BLACKROCK MUNICIPAL BOND FUND, INC.

0001193125-24-060363.txt : 20240306 0001193125-24-060363.hdr.sgml : 20240306 20240306114001 ACCESSION NUMBER: 0001193125-24-060363 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240306 DATE AS OF CHANGE: 20240306 EFFECTIVENESS DATE: 20240306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL BOND FUND, INC. CENTRAL INDEX KEY: 0000225635 ORGANIZATION NAME: IRS NUMBER: 132896246 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02688 FILM NUMBER: 24724846 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 MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ONE LIBERTY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19780622

0000225635 S000002334 BlackRock National Municipal Fund

C000006118 Investor A

C000006121 Institutional

C000038033 Investor C

C000100249 Service Shares

C000100250 Class K

0000225635 S000002335 BlackRock Short-Term Municipal Fund

C000006122 Investor A1

C000006124 Investor C

C000006125 Institutional

C000038034 Investor A

C000038035 Class K Shares

0000225635 S000011867 BlackRock High Yield Municipal Fund

C000032425 Investor A

C000032427 Investor C

C000032428 Institutional

C000199786 Class K

N-CSRS 1 d691696dncsrs.htm BLACKROCK MUNICIPAL BOND FUND, INC. BLACKROCK MUNICIPAL BOND FUND, INC.

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: 811-02688

Name of Fund:

BlackRock Municipal Bond Fund, Inc.

BlackRock High Yield Municipal Fund

BlackRock National Municipal Fund

BlackRock Short-Term Municipal Fund

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Bond Fund, Inc.,
50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 06/30/2024

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		DECEMBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

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

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended December 31, 2023. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the year before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies and small-capitalization U.S. stocks also advanced. Meanwhile, international developed market equities and emerging market stocks posted solid gains.

The 10-year U.S. Treasury yield ended 2023 where it began despite an eventful year that saw significant moves in bond markets. Overall, U.S. Treasuries gained as investors began to anticipate looser financial conditions. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

We believe developed market equities have priced in an optimistic scenario for rate cuts, which we view as premature, so we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of December 31, 2023
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		8.04%		26.29%

U.S. small cap equities (Russell 2000^® Index)		8.18		16.93

International equities (MSCI Europe, Australasia, Far East Index)		5.88		18.24

Emerging market equities (MSCI Emerging Markets Index)		4.71		9.83

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.70		5.02

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.11		2.83

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		3.37		5.53

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		3.63		6.40

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		7.65		13.44

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

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		14
Disclosure of Expenses		14
The Benefits and Risks of Leveraging		15
Derivative Financial Instruments		15
Financial Statements:
Schedules of Investments		16
Statements of Assets and Liabilities		49
Statements of Operations		51
Statements of Changes in Net Assets		52
Financial Highlights		54
Notes to Financial Statements		73
Statement Regarding Liquidity Risk Management Program		86
Additional Information		87
Glossary of Terms Used in this Report		90

LOGO


		3


Fund Summary as of December 31, 2023		BlackRock NewYork 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, 2023, all of the Fund’s share classes outperformed both its primary benchmark, the Bloomberg Municipal Bond Index, and 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?

The Fund’s holdings in longer-duration and longer-maturity securities contributed to results. (Duration is a measure of interest rate sensitivity.) The Fund also benefited from its holdings in lower-rated investment-grade bonds and high yield (non-investment grade) issues at a time of tightening credit spreads. The Fund’s use of U.S. Treasury futures to manage interest rate risk also contributed positively.

The Fund’s allocation to Puerto Rico utilities debt detracted from performance, as did security selection in the education sector. The Fund’s holdings in cash were also a drag on results given the positive returns for the municipal market.

Describe recent portfolio activity.

The Fund’s duration increased in the second half of 2023 and was in line with the index at the end of December 2023. For the majority of the period, the Fund’s duration was either in line with or above that of the benchmark.

The Fund’s investment adviser focused on improving call protection in an effort to lock in higher yields. In terms of maturities, the largest increase occurred in the 20- to 25-year range and the largest decrease was in 15- to 18-year issues. With respect to credit quality, the largest decrease was in the AA rated tier.

While much of New York issuance tends to be concentrated in a handful of large issuers, a more diverse range of issuers entered the market during the period. The investment adviser focused on these deals, as well as similar situations in the secondary market.

Describe portfolio positioning at period end.

The Fund’s duration was in line with the benchmark. The Fund was overweight in the 15- to 25-year maturity range, as well as in A rated securities.

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

Performance


										Average Annual Total Returns^(a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		3.14	%		3.02	%		4.39	%		6.83	%		N/A			2.08	%		N/A			3.72	%		N/A

Investor A		2.77			2.68			4.25			6.66			2.13	%		1.83			0.95	%		3.48			3.03	%

Investor A1		2.92			2.83			4.33			6.81			N/A			1.98			N/A			3.62			N/A

Investor C		2.16			2.05			3.96			5.86			4.86			1.07			1.07			2.85			2.85

Class K		3.20			3.11			4.41			6.88			N/A			2.12			N/A			3.75			N/A

Customized Reference Benchmark^(c)		—			—			3.78			7.56			N/A			2.33			N/A			N/A			N/A

Bloomberg Municipal Bond Index^(d)		—			—			3.63			6.40			N/A			2.25			N/A			3.03			N/A

^(a)

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.

^(b)

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.

^(c)

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.

^(d)

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

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

Past performance is not an indication of future results.

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


4		2 0 2 3 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, 2023 (continued)		BlackRock NewYork Municipal Opportunities Fund

Expense Example


	Actual										Hypothetical 5% Return
					Expenses Paid During the Period								Including Interest Expense and Fees					Excluding Interest Expense and Fees					Annualized Expense Ratio
		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Including Interest Expense and Fees	^(a)		Excluding Interest Expense and Fees	^(a)		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	^(a)		Ending Account Value (12/31/23)		Expenses Paid During the Period	^(a)		Including Interest Expense and Fees		Excluding Interest Expense and Fees
Institutional	$	1,000.00	$	1,043.90	$	3.73		$	2.59		$	1,000.00	$	1,021.49	$	3.69		$	1,022.60	$	2.56			0.73	%	0.50	%
Investor A		1,000.00		1,042.50		5.01			3.87			1,000.00		1,020.23		4.95			1,021.35		3.83			0.98		0.75
Investor A1		1,000.00		1,043.30		4.24			3.10			1,000.00		1,020.99		4.20			1,022.10		3.07			0.83		0.60
Investor C		1,000.00		1,039.60		8.85			7.71			1,000.00		1,016.46		8.75			1,017.58		7.62			1.73		1.50
Class K		1,000.00		1,044.10		3.47			2.33			1,000.00		1,021.74		3.43			1,022.85		2.31			0.68		0.45

^(a)	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 184/366 (to reflect the one-half year period shown).

Portfolio Information

SECTOR ALLOCATION



Sector^(a)(b)	Percent of Total Investments
Transportation		21.8	%
County/City/Special District/School District		19.4
Utilities		18.0
State		15.6
Education		11.5
Housing		5.7
Tobacco		3.3
Corporate		2.7
Health		1.8
Other*		0.2

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31,^(a)(c)	Percentage
2024		4.9	%
2025		2.8
2026		2.8
2027		9.1
2028		3.8

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	Percent of Total Investments
AAA/Aaa		12.8	%
AA/Aa		53.6
A		18.4
BBB/Baa		4.6
BB/Ba		0.6
B		0.8
N/R^(e)		9.2

^(a)

Excludes short-term securities.

^(b)

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.

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

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.

^(e)

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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.6% 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


Fund Summary as of December 31, 2023		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, 2023, the Fund’s Institutional and Class K Shares outperformed its primary benchmark, the Bloomberg Municipal High Yield Bond Index, while its Investor A Shares performed in line and its Investor C Shares underperformed. For the same period, all of the Fund’s share classes outperformed its 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”) with the exception of its Investor C shares, which underperformed. The following discussion of relative performance pertains to the High Yield Customized Reference Benchmark.

What factors influenced performance?

High yield municipal bonds performed well in the second half of the period. After a difficult start, the asset class staged a strong rally in November and December 2023 thanks to the combination of falling government bond yields and a decline in yield spreads.

The Fund’s holdings in the other industries, corporate-backed, and education sectors contributed to relative performance. Overweights in AA and A rated securities also helped results, as did an overweight in bonds with maturities of 20 years and above. An emphasis on positive convexity and discount bonds—including those with below 5% coupons and zero coupons—benefited performance. (Positive convexity is a characteristic than can help a bond outperform as interest rates fall.)

Holdings in BBB, BB and B rated bonds detracted from relative performance. Underweights in 5% coupon issues and maturities shorter than 20 years detracted, as well.

Describe recent portfolio activity.

The Fund experienced net outflows in the period, prompting the investment adviser to sell securities that had limited upside potential and where it could harvest tax losses. It continued to focus on adding bonds it believed had above-average risk-and-return profiles. As the Fed signaled that its rate hiking cycle was nearing its end, the investment adviser increased the Fund’s leverage position in an effort to boost income.

Describe portfolio positioning at period end.

The Fund was long convexity and discount bonds, and it was underweight in premium 5% coupon securities. The Fund was overweight in the corporate-backed, other industries, and education sectors, and it was underweight in school districts, tax-backed local, transportation, health, tax-backed states, tobacco, and housing. It was overweight A rated and non-rated bonds and underweight in BBBs and BBs.


6		2 0 2 3 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, 2023 (continued)		BlackRock High Yield Municipal Fund

Performance


										Average Annual Total Returns^(a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		4.17	%		4.10	%		4.68	%		7.10	%		N/A			2.63	%		N/A			4.77	%		N/A

Investor A		3.77			3.72			4.55			6.84			2.30	%		2.37			1.48	%		4.51			4.05	%

Investor C		3.20			3.12			4.15			6.03			5.03			1.60			1.60			3.88			3.88

Class K		4.24			4.18			4.70			7.15			N/A			2.67			N/A			4.79			N/A

High Yield Customized Reference Benchmark^(c)		—			—			4.32			8.56			N/A			3.16			N/A			N/A			N/A

Bloomberg Municipal High Yield Bond Index^(d)		—			—			4.57			9.21			N/A			3.49			N/A			5.00			N/A

^(a)

^(b)

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.

^(c)

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.

^(d)

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

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

Past performance is not an indication of future results.

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

Expense Example


	Actual										Hypothetical 5% Return
					Expenses Paid During the Period								Including Interest Expense and Fees					Excluding Interest Expense and Fees					Annualized Expense Ratio
		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Including Interest Expense and Fees	^(a)		Excluding Interest Expense and Fees	^(a)		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	^(a)		Ending Account Value (12/31/23)		Expenses Paid During the Period	^(a)		Including Interest Expense and Fees		Excluding Interest Expense and Fees
Institutional	$	1,000.00	$	1,046.80	$	2.87		$	2.82		$	1,000.00	$	1,022.33	$	2.84		$	1,022.38	$	2.79			0.56	%	0.55	%
Investor A		1,000.00		1,045.50		4.16			4.11			1,000.00		1,021.07		4.11			1,021.12		4.06			0.81		0.80
Investor C		1,000.00		1,041.50		8.00			7.95			1,000.00		1,017.30		7.91			1,017.35		7.85			1.56		1.55
Class K		1,000.00		1,047.00		2.62			2.56			1,000.00		1,022.58		2.58			1,022.63		2.53			0.51		0.50

^(a)	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 184/366 (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, 2023 (continued)		BlackRock High Yield Municipal Fund

Portfolio Information

SECTOR ALLOCATION



Sector^(a)(b)	Percent of Total Investments
Corporate		16.6	%
State		16.4
Health		15.1
Education		14.3
County/City/Special District/School District		13.0
Transportation		8.8
Tobacco		5.9
Housing		4.9
Utilities		4.1
Other*		0.9

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31,^(a)(c)	Percentage
2024		11.7	%
2025		2.1
2026		7.1
2027		7.3
2028		8.9

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	Percent of Total Investments
AAA/Aaa		0.8	%
AA/Aa		12.8
A		12.4
BBB/Baa		7.8
BB/Ba		8.7
B		1.3
N/R^(e)		56.2

^(a)

Excludes short-term securities.

^(b)

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

^(e)

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.


8		2 0 2 3 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, 2023		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, 2023, all of the Fund’s share classes underperformed its primary benchmark, the Bloomberg Municipal Bond Index.

What factors influenced performance?

After performing poorly in the first four months of the period, municipal bonds rallied in November and December 2023 to close with solid gains. The recovery stemmed from the combination of more favorable inflation data and indications that the Fed could begin to cut interest rates in 2024.

The Fund held positions in bonds with characteristics that caused them to underperform when the market moved higher in the final two months of the period. While these securities generally appreciated in price, they did not keep pace with those that have higher interest rate sensitivity. The Fund’s cash position also dampened performance in the rising market, as did its efforts to manage interest rate risk through the use of U.S. Treasury futures.

The Fund’s holdings in longer-duration securities performed well in the favorable market environment. (Duration is a measure of interest rate sensitivity.) Overweights in the transportation and corporate-backed sectors also helped relative performance, as did an out-of-benchmark position in high-yield bonds.

Describe recent portfolio activity.

As the bond market rallied and credit spreads tightened, the investment adviser reduced the portfolio’s duration and increased its credit quality. It believed this shift would help maintain an attractive level of income while also reducing volatility. The investment adviser reduced the Fund’s cash position and trimmed its allocation to high yield bonds. It also decreased the Fund’s leverage position.

Describe portfolio positioning at period end.

The Fund had an average credit quality of AA, up from AA- at the start of the period, and it held a 14.8% weighting in bonds subject to the alternative minimum tax (AMT). Duration stood at approximately 6.0 years, equal to that of the benchmark. The Fund was overweight in the corporate-backed and transportation sectors, while its largest underweights were in school districts and local tax-backed issues. Its cash position was slightly above 4.0%.

Performance


										Average Annual Total Returns^(a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		3.16	%		3.10	%		2.88	%		6.13	%		N/A			1.76	%		N/A			2.85	%		N/A

Service		2.88			2.81			2.85			5.87			N/A			1.51			N/A			2.63			N/A

Investor A		2.79			2.74			2.85			5.86			1.37	%		1.51			0.63	%		2.62			2.18	%

Investor C		2.17			2.12			2.36			5.08			4.08			0.75			0.75			2.02			2.02

Class K		3.21			3.18			3.01			6.18			N/A			1.81			N/A			2.93			N/A

Bloomberg Municipal Bond Index^(c)		—			—			3.63			6.40			N/A			2.25			N/A			3.03			N/A

^(a)

^(b)

^(c)

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

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

Past performance is not an indication of future results.

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


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


Fund Summary as of December 31, 2023 (continued)		BlackRock National Municipal Fund

Expense Example


	Actual										Hypothetical 5% Return
					Expenses Paid During the Period								Including Interest Expense and Fees					Excluding Interest Expense and Fees					Annualized Expense Ratio
		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23		Including Interest Expense and Fees	^(a)		Excluding Interest Expense and Fees	^(a)		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	^(a)		Ending Account Value (12/31/23)		Expenses Paid During the Period	^(a)		Including Interest Expense and Fees		Excluding Interest Expense and Fees
Institutional	$	1,000.00	$	1,028.80	$	2.60		$	2.22		$	1,000.00	$	1,022.58	$	2.59		$	1,022.95	$	2.21			0.51	%	0.44	%
Service		1,000.00		1,028.50		3.87			3.50			1,000.00		1,021.32		3.86			1,021.69		3.48			0.76		0.69
Investor A		1,000.00		1,028.50		3.87			3.49			1,000.00		1,021.32		3.86			1,021.69		3.48			0.76		0.69
Investor C		1,000.00		1,023.60		7.68			7.30			1,000.00		1,017.55		7.65			1,017.92		7.28			1.51		1.44
Class K		1,000.00		1,030.10		2.34			1.97			1,000.00		1,022.83		2.34			1,023.20		1.96			0.46		0.39

^(a)	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 184/366 (to reflect the one-half year period shown).

Portfolio Information

SECTOR ALLOCATION



Sector^(a)(b)	Percent of Total Investments
Transportation		23.1	%
State		16.1
Corporate		15.6
Utilities		15.2
Education		8.6
County/City/Special District/School District		8.3
Health		8.0
Housing		3.0
Fixed Income Funds		1.5
Other*		0.6

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31,^(a)(c)	Percentage
2024		3.3	%
2025		5.0
2026		9.7
2027		16.9
2028		5.7

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	Percent of Total Investments
AAA/Aaa		12.2	%
AA/Aa		54.0
A		25.7
BBB/Baa		1.5
BB/Ba		1.4
B		0.1
N/R^(e)		5.1

^(a)

Excludes short-term securities.

^(b)

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

^(e)

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.


10		2 0 2 3 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, 2023		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, 2023, all of the Fund’s share classes outperformed its primary benchmark, the Bloomberg Municipal 1-5 Year Index with the exception of its Investor C shares which underperformed. For the same period, the Fund’s Institutional, Investor A, Investor A1 and Class K shares outperformed while its Investor C shares performed in line with its new secondary benchmark, a customized weighted index comprised of the Bloomberg National Short 0-5 year maturities, excluding non-investment grade (the “New Short-Term Customized Reference Benchmark”). For the six-month period ended December 31, 2023, all of the Fund’s share classes outperformed its former secondary benchmark, the Short-Term Customized Reference Benchmark. The following discussion of relative performance pertains to the Fund’s secondary benchmark, the New Short-Term Customized Reference Benchmark.

What factors influenced performance?

Sector allocation was the largest contributor to relative performance in the reporting period, led by an overweight in prepaid gas bonds. An underweight in pre-refunded securities also helped results. The Fund’s duration positioning was a further positive. (Duration is a measure of interest rate sensitivity.) An overweight in lower-rated issues in the investment-grade category, which benefited from their above-average yields, also contributed positively.

The Fund’s yield curve positioning detracted from performance. The portfolio was barbelled, with overweights in cash and bonds with four- to seven-year maturities and underweight in those with one- to three-year maturities. Cash, while helping performance in the third calendar quarter, detracted over the full period due to the subsequent rally in the bond market.

Describe recent portfolio activity.

During the first half of the period, the investment adviser kept the Fund’s duration below that of the benchmark in response to the continued hawkish stance by the Fed. The investment adviser’s activity in this time mainly consisted of relative value trades in which it shifted out of higher-rated issues with tight yield spreads into more attractive opportunities.

Once economic and inflation data began to indicate that the Fed was likely to pivot toward a more accommodative policy, the investment adviser repositioned the Fund by adding approximately a half year of duration (thereby increasing its interest rate sensitivity). The investment adviser added a mix of higher- and lower-rated securities. It funded the purchases from the sale of lower-yielding positions with below-average total return potential, as well as from the proceeds of maturing securities. Additionally, the investment adviser maintained a position in floating rate notes given that they provided a yield advantage over cash and offered a way to balance the Fund’s longer-dated holdings due to their limited interest rate sensitivity. The investment adviser maintained an overweight position in the prepaid gas sector, where yields were significantly higher than those of similarly rated bonds elsewhere in the municipal market.

Describe portfolio positioning at period end.

The Fund had a neutral duration positioning. It was overweight in cash and bonds with four- to seven-year maturities, and it was underweight in the one- to three-year maturity range. In terms of credit tiers, the Fund was overweight in lower-rated investment-grade bonds (those rated A and BBB) and underweight in AAA and AA rated securities. At the sector level, it was overweight in corporate-backed issues (mainly through the overweight in the pre-paid gas area) as well as in transportation, housing, and healthcare. It was underweight in the tax-backed and utilities sectors, as well as in pre-refunded bonds. The Fund had a weighting of 17% in variable rate demand notes.


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


Fund Summary as of December 31, 2023 (continued)		BlackRock Short-Term Municipal Fund

Performance


										Average Annual Total Returns^(a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		3.20	%		3.08	%		2.94	%		4.48	%		N/A			1.09	%		N/A			0.84	%		N/A

Investor A		2.87			2.82			2.82			4.23			1.11	%		0.86			0.24	%		0.60			0.29	%

Investor A1		3.07			3.01			2.89			4.37			N/A			0.99			N/A			0.73			N/A

Investor C		2.17			2.06			2.36			3.38			2.38			0.09			0.09			(0.03	)		(0.03	)

Class K		3.25			3.20			2.96			4.53			N/A			1.17			N/A			0.88			N/A

Bloomberg Municipal 1-5 Year Index^(c)		—			—			2.56			3.58			N/A			1.42			N/A			1.30			N/A

New Short-Term Customized Reference Benchmark^(d)		—			—			2.39			3.51			N/A			1.44			N/A			N/A			N/A

Short-Term Customized Reference Benchmark^(e)		—			—			2.30			3.34			N/A			1.31			N/A			N/A			N/A

^(a)

^(b)

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.

^(c)

An index that covers the long-term tax-exempt bond market. It includes general obligation and revenue bonds with maturities less than 5 years.

^(d)

Effective November 1, 2023, the Fund has changed the benchmarks against which it measures its performance from the Short-Term Customized Reference Benchmark to a customized weighted index comprised of the Bloomberg National Short 0-5 year maturities, excluding non-investment grade (the “New Short-Term Customized Reference Benchmark”). The New Short-Term Customized Reference Benchmark commenced on October 31, 2017. Fund management believes the change to the customized weighted index more accurately reflects the investment strategy of the Fund.

^(e)

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						Hypothetical 5% Return
	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period^(a)		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,029.40	$	1.87	$	1,000.00	$	1,023.29	$	1.87		0.37	%
Investor A		1,000.00		1,028.20		3.07		1,000.00		1,022.11		3.06		0.60
Investor A1		1,000.00		1,028.90		2.38		1,000.00		1,022.79		2.38		0.47
Investor C		1,000.00		1,023.60		6.95		1,000.00		1,018.26		6.94		1.37
Class K		1,000.00		1,029.60		1.62		1,000.00		1,023.54		1.61		0.32

^(a)

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 184/366 (to reflect the one-half year period shown).


12		2 0 2 3 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, 2023 (continued)		BlackRock Short-Term Municipal Fund

Portfolio Information

SECTOR ALLOCATION



Sector^(a)(b)	Percent of Total Investments
Corporate		31.6	%
State		11.6
Transportation		10.9
Housing		10.3
Utilities		10.3
Education		9.8
Health		8.9
County/City/Special District/School District		6.6

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31,^(a)(c)	Percentage
2024		15.3	%
2025		6.9
2026		14.3
2027		4.7
2028		3.3

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	Percent of Total Investments
AAA/Aaa		3.9	%
AA/Aa		37.6
A		51.1
BBB/Baa		4.1
N/R^(e)		3.3

^(a)

Excludes short-term securities.

^(b)

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

^(e)


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

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 shareholders 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 the 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.


14		2 0 2 3 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

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, each Fund’s shareholders benefit from the incremental net income.

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

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

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

Derivative Financial Instruments

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


T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S		15

Schedule of Investments (unaudited)

December 31, 2023

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds

Chemicals — 0.1%
Community Preservation Corp., Series 2020, 2.87%, 02/01/30	$	1,283	$	1,123,774


Hotels, Restaurants & Leisure — 0.1%
YMCA of Greater New York, 2.30%, 08/01/26		1,000		923,079


Total Corporate Bonds — 0.2%
(Cost: $2,283,000)				2,046,853


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		585,527


New York — 83.1%

Corporate — 2.7%
Build NYC Resource Corp., Refunding RB^(a) AMT, 4.50%, 01/01/25		100		100,921
AMT, 5.00%, 01/01/35		100		100,848
New York Liberty Development Corp., RB, 5.50%, 10/01/37		4,780		5,708,033
New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35		14,365		17,083,945
New York State Energy Research & Development Authority, Refunding RB, Series C, 4.00%, 04/01/34		650		676,249
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40		5,755		6,193,918
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		3,245		3,381,034

				33,244,948

County/City/Special District/School District — 14.3%
Battery Park City Authority, Refunding RB Series B, 5.00%, 11/01/38		3,750		4,168,017
Series B, 5.00%, 11/01/39		2,850		3,155,491
Series B, 5.00%, 11/01/40		8,500		9,385,248
City of New York, GO Series B, 5.25%, 10/01/43		1,500		1,728,316
Series B-1, 5.00%, 10/01/43		3,000		3,266,461
Series D, 5.38%, 06/01/32		15		15,030
Series D-1, 5.00%, 03/01/43		2,000		2,186,098
Series D-1, 5.50%, 05/01/44		2,500		2,911,570
Series E-1, 5.00%, 03/01/40		6,000		6,443,060
Series I, 5.00%, 03/01/36		1,750		1,756,675
Sub-Series E1, 5.25%, 04/01/47		5,000		5,750,278
Sub-Series E-1, 4.00%, 04/01/45		2,425		2,490,090
City of New York, Refunding GO, Series C-3, 2.46%, 08/01/33		2,145		1,767,408
County of Nassau New York, GO Series A, 4.00%, 04/01/39		1,000		1,055,465
Series A, 4.00%, 04/01/42		3,145		3,263,468
Series B, (AGM), 5.00%, 07/01/42		4,190		4,496,120
Series B, (AGM), 5.00%, 07/01/45		4,960		5,275,177
County of Nassau New York, Refunding GO Series B, 5.00%, 04/01/41		1,250		1,441,966
Series B, 5.00%, 04/01/42		1,500		1,719,904
Series B, (AGM), 5.00%, 04/01/44		3,425		3,736,107


Security	Par (000)		Value

County/City/Special District/School District (continued)
Hudson Yards Infrastructure Corp., Refunding RB, Series 2022, 4.00%, 02/15/42	$	2,660	$	2,743,716
Nassau County Interim Finance Authority, Refunding RB, Series B, 1.28%, 11/15/28		3,750		3,235,824
New York City Industrial Development Agency, RB^(b) (AGC), 0.00%, 03/01/41		4,155		2,028,318
(AGC), 0.00%, 03/01/42		5,500		2,533,233
(AGC), 0.00%, 03/01/43		2,000		869,576
(AGC), 0.00%, 03/01/45		2,450		954,525
New York City Transitional Finance Authority Future Tax Secured Revenue, RB Series A-1, 5.00%, 08/01/40		5,000		5,418,068
Series E-1, 4.00%, 02/01/46		1,910		1,911,403
Series F1, 5.00%, 05/01/38		3,450		3,687,156
Sub-Series B-1, 5.00%, 11/01/35		200		201,732
Sub-Series B-1, 5.00%, 11/01/36		680		685,915
Sub-Series B-1, 4.00%, 11/01/45		10,000		10,013,714
Series A, Subordinate, 5.00%, 05/01/45		6,700		7,556,465
Series A, Subordinate, 5.00%, 05/01/46		4,000		4,489,563
Series C-1, Subordinate, 4.00%, 02/01/42		6,000		6,187,509
Series C-3, Subordinate, 5.00%, 05/01/40		15,000		16,114,140
New York Convention Center Development Corp., RB, CAB, Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55^(b)		5,500		1,165,106
New York Convention Center Development Corp., Refunding RB 5.00%, 11/15/35		3,500		3,633,402
5.00%, 11/15/40		7,690		7,872,036
5.00%, 11/15/45		8,490		8,655,784
New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44^(a)		5,320		5,292,319
Series A, 2.75%, 11/15/41		17,000		13,814,556
New York State Dormitory Authority, Refunding RB, Series B, 5.00%, 08/15/27^(c)		5		5,427

				175,081,436

Education — 11.5%
Albany Capital Resource Corp., Refunding RB 4.00%, 07/01/41		1,650		932,856
4.00%, 07/01/51		1,705		990,737
Amherst Development Corp., Refunding RB 5.00%, 10/01/43		85		86,355
5.00%, 10/01/48		1,040		1,044,137
Buffalo & Erie County Industrial Land Development Corp., Refunding RB Series A, 4.50%, 06/01/27		820		841,577
Series A, 5.00%, 06/01/35		655		677,915
Build NYC Resource Corp., RB^(a) 5.00%, 02/01/33		745		735,598
5.63%, 02/01/39		1,285		1,284,491
5.75%, 06/01/42		500		526,499
5.75%, 02/01/49		1,145		1,108,040
Series A, 4.88%, 05/01/31		640		643,379
Series A, 5.13%, 05/01/38		140		139,726
Series A, 5.50%, 05/01/48		2,175		2,166,571
Build NYC Resource Corp., Refunding RB 5.00%, 08/01/33		275		291,034
5.00%, 06/01/35		250		256,554
5.00%, 08/01/35		740		778,437
5.00%, 06/01/40		310		314,921
5.00%, 08/01/47		725		735,269


16		2 0 2 3 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)

