NPORT-EX 2 NPORT_LCP6_1798262563.htm BlackRock High Yield Municipal Fund

Schedule of Investments (unaudited)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Municipal Bonds

    

Alabama — 1.6%

    

Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48

   $ 945     $ 968,833  

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

Series A, Senior Lien, (AGM), 5.00%, 10/01/44

     365       405,734  

Series D, Sub Lien, 7.00%, 10/01/51

     2,355       2,762,580  

Series D, Sub-Lien, 6.50%, 10/01/53

     3,465       4,014,202  

Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)

     7,155       8,888,943  

Tuscaloosa County Industrial Development Authority, Refunding RB(b)

    

Series A, 4.50%, 05/01/32

     1,250       1,380,575  

Series A, 5.25%, 05/01/44

     7,330       8,329,959  
   

 

 

  
          26,750,826  
Arizona — 2.8%            

Arizona Industrial Development Authority,
RB(b)

    

5.00%, 07/01/45

     1,135       1,211,908  

7.10%, 01/01/55

     4,760       4,698,263  

5.00%, 07/01/55

     1,215       1,274,523  

Series A, 5.00%, 07/01/39

     1,270       1,335,202  

Series A, 5.00%, 12/15/39

     150       168,773  

Series A, 5.00%, 07/01/49

     2,790       2,893,425  

Series A, 5.00%, 07/15/49

     675       740,731  

Series A, 5.00%, 12/15/49

     345       380,145  

Series A, 5.00%, 07/01/54

     1,110       1,146,641  

Series B, 5.13%, 07/01/47

     420       466,032  

Series B, 5.25%, 07/01/51

     570       632,592  

Arizona Industrial Development Authority, Refunding RB(b)

    

Series A, 5.00%, 07/01/26

     760       837,915  

Series A, 5.25%, 07/01/47

     3,235       3,535,370  

Series A, 5.50%, 07/01/52

     2,970       3,191,027  

Florence Town, Inc. Industrial Development Authority, RB, 6.00%, 07/01/43

     1,375       1,461,020  

Glendale Industrial Development Authority, RB

    

5.00%, 05/15/41

     275       302,811  

5.00%, 05/15/56

     1,090       1,186,596  

Industrial Development Authority of the City of Phoenix, RB

    

5.00%, 07/01/54

     1,330       1,499,109  

5.00%, 07/01/59

     655       736,541  

Series A, 5.00%, 07/01/34(b)

     250       257,400  

Series A, 6.50%, 07/01/34(b)

     465       535,261  

Series A, 5.00%, 07/01/36(b)

     1,225       1,357,827  

Series A, 5.00%, 07/01/39(b)

     205       210,400  

Series A, 5.00%, 07/01/41(b)

     1,685       1,848,799  

Series A, 5.00%, 07/01/43

     1,445       1,472,787  

Series A, 6.75%, 07/01/44(b)

     810       943,942  

Series A, 5.25%, 07/01/48(b)

     1,690       1,730,712  

Series A, 5.00%, 07/01/49(b)

     320       326,634  

Series A, 5.00%, 07/01/54(b)

     530       540,139  

Industrial Development Authority of the City of Phoenix, Refunding RB(b)

    

5.00%, 07/01/35

     615       670,303  

5.00%, 07/01/45

         1,500       1,604,880  

Series A, 5.00%, 07/01/35

     295       321,349  
Security  

Par

(000)

     Value  

 

  
Arizona (continued)            

Industrial Development Authority of the County of Pima, RB

    

5.13%, 07/01/39

   $ 700     $ 709,394  

5.25%, 07/01/49

     870       877,230  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 07/01/56(b)

     1,300       1,315,756  

La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b)

     1,340       1,400,581  

Maricopa County Industrial Development Authority, RB(b)

    

5.25%, 10/01/40

     1,255       1,297,030  

5.50%, 10/01/51

     1,255       1,298,285  
   

 

 

  
          46,417,333  
Arkansas(b) — 1.7%            

Arkansas Development Finance Authority, RB

    

AMT, 4.50%, 09/01/49

     17,755       19,312,646  

AMT, 4.75%, 09/01/49

     8,190       9,104,987  
   

 

 

  
      28,417,633  
California — 4.4%            

California Community Housing Agency, RB, M/F Housing, 4.00%, 08/01/47(b)

     5,120       5,290,138  

California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36

     1,665       1,679,069  

California Housing Finance, RB, M/F Housing, Class A, 3.50%, 11/20/35

     5,885       6,711,804  

California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47

     2,560       2,794,854  

California Municipal Finance Authority, RB(b)

