | 1500 | 1315698 |
|  |  | 3215473 |
| **Ohio — 0.8%** |  |  |
|  Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 63365 | 54772706 |
|  County of Franklin Ohio, RB, 5.00%, 12/01/47 | 5000 | 5095345 |
|  Ohio Air Quality Development Authority, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.50%, 01/15/48 | 1480 | 1337611 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/49 | 8460 | 7460053 |
|  State of Ohio, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/46 | 5935 | 5659201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, 4.00%, 01/01/43 | 2020 | 1959022 |
|  |  | 76283938 |
| **Oklahoma — 0.1%** |  |  |
|  Oklahoma Development Finance Authority, RB,<br>7.25%, 09/01/51<sup>(b)</sup> | 7990 | 8304063 |
|  University of Oklahoma, RB, Series A, (AGM),<br>5.00%, 07/01/46 | 4000 | 4386904 |
|  |  | 12690967 |

---

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> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Oregon — 0.3%** |  |  |  |  |
|  Hillsboro School District No.1J, GO, (GTD), 4.00%, 06/15/40 | $| 2500 | $| 2504610 |
|  Oregon State Facilities Authority, RB, Series A, 5.00%, 06/01/52 |  | 5875 |  | 6037432 |
|  University of Oregon, RB, 5.00%, 04/01/50 |  | 14565 |  | 15398526 |
|  |  |  |  | 23940568 |
| **Pennsylvania — 1.6%** | **Pennsylvania — 1.6%** | **Pennsylvania — 1.6%** | **Pennsylvania — 1.6%** | **Pennsylvania — 1.6%** |
|  Allentown Neighborhood Improvement Zone Development Authority, RB<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/27 |  | 3250 |  | 3301188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 |  | 3750 |  | 3772061 |
|  Bucks County Industrial Development Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/46 |  | 2205 |  | 1687277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/51 |  | 1500 |  | 1087008 |
|  Geisinger Authority, Refunding RB, 4.00%, 04/01/39 |  | 23500 |  | 22565076 |
|  Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |  | 1805 |  | 1814742 |
|  Pennsylvania Economic Development Financing Authority, Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/15/41 |  | 7550 |  | 7025547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/15/42 |  | 8430 |  | 7753358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/47 |  | 7500 |  | 7605202 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 |  | 5500 |  | 5785433 |
|  Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |  | 2500 |  | 2316018 |
|  Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 4.00%, 08/15/43 |  | 5375 |  | 5026867 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, AMT, 5.25%, 12/01/44 |  | 30000 |  | 31941510 |
|  Pennsylvania Turnpike Commission, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 12/01/48 |  | 7500 |  | 7742992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, 5.50%, 12/01/46 |  | 46430 |  | 48204322 |
|  |  |  |  | 157628601 |
| **Puerto Rico — 3.4%** | **Puerto Rico — 3.4%** | **Puerto Rico — 3.4%** | **Puerto Rico — 3.4%** | **Puerto Rico — 3.4%** |
|  Children's Trust Fund, RB, Series A, 0.00%, 05/15/57<sup>(d)</sup> |  | 300000 |  | 20046000 |
|  Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.63%, 07/01/29 |  | 36799 |  | 37693286 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, AMT, 4.00%, 07/01/42<sup>(b)</sup> . |  | 6205 |  | 4983912 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, Senior Lien, 5.00%, 07/01/47<sup>(b)</sup> |  | 30875 |  | 27789939 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 |  | 78205 |  | 69275475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 |  | 85670 |  | 77499995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 |  | 50843 |  | 44314199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 |  | 48060 |  | 42670600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |  |  |
|  Revenue, RB, CAB, Series B-1, Restructured, 0.00%, 07/01/46<sup>(d)</sup> |  | 18123 |  | 4503348 |
|  |  |  |  | 328776754 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Rhode Island — 0.1%** |  |  |  |  |
|  Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50 | $| 10000 | $| 9919690 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
|  County of Dorchester South Carolina, SAB<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/40 |  | 1245 |  | 1261663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/51 |  | 3000 |  | 3002094 |
|  South Carolina Jobs-Economic Development<br>Authority, RB, 7.50%, 08/15/62<sup>(b)</sup> |  | 10135 |  | 9678499 |
|  South Carolina Jobs-Economic Development Authority,<br>Refunding RB, 5.25%, 11/15/37 |  | 6005 |  | 5910530 |
|  |  |  |  | 19852786 |
| **Tennessee — 0.3%** | **Tennessee — 0.3%** | **Tennessee — 0.3%** | **Tennessee — 0.3%** | **Tennessee — 0.3%** |
|  Metropolitan Government of Nashville & Davidson County Tennessee, GO, Series B, 4.00%, 01/01/39 |  | 12690 |  | 12826151 |
|  Metropolitan Nashville Airport Authority, ARB,<br>Series B, AMT, 5.25%, 07/01/47 |  | 13000 |  | 13555191 |
|  |  |  |  | 26381342 |
| **Texas — 8.0%** | **Texas — 8.0%** | **Texas — 8.0%** | **Texas — 8.0%** | **Texas — 8.0%** |
|  Arlington Higher Education Finance Corp., RB 7.88%, 11/01/62<sup>(b)</sup> |  | 9425 |  | 9645121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.30%, 04/01/62<sup>(b)</sup> |  | 6415 |  | 5504076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.75%, 08/15/62 |  | 4950 |  | 4465192 |
|  Bullard Independent School District, GO, (PSF), 5.00%, 02/15/47 |  | 5000 |  | 5391285 |
|  City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series C, 5.00%, 10/01/45 |  | 21635 |  | 23477242 |
|  City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46 |  | 45000 |  | 48076965 |
|  City of Garland Texas, Refunding GO, 4.00%, 02/15/40 |  | 10430 |  | 10540662 |
|  City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, 5.00%, 11/15/42 |  | 25000 |  | 26323150 |
|  City of Houston Texas, Refunding GO, Series A, Refunding GO, 4.00%, 03/01/44 |  | 5250 |  | 5041832 |
|  City of Midland Taxas, GO, Series B, 5.00%, 03/01/47 |  | 17985 |  | 19503851 |
|  City of New Braunfels Texas Utility System Revenue, Refunding RB, 5.00%, 07/01/53 |  | 5000 |  | 5321190 |
|  City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 5.00%, 02/01/41 |  | 1120 |  | 1203290 |
|  County of Harris Texas, Refunding GO, Series A, 4.00%, 10/01/47 |  | 5900 |  | 5674006 |
|  Dallas Fort Worth International Airport, Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 4.00%, 11/01/45 |  | 57745 |  | 54339546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/38 |  | 9060 |  | 9011475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/01/45 |  | 39300 |  | 36982322 |
|  Frisco Independent School District, Refunding GO, (PSF), 4.00%, 08/15/40 |  | 3485 |  | 3484969 |
|  Harris County Cultural Education Facilities Finance Corp., RB 4.00%, 12/01/45 |  | 9065 |  | 8410135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 01/01/23<sup>(c)</sup> |  | 3700 |  | 3700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.38%, 01/01/33 |  | 465 |  | 465251 |

---

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> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  Harris County Cultural Education Facilities Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/41 | $1300 | $1260301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/42 | 11500 | 11089967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/47 | 45010 | 42259259 |
|  Harris County Flood Control District, Refunding GO, Series A, 4.25%, 10/01/47 | 10355 | 10437674 |
|  Lower Colorado River Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/45 | 2000 | 2026380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/46 | 1500 | 1551311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/47 | 5000 | 5415445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 | 15310 | 15672034 |
|  Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31<sup>(b)</sup> | 13495 | 13146708 |
|  New Hope Cultural Education Facilities Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/40 | 4000 | 3684124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/57 | 7000 | 5938653 |
|  New Hope Cultural Education Facilities Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 6.63%, 10/01/43 | 7370 | 7119892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/40 | 2000 | 1908720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.75%, 10/01/52 | 1160 | 1093471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B2, 4.50%, 10/01/26 | 2970 | 2904898 |
|  North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/40 | 22070 | 23987596 |
|  Pasadena Independent School District, GO, (PSF), 5.00%, 02/15/47 | 4165 | 4510316 |
|  Pottsboro Independent School District, GO, (PSF), 5.00%, 02/15/47 | 6000 | 6470208 |
|  Prosper Independent School District, GO, (PSF), 4.00%, 02/15/47 | 8500 | 8228654 |
|  Rockwall Independent School District, GO, (PSF), 5.00%, 02/15/47 | 8860 | 9566629 |
|  Tarrant County Cultural Education Facilities Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/41 | 5710 | 5482382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/47 | 11905 | 13087155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/43 | 50400 | 51773400 |
|  Tarrant County Cultural Education Facilities Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/41 | 13000 | 13330070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/42 | 20000 | 19279080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/45 | 5000 | 5114145 |
|  Texas Water Development Board RB, 5.00%, 10/15/47 | 25815 | 27990275 |
|  Texas Water Development Board, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/41 | 7000 | 7436576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/42 | 7345 | 7801036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/45 | 50000 | 48480650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/46 | 60000 | 62874120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/15/49 | 24715 | 23718738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/49 | 15000 | 15738000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, RB, 5.00%, 10/15/38 | 9540 | 10300796 |
|  |  | 777240223 |
| **Utah — 1.1%** |  |  |
|  County of Utah, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/15/43 | 2750 | 2638892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/15/45 | 1875 | 1826211 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Utah (continued)** |  |  |
|  County of Utah, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/15/46 | $30000 | $30821100 |
|  County of Utah, Refunding RB, Series A, 5.00%, 05/15/41 | 44970 | 46532977 |
|  Utah Charter School Finance Authority, RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/42 | 1810 | 1550048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 | 5420 | 4377149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/54 | 4940 | 4336332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/57 | 3910 | 3116133 |
|  Utah Charter School Finance Authority, Refunding RB<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/37 | 3795 | 3638820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/48 | 4740 | 4356927 |
|  |  | 103194589 |
| **Vermont<sup>(b)</sup> — 0.1%** |  |  |
|  East Central Vermont Telecommunications District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/30 | 2010 | 1885931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.25%, 12/01/40 | 4030 | 3316581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/01/50 | 2960 | 2294098 |
|  |  | 7496610 |
| **Virginia — 1.6%** |  |  |
|  Ballston Quarter Community Development Authority, TA, Series A, AMT, 5.50%, 03/01/46 | 1815 | 1287862 |
|  Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 | 25760 | 24651084 |
|  Hanover County Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/38 | 125 | 121217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 | 370 | 329827 |
|  Loudoun County Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/37 | 2125 | 2151737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/38 | 2125 | 2140952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/41 | 2125 | 2101614 |
|  Virginia College Building Authority, Refunding RB, 4.00%, 02/01/34 | 3400 | 3470608 |
|  Virginia Commonwealth Transportation Board, RB 4.00%, 05/15/42 | 6175 | 6147818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/43 | 3765 | 3716729 |
|  Virginia Public Building Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/39 | 5000 | 5121695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/41 | 31165 | 31617796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/42 | 32440 | 32784675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 08/01/38 | 34825 | 35780180 |
|  |  | 151423794 |
| **Washington — 0.7%** |  |  |
|  University of Washington, Refunding RB, Series A, 5.25%, 12/01/46 | 23385 | 24632145 |
|  Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58 . | 10745 | 6201015 |
|  Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 | 40113 | 35308868 |
|  |  | 66142028 |
| **Wisconsin — 0.7%** |  |  |
|  Public Finance Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.00%, 07/01/41 | 2715 | 2078411 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 4.25%, 07/01/54 | 4745 | 3359536 |