December 31, 2023

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Education (continued)
Build NYC Resource Corp., Refunding RB (continued)
5.00%, 11/01/47	$	2,900	$	3,467,513
Series A, 5.00%, 06/01/43		325		326,906
County of Cattaraugus New York, RB
5.00%, 05/01/34		130		130,598
5.00%, 05/01/39		225		226,020
Dobbs Ferry Local Development Corp., RB, 5.00%, 07/01/39		1,000		1,007,526
Dutchess County Local Development Corp., RB
5.00%, 07/01/43		1,910		2,010,482
5.00%, 07/01/48		480		500,285
5.00%, 07/01/52		9,145		9,739,553
Dutchess County Local Development Corp., Refunding RB
5.00%, 07/01/42		1,980		2,092,023
5.00%, 07/01/45		8,710		9,481,839
Hempstead Town Local Development Corp., Refunding RB
5.00%, 10/01/34		570		578,583
5.00%, 10/01/35		265		268,993
5.00%, 07/01/47		2,165		2,240,464
Monroe County Industrial Development Corp., RB
5.13%, 07/01/33		3,145		3,223,804
5.00%, 07/01/53		3,230		3,552,327
Monroe County Industrial Development Corp., Refunding RB
Series A, 5.00%, 07/01/36		1,000		1,086,131
Series A, 5.00%, 07/01/37		500		530,502
Series A, 4.00%, 07/01/50		5,000		5,028,677
Series C, 4.00%, 07/01/37		1,765		1,798,533
New York State Dormitory Authority, RB
5.00%, 07/01/26		1,015		1,016,743
4.00%, 07/01/46		2,450		2,453,260
5.00%, 07/01/49		6,380		6,744,031
1st Series, (AMBAC), 5.50%, 07/01/40		500		621,985
Series 1, (BHAC-CR AMBAC), 5.50%, 07/01/31		475		547,701
Series A, 5.25%, 07/01/24^(c)		250		252,878
Series A, 5.50%, 07/01/24^(c)		2,500		2,531,829
Series A, 5.00%, 07/01/43		8,065		8,550,133
Sustainability Bonds, 5.00%, 07/01/48		735		809,890
New York State Dormitory Authority, Refunding RB
1.64%, 07/01/26		2,000		1,869,346
2.26%, 07/01/30		4,000		3,479,228
3.78%, 07/01/34		2,100		1,952,717
5.00%, 07/01/44		5,000		5,439,418
Series A, 5.00%, 07/01/24^(c)		1,000		1,010,287
Series A, 2.58%, 07/01/33		2,190		1,831,579
Series A, 5.00%, 07/01/36		1,850		1,995,301
Series A, 4.00%, 07/01/37		1,000		1,048,872
Series A, 5.00%, 07/01/37		350		360,705
Series A, 5.00%, 07/01/41		500		517,218
Series A, 4.00%, 07/01/46		10,180		10,228,963
Series A, 5.00%, 07/01/46		675		689,443
Series A, 4.00%, 07/01/47		1,250		1,172,264
Series A, 5.00%, 07/01/51		3,000		3,219,787
Series B, 5.00%, 10/01/38		10,000		10,873,691
Onondaga County Trust for Cultural Resources, Refunding RB
5.00%, 05/01/40		135		141,363
4.00%, 12/01/41		3,760		3,821,592
4.00%, 12/01/47		3,000		2,996,576


Security	Par (000)		Value

Education (continued)
Orange County Funding Corp., Refunding RB
Series A, 5.00%, 07/01/37	$	360	$	360,364
Series A, 5.00%, 07/01/42		220		220,102
Schenectady County Capital Resource Corp.,
Refunding RB, 5.25%, 07/01/52		285		316,986
Troy Capital Resource Corp., Refunding RB
4.00%, 08/01/35		1,110		1,124,593
4.00%, 09/01/40		160		160,770
Trust for Cultural Resources of The City of New York,
Refunding RB, Series A, 5.00%, 07/01/37		885		894,105

				140,098,575

Health — 1.8%
Buffalo & Erie County Industrial Land Development Corp., RB, 5.25%, 07/01/35		665		588,344
Build NYC Resource Corp., Refunding RB, 5.00%, 07/01/24^(c)		1,100		1,111,324
Dutchess County Local Development Corp., RB, Series A, 5.00%, 07/01/24^(c)		750		757,721
Genesee County Funding Corp., Refunding RB, Series A, 5.25%, 12/01/52		4,345		4,627,014
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56		525		422,765
Monroe County Industrial Development Corp., RB
5.00%, 12/01/29		660		687,341
4.00%, 12/01/41		100		94,862
Series A, 5.00%, 12/01/37		370		370,319
New York State Dormitory Authority, Refunding RB
5.00%, 05/01/38		1,705		1,891,028
4.00%, 07/01/38		110		82,976
4.00%, 07/01/39		140		104,359
4.00%, 07/01/40		325		239,525
5.00%, 07/01/41		450		369,253
4.00%, 07/01/45		460		326,110
5.00%, 05/01/52		4,000		4,258,850
Southold Local Development Corp., RB, 4.00%, 12/01/45		1,900		1,525,042
Suffolk County Economic Development Corp., RB,
Series C, 5.00%, 07/01/32		285		287,672
Tompkins County Development Corp., Refunding RB,
5.00%, 07/01/44		1,145		1,145,929
Westchester County Healthcare Corp./New York,
Series B, Senior Lien, 6.00%, 11/01/30		105		105,055
Westchester County Local Development Corp., Refunding RB
5.00%, 11/01/34		500		475,051
5.00%, 07/01/41^(a)		1,150		1,026,718
5.00%, 07/01/56^(a)		1,270		1,009,032

				21,506,290

Housing — 5.7%
New York City Housing Development Corp., RB, M/F Housing
3.15%, 11/01/36		1,000		912,658
4.55%, 11/01/43		5,000		5,113,089
4.15%, 11/01/46		2,805		2,708,877
Class F-1, 4.75%, 11/01/47		1,500		1,535,967
Series K, 3.85%, 11/01/38		3,700		3,608,855
Series K, 4.00%, 11/01/48		2,925		2,662,999
Class F-1, Sustainability Bonds, 4.60%, 11/01/42		2,000		2,046,896
New York City Housing Development Corp., Refunding RB
3.76%, 01/01/29		3,000		2,838,910
4.25%, 11/01/43		580		581,555


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

December 31, 2023

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Housing (continued)
New York City Housing Development Corp., Refunding RB, M/F Housing, Series D, 4.10%, 11/01/38	$	2,500	$	2,285,978
New York State Housing Finance Agency, RB, M/F Housing
Series C, (SONYMA), 3.25%, 05/01/27		5,000		4,759,428
Series C, (FHLMC, FNMA, GNMA, SONYMA), 2.75%, 11/01/31		1,000		945,981
Series E, (SONYMA), 4.15%, 11/01/47		165		157,859
Series J-1, (SONYMA), 2.80%, 11/01/51		4,500		3,254,863
Series L-2, (SONYMA), 0.75%, 11/01/25		6,390		6,071,490
Series M-2, (SONYMA), 0.75%, 11/01/25		2,520		2,378,589
Series A, AMT, (SONYMA), 4.90%, 02/15/38		645		645,269
Series A, AMT, (SONYMA), 5.10%, 02/15/38		875		875,546
New York State Housing Finance Agency, Refunding RB, Series C, (SONYMA), 3.85%, 11/01/39		4,425		4,274,743
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing
Series 239, (SONYMA), 3.25%, 10/01/51		4,690		4,603,137
Series 250, (SONYMA), 4.80%, 10/01/48		5,000		5,116,338
State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB, S/F Housing
AMT, 1.40%, 10/01/27		5,460		4,889,662
AMT, 1.50%, 04/01/28		5,475		4,852,825
Yonkers Industrial Development Agency, RB
Series A, AMT, (SONYMA), 4.80%, 10/01/26		260		260,246
Series A, AMT, (SONYMA), 5.00%, 10/01/37		1,640		1,640,921

				69,022,681

State — 8.9%
New York City Transitional Finance Authority Building Aid Revenue, RB
Series S-1, Subordinate, (SAW), 4.00%, 07/15/45		2,460		2,509,091
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45		5,000		5,396,400
New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, Series S-1A, (SAW), 4.00%, 07/15/39		2,000		2,104,902
New York State Dormitory Authority, RB
Series A, 4.80%, 12/01/34		10,220		10,263,348
Series A, 5.00%, 03/15/42		3,945		4,184,848
New York State Dormitory Authority, Refunding RB
Series A, 5.25%, 03/15/39		5,000		5,503,445
Series A, 5.00%, 03/15/41		10,000		10,879,456
Series A, 4.00%, 03/15/43		5,000		5,146,051
Series A-1, 5.00%, 03/15/42		3,105		3,537,346
Series C, 2.15%, 03/15/31		2,000		1,685,156
Series C, 5.00%, 03/15/39		5,000		5,349,209
Series C, 5.00%, 03/15/41		5,000		5,311,734
Series E, 5.00%, 03/15/40		5,165		5,545,725
Series E, 5.00%, 03/15/42		3,535		3,794,469
New York State Urban Development Corp., RB,
5.00%, 03/15/45		7,500		8,450,053
New York State Urban Development Corp., Refunding RB
4.00%, 03/15/43		4,700		4,867,990
4.00%, 03/15/44		2,800		2,833,743
4.00%, 03/15/46		2,625		2,657,071


Security	Par (000)		Value

State (continued)
New York State Urban Development Corp., Refunding RB (continued)
Series B, 2.77%, 03/15/31	$	7,500	$	6,620,905
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.25%, 05/15/52		10,465		11,709,606

				108,350,548

Tobacco — 3.3%
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 06/01/39		825		805,890
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		4,595		4,594,597
New York Counties Tobacco Trust IV, Refunding RB,
Series A, 5.00%, 06/01/42		3,775		3,765,560
New York Counties Tobacco Trust VI, Refunding RB
Series A-2B, 5.00%, 06/01/51		10,305		9,598,472
Series B, 5.00%, 06/01/28		90		93,756
Series B, 5.00%, 06/01/29		105		109,411
Series C, 4.00%, 06/01/51		4,055		3,380,252
Niagara Tobacco Asset Securitization Corp., Refunding RB, 5.25%, 05/15/40		1,250		1,251,465
TSASC, Inc./New York
Series A, 5.00%, 06/01/30		775		805,859
Series A, 5.00%, 06/01/33		3,000		3,112,013
Series A, 5.00%, 06/01/36		5,835		6,101,463
Westchester Tobacco Asset Securitization Corp., Refunding RB
Sub-Series C, 4.00%, 06/01/42		4,275		4,301,213
Sub-Series C, 5.13%, 06/01/51		2,375		2,409,101

				40,329,052

Transportation — 19.1%
Albany County Airport Authority, Refunding RB
Series B, AMT, 4.00%, 12/15/35		120		119,093
Series B, AMT, 4.00%, 12/15/34		235		235,078
Metropolitan Transportation Authority, RB
Series A-1, 4.00%, 11/15/44		2,500		2,437,755
Series A-2, 4.00%, 11/15/43		7,500		7,342,554
Series B, 5.25%, 11/15/33		500		504,317
Series B, 5.25%, 11/15/44		2,125		2,143,317
Series D-3, 4.00%, 11/15/47		10,800		10,327,146
Sub-Series A-1, 5.00%, 11/15/40		645		656,132
Sub-Series D-1, 5.00%, 11/15/39		4,250		4,295,221
Metropolitan Transportation Authority, Refunding RB
5.00%, 11/15/42		1,530		1,617,547
Series B, 5.00%, 11/15/37		1,500		1,561,546
Series C, (AGM-CR), 5.00%, 11/15/38		3,385		3,638,988
Series C, (BAM-TCRS), 5.00%, 11/15/42		3,000		3,179,860
Series C, (BAM), 5.00%, 11/15/44		7,345		7,754,552
Series D, 5.00%, 11/15/35		2,500		2,689,932
New York City Industrial Development Agency, Refunding RB, Series A, AMT, 5.00%, 07/01/28		1,905		1,905,887
New York Liberty Development Corp., Refunding RB,
Series 1, 2.75%, 02/15/44		6,125		4,952,978
New York State Bridge Authority, RB
Series A, 4.00%, 01/01/39		275		285,298
Series A, 4.00%, 01/01/40		350		361,535
Series A, 4.00%, 01/01/41		165		169,907
Series A, 4.00%, 01/01/46		2,460		2,479,090
New York State Thruway Authority, RB, Series N, 4.00%, 01/01/45		940		948,079


18		2 0 2 3 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)

December 31, 2023

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Transportation (continued)
New York State Thruway Authority, Refunding RB
5.00%, 03/15/42	$	4,000	$	4,535,039
Series O, 4.00%, 01/01/37		4,400		4,652,096
Series O, 4.00%, 01/01/40		2,500		2,598,458
Series O, 4.00%, 01/01/45		1,550		1,565,827
Series O, 4.00%, 01/01/47		2,345		2,347,354
Series B, Subordinate, 4.00%, 01/01/41		3,900		3,909,218
New York Transportation Development Corp., ARB
AMT, 5.00%, 12/01/35		1,510		1,649,128
AMT, 5.00%, 12/01/37		5,310		5,733,133
AMT, 5.00%, 12/01/41		4,565		4,830,217
AMT, 5.00%, 12/01/42		1,755		1,850,207
Series A, AMT, 5.00%, 07/01/34		250		251,280
Series A, AMT, 5.00%, 07/01/41		750		752,599
Series A, AMT, 5.25%, 01/01/50		10,190		10,221,226
New York Transportation Development Corp., RB
AMT, 4.00%, 10/31/46		4,355		4,027,092
AMT, (AGM), 5.00%, 06/30/49		7,215		7,496,965
AMT, 6.00%, 06/30/54		10,500		11,565,742
New York Transportation Development Corp., Refunding RB, 5.00%, 12/01/38		4,250		4,615,259
Niagara Falls Bridge Commission, RB, (AGM), 4.16%, 10/01/33		1,650		1,563,098
Niagara Frontier Transportation Authority, Refunding ARB
AMT, 5.00%, 04/01/32		400		426,312
AMT, 5.00%, 04/01/33		375		398,852
AMT, 5.00%, 04/01/34		225		238,924
AMT, 5.00%, 04/01/35		200		212,160
AMT, 5.00%, 04/01/36		210		221,716
AMT, 5.00%, 04/01/37		250		262,932
AMT, 5.00%, 04/01/38		250		261,891
AMT, 5.00%, 04/01/39		175		183,039
Port Authority of New York & New Jersey, ARB
Series 217, 4.00%, 11/01/38		2,055		2,125,378
218th Series, AMT, 4.00%, 11/01/47		4,765		4,645,454
Consolidated, 218th Series, AMT, 5.00%, 11/01/44		1,960		2,053,600
Series 221, AMT, 4.00%, 07/15/38		2,000		2,035,036
Port Authority of New York & New Jersey, Refunding ARB
5.00%, 09/01/48		955		1,007,052
223rd Series, AMT, 4.00%, 07/15/41		2,370		2,376,205
238th Series, AMT, 5.00%, 07/15/39		4,000		4,477,605
Series 197, AMT, 5.00%, 11/15/41		1,250		1,290,812
Series 202, AMT, 5.00%, 04/15/37		5,000		5,234,491
Series 206, AMT, 5.00%, 11/15/37		1,525		1,604,635
Series 231, AMT, 5.00%, 08/01/38		2,500		2,740,180
Series 231, AMT, 5.50%, 08/01/39		5,900		6,773,968
Triborough Bridge & Tunnel Authority, RB
Series A, 5.00%, 11/15/47		5,000		5,524,992
Series A, 5.00%, 11/15/49		4,630		4,998,543
Sub-Series B-1, 5.00%, 11/15/48		7,760		8,631,291
Triborough Bridge & Tunnel Authority, Refunding RB
Series A, 5.00%, 05/15/47		2,500		2,758,088
Series B, 5.00%, 11/15/38		9,000		9,559,949
Series C, 5.25%, 11/15/42		4,200		4,927,813
Series C, 5.25%, 05/15/52		12,610		14,042,448
Series C-2, 5.00%, 11/15/42		10,000		10,583,414

				233,366,530


Security	Par (000)		Value

Utilities — 15.8%
Long Island Power Authority, RB
5.00%, 09/01/38	$	4,200	$	4,574,897
5.00%, 09/01/39		9,875		10,709,478
5.00%, 09/01/42		1,000		1,060,474
5.00%, 09/01/47		2,225		2,338,718
Series C, (AGC), 5.25%, 09/01/29		3,500		3,997,985
Series E, 5.00%, 09/01/48		6,335		7,089,650
Long Island Power Authority, Refunding RB
Series A, 4.00%, 09/01/38		2,900		3,099,725
Series A, 4.00%, 09/01/39		2,000		2,128,852
Series A, 4.00%, 09/01/42		1,500		1,575,884
Series A, 5.00%, 09/01/43		3,170		3,573,319
Series B, 1.50%, 09/01/51^(d)		2,500		2,357,209
New York City Municipal Water Finance Authority, RB,
Series AA, 4.00%, 06/15/43		5,000		5,147,284
New York City Municipal Water Finance Authority, Refunding RB
Series BB-1, 4.00%, 06/15/45		16,410		16,619,742
Series BB-2, 4.00%, 06/15/49^(d)		15,000		15,000,000
Series DD, 4.13%, 06/15/46		7,500		7,760,719
Series DD, 5.25%, 06/15/46		7,500		8,667,108
Series EE, 4.00%, 06/15/39		2,500		2,623,470
Series FF, 5.00%, 06/15/40		9,000		9,750,419
New York Power Authority, RB
(AGM), 4.00%, 11/15/47		14,500		14,467,747
(AGM), 5.00%, 11/15/48		3,025		3,357,136
Series A, (AGM), 5.75%, 11/15/33		5,000		5,373,085
New York Power Authority, Refunding RB
Series A, 4.00%, 11/15/45		12,375		12,483,958
Series A, 4.00%, 11/15/50		12,990		12,998,086
New York State Environmental Facilities Corp., RB,
BAB, 5.81%, 06/15/39		1,000		1,075,771
Utility Debt Securitization Authority, RB
Restructured, 5.00%, 12/15/38		2,875		3,106,721
Restructured, 5.00%, 12/15/40		14,695		15,803,003
Utility Debt Securitization Authority, Refunding RB
5.00%, 12/15/40		3,000		3,554,489
Restructured, 5.00%, 12/15/36		1,865		1,960,564
Restructured, 5.00%, 12/15/37		500		523,500
Series TE1, Restructured, 5.00%, 12/15/38		9,000		10,530,398

				193,309,391


Total Municipal Bonds in New York				1,014,309,451

Puerto Rico — 5.7%

State — 4.6%
Commonwealth of Puerto Rico, GO
0.00%, 11/01/51^(d)		11,450		4,672,517
Series A-1, 0.00%, 11/01/43^(d)		8,753		4,726,782
Series A-1, Restructured, 5.63%, 07/01/29		2,619		2,843,136
Series A-1, Restructured, 5.75%, 07/01/31		1,092		1,209,192
Series A-1, Restructured, 4.00%, 07/01/33		1,036		1,011,130
Series A-1, Restructured, 4.00%, 07/01/35		931		899,766
Series A-1, Restructured, 4.00%, 07/01/37		799		757,841
Series A-1, Restructured, 4.00%, 07/01/41		1,087		1,004,124
Series A-1, Restructured, 4.00%, 07/01/46		1,130		1,007,929
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33^(b)		1,333		831,901
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51^(d)		528		184,628
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		13,005		12,762,308


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)

December 31, 2023

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

State (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series A-2, Restructured, 4.54%, 07/01/53	$	49	$	46,313
Series A-2, Restructured, 4.78%, 07/01/58		5,323		5,239,651
Series A-2, Restructured, 4.33%, 07/01/40		7,388		7,332,476
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB^(b)
Series A-1, Restructured, 0.00%, 07/01/29		490		395,059
Series A-1, Restructured, 0.00%, 07/01/33		1,423		962,705
Series A-1, Restructured, 0.00%, 07/01/46		30,024		9,409,725
Series B-1, Restructured, 0.00%, 07/01/46		2,677		840,933

				56,138,116

Utilities^(e)(f)— 1.1%
Puerto Rico Electric Power Authority, RB
5.50%, 07/01/17		610		152,500
5.40%, 01/01/18		2,745		686,210
5.40%, 07/01/18		2,745		686,321
5.50%, 07/01/18		535		133,750
5.50%, 07/01/19		435		108,750
10.00%, 07/01/19		1,998		499,526
5.40%, 01/01/20		278		69,376
5.40%, 07/01/20		278		69,376
7.50%, 07/01/20		1,726		431,519
5.38%, 07/01/24		385		96,250
5.00%, 07/01/25		210		52,500
5.00%, 07/01/26		565		141,250
5.25%, 07/01/26		770		192,500
5.25%, 07/01/27		285		71,250
5.25%, 07/01/28		440		110,000
5.00%, 07/01/29		1,860		465,000
5.25%, 07/01/33		420		105,000
7.00%, 07/01/33		1,025		256,250
5.25%, 07/01/35		185		46,250
5.75%, 07/01/36		260		65,000
6.75%, 07/01/36		3,560		890,000
5.50%, 07/01/38		520		130,000
5.25%, 07/01/40		5,345		1,336,250
5.00%, 07/01/42		2,185		546,250
7.00%, 07/01/43		410		102,500
Puerto Rico Electric Power Authority, Refunding RB
0.00%, 07/01/17^(d)		185		46,250
0.00%, 07/01/18^(d)		165		41,250
5.25%, 07/01/19		1,370		342,500
5.00%, 07/01/20		2,220		555,000
5.25%, 07/01/22		990		247,500
5.25%, 07/01/23		2,670		667,500
5.25%, 07/01/24		875		218,750
5.00%, 07/01/27		430		107,500
5.00%, 07/01/28		435		108,750
5.25%, 07/01/28		5,655		1,413,750
5.40%, 07/01/28		1,240		310,000
5.25%, 07/01/29		235		58,750
4.49%, 07/01/31^(d)		1,755		438,750


Security	Par (000)		Value

Utilities (continued)
Puerto Rico Electric Power Authority, Refunding RB (continued)
0.00%, 07/01/49^(d)	$	1,475	$	368,750
Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40		1,860		465,000


				12,833,578


Total Municipal Bonds in Puerto Rico				68,971,694


Total Municipal Bonds — 88.8% (Cost: $1,104,163,985)				1,083,866,672


Municipal Bonds Transferred to Tender Option Bond Trusts^(g)

New York — 10.9%

County/City/Special District/School District — 5.0%
City of New York, GO, Series A-1, 5.25%, 09/01/43^(d)		10,000		11,519,652
Hudson Yards Infrastructure Corp., Refunding RB
Series A, 5.00%, 02/15/38^(d)		17,485		18,363,494
Series A, 5.00%, 02/15/39		9,005		9,434,212
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series D-1, 5.25%, 11/01/43^(d)		2,960		3,419,582
Series D-1, 5.50%, 11/01/45^(d)		5,910		6,920,711
Series D-1, 5.25%, 11/01/48		10,000		11,318,252

				60,975,903

State — 2.2%
New York State Dormitory Authority, Refunding RB,
Series E, 5.00%, 03/15/42		9,410		10,100,694
New York State Urban Development Corp., Refunding RB
5.00%, 03/15/41		10,000		11,396,233
5.00%, 03/15/44^(d)		4,220		4,748,259

				26,245,186

Transportation — 2.6%
Metropolitan Transportation Authority, Refunding RB,
Series C, 5.00%, 11/15/41		11,365		12,087,211
Triborough Bridge & Tunnel Authority, RB, Senior Lien, Series D-2, 5.25%, 05/15/47		8,410		9,568,232
Triborough Bridge & Tunnel Authority, Refunding RB,
Series A, 5.00%, 11/15/45^(d)		10,000		10,591,729

				32,247,172

Utilities — 1.1%
New York City Municipal Water Finance Authority, Refunding RB, Series AA-3, 5.00%, 06/15/47		12,500		13,868,663


Total Municipal Bonds in New York				133,336,924


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.9% (Cost: $126,050,985)				133,336,924


Total Long-Term Investments — 99.9% (Cost: $1,232,497,970)				1,219,250,449


20		2 0 2 3 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)

December 31, 2023

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 3.0%
BlackRock Liquidity Funds New York Money Fund Portfolio, 3.79%^(h)(i)		36,485,491	$	36,485,491


Total Short-Term Securities — 3.0% (Cost: $36,485,154)				36,485,491


Total Investments — 102.9% (Cost: $1,268,983,124)				1,255,735,940

Other Assets Less Liabilities — 2.1%				25,347,430

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.0)%				(61,155,929	)


Net Assets — 100.0%			$	1,219,927,441

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Zero-coupon bond.

^(c)	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)	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.

^(e)	Issuer filed for bankruptcy and/or is in default.

^(f)	Non-income producing security.

^(g)	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.

^(h)	Affiliate of the Fund.

⁽ⁱ⁾	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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 06/30/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds New York Money Fund Portfolio	$	32,373,529	$	4,111,962	^(a)	$	—	$	—	$	—	$	36,485,491		36,485,491	$	828,117	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		1,037		03/19/24	$	117,068	$	(2,617,283	)
U.S. Long Bond		569		03/19/24		71,089		(3,633,465	)
5-Year U.S. Treasury Note		596		03/28/24		64,829		(1,023,495	)

							$	(7,274,243	)


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

December 31, 2023

BlackRock New York Municipal Opportunities Fund

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	7,274,243	$	—	$	7,274,243

^(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	13,467,360		$	—	$	13,467,360

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(11,745,353	)	$	—	$	(11,745,353	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — short	$	253,466,063

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
Investments
Long-Term Investments
Corporate Bonds	$	—		$	2,046,853	$	—	$	2,046,853
Municipal Bonds		—			1,083,866,672		—		1,083,866,672
Municipal Bonds Transferred to Tender Option Bond Trusts		—			133,336,924		—		133,336,924
Short-Term Securities
Money Market Funds		36,485,491			—		—		36,485,491
Unfunded Commitments^(a)		—			—		8,566,578		8,566,578

	$	36,485,491		$	1,219,250,449	$	8,566,578	$	1,264,302,518

Derivative Financial Instruments^(b)
Liabilities
Interest Rate Contracts	$	(7,274,243	)	$	—	$	—	$	(7,274,243	)

^(a)

Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 $60,639,997 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.