    

Series A, 5.50%, 08/01/34

     310       330,758  

Series A, 6.00%, 08/01/44

     655       698,931  

Series A, 6.13%, 08/01/49

     570       607,563  

California Municipal Finance Authority, Refunding RB

    

3.00%, 11/01/48

     2,000       2,032,420  

Series A, 5.00%, 02/01/42

     345       401,031  

California Public Finance Authority, RB, 6.25%, 07/01/54(b)

     5,270       6,012,543  

California School Finance Authority, RB

    

6.65%, 07/01/33

     295       318,311  

6.90%, 07/01/43

     650       698,698  

California Statewide Communities Development Authority, RB(b)

    

5.25%, 12/01/38

     1,420       1,703,446  

5.25%, 12/01/48

     1,000       1,166,080  

City of San Jose California Hotel Tax Revenue, RB

    

6.50%, 05/01/36

     310       311,370  

6.50%, 05/01/42

     760       763,268  

CMFA Special Finance Agency I, RB, M/F Housing, 4.00%, 04/01/56(b)

     9,450       9,858,524  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

4.00%, 08/01/56

     5,000       5,291,750  

Series A, 5.00%, 01/01/54

     1,050       1,204,077  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 3.50%, 06/01/36

     5,860       5,964,367  

Series A-1, 5.00%, 06/01/47

     5,195       5,369,084  

Series A-1, 5.25%, 06/01/47

     945       979,833  

Series A-2, 5.00%, 06/01/47

     3,950       4,082,523  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   1

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

California (continued)

    

Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A,
6.75%, 07/01/61(b)(c)

   $ 4,420     $ 2,342,158  

Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/48

     2,115       2,329,926  

San Francisco City & County Redevelopment Agency Successor Agency, ST, 0.00%, 08/01/43(d)

     3,000       859,320  

San Francisco City & County Redevelopment Agency Successor Agency, TA(b)

    

Series D, 0.00%, 08/01/23(d)

     1,000       906,870  

Sub-Series D, 3.00%, 08/01/21

     500       503,675  

San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(d)

    

Series D, 0.00%, 08/01/26

     580       453,896  

Series D, 0.00%, 08/01/31

         1,155       704,816  
   

 

 

  
          72,371,103  
Colorado — 4.0%            

9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48

     1,565       1,653,563  

Aurora Crossroads Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/40

     1,000       1,082,720  

Series A, 5.00%, 12/01/50

     500       535,650  

Aviation Station North Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/39

     750       805,830  

Series A, 5.00%, 12/01/48

     1,350       1,443,285  

Brighton Crossing Metropolitan District No. 6, GO, Series A, 5.00%, 12/01/50

     500       543,155  

Broadway Station Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/35

     735       782,033  

Series A, 5.13%, 12/01/48

     3,925       4,143,897  

Bromley Park Metropolitan District No. 2, Refunding GO, Sub-Series B, 6.38%, 12/15/47

     937       988,460  

Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)

     820       846,388  

Colorado Educational & Cultural Facilities Authority, RB

    

5.00%, 12/01/33

     450       464,751  

5.00%, 12/01/42

     545       559,094  

Colorado Educational & Cultural Facilities Authority, Refunding RB(b)

    

5.00%, 12/01/40

     115       122,017  

5.00%, 12/01/50

     155       161,315  

5.00%, 12/01/55

     180       186,577  

Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44

     4,620       5,159,939  

Colorado High Performance Transportation Enterprise, RB, 5.00%, 12/31/56

     2,500       2,804,100  

Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49

     1,260       1,329,766  

Copperleaf Metropolitan District No. 3, GO

    

Series A, 5.00%, 12/01/37

     500       525,495  

Series A, 5.13%, 12/01/47

     1,200       1,258,824  

Green Gables Metropolitan District No. 1, Refunding GO, Series A, 5.30%, 12/01/21(e)

     990       1,053,033  

Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50

     2,615       2,798,704  

Home Place Metropolitan District, GO, Series A, 5.75%, 12/01/50

     2,345       2,481,456  

Inspiration Metropolitan District, GO, Series D, 7.50%, 12/15/51

     2,487       2,383,889  
Security  

Par

(000)

     Value  

 

  

Colorado (continued)

    

Jefferson Center Metropolitan District No. 1, RB

    

Series A-2, 4.13%, 12/01/40

   $ 580     $ 586,270  

Series A-2, 4.38%, 12/01/47

     1,000       1,011,210  

Karl’s Farm Metropolitan District No. 2, GO(b)