---

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> December 31, 2022 | **BlackRock National Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
| **Wisconsin (continued)** |  |  |  |  |
|  Public Finance Authority, RB<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/40 | $| 2020 | $| 1512174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/45 |  | 2370 |  | 2125947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/50 |  | 2995 |  | 1963022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 |  | 6030 |  | 5171165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/56 |  | 2445 |  | 1524225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.25%, 10/01/31 |  | 1715 |  | 1443679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/41 |  | 1215 |  | 1083616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/01/45 |  | 3325 |  | 3043309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, 11/01/46<sup>(e)(f)</sup> |  | 6385 |  | 4788750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.00%, 10/01/47 |  | 1715 |  | 1368520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.63%, 06/15/49 |  | 12235 |  | 11722317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/51 |  | 1365 |  | 1125485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.38%, 07/15/52 |  | 6760 |  | 6237912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/01/55 |  | 9500 |  | 8267204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.75%, 06/15/56 |  | 7815 |  | 5625440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/56 |  | 1495 |  | 1201723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 01/01/56 |  | 2515 |  | 1837522 |
|  Public Finance Authority, RB, CAB, Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/61<sup>(b)(d)</sup> |  | 24640 |  | 1405244 |
|  Public Finance Authority, Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/37<sup>(b)</sup> |  | 760 |  | 711098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/51 |  | 1050 |  | 777281 |
|  |  |  |  | 68373580 |
|  **Total Municipal Bonds — 90.9%<br>(Cost: $9,231,558,009)** | **Total Municipal Bonds — 90.9%<br>(Cost: $9,231,558,009)** | **Total Municipal Bonds — 90.9%<br>(Cost: $9,231,558,009)** |  | 8857386152 |
|  **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(g)</sup>** | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(g)</sup>** | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(g)</sup>** | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(g)</sup>** | **Municipal Bonds Transferred to Tender Option Bond Trusts<sup>(g)</sup>** |
| **Alabama — 0.6%** | **Alabama — 0.6%** | **Alabama — 0.6%** | **Alabama — 0.6%** | **Alabama — 0.6%** |
|  Alabama Special Care Facilities Financing Authority-Birmingham, RB, Series B, 5.00%, 11/15/46 |  | 60000 |  | 61202340 |
| **Arizona — 0.3%** | **Arizona — 0.3%** | **Arizona — 0.3%** | **Arizona — 0.3%** | **Arizona — 0.3%** |
|  Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39 |  | 30280 |  | 30710642 |
| **California — 2.2%** | **California — 2.2%** | **California — 2.2%** | **California — 2.2%** | **California — 2.2%** |
|  California State University, Refunding RB,<br>Series A, 5.00%, 11/01/51 |  | 40470 |  | 43347761 |
|  State of California, Refunding GO, 5.00%, 09/01/41 |  | 70000 |  | 77388255 |
|  University of California, Refunding RB,<br>Series Q, 5.00%, 05/15/46 |  | 87090 |  | 94685250 |
|  |  |  |  | 215421266 |
| **District of Columbia — 0.6%** | **District of Columbia — 0.6%** | **District of Columbia — 0.6%** | **District of Columbia — 0.6%** | **District of Columbia — 0.6%** |
|  Washington Metropolitan Area Transit Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Revenue, RB, Series A, 5.00%, 07/15/45 |  | 50585 |  | 54512823 |
| **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** |
|  Commonwealth of Massachusetts, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 04/01/47 |  | 85000 |  | 89498243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 |  | 50000 |  | 55409550 |
|  Massachusetts School Building Authority, RB, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 02/15/48 |  | 70505 |  | 75046263 |
|  |  |  |  | 219954056 |
| **Nevada — 0.8%** | **Nevada — 0.8%** | **Nevada — 0.8%** | **Nevada — 0.8%** | **Nevada — 0.8%** |
|  County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 |  | 74740 |  | 79302690 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **New York — 2.4%** |  |  |  |
|  City of New York, GO, Sub-Series F-1, 5.00%, 04/01/43 | $| 52780 | $55608084 |
|  New York City Municipal Water Finance Authority,<br>Refunding RB, Series CC, 5.25%, 06/15/46 |  | 61465 | 64121589 |
|  New York State Dormitory Authority, Refunding RB,<br>Series A, 5.00%, 03/15/46 |  | 66155 | 70702662 |
|  Port Authority of New York & New Jersey,<br>Refunding ARB, Series 231, AMT, 5.50%, 08/01/47<sup>(h)</sup> |  | 40000 | 43468500 |
|  |  |  | 233900835 |
| **Texas — 0.8%** | **Texas — 0.8%** | **Texas — 0.8%** | **Texas — 0.8%** |
|  Grand Parkway Transportation Corp., RB,<br>Series A, 5.00%, 10/01/43<sup>(h)</sup> |  | 79060 | 82578210 |
| **Washington — 0.5%** | **Washington — 0.5%** | **Washington — 0.5%** | **Washington — 0.5%** |
|  Port of Seattle Washington, Refunding ARB,<br>Series C, AMT, 5.25%, 05/01/42 |  | 45000 | 46644705 |
|  **Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.5%<br>(Cost: $1,069,487,225)** |  |  | 1024227567 |
|  **Total Long-Term Investments — 101.4%<br>(Cost: $10,301,045,234)** |  |  | 9881613719 |
|  | *Shares* | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.09%<sup>(i)(j)</sup> |  | 223938481 | 223916087 |
|  **Total Short-Term Securities — 2.3%<br>(Cost: $223,845,054)** | **Total Short-Term Securities — 2.3%<br>(Cost: $223,845,054)** | **Total Short-Term Securities — 2.3%<br>(Cost: $223,845,054)** | 223916087 |
|  **Total Investments — 103.7%<br>(Cost: $10,524,890,288)** | **Total Investments — 103.7%<br>(Cost: $10,524,890,288)** | **Total Investments — 103.7%<br>(Cost: $10,524,890,288)** | 10105529806 |
|  **Other Assets Less Liabilities — 1.3%** |  |  | 119240378 |
|  **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.0)%** | **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.0)%** | **Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.0)%** | (484283894) |
|  **Net Assets — 100.0%** |  |  | $9740486290 |

---

<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> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. (d) Zero-coupon bond.

<sup>(e)</sup> Issuer filed for bankruptcy and/or is in default. (f) Non-income producing security.

<sup>(g)</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>(h)</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 agreement, which expires on April 1, 2026 to February 1, 2030, is $62,691,958. See Note 4 of the Notes to Financial Statements for details. 

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

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

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> December 31, 2022 | **BlackRock National Municipal Fund** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 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>06/30/22* | *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>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class | $432921461 | $— | $(208946724)<sup>(a)</sup> | $153073 | $(211723) | $223916087 | 223938481 | $2353896 | $— |
|  iShares National Muni Bond ETF<sup>(b)</sup> |  | 25869875 | (25666937) | (202938) |  |  |  |  |  |
|  |  |  |  | $(49865) | $(211723) | $223916087 |  | $2353896 | $— |

---

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

<sup>(b)</sup> As of period end, the entity is no longer held.

**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 | 2127 | 03/22/23 | $238523 | $3077705 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 3434 | 03/22/23 | 428177 | 10396878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 2291 | 03/31/23 | 247034 | 1329271 |
|  |  |  |  | $14803854 |

---

**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* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $14803854 | $— | $14803854 |

---

<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 December 31, 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 | $— | $— | $— | $— | $50528316 | $— | $50528316 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $27177119 | $— | $27177119 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $1733174516 |

---

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> December 31, 2022  | **BlackRock National Municipal Fund** |

---

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 | $— | $8857386152 | $— | $8857386152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts |  | 1024227567 |  | 1024227567 |
| &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 | 223916087 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 223916087 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;223916087 | $&nbsp;&nbsp;&nbsp;&nbsp;9881613719 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;10105529806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $14803854 | $— | $— | $14803854 |

---

<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 $481,619,958 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 51

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> December 31, 2022 | **BlackRock Short-Term Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
| **Municipal Bonds** |  |  |
| **Alabama — 8.7%** |  |  |
|  Birmingham Airport Authority, Refunding RB, (BAM), 5.00%, 07/01/23 | $225 | $226871 |
|  Black Belt Energy Gas District, RB<br>4.00%, 10/01/52<sup>(a)</sup> | 9710 | 9595344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 10/01/52<sup>(a)</sup> | 4000 | 3800060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sereis F, 5.25%, 12/01/26 | 5140 | 5335269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 12/01/49<sup>(a)</sup> | 19045 | 18952270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/01/52<sup>(a)</sup> | 6950 | 6904012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53<sup>(a)</sup> | 3570 | 3713814 |
|  Black Belt Energy Gas District, Refunding RB 4.00%, 12/01/23 | 440 | 439026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/24 | 400 | 399032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/24 | 475 | 474118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D1, 4.00%, 07/01/52<sup>(a)</sup> | 1030 | 1029435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D2, 4.28%, 07/01/52<sup>(a)</sup> | 2650 | 2569217 |
|  Lower Alabama Gas District, RB, 4.00%, 12/01/23 | 375 | 375283 |
|  Southeast Alabama Gas Supply District, RB<br>Series A, 4.00%, 06/01/23 | 2225 | 2221498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/49<sup>(a)</sup> | 1600 | 1596992 |
|  Southeast Energy Authority A Cooperative District, RB<br>Series A, 4.00%, 10/01/24 | 650 | 650077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/51<sup>(a)</sup> | 3035 | 2985153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/26 | 1400 | 1436861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 06/01/27 | 750 | 770497 |
|  |  | 63474829 |
| **Alaska — 0.7%** |  |  |
|  Alaska Municipal Bond Bank Authority, Refunding RB,<br>Series One, 5.00%, 12/01/24 | 645 | 666307 |
|  Northern Tobacco Securitization Corp., Refunding RB<br>Series A, Class 1, 5.00%, 06/01/24 | 1000 | 1019903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class 1, 5.00%, 06/01/25 | 1000 | 1033686 |
|  State of Alaska International Airports System, Refunding RB Series C, AMT, 5.00%, 10/01/26 | 1510 | 1591005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 10/01/28 | 1000 | 1066604 |
|  |  | 5377505 |
| **Arizona<sup>(a)</sup> — 1.3%** |  |  |
|  Arizona Health Facilities Authority, RB,<br>Series B, 3.91%, 01/01/46 | 5900 | 5808816 |
|  Chandler Industrial Development Authority, RB<br>2.40%, 12/01/35 | 485 | 480878 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 09/01/52 | 2925 | 3050690 |
|  |  | 9340384 |
| **California — 1.3%** |  |  |
|  California Community Choice Financing Authority, RB,<br>0.00%, 12/01/53<sup>(a)</sup> | 7000 | 7000000 |
|  California County Tobacco Securitization Agency, Refunding RB<br>4.00%, 06/01/23 | 530 | 531337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/23 | 450 | 451140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 600 | 613790 |
|  California Statewide Communities Development Authority, RB<br>Series A, 5.00%, 04/01/23 | 525 | 526449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/24 | 485 | 492523 |
|  |  | 9615239 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
| **Colorado — 1.5%** |  |  |
|  City & County of Denver Colorado Airport System Revenue, Refunding ARB<br>Series A, AMT, 5.50%, 11/15/27 | $2480 | $2517922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 11/15/28 | 2000 | 2159556 |
|  Colorado Health Facilities Authority, RB<sup>(a)</sup><br>Series B, 5.00%, 08/01/49 | 2200 | 2270741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 08/01/49 | 2500 | 2611955 |
|  Regional Transportation District, Refunding RB<br>Series A, 5.00%, 01/15/24 | 350 | 353537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/24 | 350 | 355589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 01/15/26 | 610 | 596302 |
|  |  | 10865602 |
| **Connecticut — 2.0%** |  |  |
|  Connecticut Housing Finance Authority, Refunding RB Series D-1, 5.00%, 11/15/26 | 555 | 598367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 05/15/27 | 655 | 710238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 11/15/27 | 550 | 599322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 05/15/28 | 675 | 738561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-5, AMT, 5.00%, 05/15/28 | 1400 | 1500773 |
|  Connecticut State Health & Educational Facilities Authority, Refunding RB<br>Series L-1, 4.00%, 07/01/23 | 550 | 550876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L-1, 4.00%, 07/01/24 | 650 | 654055 |
|  State of Connecticut Special Tax Revenue, RB<br>Series A, 5.00%, 05/01/23 | 475 | 478245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24 | 865 | 889930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/23 | 225 | 228547 |
|  State of Connecticut Special Tax Revenue, Refunding RB, Series B, 5.00%, 08/01/23 | 190 | 192308 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/23 | 695 | 697615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.65%, 03/01/25<sup>(a)</sup> | 4155 | 4254126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 06/01/23 | 650 | 650062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 06/01/23 | 325 | 326338 |
|  University of Connecticut, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/15/24 | 650 | 667538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/15/25 | 720 | 751812 |
|  |  | 14488713 |
| **Delaware — 1.0%** |  |  |
|  Delaware State Economic Development Authority,<br>Refunding RB,<br>Series B, 1.25%, 10/01/40<sup>(a)</sup> | 8000 | 7417488 |
| **District of Columbia — 0.1%** |  |  |
|  Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/27 | 1000 | 1026040 |
| **Florida — 3.6%** |  |  |
|  Central Florida Expressway Authority, Refunding RB, Senior Lien, (AGM), 5.00%, 07/01/24 | 885 | 911279 |
|  County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/27 | 4095 | 4317220 |
|  County of Osceola Florida Transportation Revenue, Refunding RB, Sereis A-1, 5.00%, 10/01/23 | 400 | 402683 |
|  Escambia County, RB, 2nd Series, 1.80%, 04/01/39<sup>(a)</sup> | 20300 | 20300000 |
|  Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 08/15/23 | 500 | 505270 |
|  |  | 26436452 |
| **Georgia — 4.0%** |  |  |
|  Bartow County Development Authority, Refunding RB,<br>2.75%, 12/01/32<sup>(a)</sup> | 2000 | 1995732 |