22		2 0 2 3 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)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 5.0%
Black Belt Energy Gas District, RB^(a)
Series A, 5.25%, 01/01/54	$	4,770	$	5,113,958
Series C-1, 5.25%, 02/01/53		13,790		14,742,326
Series F, 5.50%, 11/01/53		1,825		1,940,761
Black Belt Energy Gas District, Refunding RB,
4.00%, 06/01/51^(a)		8,585		8,650,985
Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48		925		883,723
Hoover Industrial Development Board, RB, AMT,
6.38%, 11/01/50^(a)		5,620		6,133,922
MidCity Improvement District, SAB
3.88%, 11/01/27		130		125,663
4.25%, 11/01/32		350		321,529
4.50%, 11/01/42		745		636,229
4.75%, 11/01/49		795		671,023
Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53^(a)		31,645		32,956,117
Stadium Trace Village Improvement District, RB,
3.63%, 03/01/36		3,670		3,033,793
Tuscaloosa County Industrial Development Authority,
Refunding RB, Series A, 5.25%, 05/01/44^(b)		1,110		1,026,941

				76,236,970

Arizona — 2.4%
Arizona Industrial Development Authority, RB
5.00%, 07/01/45^(b)		1,135		1,069,057
7.10%, 01/01/55^(b)		4,495		4,590,969
5.00%, 07/01/55^(b)		1,215		1,102,433
Series A, 5.00%, 12/15/39^(b)		150		150,430
Series A, 5.00%, 07/01/49^(b)		1,440		1,358,134
Series A, 5.00%, 07/15/49		675		676,183
Series A, 5.00%, 12/15/49^(b)		345		329,269
Series A, 5.00%, 07/01/54^(b)		1,110		1,028,082
Series B, 5.13%, 07/01/47^(b)		420		417,673
Series B, 5.25%, 07/01/51^(b)		570		569,014
Arizona Industrial Development Authority, Refunding RB^(b)
Series A, 5.00%, 07/01/26		480		483,173
Series A, 5.50%, 07/01/52		2,970		2,905,526
Glendale Industrial Development Authority, RB,
5.00%, 05/15/56		1,365		1,089,141
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 6.75%, 07/01/44^(b)		810		816,147
Industrial Development Authority of the County of Pima, RB
5.13%, 07/01/39		700		662,463
5.25%, 07/01/49		870		784,217
Industrial Development Authority of the County of Pima, Refunding RB^(b)
4.00%, 06/15/51		6,995		5,686,629
5.00%, 07/01/56		1,270		1,123,179
La Paz County Industrial Development Authority, RB,
5.88%, 06/15/48^(b)		1,340		1,321,407
Maricopa County Industrial Development Authority, RB
5.25%, 10/01/40^(b)		1,255		1,281,667
5.50%, 10/01/51^(b)		1,255		1,273,143


Security	Par (000)		Value

Arizona (continued)
Maricopa County Industrial Development Authority, RB (continued)
Series A, 3.00%, 09/01/51	$	2,995	$	2,140,341
AMT, 4.00%, 10/15/47^(b)		7,175		6,492,583

				37,350,860

Arkansas — 3.0%
Arkansas Development Finance Authority, RB
12.00%, 07/01/48^(b)		7,700		8,212,741
AMT, 5.70%, 05/01/53		2,040		2,084,968
Series A, AMT, 6.88%, 07/01/48^(b)		5,100		5,413,348
Series A, AMT, 4.50%, 09/01/49^(b)		12,990		12,932,238
Series A, AMT, 4.75%, 09/01/49^(b)		17,005		17,020,486

				45,663,781

California — 3.4%
California Municipal Finance Authority, ARB, AMT,
Senior Lien, 4.00%, 12/31/47		2,560		2,369,464
California Municipal Finance Authority, RB
5.50%, 08/01/34^(b)		250		251,035
6.00%, 08/01/44^(b)		655		657,038
6.13%, 08/01/49^(b)		570		571,795
Series A, 3.00%, 02/01/46		1,200		917,302
California Municipal Finance Authority, Refunding
RB, 3.00%, 11/01/48		2,000		1,551,764
California Statewide Financing Authority, RB,
Series L, 0.00%, 06/01/55^(b)(c)		65,000		3,344,250
City of Los Angeles Department of Airports,
Refunding ARB, AMT, 5.25%, 05/15/47		8,000		8,713,862
CMFA Special Finance Agency I, RB, M/F Housing,
Series A, 4.00%, 04/01/56^(b)		9,320		6,568,447
CMFA Special Finance Agency XII, RB, M/F
Housing, 4.38%, 08/01/49^(b)		1,845		1,490,867
CSCDA Community Improvement Authority, RB, M/F Housing^(b)
3.13%, 07/01/56		3,670		2,379,362
4.00%, 07/01/56		1,660		1,224,871
4.00%, 10/01/56		1,230		1,035,235
4.00%, 07/01/58		1,405		917,222
Series A, 5.00%, 01/01/54		1,050		842,115
Series A, 3.00%, 09/01/56		5,550		3,533,664
Series B, 4.00%, 07/01/58		1,585		1,038,245
Mezzanine Lien, 4.00%, 03/01/57		2,465		1,748,643
Mezzanine Lien, 4.00%, 06/01/57		1,130		785,966
Series B, Mezzanine Lien, 4.00%, 12/01/59		4,645		2,764,076
Series B, Sub Lien, 4.00%, 12/01/59		2,380		1,549,489
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate,
0.00%, 06/01/66^(c)		24,415		2,871,716
Hastings Campus Housing Finance Authority, RB,
CAB, Sub-Series A, 6.75%, 07/01/61^(b)		4,420		1,858,145
San Diego County Regional Airport Authority, ARB,
Series B, AMT, Subordinate, 4.00%, 07/01/56		1,965		1,838,066
San Francisco City & County Redevelopment
Agency Successor Agency, TA, CAB, Series D,
0.00%, 08/01/31^(b)(c)		1,155		801,859

				51,624,498

Colorado — 5.2%
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48		1,563		1,398,862
Aurora Crossroads Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/40		1,000		972,518


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

Schedule of Investments (unaudited) (continued)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Colorado (continued)
Aurora Crossroads Metropolitan District No. 2, GO (continued)
Series A, 5.00%, 12/01/50	$	500	$	472,880
Aviation Station North Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/39		750		711,857
Series A, 5.00%, 12/01/48		1,350		1,225,801
Banning Lewis Ranch Metropolitan District No. 8,
GO, 4.88%, 12/01/51^(b)		2,335		1,809,962
Cascade Ridge Metropolitan District, GO, 5.00%, 12/01/51		3,000		2,555,940
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47^(b)		820		769,598
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/47		5,875		5,809,902
Series A, AMT, 4.13%, 11/15/53		3,225		3,109,501
Clear Creek Transit Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/41		575		530,560
Series A, 5.00%, 12/01/50		1,000		879,861
Colorado Health Facilities Authority, RB
5.50%, 11/01/47		780		849,429
5.25%, 11/01/52		1,630		1,761,214
Series A, 5.00%, 05/15/35		1,255		1,070,396
Series A, 5.00%, 05/15/44		1,415		1,044,061
Series A, 5.00%, 05/15/49		2,175		1,348,191
Constitution Heights Metropolitan District, Refunding
GO, 5.00%, 12/01/49		1,260		1,141,917
Eagle Brook Meadows Metropolitan District No. 3,
GO, Series 2021, 5.00%, 12/01/51		1,600		1,405,220
Fitzsimons Village Metropolitan District No. 3, Refunding GO
Series A-1, 4.00%, 12/01/26		800		777,599
Series A-1, 4.00%, 12/01/41		1,500		1,197,637
Series A-1, 4.25%, 12/01/55		3,095		2,266,875
Four Corners Business Improvement District, GO,
6.00%, 12/01/52		2,000		1,888,962
Green Valley Ranch East Metropolitan District No. 6,
GO, Series A, 5.88%, 12/01/50		2,615		2,607,879
Greenways Metropolitan District No. 1, GO, Series A,
4.63%, 12/01/51		1,580		1,139,574
Home Place Metropolitan District, GO, Series A,
5.75%, 12/01/50		2,345		2,299,353
Horizon Metropolitan District No. 2, GO, 4.50%, 12/01/51^(b)		1,675		1,195,962
Jefferson Center Metropolitan District No. 1, RB
Series A-2, 4.13%, 12/01/40		580		508,633
Series A-2, 4.38%, 12/01/47		1,000		855,207
Karl’s Farm Metropolitan District No. 2, GO^(b)
Series A, 5.38%, 12/01/40		515		481,517
Series A, 5.63%, 12/01/50		1,350		1,251,573
Lanterns Metropolitan District No. 2, GO,
Series A, 4.50%, 12/01/50		1,810		1,342,233
Longs Peak Metropolitan District, GO, 5.25%, 12/01/51^(b)		5,000		4,294,318
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		2,640		2,093,486
North Holly Metropolitan District, GO, Series A,
5.50%, 12/01/48		760		740,327
North Range Metropolitan District No. 3, GO,
Series A, 5.25%, 12/01/50		1,000		963,321


Security	Par (000)		Value

Colorado (continued)
Palisade Metropolitan District No. 2, GO,
Subordinate, 7.25%, 12/15/49	$	2,825	$	2,637,485
Palisade Park West Metropolitan District, GO,
Series A, 5.13%, 12/01/49		1,500		1,363,116
Pomponio Terrace Metropolitan District, GO,
Series A, 5.00%, 12/01/49		1,442		1,347,954
Prairie Farm Metropolitan District, GO, Series A,
5.25%, 12/01/48		1,238		1,215,362
Pronghorn Valley Metropolitan District, GO, Series A,
4.00%, 12/01/51		1,300		986,616
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45^(b)		3,045		2,043,803
Reunion Metropolitan District, RB, Series A, 3.63%, 12/01/44		1,484		1,136,242
Sky Ranch Community Authority Board, RB,
Series A, 5.75%, 12/01/52		1,500		1,494,278
Southlands Metropolitan District No. 1, Refunding GO
Series A-1, 5.00%, 12/01/37		1,115		1,111,796
Series A-1, 5.00%, 12/01/47		3,085		2,945,890
Sterling Ranch Community Authority Board, RB,
Series B, Subordinate, 7.13%, 12/15/50		708		692,675
Thompson Crossing Metropolitan District No. 4, Refunding GO
5.00%, 12/01/39		1,400		1,379,442
5.00%, 12/01/49		1,480		1,416,159
Timberleaf Metropolitan District, GO, Series A,
5.75%, 12/01/50		1,730		1,696,325
Waters’ Edge Metropolitan District No. 2, GO,
5.00%, 12/01/51		2,595		2,204,425
Westcreek Metropolitan District No. 2, GO,
Series A, 5.38%, 12/01/48		800		766,069
Wild Plum Metropolitan District, GO, Series A,
5.00%, 12/01/24^(d)		595		623,725

				79,833,488

Connecticut^(b)— 0.3%
Connecticut State Health & Educational Facilities Authority, RB
Series A, 5.00%, 01/01/45		845		716,156
Series A, 5.00%, 01/01/55		1,200		910,073
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45		3,690		3,691,554

				5,317,783

Delaware — 0.3%
Affordable Housing Opportunities Trust, RB,
Series AH-01, Class B, 6.88%, 05/01/39^(b)(e)		3,630		3,263,673
County of Kent Delaware, RB, 5.00%, 07/01/53		1,000		954,347

				4,218,020

District of Columbia — 2.4%
District of Columbia Tobacco Settlement Financing Corp., RB^(c)
Series A, 0.00%, 06/15/46		40,740		10,233,334
Series B, 0.00%, 06/15/46		43,620		10,661,317
Series C, 0.00%, 06/15/55		88,900		9,996,068
District of Columbia Tobacco Settlement Financing
Corp., Refunding RB, 6.75%, 05/15/40		375		385,271
District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37		880		1,034,086


24		2 0 2 3 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)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

District of Columbia (continued)
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series B, 2nd Lien, (AGC), 0.00%, 10/01/30^(c)	$	3,005	$	2,447,983
Series B, Subordinate, 4.00%, 10/01/49		2,170		2,032,491

				36,790,550

Florida — 12.1%
Artisan Lakes East Community Development District,
SAB, Series 2021-1, 4.00%, 05/01/51		450		357,428
Babcock Ranch Community Independent Special District, SAB
Series 2022, 5.00%, 05/01/42		1,570		1,541,667
Series 2022, 5.00%, 05/01/53		1,175		1,092,063
Boggy Branch Community Development District,
SAB, 4.00%, 05/01/51		1,365		1,084,199
Boggy Creek Improvement District, Refunding SAB,
Series 2013, 5.13%, 05/01/43		1,135		1,130,701
Brevard County Health Facilities Authority, Refunding RB
4.00%, 11/15/45^(b)		4,040		3,244,922
4.00%, 11/15/55^(b)		5,960		4,408,699
Series A, 5.00%, 04/01/52		10,000		10,616,176
Buckhead Trails Community Development District, SAB
Series 2022, 5.63%, 05/01/42		740		752,679
Series 2022, 5.75%, 05/01/52		495		495,625
Capital Region Community Development District,
Refunding SAB, Series A-1, 5.13%, 05/01/39		2,275		2,283,309
Capital Trust Agency, Inc., RB
4.50%, 01/01/35^(b)		2,250		2,001,323
4.88%, 06/15/56^(b)		6,670		5,434,336
Series A, 5.00%, 06/15/49^(b)		500		439,561
Series A, 5.00%, 12/15/49		300		294,421
Series A, 5.75%, 06/01/54^(b)		1,925		1,647,282
Series A, 5.00%, 12/15/54		260		254,773
Series B, 0.00%, 01/01/35^(c)		3,210		1,508,292
Series B, 0.00%, 01/01/60^(c)		64,500		4,027,506
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61^(b)(c)		97,770		6,707,386
Celebration Pointe Community Development District No. 1, SAB
4.75%, 05/01/24		85		85,097
5.00%, 05/01/34		1,180		1,180,351
Charles Cove Community Development District, SAB
3.75%, 05/01/30		360		343,919
4.25%, 05/01/40		975		858,024
4.38%, 05/01/50		1,505		1,235,673
Charlotte County Industrial Development Authority, RB^(b)
AMT, 5.00%, 10/01/49		3,040		2,962,494
AMT, 4.00%, 10/01/51		1,575		1,294,161
Collier County Industrial Development Authority,
Refunding RB, Series A, 8.13%, 05/15/44^(b)(f)(g)		370		5,735
County of Lake Florida, RB^(b)
5.00%, 01/15/39		550		537,123
5.00%, 01/15/49		825		752,035
County of Osceola Florida Transportation Revenue,
Refunding RB, Series A-1, 4.00%, 10/01/54		2,500		2,146,071
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/49		1,770		449,760


Security	Par (000)		Value

Florida (continued)
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)(continued)
Series A-2, 0.00%, 10/01/51	$	5,125	$	1,207,914
Elevation Pointe Community Development District, SAB
Series A-1, 4.40%, 05/01/42		700		638,064
Series A-1, 4.60%, 05/01/52		1,090		953,080
Series A-2, 4.40%, 05/01/32		2,200		2,108,485
Escambia County Health Facilities Authority, Refunding RB
(AGM), 3.00%, 08/15/50		10,000		7,805,062
4.00%, 08/15/50		6,530		5,751,562
Florida Development Finance Corp., RB
5.00%, 06/15/41^(b)		1,245		1,104,881
5.00%, 06/15/51^(b)		1,190		973,898
5.25%, 06/01/55^(b)		2,830		2,194,017
6.50%, 06/30/57^(b)		1,515		1,495,662
Series A, 5.75%, 06/15/29^(b)		695		697,207
Series A, 6.00%, 06/15/34^(b)		835		838,248
Series A, 4.00%, 06/15/52		2,875		2,462,089
Series A, 5.00%, 06/15/56		1,525		1,532,471
Series A, 5.13%, 06/15/55^(b)		10,455		8,982,840
Series B, 4.50%, 12/15/56^(b)		5,945		4,523,304
Series C, 5.75%, 12/15/56^(b)		2,030		1,713,109
AMT, 5.00%, 05/01/29^(b)		3,550		3,392,980
AMT, 3.00%, 06/01/32		665		545,099
AMT, 6.13%, 07/01/32^(b)		5,000		5,051,902
Series B, AMT, 7.38%, 01/01/49^(b)		6,831		6,926,587
Florida Development Finance Corp., Refunding RB^(b)
4.00%, 06/01/46		1,700		1,141,290
Class A, 4.00%, 06/01/36		2,110		1,679,597
Class A, 4.00%, 06/01/55		2,750		1,656,603
Gracewater Sarasota Community Development
District, SAB, 4.00%, 05/01/52		1,000		788,556
Grand Oaks Community Development District, SAB
4.25%, 05/01/40		915		805,222
4.50%, 05/01/52		1,015		840,365
Hills of Minneola Community Development District, SAB^(b)
4.00%, 05/01/40		1,025		889,260
4.00%, 05/01/50		1,500		1,186,433
Lakeside Preserve Community Development District,
SAB, 6.38%, 05/01/54		1,000		1,049,828
Lakewood Ranch Stewardship District, SAB
4.95%, 05/01/29^(b)		580		589,284
4.88%, 05/01/35		265		264,517
3.75%, 05/01/39^(b)		570		492,758
5.50%, 05/01/39^(b)		530		541,521
3.75%, 05/01/40		525		441,167
4.88%, 05/01/45		530		502,461
5.13%, 05/01/46		835		827,527
5.65%, 05/01/48^(b)		875		885,866
4.00%, 05/01/49^(b)		355		286,568
3.90%, 05/01/50		525		405,918
Series 1A, 4.25%, 05/01/28		535		533,081
Series 1A, 5.00%, 05/01/38		1,175		1,175,227
Series 1A, 5.10%, 05/01/48		2,545		2,449,764
Series 1B, 4.75%, 05/01/29		955		964,286
Series 1B, 5.30%, 05/01/39		1,090		1,103,618
Series 1B, 5.45%, 05/01/48		1,930		1,936,296


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

Schedule of Investments (unaudited) (continued)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Laurel Road Community Development District, SAB
Series A-1, 3.00%, 05/01/31	$	250	$	230,546
Series A-1, 3.25%, 05/01/41		1,010		796,131
Series A-1, 4.00%, 05/01/52		1,155		910,783
Miami-Dade County Industrial Development
Authority, RB, 5.00%, 01/15/48		1,405		1,379,002
Midtown Miami Community Development District,
Refunding SAB, Series A, 5.00%, 05/01/37		890		889,956
Mirada II Community Development District, SAB,
4.00%, 05/01/51		1,485		1,129,183
North River Ranch Community Development District, SAB
Series A-1, 4.00%, 05/01/40		845		720,831
Series A-1, 4.25%, 05/01/51		1,430		1,141,857
Series A-2, 4.20%, 05/01/35		700		618,246
Orange County Health Facilities Authority, RB,
4.00%, 10/01/52		4,310		4,132,446
Poitras East Community Development District, SAB
5.00%, 05/01/43		460		448,964
5.25%, 05/01/52		1,650		1,596,155
Sandridge Community Development District, SAB
Series A1, 3.88%, 05/01/41		615		519,345
Series A1, 4.00%, 05/01/51		600		468,647
Sawyers Landing Community Development District,
SAB, 4.25%, 05/01/53		3,520		2,474,324
Seminole County Industrial Development Authority,
Refunding RB, 5.75%, 11/15/54		2,420		1,848,473
South Broward Hospital District, RB
(BAM-TCRS), 3.00%, 05/01/51		415		327,552
Series A, 3.00%, 05/01/51		4,205		3,142,314
Southern Groves Community Development District No. 5, SAB
3.38%, 05/01/25		100		98,966
4.00%, 05/01/30		175		169,501
4.30%, 05/01/40		825		740,244
4.50%, 05/01/46		600		521,046
Tolomato Community Development District, Refunding SAB
Series 2015-2, 6.61%, 05/01/40		125		119,246
Series A-2, 4.25%, 05/01/37		910		847,366
Tolomato Community Development District, SAB,
Series 2015-3, 6.61%, 05/01/40^(f)(g)		135		1
Trout Creek Community Development District, SAB
5.38%, 05/01/38		670		675,787
5.50%, 05/01/49		1,695		1,689,310
V-Dana Community Development District, SAB^(b)
3.50%, 05/01/31		525		492,491
4.00%, 05/01/40		750		662,042
4.00%, 05/01/51		1,200		953,142
Village Community Development District No. 14, SAB
5.38%, 05/01/42		3,330		3,369,554
5.50%, 05/01/53		2,485		2,488,196
Village Community Development District No. 15,
SAB, 5.25%, 05/01/54^(b)		1,040		1,046,686
West Villages Improvement District, SAB
4.25%, 05/01/29		400		394,443
4.75%, 05/01/39		885		835,889
5.00%, 05/01/50		1,415		1,293,031


Security	Par (000)		Value

Florida (continued)
Windward at Lakewood Ranch Community Development District, SAB
3.63%, 05/01/32	$	775	$	728,498
4.00%, 05/01/42		680		587,824
4.25%, 05/01/52		800		659,455

				186,655,738

Georgia — 1.4%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51^(b)		2,805		2,513,637
Dalton Whitfield County Joint Development Authority,
RB, 4.00%, 08/15/48		3,135		3,012,352
Development Authority of Cobb County, RB, 6.38%, 06/15/58		690		687,720
East Point Business & Industrial Development
Authority, RB, Series A, 5.25%, 06/15/62^(b)		875		796,789
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53^(a)		2,000		2,118,902
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		4,150		3,917,268
Series A, 5.00%, 01/01/49		5,235		5,393,188
Series A, 5.00%, 07/01/52		2,765		2,877,476

				21,317,332

Idaho — 0.4%
Idaho Health Facilities Authority, Refunding RB
3.50%, 09/01/33		375		329,242
5.00%, 09/01/37		1,000		1,002,345
Idaho Housing & Finance Association, RB^(b)
Series A, 6.00%, 07/01/39		370		380,927
Series A, 6.00%, 07/01/49		595		602,534
Series A, 6.00%, 07/01/54		570		575,106
Series A, 6.95%, 06/15/55		1,540		1,633,367
Series C, 5.00%, 12/01/46		1,000		983,156
Power County Industrial Development Corp., RB,
AMT, 6.45%, 08/01/32		265		265,405

				5,772,082

Illinois — 2.7%
Chicago Board of Education, Refunding GO
Series B, 4.00%, 12/01/35		655		641,401
Series B, 4.00%, 12/01/41		4,905		4,479,727
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57		5,550		5,895,320
City of Chicago Illinois, Refunding GO, Series B,
4.00%, 01/01/37		6,469		6,394,726
Illinois Finance Authority, Refunding RB
6.00%, 02/01/34		335		335,134
6.13%, 02/01/45		790		790,227
Series A, 3.00%, 08/15/48		6,350		4,938,796
Series A, 5.00%, 05/15/56		815		641,711
Illinois State Toll Highway Authority, RB, Series A,
5.00%, 01/01/46		4,640		5,097,212
Metropolitan Pier & Exposition Authority, Refunding
RB, 4.00%, 06/15/50		9,695		9,150,045
State of Illinois, GO, 5.50%, 05/01/39		2,460		2,721,353

				41,085,652

Indiana — 0.5%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		525		525,777
AMT, 7.00%, 01/01/44		1,270		1,271,626


26		2 0 2 3 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)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Indiana (continued)
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29^(b)(f)(g)	$	2,325	$	1,581,000
Indiana Finance Authority, RB, Series A, AMT,
6.75%, 05/01/39		2,785		3,067,332
Indianapolis Local Public Improvement Bond Bank,
RB, 6.00%, 03/01/53		1,850		2,005,081

				8,450,816

Iowa — 0.2%
Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48		2,360		1,783,775
Iowa Higher Education Loan Authority, Refunding
RB, 5.50%, 11/01/51		1,000		931,968

				2,715,743

Kansas^(b)— 0.2%
City of Shawnee Kansas, RB
5.00%, 08/01/41		770		732,342
5.00%, 08/01/56		1,900		1,654,149

				2,386,491

Kentucky — 1.4%
City of Hazard Kentucky, Refunding RB, 3.00%, 07/01/46		2,500		1,896,701
City of Henderson Kentucky, RB^(b)
AMT, 4.45%, 01/01/42		2,540		2,490,840
Series A, AMT, 4.70%, 01/01/52		2,435		2,344,841
Series B, AMT, 4.70%, 01/01/52		6,000		5,777,842
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24^(c)		250		244,339
Kentucky Public Energy Authority, RB, Series C,
4.00%, 02/01/50^(a)		9,000		9,023,796

				21,778,359

Louisiana — 0.9%
Louisiana Local Government Environmental Facilities & Community Development Authority,
RB, 5.00%, 07/01/54^(b)		1,990		1,649,870
Louisiana Public Facilities Authority, RB
Series A, 5.00%, 06/01/41^(b)		990		889,034
Series A, 5.25%, 06/01/51^(b)		1,830		1,586,625
Series A, 5.25%, 06/01/60^(b)		3,385		2,834,190
Series A, 6.50%, 06/01/62^(b)		855		858,833
AMT, 6.50%, 10/01/53		2,160		2,189,357
Parish of St James Louisiana, RB, 2nd Series,
6.35%, 07/01/40^(b)		3,160		3,456,535

				13,464,444

Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51^(b)		4,600		3,016,264


Maryland — 2.1%
City of Baltimore Maryland, RB
4.88%, 06/01/42		260		261,983
5.00%, 06/01/51		780		785,225
City of Baltimore Maryland, Refunding RB, 5.00%, 09/01/46		1,500		1,393,731
Maryland Economic Development Corp., RB
5.00%, 07/01/56		985		997,982
Class B, AMT, 5.25%, 06/30/55		4,760		4,938,221


Security	Par (000)		Value

Maryland (continued)
Maryland Economic Development Corp., TA, 4.00%, 09/01/50	$	4,805	$	4,123,534
Maryland Health & Higher Educational Facilities Authority, RB
Series A, 7.00%, 03/01/55^(b)		8,165		8,669,121
Series B, 4.00%, 04/15/50		10,000		9,628,878
Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, 2.85%, 01/01/51		1,855		1,390,073

				32,188,748

Massachusetts — 0.4%
Massachusetts Development Finance Agency, RB,
Series D, 4.00%, 07/01/45		715		689,513
Massachusetts Development Finance Agency, Refunding RB^(b)
4.00%, 10/01/32		355		335,246
4.13%, 10/01/42		855		732,122
Massachusetts Port Authority, ARB, Series E, AMT,
5.00%, 07/01/51		4,415		4,625,059

				6,381,940

Michigan — 0.3%
Advanced Technology Academy, Refunding RB
3.50%, 11/01/24		65		64,330
5.00%, 11/01/44		160		156,043
Grand Traverse County Hospital Finance Authority,
Refunding RB, 3.00%, 07/01/51		2,000		1,467,839
Michigan Strategic Fund, RB
5.00%, 11/15/42		280		265,374
AMT, 5.00%, 12/31/43		2,030		2,064,622

				4,018,208

Minnesota — 0.7%
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45		2,065		1,806,906
City of Minneapolis Minnesota, RB
Series A, 5.00%, 07/01/55		1,405		1,173,182
Series A, 5.75%, 07/01/55		3,435		3,443,079
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,925		1,861,242
Series A, 5.25%, 02/15/58		2,790		2,868,104

				11,152,513

Mississippi — 0.4%
Mississippi Home Corp., Refunding RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 2.10%, 12/01/41		8,025		5,798,267


Missouri — 0.4%
Industrial Development Authority of the City of St Louis Missouri, Refunding RB, Series A, 4.38%, 11/15/35		1,020		839,184
Kansas City Industrial Development Authority, RB,
Series C, 7.50%, 11/15/46		425		347,745
Kansas City Industrial Development Authority, Refunding RB
Class B, 5.00%, 11/15/46		772		612,685
Class D, 2.00%, 11/15/46		345		15,260


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)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Missouri (continued)
Kansas City Land Clearance Redevelopment Authority, TA^(b)
Series B, 4.38%, 02/01/31	$	3,105	$	2,729,972
Series B, 5.00%, 02/01/40		1,240		1,055,115
Plaza at Noah’s Ark Community Improvement District, Refunding RB
3.00%, 05/01/26		275		264,412
3.00%, 05/01/30		225		205,019
3.13%, 05/01/35		750		626,687

				6,696,079

Nebraska — 0.3%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53^(a)		4,545		4,773,532


Nevada — 0.2%
City of Las Vegas Nevada Special Improvement
District No. 815, SAB, 5.00%, 12/01/49		800		763,104
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		1,490		1,527,110
5.00%, 07/01/45		1,460		1,477,736

				3,767,950

New Hampshire — 0.5%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		1,435		1,259,568
Series A, 4.25%, 08/15/46		1,610		1,348,856
Series A, 4.50%, 08/15/55		3,350		2,795,820
New Hampshire Business Finance Authority,
Refunding RB, Series C, AMT, 4.88%, 11/01/42^(b)		2,515		2,217,395

				7,621,639

New Jersey — 1.4%
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24^(h)		340		342,101
Middlesex County Improvement Authority, RB
Series B, 6.13%, 01/01/25		2,495		30,813
Series B, 6.25%, 01/01/37		5,400		66,690
New Jersey Economic Development Authority, RB
5.00%, 12/15/28^(d)		2,060		2,305,351
Series A, 5.00%, 07/01/37		375		375,582
Series A, 5.25%, 11/01/54^(b)		3,955		3,474,956
Series B, AMT, 6.50%, 04/01/31		2,215		2,306,798
New Jersey Health Care Facilities Financing
Authority, RB, 4.00%, 07/01/51		8,160		8,012,671
New Jersey Higher Education Student Assistance
Authority, RB, Series C, AMT, Subordinate,
3.25%, 12/01/51		1,700		1,228,576
New Jersey Transportation Trust Fund Authority, RB,
Series AA, 4.00%, 06/15/50		3,000		2,944,570

				21,088,108

New York — 8.0%
Albany Capital Resource Corp., Refunding RB,
4.00%, 07/01/41		3,750		2,120,128
Build NYC Resource Corp., RB
6.13%, 07/01/43		1,780		1,889,615
6.38%, 07/01/53		3,260		3,446,271
Series A, 5.00%, 07/01/32		2,255		2,128,109
Series A, 5.13%, 07/01/33		620		649,500
Build NYC Resource Corp., Refunding RB, AMT,
5.00%, 01/01/35^(b)		1,215		1,225,310
City of New York, GO, Series A-1, 4.00%, 09/01/46		3,825		3,944,498


Security	Par (000)		Value

New York (continued)
Huntington Local Development Corp., RB,
Series A, 5.25%, 07/01/56	$	585	$	471,081
New York City Housing Development Corp., RB, M/F Housing
Series C-1A, 4.15%, 11/01/39		3,105		3,105,489
Series C-1A, 4.20%, 11/01/44		3,190		3,190,257
Series C-1A, 4.30%, 11/01/47		4,655		4,471,694
New York City Industrial Development Agency,
Refunding RB, Series A, (AGM), 3.00%, 01/01/40 .		605		517,483
New York Liberty Development Corp., Refunding RB
3.25%, 09/15/52		4,045		3,244,883
Series 1, 2.75%, 02/15/44		14,320		11,579,861
Series A, 3.00%, 11/15/51		2,300		1,826,156
New York State Dormitory Authority, Refunding RB
Series A, 3.00%, 03/15/51		4,200		3,287,451
Series D, 4.00%, 02/15/47		12,925		13,074,707
New York State Housing Finance Agency, RB, M/F
Housing, Series J-1, (SONYMA), 2.65%, 11/01/46		3,935		2,914,481
New York State Urban Development Corp., RB
Series A, 4.00%, 03/15/46		3,000		3,033,762
Series A, 4.00%, 03/15/49		4,955		4,910,814
New York Transportation Development Corp., ARB
AMT, 5.00%, 01/01/25		1,000		1,007,645
AMT, 5.00%, 12/01/35		10,000		10,921,376
AMT, 4.00%, 01/01/36		5,000		4,775,661
AMT, 5.63%, 04/01/40		2,215		2,383,932
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		3,845		4,006,187
AMT, 4.00%, 04/30/53		3,365		2,938,741
New York Transportation Development Corp.,
Refunding ARB, AMT, 5.38%, 08/01/36		3,665		3,776,958
Niagara Area Development Corp., Refunding RB,
Series A, AMT, 4.75%, 11/01/42^(b)		530		445,820
Port Authority of New York & New Jersey, Refunding
ARB, Series 223, AMT, 4.00%, 07/15/61		10,000		9,430,731
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 239,
(SONYMA), 2.60%, 10/01/44		4,040		3,109,512
Westchester County Local Development Corp., Refunding RB
5.00%, 07/01/41^(b)		3,300		2,946,234
5.00%, 07/01/46^(b)		2,205		1,873,999
Series A, 5.13%, 07/01/55		1,100		890,557
Westchester Tobacco Asset Securitization Corp., Refunding RB
Sub-Series C, 4.00%, 06/01/42		670		674,108
Sub-Series C, 5.13%, 06/01/51		2,000		2,028,716

				122,241,727

North Dakota — 0.5%
City of Grand Forks North Dakota, RB, Series B,
(AGM), 5.00%, 12/01/48		1,765		1,887,842
County of Cass North Dakota, Refunding RB,
Series B, 5.25%, 02/15/58		1,785		1,848,234
University of North Dakota, COP, Series A, (AGM),
2.50%, 06/01/54		6,200		3,835,080

				7,571,156

Ohio — 3.9%
American Municipal Power, Inc., Refunding RB,
4.00%, 02/15/37		2,750		2,856,165