    

Series A, 5.38%, 12/01/40

     515       547,569  

Series A, 5.63%, 12/01/50

     1,350       1,420,456  

Leyden Rock Metropolitan District No. 10, GO, Series A, 5.00%, 12/01/45

     1,250       1,296,500  

North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48

     760       804,711  

Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49

     2,825       3,021,196  

Palisade Park West Metropolitan District, GO, Series A, 5.13%, 12/01/49

     1,500       1,572,630  

Peak Metropolitan District No. 1, GO, 5.00%, 12/01/51(b)

     650       690,170  

Pomponio Terrace Metropolitan District, GO, Series A, 5.00%, 12/01/49

     1,450       1,510,465  

Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48

     1,240       1,327,718  

Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)

     3,900       4,150,848  

Southlands Metropolitan District No. 1, Refunding GO

    

Series A-1, 5.00%, 12/01/37

     1,115       1,229,700  

Series A-1, 5.00%, 12/01/47

     3,990       4,308,681  

Sterling Ranch Community Authority Board, RB, Series B, Subordinate, 7.13%, 12/15/50

     750       796,117  

Tallyn’s Reach Metropolitan District No. 3, GO, Subordinate, 6.75%, 11/01/38

     698       718,504  

Thompson Crossing Metropolitan District No. 4, Refunding GO

    

5.00%, 12/01/39

     1,400       1,502,270  

5.00%, 12/01/49

     1,480       1,573,151  

Timberleaf Metropolitan District, GO, Series A, 5.75%, 12/01/50

     1,730       1,830,669  

Westcreek Metropolitan District No. 2, GO, Series A, 5.38%, 12/01/48

     800       848,208  

Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/49

     595       605,793  
   

 

 

  
          65,466,777  
Connecticut — 1.1%            

Connecticut Housing Finance Authority, Refunding RB, S/F Housing

    

Series C-2, AMT, 2.00%, 05/15/30

     175       176,110  

Series C-2, AMT, 2.05%, 11/15/30

     500       502,520  

Series C-2, AMT, 2.15%, 11/15/31

     400       401,032  

Connecticut State Health & Educational Facilities Authority, RB(b)

    

Series A, 5.00%, 01/01/45

     825       899,959  

Series A, 5.00%, 01/01/55

     1,100       1,187,175  

Mashantucket Western Pequot Tribe, 7.35%, 07/01/26(f)(g)

         32,631       5,384,030  

Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)

     3,780       3,876,881  

Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(b)

     976       986,457  

Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b)

     2,045       2,087,863  

State of Connecticut, GO, Series A, 4.00%, 04/15/37

     1,800       2,093,580  
   

 

 

  
      17,595,607  
 

 

 

2  

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Delaware — 0.2%

    

County of Kent, RB, Series A, 5.00%, 07/01/58

   $ 1,500     $ 1,616,790  

Delaware State Economic Development Authority, RB, Series A, 5.00%, 06/01/46

     1,000       1,071,960  
   

 

 

  
      2,688,750  
District of Columbia — 1.5%            

District of Columbia Tobacco Settlement Financing Corp., RB, Series B, 0.00%, 06/15/46(d)

         43,620       7,063,561  

District of Columbia Tobacco Settlement Financing Corp., RB, CAB, Series A, 0.00%, 06/15/46(d)

     40,740       8,708,583  

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40

     385       396,388  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Series A, 5.00%, 10/01/53

     3,830       3,978,681  

Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(d)

     3,005       2,564,046  

Series B, Subordinate, 4.00%, 10/01/49

     2,170       2,418,530  
   

 

 

  
          25,129,789  
Florida — 9.3%            

Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44

     1,720       1,930,631  

Boggy Branch Community Development District, SAB, 4.00%, 05/01/51

     1,365       1,382,540  

Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43

     1,220       1,269,032  

Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39

     2,280       2,512,218  

Capital Trust Agency, Inc., RB

    

4.50%, 01/01/35(b)

     2,250       2,419,380  

8.25%, 01/01/44

     445       8,900  

8.25%, 01/01/49

     950       19,000  

5.00%, 07/01/49(b)

     1,280       1,398,605  

5.00%, 01/01/55(b)

     4,350       4,738,237  

Series A, 8.25%, 01/01/49

     —       —  

Series A, 5.00%, 06/15/49(b)

     500       526,395  

Series A, 5.00%, 12/15/49

     300       328,632  

Series A, 5.75%, 06/01/54(b)