---

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> December 31, 2022 | **BlackRock Short-Term Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par (000)* | *Par (000)* | *Value* | *Value* |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
|  Main Street Natural Gas, Inc., RB<br>Series A, 5.00%, 05/15/23 | $| 2450 | $| 2456855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/48<sup>(a)</sup> |  | 3615 |  | 3613854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/52<sup>(a)</sup> |  | 5000 |  | 5162575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/23 |  | 1000 |  | 1004657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 03/01/50<sup>(a)</sup> |  | 1000 |  | 986466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series C, 4.00%, 08/01/48<sup>(a)</sup> |  | 2200 |  | 2190949 |
|  Municipal Electric Authority of Georgia, RB<br>Series A, 5.00%, 07/01/24 |  | 505 |  | 516126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/25 |  | 510 |  | 529910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 07/01/28 |  | 600 |  | 644143 |
|  Municipal Electric Authority of Georgia, Refunding RB<br>4.00%, 11/01/24 |  | 3000 |  | 3030279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/23 |  | 900 |  | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-R, Subordinate, 5.00%, 01/01/23 |  | 3550 |  | 3550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-R, Subordinate, 5.00%, 01/01/24 |  | 2500 |  | 2535160 |
|  |  |  |  | 29116706 |
|  **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
|  Idaho Housing & Finance Association, RB, S/F Housing, Series A-1, 2.95%, 07/01/23 |  | 825 |  | 822094 |
|  **Illinois — 2.8%** |  |  |  |  |
|  Chicago O'Hare International Airport, Refunding ARB, Series D, Senior Lien, 5.25%, 01/01/28 |  | 1550 |  | 1550000 |
|  Chicago O'Hare International Airport, Refunding RB, Series B, Senior Lien, 5.00%, 01/01/24 |  | 500 |  | 510098 |
|  Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 |  | 2160 |  | 2174965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 |  | 5105 |  | 5495383 |
|  Illinois Development Finance Authority, RB, VRDN, 3.69%, 01/07/23<sup>(a)</sup> |  | 4200 |  | 4200000 |
|  Illinois Finance Authority, Refunding RB<br>5.00%, 08/15/23 |  | 1000 |  | 1011224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.36%, 05/01/42<sup>(a)</sup> |  | 1000 |  | 974316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C3, Class A, VRDN, 3.59%, 01/07/23<sup>(a)</sup> |  | 2850 |  | 2850000 |
|  Illinois Housing Development Authority, RB<br>Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/28 |  | 300 |  | 332437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/28 |  | 250 |  | 278571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/29 |  | 355 |  | 397437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/29 |  | 375 |  | 421726 |
|  |  |  |  | 20196157 |
|  **Indiana — 2.4%** | **Indiana — 2.4%** | **Indiana — 2.4%** | **Indiana — 2.4%** | **Indiana — 2.4%** |
|  Indiana Finance Authority, RB<br>3.00%, 02/01/23 |  | 225 |  | 224937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/46<sup>(a)</sup> |  | 8000 |  | 8005272 |
|  Indiana Finance Authority, Refunding RB<br>Class B, 3.96%, 03/01/39<sup>(a)</sup> |  | 6550 |  | 6585960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/24<sup>(b)</sup> |  | 1400 |  | 1408884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, 2nd Lien, 5.00%, 10/01/24 |  | 500 |  | 518394 |
|  Lawrence Township School Building Corp., RB, (NPFGC), 4.00%, 01/15/24 |  | 550 |  | 555530 |
|  Southwest Allen Multi School Building Corp., RB, (NPFGC), 4.00%, 07/15/24 |  | 325 |  | 328928 |
|  |  |  |  | 17627905 |
| **Kansas — 3.4%** | **Kansas — 3.4%** | **Kansas — 3.4%** | **Kansas — 3.4%** | **Kansas — 3.4%** |
|  City of Burlington Kansas, Refunding RB<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, VRDN, 3.68%, 01/07/23 |  | 18000 |  | 18000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Kansas (continued)** | **Kansas (continued)** | **Kansas (continued)** | **Kansas (continued)** | **Kansas (continued)** |
|  City of Burlington Kansas, Refunding RB<sup>(a)</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, VRDN, 3.68%, 01/07/23 | $| 6000 | $| 6000000 |
|  City of Dodge City Kansas, GO, Series 2019-A, (BAM),<br>4.00%, 09/01/23 |  | 1080 |  | 1087130 |
|  |  |  |  | 25087130 |
|  **Kentucky — 2.3%** | **Kentucky — 2.3%** | **Kentucky — 2.3%** | **Kentucky — 2.3%** | **Kentucky — 2.3%** |
|  City of Owensboro Kentucky Electric Light & Power System Revenue, Refunding RB, Series B, 4.00%, 01/01/23 |  | 1750 |  | 1750000 |
|  Kentucky Public Energy Authority, RB<br>Series A-1, 4.00%, 12/01/49<sup>(a)</sup> |  | 3000 |  | 2999979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/23 |  | 500 |  | 499715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, RB, 4.00%, 02/01/50<sup>(a)</sup> |  | 10000 |  | 9890590 |
|  Kentucky State Property & Building Commission, RB,<br>Series A, 5.00%, 11/01/23 |  | 1000 |  | 1015802 |
|  University of Louisville, RB, Series A, (AGM),<br>5.00%, 09/01/27 |  | 1000 |  | 1078409 |
|  |  |  |  | 17234495 |
| **Louisiana — 7.4%** | **Louisiana — 7.4%** | **Louisiana — 7.4%** | **Louisiana — 7.4%** | **Louisiana — 7.4%** |
|  Ascension Parish School Board, GO, 4.00%, 03/01/24 |  | 570 |  | 577197 |
|  Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGM), 5.00%, 08/01/23 |  | 600 |  | 606481 |
| &nbsp;&nbsp;&nbsp;&nbsp; (AGM), 5.00%, 08/01/24 |  | 500 |  | 515373 |
|  Greater Ouachita Water Co., Refunding RB, (BAM), 3.00%, 09/01/23 |  | 500 |  | 498633 |
|  Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51<sup>(a)</sup> |  | 13515 |  | 12681395 |
|  Livingston Parish School Board Sales & Use Tax Revenue, Refunding RB, Series A, 4.00%, 05/01/24 |  | 680 |  | 689165 |
|  Parish of St Bernard Louisiana Sales & Use Tax Revenue, Refunding RB, 4.00%, 03/01/23 |  | 3405 |  | 3410145 |
|  Parish of St James Louisiana, RB, Series A-1, RB, VRDN, 4.12%, 01/07/23<sup>(a)</sup> |  | 24700 |  | 24700000 |
|  Parish of St John the Baptist Louisiana, Refunding RB, 2.00%, 06/01/37<sup>(a)</sup> |  | 10315 |  | 10238586 |
|  |  |  |  | 53916975 |
|  **Maryland — 0.5%** | **Maryland — 0.5%** | **Maryland — 0.5%** | **Maryland — 0.5%** | **Maryland — 0.5%** |
|  Maryland Economic Development Corp., RB, Class A, AMT, 5.00%, 11/12/28 |  | 2565 |  | 2628043 |
|  Maryland Health & Higher Educational Facilities Authority, RB Series B, 5.00%, 04/15/23 |  | 675 |  | 677949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/15/24 |  | 700 |  | 714655 |
|  |  |  |  | 4020647 |
|  **Massachusetts — 1.1%** | **Massachusetts — 1.1%** | **Massachusetts — 1.1%** | **Massachusetts — 1.1%** | **Massachusetts — 1.1%** |
|  Massachusetts Educational Financing Authority, RB AMT, 5.00%, 07/01/26 |  | 1265 |  | 1333437 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/27 |  | 1950 |  | 2085137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 01/01/24 |  | 3500 |  | 3548037 |
|  Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-2, (HUD SECT 8), 0.45%, 12/01/24 |  | 1500 |  | 1422235 |
|  |  |  |  | 8388846 |
| **Michigan — 2.4%** | **Michigan — 2.4%** | **Michigan — 2.4%** | **Michigan — 2.4%** | **Michigan — 2.4%** |
|  Michigan Finance Authority,<br>RB 4.51%, 12/01/39<sup>(a)</sup> |  | 6115 |  | 6111894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien, (NPFGC), 5.00%, 11/01/23 |  | 310 |  | 314674 |
|  Michigan Finance Authority, Refunding RB<br>4.41%, 04/15/47<sup>(a)</sup> |  | 3150 |  | 3255991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class 1, 4.00%, 06/01/23 |  | 1000 |  | 1001273 |

---

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> December 31, 2022 | **BlackRock Short-Term Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par (000)* | *Par (000)* | *Value* | *Value* |
|  **Michigan (continued)** |  |  |  |  |
| Michigan Finance Authority, Refunding RB (continued) | Michigan Finance Authority, Refunding RB (continued) | Michigan Finance Authority, Refunding RB (continued) | Michigan Finance Authority, Refunding RB (continued) | Michigan Finance Authority, Refunding RB (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 0.55%, 10/15/24 | $| 1300 | $| 1238585 |
|  Michigan State Housing Development Authority, RB, M/F Housing<br>Series A, 0.55%, 04/01/25 |  | 1500 |  | 1412635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 0.65%, 10/01/24 |  | 610 |  | 583788 |
|  Michigan Strategic Fund, RB, AMT, 0.58%, 08/01/27<sup>(a)</sup> |  | 1600 |  | 1516877 |
|  Mona Shores Public Schools, GO, Series II, (Q-SBLF),<br>4.00%, 05/01/24 |  | 500 |  | 506887 |
|  University of Michigan Refunding RB, VRDN, 3.18%, 01/04/23<sup>(a)</sup> |  | 1900 |  | 1900000 |
|  |  |  |  | 17842604 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
|  Hastings Independent School District No.200, GO, CAB, Series A, (SD CRED PROG), 0.00%, 02/01/26<sup>(c)</sup> |  | 1040 |  | 954378 |
|  Minnesota Housing Finance Agency, RB, S/F Housing<br>Series E, AMT, 0.70%, 01/01/25 |  | 800 |  | 757762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 0.90%, 01/01/26 |  | 790 |  | 731110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 1.10%, 01/01/27 |  | 585 |  | 529938 |
|  Minnesota Municipal Gas Agency, RB, Series A,<br>4.00%, 12/01/27 |  | 1300 |  | 1290025 |
|  |  |  |  | 4263213 |
| **Mississippi<sup>(a)</sup> — 0.6%** | **Mississippi<sup>(a)</sup> — 0.6%** | **Mississippi<sup>(a)</sup> — 0.6%** | **Mississippi<sup>(a)</sup> — 0.6%** | **Mississippi<sup>(a)</sup> — 0.6%** |
|  County of Jackson Mississippi, Refunding RB,<br>3.55%, 06/01/23 |  | 3100 |  | 3100000 |
|  Mississippi Business Finance Corp. RB, Series K, VRDN, 3.55%, 01/04/23 |  | 1500 |  | 1500000 |
|  |  |  |  | 4600000 |
| **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** |
|  City of St. Charles Missouri, Refunding COP, Series B,<br>4.00%, 02/01/24 |  | 140 |  | 141286 |
|  City of Washington Missouri, Refunding COP,<br>5.00%, 03/01/23 |  | 370 |  | 370966 |
|  County of Greene Missouri, COP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/24 |  | 275 |  | 278404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/25 |  | 400 |  | 410138 |
|  |  |  |  | 1200794 |
| **Nebraska — 1.2%** | **Nebraska — 1.2%** | **Nebraska — 1.2%** | **Nebraska — 1.2%** | **Nebraska — 1.2%** |
|  Central Plains Energy Project, Refunding RB<br>4.00%, 02/01/23 |  | 1055 |  | 1055152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/23 |  | 875 |  | 876302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/27 |  | 1000 |  | 1023009 |
|  County of Douglas Nebraska, Refunding RB,<br>4.19%, 07/01/35<sup>(a)</sup> |  | 5945 |  | 5928431 |
|  Douglas County Hospital Authority No.2, Refunding RB, 5.00%, 11/15/23 |  | 110 |  | 111638 |
|  |  |  |  | 8994532 |
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
|  Public Finance Authority, Refunding RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/23 |  | 195 |  | 196295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 |  | 200 |  | 204784 |
|  |  |  |  | 401079 |
| **New Hampshire — 0.6%** | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** |
|  New Hampshire Business Finance Authority, Refunding RB,<br>Class A, AMT, 4.04%, 10/01/33<sup>(a)</sup> |  | 4800 |  | 4705325 |
| **New Jersey — 13.1%** | **New Jersey — 13.1%** | **New Jersey — 13.1%** | **New Jersey — 13.1%** | **New Jersey — 13.1%** |
|  Borough of Berlin New Jersey, Refunding GO,<br>4.50%, 09/26/23 |  | 4250 |  | 4274429 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
|  Borough of Wood-Ridge New Jersey, GO,<br>4.50%, 03/01/23 | $6560 | $6568016 |
|  New Jersey Economic Development Authority, RB Series QQQ, 5.00%, 06/15/23 | 250 | 251728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, 5.00%, 06/15/24 | 300 | 307060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 5.00%, 06/15/24 | 250 | 255884 |
|  New Jersey Economic Development Authority, Refunding RB Series A, 1.00%, 06/01/23 | 1350 | 1335687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 | 1010 | 1022883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN, 5.00%, 03/01/23 | 5945 | 5959310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.00%, 06/15/23 | 8010 | 8065373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 5.00%, 06/15/24 | 2990 | 3060367 |
|  New Jersey Educational Facilities Authority, RB, (SAP), 5.00%, 06/01/24 | 280 | 286390 |
|  New Jersey Health Care Facilities Financing Authority, Refunding RB 5.00%, 10/01/23 | 3500 | 3540302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/23 | 1015 | 1025082 |
|  New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/24 | 1000 | 1027283 |
|  New Jersey Transportation Trust Fund Authority,<br>RB 5.00%, 06/15/23 | 1500 | 1511551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/23 | 175 | 176210 |
|  New Jersey Transportation Trust Fund Authority, Refunding RB Series A, 5.25%, 12/15/23 | 2000 | 2034270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/15/23 | 3095 | 3156030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/24 | 5820 | 5970016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (AMBAC), 5.25%, 12/15/23 | 1130 | 1149363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/15/23 | 275 | 279077 |
|  New Jersey Turnpike Authority, Refunding RB,<br>Series C, 5.00%, 01/01/23 | 615 | 615000 |
|  South Orange & Maplewood School District, GO,<br>(SCH BD RES FD), 2.00%, 08/15/23 | 1075 | 1067641 |
|  State of New Jersey, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 680 | 700049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/24 | 8330 | 8573169 |
|  Township of Clark New Jersey, Refunding GO,<br>4.50%, 08/18/23 | 10132 | 10186206 |
|  Township of Deptford New Jersey, GO, Series A,<br>4.00%, 07/11/23 | 4466 | 4464841 |
|  Township of Deptford New Jersey, Refunding GO,<br>4.75%, 07/20/23 | 7760 | 7783746 |
|  Township of North Bergen New Jersey, Refunding GO, 4.50%, 08/08/23 | 4700 | 4719862 |
|  Township of Plainsboro New Jersey, Refunding GO<br>4.00%, 07/26/23 | 2500 | 2499395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/26/23 | 4500 | 4519539 |
|  |  | 96385759 |
| **New Mexico — 0.6%** |  |  |
|  Albuquerque Municipal School District No.12, GO, Series A, (SAW), 5.00%, 08/01/24 | 250 | 258168 |
|  Albuquerque Municipal School District No.12, Refunding GO, Series B, (SAW), 5.00%, 08/01/24 | 1000 | 1032681 |
|  New Mexico Educational Assistance Foundation, Refunding RB, Series A, AMT, 5.00%, 09/01/27 | 2000 | 2167234 |
|  New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 4.00%, 05/01/23 | 1200 | 1198759 |
|  |  | 4656842 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Short-Term Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
| **New York — 6.2%** |  |  |
|  City of New York, GO, VRDN, 3.49%, 01/04/23<sup>(a)</sup> | $2900 | $2900000 |
|  County of Monroe New York, Refunding GO, (AGM), 4.00%, 06/01/23 | 775 | 778089 |
|  Genesee County Funding Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 400 | 410512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/25 | 200 | 207975 |
|  Long Island Power Authority, RB, (AGM), 0.00%, 06/01/26<sup>(c)</sup>. | 500 | 450468 |
|  Metropolitan Transportation Authority, RB, Series A-1, 5.00%, 02/01/23 | 1800 | 1801332 |
|  Metropolitan Transportation Authority, Refunding RB, Series D, 5.00%, 11/15/25 | 1165 | 1165264 |
|  Monroe County Industrial Development Corp., Refunding RB, 5.00%, 12/01/23 | 500 | 505861 |
|  New York City Housing Development Corp., Refunding RB, (FHA 542(C)), 1.05%, 05/01/28 | 1000 | 879290 |
|  New York City Municipal Water Finance Authority Refunding RB, VRDN, 3.40%, 01/04/23<sup>(a)</sup> | 2900 | 2900000 |
|  New York City Municipal Water Finance Authority, Refunding RB, Refunding RB, VRDN, 3.85%, 01/04/23<sup>(a)</sup> | 2400 | 2400000 |
|  New York Convention Center Development Corp., RB, Class B, Sub Lien, 5.00%, 11/15/23 | 1915 | 1930538 |
|  New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/23 | 350 | 355198 |
|  New York State Housing Finance Agency, RB, M/F Housing, Series P, 1.55%, 11/01/23 | 3695 | 3638943 |
|  New York State Thruway Authority, Refunding RB, Series K, 5.00%, 01/01/23 | 775 | 775000 |
|  New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/27 | 2500 | 2614335 |
|  New York Transportation Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 550 | 558798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 1030 | 1066706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/25 | 1000 | 1035592 |
|  Port Authority of New York & New Jersey, Refunding ARB, Series 230, 4.00%, 12/01/28 | 2000 | 2138118 |
|  Port Authority of New York & New Jersey, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 227, AMT, 3.00%, 10/01/27 | 1230 | 1198784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 227, AMT, 3.00%, 10/01/28 | 4000 | 3908360 |
|  State of New York Mortgage Agency, RB, S/F Housing, Series 212, AMT, 2.95%, 04/01/25 | 1000 | 987778 |
|  State of New York Mortgage Agency, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 235, AMT, 0.65%, 04/01/24 | 705 | 679805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 235, AMT, 0.75%, 10/01/24 | 830 | 789888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 235, AMT, 0.88%, 04/01/25 | 1710 | 1607819 |
|  Town of Oyster Bay New York, Refunding GO, 4.00%, 03/01/24 | 390 | 394664 |
|  Triborough Bridge & Tunnel Authority, Refunding RB, Series E2A, 3.93%, 04/01/26<sup>(a)</sup> | 7500 | 7500000 |
|  |  | 45579117 |
| **Ohio — 3.2%** |  |  |
|  City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23 | 350 | 350160 |
|  County of Allen Ohio Hospital Facilities Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 1100 | 1119107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/23 | 300 | 303276 |
|  Lancaster Port Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/23 | 250 | 250115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding RB, 5.00%, 08/01/49<sup>(a)</sup> | 12610 | 12833083 |
|  Ohio Air Quality Development Authority, Refunding RB<sup>(a)</sup><br>4.00%, 09/01/30 | 1100 | 1097171 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
| **Ohio (continued)** |  |  |
|  Ohio Air Quality Development Authority, Refunding RB<sup>(a)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.25%, 11/01/39 | $900 | $898906 |
|  Ohio Higher Educational Facility Commission, Refunding RB, Series B, 3.89%, 12/01/42<sup>(a)</sup> | 5335 | 5158961 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, RB, 5.00%, 10/01/24 | 1250 | 1296484 |
|  |  | 23307263 |
| **Oklahoma — 0.1%** |  |  |
|  Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.00%, 01/01/25 | 390 | 405983 |
| **Oregon — 0.0%** |  |  |
|  City of Hermiston Oregon, GO, 4.00%, 06/01/24 | 345 | 349486 |
| **Pennsylvania — 7.9%** |  |  |
|  Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/27 | 2000 | 2091536 |
|  Allegheny County Hospital Development Authority, RB, Series D2, 4.24%, 11/15/26<sup>(a)</sup> | 3850 | 3882906 |
|  City of Philadelphia Pennsylvania Airport Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/24 | 735 | 754219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/28 | 1000 | 1057971 |
|  City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB, Series A, 5.00%, 01/01/23 | 500 | 500000 |
|  Commonwealth Financing Authority, RB, 5.00%, 06/01/24 | 2975 | 3053338 |
|  Commonwealth Financing Authority, Refunding RB, Series B, 5.00%, 06/01/25 | 620 | 649097 |
|  Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 03/15/24 | 1585 | 1625408 |
|  Commonwealth of Pennsylvania, Refunding GO, 1st Series, 5.00%, 08/15/23 | 1000 | 1012797 |
|  County of Lehigh, Refunding RB, 5.00%, 07/01/23 | 700 | 705328 |
|  DuBois Area School District, Refunding GO, Series B, (BAM SAW), 4.00%, 11/01/23 | 325 | 327517 |
|  Easton Area School District, Refunding GO, Series A, (SAW), 4.00%, 04/01/23 | 375 | 375743 |
|  Muhlenberg School District, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 4.00%, 05/15/23 | 525 | 526574 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SAW), 4.00%, 05/15/24 | 200 | 202540 |
|  Palmyra Area School District, Refunding GO, (SAW), 4.00%, 04/01/23 | 590 | 590998 |
|  Pennsylvania Economic Development Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 04/15/24 | 575 | 588738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, AMT, 4.06%, 06/01/41<sup>(a)</sup> | 5000 | 4844425 |
|  Pennsylvania Economic Development Financing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 10/01/23 | 5000 | 4885535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 12/01/37<sup>(a)</sup> | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/15/24 | 425 | 432130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, VRDN, 4.81%, 01/07/23<sup>(a)</sup> | 5000 | 5000000 |
|  Pennsylvania Higher Education Assistance Agency, RB, Series A, AMT, 5.00%, 06/01/28 | 1925 | 2074295 |
|  Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 133, 5.00%, 10/01/23 | 400 | 405482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 133, 5.00%, 04/01/25 | 565 | 588352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 137, 5.00%, 04/01/27 | 240 | 256273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 137, 5.00%, 10/01/27 | 225 | 241293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 137, 5.00%, 04/01/28 | 250 | 269075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 137, 5.00%, 10/01/28 | 260 | 280661 |