28		2 0 2 3 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)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55	$	39,600	$	37,174,418
County of Hamilton Ohio, Refunding RB,
Series C, 5.00%, 01/01/46		1,435		1,322,286
County of Hardin Ohio, Refunding RB
5.00%, 05/01/30		620		592,452
5.25%, 05/01/40		615		566,393
5.50%, 05/01/50		2,895		2,591,950
Hickory Chase Community Authority, Refunding RB,
5.00%, 12/01/40^(b)		4,840		4,553,079
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51^(b)		4,125		2,974,492
Ohio Air Quality Development Authority, RB, AMT,
5.00%, 07/01/49^(b)		3,900		3,533,627
Ohio Higher Educational Facility Commission,
Refunding RB, 4.00%, 10/01/47		3,500		3,175,377
Port of Greater Cincinnati Development Authority,
RB, 4.25%, 12/01/50^(b)		1,065		927,839

				60,268,078

Oklahoma — 1.9%
Norman Regional Hospital Authority, RB, 4.00%, 09/01/45		3,565		3,005,366
Oklahoma Development Finance Authority, RB
7.25%, 09/01/51^(b)		14,390		15,435,645
Series A-2, 7.25%, 09/01/51^(b)		1,920		2,059,516
Series B, 5.00%, 08/15/38		4,585		4,497,414
Series B, 5.50%, 08/15/52		2,415		2,382,054
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41^(b)		1,165		1,112,466
Tulsa County Industrial Authority, Refunding RB,
5.25%, 11/15/37		1,050		1,064,113

				29,556,574

Oregon — 0.1%
Clackamas County Hospital Facility Authority,
Refunding RB, Series A, 5.25%, 11/15/50		800		726,487
Oregon State Facilities Authority, RB^(b)
Series A, 5.00%, 06/15/49		915		842,584
Series A, 5.25%, 06/15/55		505		473,427

				2,042,498

Pennsylvania — 1.9%
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46		475		344,087
East Hempfield Township Industrial Development
Authority, RB, 5.00%, 07/01/24^(d)		1,750		1,768,015
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		880		830,200
Montgomery County Industrial Development
Authority, Refunding RB, 5.00%, 12/01/46		1,470		1,477,431
Northampton County Industrial Development
Authority, TA, 7.00%, 07/01/32		905		906,154
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 4.00%, 04/15/50		11,000		10,489,228
AMT, 5.75%, 06/30/48		2,890		3,149,302


Security	Par (000)			Value

Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, RB (continued)
AMT, 5.25%, 06/30/53	$	4,830		$	4,993,986
Pennsylvania Economic Development Financing
Authority, Refunding RB, AMT, 5.50%, 11/01/44		5,390			5,390,494
School District of Philadelphia, GO, Series A, (SAW),
5.50%, 09/01/48		490			550,114

					29,899,011

Puerto Rico — 11.3%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57^(c)		111,775			9,201,396
Children’s Trust Fund, Refunding RB, Series B,
0.00%, 05/15/55^(c)		2,000			214,820
Commonwealth of Puerto Rico, GO
0.00%, 11/01/51^(a)		83,476			40,079,805
Series A-1, 0.00%, 11/01/43^(a)		13,868			7,488,807
Series A-1, Restructured, 5.38%, 07/01/25		—	⁽ⁱ⁾		3
Series A-1, Restructured, 5.63%, 07/01/29		11,002			11,944,334
Series A-1, Restructured, 5.75%, 07/01/31		5,352			5,923,429
Series A-1, Restructured, 4.00%, 07/01/33		1,849			1,804,589
Series A-1, Restructured, 4.00%, 07/01/35		2,010			1,942,107
Series A-1, Restructured, 4.00%, 07/01/37		4,281			4,059,866
Series A-1, Restructured, 4.00%, 07/01/41		4,939			4,564,435
Series A-1, Restructured, 4.00%, 07/01/46		2,017			1,798,877
Commonwealth of Puerto Rico, GO, CAB, Series A,
Restructured, 0.00%, 07/01/33^(c)		5,283			3,296,869
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51^(a)		24,647			4,561,693
PRIFA Custodial Trust, RB, Series 2005, 0.00%, 03/15/49		3,300			997,721
Puerto Rico Commonwealth Aqueduct & Sewer
Authority, RB, Series A, 4.00%, 07/01/42^(b)		1,075			944,152
Puerto Rico Commonwealth Aqueduct & Sewer
Authority, Refunding RB, Series B, 4.00%, 07/01/42^(b)		7,000			6,149,222
Puerto Rico Electric Power Authority, RB^(f)(g)
5.50%, 07/01/17		475			118,750
5.40%, 01/01/18		2,054			513,544
5.00%, 07/01/18		900			225,000
5.40%, 07/01/18		2,054			513,627
5.50%, 07/01/18		415			103,750
5.50%, 07/01/19		335			83,750
10.00%, 07/01/19		2,887			721,744
5.40%, 01/01/20		208			51,919
7.50%, 01/01/20		6,762			1,690,540
5.40%, 07/01/20		208			51,919
7.50%, 07/01/20		709			177,314
5.00%, 07/01/22		715			178,750
5.38%, 07/01/22		4,500			1,125,000
5.38%, 07/01/24		815			203,750
5.00%, 07/01/25		3,890			972,500
5.25%, 07/01/25		1,940			485,000
5.00%, 07/01/26		455			113,750
5.25%, 07/01/26		590			147,500
5.25%, 07/01/27		230			57,500
5.25%, 07/01/28		1,945			486,250
7.25%, 07/01/30		250			62,500


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)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Electric Power Authority, RB^(f)(g)(continued)
5.25%, 07/01/33	$	315	$	78,750
7.00%, 07/01/33		8,735		2,183,750
5.25%, 07/01/35		705		176,250
5.75%, 07/01/36		2,870		717,500
6.75%, 07/01/36		5,830		1,457,500
5.50%, 07/01/38		415		103,750
5.25%, 07/01/40		8,385		2,096,250
7.00%, 07/01/40		1,000		250,000
5.00%, 07/01/42		1,605		401,250
5.05%, 07/01/42		1,080		270,000
7.00%, 07/01/43		775		193,750
Puerto Rico Electric Power Authority, Refunding RB^(f)(g)
0.00%, 07/01/17		2,660		665,000
0.00%, 07/01/18		125		31,250
5.25%, 07/01/19		1,050		262,500
5.25%, 07/01/22		765		191,250
5.25%, 07/01/23		370		92,500
5.25%, 07/01/24		5,050		1,262,500
5.25%, 07/01/25		3,825		956,250
5.00%, 07/01/27		330		82,500
5.00%, 07/01/28		345		86,250
5.25%, 07/01/28		3,655		913,750
5.25%, 07/01/29		190		47,500
4.49%, 07/01/31		1,345		336,250
0.00%, 07/01/49		1,135		283,750
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, Convertible, Restructured, 4.33%, 07/01/40		8,216		8,142,950
Series A-2, Restructured, 4.54%, 07/01/53		1,564		1,478,241
Series A-2, Restructured, 4.33%, 07/01/40		14,090		13,984,107
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB^(c)
Series A-1, Restructured, 0.00%, 07/01/29		2,914		2,349,391
Series A-1, Restructured, 0.00%, 07/01/33		2,574		1,741,394
Series A-1, Restructured, 0.00%, 07/01/46		42,941		13,458,000
Series A-1, Restructured, 0.00%, 07/01/51		18,000		4,197,223
Series B-1, Restructured, 0.00%, 07/01/46		8,066		2,533,795

				174,081,583

South Carolina — 0.5%
City of Hardeeville South Carolina, SAB^(b)
3.00%, 05/01/27		300		286,141
3.50%, 05/01/32		490		441,271
3.88%, 05/01/41		875		743,652
4.00%, 05/01/52		820		635,594
County of Dorchester South Carolina, SAB, 6.00%, 10/01/51^(b)		2,240		2,277,249
South Carolina Jobs-Economic Development Authority, RB
7.50%, 08/15/62^(b)		1,935		1,809,330
Series A, 5.00%, 11/15/42		585		538,618
South Carolina Jobs-Economic Development
Authority, Refunding RB, 4.00%, 11/15/27		385		368,116

				7,099,971

Tennessee — 1.7%
Chattanooga Health Educational & Housing Facility
Board, Refunding RB, Series A, 4.00%, 08/01/44		410		393,364


Security	Par (000)		Value

Tennessee (continued)
Franklin Health & Educational Facilities Board,
Refunding RB, Series A, 7.50%, 06/01/47^(b)(f)(g)	$	4,060	$	442,134
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
5.25%, 10/01/58		5,625		5,666,634
Series A, 4.00%, 10/01/49		1,635		1,355,382
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB,
4.00%, 06/01/51^(b)		2,350		1,852,688
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB,
0.00%, 06/01/43^(b)(c)		4,000		1,443,030
Nashville Metropolitan Development & Housing
Agency, TA, 5.13%, 06/01/36^(b)		500		505,867
Tennergy Corp., RB, Series A, 5.50%, 10/01/53^(a)		7,435		7,900,893
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52^(a)		6,360		6,755,193

				26,315,185

Texas — 7.7%
Angelina & Neches River Authority, RB, Series A,
AMT, 7.50%, 12/01/45^(b)		2,340		1,568,636
Arlington Higher Education Finance Corp., RB
5.00%, 06/15/51		2,045		1,725,362
5.63%, 08/15/54^(b)		6,260		5,918,590
7.50%, 04/01/62^(b)		1,970		1,944,470
7.88%, 11/01/62^(b)		1,670		1,711,942
Series A, 5.88%, 03/01/24		120		120,122
Brazoria County Industrial Development Corp., RB,
AMT, 7.00%, 03/01/39		1,610		1,524,269
Central Texas Regional Mobility Authority, Refunding RB^(c)
0.00%, 01/01/28		3,000		2,662,172
0.00%, 01/01/29		500		429,541
0.00%, 01/01/30		1,330		1,104,231
0.00%, 01/01/31		4,000		3,215,576
City of Crandall Texas, SAB^(b)
4.00%, 09/15/31		200		190,608
4.75%, 09/15/31		100		98,825
4.25%, 09/15/41		770		685,959
5.00%, 09/15/41		500		482,764
City of Houston Texas Airport System Revenue, ARB
AMT, 5.00%, 07/15/28		7,135		7,163,636
AMT, 4.00%, 07/01/41		3,600		3,212,386
Series A, AMT, 6.63%, 07/15/38		1,110		1,110,737
Series B-1, AMT, 5.00%, 07/15/35		5,000		4,975,067
City of Houston Texas Airport System Revenue,
Refunding ARB, AMT, 5.00%, 07/15/27		615		614,786
City of Houston Texas Airport System Revenue, Refunding RB
AMT, 5.00%, 07/01/29		5,250		5,234,058
Series C, AMT, 5.00%, 07/15/27		3,925		3,955,397
City of Marble Falls Texas, SAB^(b)
4.63%, 09/01/31		100		98,227
4.88%, 09/01/41		295		280,700
5.13%, 09/01/51		500		464,799
City of San Marcos Texas, SAB^(b)
3.75%, 09/01/27		228		224,851
4.00%, 09/01/32		237		227,781
4.25%, 09/01/42		750		685,919
4.50%, 09/01/51		520		466,153


30		2 0 2 3 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)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Fort Bend County Industrial Development Corp., RB,
Series B, 4.75%, 11/01/42	$	1,380	$	1,380,019
Harris County Cultural Education Facilities Finance Corp., Refunding RB
Series A, 5.00%, 01/01/38		510		469,153
Series A, 5.00%, 01/01/43		520		456,744
Series A, 5.13%, 01/01/48		1,535		1,297,151
Hemphill County Hospital District, GO
4.63%, 02/01/39		1,500		1,435,895
4.75%, 02/01/45		2,500		2,331,831
Hidalgo County Regional Mobility Authority, Refunding RB
Series B, Junior Lien, 4.00%, 12/01/39		1,000		917,638
Series B, Junior Lien, 4.00%, 12/01/40		1,040		946,171
Series B, Junior Lien, 4.00%, 12/01/41		1,000		898,846
Houston Higher Education Finance Corp., RB,
4.00%, 10/01/51		1,400		1,205,144
Mission Economic Development Corp., Refunding
RB, AMT, Senior Lien, 4.63%, 10/01/31^(b)		1,385		1,383,524
New Hope Cultural Education Facilities Finance
Corp., RB, Series A, 5.00%, 07/01/57		3,000		2,481,244
New Hope Cultural Education Facilities Finance
Corp., Refunding RB, Series A, 6.75%, 10/01/52		5,000		4,619,623
New Hope Higher Education Finance Corp., RB,
Series A, 5.75%, 06/15/51^(b)		5,580		5,036,463
Newark Higher Education Finance Corp., RB^(b)
Series A, 5.50%, 08/15/35		375		382,775
Series A, 5.75%, 08/15/45		735		743,832
Port Beaumont Navigation District, RB^(b)
AMT, 2.75%, 01/01/36		2,620		1,928,955
AMT, 2.88%, 01/01/41		4,100		2,818,753
AMT, 3.00%, 01/01/50		23,435		13,818,819
Port Beaumont Navigation District, Refunding RB^(b)
Series A, AMT, 3.63%, 01/01/35		7,160		5,884,828
Series A, AMT, 4.00%, 01/01/50		8,435		6,050,463
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41		645		524,457
Series A, 5.00%, 10/01/51		885		675,236
Texas Municipal Gas Acquisition & Supply
Corp III, Refunding RB, 5.00%, 12/15/32		1,500		1,622,936
Texas Transportation Commission State Highway
249 System, RB, CAB^(c)
0.00%, 08/01/46		2,580		866,665
0.00%, 08/01/47		3,850		1,226,905
0.00%, 08/01/48		4,070		1,229,082
0.00%, 08/01/49		3,825		1,095,063
0.00%, 08/01/50		5,485		1,480,640
0.00%, 08/01/51		3,230		823,204
0.00%, 08/01/52		3,230		775,954
0.00%, 08/01/53		290		65,950

				118,971,527

Utah — 0.1%
County of Utah, RB, Series A, 3.00%, 05/15/50		940		752,388
Utah Charter School Finance Authority, RB, Series A,
5.00%, 06/15/52^(b)		1,320		993,581

				1,745,969

Vermont — 0.9%
East Central Vermont Telecommunications District, RB
Series A, 4.75%, 12/01/40^(b)		2,850		2,476,360
Series A, 4.50%, 12/01/44^(b)		3,695		2,978,197


Security	Par (000)		Value

Vermont (continued)
East Central Vermont Telecommunications District, RB (continued)
Series A, 6.88%, 12/01/46	$	3,630	$	3,824,140
Series A, 4.50%, 12/01/50^(b)		3,000		2,290,874
Vermont Student Assistance Corp., RB, Class A,
AMT, 2.38%, 06/15/39		1,725		1,604,466

				13,174,037

Virginia — 2.4%
Ballston Quarter Community Development Authority,
TA, Series A, 5.50%, 03/01/46^(f)(g)		2,900		2,148,953
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 4.00%, 07/01/50		1,545		1,544,902
Series A, Senior Lien, 4.00%, 07/01/55		9,770		9,631,114
Hanover County Economic Development Authority,
Refunding RB, 4.00%, 07/01/40^(b)		1,790		1,430,751
Henrico County Economic Development Authority,
Refunding RB, 4.00%, 10/01/50		1,250		1,101,884
James City County Economic Development Authority, RB
5.25%, 12/01/27		990		990,465
6.88%, 12/01/58		1,475		1,563,750
Lower Magnolia Green Community Development Authority, SAB^(b)
5.00%, 03/01/35		460		462,176
5.00%, 03/01/45		475		475,326
Norfolk Economic Development Authority, Refunding
RB, Series B, 4.00%, 11/01/48		10,745		10,431,024
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/49		1,250		1,035,113
Series B, 4.00%, 01/01/25		910		896,560
Virginia Beach Development Authority, RB
5.38%, 09/01/29		1,085		1,102,795
7.00%, 09/01/53		1,800		1,902,962
Virginia Beach Development Authority, Refunding
RB, 4.00%, 09/01/48		2,885		2,105,834

				36,823,609

Washington — 0.6%
Washington Economic Development Finance
Authority, RB, Series A, AMT, 5.63%, 12/01/40^(b)		3,470		3,538,402
Washington State Housing Finance Commission,
RB, Series A, 5.00%, 07/01/50^(b)		1,240		1,225,529
Washington State Housing Finance Commission, Refunding RB
5.75%, 01/01/35^(b)		355		307,169
5.00%, 01/01/43^(b)		2,000		1,697,966
6.00%, 01/01/45^(b)		940		754,730
Series A, 5.00%, 07/01/43		920		941,707
Series A, 5.00%, 07/01/48		620		626,379

				9,091,882

Wisconsin — 4.5%
Public Finance Authority, ARB
AMT, 4.00%, 07/01/41		530		412,315
AMT, 4.25%, 07/01/54		3,690		2,583,738
Public Finance Authority, RB
5.00%, 06/15/39		310		302,350
5.00%, 06/15/41^(b)		925		864,387
7.75%, 07/01/43^(b)		9,100		9,427,201
5.63%, 06/15/49^(b)		5,950		5,298,968
5.00%, 06/15/53		645		604,626
5.00%, 06/15/55^(b)		2,405		2,063,420


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)

December 31, 2023

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Wisconsin (continued)
Public Finance Authority, RB (continued)
5.00%, 01/01/56^(b)	$	3,790	$	3,380,979
Series A, 4.25%, 06/15/31^(b)		170		161,806
Series A, 6.25%, 10/01/31^(b)		910		254,800
Series A, 5.00%, 06/01/40^(b)		750		685,478
Series A, 5.00%, 06/15/41^(b)		510		470,694
Series A, 6.85%, 11/01/46^(b)(f)(g)		1,325		861,250
Series A, 7.00%, 11/01/46^(b)(f)(g)		805		523,250
Series A, 5.38%, 07/15/47^(b)		1,595		1,571,316
Series A, 7.00%, 10/01/47^(b)		910		254,800
Series A, 5.00%, 06/01/49^(b)		1,340		1,150,119
Series A, 5.63%, 06/15/49^(b)		7,940		7,544,174
Series A, 5.00%, 06/15/51^(b)		1,060		908,963
Series A, 5.25%, 12/01/51^(b)		5,280		4,146,210
Series A, 5.00%, 06/15/55^(b)		11,540		9,012,314
Series A, 4.75%, 06/15/56^(b)		2,405		1,755,423
Series A-1, 4.50%, 01/01/35^(b)		875		789,837
Series A-1, 5.50%, 12/01/48^(b)(e)(f)(g)		38		8,435
Series B, 0.00%, 01/01/35^(b)(c)		1,085		509,966
Series B, 0.00%, 01/01/60^(b)(c)		31,635		1,974,976
AMT, 4.00%, 09/30/51		4,000		3,382,677
AMT, 4.00%, 03/31/56		3,370		2,778,841
Public Finance Authority, Refunding RB^(b)
5.00%, 05/15/32		980		973,507
5.00%, 03/01/52		1,300		1,058,869
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 01/01/47		4,840		3,057,799
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47		740		766,644

				69,540,132


Total Municipal Bonds — 94.7%
(Cost: $1,562,848,524)				1,455,588,794


Municipal Bonds Transferred to Tender Option Bond Trusts^(j)

New York — 0.8%
Triborough Bridge & Tunnel Authority, Refunding RB,
Senior Lien, 5.00%, 05/15/56		12,000		12,593,954


Pennsylvania — 0.9%
Pennsylvania Housing Finance Agency, RB,
S/F Housing, 5.45%, 04/01/51		12,495		13,488,163


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.7% (Cost: $24,713,289)				26,082,117


Total Long-Term Investments — 96.4% (Cost: $1,587,561,813)				1,481,670,911


Security	Shares		Value

Short-Term Securities

Money Market Funds — 2.7%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.76%^(k)(l)		41,441,863	$	41,446,007


Total Short-Term Securities — 2.7% (Cost: $41,438,935)				41,446,007


Total Investments — 99.1% (Cost: $1,629,000,748)				1,523,116,918

Other Assets Less Liabilities — 2.0%				30,180,420

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.1)%				(16,393,033	)


Net Assets — 100.0%			$	1,536,904,305

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Zero-coupon bond.

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

^(e)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)	Issuer filed for bankruptcy and/or is in default.

^(g)	Non-income producing security.

^(h)	Security is collateralized by municipal bonds or U.S. Treasury obligations.

⁽ⁱ⁾	Rounds to less than 1,000.

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

^(k)	Affiliate of the Fund.

^(l)	Annualized 7-day yield as of period end.


32		2 0 2 3 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)

December 31, 2023

BlackRock High Yield Municipal Fund

Affiliates


Affiliated Issuer	Value at 06/30/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	79,899,513	$	—	$	(38,465,787	)^(a)	$	14,418	$	(2,137	)	$	41,446,007		41,441,863	$	1,142,668	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		128		03/19/24	$	14,450	$	(522,102	)
U.S. Long Bond		125		03/19/24		15,617		(1,133,972	)

							$	(1,656,074	)

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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	1,656,074	$	—	$	1,656,074

^(a)

For the period ended December 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(204,412	)	$	—	$	(204,412	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(1,656,074	)	$	—	$	(1,656,074	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	15,033,594

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


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

Schedule of Investments (unaudited) (continued)

December 31, 2023

BlackRock High Yield Municipal Fund

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—		$	1,452,316,686	$	3,272,108	$	1,455,588,794
Municipal Bonds Transferred to Tender Option Bond Trusts		—			26,082,117		—		26,082,117
Short-Term Securities
Money Market Funds		41,446,007			—		—		41,446,007
Unfunded Commitments^(a)		—			—		14,203,568		14,203,568

	$	41,446,007		$	1,478,398,803	$	17,475,676	$	1,537,320,486

Derivative Financial Instruments^(b)
Liabilities
Interest Rate Contracts	$	(1,656,074	)	$	—	$	—	$	(1,656,074	)

^(a)

Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 $16,330,000 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:


	Municipal Bonds			Unfunded Commitments		Total
Assets
Opening balance, as of June 30, 2023	$	3,336,920		$	—	$	3,336,920
Transfers into Level 3		8,436			—		8,436
Transfers out of Level 3		—			—		—
Accrued discounts/premiums		—			—		—
Net realized gain (loss)		—			—		—
Net change in unrealized appreciation (depreciation)^(a)(b)		(66,693	)		14,203,568		14,136,875
Purchases		—			—		—
Sales		(6,555	)		—		(6,555	)

Closing balance, as of December 31, 2023	$	3,272,108		$	14,203,568	$	17,475,676

Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023	$	(66,693	)	$	14,203,568	$	14,136,875

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.


34		2 0 2 3 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)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Fixed Income Funds — 1.5%
iShares National Muni Bond ETF^(a)(b)		1,250,000	$	135,512,500


Total Investment Companies — 1.5% (Cost: $133,189,670)				135,512,500


	Par (000)

Municipal Bonds

Alabama — 4.7%
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46	$	60,000		61,566,029
Black Belt Energy Gas District, RB
Series C, 5.50%, 10/01/54		56,470		62,243,501
Series F, 5.50%, 11/01/53^(c)		11,170		11,878,518
Energy Southeast A Cooperative District, RB
Series A-1, 5.50%, 11/01/53		95,715		104,461,539
Series B-1, 5.75%, 04/01/54		25,150		28,045,688
Southeast Energy Authority A Cooperative District, RB^(c)
Series A, 4.00%, 11/01/51		102,970		102,956,723
Series A, 5.25%, 01/01/54		25,000		26,561,056
Series B, 4.00%, 12/01/51		9,220		9,171,678
Series B-1, 5.00%, 05/01/53		20,000		20,828,641


				427,713,373

Arizona — 1.0%
Arizona Industrial Development Authority, Refunding RB^(d)
Series A, 5.25%, 07/01/37		1,230		1,236,328
Series A, 5.50%, 07/01/52		2,450		2,396,814
City of Phoenix Civic Improvement Corp., RB
Junior Lien, 5.00%, 07/01/40		2,000		2,325,638
Junior Lien, 5.00%, 07/01/42		7,815		8,969,948
Junior Lien, 5.00%, 07/01/44		40,000		43,898,004
Subordinate, 5.00%, 07/01/44		7,930		8,847,617
City of Phoenix Civic Improvement Corp., Refunding RB, Series A, 5.00%, 07/01/37		4,875		5,020,771
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38		10,000		10,469,379
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26		215		220,094
Tucson Industrial Development Authority/Pima County Industrial Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 6.00%, 01/01/55		6,125		6,758,209


				90,142,802

Arkansas — 0.9%
Arkansas Development Finance Authority, RB 12.00%, 07/01/48		15,700		16,745,459
Series A, AMT, 6.88%, 07/01/48		18,200		19,318,223
Series A, AMT, 4.50%, 09/01/49^(d)		4,750		4,728,878


Security	Par (000)		Value

Arkansas (continued)
Arkansas Development Finance Authority, RB (continued)
Series A, AMT, 4.75%, 09/01/49^(d)	$	34,660	$	34,691,563
University of Arkansas, RB, Series A, 5.00%, 12/01/45		2,360		2,590,991


				78,075,114

California — 12.7%
California Community Choice Financing Authority, RB
5.00%, 07/01/53^(c)		6,040		6,412,552
5.50%, 10/01/54		12,500		13,867,483
Series B-1, 4.00%, 02/01/52^(c)		75,000		75,827,757
Series E-1, 5.00%, 02/01/54		41,825		45,163,472
Series G, 5.25%, 11/01/54		15,000		16,247,132
California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/51^(d)		7,940		4,882,477
California Health Facilities Financing Authority, Refunding RB
Series A, 4.00%, 11/15/40		1,415		1,433,508
Series A, 5.00%, 08/15/41		12,500		14,133,911
California Infrastructure & Economic Development Bank, RB, Series A, AMT, 3.65%, 01/01/50^(c)(d)		49,190		49,136,056
California Pollution Control Financing Authority, Refunding RB, AMT, 4.25%, 07/01/43		36,210		36,105,234
California State Public Works Board, Refunding RB, 5.00%, 09/01/38		5,000		5,939,643
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30		3,115		3,066,941
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47		27,990		29,886,929
City of Los Angeles Department of Airports, ARB AMT, 5.00%, 05/15/47		26,170		27,887,588
Series A, AMT, 5.00%, 05/15/44		8,000		8,298,814
Series A, AMT, 5.25%, 05/15/48		7,000		7,340,078
Sub-Series A, AMT, 5.00%, 05/15/47		2,855		2,918,491
City of Los Angeles Department of Airports, Refunding ARB
AMT, 5.00%, 05/15/45		18,000		19,330,966
AMT, Subordinate, 5.00%, 05/15/31		7,160		8,089,403
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49^(d)		7,690		6,213,968
CSCDA Community Improvement Authority, RB, M/F Housing^(d)
4.00%, 07/01/58		9,055		5,911,347
Series A, 5.00%, 01/01/54		8,950		7,178,028
Series B, 4.00%, 07/01/58		10,330		6,766,608
Mezzanine Lien, 4.00%, 06/01/57		7,220		5,021,835
Series B, Mezzanine Lien, 4.00%, 12/01/59		6,125		3,644,772
Senior Lien, 3.13%, 06/01/57		13,670		8,748,258
Series B, Sub Lien, 4.00%, 12/01/59		15,875		10,335,350
East Bay Municipal Utility District Water System
Revenue, Refunding RB
Series A, 4.00%, 06/01/33		14,850		15,179,349
Series A, 4.00%, 06/01/34		14,000		14,310,746
Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, 5.25%, 07/01/44		24,365		26,022,414


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)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
Los Angeles Department of Water & Power, Refunding RB
Series B, 5.25%, 07/01/37	$	13,500	$	14,727,041
Series B, 5.25%, 07/01/38		15,000		16,376,601
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44		8,000		8,047,974
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47		15,000		16,777,368
San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41		35,000		37,131,312
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
2nd Series, AMT, 5.00%, 05/01/48		50,915		52,406,227
Series A, AMT, 5.00%, 05/01/39		14,500		15,344,315
Series A, AMT, 5.00%, 05/01/49		26,000		26,893,214
Series B, AMT, 5.00%, 05/01/46		57,000		58,179,743
Series D, AMT, 5.00%, 05/01/43		17,735		18,424,130
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/38		10,000		11,068,878
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26		100,000		96,348,526
San Mateo County Transit District, Refunding RB, Series A, 4.00%, 06/01/32		15,645		16,034,465
State of California, Refunding GO
5.00%, 08/01/30		5,000		5,128,500
5.25%, 10/01/39		24,635		26,232,796
5.00%, 09/01/41		15,000		17,107,401
University of California, RB
5.00%, 05/15/37		15,410		16,719,842
Series AM, 5.00%, 05/15/44		26,780		27,039,762
Series M, 5.00%, 05/15/42		84,590		89,974,868
University of California, Refunding RB, Series Q, 5.00%, 05/15/46		88,410		98,617,453


				1,153,881,526

Colorado — 2.6%
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series B, 5.00%, 12/01/43		5,000		5,314,988
AMT, 5.00%, 12/01/36		7,360		7,864,048
Series A, AMT, 5.00%, 12/01/38		17,750		18,531,187
Series A, AMT, 5.00%, 12/01/43		13,860		14,378,024
Series A, AMT, 5.25%, 12/01/43		45,235		47,320,099
Series A, AMT, 5.00%, 11/15/47		20,000		21,428,360
Series A, AMT, 5.25%, 12/01/48		37,610		39,399,689
Series D, AMT, 5.75%, 11/15/45		3,290		3,757,672
City & County of Denver Colorado Airport System Revenue, Refunding RB
AMT, Subordinate, 5.00%, 11/15/27		3,250		3,454,177
AMT, Subordinate, 5.00%, 11/15/28		5,000		5,400,835
City & County of Denver Colorado Pledged Excise Tax Revenue, RB
Series A-1, 5.00%, 08/01/41		7,915		8,249,925
Series A-1, 5.00%, 08/01/48		12,920		13,343,939
City of Colorado Springs Colorado Utilities System Revenue, RB, Series A, 5.25%, 11/15/48		13,925		15,910,935