     1,925       2,011,490  

Series A, 5.00%, 12/15/54

     260       284,432  

Series B, 0.00%, 01/01/35(d)

     3,585       1,608,195  

Series B, 0.00%, 01/01/60(d)

     64,500       5,003,265  

Celebration Pointe Community Development District, SAB

    

4.00%, 05/01/22(b)

     75       75,657  

4.75%, 05/01/24

     240       248,129  

5.00%, 05/01/34

     1,180       1,236,640  

Charles Cove Community Development District, SAB

    

3.25%, 05/01/25

     300       302,172  

3.75%, 05/01/30

     360       370,656  

4.25%, 05/01/40

     975       1,007,663  

4.38%, 05/01/50

     1,505       1,549,518  

Charlotte County Industrial Development Authority, RB(b)

    

AMT, 5.00%, 10/01/34

     530       594,104  

AMT, 5.00%, 10/01/49

     2,510       2,690,996  

City of Pompano Beach Florida, Refunding RB, 4.00%, 09/01/50

     2,500       2,652,275  

City of Tallahassee Florida, RB, Series A, 5.00%, 12/01/55

     2,600       2,918,864  
Security  

Par

(000)

     Value  

 

  

Florida (continued)

    

Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48

   $ 2,090     $ 2,385,505  

Collier County Industrial Development Authority, Refunding RB, Series A,
8.13%, 05/15/44(b)(f)(g)

     370       285,180  

County of Lake Florida, RB(b)

    

5.00%, 01/15/39

     550       588,302  

5.00%, 01/15/49

     825       868,709  

5.00%, 01/15/54

     830       867,566  

County of Osceola Florida Transportation Revenue, Refunding RB, Sereis A-1, 4.00%, 10/01/54

         2,500       2,736,675  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)

    

Series A-2, 0.00%, 10/01/50

     1,770       635,377  

Series A-2, 0.00%, 10/01/51

     2,125       732,424  

Series A-2, 0.00%, 10/01/52

     2,125       705,861  

Series A-2, 0.00%, 10/01/53

     5,675       1,813,219  

Series A-2, 0.00%, 10/01/54

     2,125       652,651  

County of Palm Beach Florida, RB, 5.00%, 04/01/51(b)

     540       563,009  

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45

     6,530       7,243,925  

Florida Development Finance Corp., RB

    

5.25%, 06/01/55(b)

     2,830       3,128,395  

Class A, 5.13%, 06/15/55(b)

     10,455           10,506,543  

Series A, 5.75%, 06/15/29

     695       748,439  

Series A, 6.00%, 06/15/34

     835       899,070  

Series A, 6.13%, 06/15/44

     3,185       3,407,281  

AMT, 5.00%, 05/01/29(b)

     3,300       3,509,451  

Series A, AMT, 5.00%, 08/01/29(a)(b)

     2,240       2,316,250  

Series B, AMT, 7.38%, 01/01/49(b)

     6,825       6,719,758  

Grand Oaks Community Development District, SAB

    

4.25%, 05/01/40

     915       926,483  

4.50%, 05/01/52

     1,015       1,033,980  

Greater Orlando Aviation Authority, Refunding RB, AMT, 5.00%, 11/15/36

     2,000       2,131,980  

Greeneway Improvement District, SAB, 5.13%, 05/01/43

     1,230       1,265,658  

Hills Minneola Community Development District, SAB(b)

    

4.00%, 05/01/40

     1,025       1,058,835  

4.00%, 05/01/50

     1,500       1,525,965  

Lakewood Ranch Stewardship District, SAB

    

4.00%, 05/01/21

     54       53,797  

3.90%, 05/01/23

     195       198,547  

4.25%, 05/01/25

     80       83,244  

4.25%, 05/01/26

     175       181,617  

4.25%, 05/01/28

     535       578,421  

4.75%, 05/01/29

     955       1,068,416  

4.95%, 05/01/29(b)

     665       751,470  

4.88%, 05/01/35

     265       282,792  

5.00%, 05/01/38

     1,175       1,304,849  

3.75%, 05/01/39(b)

     570       588,941  

5.30%, 05/01/39

     1,090       1,245,194  

5.50%, 05/01/39(b)

     670       774,828  

3.75%, 05/01/40

     525       538,955  

4.88%, 05/01/45

     545       574,752  

5.13%, 05/01/46

     990       1,043,737  

5.10%, 05/01/48

     2,545       2,802,579  

5.45%, 05/01/48

     1,935       2,202,204  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   3

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Florida (continued)