---

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> December 31, 2022 | **BlackRock Short-Term Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
| **Pennsylvania (continued)** |  |  |
|  Pennsylvania Housing Finance Agency, Refunding RB Series 136, 5.00%, 04/01/27 | $875 | $933712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 136, 5.00%, 10/01/27 | 250 | 268104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 136, 5.00%, 04/01/28 | 1375 | 1479914 |
|  Pennsylvania Turnpike Commission, Refunding RB, VRDN, 3.66%, 01/07/23<sup>(a)</sup> | 1000 | 1000000 |
|  Perkasie Regional Authority, Refunding RB, (BAM), 4.00%, 02/01/23 | 230 | 230141 |
|  Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/24 | 500 | 514627 |
|  Philadelphia Gas Works Co., Refunding RB Series B, 5.00%, 08/01/23 | 1000 | 1009788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (AGM), 5.00%, 08/01/24 | 500 | 514628 |
|  Pottstown School District, Refunding GO, (BAM SAW), 4.00%, 06/01/23 | 385 | 386427 |
|  School District of Philadelphia, GO, Series A, (SAW), 5.00%, 09/01/23 | 1250 | 1261510 |
|  Southeastern Pennsylvania Transportation Authority, RB 5.00%, 06/01/23 | 1000 | 1008123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/24 | 900 | 926115 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 4.02%, 02/15/24<sup>(a)</sup> | 5000 | 4982590 |
|  Wilson Area School District, Refunding GO, (SAW), 4.00%, 03/15/23 | 900 | 901232 |
|  |  | 57639142 |
| **Puerto Rico — 0.7%** |  |  |
|  Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23 | 5000 | 5070805 |
| **Rhode Island — 0.6%** |  |  |
|  Rhode Island Commerce Corp., Refunding RB, Series A, 5.00%, 06/15/23 | 800 | 806774 |
|  Rhode Island Student Loan Authority, RB Series A, AMT, 5.00%, 12/01/27 | 1600 | 1703795 |
|  Series A, AMT, 5.00%, 12/01/28 | 1515 | 1626327 |
|  |  | 4136896 |
| **South Carolina — 2.6%** |  |  |
|  College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24 | 1640 | 1680605 |
|  Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48<sup>(a)</sup> | 16885 | 16870799 |
|  Piedmont Municipal Power Agency, Refunding RB, Series E, 5.00%, 01/01/23 | 500 | 500000 |
|  |  | 19051404 |
| **South Dakota — 0.1%** |  |  |
|  South Dakota Health & Educational Facilities Authority, Refunding RB<br>Series A, 5.00%, 09/01/23 | 335 | 338641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/24 | 350 | 360044 |
|  |  | 698685 |
| **Tennessee — 2.8%** |  |  |
|  New Memphis Arena Public Building Authority, RB, CAB, 4.00%, 04/01/27<sup>(d)</sup> | 1855 | 1694264 |
|  Tennergy Corp., RB<br>Series A, 4.00%, 03/01/24 | 350 | 348703 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
| **Tennessee (continued)** |  |  |
|  Tennergy Corp., RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/26 | $725 | $742708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/01/27 | 775 | 804228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/01/28 | 1000 | 1041087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/51<sup>(a)</sup> | 15305 | 14937328 |
|  Tennessee Energy Acquisition Corp., RB Series A, 5.25%, 09/01/24 | 910 | 923423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/24 | 250 | 254548 |
|  |  | 20746289 |
| **Texas — 5.7%** |  |  |
|  City of San Antonio Texas Airport System, Refunding RB, Series A, AMT, Subordinate Lien, 5.00%, 07/01/28 | 1000 | 1058844 |
|  Clear Creek Independent School District, GO, (PSF), 5.00%, 02/15/25 | 650 | 679704 |
|  Dallas Fort Worth International Airport, Refunding RB, Series A, 5.00%, 11/01/23 | 1250 | 1270304 |
|  Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25 | 1285 | 1268745 |
|  Harris County Cultural Education Facilities Finance Corp., Refunding RB<sup>(a)</sup><br>Class B, 5.00%, 06/01/50 | 1500 | 1645725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C, 4.51%, 07/01/49 | 5250 | 5385618 |
|  North Central Texas Housing Finance Corp., RB, M/F Housing, 0.38%, 08/01/40<sup>(a)</sup> | 3500 | 3371277 |
|  Port of Arthur Navigation District Industrial Development Corp., RB, VRDN, 3.74%, 01/07/23<sup>(a)</sup> | 5000 | 5000000 |
|  State of Texas, GO<br>AMT, 5.00%, 08/01/26 | 2830 | 3039375 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 08/01/28 | 3120 | 3449799 |
|  Texas Municipal Georgias Acquisition & Supply Corp. III, Refunding RB<br>5.00%, 12/15/23 | 1000 | 1006805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/25 | 6500 | 6661096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/27 | 7200 | 7461540 |
|  Waco Educational Finance Corp., RB, 4.00%, 03/01/25 | 400 | 409863 |
|  |  | 41708695 |
| **Virginia — 0.1%** |  |  |
|  Fairfax County Industrial Development Authority, Refunding RB, 5.00%, 05/15/24 | 425 | 436693 |
|  Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/27 | 425 | 434724 |
|  |  | 871417 |
| **Washington — 2.0%** |  |  |
|  County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 3.89%, 01/01/40<sup>(a)</sup> | 9700 | 9666215 |
|  King County Housing Authority, Refunding RB<br>3.00%, 06/01/23 | 200 | 199617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/24 | 225 | 223830 |
|  Port of Seattle Washington, Refunding ARB, Series B, 5.00%, 03/01/24 | 1375 | 1404541 |
|  Seattle Housing Authority, RB, M/F Housing, Series A, 3.00%, 06/01/23 | 3000 | 2996871 |
|  |  | 14491074 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Short-Term Municipal Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par (000)* | *Value* |
| **Wisconsin — 2.7%** |  |  |
|  Public Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/23 | $300 | $300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/24 | 300 | 303841 |
|  State of Wisconsin, GO, Series A, 4.08%, 05/01/25<sup>(a)</sup> | 11490 | 11375583 |
|  Wisconsin Health & Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB, Series C-2, 3.84%, 08/15/54<sup>(a)</sup> | 8000 | 7774344 |
|  |  | 19753768 |
|  **Total Investments — 98.3%<br>(Cost: $731,833,014)** |  | 721313379 |
|  **Other Assets Less Liabilities — 1.7%** |  | 12332165 |
|  **Net Assets — 100.0%** |  | $733645544 |

---

<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> Zero-coupon bond.

<sup>(d)</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.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 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>06/30/22* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, MuniCash, Institutional Class<sup>(a)</sup> | $– $– $| (167)<sup>(b)</sup> | $167 | $– $– – $| 7556 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

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

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 | $— | $721313379 | $— | $721313379 |
|  | $— | $721313379 | $— | $721313379 |

---

*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 57

------

Statement of Assets and Liabilities (unaudited)

December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | BlackRock<br> New York<br>Municipal<br>Opportunities<br>Fund | BlackRock<br> High Yield<br>Municipal<br> Fund | BlackRock<br>National<br> Municipal<br> Fund | BlackRock<br>Short-Term<br>Municipal Fund |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $1295236695 | $1770807263 | $9881613719 | $721313379 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 39372266 | 47991754 | 223916087 |  |
|  Cash |  |  |  | 69969 |
|  Cash pledged for futures contracts | 6415000 | 9119000 | 22765000 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 11317259 | 452277 | 49857234 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 3889247 | 10969499 | 83312164 | 26075882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 62573 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated |  | 135858 | 544263 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 14939226 | 23774809 | 119252876 | 5188130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1059003 | 1483429 | 3851148 |  |
|  Prepaid expenses | 141446 | 262220 | 428065 | 147069 |
|  Total assets | 1372432715 | 1864996109 | 10385540556 | 752805093 |
|  **ACCRUED LIABILITIES** |  |  |  |  |
|  Bank overdraft |  | 29039 | 11286582 |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 162692 |  | 16354570 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOB Trust | 6719555 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 67147 | 83886 | 422636 | 44213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 8097321 | 23595698 | 122505359 | 11205525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 7593 | 7945 | 53690 | 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 780390 | 1481770 | 5412549 | 613367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | 413332 | 460767 | 2663936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 427750 | 678419 | 3070464 | 139675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 15750 | 2615 | 143172 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 21188 | 63958 | 86273 | 28797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees |  |  | 82118 | 29585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 173638 | 140977 | 607798 | 62660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 103547 | 102719 | 745161 | 32502 |
|  Total accrued liabilities | 16989903 | 26647793 | 163434308 | 19159549 |
|  **OTHER LIABILITIES** |  |  |  |  |
|  TOB Trust Certificates | 104579671 | 91838967 | 481619958 |  |
|  Total liabilities | 121569574 | 118486760 | 645054266 | 19159549 |
|  NET ASSETS | $1250863141 | $1746509349 | $9740486290 | $733645544 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $1388910824 | $1992083886 | $10786118426 | $762863580 |
|  Accumulated loss | (138047683) | (245574537) | (1045632136) | (29218036) |
|  NET ASSETS | $1250863141 | $1746509349 | $9740486290 | $733645544 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $1357863998 | $1970083911 | $10301045235 | $731833014 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $39371930 | $47991649 | $223845053 | $— |