Security	Par (000)		Value

Colorado (continued)
Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 07/01/31^(d)	$	500	$	482,713
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/15/47		26,950		29,477,286
Cottonwood Highlands Metropolitan District No. 1, GO, Series A, 5.00%, 12/01/49		899		860,617
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50		1,189		1,190,618


				236,365,112

Connecticut — 0.9%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series B, 5.75%, 11/15/53		14,180		15,333,962
Connecticut State Health & Educational Facilities Authority, RB, Series Q-1, 5.00%, 07/01/46		5,570		5,715,136
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series 2015-A, 0.38%, 07/01/35^(c)		39,965		39,197,895
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45^(d)		1,165		1,165,491
State of Connecticut Special Tax Revenue, RB, Series A, 5.00%, 07/01/41		15,285		17,465,441


				78,877,925

Delaware — 0.3%
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45^(c)		25,165		24,215,002
Delaware Transportation Authority, RB, 5.00%, 06/01/45		6,680		6,818,515


				31,033,517

District of Columbia — 3.9%
District of Columbia Income Tax Revenue, RB, Series C, 5.00%, 05/01/45		10,000		10,914,203
District of Columbia Water & Sewer Authority, Refunding RB
5.00%, 10/01/49		5,745		6,050,642
Series B, Sub-Lien, 5.25%, 10/01/40		48,060		50,429,017
Series B, Sub-Lien, 5.25%, 10/01/44		63,075		65,831,235
District of Columbia, GO
5.00%, 06/01/35		7,175		7,442,956
Series A, 5.00%, 06/01/37		8,660		8,987,145
Series A, 5.00%, 06/01/38		4,500		4,669,735
Series D, 5.00%, 06/01/42		34,680		36,728,692
District of Columbia, Refunding GO, Series A, 5.25%, 01/01/48		18,355		21,031,540
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/48		12,400		12,869,527
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45		11,985		13,086,508
Washington Metropolitan Area Transit Authority, RB
5.00%, 07/01/43		22,315		23,348,879
Series B, 5.00%, 07/01/42		81,415		85,294,449
Washington Metropolitan Area Transit Authority, Refunding RB, 5.00%, 07/01/31		6,860		7,410,528


				354,095,056

Florida — 2.9%
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49^(d)		4,365		3,837,368


36		2 0 2 3 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)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Capital Trust Agency, Inc., RB, CAB, Subordinate, 0.00%, 01/01/61^(d)(e)	$	6,820	$	442,142
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40		96,000		99,020,727
Florida Development Finance Corp., RB
6.50%, 06/30/57^(d)		8,670		8,559,332
Series C, 5.75%, 12/15/56^(d)		6,295		5,312,327
AMT, 5.00%, 05/01/29^(d)		1,820		1,739,500
AMT, 6.13%, 07/01/32		11,725		11,846,711
Florida Development Finance Corp., Refunding RB, Series A, 4.50%, 12/15/56^(d)		18,065		13,744,910
Greater Orlando Aviation Authority, ARB
Series A, AMT, 5.00%, 10/01/44		28,000		29,410,696
Sub-Series A, AMT, 5.00%, 10/01/42		43,040		44,381,841
Sub-Series A, AMT, 5.00%, 10/01/47		20,000		20,594,382
Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48		8,375		8,863,732
Lakewood Ranch Stewardship District, SAB, 4.63%, 05/01/27		1,395		1,399,857
Live Oak Lake Community Development District, SAB
4.40%, 05/01/40		1,600		1,433,930
4.60%, 05/01/51		2,840		2,404,360
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43		8,370		7,240,806
River Landing Community Development District, SAB
Series A, 4.13%, 05/01/40		860		745,224
Series B, 4.25%, 11/01/35		515		463,465
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10^(f)(g)		147		70,702
Windward Community Development District, SAB, Series A-2, 4.40%, 11/01/35		700		632,454


				262,144,466

Georgia — 2.9%
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, Subordinate, 4.00%, 07/01/34		20,615		21,563,115
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40		20,000		20,358,608
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(d)		5,030		4,580,399
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 06/01/53^(c)		10,000		10,594,512
Series B, 5.00%, 07/01/53^(c)		11,610		12,331,181
Series C, 4.00%, 03/01/50^(c)		20,710		20,755,943
Series C, 5.00%, 09/01/53		100,335		106,986,871
Series D, 5.00%, 05/01/54		18,000		19,121,921
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53		45,165		48,392,244


				264,684,794

Idaho — 0.2%
Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48		18,000		20,506,970


Illinois — 6.5%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		2,200		2,200,170
Series H, 5.00%, 12/01/36		4,620		4,711,988
Chicago Board of Education, Refunding GO
Series A, 5.00%, 12/01/28		4,000		4,222,825
Series B, 4.00%, 12/01/35		11,640		11,398,333
Series C, 5.00%, 12/01/24		4,445		4,479,323


Security	Par (000)		Value

Illinois (continued)
Chicago Board of Education, Refunding GO (continued)
Series C, 5.00%, 12/01/25	$	12,760	$	12,993,120
Series C, 5.00%, 12/01/26		3,060		3,157,548
Series F, 5.00%, 12/01/24		9,585		9,656,130
Series G, 5.00%, 12/01/34		5,000		5,123,852
Chicago O’Hare International Airport, ARB
Series D, AMT, Senior Lien, 5.00%, 01/01/42		16,340		16,754,859
Series D, Senior Lien, 5.25%, 01/01/42		56,710		59,584,903
Series D, Senior Lien, 5.00%, 01/01/47		20,000		20,672,278
Chicago O’Hare International Airport, Refunding ARB
Series A, AMT, Senior Lien, 5.00%, 01/01/39		4,000		4,219,397
Series B, Senior Lien, 5.00%, 01/01/48		6,000		6,318,273
Chicago O’Hare International Airport, Refunding RB
AMT, 5.00%, 01/01/33		5,600		5,670,740
Series B, Senior Lien, 5.00%, 01/01/39		50,000		52,363,842
Illinois Finance Authority, Refunding RB
5.00%, 10/01/48		31,850		33,092,211
Series A, 5.00%, 07/15/42		10,000		10,528,537
Series C, 5.00%, 02/15/41		38,295		39,321,744
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, (FHLMC, FNMA, GNMA), 5.75%, 10/01/53		9,760		10,539,233
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40		20,500		21,073,280
Series A, 5.00%, 01/01/42		31,760		33,665,898
Series A, 5.00%, 01/01/44		7,075		7,606,713
Series A, 5.00%, 01/01/45		10,740		11,700,193
Series A, 5.25%, 01/01/45		37,315		42,681,355
Series B, 5.00%, 01/01/40		30,000		30,870,053
Illinois State Toll Highway Authority, Refunding RB, 5.00%, 01/01/38^(h)		8,000		9,463,532
Southwestern Illinois Development Authority, RB, (BAM), 5.50%, 12/01/40		2,600		2,870,696
State of Illinois, GO
5.50%, 05/01/39		9,040		10,000,421
Series A, 5.00%, 11/01/29		27,500		30,541,002
Series B, 5.50%, 05/01/47		10,000		10,933,225
Series C, 5.50%, 10/01/42		28,000		31,480,800
State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32		14,000		15,422,570
State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28		19,250		20,970,175


				596,289,219

Indiana — 0.2%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		3,870		3,875,727
AMT, 7.00%, 01/01/44		7,330		7,339,386
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/44		6,490		6,920,912


				18,136,025

Kentucky — 0.3%
Kentucky Public Energy Authority, Refunding RB, 5.25%, 04/01/54		26,840		29,236,137


Louisiana — 3.0%
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51^(c)		195,960		190,610,719
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46^(c)		21,580		20,947,560
Louisiana Public Facilities Authority, RB 5.00%, 10/01/43		50,000		51,102,730


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)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Louisiana (continued)
Louisiana Public Facilities Authority, RB (continued)
Series A, 5.00%, 04/01/39^(d)	$	1,425	$	1,318,219
Series A, 5.00%, 06/01/39^(d)		1,300		1,252,899
Series A, 5.00%, 06/01/49^(d)		3,000		2,692,533
Series A, 5.00%, 06/01/58^(d)		4,500		3,900,544


				271,825,204

Maryland — 1.2%
City of Baltimore Maryland, Refunding RB
Series A, 4.50%, 09/01/33		2,735		2,673,031
Series A, 5.00%, 09/01/38		1,400		1,409,048
County of Anne Arundel Maryland, GO
5.00%, 10/01/47		11,255		11,876,907
5.00%, 10/01/48		19,925		21,490,125
County of Calvert Maryland, GO, 4.00%, 07/01/37		3,835		4,191,504
County of Frederick Maryland, GO, 5.00%, 04/01/41		6,035		6,981,043
County of Montgomery Maryland, RB
5.00%, 12/01/44		26,780		27,213,314
Series 2016, 5.00%, 12/01/45		13,955		14,332,291
County of Prince George’s Maryland, COP, 5.00%, 10/01/48		6,175		6,538,772
Washington Suburban Sanitary Commission, RB
(GTD), 4.00%, 06/01/38		5,380		5,523,649
(GTD), 4.00%, 06/01/41		9,750		9,977,784


				112,207,468

Massachusetts — 6.5%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 5.00%, 06/01/42		14,000		14,762,320
Commonwealth of Massachusetts, GO
5.00%, 11/01/43		5,000		5,303,380
Series A, 5.25%, 01/01/44		21,915		23,927,488
Series A, 5.25%, 04/01/47		85,000		90,052,900
Series C, 5.25%, 10/01/47		10,125		11,465,627
Series E, 5.25%, 09/01/43		105,000		114,025,408
Massachusetts Bay Transportation Authority Sales Tax Revenue Refunding RB, 5.00%, 07/01/42		5,000		5,256,397
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Sub-Series A-1, 5.25%, 07/01/48		57,645		66,141,080
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42		9,655		9,862,860
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46		21,640		22,845,893
Massachusetts Port Authority, Refunding ARB
Series A, AMT, 5.00%, 07/01/34		2,110		2,228,964
Series A, AMT, 5.00%, 07/01/47		5,670		5,829,802
Series B, AMT, 5.00%, 07/01/43		22,430		22,919,029
Series C, AMT, 5.00%, 07/01/44		15,000		15,715,764
Series C, AMT, 5.00%, 07/01/49		20,000		20,767,290
Massachusetts School Building Authority, RB, Series B, 5.25%, 02/15/48		72,860		77,242,951
University of Massachusetts Building Authority, Refunding RB
Series 1, 5.00%, 11/01/39		8,190		8,353,028
Series 1, 5.25%, 11/01/42		58,840		63,432,206
Series 1, 5.25%, 11/01/47		14,425		15,369,649


				595,502,036

Michigan — 2.7%
Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44		23,265		24,911,461


Security	Par (000)		Value

Michigan (continued)
Michigan Finance Authority, RB
Series A, 6.50%, 06/01/57^(d)(f)(g)	$	5,980	$	5,180,514
Series S, 5.00%, 11/01/44		12,810		13,027,599
Michigan Finance Authority, Refunding RB
5.00%, 11/15/41		58,080		59,597,639
Series 2016, 5.25%, 12/01/41		25,630		26,645,744
Series A, 5.00%, 12/01/37		25,105		26,523,071
Series A, 5.00%, 12/01/41		9,370		10,047,564
Series A, 5.00%, 12/01/42		10,150		10,562,070
Michigan State Building Authority, Refunding RB
Series I, 5.00%, 04/15/41		2,540		2,651,714
Series I, 5.00%, 10/15/51		5,050		5,210,285
Series I, 5.25%, 10/15/57		5,000		5,542,440
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47		5,850		5,986,871
Michigan State University, Refunding RB, Series A, 5.00%, 08/15/40		9,000		9,306,800
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		16,470		16,750,899
Plymouth-Canton Community School District, GO, 5.00%, 05/01/42		3,100		3,480,874
State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/38		10,000		10,643,014
West Bloomfield School District, GO
Series I, (Q-SBLF), 5.00%, 05/01/40		4,940		5,706,578
Series I, (Q-SBLF), 5.00%, 05/01/41		5,815		6,688,940


				248,464,077

Minnesota — 0.5%
Minnesota Housing Finance Agency, RB, S/F Housing
Series F, (FHLMC, FNMA, GNMA), 5.75%, 07/01/53		4,470		4,865,973
Series O, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53		3,795		4,158,650
Minnesota Public Facilities Authority State Revolving Fund, RB, Series A, 5.00%, 03/01/35		10,010		10,571,408
State of Minnesota, GO
Series A, 4.00%, 09/01/40		14,745		15,588,645
Series A, 4.00%, 09/01/41		6,255		6,588,173


				41,772,849

Mississippi — 0.1%
Medical Center Educational Building Corp., Refunding RB, 5.00%, 06/01/47		8,975		9,301,516


Missouri — 0.4%
Curators of the University of Missouri, Refunding RB
Series A, 4.00%, 11/01/33		5,000		5,063,491
Series A, 4.00%, 11/01/34		5,000		5,064,128
Health & Educational Facilities Authority of the State of Missouri, RB
4.50%, 01/01/39		15,085		15,091,743
Series A, 5.00%, 10/01/46		6,000		6,382,774
Metropolitan St Louis Sewer District, Refunding RB, Series A, 5.00%, 05/01/39		4,925		5,649,844


				37,251,980

Montana — 0.1%
Montana Board of Housing, RB, S/F Housing, Series A, 5.75%, 12/01/53		9,350		10,221,277


38		2 0 2 3 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)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Nevada — 0.7%
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43	$	59,850	$	63,416,046
State of Nevada Department of Business & Industry, RB
Series A, 4.50%, 12/15/29^(d)		245		243,429
Series A, 5.00%, 07/15/37		875		879,424


				64,538,899

New Jersey — 2.9%
Borough of Tinton Falls New Jersey, GO, 5.00%, 04/25/24		9,500		9,553,481
Borough of Waldwick New Jersey, Refunding GO, 5.00%, 10/10/24		5,000		5,063,766
New Jersey Economic Development Authority, RB, 5.00%, 06/15/43		7,550		7,996,087
New Jersey Health Care Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/35		3,520		3,785,678
Series A, 5.00%, 07/01/37		3,000		3,186,294
Series A, 5.00%, 07/01/38		29,350		30,988,230
Series A, 4.00%, 07/01/40		10,000		10,090,438
Series A, 5.00%, 07/01/43		10,000		10,285,423
New Jersey Transportation Trust Fund Authority, RB
5.25%, 06/15/43		9,000		10,135,297
Series C, 5.25%, 06/15/32		20,010		20,464,681
Series S, 5.00%, 06/15/46		12,350		12,992,694
New Jersey Transportation Trust Fund Authority, Refunding RB
Series AA, 5.00%, 06/15/39		8,500		9,678,011
Series AA, 5.00%, 06/15/40		3,985		4,530,015
New Jersey Turnpike Authority, RB
Series A, 5.00%, 01/01/48		5,955		6,313,874
Series B, 5.00%, 01/01/46		20,000		22,146,124
Series E, 5.00%, 01/01/32		4,425		4,527,009
South Jersey Port Corp., ARB
Series B, AMT, 5.00%, 01/01/42		4,325		4,443,873
Series B, AMT, 5.00%, 01/01/48		2,330		2,391,162
State of New Jersey, GO
5.00%, 06/01/40		12,500		13,207,806
5.00%, 06/01/41		11,500		12,126,164
5.00%, 06/01/42		10,500		11,045,251
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		17,250		17,707,800
Series A, 5.25%, 06/01/46		20,350		21,151,437
Township of Montville New Jersey, Refunding GO, 5.00%, 11/06/24		5,300		5,387,116
Wall Township School District, GO, 4.00%, 07/15/41		2,700		2,806,238


				262,003,949

New Mexico — 0.1%
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27		125		130,792
New Mexico Mortgage Finance Authority, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.75%, 03/01/54		6,500		7,068,024


				7,198,816

New York — 11.7%
City of New York, GO
Series D-1, 5.50%, 05/01/44		7,840		9,130,685
Series E-1, 5.00%, 03/01/39		10,375		11,165,853
Sub-Series F-1, 5.00%, 04/01/43		40,000		42,589,215
Hudson Yards Infrastructure Corp., Refunding RB
Series A, 5.00%, 02/15/42		43,000		44,920,168


Security	Par (000)		Value

New York (continued)
Hudson Yards Infrastructure Corp., Refunding RB (continued)
Series A, 5.00%, 02/15/45	$	3,000	$	3,115,597
New York City Municipal Water Finance Authority, Refunding RB
5.00%, 06/15/40		43,190		47,419,359
Series BB-1, 5.00%, 06/15/44		2,460		2,738,810
Series BB-1, 4.00%, 06/15/45		20,000		20,255,627
Series CC, 5.25%, 06/15/46		60,465		63,124,026
Series CC1, 5.00%, 06/15/37		24,000		25,771,639
Series CC1, 5.25%, 06/15/37		15,000		16,233,741
Series DD-2, 5.00%, 06/15/40		21,260		22,834,517
Series EE, 5.25%, 06/15/36		14,500		15,959,918
Series EE, 5.00%, 06/15/40		34,240		36,620,841
Series EE, 5.00%, 06/15/45		7,000		7,435,316
Series FF, 5.00%, 06/15/40		23,790		25,773,608
New York City Transitional Finance Authority Building Aid Revenue, RB
Subordinate, (SAW), 5.00%, 07/15/41		3,675		3,775,250
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45		31,165		33,635,762
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series D-1, 5.50%, 11/01/45		19,690		23,057,326
Series E-1, 5.00%, 02/01/41		23,195		23,554,472
Sub-Series E-1, 5.00%, 02/01/39		2,525		2,662,942
Sub-Series F-1, 5.00%, 05/01/42		3,000		3,157,991
Subordinate, 5.00%, 05/01/39		2,600		2,796,884
Subordinate, 4.00%, 05/01/40		6,835		7,014,240
Series A-3, Subordinate, 4.00%, 05/01/41		1,455		1,479,630
Series C-3, Subordinate, 5.00%, 05/01/40		5,000		5,371,380
Series F-1, Subordinate, 5.00%, 02/01/43		14,280		16,041,934
Series F-1, Subordinate, 5.00%, 02/01/44		4,000		4,477,367
New York City Transitional Finance Authority, RB
5.50%, 05/01/40		3,000		3,664,243
5.50%, 05/01/41		10,000		12,145,385
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45		15,000		15,132,071
New York State Dormitory Authority, RB
Series A, 5.00%, 03/15/40		3,495		3,674,592
Series A, 5.00%, 03/15/41		3,240		3,400,674
Series A, 5.00%, 07/01/43		2,050		2,173,313
New York State Dormitory Authority, Refunding RB
5.00%, 07/01/44		4,130		4,492,959
Series A, 5.25%, 03/15/38		5,000		5,539,063
Series A, 4.00%, 03/15/40		37,960		39,398,823
Series A, 5.00%, 03/15/40		5,500		5,953,186
Series A, 5.00%, 03/15/46		50,000		55,545,856
Series E, 5.00%, 03/15/40		2,270		2,437,327
Series E, 5.00%, 03/15/42		36,535		39,216,668
New York State Housing Finance Agency, RB, M/F Housing, Series J, (SONYMA), 1.10%, 11/01/61^(c)		36,070		32,423,675
New York State Thruway Authority, RB, Series A, Junior Lien, 5.00%, 01/01/46		5,000		5,102,814
New York State Urban Development Corp., RB, 5.00%, 03/15/44		14,075		15,945,040
New York State Urban Development Corp., Refunding RB
5.00%, 03/15/47		10,000		10,896,104
Series A, 5.00%, 03/15/46		12,225		13,652,057
Series E, 4.00%, 03/15/41		24,000		24,599,094
New York Transportation Development Corp., ARB
AMT, 6.00%, 04/01/35		14,215		15,871,942


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) (continued)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
New York Transportation Development Corp.,
ARB (continued)
AMT, 5.00%, 12/01/35	$	1,650	$	1,802,027
AMT, 5.00%, 12/01/37		10		10,797
AMT, 5.00%, 12/01/38		12,150		13,006,510
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		25,020		26,068,869
Port Authority of New York & New Jersey, ARB
AMT, 4.00%, 09/01/37		4,000		4,009,658
AMT, 5.00%, 11/01/49		33,555		34,918,671
Port Authority of New York & New Jersey, Refunding ARB
5.00%, 10/15/42		10,000		10,491,650
205th Series, 5.00%, 11/15/47		14,610		15,365,114
AMT, 5.00%, 09/01/30		5,000		5,059,400
AMT, 5.00%, 09/15/32		4,000		4,258,591
AMT, 5.00%, 01/15/47		12,550		13,492,173
Series 207, AMT, 5.00%, 09/15/31		14,950		16,064,506
Series 231, AMT, 5.50%, 08/01/39		5,710		6,555,824
Port Authority of New York & New Jersey, Refunding RB, AMT, 5.00%, 10/15/38		3,500		3,831,734
Triborough Bridge & Tunnel Authority, Refunding RB
5.25%, 11/15/40		5,335		6,337,202
Series A, 5.00%, 11/15/41		10,000		10,386,894
Series B, 5.00%, 11/15/35		10,895		11,802,576
Series C-2, 5.00%, 11/15/42		45,995		48,678,411
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51		2,500		2,535,895


				1,068,055,486

North Carolina — 0.3%
County of Union North Carolina, GO, 5.00%, 09/01/43		4,220		4,874,085
NORTH CAROLINA ST HSG FIN AGY NCSHSG 01/55 FIXED 6.25, (FHLMC, FNMA, GNMA), 6.25%, 01/01/55		9,360		10,360,748
State of North Carolina, GO, Series A, 4.00%, 06/01/33		11,565		11,835,819


				27,070,652

North Dakota — 0.1%
North Dakota Public Finance Authority, RB, Series C, 5.00%, 06/01/40		6,370		6,552,468


Ohio — 0.9%
City of Cleveland Ohio, GO, 5.00%, 12/01/43		4,625		4,937,390
County of Franklin Ohio, RB, 5.00%, 05/15/40		4,750		4,854,268
Ohio University, Refunding RB
Series A, 5.00%, 12/01/44		16,500		17,189,278
Series A, 5.00%, 12/01/45		7,000		7,324,468
Ohio Water Development Authority Water Pollution Control Loan Fund, RB
Series B, 5.00%, 12/01/39		10,000		11,711,312
Series B, 5.00%, 12/01/40		11,500		13,421,621
Series B, 5.00%, 12/01/41		10,000		11,602,404
State of Ohio, RB, 4.00%, 01/01/40		3,190		3,241,491


Security	Par (000)		Value

Ohio (continued)
University of Cincinnati, RB
Series A, 5.00%, 06/01/45	$	5,000	$	5,228,525
Series C, 5.00%, 06/01/41		2,600		2,702,785


				82,213,542

Oklahoma — 0.2%
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51^(d)		7,990		8,570,591
Oklahoma Turnpike Authority, RB, Series C, 5.00%, 01/01/47		10,000		10,410,969


				18,981,560

Pennsylvania — 1.3%
Allentown Neighborhood Improvement Zone Development Authority, RB^(d)
5.00%, 05/01/27		2,680		2,733,472
5.00%, 05/01/32		3,750		3,814,527
Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/47		5,500		5,766,032
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32		1,670		1,672,129
Pennsylvania Higher Educational Facilities Authority, RB, Series A, 5.00%, 02/15/48		5,000		5,288,876
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, 6.25%, 10/01/53		11,975		13,258,907
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, 5.25%, 12/01/44		30,000		32,610,150
Pennsylvania Turnpike Commission, RB
Sub-Series A, 5.50%, 12/01/46		46,430		48,831,224
Sub-Series A-1, Subordinate, 5.00%, 12/01/41		4,200		4,295,326


				118,270,643

Puerto Rico — 0.7%
Commonwealth of Puerto Rico, GO
Series A-1, Restructured, 5.75%, 07/01/31		13,205		14,615,810
Series A-1, Restructured, 4.00%, 07/01/33		20,418		19,929,440
Series A-1, Restructured, 4.00%, 07/01/35		8,168		7,892,641
Series A-1, Restructured, 4.00%, 07/01/37		25,180		23,877,582


				66,315,473

South Carolina — 2.0%
County of Dorchester South Carolina, SAB^(d)
5.88%, 10/01/40		1,245		1,276,879
6.00%, 10/01/51		3,000		3,049,887
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54		50,600		55,020,157
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		92,000		99,824,738
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62^(d)		10,135		9,476,777
South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37		3,005		2,928,293
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B, 6.00%, 01/01/54		10,000		11,088,849


				182,665,580


40		2 0 2 3 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)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Tennessee — 1.3%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/48	$	10,465	$	10,765,832
Metropolitan Nashville Airport Authority, ARB, Series A, Subordinate, 5.00%, 07/01/39		1,000		1,091,336
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53^(c)		85,000		88,785,390
Tennessee Housing Development Agency, RB, S/F Housing, Series 2A, 5.75%, 01/01/54		12,935		14,154,902
Tennessee Housing Development Agency, Refunding RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.25%, 01/01/54		5,500		6,168,416


				120,965,876

Texas — 11.3%
Arlington Higher Education Finance Corp., RB
7.88%, 11/01/62^(d)		9,425		9,661,711
Series A, 5.30%, 04/01/62^(d)		6,415		5,562,355
Series A, 5.75%, 08/15/62		4,950		4,395,192
Austin Independent School District, GO, 5.00%, 08/01/48		26,990		28,855,212
Board of Regents of the University of Texas System, Refunding RB, Series A, 5.00%, 08/15/43		11,035		12,363,569
City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/45		45,000		46,092,199
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series C, 5.00%, 10/01/45		21,635		23,638,900
City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46		40,000		43,787,479
City of Fort Worth Texas, RB, Series A, 5.25%, 03/01/43		15,000		15,239,221
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series D, 1st Lien, 5.00%, 11/15/44		20,000		20,212,131
City of Houston Texas, Refunding GO
5.25%, 03/01/42		1,375		1,591,888
Series A, 5.25%, 03/01/43		1,380		1,587,872
City of Midland Texas, Refunding GO, Series B, 5.00%, 03/01/47		17,985		19,672,208
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB
Series A, 5.25%, 02/01/40		10,000		11,706,088
Series A, 5.25%, 02/01/41		25,625		29,831,639
Series A, 5.25%, 02/01/42		9,150		10,609,661
County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43		13,890		14,780,933
Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48		32,695		36,132,872
Grand Parkway Transportation Corp., RB
Series A, 5.00%, 10/01/43		77,000		81,857,406
Series A, 5.00%, 10/01/48		7,305		7,709,593
Greater Texoma Utility Authority, RB, Series A, (BAM), 5.25%, 10/01/48		22,400		24,813,300
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33		40		40,015
Hays Consolidated Independent School District, GO, (PSF), 4.00%, 02/15/37		1,000		1,062,703
Lower Colorado River Authority, Refunding RB
5.00%, 05/15/44		5,050		5,257,968
5.25%, 05/15/48		33,840		37,672,028
(AGM), 5.50%, 05/15/48		17,850		20,165,207


Security	Par (000)		Value

Texas (continued)
Lower Colorado River Authority, Refunding RB (continued)
5.00%, 05/15/50	$	10,310	$	10,822,250
Series A, 5.50%, 05/15/47		5,000		5,650,646
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(d)		7,000		6,992,539
New Hope Cultural Education Facilities Finance Corp., RB
Series A, 5.00%, 07/01/40		4,000		3,686,954
Series A, 5.00%, 07/01/57		7,000		5,789,569
New Hope Cultural Education Facilities Finance Corp., Refunding RB
Series A, 4.00%, 08/15/40		2,000		1,995,458
Series A, 6.75%, 10/01/52		580		535,876
Series B2, 4.50%, 10/01/26		2,970		2,906,723
North Texas Tollway Authority, Refunding RB
Series A, 5.00%, 01/01/39		5,590		5,788,331
Series A, 5.00%, 01/01/40		22,070		24,851,870
Series A, 5.00%, 01/01/43		10,845		11,484,811
Series B, 5.00%, 01/01/43		10,000		10,373,277
Northwest Independent School District, GO, (PSF), 5.00%, 02/15/49^(h)		16,250		18,049,492
Pecos Barstow Toyah Independent School District, GO
(PSF), 5.00%, 02/15/42		4,500		4,653,847
(PSF), 5.00%, 02/15/43		4,000		4,126,901
Pflugerville Independent School District, GO
5.00%, 02/15/41		7,225		8,148,727
Series A, 5.00%, 02/15/48		13,515		14,272,819
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/48		24,945		27,711,386
Tarrant County Cultural Education Facilities Finance Corp., RB
5.00%, 07/01/38		19,115		20,392,407
5.50%, 11/15/47		11,905		13,465,305
Series B, 5.00%, 07/01/43		50,400		53,048,549
Series B, 5.00%, 07/01/48		11,560		11,961,352
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB
Series A, 5.00%, 02/15/41		15,900		16,391,717
Series A, 5.00%, 11/15/45		7,300		7,493,305
Series A, 5.00%, 02/15/47		8,650		8,844,245
Texas Department of Housing & Community Affairs, RB, S/F Housing
Series A, (GNMA), 5.75%, 03/01/54		29,400		32,307,783
Series B, (GNMA), 6.00%, 03/01/53		11,885		13,086,407
Texas Water Development Board, RB
4.00%, 10/15/44		7,100		7,178,479
4.00%, 10/15/45		11,560		11,672,048
5.25%, 10/15/46		60,000		62,504,018
Series B, 4.00%, 10/15/43		11,100		11,172,226
Series B, 5.00%, 04/15/49		45,000		47,821,598
Weatherford Independent School District, GO, (PSF), 5.00%, 02/15/45		27,810		28,292,990