---

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

------

Statement of Assets and Liabilities (unaudited) (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | BlackRock<br>New York<br>Municipal<br>Opportunities<br>Fund | BlackRock<br>High Yield<br>Municipal<br> Fund | BlackRock<br>National<br>Municipal<br> Fund | BlackRock<br>Short-Term<br>Municipal Fund |
|  **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $571282270 | $858697175 | $3836733179 | $379084652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 55488354 | 98704836 | 386372828 | 38910396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.30 | $8.70 | $9.93 | $9.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | 350 Million | 800 Million | 150 Million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | $0.10 |
| **Service** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | N/A | N/A | $1455125 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | N/A | 146630 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | N/A | N/A | $9.92 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | N/A | 375 Million | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | N/A | N/A | $0.10 | N/A |
| **Investor A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $552493588 | $534382361 | $2505567266 | $274967304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 53628532 | 61579434 | 252147202 | 28201277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.30 | $8.68 | $9.94 | $9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | 100 Million | 800 Million | 150 Million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | $0.10 |
| **Investor A1** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $69790424 | N/A | N/A | $10964672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 6774783 | N/A | N/A | 1124333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.30 | N/A | N/A | $9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | N/A | N/A | 150 Million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | N/A | N/A | $0.10 |
| **Investor C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $52841693 | $28264234 | $73868544 | $6617286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 5130965 | 3247877 | 7432558 | 702073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.30 | $8.70 | $9.94 | $9.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | 100 Million | 375 Million | 150 Million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | $0.10 |
| **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4455166 | $325165579 | $3322862176 | $62011630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 432804 | 37388073 | 334481395 | 6363401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.29 | $8.70 | $9.93 | $9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | 2 Billion | 1.35 Billion | 150 Million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 | $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 59

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Statement of Operations (unaudited)

Six Months Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | BlackRock<br>New York<br>Municipal<br>Opportunities<br>Fund | BlackRock<br>High Yield<br>Municipal<br>Fund | BlackRock<br>National<br>Municipal<br> Fund | BlackRock<br>Short-Term<br>Municipal Fund |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $257913 | $561253 | $2353896 | $7556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 24649778 | 44253319 | 194371139 | 7369309 |
|  Total investment income | 24907691 | 44814572 | 196725035 | 7376865 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 3135730 | 4352883 | 20417507 | 1078789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 1056397 | 891394 | 3872414 | 364882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 382052 | 465193 | 2850735 | 209997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 111366 | 116243 | 82239 | 38363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 92720 | 116678 | 514611 | 63616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 40445 | 140536 | 250210 | 105913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 22054 | 14794 | 15929 | 14353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 10697 | 14231 | 84426 | 5872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 9712 | 14022 | 69973 | 6036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 55355 | 77163 | 121203 | 20374 |
|  Total expenses | 4916528 | 6203137 | 28279247 | 1908195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense<sup>(a)</sup>  | 1377359 | 1377600 | 6409468 |  |
|  Total expenses | 6293887 | 7580737 | 34688715 | 1908195 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (425816) | (167381) | (1436745) | (190430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (48316) | (97367) | (1096957) | (65805) |
|  Total expenses after fees waived and/or reimbursed | 5819755 | 7315989 | 32155013 | 1651960 |
|  Net investment income | 19087936 | 37498583 | 164570022 | 5724905 |
|  **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 | (24964633) | (59456851) | (440533917) | (6172474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | (14354) | (49865) | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 18970715 | 21194088 | 50528316 |  |
|  | (5993918) | (38277117) | (390055466) | (6172307) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (7413011) | (29569766) | 196926702 | 2547087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (1) | (13586) | (211723) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3565818 | (477800) | 27177119 |  |
|  | (3847194) | (30061152) | 223892098 | 2547087 |
|  Net realized and unrealized loss | (9841112) | (68338269) | (166163368) | (3625220) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $9246824 | $(30839686) | $(1593346) | $2099685 |

---

<sup>(a)</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.* 

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

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock New York<br>Municipal Opportunities Fund | BlackRock New York<br>Municipal Opportunities Fund | BlackRock High Yield<br>Municipal Fund | BlackRock High Yield<br>Municipal Fund |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $19087936 | $36040388 | $37498583 | $65381740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5993918) | 29090314 | (38277117) | (1729237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3847194) | (199818075) | (30061152) | (354793843) |
|  Net increase (decrease) in net assets resulting from operations | 9246824 | (134687373) | (30839686) | (291141340) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (9491099) | (17701989) | (18187102) | (38913538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (7942057) | (14918046) | (10968391) | (21610759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A1 | (1058519) | (2006341) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (573702) | (1154173) | (453921) | (1039792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (76553) | (140624) | (7440657) | (9449244) |
|  Decrease in net assets resulting from distributions to shareholders | (19141930) | (35921173) | (37050071) | (71013333) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (113950143) | (40921219) | (109458671) | 250730888 |
|  *NET ASSETS* |  |  |  |  |
|  Total decrease in net assets | (123845249) | (211529765) | (177348428) | (111423785) |
|  Beginning of period | 1374708390 | 1586238155 | 1923857777 | 2035281562 |
|  End of period | $1250863141 | $1374708390 | $1746509349 | $1923857777 |

---

<sup>(a)</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 61

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock National<br>Municipal Fund | BlackRock National<br>Municipal Fund | BlackRock Short-Term<br>Municipal Fund | BlackRock Short-Term<br>Municipal Fund |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $164570022 | $273927337 | $5724905 | $4090849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (390055466) | (229940609) | (6172307) | (10654551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 223892098 | (1474047839) | 2547087 | (18300286) |
|  Net increase (decrease) in net assets resulting from operations | (1593346) | (1430061111) | 2099685 | (24863988) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (66250347) | (141270191) | (3147681) | (2953108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | (30064) | (80775) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (40583989) | (88850592) | (1925043) | (982419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A1 |  |  | (91573) | (61798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (876536) | (1683957) | (18797) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (57888843) | (111707937) | (627284) | (228855) |
|  Decrease in net assets resulting from distributions to shareholders | (165629779) | (343593452) | (5810378) | (4226180) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (1298042373) | (2214169146) | (107096536) | 47597807 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (1465265498) | (3987823709) | (110807229) | 18507639 |
|  Beginning of period | 11205751788 | 15193575497 | 844452773 | 825945134 |
|  End of period | $9740486290 | $11205751788 | $733645544 | $844452773 |

---

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

*See notes to financial statements.* 

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

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New York Municipal Opportunities Fund | BlackRock New York Municipal Opportunities Fund | BlackRock New York Municipal Opportunities Fund | BlackRock New York Municipal Opportunities Fund | BlackRock New York Municipal Opportunities Fund | BlackRock New York Municipal Opportunities Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.36 | $11.59 | $10.83 | $11.38 | $11.31 | $11.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.15 | 0.28 | 0.28 | 0.28 | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | (1.23) | 0.76 | (0.55) | 0.22 | 0.10 |
|  Net increase (decrease) from investment operations | 0.09 | (0.95) | 1.04 | (0.27) | 0.55 | 0.43 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.28) | (0.28) | (0.28) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.12) |  |
|  Total distributions | (0.15) | (0.28) | (0.28) | (0.28) | (0.48) | (0.33) |
|  **Net asset value, end of period** | $10.30 | $10.36 | $11.59 | $10.83 | $11.38 | $11.31 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.92 %<sup>(d)</sup> | (8.35)% | 9.71% | (2.41)% | 4.96% | 3.93% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.78 %<sup>(f)</sup> | 0.62% | 0.61% | 0.63% | 0.71% | 0.74% |
|  Total expenses after fees waived and/or reimbursed | 0.70 %<sup>(f)</sup> | 0.56% | 0.54% | 0.58% | 0.65% | 0.63% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.50 %<sup>(f)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Net investment income | 2.97 %<sup>(f)</sup> | 2.49% | 2.49% | 2.52% | 2.99% | 2.96% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $571282 | $646500 | $706229 | $702632 | $733534 | $455378 |
|  Borrowings outstanding, end of period (000) | $104580 | $119892 | $104930 | $94386 | $88529 | $67389 |
|  Portfolio turnover rate | 28% | 32% | 15% | 43% | 43% | 43% |

---

<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. (f) 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 63

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.36 | $11.59 | $10.84 | $11.39 | $11.31 | $11.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.14 | 0.25 | 0.25 | 0.25 | 0.31 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | (1.23) | 0.75 | (0.55) | 0.22 | 0.10 |
|  Net increase (decrease) from investment operations | 0.08 | (0.98) | 1.00 | (0.30) | 0.53 | 0.41 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.25) | (0.25) | (0.25) | (0.33) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.12) |  |
|  Total distributions | (0.14) | (0.25) | (0.25) | (0.25) | (0.45) | (0.31) |
|  **Net asset value, end of period** | $10.30 | $10.36 | $11.59 | $10.84 | $11.39 | $11.31 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.79 %<sup>(d)</sup> | (8.58)% | 9.34% | (2.65)% | 4.79% | 3.67% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.01 %<sup>(f)</sup> | 0.86% | 0.85% | 0.88 %<sup>(g)</sup> | 0.97% | 0.96% |
|  Total expenses after fees waived and/or reimbursed | 0.95 %<sup>(f)</sup> | 0.81% | 0.79% | 0.84% | 0.90% | 0.88% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 0.75 %<sup>(f)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income | 2.72 %<sup>(f)</sup> | 2.24% | 2.24% | 2.27% | 2.73% | 2.71% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $552494 | $585695 | $697842 | $756236 | $609557 | $362961 |
|  Borrowings outstanding, end of period (000) | $104580 | $119892 | $104930 | $94386 | $88529 | $67389 |
|  Portfolio turnover rate | 28% | 32% | 15% | 43% | 43% | 43% |

---

<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.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) |
|  | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.36 | $11.59 | $10.84 | $11.38 | $11.31 | $11.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.15 | 0.27 | 0.27 | 0.27 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | (1.23) | 0.75 | (0.54) | 0.21 | 0.10 |
|  Net increase (decrease) from investment operations | 0.09 | (0.96) | 1.02 | (0.27) | 0.53 | 0.42 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.27) | (0.27) | (0.27) | (0.34) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.12) |  |
|  Total distributions | (0.15) | (0.27) | (0.27) | (0.27) | (0.46) | (0.32) |
|  **Net asset value, end of period** | $10.30 | $10.36 | $11.59 | $10.84 | $11.38 | $11.31 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.87 %<sup>(d)</sup> | (8.44)% | 9.50% | (2.42)% | 4.85% | 3.83% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.87 %<sup>(f)</sup> | 0.71% | 0.70% | 0.73 %<sup>(g)</sup> | 0.81% | 0.81% |
|  Total expenses after fees waived and/or reimbursed | 0.80 %<sup>(f)</sup> | 0.66% | 0.64% | 0.69% | 0.75% | 0.72% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(h)</sup>  | 0.60 %<sup>(f)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
|  Net investment income | 2.87 %<sup>(f)</sup> | 2.39% | 2.39% | 2.42% | 2.89% | 2.87% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $69790 | $74808 | $89501 | $91458 | $103286 | $107538 |
|  Borrowings outstanding, end of period (000) | $104580 | $119892 | $104930 | $94386 | $88529 | $67389 |
|  Portfolio turnover rate | 28% | 32% | 15% | 43% | 43% | 43% |

---

<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.* 

F I N A N C I A L H I G H L I G H T S 65

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.36 | $11.59 | $10.83 | $11.38 | $11.31 | $11.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.10 | 0.17 | 0.17 | 0.17 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | (1.23) | 0.76 | (0.55) | 0.21 | 0.10 |
|  Net increase (decrease) from investment operations | 0.04 | (1.06) | 0.93 | (0.38) | 0.43 | 0.32 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.17) | (0.17) | (0.17) | (0.24) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.12) |  |
|  Total distributions | (0.10) | (0.17) | (0.17) | (0.17) | (0.36) | (0.22) |
|  **Net asset value, end of period** | $10.30 | $10.36 | $11.59 | $10.83 | $11.38 | $11.31 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.41 %<sup>(d)</sup> | (9.27)% | 8.62% | (3.38)% | 3.92% | 2.89% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.78 %<sup>(f)</sup> | 1.62% | 1.62% | 1.64% | 1.72% | 1.73% |
|  Total expenses after fees waived and/or reimbursed | 1.70 %<sup>(f)</sup> | 1.56% | 1.54% | 1.59% | 1.65% | 1.63% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 1.50 %<sup>(f)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Net investment income | 1.97 %<sup>(f)</sup> | 1.48% | 1.49% | 1.52% | 1.99% | 1.96% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $52842 | $62566 | $87465 | $111588 | $119391 | $98722 |
|  Borrowings outstanding, end of period (000) | $104580 | $119892 | $104930 | $94386 | $88529 | $67389 |
|  Portfolio turnover rate | 28% | 32% | 15% | 43% | 43% | 43% |

---

<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.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) | BlackRock New York Municipal Opportunities Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Period from<br>01/25/18<sup>(a)</sup><br>to 06/30/18 |
|  **Net asset value, beginning of period** | $10.36 | $11.58 | $10.83 | $11.38 | $11.31 | $11.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.16 | 0.29 | 0.28 | 0.29 | 0.34 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.07) | (1.23) | 0.75 | (0.55) | 0.21 | (0.05) |
|  Net increase (decrease) from investment operations | 0.09 | (0.94) | 1.03 | (0.26) | 0.55 | 0.11 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.28) | (0.28) | (0.29) | (0.36) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.12) |  |
|  Total distributions | (0.16) | (0.28) | (0.28) | (0.29) | (0.48) | (0.14) |
|  **Net asset value, end of period** | $10.29 | $10.36 | $11.58 | $10.83 | $11.38 | $11.31 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.85 %<sup>(e)</sup> | (8.23)% | 9.67% | (2.36)% | 5.01% | 1.02 %(e) |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.72 %<sup>(g)</sup> | 0.57% | 0.57% | 0.59% | 0.67% | 0.67 %<sup>(g)(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.65 %<sup>(g)</sup> | 0.51% | 0.49% | 0.54% | 0.60% | 0.58 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(i)</sup>  | 0.45 %<sup>(g)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45 %<sup>(g)</sup> |
|  Net investment income | 3.02 %<sup>(g)</sup> | 2.55% | 2.53% | 2.54% | 3.05% | 3.42 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $4455 | $5139 | $5202 | $4097 | $4050 | $2611 |
|  Borrowings outstanding, end of period (000) | $104580 | $119892 | $104930 | $94386 | $88529 | $67389 |
|  Portfolio turnover rate | 28% | 32% | 15% | 43% | 43% | 43% |

---

<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 0.68%. 