				1,027,773,255

Utah — 1.1%
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41		47,170		48,735,313
Intermountain Power Agency, RB, 5.25%, 07/01/45		25,585		29,292,869
Utah Charter School Finance Authority, RB^(d)
5.00%, 06/15/42		1,810		1,649,628
5.00%, 06/15/52		5,420		4,631,854


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)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utah (continued)
Utah Charter School Finance Authority, RB^(d)(continued)
5.63%, 06/15/54	$	4,930	$	4,394,713
5.00%, 06/15/57		3,910		3,267,612
Utah Charter School Finance Authority, Refunding RB^(d)
5.25%, 06/15/37		3,795		3,405,664
5.38%, 06/15/48		2,740		2,241,578


				97,619,231

Vermont — 0.1%
East Central Vermont Telecommunications District, RB^(d)
Series A, 4.00%, 12/01/30		2,010		1,899,593
Series A, 4.25%, 12/01/40		4,030		3,289,329
Series A, 4.50%, 12/01/50		2,960		2,260,329
Vermont Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 5.75%, 11/01/53		4,500		4,930,503


				12,379,754

Virginia — 2.7%
Ballston Quarter Community Development Authority, TA, Series A, 5.50%, 03/01/46^(f)(g)		1,740		1,289,371
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47		14,750		15,371,548
Hanover County Economic Development Authority, Refunding RB, 5.00%, 07/01/38		125		118,299
Prince William County Industrial Development Authority, RB, 5.00%, 10/01/41		2,460		2,846,765
University of Virginia, Refunding RB
Series A, 5.00%, 04/01/39		21,600		23,056,944
Series A, 5.00%, 04/01/42		24,825		26,268,822
Series A, 5.00%, 04/01/47		9,630		10,057,554
Virginia College Building Authority, RB, 5.00%, 02/01/40		2,650		3,068,930
Virginia Commonwealth Transportation Board, RB
5.00%, 05/15/40		8,470		9,836,425
4.00%, 05/15/41		10,000		10,326,324
5.00%, 05/15/42		7,000		8,049,133
Virginia Commonwealth University Health System Authority, RB, 5.00%, 07/01/34		2,370		2,554,423
Virginia Port Authority Commonwealth Port Fund, ARB, Series A, 5.25%, 07/01/48		35,000		40,167,320
Virginia Public Building Authority, ARB, AMT, 4.00%, 08/01/36		8,830		9,040,480
Virginia Public Building Authority, RB
Series A, 4.00%, 08/01/41		29,800		31,193,101
Series A, 4.00%, 08/01/42		20,000		20,737,147
Series A-2, 4.00%, 08/01/38		25,465		26,846,007
Virginia Small Business Financing Authority, RB, 5.00%, 10/01/40		8,000		8,805,629


				249,634,222

Washington — 0.7%
Central Puget Sound Regional Transit Authority, RB, Series S-1, 5.00%, 11/01/41		8,990		9,435,874
Port of Seattle WA, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42		2,930		3,039,814
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		2,000		2,061,659


Security	Par (000)		Value

Washington (continued)
Snohomish County Public Utility District No. 1 Electric System Revenue, RB, 5.00%, 12/01/37	$	15,470	$	16,221,749
State of Washington, GO
5.00%, 08/01/40		5,000		5,482,441
5.00%, 06/01/45		3,795		4,188,789
Series A, 5.00%, 08/01/43		4,420		4,975,757
Series C, 5.00%, 02/01/42		2,020		2,247,405
Washington Health Care Facilities Authority, RB, 5.00%, 10/01/47		13,000		13,240,917


				60,894,405

West Virginia — 0.1%
West Virginia University, RB, 5.00%, 10/01/49		5,000		5,333,220


Wisconsin — 0.5%
Public Finance Authority, ARB
AMT, 4.00%, 07/01/41		2,715		2,112,142
AMT, 4.25%, 07/01/54		4,745		3,322,449
Public Finance Authority, RB
7.00%, 07/01/33		6,580		6,665,641
Series A, 6.25%, 10/01/31^(d)(f)(g)		1,715		480,200
Series A, 5.00%, 06/15/41^(d)		1,215		1,116,367
Series A, 5.25%, 03/01/45^(d)		4,000		3,615,354
Series A, 7.00%, 11/01/46^(d)(f)(g)		6,385		4,150,250
Series A, 7.00%, 10/01/47^(d)(f)(g)		1,715		480,200
Series A, 5.63%, 06/15/49^(d)		12,100		11,496,789
Series A, 5.00%, 06/15/51^(d)		1,365		1,171,753
Series A, 4.75%, 06/15/56^(d)		7,780		5,678,666
Series A, 5.00%, 06/15/56^(d)		1,495		1,253,172
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 6.00%, 03/01/54		7,145		7,981,803


				49,524,786


Total Municipal Bonds — 93.2% (Cost: $8,383,712,964)				8,495,720,260


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

California — 0.5%
California State University, RB, Series A, 5.00%, 11/01/51		40,470		43,773,064


District of Columbia — 0.6%
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45		50,585		55,234,131


Massachusetts — 0.6%
Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47		50,000		56,620,381


New York — 0.5%
Port Authority of New York & New Jersey, Refunding ARB, Series 231, AMT, 5.50%, 08/01/47^(j)		40,000		44,464,087


42		2 0 2 3 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)

December 31, 2023

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Washington — 0.5%
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42	$	45,000	$	46,686,563


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.7% (Cost: $247,457,631)				246,778,226


Total Long-Term Investments — 97.4% (Cost: $8,764,360,265)				8,878,010,986


	Shares


Short-Term Securities

Money Market Funds — 3.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.76%^(a)(b)		273,370,014		273,397,351


Total Short-Term Securities — 3.0% (Cost: $273,308,792)				273,397,351


Total Investments — 100.4% (Cost: $9,037,669,057)				9,151,408,337

Other Assets Less Liabilities — 0.9%				79,465,431

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.3)%				(114,256,232	)


Net Assets — 100.0%			$	9,116,617,536

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

^(c)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)	Zero-coupon bond.

^(f)	Issuer filed for bankruptcy and/or is in default.

^(g)	Non-income producing security.

^(h)	When-issued security.

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

^(j)	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 February 1, 2030, is $21,130,556. See Note 4 of the Notes to Financial Statements for details.

Affiliates


Affiliated Issuer	Value at 06/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	623,096,181	$	—	$	(349,726,310	)^(a)	$	68,152		$	(40,672	)	$	273,397,351		273,370,014	$	7,878,806	$	—
iShares National Muni Bond ETF		—		246,484,949		(110,696,696	)		(2,598,582	)		2,322,829			135,512,500		1,250,000		689,782		—


								$	(2,530,430	)	$	2,282,157		$	408,909,851			$	8,568,588	$	—

^(a)

Represents net amount purchased (sold).

For the period ended December 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	3,580,801		$	—	$	3,580,801


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(4,223,162	)	$	—	$	(4,223,162	)


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

Schedule of Investments (unaudited) (continued)

December 31, 2023

BlackRock National Municipal Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — short	$	240,836,625

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Investment Companies	$	135,512,500	$	—	$	—	$	135,512,500
Municipal Bonds		—		8,495,720,260		—		8,495,720,260
Municipal Bonds Transferred to Tender Option Bond Trusts		—		246,778,226		—		246,778,226
Short-Term Securities
Money Market Funds		273,397,351		—		—		273,397,351


	$	408,909,851	$	8,742,498,486	$	—	$	9,151,408,337

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 $113,030,007 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.


44		2 0 2 3 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)

December 31, 2023

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds

Alabama — 14.6%
Black Belt Energy Gas District, RB 4.00%, 10/01/52^(a)	$	9,710	$	9,708,378
4.22%, 10/01/52^(a)		4,000		3,844,450
Series A, 5.25%, 01/01/54^(a)		4,500		4,824,489
Series B, 4.00%, 10/01/52^(a)		6,950		6,952,501
Series C-1, 5.25%, 02/01/53^(a)		3,570		3,816,541
Series F, 5.25%, 12/01/26		5,140		5,315,610
Black Belt Energy Gas District, Refunding RB Series D-1, 5.50%, 06/01/49		2,580		2,753,187
Series D2, 5.01%, 07/01/52^(a)		2,650		2,696,338
Columbia Industrial Development Board, Refunding RB, 4.25%, 12/01/37^(a)		5,000		5,000,000
Southeast Energy Authority A Cooperative District, RB Series A, 4.00%, 11/01/51^(a)		3,035		3,034,609
Series A, 5.25%, 01/01/54^(a)		15,000		15,936,634
Series A-1, 5.00%, 12/01/26		1,400		1,446,990
Series A-1, 5.00%, 06/01/27		750		777,852
Series B, 5.00%, 01/01/54		10,000		10,639,294
Series B-1, 5.00%, 05/01/53^(a)		2,500		2,603,580

				79,350,453

Arizona — 3.3%
Arizona Health Facilities Authority, RB, 4.12%, 01/01/46		5,900		5,877,198
Chandler Industrial Development Authority, RB^(a) AMT, 5.00%, 06/01/49		7,395		7,411,270
Series 2, AMT, 5.00%, 09/01/52		2,925		3,071,687
Salt Verde Financial Corp., RB, 5.50%, 12/01/29		1,475		1,600,735

				17,960,890

California — 1.4%
California Community Choice Financing Authority, RB, 5.54%, 12/01/53^(a)		7,000		7,156,874
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/26		500		518,047

				7,674,921

Colorado — 1.6%
City & County of Denver Colorado Airport System Revenue, ARB, Series A, AMT, 5.50%, 11/15/27		2,480		2,485,932
Colorado Health Facilities Authority, RB, Series B-2, 5.00%, 08/01/49^(a)		4,500		4,661,446
Regional Transportation District, Refunding RB Series A, 5.00%, 01/15/24		350		350,120
Series A, 5.00%, 07/15/24		350		352,051
Series A, 3.00%, 01/15/26		610		600,501

				8,450,050

Connecticut — 1.6%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing Series D-1, 5.00%, 11/15/26		555		591,833
Series D-1, 5.00%, 05/15/27		655		705,198
Series D-1, 5.00%, 11/15/27		550		597,397
Series D-1, 5.00%, 05/15/28		675		738,965
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series L-1, 4.00%, 07/01/24		650		650,613
State of Connecticut, GO^(a) Series A, 4.82%, 03/01/24		1,000		1,000,468
Series A, 4.86%, 03/01/25		4,155		4,207,588

				8,492,062


Security	Par (000)		Value

Delaware — 1.4%
Delaware State Economic Development Authority, Refunding RB, Series B, 1.25%, 10/01/40^(a)	$	8,000	$	7,697,994


District of Columbia — 0.2%
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/27		1,000		1,011,033


Florida — 1.3%
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/28		3,000		3,077,036
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/28		2,350		2,373,587
Greater Orlando Aviation Authority, ARB, AMT, 5.00%, 10/01/30		1,335		1,461,580

				6,912,203

Georgia^(a)— 4.0%
Main Street Natural Gas, Inc., RB Series A, 5.00%, 06/01/53		5,000		5,297,256
Series B, 5.00%, 07/01/53		15,435		16,393,779

				21,691,035

Guam — 0.5%
Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/25		2,500		2,559,239


Illinois — 4.6%
Chicago O’Hare International Airport, Refunding RB, Series C, Senior Lien, 5.00%, 01/01/30		1,320		1,381,053
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB 5.00%, 06/01/27		1,250		1,324,267
5.00%, 06/01/28		5,105		5,505,035
City of Chicago Illinois Waterworks Revenue, Refunding RB, Series B, 2nd Lien, 5.00%, 11/01/24		650		660,373
Illinois Finance Authority, Refunding RB, Series B, 4.57%, 05/01/42^(a)		1,000		978,492
Illinois Housing Development Authority, RB, S/F Housing Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/28		300		331,241
Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/28		250		278,220
Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/29		355		397,818
Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/29		375		422,723
Series G, (FHLMC, FNMA, GNMA), 3.50%, 10/01/54^(a)		4,300		4,306,341
State of Illinois, GO Series D, 5.00%, 11/01/27		2,830		3,038,228
Series D, 5.00%, 11/01/28		2,380		2,551,420
State of Illinois, Refunding GO, Series D, 5.00%, 07/01/24		3,750		3,777,349

				24,952,560

Indiana — 1.1%
Indianapolis Local Public Improvement Bond Bank, Refunding ARB, AMT, 5.00%, 01/01/30		5,000		5,449,488
Lawrence Township School Building Corp., RB, 4.00%, 01/15/24		550		550,160

				5,999,648

Iowa — 1.0%
PEFA, Inc., RB, 5.00%, 09/01/49^(a)		5,535		5,669,203


Kansas^(a)— 4.4%
City of Burlington Kansas, Refunding RB Series A, 3.86%, 09/01/35		18,000		18,000,000
Series B, 3.86%, 09/01/35		6,000		6,000,000

				24,000,000


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

Schedule of Investments (unaudited) (continued)

December 31, 2023

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Louisiana — 9.0%
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51^(a)	$	13,515	$	13,146,070
Louisiana Public Facilities Authority, RB, 5.00%, 10/01/43		10,000		10,220,546
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/28		855		901,462
Parish of St James Louisiana, RB, Series A-1, 4.29%, 11/01/40^(a)		24,700		24,700,000

				48,968,078

Massachusetts — 1.2%
Massachusetts Educational Financing Authority, RB AMT, 5.00%, 07/01/26		2,265		2,352,668
Series B, AMT, 5.00%, 07/01/26		1,250		1,298,382
Massachusetts Housing Finance Agency, RB, M/F Housing 4.00%, 12/01/27		1,250		1,276,819
Series A-2, 0.45%, 12/01/24		1,500		1,463,597

				6,391,466

Michigan — 3.8%
Michigan Finance Authority, RB, 4.72%, 12/01/39^(a)		6,115		6,127,776
Michigan Finance Authority, Refunding RB 4.62%, 04/15/47^(a)		3,150		3,146,670
Series D-1, 0.55%, 10/15/24		1,300		1,272,528
Michigan State Housing Development Authority, RB, M/F Housing
Series A, 0.55%, 04/01/25		1,500		1,439,869
Series A-1, 0.65%, 10/01/24		460		450,054
Michigan Strategic Fund, RB AMT, 0.58%, 08/01/27^(a)		1,600		1,568,093
AMT, 5.00%, 06/30/29		6,015		6,333,455
Mona Shores Public Schools, GO, Series II, (Q-SBLF), 4.00%, 05/01/24		500		502,041

				20,840,486

Minnesota — 0.6%
Hastings Independent School District No. 200, GO, CAB, Series A, 0.00%, 02/01/26^(b)		1,040		983,470
Minnesota Housing Finance Agency, RB, S/F Housing Series E, AMT, 0.70%, 01/01/25		800		774,393
Series E, AMT, 0.90%, 01/01/26		790		743,052
Series E, AMT, 1.10%, 01/01/27		585		538,000

				3,038,915

Missouri — 1.0%
City of St Charles Missouri, Refunding COP, Series B, 4.00%, 02/01/24		140		140,123
County of Greene Missouri, COP Series A, 4.00%, 03/01/24		275		275,554
Series A, 4.00%, 03/01/25		400		405,985
Kansas City Industrial Development Authority, ARB, AMT, 5.00%, 03/01/30		4,200		4,529,045

				5,350,707

Nebraska — 1.1%
County of Douglas Nebraska, Refunding RB, 4.40%, 07/01/35^(a)		5,885		5,824,955


Nevada — 0.0%
Public Finance Authority, Refunding RB, 5.00%, 06/01/24		200		201,084


New Hampshire — 0.9%
New Hampshire Business Finance Authority, Refunding RB, Class A, AMT, 4.25%, 10/01/33^(a)		4,800		4,767,079


Security	Par (000)		Value

New Jersey — 6.3%
New Jersey Economic Development Authority, RB, 5.00%, 06/15/29	$	1,000	$	1,120,606
New Jersey Economic Development Authority, Refunding RB Series B, 5.00%, 11/01/26		10,620		11,279,101
Series RRR, 5.00%, 03/01/24		6,850		6,867,779
Series RRR, 5.00%, 03/01/28		6,000		6,547,999
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/24		1,000		1,014,079
New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/29		1,570		1,741,695
New Jersey Transportation Trust Fund Authority, Refunding RB, Series AA, 5.00%, 06/15/25		1,875		1,932,884
Township of Cranford New Jersey, Refunding GO, 5.00%, 06/20/24		4,000		4,029,565

				34,533,708

New Mexico — 0.6%
Albuquerque Municipal School District No. 12, GO, Series A, (SAW), 5.00%, 08/01/24		250		253,177
New Mexico Educational Assistance Foundation, Refunding RB, Series 1A, AMT, 5.00%, 09/01/27		2,000		2,125,843
New Mexico Mortgage Finance Authority, RB, M/F Housing, 5.00%, 02/01/42		1,030		1,051,599

				3,430,619

New York — 12.5%
Catskill Central School District, GO, (SAW), 5.00%, 06/28/24		1,570		1,581,650
City of New York, , VRDN, 4.10%, 06/01/44^(a)		7,000		7,000,000
City of New York, GO, Class B4, 4.10%, 10/01/46^(a)		4,000		4,000,000
Genesee County Funding Corp., Refunding RB Series A, 5.00%, 12/01/24		400		404,036
Series A, 5.00%, 12/01/25		200		204,469
Metropolitan Transportation Authority, Refunding RB Series B, 5.00%, 11/15/28		1,250		1,379,188
Series D, 5.00%, 11/15/27		4,630		4,914,848
Mount Pleasant Central School District, Refunding GO, (SAW), 5.00%, 06/28/24		4,000		4,029,691
New York City Housing Development Corp., RB, M/F Housing 3.70%, 05/01/63		5,000		5,020,010
3.80%, 11/01/63		1,000		1,009,302
New York City Housing Development Corp., Refunding RB, 1.05%, 05/01/28		1,000		902,797
New York City Municipal Water Finance Authority^(a) , VRDN, 4.00%, 06/15/49		8,700		8,700,000
, VRDN, 4.10%, 06/15/53		8,700		8,700,000
New York City Municipal Water Finance Authority, Refunding RB, 4.10%, 06/15/50^(a)		2,500		2,500,000
New York Power Authority, RB, (AGM), 5.00%, 11/15/27		1,375		1,500,412
New York Transportation Development Corp., ARB, AMT, 5.00%, 07/01/30		995		1,000,414
New York Transportation Development Corp., Refunding RB, Series A, AMT, 5.00%, 12/01/25		1,000		1,022,553
Port Authority of New York & New Jersey, Refunding ARB, Series 207, AMT, 5.00%, 09/15/29		1,000		1,071,605
Port Authority of New York & New Jersey, Refunding RB, Series 227, AMT, 3.00%, 10/01/27		1,230		1,228,377
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 212, AMT, 2.95%, 04/01/25		1,000		982,672


46		2 0 2 3 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)

December 31, 2023

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB, S/F Housing AMT, 0.65%, 04/01/24	$	705	$	697,445
AMT, 0.75%, 10/01/24		830		808,283
AMT, 0.88%, 04/01/25		1,710		1,626,711
Town of Oyster Bay New York, Refunding GO, 4.00%, 03/01/24		390		390,763
Triborough Bridge & Tunnel Authority, Refunding RB, Series E2A, 4.66%, 04/01/26^(a)		7,500		7,500,000

				68,175,226

Ohio^(a)— 2.1%
Ohio Air Quality Development Authority, Refunding RB 4.00%, 09/01/30		4,120		4,188,395
Series A, AMT, 4.25%, 11/01/39		2,200		2,236,410
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.10%, 12/01/42		5,335		5,250,289

				11,675,094

Oregon — 0.4%
City of Hermiston Oregon, GO, 4.00%, 06/01/24		345		346,617
Port of Portland Oregon Airport Revenue, Refunding ARB, AMT, 5.00%, 07/01/30		1,580		1,745,268

				2,091,885

Pennsylvania — 5.7%
Allegheny County Hospital Development Authority, RB, Series D2, 4.45%, 11/15/26^(a)		3,850		3,846,124
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/28		1,000		1,076,205
Muhlenberg School District, Refunding GO, (SAW), 4.00%, 05/15/24		200		200,794
Pennsylvania Economic Development Financing Authority, RB, Class A, AMT, 4.27%, 06/01/41^(a)		5,000		4,985,509
Pennsylvania Economic Development Financing Authority, Refunding RB^(a) 5.05%, 12/01/37		6,200		6,200,000
Class B, 5.05%, 12/01/38		5,000		5,000,000
Pennsylvania Higher Education Assistance Agency, RB, Series A, AMT, 5.00%, 06/01/28		1,925		2,053,417
Pennsylvania Housing Finance Agency, RB, S/F Housing Series 137, 5.00%, 04/01/27		240		255,658
Series 137, 5.00%, 10/01/27		225		241,707
Series 137, 5.00%, 04/01/28		250		270,663
Series 137, 5.00%, 10/01/28		260		283,493
School District of Philadelphia, GO, (SAW), 5.00%, 09/01/29		1,350		1,499,946
University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 4.23%, 02/15/24^(a)(c)		5,000		4,997,464

				30,910,980

Rhode Island — 0.6%
Rhode Island Student Loan Authority, RB Series A, AMT, 5.00%, 12/01/27		1,600		1,701,644
Series A, AMT, 5.00%, 12/01/28		1,515		1,632,401

				3,334,045

South Dakota — 0.1%
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/24		350		354,423


Security	Par (000)		Value

Tennessee — 0.9%
Johnson City Health & Educational Facilities Board, Refunding RB Series A, 5.00%, 07/01/24	$	1,190	$	1,199,375
Series A, 5.00%, 07/01/25		1,000		1,024,281
New Memphis Arena Public Building Authority, RB, CAB, Convertible, 4.00%, 04/01/27^(d)		1,855		1,771,900
Tennergy Corp., RB, Series A, 5.50%, 12/01/28		1,000		1,045,919

				5,041,475

Texas — 4.8%
Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25		1,285		1,274,987
Harris County Cultural Education Facilities Finance Corp., Refunding RB, Class B, 5.00%, 06/01/50^(a)		1,500		1,654,376
Matagorda County Navigation District No. 1, Refunding RB, AMT, 4.25%, 05/01/30		1,145		1,147,094
North Central Texas Housing Finance Corp., RB, M/F Housing, 0.38%, 08/01/40^(a)		3,500		3,443,673
North Texas Tollway Authority, Refunding RB, 5.00%, 01/01/27		6,000		6,434,324
Pecos Barstow Toyah Independent School District, GO, (PSF), 5.00%, 02/15/29		1,200		1,321,097
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/26		1,000		1,065,017
Texas Municipal Gas Acquisition & Supply Corp III, Refunding RB 5.00%, 12/15/28		5,130		5,388,600
5.00%, 12/15/29		3,785		4,010,019
Waco Educational Finance Corp., RB, 4.00%, 03/01/25		400		405,397

				26,144,584

Virginia — 0.3%
Isle of Wight County Economic Development Authority, RB (AGM), 5.00%, 07/01/27		360		385,864
(AGM), 5.00%, 07/01/30		500		561,910
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/27		425		436,658

				1,384,432

Washington — 3.1%
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.10%, 01/01/40^(a)		9,700		9,772,347
King County Housing Authority, Refunding RB, 3.00%, 06/01/24		225		224,019
State of Washington, GO, Series A, 0.00%, 12/01/28^(b)		1,000		890,316
Washington Health Care Facilities Authority, Refunding RB^(a) Series B, 5.00%, 08/01/49		2,255		2,295,803
Series B-3, 5.00%, 08/01/49		3,655		3,786,130

				16,968,615

Wisconsin — 3.6%
Public Finance Authority, Refunding RB, 5.00%, 01/01/24		300		300,000
State of Wisconsin, GO, Series A, 4.29%, 05/01/25^(a)		11,490		11,458,703
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series C-2, 4.05%, 08/15/54^(a)		8,000		7,861,453

				19,620,156


Total Long-Term Investments — 99.6% (Cost: $536,189,072)				541,469,303


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)

December 31, 2023

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)



Security	Shares		Value
Short-Term Securities

Money Market Funds — 0.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.76%^(e)(f)		82,325	$	82,333

Total Short-Term Securities — 0.0% (Cost: $82,333)				82,333

Total Investments — 99.6% (Cost: $536,271,405)				541,551,636
Other Assets Less Liabilities — 0.4%				2,408,915

Net Assets — 100.0%			$	543,960,551

^(a)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)

Zero-coupon bond.

^(c)

Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(d)

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.

^(e)

Affiliate of the Fund.

^(f)

Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 06/30/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	69,048	$	12,368	^(a)	$	—	$	917	$	—	$	82,333		82,325	$	39,654	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3			Total

Assets
Investments
Long-Term Investments
Municipal Bonds		$	—		$	541,469,303		$	—		$	541,469,303
Short-Term Securities
Money Market Funds			82,333			—			—			82,333

		$	82,333		$	541,469,303		$	—		$	541,551,636

See notes to financial statements.


48		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

December 31, 2023


	BlackRock New York Municipal Opportunities Fund			BlackRock High Yield Municipal Fund			BlackRock National Municipal Fund			BlackRock Short-Term Municipal Fund

ASSETS
Investments, at value — unaffiliated^(a)	$	1,219,250,449		$	1,481,670,911		$	8,742,498,486		$	541,469,303
Investments, at value — affiliated^(b)		36,485,491			41,446,007			408,909,851			82,333
Cash		1,009,221			69,642			17,246			—
Cash pledged for futures contracts		5,483,000			859,000			—			—
Receivables:
Investments sold		55,000			136,618			69,028,344			—
Capital shares sold		2,333,433			6,337,097			25,676,597			1,643,631
Dividends — affiliated		202,974			204,888			552,548			6,469
Interest — unaffiliated		12,146,114			20,717,671			107,403,857			4,102,002
Variation margin on futures contracts		106,688			23,448			—			—
Unfunded commitments		8,566,578			14,203,568			—			—
Prepaid expenses		126,712			291,839			275,538			67,469

Total assets		1,285,765,660			1,565,960,689			9,354,362,467			547,371,207


ACCRUED LIABILITIES
Payables:
Investments purchased		—			2,473,275			75,398,261			—
Accounting services fees		61,936			78,594			281,034			42,532
Capital shares redeemed		3,329,739			8,278,789			39,254,334			2,508,553
Custodian fees		4,918			8,410			37,998			3,050
Income dividend distributions		640,720			1,080,444			4,126,500			604,254
Interest expense and fees		515,932			63,033			1,226,225			—
Investment advisory fees		294,798			402,375			2,775,924			111,689
Directors’ and Officer’s fees		31,090			20,430			255,297			7,909
Other accrued expenses		22,720			41,368			61,456			31,076
Professional fees		—			27,902			37,183			25,420
Proxy fees		4,222			20,075			91,012			1,422
Service and distribution fees		146,520			117,334			531,610			48,298
Transfer agent fees		94,365			114,355			638,090			26,453
Variation margin on futures contracts		51,262			—			—			—

Total accrued liabilities		5,198,222			12,726,384			124,714,924			3,410,656


OTHER LIABILITIES
TOB Trust Certificates		60,639,997			16,330,000			113,030,007			—

Total liabilities		65,838,219			29,056,384			237,744,931			3,410,656


Commitments and contingent liabilities

NET ASSETS	$	1,219,927,441		$	1,536,904,305		$	9,116,617,536		$	543,960,551


NET ASSETS CONSIST OF
Paid-in capital	$	1,318,166,924		$	1,748,725,537		$	9,928,633,531		$	564,313,779
Accumulated loss		(98,239,483	)		(211,821,232	)		(812,015,995	)		(20,353,228	)

NET ASSETS	$	1,219,927,441		$	1,536,904,305		$	9,116,617,536		$	543,960,551


^(a)Investments, at cost — unaffiliated	$	1,232,497,970		$	1,587,561,813		$	8,631,170,594		$	536,189,072
^(b)Investments, at cost — affiliated	$	36,485,154		$	41,438,935		$	406,498,463		$	82,333


F I N A N C I A L S T A T E M E N T S		49

Statements of Assets and Liabilities (unaudited) (continued)

December 31, 2023


	BlackRock New York Municipal Opportunities Fund		BlackRock High Yield Municipal Fund		BlackRock National Municipal Fund		BlackRock Short-Term Municipal Fund

NET ASSET VALUE

Institutional
Net assets	$	595,424,072	$	712,739,507	$	3,819,254,688	$	275,412,152

Shares outstanding		55,841,733		79,794,575		374,284,640		27,837,812

Net asset value	$	10.66	$	8.93	$	10.20	$	9.89

Shares authorized		Unlimited		350 Million		800 Million		150 Million

Par value	$	0.10	$	0.10	$	0.10	$	0.10


Service
Net assets		N/A		N/A	$	813,351		N/A

Shares outstanding		N/A		N/A		79,764		N/A

Net asset value		N/A		N/A	$	10.20		N/A

Shares authorized		N/A		N/A		375 Million		N/A

Par value		N/A		N/A	$	0.10		N/A


Investor A
Net assets	$	506,796,195	$	492,067,593	$	2,301,193,617	$	217,894,638

Shares outstanding		47,499,917		55,229,537		225,359,660		22,006,336

Net asset value	$	10.67	$	8.91	$	10.21	$	9.90

Shares authorized		Unlimited		100 Million		800 Million		150 Million

Par value	$	0.10	$	0.10	$	0.10	$	0.10


Investor A1
Net assets	$	67,327,209		N/A		N/A	$	9,488,771

Shares outstanding		6,310,686		N/A		N/A		958,145

Net asset value	$	10.67		N/A		N/A	$	9.90

Shares authorized		Unlimited		N/A		N/A		150 Million

Par value	$	0.10		N/A		N/A	$	0.10


Investor C
Net assets	$	41,429,754	$	21,654,955	$	54,153,827	$	3,972,397

Shares outstanding		3,884,413		2,423,817		5,302,597		415,035

Net asset value	$	10.67	$	8.93	$	10.21	$	9.57

Shares authorized		Unlimited		100 Million		375 Million		150 Million

Par value	$	0.10	$	0.10	$	0.10	$	0.10


Class K
Net assets	$	8,950,211	$	310,442,250	$	2,941,202,053	$	37,192,593

Shares outstanding		839,614		34,765,452		288,110,011		3,758,420

Net asset value	$	10.66	$	8.93	$	10.21	$	9.90

Shares authorized		Unlimited		2 Billion		1.35 Billion		150 Million

Par value	$	0.10	$	0.10	$	0.10	$	0.10

See notes to financial statements.


50		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended December 31, 2023


	BlackRock New York Municipal Opportunities Fund			BlackRock High Yield Municipal Fund			BlackRock National Municipal Fund			BlackRock Short-Term Municipal Fund

INVESTMENT INCOME
Dividends — affiliated	$	828,117		$	1,142,668		$	8,568,588		$	39,654
Interest — unaffiliated		23,725,008			39,034,040			174,447,839			9,945,441
Foreign taxes withheld		—			—			—			(2,035	)


Total investment income		24,553,125			40,176,708			183,016,427			9,983,060


EXPENSES
Investment advisory		2,810,870			3,620,788			18,490,205			836,590
Service and distribution — class specific		875,340			720,680			3,209,969			299,415
Transfer agent — class specific		402,102			432,584			2,622,357			209,475
Professional		287,945			408,912			67,799			36,629
Accounting services		87,886			107,153			402,359			55,449
Registration		50,880			106,903			333,706			97,136
Printing and postage		25,041			12,649			19,937			16,994
Proxy		23,107			68,413			270,554			14,306
Directors and Officer		7,873			7,950			75,582			2,402
Custodian		7,634			10,962			53,879			3,824
Miscellaneous		22,288			12,566			92,365			13,791

Total expenses excluding interest expense		4,600,966			5,509,560			25,638,712			1,586,011
Interest expense^(a)		1,341,754			79,220			3,536,164			5,573

Total expenses		5,942,720			5,588,780			29,174,876			1,591,584
Less:
Fees waived and/or reimbursed by the Manager		(579,671	)		(423,533	)		(1,320,498	)		(177,381	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(102,328	)		(112,819	)		(1,047,014	)		(92,818	)

Total expenses after fees waived and/or reimbursed		5,260,721			5,052,428			26,807,364			1,321,385

Net investment income		19,292,404			35,124,280			156,209,063			8,661,675


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(10,338,474	)		(22,222,074	)		(154,843,347	)		(4,242,488	)
Investments — affiliated		—			14,418			(2,530,430	)		917
Futures contracts		13,467,360			(204,412	)		3,580,801			—
Payment by affiliate		—			5,419			12,317			—


		3,128,886			(22,406,649	)		(153,780,659	)		(4,241,571	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		29,353,858			41,701,530			246,776,714			11,189,956
Investments — affiliated		—			(2,137	)		2,282,157			—
Futures contracts		(11,745,353	)		(1,656,074	)		(4,223,162	)		—
Unfunded commitments		8,566,578			14,203,568			—			—


		26,175,083			54,246,887			244,835,709			11,189,956

Net realized and unrealized gain		29,303,969			31,840,238			91,055,050			6,948,385


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,596,373		$	66,964,518		$	247,264,113		$	15,610,060

^(a)	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 S T A T E M E N T S		51

Statements of Changes in Net Assets


	BlackRock New York Municipal Opportunities Fund						BlackRock High Yield Municipal Fund

	Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23			Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	19,292,404		$	38,361,397		$	35,124,280		$	74,792,141
Net realized gain (loss)		3,128,886			(18,359,279	)		(22,406,649	)		(86,573,767	)
Net change in unrealized appreciation (depreciation)		26,175,083			17,953,443			54,246,887			17,596,287

Net increase in net assets resulting from operations		48,596,373			37,955,561			66,964,518			5,814,661


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(9,565,633	)		(18,871,586	)		(16,738,039	)		(36,868,182	)
Investor A		(7,425,767	)		(15,753,405	)		(9,917,784	)		(21,355,817	)
Investor A1		(1,034,869	)		(2,092,067	)		—			—
Investor C		(489,094	)		(1,107,024	)		(377,998	)		(879,081	)
Class K		(133,507	)		(165,888	)		(6,423,354	)		(14,355,376	)

Decrease in net assets resulting from distributions to shareholders		(18,648,870	)		(37,989,970	)		(33,457,175	)		(73,458,456	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(84,022,882	)		(100,671,161	)		(228,342,483	)		(124,474,537	)


NET ASSETS
Total decrease in net assets		(54,075,379	)		(100,705,570	)		(194,835,140	)		(192,118,332	)
Beginning of period		1,274,002,820			1,374,708,390			1,731,739,445			1,923,857,777

End of period	$	1,219,927,441		$	1,274,002,820		$	1,536,904,305		$	1,731,739,445

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


52		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	BlackRock National Municipal Fund						BlackRock Short-Term Municipal Fund

	Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23			Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	156,209,063		$	321,416,784		$	8,661,675		$	13,764,820
Net realized loss		(153,780,659	)		(522,716,261	)		(4,241,571	)		(8,934,263	)
Net change in unrealized appreciation (depreciation)		244,835,709			497,352,297			11,189,956			7,156,997

Net increase in net assets resulting from operations		247,264,113			296,052,820			15,610,060			11,987,554


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(64,245,470	)		(129,380,210	)		(4,647,442	)		(7,459,562	)
Service		(17,711	)		(51,853	)		—			—
Investor A		(35,317,647	)		(77,690,641	)		(3,110,579	)		(4,794,472	)
Investor A1		—			—			(150,888	)		(222,165	)
Investor C		(670,874	)		(1,654,404	)		(51,409	)		(65,028	)
Class K		(54,521,875	)		(113,373,232	)		(654,315	)		(1,287,639	)

Decrease in net assets resulting from distributions to shareholders		(154,773,577	)		(322,150,340	)		(8,614,633	)		(13,828,866	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(897,223,842	)		(1,258,303,426	)		(68,378,707	)		(237,267,630	)


NET ASSETS
Total decrease in net assets		(804,733,306	)		(1,284,400,946	)		(61,383,280	)		(239,108,942	)
Beginning of period		9,921,350,842			11,205,751,788			605,343,831			844,452,773

End of period	$	9,116,617,536		$	9,921,350,842		$	543,960,551		$	605,343,831

^(a)	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		53

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock New York Municipal Opportunities Fund

	Institutional

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.38		$	10.36		$	11.59		$	10.83		$	11.38		$	11.31

Net investment income^(a)			0.17			0.32			0.28			0.28			0.28			0.33
Net realized and unrealized gain (loss)			0.28			0.01			(1.23	)		0.76			(0.55	)		0.22

Net increase (decrease) from investment operations			0.45			0.33			(0.95	)		1.04			(0.27	)		0.55


Distributions^(b)
From net investment income			(0.17	)		(0.31	)		(0.28	)		(0.28	)		(0.28	)		(0.36	)
From net realized gain			—			—			—			—			—			(0.12	)

Total distributions			(0.17	)		(0.31	)		(0.28	)		(0.28	)		(0.28	)		(0.48	)


Net asset value, end of period		$	10.66		$	10.38		$	10.36		$	11.59		$	10.83		$	11.38


Total Return^(c)
Based on net asset value			4.39	%^(d)		3.27	%^(e)		(8.35	)%		9.71	%		(2.41	)%		4.96	%


Ratios to Average Net Assets^(f)
Total expenses			0.85	%^(g)		0.81	%		0.62	%		0.61	%		0.63	%		0.71	%

Total expenses after fees waived and/or reimbursed			0.73	%^(g)		0.71	%		0.56	%		0.54	%		0.58	%		0.65	%

Total expenses after fees waived and/or reimbursed and excluding interest expense^(h)			0.50	%^(g)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%

Net investment income			3.34	%^(g)		3.06	%		2.49	%		2.49	%		2.52	%		2.99	%


Supplemental Data
Net assets, end of period (000)		$	595,424		$	617,182		$	646,500		$	706,229		$	702,632		$	733,534

Borrowings outstanding, end of period (000)		$	60,640		$	69,968		$	119,892		$	104,930		$	94,386		$	88,529

Portfolio turnover rate			15	%		38	%		32	%		15	%		43	%		43	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


54		2 0 2 3 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)

		Investor A

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.39		$	10.36		$	11.59		$	10.84		$	11.39		$	11.31

Net investment income^(a)			0.16			0.29			0.25			0.25			0.25			0.31
Net realized and unrealized gain (loss)			0.27			0.03			(1.23	)		0.75			(0.55	)		0.22

Net increase (decrease) from investment operations			0.43			0.32			(0.98	)		1.00			(0.30	)		0.53


Distributions^(b)
From net investment income			(0.15	)		(0.29	)		(0.25	)		(0.25	)		(0.25	)		(0.33	)
From net realized gain			—			—			—			—			—			(0.12	)

Total distributions			(0.15	)		(0.29	)		(0.25	)		(0.25	)		(0.25	)		(0.45	)


Net asset value, end of period		$	10.67		$	10.39		$	10.36		$	11.59		$	10.84		$	11.39


Total Return^(c)
Based on net asset value			4.25	%^(d)		3.11	%^(e)		(8.58	)%		9.34	%		(2.65	)%		4.79	%


Ratios to Average Net Assets^(f)
Total expenses			1.08	%^(g)		1.05	%		0.86	%		0.85	%		0.88	%^(h)		0.97	%

Total expenses after fees waived and/or reimbursed			0.98	%^(g)		0.96	%		0.81	%		0.79	%		0.84	%		0.90	%

Total expenses after fees waived and/or reimbursed and excluding interest expense⁽ⁱ⁾			0.75	%^(g)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%

Net investment income			3.09	%^(g)		2.81	%		2.24	%		2.24	%		2.27	%		2.73	%


Supplemental Data
Net assets, end of period (000)		$	506,796		$	533,682		$	585,695		$	697,842		$	756,236		$	609,557

Borrowings outstanding, end of period (000)		$	60,640		$	69,968		$	119,892		$	104,930		$	94,386		$	88,529

Portfolio turnover rate			15	%		38	%		32	%		15	%		43	%		43	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

⁽ⁱ⁾	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		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock New York Municipal Opportunities Fund (continued)

		Investor A1

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.39		$	10.36		$	11.59		$	10.84		$	11.38		$	11.31

Net investment income^(a)			0.17			0.31			0.27			0.27			0.27			0.32
Net realized and unrealized gain (loss)			0.27			0.02			(1.23	)		0.75			(0.54	)		0.21

Net increase (decrease) from investment operations			0.44			0.33			(0.96	)		1.02			(0.27	)		0.53


Distributions^(b)
From net investment income			(0.16	)		(0.30	)		(0.27	)		(0.27	)		(0.27	)		(0.34	)
From net realized gain			—			—			—			—			—			(0.12	)

Total distributions			(0.16	)		(0.30	)		(0.27	)		(0.27	)		(0.27	)		(0.46	)


Net asset value, end of period		$	10.67		$	10.39		$	10.36		$	11.59		$	10.84		$	11.38


Total Return^(c)
Based on net asset value			4.33	%^(d)		3.27	%^(e)		(8.44	)%		9.50	%		(2.42	)%		4.85	%


Ratios to Average Net Assets^(f)
Total expenses			0.92	%^(g)		0.90	%		0.71	%		0.70	%		0.73	%^(h)		0.81	%

Total expenses after fees waived and/or reimbursed			0.83	%^(g)		0.81	%		0.66	%		0.64	%		0.69	%		0.75	%

Total expenses after fees waived and/or reimbursed and excluding interest expense⁽ⁱ⁾			0.60	%^(g)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%

Net investment income			3.24	%^(g)		2.96	%		2.39	%		2.39	%		2.42	%		2.89	%


Supplemental Data
Net assets, end of period (000)		$	67,327		$	67,802		$	74,808		$	89,501		$	91,458		$	103,286

Borrowings outstanding, end of period (000)		$	60,640		$	69,968		$	119,892		$	104,930		$	94,386		$	88,529

Portfolio turnover rate			15	%		38	%		32	%		15	%		43	%		43	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

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

See notes to financial statements.


56		2 0 2 3 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)

		Investor C

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.38		$	10.36		$	11.59		$	10.83		$	11.38		$	11.31

Net investment income^(a)			0.12			0.21			0.17			0.17			0.17			0.22
Net realized and unrealized gain (loss)			0.29			0.02			(1.23	)		0.76			(0.55	)		0.21

Net increase (decrease) from investment operations			0.41			0.23			(1.06	)		0.93			(0.38	)		0.43


Distributions^(b)
From net investment income			(0.12	)		(0.21	)		(0.17	)		(0.17	)		(0.17	)		(0.24	)
From net realized gain			—			—			—			—			—			(0.12	)

Total distributions			(0.12	)		(0.21	)		(0.17	)		(0.17	)		(0.17	)		(0.36	)


Net asset value, end of period		$	10.67		$	10.38		$	10.36		$	11.59		$	10.83		$	11.38


Total Return^(c)
Based on net asset value			3.96	%^(d)		2.24	%^(e)		(9.27	)%		8.62	%		(3.38	)%		3.92	%


Ratios to Average Net Assets^(f)
Total expenses			1.83	%^(g)		1.81	%		1.62	%		1.62	%		1.64	%		1.72	%

Total expenses after fees waived and/or reimbursed			1.73	%^(g)		1.71	%		1.56	%		1.54	%		1.59	%		1.65	%

Total expenses after fees waived and/or reimbursed and excluding interest expense^(h)			1.50	%^(g)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%

Net investment income			2.33	%^(g)		2.06	%		1.48	%		1.49	%		1.52	%		1.99	%


Supplemental Data
Net assets, end of period (000)		$	41,430		$	47,957		$	62,566		$	87,465		$	111,588		$	119,391

Borrowings outstanding, end of period (000)		$	60,640		$	69,968		$	119,892		$	104,930		$	94,386		$	88,529

Portfolio turnover rate			15	%		38	%		32	%		15	%		43	%		43	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	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		57

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock New York Municipal Opportunities Fund (continued)

		Class K

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.38		$	10.36		$	11.58		$	10.83		$	11.38		$	11.31

Net investment income^(a)			0.17			0.32			0.29			0.28			0.29			0.34
Net realized and unrealized gain (loss)			0.28			0.02			(1.23	)		0.75			(0.55	)		0.21

Net increase (decrease) from investment operations			0.45			0.34			(0.94	)		1.03			(0.26	)		0.55


Distributions^(b)
From net investment income			(0.17	)		(0.32	)		(0.28	)		(0.28	)		(0.29	)		(0.36	)
From net realized gain			—			—			—			—			—			(0.12	)

Total distributions			(0.17	)		(0.32	)		(0.28	)		(0.28	)		(0.29	)		(0.48	)


Net asset value, end of period		$	10.66		$	10.38		$	10.36		$	11.58		$	10.83		$	11.38


Total Return^(c)
Based on net asset value			4.41	%^(d)		3.33	%		(8.23	)%		9.67	%		(2.36	)%		5.01	%


Ratios to Average Net Assets^(e)
Total expenses			0.78	%^(f)		0.76	%		0.57	%		0.57	%		0.59	%		0.67	%

Total expenses after fees waived and/or reimbursed			0.68	%^(f)		0.66	%		0.51	%		0.49	%		0.54	%		0.60	%

Total expenses after fees waived and/or reimbursed and excluding interest expense^(g)			0.45	%^(f)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

Net investment income			3.39	%^(f)		3.12	%		2.55	%		2.53	%		2.54	%		3.05	%


Supplemental Data
Net assets, end of period (000)		$	8,950		$	7,380		$	5,139		$	5,202		$	4,097		$	4,050

Borrowings outstanding, end of period (000)		$	60,640		$	69,968		$	119,892		$	104,930		$	94,386		$	88,529

Portfolio turnover rate			15	%		38	%		32	%		15	%		43	%		43	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)	Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.


58		2 0 2 3 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

		Institutional

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	8.72		$	9.00		$	10.69		$	9.54		$	9.89		$	9.59

Net investment income^(a)			0.19			0.36			0.32			0.35			0.36			0.39
Net realized and unrealized gain (loss)			0.21			(0.28	)		(1.66	)		1.15			(0.35	)		0.30

Net increase (decrease) from investment operations			0.40			0.08			(1.34	)		1.50			0.01			0.69


Distributions^(b)
From net investment income			(0.19	)		(0.36	)		(0.32	)		(0.35	)		(0.36	)		(0.39	)
From net realized gain			—			—			(0.03	)		—			—			—

Total distributions			(0.19	)		(0.36	)		(0.35	)		(0.35	)		(0.36	)		(0.39	)


Net asset value, end of period		$	8.93		$	8.72		$	9.00		$	10.69		$	9.54		$	9.89


Total Return^(c)
Based on net asset value			4.68	%^(d)(e)		0.90	%^(d)		(12.84	)%		16.00	%		0.10	%		7.36	%


Ratios to Average Net Assets^(f)
Total expenses			0.63	%^(g)		0.71	%		0.61	%		0.61	%		0.66	%		0.71	%

Total expenses after fees waived and/or reimbursed			0.56	%^(g)		0.65	%		0.59	%		0.58	%		0.64	%		0.68	%

Total expenses after fees waived and/or reimbursed and excluding interest expense^(h)			0.55	%^(g)		0.54	%		0.54	%		0.54	%		0.53	%		0.52	%

Net investment income			4.53	%^(g)		4.12	%		3.17	%		3.44	%		3.71	%		4.03	%


Supplemental Data
Net assets, end of period (000)		$	712,740		$	887,272		$	884,648		$	1,190,526		$	757,746		$	780,811

Borrowings outstanding, end of period (000)		$	16,330		$	—		$	99,141		$	114,824		$	102,624		$	75,301

Portfolio turnover rate			11	%		36	%		34	%		23	%		31	%		14	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions

^(d)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	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		59

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock High Yield Municipal Fund (continued)

		Investor A

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	8.70		$	8.98		$	10.67		$	9.52		$	9.87		$	9.56

Net investment income^(a)			0.18			0.34			0.30			0.32			0.34			0.36
Net realized and unrealized gain (loss)			0.21			(0.29	)		(1.66	)		1.15			(0.35	)		0.31

Net increase (decrease) from investment operations			0.39			0.05			(1.36	)		1.47			(0.01	)		0.67


Distributions^(b)
From net investment income			(0.18	)		(0.33	)		(0.30	)		(0.32	)		(0.34	)		(0.36	)
From net realized gain			—			—			(0.03	)		—			—			—

Total distributions			(0.18	)		(0.33	)		(0.33	)		(0.32	)		(0.34	)		(0.36	)


Net asset value, end of period		$	8.91		$	8.70		$	8.98		$	10.67		$	9.52		$	9.87


Total Return^(c)
Based on net asset value			4.55	%^(d)(e)		0.64	%^(d)		(13.09	)%		15.73	%		(0.16	)%		7.21	%


Ratios to Average Net Assets^(f)
Total expenses			0.86	%^(g)		0.94	%		0.84	%		0.85	%		0.92	%		0.98	%

Total expenses after fees waived and/or reimbursed			0.81	%^(g)		0.90	%		0.83	%		0.83	%		0.89	%		0.95	%

Total expenses after fees waived and/or reimbursed and excluding interest expense^(h)			0.80	%^(g)		0.79	%		0.78	%		0.78	%		0.78	%		0.79	%

Net investment income			4.29	%^(g)		3.88	%		2.96	%		3.20	%		3.46	%		3.76	%


Supplemental Data
Net assets, end of period (000)		$	492,068		$	513,184		$	616,248		$	634,326		$	422,270		$	345,255

Borrowings outstanding, end of period (000)		$	16,330		$	—		$	99,141		$	114,824		$	102,624		$	75,301

Portfolio turnover rate			11	%		36	%		34	%		23	%		31	%		14	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	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 3 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)

		Investor C

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	8.72		$	9.01		$	10.70		$	9.55		$	9.89		$	9.59

Net investment income^(a)			0.15			0.28			0.22			0.25			0.26			0.29
Net realized and unrealized gain (loss)			0.20			(0.30	)		(1.66	)		1.15			(0.34	)		0.30

Net increase (decrease) from investment operations			0.35			(0.02	)		(1.44	)		1.40			(0.08	)		0.59


Distributions^(b)
From net investment income			(0.14	)		(0.27	)		(0.22	)		(0.25	)		(0.26	)		(0.29	)
From net realized gain			—			—			(0.03	)		—			—			—

Total distributions			(0.14	)		(0.27	)		(0.25	)		(0.25	)		(0.26	)		(0.29	)


Net asset value, end of period		$	8.93		$	8.72		$	9.01		$	10.70		$	9.55		$	9.89


Total Return^(c)
Based on net asset value			4.15	%^(d)(e)		(0.22	)%		(13.70	)%		14.83	%		(0.80	)%		6.28	%


Ratios to Average Net Assets^(f)
Total expenses			1.65	%^(g)		1.73	%		1.62	%		1.63	%		1.69	%		1.74	%

Total expenses after fees waived and/or reimbursed			1.56	%^(g)		1.65	%		1.59	%		1.59	%		1.65	%		1.70	%

Total expenses after fees waived and/or reimbursed and excluding interest expense^(h)			1.55	%^(g)		1.54	%		1.54	%		1.54	%		1.54	%		1.54	%

Net investment income			3.54	%^(g)		3.12	%		2.18	%		2.49	%		2.70	%		3.02	%


Supplemental Data
Net assets, end of period (000)		$	21,655		$	25,562		$	33,626		$	44,050		$	58,114		$	64,484

Borrowings outstanding, end of period (000)		$	16,330		$	—		$	99,141		$	114,824		$	102,624		$	75,301

Portfolio turnover rate			11	%		36	%		34	%		23	%		31	%		14	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	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		61

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock High Yield Municipal Fund (continued)

		Class K

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	8.72		$	9.00		$	10.69		$	9.54		$	9.89		$	9.59

Net investment income^(a)			0.20			0.37			0.33			0.35			0.36			0.39
Net realized and unrealized gain (loss)			0.20			(0.29	)		(1.66	)		1.15			(0.34	)		0.30

Net increase (decrease) from investment operations			0.40			0.08			(1.33	)		1.50			0.02			0.69


Distributions^(b)
From net investment income			(0.19	)		(0.36	)		(0.33	)		(0.35	)		(0.37	)		(0.39	)
From net realized gain			—			—			(0.03	)		—			—			—

Total distributions			(0.19	)		(0.36	)		(0.36	)		(0.35	)		(0.37	)		(0.39	)


Net asset value, end of period		$	8.93		$	8.72		$	9.00		$	10.69		$	9.54		$	9.89


Total Return^(c)
Based on net asset value			4.70	%^(d)(e)		0.95	%^(d)		(12.80	)%		16.05	%		0.14	%		7.40	%


Ratios to Average Net Assets^(f)
Total expenses			0.58	%^(g)		0.65	%		0.55	%		0.57	%		0.64	%		0.69	%

Total expenses after fees waived and/or reimbursed			0.51	%^(g)		0.60	%		0.54	%		0.54	%		0.60	%		0.65	%

Total expenses after fees waived and/or reimbursed and excluding interest expense^(h)			0.50	%^(g)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%

Net investment income			4.58	%^(g)		4.15	%		3.33	%		3.47	%		3.77	%		4.04	%


Supplemental Data
Net assets, end of period (000)		$	310,442		$	305,721		$	389,335		$	166,379		$	83,809		$	49,062

Borrowings outstanding, end of period (000)		$	16,330		$	—		$	99,141		$	114,824		$	102,624		$	75,301

Portfolio turnover rate			11	%		36	%		34	%		23	%		31	%		14	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions

^(d)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


62		2 0 2 3 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

		Institutional

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.08		$	10.08		$	11.47		$	11.07		$	11.06		$	10.79

Net investment income^(a)			0.17			0.32			0.22			0.21			0.26			0.33
Net realized and unrealized gain (loss)			0.11			—			(1.34	)		0.40			0.02			0.27

Net increase (decrease) from investment operations			0.28			0.32			(1.12	)		0.61			0.28			0.60


Distributions^(b)
From net investment income			(0.16	)		(0.32	)		(0.22	)		(0.21	)		(0.26	)		(0.33	)
From net realized gain			—			(0.00	)^(c)		(0.05	)		—			(0.01	)		—

Total distributions			(0.16	)		(0.32	)		(0.27	)		(0.21	)		(0.27	)		(0.33	)


Net asset value, end of period		$	10.20		$	10.08		$	10.08		$	11.47		$	11.07		$	11.06


Total Return^(d)
Based on net asset value			2.88	%^(e)(f)		3.27	%^(e)		(9.89	)%		5.59	%		2.62	%		5.68	%


Ratios to Average Net Assets^(g)
Total expenses			0.57	%^(h)		0.61	%		0.49	%		0.49	%		0.53	%		0.53	%

Total expenses after fees waived and/or reimbursed			0.51	%^(h)		0.55	%		0.44	%		0.44	%		0.47	%		0.48	%

Total expenses after fees waived and/or reimbursed and excluding interest expense⁽ⁱ⁾			0.44	%^(h)		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%

Net investment income			3.31	%^(h)		3.21	%		2.00	%		1.89	%		2.39	%		3.04	%


Supplemental Data
Net assets, end of period (000)		$	3,819,255		$	4,030,551		$	4,410,891		$	5,801,296		$	4,650,471		$	4,063,258

Borrowings outstanding, end of period (000)		$	113,030		$	207,520		$	343,430		$	126,900		$	126,900		$	324,360

Portfolio turnover rate			36	%		63	%		74	%		42	%		75	%		77	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.00005) per share.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	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 National Municipal Fund (continued)

		Service

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.07		$	10.07		$	11.46		$	11.07		$	11.06		$	10.78

Net investment income^(a)			0.15			0.30			0.20			0.19			0.25			0.31
Net realized and unrealized gain (loss)			0.13			—			(1.34	)		0.39			0.01			0.27

Net increase (decrease) from investment operations			0.28			0.30			(1.14	)		0.58			0.26			0.58


Distributions^(b)
From net investment income			(0.15	)		(0.30	)		(0.20	)		(0.19	)		(0.24	)		(0.30	)
From net realized gain			—			(0.00	)^(c)		(0.05	)		—			(0.01	)		—

Total distributions			(0.15	)		(0.30	)		(0.25	)		(0.19	)		(0.25	)		(0.30	)


Net asset value, end of period		$	10.20		$	10.07		$	10.07		$	11.46		$	11.07		$	11.06


Total Return^(d)
Based on net asset value			2.85	%^(e)(f)		3.01	%		(10.11	)%		5.24	%		2.37	%		5.51	%


Ratios to Average Net Assets^(g)
Total expenses			0.82	%^(h)		0.84	%		0.70	%		0.71	%		0.74	%		0.76	%

Total expenses after fees waived and/or reimbursed			0.76	%^(h)		0.80	%		0.68	%		0.68	%		0.71	%		0.73	%

Total expenses after fees waived and/or reimbursed and excluding interest expense⁽ⁱ⁾			0.69	%^(h)		0.68	%		0.67	%		0.67	%		0.67	%		0.68	%

Net investment income			3.05	%^(h)		2.94	%		1.77	%		1.65	%		2.25	%		2.90	%


Supplemental Data
Net assets, end of period (000)		$	813		$	1,348		$	2,889		$	3,564		$	3,494		$	3,318

Borrowings outstanding, end of period (000)		$	113,030		$	207,520		$	343,430		$	126,900		$	126,900		$	324,360

Portfolio turnover rate			36	%		63	%		74	%		42	%		75	%		77	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.00005) per share.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	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 3 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)

		Investor A

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.08		$	10.08		$	11.47		$	11.08		$	11.07		$	10.80

Net investment income^(a)			0.15			0.30			0.19			0.19			0.24			0.30
Net realized and unrealized gain (loss)			0.13			—			(1.34	)		0.39			0.02			0.27

Net increase (decrease) from investment operations			0.28			0.30			(1.15	)		0.58			0.26			0.57


Distributions^(b)
From net investment income			(0.15	)		(0.30	)		(0.19	)		(0.19	)		(0.24	)		(0.30	)
From net realized gain			—			(0.00	)^(c)		(0.05	)		—			(0.01	)		—

Total distributions			(0.15	)		(0.30	)		(0.24	)		(0.19	)		(0.25	)		(0.30	)


Net asset value, end of period		$	10.21		$	10.08		$	10.08		$	11.47		$	11.08		$	11.07


Total Return^(d)
Based on net asset value			2.85	%^(e)(f)		3.01	%		(10.11	)%		5.23	%		2.36	%		5.41	%


Ratios to Average Net Assets^(g)
Total expenses			0.81	%^(h)		0.85	%		0.75	%		0.75	%		0.80	%		0.82	%

Total expenses after fees waived and/or reimbursed			0.76	%^(h)		0.80	%		0.69	%		0.69	%		0.72	%		0.73	%

Total expenses after fees waived and/or reimbursed and excluding interest expense⁽ⁱ⁾			0.69	%^(h)		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%

Net investment income			3.06	%^(h)		2.96	%		1.74	%		1.64	%		2.13	%		2.79	%


Supplemental Data
Net assets, end of period (000)		$	2,301,194		$	2,415,682		$	2,976,747		$	4,427,191		$	3,978,736		$	3,227,894

Borrowings outstanding, end of period (000)		$	113,030		$	207,520		$	343,430		$	126,900		$	126,900		$	324,360

Portfolio turnover rate			36	%		63	%		74	%		42	%		75	%		77	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.00005) per share.