<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 67

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Yield Municipal Fund | BlackRock High Yield Municipal Fund | BlackRock High Yield Municipal Fund | BlackRock High Yield Municipal Fund | BlackRock High Yield Municipal Fund | BlackRock High Yield Municipal Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $9.00 | $10.69 | $9.54 | $9.89 | $9.59 | $9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.18 | 0.32 | 0.35 | 0.36 | 0.39 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.31) | (1.66) | 1.15 | (0.35) | 0.30 | 0.05 |
|  Net increase (decrease) from investment operations | (0.13) | (1.34) | 1.50 | 0.01 | 0.69 | 0.45 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.17) | (0.32) | (0.35) | (0.36) | (0.39) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.03) |  |  |  |  |
|  Total distributions | (0.17) | (0.35) | (0.35) | (0.36) | (0.39) | (0.40) |
|  **Net asset value, end of period** | $8.70 | $9.00 | $10.69 | $9.54 | $9.89 | $9.59 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.38)%<sup>(d)</sup> | (12.84)% | 16.00% | 0.10% | 7.36% | 4.78% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.72 %<sup>(f)</sup> | 0.61% | 0.61% | 0.66% | 0.71% | 0.70% |
|  Total expenses after fees waived and/or reimbursed | 0.68 %<sup>(f)</sup> | 0.59% | 0.58% | 0.64% | 0.68% | 0.68% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup> . | 0.54 %<sup>(f)</sup> | 0.54% | 0.54% | 0.53% | 0.52% | 0.54% |
|  Net investment income | 4.01 %<sup>(f)</sup> | 3.17% | 3.44% | 3.71% | 4.03% | 4.14% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $858697 | $884648 | $1190526 | $757746 | $780811 | $549217 |
|  Borrowings outstanding, end of period (000) | $91839 | $99141 | $114824 | $102624 | $75301 | $61022 |
|  Portfolio turnover rate | 19% | 34% | 23% | 31% | 14% | 25% |

---

<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.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $8.98 | $10.67 | $9.52 | $9.87 | $9.56 | $9.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.17 | 0.30 | 0.32 | 0.34 | 0.36 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.31) | (1.66) | 1.15 | (0.35) | 0.31 | 0.04 |
|  Net increase (decrease) from investment operations | (0.14) | (1.36) | 1.47 | (0.01) | 0.67 | 0.41 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.30) | (0.32) | (0.34) | (0.36) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.03) |  |  |  |  |
|  Total distributions | (0.16) | (0.33) | (0.32) | (0.34) | (0.36) | (0.37) |
|  **Net asset value, end of period** | $8.68 | $8.98 | $10.67 | $9.52 | $9.87 | $9.56 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.51)%<sup>(d)</sup> | (13.09)% | 15.73% | (0.16)% | 7.21% | 4.40% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.95 %<sup>(f)</sup> | 0.84% | 0.85% | 0.92% | 0.98% | 0.96% |
|  Total expenses after fees waived and/or reimbursed | 0.93 %<sup>(f)</sup> | 0.83% | 0.83% | 0.89% | 0.95% | 0.94% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense<sup>(g)</sup>  | 0.78 %<sup>(f)</sup> | 0.78% | 0.78% | 0.78% | 0.79% | 0.80% |
|  Net investment income | 3.78 %<sup>(f)</sup> | 2.96% | 3.20% | 3.46% | 3.76% | 3.88% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $534382 | $616248 | $634326 | $422270 | $345255 | $220992 |
|  Borrowings outstanding, end of period (000) | $91839 | $99141 | $114824 | $102624 | $75301 | $61022 |
|  Portfolio turnover rate | 19% | 34% | 23% | 31% | 14% | 25% |

---

<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 69

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $9.01 | $10.70 | $9.55 | $9.89 | $9.59 | $9.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.13 | 0.22 | 0.25 | 0.26 | 0.29 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.31) | (1.66) | 1.15 | (0.34) | 0.30 | 0.04 |
|  Net increase (decrease) from investment operations | (0.18) | (1.44) | 1.40 | (0.08) | 0.59 | 0.34 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.22) | (0.25) | (0.26) | (0.29) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.03) |  |  |  |  |
|  Total distributions | (0.13) | (0.25) | (0.25) | (0.26) | (0.29) | (0.30) |
|  **Net asset value, end of period** | $8.70 | $9.01 | $10.70 | $9.55 | $9.89 | $9.59 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.99)%<sup>(d)</sup> | (13.70)% | 14.83% | (0.80)% | 6.28% | 3.62% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.74 %<sup>(f)</sup> | 1.62% | 1.63% | 1.69% | 1.74% | 1.73% |
|  Total expenses after fees waived and/or reimbursed | 1.68 %<sup>(f)</sup> | 1.59% | 1.59% | 1.65% | 1.70% | 1.69% |
|  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% | 1.56% |
|  Net investment income | 3.01 %<sup>(f)</sup> | 2.18% | 2.49% | 2.70% | 3.02% | 3.13% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $28264 | $33626 | $44050 | $58114 | $64484 | $60065 |
|  Borrowings outstanding, end of period (000) | $91839 | $99141 | $114824 | $102624 | $75301 | $61022 |
|  Portfolio turnover rate | 19% | 34% | 23% | 31% | 14% | 25% |

---

<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.* 

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 (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) | BlackRock High Yield Municipal Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Period from<br>01/25/18<sup>(a)</sup><br>to 06/30/18 |
|  **Net asset value, beginning of period** | $9.00 | $10.69 | $9.54 | $9.89 | $9.59 | $9.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.18 | 0.33 | 0.35 | 0.36 | 0.39 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.30) | (1.66) | 1.15 | (0.34) | 0.30 | (0.04) |
|  Net increase (decrease) from investment operations | (0.12) | (1.33) | 1.50 | 0.02 | 0.69 | 0.14 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.33) | (0.35) | (0.37) | (0.39) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.03) |  |  |  |  |
|  Total distributions | (0.18) | (0.36) | (0.35) | (0.37) | (0.39) | (0.17) |
|  **Net asset value, end of period** | $8.70 | $9.00 | $10.69 | $9.54 | $9.89 | $9.59 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.36)%<sup>(e)</sup> | (12.80)% | 16.05% | 0.14% | 7.40% | 1.50 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.66 %<sup>(g)</sup> | 0.55% | 0.57% | 0.64% | 0.69% | 0.67<sup></sup> %<sup>(g)(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.63 %<sup>(g)</sup> | 0.54% | 0.54% | 0.60% | 0.65% | 0.62 %<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 | 4.03 %<sup>(g)</sup> | 3.33% | 3.47% | 3.77% | 4.04% | 4.48 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $325166 | $389335 | $166379 | $83809 | $49062 | $11712 |
|  Borrowings outstanding, end of period (000) | $91839 | $99141 | $114824 | $102624 | $75301 | $61022 |
|  Portfolio turnover rate | 19% | 34% | 23% | 31% | 14% | 25% |

---

<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 0.68%. 

<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 71

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock National Municipal Fund | BlackRock National Municipal Fund | BlackRock National Municipal Fund | BlackRock National Municipal Fund | BlackRock National Municipal Fund | BlackRock National Municipal Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.08 | $11.47 | $11.07 | $11.06 | $10.79 | $10.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.22 | 0.21 | 0.26 | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.15) | (1.34) | 0.40 | 0.02 | 0.27 | (0.09) |
|  Net increase (decrease) from investment operations | 0.01 | (1.12) | 0.61 | 0.28 | 0.60 | 0.24 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.22) | (0.21) | (0.26) | (0.33) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.00)<sup>(c)</sup> | (0.05) |  | (0.01) |  |  |
|  Total distributions | (0.16) | (0.27) | (0.21) | (0.27) | (0.33) | (0.33) |
|  **Net asset value, end of period** | $9.93 | $10.08 | $11.47 | $11.07 | $11.06 | $10.79 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.10 %<sup>(e)</sup> | (9.89)% | 5.59% | 2.62% | 5.68% | 2.23% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.61 %<sup>(g)</sup> | 0.49% | 0.49% | 0.53% | 0.53% | 0.52% |
|  Total expenses after fees waived and/or reimbursed | 0.55 %<sup>(g)</sup> | 0.44% | 0.44% | 0.47% | 0.48% | 0.44% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.43 %<sup>(g)(h)</sup> | 0.43 %<sup>(h)</sup> | 0.43 %<sup>(h)</sup> | 0.43 %<sup>(h)</sup> | 0.43 %<sup>(h)</sup> | 0.44% |
|  Net investment income | 3.16 %<sup>(g)</sup> | 2.00% | 1.89% | 2.39% | 3.04% | 3.04% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3836733 | $4410891 | $5801296 | $4650471 | $4063258 | $3028849 |
|  Borrowings outstanding, end of period (000) | $481620 | $343430 | $126900 | $126900 | $324360 | $— |
|  Portfolio turnover rate | 27% | 74% | 42% | 75% | 77% | 51% |

---

<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> Amount is greater than $(0.00005) per share. 

<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.* 

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 National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) |
|  | Service | Service | Service | Service | Service | Service |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.07 | $11.46 | $11.07 | $11.06 | $10.78 | $10.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.15 | 0.20 | 0.19 | 0.25 | 0.31 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.15) | (1.34) | 0.39 | 0.01 | 0.27 | (0.10) |
|  Net increase (decrease) from investment operations |  | (1.14) | 0.58 | 0.26 | 0.58 | 0.21 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.20) | (0.19) | (0.24) | (0.30) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.00)<sup>(c)</sup> | (0.05) |  | (0.01) |  |  |
|  Total distributions | (0.15) | (0.25) | (0.19) | (0.25) | (0.30) | (0.30) |
|  **Net asset value, end of period** | $9.92 | $10.07 | $11.46 | $11.07 | $11.06 | $10.78 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (0.02)%<sup>(e)</sup> | (10.11)% | 5.24% | 2.37% | 5.51% | 1.99% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.83 %<sup>(g)</sup> | 0.70% | 0.71% | 0.74% | 0.76% | 0.71% |
|  Total expenses after fees waived and/or reimbursed | 0.79 %<sup>(g)</sup> | 0.68% | 0.68% | 0.71% | 0.73% | 0.67% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.67 %<sup>(g)(h)</sup> | 0.67 %<sup>(h)</sup> | 0.67 %<sup>(h)</sup> | 0.67 %<sup>(h)</sup> | 0.68 %<sup>(h)</sup> | 0.67% |
|  Net investment income | 2.90 %<sup>(g)</sup> | 1.77% | 1.65% | 2.25% | 2.90% | 2.90% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1455 | $2889 | $3564 | $3494 | $3318 | $2407 |
|  Borrowings outstanding, end of period (000) | $481620 | $343430 | $126900 | $126900 | $324360 | $— |
|  Portfolio turnover rate | 27% | 74% | 42% | 75% | 77% | 51% |

---

<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> Amount is greater than $(0.00005) per share. 

<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 73

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.08 | $11.47 | $11.08 | $11.07 | $10.80 | $10.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.15 | 0.19 | 0.19 | 0.24 | 0.30 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.14) | (1.34) | 0.39 | 0.02 | 0.27 | (0.08) |
|  Net increase (decrease) from investment operations | 0.01 | (1.15) | 0.58 | 0.26 | 0.57 | 0.22 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.19) | (0.19) | (0.24) | (0.30) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.00)<sup>(c)</sup> | (0.05) |  | (0.01) |  |  |
|  Total distributions | (0.15) | (0.24) | (0.19) | (0.25) | (0.30) | (0.30) |
|  **Net asset value, end of period** | $9.94 | $10.08 | $11.47 | $11.08 | $11.07 | $10.80 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.08 %<sup>(e)</sup> | (10.11)% | 5.23% | 2.36% | 5.41% | 2.07% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.86 %<sup>(g)</sup> | 0.75% | 0.75% | 0.80% | 0.82% | 0.77% |
|  Total expenses after fees waived and/or reimbursed | 0.80 %<sup>(g)</sup> | 0.69% | 0.69% | 0.72% | 0.73% | 0.69% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.68 %<sup>(g)(h)</sup> | 0.68 %<sup>(h)</sup> | 0.68 %<sup>(h)</sup> | 0.68 %<sup>(h)</sup> | 0.68 %<sup>(h)</sup> | 0.69% |
|  Net investment income | 2.91 %<sup>(g)</sup> | 1.74% | 1.64% | 2.13% | 2.79% | 2.79% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2505567 | $2976747 | $4427191 | $3978736 | $3227894 | $2730622 |
|  Borrowings outstanding, end of period (000) | $481620 | $343430 | $126900 | $126900 | $324360 | $— |
|  Portfolio turnover rate | 27% | 74% | 42% | 75% | 77% | 51% |

---

<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> Amount is greater than $(0.00005) per share. 

<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.* 

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 National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.09 | $11.48 | $11.08 | $11.07 | $10.80 | $10.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.11 | 0.11 | 0.10 | 0.15 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.15) | (1.34) | 0.40 | 0.02 | 0.27 | (0.08) |
|  Net increase (decrease) from investment operations | (0.04) | (1.23) | 0.50 | 0.17 | 0.49 | 0.14 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.11) | (0.11) | (0.10) | (0.15) | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.00)<sup>(c)</sup> | (0.05) |  | (0.01) |  |  |
|  Total distributions | (0.11) | (0.16) | (0.10) | (0.16) | (0.22) | (0.22) |
|  **Net asset value, end of period** | $9.94 | $10.09 | $11.48 | $11.08 | $11.07 | $10.80 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (0.40)%<sup>(e)</sup> | (10.77)% | 4.53% | 1.60% | 4.63% | 1.31% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.61 %<sup>(g)</sup> | 1.48% | 1.48% | 1.51% | 1.51% | 1.47% |
|  Total expenses after fees waived and/or reimbursed | 1.55 %<sup>(g)</sup> | 1.44% | 1.44% | 1.47% | 1.48% | 1.43% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.43 %<sup>(g)(h)</sup> | 1.43 %<sup>(h)</sup> | 1.43 %<sup>(h)</sup> | 1.43 %<sup>(h)</sup> | 1.43 %<sup>(h)</sup> | 1.43% |
|  Net investment income | 2.16 %<sup>(g)</sup> | 0.99% | 0.90% | 1.39% | 2.06% | 2.04% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $73869 | $87530 | $129601 | $232884 | $270445 | $327384 |
|  Borrowings outstanding, end of period (000) | $481620 | $343430 | $126900 | $126900 | $324360 | $— |
|  Portfolio turnover rate | 27% | 74% | 42% | 75% | 77% | 51% |

---

<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> Amount is greater than $(0.00005) per share. 

<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.* 

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 National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) | BlackRock National Municipal Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.08 | $11.47 | $11.08 | $11.07 | $10.79 | $10.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.23 | 0.22 | 0.27 | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.15) | (1.34) | 0.39 | 0.02 | 0.28 | (0.09) |
|  Net increase (decrease) from investment operations | 0.01 | (1.11) | 0.61 | 0.29 | 0.61 | 0.24 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.23) | (0.22) | (0.27) | (0.33) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.00)<sup>(c)</sup> | (0.05) |  | (0.01) |  |  |
|  Total distributions | (0.16) | (0.28) | (0.22) | (0.28) | (0.33) | (0.33) |
|  **Net asset value, end of period** | $9.93 | $10.08 | $11.47 | $11.08 | $11.07 | $10.79 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.13 %<sup>(e)</sup> | (9.84)% | 5.54% | 2.67% | 5.82% | 2.28% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.53 %<sup>(g)</sup> | 0.41% | 0.42% | 0.46% | 0.46% | 0.44% |
|  Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(g)</sup> | 0.39% | 0.39% | 0.42% | 0.43% | 0.39% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.38 %<sup>(g)(h)</sup> | 0.38 %<sup>(h)</sup> | 0.38 %<sup>(h)</sup> | 0.38 %<sup>(h)</sup> | 0.38 %<sup>(h)</sup> | 0.39% |
|  Net investment income | 3.22 %<sup>(g)</sup> | 2.06% | 1.94% | 2.43% | 3.09% | 3.09% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3322862 | $3727694 | $4831923 | $4524990 | $3736686 | $3012495 |
|  Borrowings outstanding, end of period (000) | $481620 | $343430 | $126900 | $126900 | $324360 | $— |
|  Portfolio turnover rate | 27% | 74% | 42% | 75% | 77% | 51% |

---

<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> Amount is greater than $(0.00005) per share. 

<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 Short-Term Municipal Fund | BlackRock Short-Term Municipal Fund | BlackRock Short-Term Municipal Fund | BlackRock Short-Term Municipal Fund | BlackRock Short-Term Municipal Fund | BlackRock Short-Term Municipal Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $9.80 | $10.17 | $10.15 | $10.15 | $10.08 | $10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.08 | 0.06 | 0.07 | 0.15 | 0.16 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | (0.37) | 0.02 |  | 0.07 | (0.04) |
|  Net increase (decrease) from investment operations | 0.02 | (0.31) | 0.09 | 0.15 | 0.23 | 0.07 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.08) | (0.06) | (0.07) | (0.15) | (0.16) | (0.11) |
|  **Net asset value, end of period** | $9.74 | $9.80 | $10.17 | $10.15 | $10.15 | $10.08 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.22 %<sup>(d)</sup> | (3.06)% | 0.90% | 1.47% | 2.32% | 0.71% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.44 %<sup>(f)</sup> | 0.44% | 0.44% | 0.46% | 0.46% | 0.49% |
|  Total expenses after fees waived and/or reimbursed | 0.36 %<sup>(f)</sup> | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
|  Net investment income | 1.65 %<sup>(f)</sup> | 0.59% | 0.70% | 1.46% | 1.61% | 1.12% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $379085 | $499800 | $502164 | $418338 | $350720 | $360543 |
|  Portfolio turnover rate | 56% | 106% | 41% | 94% | 129% | 153% |

---

<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.

*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

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $9.81 | $10.18 | $10.16 | $10.15 | $10.08 | $10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.07 | 0.03 | 0.05 | 0.12 | 0.14 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | (0.36) | 0.02 | 0.01 | 0.07 | (0.05) |
|  Net increase (decrease) from investment operations | 0.01 | (0.33) | 0.07 | 0.13 | 0.21 | 0.04 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.07) | (0.04) | (0.05) | (0.12) | (0.14) | (0.09) |
|  **Net asset value, end of period** | $9.75 | $9.81 | $10.18 | $10.16 | $10.15 | $10.08 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.10 %<sup>(d)</sup> | (3.28)% | 0.66% | 1.32% | 2.08% | 0.37% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.65 %<sup>(f)</sup> | 0.63% | 0.64% | 0.65% | 0.67% | 0.68% |
|  Total expenses after fees waived and/or reimbursed | 0.59 %<sup>(f)</sup> | 0.59% | 0.59% | 0.60% | 0.60% | 0.60% |
|  Net investment income | 1.42 %<sup>(f)</sup> | 0.34% | 0.45% | 1.19% | 1.39% | 0.85% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $274967 | $256950 | $287551 | $199842 | $109462 | $61444 |
|  Portfolio turnover rate | 56% | 106% | 41% | 94% | 129% | 153% |

---

<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.

*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 Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) |
|  | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 | Investor A1 |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $9.81 | $10.18 | $10.16 | $10.16 | $10.08 | $10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.07 | 0.04 | 0.06 | 0.13 | 0.15 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.05) | (0.36) | 0.02 | 0.01 | 0.08 | (0.05) |
|  Net increase (decrease) from investment operations | 0.02 | (0.32) | 0.08 | 0.14 | 0.23 | 0.05 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.08) | (0.05) | (0.06) | (0.14) | (0.15) | (0.10) |
|  **Net asset value, end of period** | $9.75 | $9.81 | $10.18 | $10.16 | $10.16 | $10.08 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.17 %<sup>(d)</sup> | (3.15)% | 0.80% | 1.37% | 2.32% | 0.51% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.52 %<sup>(f)</sup> | 0.51% | 0.51% | 0.51% | 0.53% | 0.55% |
|  Total expenses after fees waived and/or reimbursed | 0.46<sup></sup> %<sup>(f)</sup> | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
|  Net investment income | 1.47 %<sup>(f)</sup> | 0.44% | 0.57% | 1.33% | 1.47% | 0.98% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $10965 | $11876 | $12930 | $14172 | $15570 | $17389 |
|  Portfolio turnover rate | 56% | 106% | 41% | 94% | 129% | 153% |

---

<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.

*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 Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $9.48 | $9.88 | $9.89 | $9.89 | $9.82 | $9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  |  | (0.07) | (0.05) | 0.03 | 0.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.02) | (0.33) | 0.04 | 0.02 | 0.08 | (0.03) |
|  Net increase (decrease) from investment operations | (0.02) | (0.40) | (0.01) | 0.05 | 0.13 | (0.03) |
|  Distributions from net investment income<sup>(b)</sup>  | (0.03) |  |  | (0.05) | (0.06) | (0.01) |
|  **Net asset value, end of period** | $9.43 | $9.48 | $9.88 | $9.89 | $9.89 | $9.82 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (0.20)%<sup>(d)</sup> | (4.05)% | (0.10)% | 0.46% | 1.33% | (0.26)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.44 %<sup>(f)</sup> | 1.42% | 1.43% | 1.43% | 1.45% | 1.46% |
|  Total expenses after fees waived and/or reimbursed | 1.36 %<sup>(f)</sup> | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
|  Net investment income (loss) | 0.10 %<sup>(f)</sup> | (0.76)% | (0.53)% | 0.34% | 0.52% | 0.01% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $6617 | $4576 | $5123 | $10373 | $15434 | $16825 |
|  Portfolio turnover rate | 56% | 106% | 41% | 94% | 129% | 153% |

---

<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.

*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 Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) | BlackRock Short-Term Municipal Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $9.80 | $10.17 | $10.15 | $10.15 | $10.08 | $10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.08 | 0.06 | 0.06 | 0.12 | 0.14 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.05) | (0.37) | 0.04 | 0.03 | 0.10 |  |
|  Net increase (decrease) from investment operations | 0.03 | (0.31) | 0.10 | 0.15 | 0.24 | 0.08 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.08) | (0.06) | (0.08) | (0.15) | (0.17) | (0.12) |
|  **Net asset value, end of period** | $9.75 | $9.80 | $10.17 | $10.15 | $10.15 | $10.08 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 0.35 %<sup>(d)</sup> | (3.01)% | 0.95% | 1.52% | 2.37% | 0.76% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.36 %<sup>(f)</sup> | 0.35% | 0.36% | 0.37% | 0.38% | 0.38% |
|  Total expenses after fees waived and/or reimbursed | 0.31 %<sup>(f)</sup> | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
|  Net investment income | 1.65 %<sup>(f)</sup> | 0.64% | 0.57% | 1.23% | 1.43% | 0.75% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $62012 | $71250 | $18177 | $7148 | $7450 | $6719 |
|  Portfolio turnover rate | 56% | 106% | 41% | 94% | 129% | 153% |

---

<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.

*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

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Notes to Financial Statements (unaudited)

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

BlackRock Multi-State Municipal Series Trust (the "Trust") 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. The 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 Multi-State Municipal Series Trust | BlackRock New York Municipal Opportunities Fund | New York Municipal | Diversified |
|  BlackRock Municipal Bond Fund, Inc. | BlackRock High Yield Municipal Fund | High Yield Municipal | Diversified |
|  | BlackRock National Municipal Fund | National Municipal | Diversified |
| | BlackRock Short-Term Municipal Fund | Short-Term Municipal | 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. 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 1.00% for all Funds other than New York Municipal, which is subject to a maximum sales charge of 4.00%. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, 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. 

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

The Board of Trustees of BlackRock Multi-State Municipal Series Trust and Board of Directors of BlackRock Municipal Bond Fund, Inc. are collectively referred to throughout this report as the "Board," and the directors/trustees thereof are collectively referred to throughout this report as "Directors".

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

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

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Notes to Financial Statements (unaudited) (continued)

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 Directors' 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 Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

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

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

***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;• Exchange-traded funds ("ETFs") and closed-end funds traded on a
recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized
exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

&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;<br> (ii) recapitalizations and other transactions across the capital structure; and<br> (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;<br> (ii) quoted prices for similar investments or assets in active markets; and<br> (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;<br> (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;<br> (iii) relevant news and other public sources; and<br> (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company. |

---

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 83

------

Notes to Financial Statements (unaudited) (continued)

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 Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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* |
|  New York Municipal | $1081625 | $231983 | $63751 | $1377359 |
|  High Yield Municipal | 1080694 | 232554 | 64352 | 1377600 |
|  National Municipal | 4766462 | 831311 | 811695 | 6409468 |

---

For the six months ended December 31, 2022, the following table is a summary of each Fund's TOB Trusts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Underlying<br>Municipal Bonds<br>Transferred to<br>TOB Trusts<sup>(a)</sup>* | *Liability for<br>TOB Trust<br>Certificates<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* | *Daily Weighted<br>Average Rate<br>of Interest and<br>Other Expenses<br>on TOB Trusts* |
|  New York Municipal | $215040933 | $104579671 | 3.69% — 3.78 | $112325044 | 2.42% |
|  High Yield Municipal | 152593924 | 91838967 | 3.67 —3.81 | 108570247 | 2.52 |
|  National Municipal | 1024227567 | 481619958 | 3.69 —3.73 | 466632294 | 2.72 |

---

<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 December 31, 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 December 31, 2022. 

For the six months ended December 31, 2022, the following table is a summary of each Fund's Loan for TOB Trust Certificates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Loans<br>Outstanding<br>at Period End* | *Range of<br>Interest Rates<br>on Loans at<br>Period End* | *Average<br>Loans<br>Outstanding* | *Daily Weighted<br>Average Rate<br>of Interest and<br>Other Expenses<br>on Loans* |
|  New York Municipal | $— | —% | $478285 | 1.69% |

---

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

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

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

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in

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 85

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Notes to Financial Statements (unaudited) (continued)

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 Corporation and the Trust, on behalf of the applicable 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 and 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 |
| *Average Daily Net Assets* | *New York<br>Municipal* | *High Yield<br>Municipal* |
|  First $1 billion | 0.47% | 0.47% |
|  $1 billion — $3 billion | 0.44 | 0.44 |
|  $3 billion — $5 billion | 0.42 | 0.42 |
|  $5 billion — $10 billion | 0.41 | 0.41 |
|  Greater than $10 billion | 0.40 | 0.40 |

---

---

| | | |
|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Aggregate of Average Daily Net Assets of the Two Combined Funds<sup>(a)</sup>* | *National<br>Municipal* | *Short-Term<br>Municipal* |
|  First $250 Million | 0.410% | 0.360% |
|  $250 Million — $400 Million | 0.385 | 0.340 |
|  $400 Million — $550 Million | 0.385 | 0.320 |
|  Greater than $550 Million | 0.385 | 0.290 |

---

<sup>(a)</sup> The portion of the assets of a Fund to which the rate of each breakpoint level applies will be determined on a "uniform percentage" basis. The uniform percentage applicable to a breakpoint level is determined by dividing the amount of the aggregate average daily net assets of National Municipal and Short-Term Municipal (the "two combined Funds") that falls within that breakpoint level by the aggregate average daily net assets of the two combined Funds. The amount of the fee for a Fund at each breakpoint level is determined by multiplying the average daily net assets of that Fund by the uniform percentage applicable to that breakpoint level and multiplying the product by the advisory fee rate. 