^(d)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	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 National Municipal Fund (continued)

		Investor C

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.09		$	10.09		$	11.48		$	11.08		$	11.07		$	10.80

Net investment income^(a)			0.12			0.22			0.11			0.10			0.15			0.22
Net realized and unrealized gain (loss)			0.11			—			(1.34	)		0.40			0.02			0.27

Net increase (decrease) from investment operations			0.23			0.22			(1.23	)		0.50			0.17			0.49


Distributions^(b)
From net investment income			(0.11	)		(0.22	)		(0.11	)		(0.10	)		(0.15	)		(0.22	)
From net realized gain			—			(0.00	)^(c)		(0.05	)		—			(0.01	)		—

Total distributions			(0.11	)		(0.22	)		(0.16	)		(0.10	)		(0.16	)		(0.22	)


Net asset value, end of period		$	10.21		$	10.09		$	10.09		$	11.48		$	11.08		$	11.07


Total Return^(d)
Based on net asset value			2.36	%^(e)(f)		2.24	%		(10.77	)%		4.53	%		1.60	%		4.63	%


Ratios to Average Net Assets^(g)
Total expenses			1.56	%^(h)		1.61	%		1.48	%		1.48	%		1.51	%		1.51	%

Total expenses after fees waived and/or reimbursed			1.51	%^(h)		1.55	%		1.44	%		1.44	%		1.47	%		1.48	%

Total expenses after fees waived and/or reimbursed and excluding interest expense⁽ⁱ⁾			1.44	%^(h)		1.43	%		1.43	%		1.43	%		1.43	%		1.43	%

Net investment income			2.30	%^(h)		2.21	%		0.99	%		0.90	%		1.39	%		2.06	%


Supplemental Data
Net assets, end of period (000)		$	54,154		$	64,495		$	87,530		$	129,601		$	232,884		$	270,445

Borrowings outstanding, end of period (000)		$	113,030		$	207,520		$	343,430		$	126,900		$	126,900		$	324,360

Portfolio turnover rate			36	%		63	%		74	%		42	%		75	%		77	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.00005) per share.

^(d)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	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 3 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)

		Class K

	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	10.08		$	10.08		$	11.47		$	11.08		$	11.07		$	10.79

Net investment income^(a)			0.17			0.33			0.23			0.22			0.27			0.33
Net realized and unrealized gain (loss)			0.13			—			(1.34	)		0.39			0.02			0.28

Net increase (decrease) from investment operations			0.30			0.33			(1.11	)		0.61			0.29			0.61


Distributions^(b)
From net investment income			(0.17	)		(0.33	)		(0.23	)		(0.22	)		(0.27	)		(0.33	)
From net realized gain			—			(0.00	)^(c)		(0.05	)		—			(0.01	)		—

Total distributions			(0.17	)		(0.33	)		(0.28	)		(0.22	)		(0.28	)		(0.33	)


Net asset value, end of period		$	10.21		$	10.08		$	10.08		$	11.47		$	11.08		$	11.07


Total Return^(d)
Based on net asset value			3.01	%^(e)(f)		3.32	%^(e)		(9.84	)%		5.54	%		2.67	%		5.82	%


Ratios to Average Net Assets^(g)
Total expenses			0.49	%^(h)		0.53	%		0.41	%		0.42	%		0.46	%		0.46	%

Total expenses after fees waived and/or reimbursed			0.46	%^(h)		0.50	%		0.39	%		0.39	%		0.42	%		0.43	%

Total expenses after fees waived and/or reimbursed and excluding interest expense⁽ⁱ⁾			0.39	%^(h)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%

Net investment income			3.36	%^(h)		3.26	%		2.06	%		1.94	%		2.43	%		3.09	%


Supplemental Data
Net assets, end of period (000)		$	2,941,202		$	3,409,276		$	3,727,694		$	4,831,923		$	4,524,990		$	3,736,686

Borrowings outstanding, end of period (000)		$	113,030		$	207,520		$	343,430		$	126,900		$	126,900		$	324,360

Portfolio turnover rate			36	%		63	%		74	%		42	%		75	%		77	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.00005) per share.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	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 Short-Term Municipal Fund

		Institutional
	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	9.76		$	9.80		$	10.17		$	10.15		$	10.15		$	10.08

Net investment income^(a)			0.16			0.20			0.06			0.07			0.15			0.16
Net realized and unrealized gain (loss)			0.12			(0.03	)		(0.37	)		0.02			—			0.07

Net increase (decrease) from investment operations			0.28			0.17			(0.31	)		0.09			0.15			0.23

Distributions from net investment income^(b)			(0.15	)		(0.21	)		(0.06	)		(0.07	)		(0.15	)		(0.16	)


Net asset value, end of period		$	9.89		$	9.76		$	9.80		$	10.17		$	10.15		$	10.15


Total Return^(c)
Based on net asset value			2.94	%^(d)		1.72	%		(3.06	)%		0.90	%		1.47	%		2.32	%


Ratios to Average Net Assets^(e)
Total expenses			0.49	%^(f)		0.46	%		0.44	%		0.44	%		0.46	%		0.46	%

Total expenses after fees waived and/or reimbursed			0.37	%^(f)		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%

Net investment income			3.16	%^(f)		2.09	%		0.59	%		0.70	%		1.46	%		1.61	%


Supplemental Data
Net assets, end of period (000)		$	275,412		$	316,270		$	499,800		$	502,164		$	418,338		$	350,720

Portfolio turnover rate			52	%		101	%		106	%		41	%		94	%		129	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

See notes to financial statements.


68		2 0 2 3 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)

		Investor A
	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	9.77		$	9.81		$	10.18		$	10.16		$	10.15		$	10.08

Net investment income^(a)			0.14			0.18			0.03			0.05			0.12			0.14
Net realized and unrealized gain (loss)			0.13			(0.04	)		(0.36	)		0.02			0.01			0.07

Net increase (decrease) from investment operations			0.27			0.14			(0.33	)		0.07			0.13			0.21

Distributions from net investment income^(b)			(0.14	)		(0.18	)		(0.04	)		(0.05	)		(0.12	)		(0.14	)


Net asset value, end of period		$	9.90		$	9.77		$	9.81		$	10.18		$	10.16		$	10.15


Total Return^(c)
Based on net asset value			2.82	%^(d)		1.48	%		(3.28	)%		0.66	%		1.32	%		2.08	%


Ratios to Average Net Assets^(e)
Total expenses			0.66	%^(f)		0.65	%		0.63	%		0.64	%		0.65	%		0.67	%

Total expenses after fees waived and/or reimbursed			0.60	%^(f)		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%

Net investment income			2.89	%^(f)		1.86	%		0.34	%		0.45	%		1.19	%		1.39	%


Supplemental Data
Net assets, end of period (000)		$	217,895		$	227,368		$	256,950		$	287,551		$	199,842		$	109,462

Portfolio turnover rate			52	%		101	%		106	%		41	%		94	%		129	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	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		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock Short-Term Municipal Fund (continued)

		Investor A1
	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	9.77		$	9.81		$	10.18		$	10.16		$	10.16		$	10.08

Net investment income^(a)			0.14			0.19			0.04			0.06			0.13			0.15
Net realized and unrealized gain (loss)			0.14			(0.03	)		(0.36	)		0.02			0.01			0.08

Net increase (decrease) from investment operations			0.28			0.16			(0.32	)		0.08			0.14			0.23

Distributions from net investment income^(b)			(0.15	)		(0.20	)		(0.05	)		(0.06	)		(0.14	)		(0.15	)


Net asset value, end of period		$	9.90		$	9.77		$	9.81		$	10.18		$	10.16		$	10.16


Total Return^(c)
Based on net asset value			2.89	%^(d)		1.61	%		(3.15	)%		0.80	%		1.37	%		2.32	%


Ratios to Average Net Assets^(e)
Total expenses			0.54	%^(f)		0.53	%		0.51	%		0.51	%		0.51	%		0.53	%

Total expenses after fees waived and/or reimbursed			0.47	%^(f)		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%

Net investment income			2.95	%^(f)		1.95	%		0.44	%		0.57	%		1.33	%		1.47	%


Supplemental Data
Net assets, end of period (000)		$	9,489		$	10,266		$	11,876		$	12,930		$	14,172		$	15,570

Portfolio turnover rate			52	%		101	%		106	%		41	%		94	%		129	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

See notes to financial statements.


70		2 0 2 3 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)

		Investor C
	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	9.45		$	9.48		$	9.88		$	9.89		$	9.89		$	9.82

Net investment income (loss)^(a)			0.07			0.08			(0.07	)		(0.05	)		0.03			0.05
Net realized and unrealized gain (loss)			0.15			(0.01	)		(0.33	)		0.04			0.02			0.08

Net increase (decrease) from investment operations			0.22			0.07			(0.40	)		(0.01	)		0.05			0.13

Distributions from net investment income^(b)			(0.10	)		(0.10	)		—			—			(0.05	)		(0.06	)


Net asset value, end of period		$	9.57		$	9.45		$	9.48		$	9.88		$	9.89		$	9.89


Total Return^(c)
Based on net asset value			2.36	%^(d)		0.80	%		(4.05	)%		(0.10	)%		0.46	%		1.33	%


Ratios to Average Net Assets^(e)
Total expenses			1.47	%^(f)		1.44	%		1.42	%		1.43	%		1.43	%		1.45	%

Total expenses after fees waived and/or reimbursed			1.37	%^(f)		1.36	%		1.36	%		1.36	%		1.36	%		1.36	%

Net investment income (loss)			1.49	%^(f)		0.88	%		(0.76	)%		(0.53	)%		0.34	%		0.52	%


Supplemental Data
Net assets, end of period (000)		$	3,972		$	5,411		$	4,576		$	5,123		$	10,373		$	15,434

Portfolio turnover rate			52	%		101	%		106	%		41	%		94	%		129	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	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		71

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock Short-Term Municipal Fund (continued)

		Class K
	Six Months Ended 12/31/23 (unaudited)				Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period		$	9.77		$	9.80		$	10.17		$	10.15		$	10.15		$	10.08

Net investment income^(a)			0.15			0.20			0.06			0.06			0.12			0.14
Net realized and unrealized gain (loss)			0.14			(0.02	)		(0.37	)		0.04			0.03			0.10

Net increase (decrease) from investment operations			0.29			0.18			(0.31	)		0.10			0.15			0.24

Distributions from net investment income^(b)			(0.16	)		(0.21	)		(0.06	)		(0.08	)		(0.15	)		(0.17	)


Net asset value, end of period		$	9.90		$	9.77		$	9.80		$	10.17		$	10.15		$	10.15


Total Return^(c)
Based on net asset value			2.96	%^(d)		1.87	%		(3.01	)%		0.95	%		1.52	%		2.37	%


Ratios to Average Net Assets^(e)
Total expenses			0.38	%^(f)		0.37	%		0.35	%		0.36	%		0.37	%		0.38	%

Total expenses after fees waived and/or reimbursed			0.32	%^(f)		0.31	%		0.31	%		0.31	%		0.31	%		0.31	%

Net investment income			3.07	%^(f)		2.04	%		0.64	%		0.57	%		1.23	%		1.43	%


Supplemental Data
Net assets, end of period (000)		$	37,193		$	46,029		$	71,250		$	18,177		$	7,148		$	7,450

Portfolio turnover rate			52	%		101	%		106	%		41	%		94	%		129	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

See notes to financial statements.


72		2 0 2 3 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)

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 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		None
Investor A Shares		Yes			No	^(a)	None
Investor A1 Shares		No	^(b)		No	^(c)	None
Investor C Shares		No			Yes	^(d)	To Investor A Shares after approximately 8 years

^(a)

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

^(b)

Investor A1 Shares are subject to a maximum sales charge on purchases of 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.

^(c)

Investor A1 Shares may be subject to CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.

^(d)

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.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.


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		73

Notes to Financial Statements (unaudited) (continued)

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

Distributions: Distributions from net investment income are declared 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.

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:

•

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.

•

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.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

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.


74		2 0 2 3 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)

When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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


		Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services

Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach		(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

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

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:

•

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

•

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

•

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.

Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of


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		75

Notes to Financial Statements (unaudited) (continued)

the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded commitments:


Fund Name	Investment Name		Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
New York Municipal		Bond Forward	$	37,277,865	$	37,277,865	$	45,844,443	$	8,566,578

									$	8,566,578

High Yield Municipal		Bond Forward	$	61,807,488	$	61,807,488	$	76,011,056		14,203,568

									$	14,203,568

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.

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	$	1,183,454	$	124,651	$	33,505	$	1,341,610
High Yield Municipal		66,486		7,232		3,643		77,361
National Municipal		2,660,172		262,578		602,828		3,525,578


76		2 0 2 3 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)

For the six months ended December 31, 2023, the following table is a summary of each Fund’s TOB Trusts:


Fund Name		Underlying Municipal Bonds Transferred to TOB Trusts	^(a)		Liability for TOB Trust Certificates	^(b)	Range of Interest Rates on TOB Trust Certificates at Period End			Average TOB Trust Certificates Outstanding	Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
New York Municipal	$	133,336,924		$	60,639,997		3.89% — 3.99	%	$	65,374,945	4.08	%
High Yield Municipal		26,082,117			16,330,000		3.90 — 3.90			4,517,283	3.41
National Municipal		246,778,226			113,030,007		3.89 — 3.94			148,313,100	4.73

^(a)

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

^(b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at December 31, 2023, 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, 2023.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

Investment Advisory: The 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 services 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
Average Daily Net Assets	New York Municipal			High Yield 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


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		77

Notes to Financial Statements (unaudited) (continued)


	Investment Advisory Fees
Aggregate of Average Daily Net Assets of the Two Combined Funds^(a)	National Municipal			Short-Term 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

^(a)

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 each Fund as follows:


	New York Municipal						High Yield Municipal						National 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, 2023, 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	$	—	$	623,146	$	33,047	$	219,147	$	875,340
High Yield Municipal		—		607,244		—		113,436		720,680
National Municipal		1,467		2,914,126		—		294,376		3,209,969
Short-Term Municipal		—		269,981		5,003		24,431		299,415

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended December 31, 2023, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended December 31, 2023, 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	$	523	$	—	$	858	$	891	$	—	$	12	$	2,284
High Yield Municipal		827		—		1,631		—		525		410		3,393
National Municipal		16,860		71		4,651		—		490		5,675		27,747
Short-Term Municipal		614		—		614		31		31		89		1,379

For the six months ended December 31, 2023, 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	$	232,888	$	—	$	137,824	$	17,282	$	13,878	$	230	$	402,102
High Yield Municipal		280,919		—		121,531		—		9,843		20,291		432,584
National Municipal		1,695,775		497		859,336		—		22,474		44,275		2,622,357
Short-Term Municipal		165,135		—		38,220		3,115		2,311		694		209,475

Other Fees: For the six months ended December 31, 2023, 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	$	1,108
High Yield Municipal		3,296
National Municipal		8,252


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Notes to Financial Statements (unaudited) (continued)


Fund Name	Investor A
Short-Term Municipal	$	249

For the six months ended December 31, 2023, affiliates received CDSCs as follows:


Fund Name	Investor A		Investor C
New York Municipal	$	22,840	$	34
High Yield Municipal		29,432		794
National Municipal		30,397		2,153
Short-Term Municipal		4,550		—

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, 2025. 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, 2023, the amounts waived were as follows:


Fund Name	Fees Waived and/or Reimbursed by the Manager
New York Municipal	$	16,424
High Yield Municipal		33,532
National Municipal		229,816
Short-Term Municipal		1,237

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, 2025. 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, 2023, the Manager waived $82,451 in investment advisory fees pursuant to this arrangement.

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, 2025, 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, 2023, 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 by the Manager
New York Municipal	$	563,247
High Yield Municipal		390,001
National Municipal		1,008,231
Short-Term Municipal		176,144

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, 2023, class specific expense waivers and/or reimbursements were as follows:


	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Service		Investor A		Investor A1		Investor C		Class K		Total
New York Municipal	$	84,980	$	—	$	13,393	$	784	$	2,939	$	232	$	102,328
High Yield Municipal		87,127		—		1,231		—		4,171		20,290		112,819
National Municipal		716,948		204		277,042		—		7,770		45,050		1,047,014
Short-Term Municipal		90,422		—		—		614		1,089		693		92,818

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


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Notes to Financial Statements (unaudited) (continued)

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, 2023, 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: During the year ended December 31, 2023, High Yield Municipal and National Municipal received a reimbursement of $5,419 and $12,317, respectively, from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

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, 2023, 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 Gain (Loss)
Short-Term Municipal	$	—	$	11,926,298	$	—

7.	*PURCHASES AND SALES*

For the six months ended December 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:


Fund Name	Purchases		Sales
New York Municipal	$	185,425,484	$	281,679,267
High Yield Municipal		174,832,363		351,627,660
National Municipal		3,258,909,595		3,979,376,830
Short-Term Municipal		288,134,399		326,895,911

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, 2023, 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, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


Fund Name		Non-Expiring Capital Loss Carryforwards	^(a)
New York Municipal	$	(86,418,874	)
High Yield Municipal		(97,110,272	)
National Municipal		(778,634,910	)
Short-Term Municipal		(21,683,743	)

^(a)

Amounts available to offset future realized capital gains.


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Notes to Financial Statements (unaudited) (continued)

As of December 31, 2023, 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 Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
New York Municipal	$	1,208,056,764	$	107,313,869	$	(127,548,933	)	$	(20,235,064	)
High Yield Municipal		1,613,002,901		47,524,135		(155,396,193	)		(107,872,058	)
National Municipal		8,924,114,111		410,932,223		(296,668,004	)		114,264,219
Short-Term Municipal		536,420,745		7,685,390		(2,554,499	)		5,130,891

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”), is 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 2024 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, 2023, the Funds did not borrow under the credit agreement.

10.

PRINCIPAL RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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

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

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

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

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

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

Valuation Risk: The 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,


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		81

Notes to Financial Statements (unaudited) (continued)

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.

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

Certain Funds invest a 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.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising 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.

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

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


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Notes to Financial Statements (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:


	Six Months Ended 12/31/23						Year Ended 06/30/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts

New York Municipal
Institutional
Shares sold		11,269,285		$	115,278,112			32,406,128		$	335,027,734
Shares issued in reinvestment of distributions		831,911			8,519,554			1,603,853			16,570,892
Shares redeemed		(15,716,835	)		(160,037,947	)		(36,964,555	)		(380,414,331	)


		(3,615,639	)	$	(36,240,281	)		(2,954,574	)	$	(28,815,705	)

Investor A
Shares sold and automatic conversion of shares		3,261,973		$	33,759,455			10,346,524		$	107,423,413
Shares issued in reinvestment of distributions		682,791			6,997,145			1,406,363			14,539,454
Shares redeemed		(7,825,320	)		(80,136,467	)		(16,879,571	)		(174,209,177	)


		(3,880,556	)	$	(39,379,867	)		(5,126,684	)	$	(52,246,310	)

Investor A1
Shares sold		—		$	1,545			—		$	—
Shares issued in reinvestment of distributions		71,234			729,855			141,242			1,459,876
Shares redeemed		(288,603	)		(2,955,443	)		(830,894	)		(8,579,031	)


		(217,369	)	$	(2,224,043	)		(689,652	)	$	(7,119,155	)

Investor C
Shares sold		129,015		$	1,329,775			420,509		$	4,336,131
Shares issued in reinvestment of distributions		46,666			477,769			103,781			1,072,286
Shares redeemed and automatic conversion of shares		(909,992	)		(9,313,345	)		(1,944,163	)		(20,149,277	)


		(734,311	)	$	(7,505,801	)		(1,419,873	)	$	(14,740,860	)

Class K
Shares sold		281,212		$	2,890,822			468,916		$	4,870,303
Shares issued in reinvestment of distributions		12,778			130,891			15,497			160,163
Shares redeemed		(165,432	)		(1,694,603	)		(269,561	)		(2,779,597	)


		128,558		$	1,327,110			214,852		$	2,250,869


		(8,319,317	)	$	(84,022,882	)		(9,975,931	)	$	(100,671,161	)


	Six Months Ended 12/31/23						Year Ended 06/30/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts

High Yield Municipal
Institutional
Shares sold		26,473,976		$	221,956,230			111,362,980		$	984,955,258
Shares issued in reinvestment of distributions		1,444,476			12,269,695			3,144,469			27,603,202
Shares redeemed		(49,867,924	)		(424,744,590	)		(111,018,776	)		(975,425,098	)


		(21,949,472	)	$	(190,518,665	)		3,488,673		$	37,133,362

Investor A
Shares sold and automatic conversion of shares		9,029,646		$	77,036,743			21,894,654		$	194,013,727
Shares issued in reinvestment of distributions		1,098,703			9,294,736			2,224,395			19,470,725
Shares redeemed		(13,896,457	)		(117,480,543	)		(33,735,457	)		(296,812,715	)


		(3,768,108	)	$	(31,149,064	)		(9,616,408	)	$	(83,328,263	)

Investor C
Shares sold		132,677		$	1,143,168			514,995		$	4,534,226
Shares issued in reinvestment of distributions		44,202			374,822			98,158			861,513
Shares redeemed and automatic conversion of shares		(683,533	)		(5,808,644	)		(1,416,304	)		(12,526,652	)


		(506,654	)	$	(4,290,654	)		(803,151	)	$	(7,130,913	)


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)


	Six Months Ended 12/31/23						Year Ended 06/30/23
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts

High Yield Municipal (continued)
Class K
Shares sold		7,440,192		$	63,142,268			27,438,350		$	240,471,769
Shares issued in reinvestment of distributions		737,961			6,263,515			1,553,326			13,630,994
Shares redeemed		(8,480,564	)		(71,789,883	)		(37,176,904	)		(325,251,486	)


		(302,411	)	$	(2,384,100	)		(8,185,228	)	$	(71,148,723	)


		(26,526,645	)	$	(228,342,483	)		(15,116,114	)	$	(124,474,537	)


	Six Months Ended 12/31/23						Year Ended 06/30/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts

National Municipal
Institutional
Shares sold		78,185,962		$	773,753,295			244,446,398		$	2,440,723,410
Shares issued in reinvestment of distributions		5,475,043			54,376,159			10,553,339			105,279,780
Shares redeemed		(109,322,801	)		(1,082,333,004	)		(292,758,167	)		(2,910,047,193	)

		(25,661,796	)	$	(254,203,550	)		(37,758,430	)	$	(364,044,003	)

Service
Shares sold		31		$	430			26,659		$	268,873
Shares issued in reinvestment of distributions		1,707			16,930			4,495			44,820
Shares redeemed		(55,813	)		(560,088	)		(184,205	)		(1,832,566	)

		(54,075	)	$	(542,728	)		(153,051	)	$	(1,518,873	)

Investor A
Shares sold and automatic conversion of shares		83,565,337		$	814,012,290			259,086,337		$	2,572,636,824
Shares issued in reinvestment of distributions		3,333,825			33,134,995			7,223,524			72,104,094
Shares redeemed		(101,075,575	)		(988,480,981	)		(321,963,496	)		(3,197,402,552	)

		(14,176,413	)	$	(141,333,696	)		(55,653,635	)	$	(552,661,634	)

Investor C
Shares sold		464,103		$	4,611,802			980,208		$	9,799,188
Shares issued in reinvestment of distributions		66,020			656,099			159,468			1,591,332
Shares redeemed and automatic conversion of shares		(1,621,725	)		(16,141,685	)		(3,424,402	)		(34,200,726	)

		(1,091,602	)	$	(10,873,784	)		(2,284,726	)	$	(22,810,206	)

Class K
Shares sold		45,752,366		$	454,184,078			101,861,597		$	1,015,663,294
Shares issued in reinvestment of distributions		5,298,358			52,595,441			10,841,140			108,197,314
Shares redeemed		(101,086,760	)		(997,049,603	)		(144,310,411	)		(1,441,129,318	)

		(50,036,036	)	$	(490,270,084	)		(31,607,674	)	$	(317,268,710	)

		(91,019,922	)	$	(897,223,842	)		(127,457,516	)	$	(1,258,303,426	)


	Six Months Ended 12/31/23						Year Ended 06/30/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts

Short-Term Municipal
Institutional
Shares sold		8,230,020		$	80,053,237			27,952,382		$	272,437,165
Shares issued in reinvestment of distributions		302,581			2,951,647			464,272			4,525,411
Shares redeemed		(13,087,501	)		(127,419,040	)		(47,015,164	)		(459,749,071	)

		(4,554,900	)	$	(44,414,156	)		(18,598,510	)	$	(182,786,495	)

Investor A
Shares sold and automatic conversion of shares		3,949,659		$	38,649,535			14,839,360		$	144,766,174
Shares issued in reinvestment of distributions		296,716			2,896,472			451,773			4,407,135
Shares redeemed		(5,510,011	)		(53,767,240	)		(18,218,805	)		(177,952,916	)

		(1,263,636	)	$	(12,221,233	)		(2,927,672	)	$	(28,779,607	)


84		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 12/31/23						Year Ended 06/30/23
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts

Short-Term Municipal (continued)
Investor A1
Shares sold		1		$	—			—		$	—
Shares issued in reinvestment of distributions		8,712			85,065			13,181			128,594
Shares redeemed		(101,089	)		(986,949	)		(173,253	)		(1,692,017	)


		(92,376	)	$	(901,884	)		(160,072	)	$	(1,563,423	)

Investor C
Shares sold		29,461		$	277,874			442,653		$	4,168,650
Shares issued in reinvestment of distributions		5,415			51,077			6,611			62,359
Shares redeemed and automatic conversion of shares		(192,663	)		(1,818,863	)		(359,060	)		(3,386,085	)

		(157,787	)	$	(1,489,912	)		90,204		$	844,924

Class K
Shares sold		352,293		$	3,437,702			4,566,177		$	44,449,107
Shares issued in reinvestment of distributions		22,135			215,952			48,977			477,254
Shares redeemed		(1,329,274	)		(13,005,176	)		(7,170,154	)		(69,909,390	)

		(954,846	)	$	(9,351,522	)		(2,555,000	)	$	(24,983,029	)

		(7,023,545	)	$	(68,378,707	)		(24,151,050	)	$	(237,267,630	)

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		85

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 14-15, 2023 (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, 2022 through September 30, 2023 (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:

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.

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.

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.


86		2 0 2 3 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

Proxy Results

A Special Meeting of Shareholders was held on November 9, 2023 for shareholders of record on September 11, 2023, to elect trustee nominees for the BlackRock Multi-State Municipal Series Trust (the “Trust”).

Shareholders elected the Trustees(a) as follows:


	Votes For	Votes Against	Votes Abstained
Lorenzo A. Flores	157,754,353	4,943,620	1,327,181
Stayce D. Harris	158,273,711	4,459,919	1,291,524
J. Phillip Holloman	155,586,816	5,535,010	2,903,328
Arthur P. Steinmetz	155,419,703	5,957,521	2,647,930

^(a) Denotes Trust-wide proposal and voting results.

A Special Meeting of Shareholders was held on November 9, 2023 for shareholders of record on September 11, 2023, to elect director nominees for the BlackRock Municipal Bond Fund, Inc. (the “Corporation”).

Shareholders elected the Directors(a) as follows:


	Votes For	Votes Against	Votes Abstained
Lorenzo A. Flores	1,085,651,336	18,152,624	16,131,399
Stayce D. Harris	1,087,270,030	17,234,652	15,430,677
J. Phillip Holloman	1,085,526,296	18,168,164	16,240,899
Arthur P. Steinmetz	1,084,634,679	18,987,501	16,313,179

^(a) Denotes Corporation-wide proposal and voting results.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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.


A D D I T I O N A L I N F O R M A T I O N		87

Additional Information (continued)

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.

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 02114

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10001


88		2 0 2 3 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 (continued)

Fund and Service Providers (continued)

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


A D D I T I O N A L I N F O R M A T I O N		89

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

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PSF		Permanent School Fund

Q-SBLF		Qualified School Bond Loan Fund

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

SAW		State Aid Withholding

SONYMA		State of New York Mortgage Agency

ST		Special Tax

TA		Tax Allocation

VRDN		Variable Rate Demand Note


90		2 0 2 3 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

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-12/23-SAR

(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

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

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

Item 7 –

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

(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.

(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 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(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

(b) Section 906 Certifications are attached

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

BlackRock Municipal Bond Fund, Inc.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Municipal Bond Fund, Inc.

Date: February 23, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Municipal Bond Fund, Inc.

Date: February 23, 2024


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Municipal Bond Fund, Inc.

Date: February 23, 2024

EX-99.CERT 2 d691696dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 Certification Pursuant to Section 302

EX-99. CERT

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

SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Municipal Bond Fund, Inc.;

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:

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;

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;

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

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):

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

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, 2024

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal Bond Fund, Inc

EX-99. CERT

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

SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Municipal Bond Fund, Inc.;

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, 2024

/s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Municipal Bond Fund, Inc.

EX-99.906CERT 3 d691696dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 Certification Pursuant to Section 906

Exhibit 99.906CERT

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

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal Bond Fund, Inc. (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, 2023 (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, 2024

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal Bond Fund, Inc.

Date: February 23, 2024

/s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Municipal Bond Fund, Inc.

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.

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