**Service and Distribution Fees:** The Corporation and the Trust, on behalf of the applicable 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 the Fund as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | New York Municipal | New York Municipal | High Yield Municipal | High Yield Municipal | National Municipal | National Municipal | Short-Term Municipal | Short-Term Municipal |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Service | N/A | N/A | N/A | N/A | 0.25% | N/A | N/A | N/A |
|  Investor A | 0.25% | N/A | 0.25% | N/A | 0.25 | N/A | 0.25% | N/A |
|  Investor A1 | 0.10 | N/A | N/A | N/A | N/A | N/A | 0.10 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25 | 0.75% | 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 December 31, 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* |
|  New York Municipal | $— | $727777 | $36768 | $291852 | $1056397 |
|  High Yield Municipal |  | 737543 |  | 153851 | 891394 |
|  National Municipal | 2584 | 3466074 |  | 403756 | 3872414 |
|  Short-Term Municipal |  | 332352 | 5843 | 26687 | 364882 |

---

**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

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Notes to Financial Statements (unaudited) (continued)

or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended December 31, 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* |
|  National Municipal | $460076 |
|  Short-Term Municipal | 94590 |

---

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 December 31, 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* |
|  New York Municipal | $858 | $— | $1778 | $1103 | $368 | $12 | $4119 |
|  High Yield Municipal | 1469 |  | 2143 |  | 429 | 201 | 4242 |
|  National Municipal | 24329 | 85 | 12252 |  | 675 | 9008 | 46349 |
|  Short-Term Municipal | 980 |  | 735 | 36 | 58 | 19 | 1828 |

---

For the six months ended December 31, 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* |
|  New York Municipal | $203269 | $— | $141408 | $19063 | $18122 | $190 | $382052 |
|  High Yield Municipal | 312341 |  | 130651 |  | 13118 | 9083 | 465193 |
|  National Municipal | 1691239 | 532 | 1069077 |  | 32369 | 57518 | 2850735 |
|  Short-Term Municipal | 159478 |  | 44584 | 3546 | 1984 | 405 | 209997 |

---

**Other Fees:** For the six months ended December 31, 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* |
|  New York Municipal | $2059 |
|  High Yield Municipal | 4195 |
|  National Municipal | 7507 |
|  Short-Term Municipal | 735 |

---

For the six months ended December 31, 2022, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* |
|  New York Municipal | $22516 | $2702 |
|  High Yield Municipal | 151940 | 2807 |
|  National Municipal | 112607 | 4017 |
|  Short-Term Municipal | 5417 | 233 |

---

**Expense Limitations, Waivers and Reimbursements:** 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 Directors, or by a vote of a majority of the outstanding voting securities of a Fund. 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 December 31, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed<br>by the Manager* |
|  New York Municipal | $5556 |
|  High Yield Municipal | 35997 |
|  National Municipal | 140029 |
|  Short-Term Municipal | 748 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. With respect to National Municipal, for the six months ended December 31, 2022, the Manager waived $3,555 in investment advisory fees pursuant to this arrangement.

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 87

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Notes to Financial Statements (unaudited) (continued)

With respect to each Fund, 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* |
|  New York Municipal | 0.50% |  | 0.75% | 0.60% | 1.50% | 0.45% |
|  High Yield Municipal | 0.54 |  | 0.79 |  | 1.54 | 0.49 |
|  National Municipal | 0.43 | 0.68% | 0.68 |  | 1.43 | 0.38 |
|  Short-Term Municipal | 0.36 |  | 0.61 | 0.46 | 1.36 | 0.31 |

---

The Manager has agreed not to reduce or discontinue this contractual expense limitation through June 30, 2024, unless approved by the Board, including a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended December 31, 2022, the Manager waived and/or reimbursed the following amounts, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed<br>by the Manager* |
|  New York Municipal | $420260 |
|  High Yield Municipal | 131384 |
|  National Municipal | 1293161 |
|  Short-Term Municipal | 189682 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statements of Operations. For the six months ended December 31, 2022, class specific expense waivers and/or reimbursements are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or<br>Reimbursed by the Manager—Class Specific | Transfer Agent Fees Waived and/or<br>Reimbursed by the Manager—Class Specific | Transfer Agent Fees Waived and/or<br>Reimbursed by the Manager—Class Specific | Transfer Agent Fees Waived and/or<br>Reimbursed by the Manager—Class Specific | Transfer Agent Fees Waived and/or<br>Reimbursed by the Manager—Class Specific | Transfer Agent Fees Waived and/or<br>Reimbursed by the Manager—Class Specific | Transfer Agent Fees Waived and/or<br>Reimbursed by the Manager—Class Specific |
| *Fund Name* | *Institutional* | *Service* | *Investor A* | *Investor A1* | *Investor C* | *Class K* | *Total* |
|  New York Municipal | $43919 | $— | $— | $678 | $3530 | $189 | $48316 |
|  High Yield Municipal | 82860 |  |  |  | 5425 | 9082 | 97367 |
|  National Municipal | 651305 | 91 | 375863 |  | 12181 | 57517 | 1096957 |
|  Short-Term Municipal | 64126 |  |  | 625 | 649 | 405 | 65805 |

---

**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. New York Municipal, National Municipal and Short-Term Municipal are currently permitted to borrow under the Interfund Lending Program. High Yield 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 December 31, 2022, the Funds did not participate in the Interfund Lending Program.

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

**Other Transactions:** The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended December 31, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  High Yield Municipal | $— | $18023079 | $— |
|  Short-Term Municipal | 7216074 | 13021231 |  |

---

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

For the six months ended December 31, 2022, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  New York Municipal | $382745232 | $502368211 |

---

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Notes to Financial Statements (unaudited) (continued)

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| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  High Yield Municipal | $357884521 | $631458307 |
|  National Municipal | 2823437988 | 3772136934 |
|  Short-Term Municipal | 405419199 | 550506371 |

---

***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 December 31, 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.

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

---

| | | |
|:---|:---|:---|
|  | *New York Municipal* | *Short-Term Municipal* |
|  Non-expiring capital loss carryforwards | $73937414 | $12782251 |

---

As of December 31, 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)* |
|  New York Municipal | $1292201993 | $12881415 | $(72357719) | $(59476304) |
|  High Yield Municipal | 1931767161 | 17985093 | (218756323) | (200771230) |
|  National Municipal | 10056606770 | 65713326 | (483606394) | (417893068) |
|  Short-Term Municipal | 731845489 | 1057333 | (11589443) | (10532110) |

---

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

The Trust and the Corporation, on behalf of the Funds, 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 December 31, 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.

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 89

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

**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 significant 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.

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

------

Notes to Financial Statements (unaudited) (continued)

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 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>*12/31/22* | *Six Months Ended*<br>*12/31/22* | *Year Ended*<br>*06/30/22* | *Year Ended*<br>*06/30/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  New York Municipal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 20268033 | $207978053 | 24793750 | $272022998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 811422 | 8309305 | 1414454 | 15755151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (28003047) | (286816728) | (24751515) | (267905381) |
|  | (6923592) | $(70529370) | 1456689 | $19872768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 7201479 | $74487929 | 11107152 | $124091622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 708696 | 7259283 | 1228345 | 13693809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10788800) | (110598928) | (16023047) | (177022543) |
|  | (2878625) | $(28851716) | (3687550) | $(39237112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 1835 | $18839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 72612 | 743829 | 127602 | 1422600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (515536) | (5278511) | (632222) | (7013385) |
|  | (442924) | $(4534682) | (502785) | $(5571946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 219217 | $2227699 | 518240 | $5847904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 54108 | 554288 | 100037 | 1114184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (1180957) | (12171682) | (2127103) | (23545602) |
|  | (907632) | $(9389695) | (1508826) | $(16583514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 126392 | $1303277 | 187191 | $2083416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 7197 | 73678 | 12319 | 136906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (196989) | (2021635) | (152309) | (1621737) |
|  | (63400) | $(644680) | 47201 | $598585 |
|  | (11216173) | $(113950143) | (4195271) | $(40921219) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended*<br>*12/31/22* | *Six Months Ended*<br>*12/31/22* | *Year Ended*<br>*06/30/22* | *Year Ended*<br>*06/30/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  High Yield Municipal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 65619682 | $578588328 | 97345172 | $979247646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1534399 | 13402496 | 2747685 | 27931248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (66704619) | (584710296) | (113190234) | (1128858865) |
|  | 449462 | $7280528 | (13097377) | $(121679971) |

---

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 91

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended*<br>*12/31/22* | *Six Months Ended*<br>*12/31/22* | *Year Ended*<br>*06/30/22* | *Year Ended*<br>*06/30/22* |
| *Fund Name / Share Class (continued)* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  High Yield Municipal (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 15388085 | $136328311 | 33512488 | $340245628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1132774 | 9865805 | 1968862 | 19907473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (23555478) | (206867797) | (26339169) | (261451066) |
|  | (7034619) | $(60673681) | 9142181 | $98702035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 337640 | $2962914 | 925428 | $9539531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 50566 | 441596 | 98684 | 1003443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (873951) | (7715810) | (1408978) | (13967961) |
|  | (485745) | $(4311300) | (384866) | $(3424987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16355288 | $141914094 | 40830965 | $405486165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 816056 | 7129511 | 922517 | 9177139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (23036362) | (200797823) | (14064195) | (137529493) |
|  | (5865018) | $(51754218) | 27689287 | $277133811 |
|  | (12935920) | $(109458671) | 23349225 | $250730888 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended*<br>*12/31/22* | *Six Months Ended*<br>*12/31/22* | *Year Ended*<br>*06/30/22* | *Year Ended*<br>*06/30/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  National Municipal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 153006680 | $1516375452 | 192763282 | $2080739720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 5383124 | 53173135 | 10548083 | 116072452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (209721842) | (2073847466) | (271526301) | (2866139687) |
|  | (51332038) | $(504298879) | (68214936) | $(669327515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16707 | $168463 | 64184 | $726913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2421 | 23924 | 5873 | 64564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (159388) | (1582153) | (94175) | (1017925) |
|  | (140260) | $(1389766) | (24118) | $(226448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 242693773 | $2407058074 | 196231052 | $2115943592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3790802 | 37489549 | 7621180 | 84059121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (289527081) | (2870256276) | (294483158) | (3165319556) |
|  | (43042506) | $(425708653) | (90630926) | $(965316843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 740162 | $7366542 | 962619 | $10612854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 84552 | 835789 | 146413 | 1613469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (2071081) | (20528279) | (3723353) | (40535246) |
|  | (1246367) | $(12325948) | (2614321) | $(28308923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 61950226 | $612471769 | 111537131 | $1229286142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 5558957 | 54934013 | 9698637 | 106653020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (102781509) | (1021724909) | (172678520) | (1886928579) |
|  | (35272326) | $(354319127) | (51442752) | $(550989417) |
|  | (131033497) | $(1298042373) | (212927053) | $(2214169146) |

---

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

------

Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended*<br>*12/31/22* | *Six Months Ended*<br>*12/31/22* | *Year Ended*<br>*06/30/22* | *Year Ended*<br>*06/30/22* |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Short-Term Municipal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 22270393 | $216934106 | 39068046 | $388204172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 188654 | 1834250 | 153933 | 1536644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (34539873) | (337749357) | (37593947) | (374422130) |
|  | (12080826) | $(118981001) | 1628032 | $15318686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 12745384 | $124278223 | 19093336 | $190969387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 180398 | 1755228 | 91449 | 910902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10922149) | (106527191) | (21234747) | (212711776) |
|  | 2003633 | $19506260 | (2049962) | $(20831487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 5315 | $51724 | 3451 | $34411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (91575) | (892204) | (62768) | (625879) |
|  | (86260) | $(840480) | (59317) | $(591468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 416516 | $3921992 | 220311 | $2098579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1874 | 17612 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (198935) | (1872532) | (256164) | (2467354) |
|  | 219455 | $2067072 | (35853) | $(368775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3837605 | $37317024 | 8945290 | $88583080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 26721 | 259821 | 10676 | 105820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4769191) | (46425232) | (3474562) | (34618049) |
|  | (904865) | $(8848387) | 5481404 | $54070851 |
|  | (10848863) | $(107096536) | 4964304 | $47597807 |

---

***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 93

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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 Municipal Bond Fund, Inc. (the "Corporation") and BlackRock Multi-State Municipal Series Trust (the "Trust") have adopted and implemented a liquidity risk management program (the "Program") for BlackRock High Yield Municipal Fund, BlackRock National Municipal Fund, BlackRock Short-Term Municipal Fund and BlackRock New York Municipal Opportunities Fund (the "Funds"), each a series of the Corporation or the Trust, which is reasonably designed to assess and manage each Fund's liquidity risk.

The Board of Directors of the Corporation and the Board of Trustees of the Trust (the "Board"), 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;***c)***  ***Holdings of cash and cash equivalents, as well as borrowing arrangements.*** The 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.

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

------

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 basis. In order to provide shareholders with a more stable level of distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. 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 95

------

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

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

------

Glossary of Terms Used in this Report

**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 |
| CR | Custodian Receipt |
| ETF | Exchange-Traded Fund |
| 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 |
| MTA | Month Treasury Average |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| Q-SBLF | Qualified School Bond Loan Fund |
| RB | Revenue Bond |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes |
| 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 |

---

GLOSSARY OF TERMS USED IN THIS REPORT 97

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**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.

MBNYMB-12/22-SAR

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| | |
|:---|:---|
| ![LOGO](g421912g42l24.jpg)  | ![LOGO](g421912leaf.jpg) |

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------

&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](d447161dex99cert.htm)

**2**

------

(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](d447161dex99906cert.htm)

**3**

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Multi-State Municipal Series Trust

---

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

---

Date: February 23, 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 Multi-State Municipal Series Trust |

---

Date: February 23, 2023

---

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

---

Date: February 23, 2023

**4**

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Multi-State Municipal Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Multi-State Municipal Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2023

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Multi-State Municipal Series Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Multi-State Municipal Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Multi-State Municipal Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2023

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Multi-State Municipal Series Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Multi-State Municipal Series Trust (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 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: February 23, 2023

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Multi-State Municipal Series Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Multi-State Municipal Series Trust (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 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: February 23, 2023

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Multi-State Municipal Series Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**