    

Lakewood Ranch Stewardship District, SAB (continued)

    

5.65%, 05/01/48(b)

   $ 1,125     $ 1,296,067  

4.00%, 05/01/49(b)

     355       367,652  

3.90%, 05/01/50

     525       537,878  

Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48

     1,405       1,576,846  

Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(e)

     1,450       1,500,938  

Midtown Miami Community Development District, Refunding SAB

    

Series A, 5.00%, 05/01/29

     1,745       1,815,393  

Series A, 5.00%, 05/01/37

     890       918,240  

Mirada II Community Development District, SAB

    

3.13%, 05/01/31

     500       500,200  

4.00%, 05/01/51

     1,500       1,515,300  

North River Ranch Community Development District, SAB

    

Series A-1, 4.00%, 05/01/40

     845       851,414  

Series A-1, 4.25%, 05/01/51

     1,430       1,446,659  

Series A-2, 4.20%, 05/01/35

     1,220       1,225,868  

Series A-3, 4.75%, 05/01/40

         1,615       1,615,081  

Palm Beach County Health Facilities Authority, Refunding RB, Series A, 7.50%, 06/01/49

     1,000           1,076,400  

Pine Island Community Development District, RB, 0.00%, 11/01/24(d)

     875       735,411  

Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/39

     220       258,201  

Sandridge Community Development District, SAB

    

3.88%, 05/01/31

     730       715,758  

3.88%, 05/01/41

     615       597,805  

4.00%, 05/01/51

     600       573,192  

Santa Rosa Bay Bridge Authority, RB

    

6.25%, 07/01/28(f)(g)

     338       292,952  

(ACA-CBI), 6.25%, 07/01/28

     56       55,936  

Seminole County Industrial Development Authority, Refunding RB

    

5.50%, 11/15/49

     3,025       2,948,346  

5.75%, 11/15/54

     2,420       2,408,311  

Southern Groves Community Development District No. 5, SAB

    

3.38%, 05/01/25

     390       395,257  

4.00%, 05/01/30

     220       232,782  

4.30%, 05/01/40

     875       920,098  

4.50%, 05/01/46

     630       664,121  

Tolomato Community Development District, Refunding SAB

    

Series 2015-2, 6.61%, 05/01/40(c)

     125       87,380  

Series A-2, 4.25%, 05/01/37

     915       969,488  

Tolomato Community Development District, Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40(c)

     50       47,560  

Tolomato Community Development District, SAB(f)(g)

    

3rd Series, 6.65%, 05/01/40

     105       1  

Series 2015-1, 6.61%, 05/01/40(c)

     205       182,784  

Series 2015-3, 6.61%, 05/01/40

     135       1  

Trout Creek Community Development District, SAB

    

5.38%, 05/01/38

     670       760,350  

5.50%, 05/01/49

     1,700       1,913,741  
Security  

Par

(000)

     Value  

 

  

Florida (continued)

    

V-Dana Community Development District,
SAB(b)

    

3.00%, 05/01/25

   $ 300     $ 301,056  

3.50%, 05/01/31

     525       534,461  

4.00%, 05/01/40

     750       766,913  

4.00%, 05/01/51

     1,200       1,209,108  

Viera East Community Development District, Refunding SAB, 5.00%, 05/01/26

     640       667,469  

Village Community Development District No. 10, SAB, 5.13%, 05/01/43

     1,500       1,557,915  

Village Community Development District No. 9, SAB

    

7.00%, 05/01/41

     1,190       1,195,962  

5.50%, 05/01/42

     460       469,177  

West Villages Improvement District, SAB

    

4.25%, 05/01/29

     400       430,128  

4.75%, 05/01/39

     885       962,995  

5.00%, 05/01/50

         1,415       1,538,643  
   

 

 

  
          153,255,698  
Georgia — 1.7%            

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54

     555       647,163  

George L Smith II Congress Center Authority, RB(h)

    

4.00%, 01/01/54

     1,170       1,294,675  

5.00%, 01/01/54(b)

     500       544,635  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     1,020       1,376,266  

Series A, 5.00%, 05/15/36

     1,020       1,383,069  

Series A, 5.00%, 05/15/37

     1,120       1,528,654  

Series A, 5.00%, 05/15/38

     615       848,762  

Series A, 5.00%, 05/15/49

     2,055       2,985,360  

Municipal Electric Authority of Georgia, RB

    

4.00%, 01/01/49

     4,150       4,612,850  

Series A, 5.00%, 01/01/49

     3,235       3,795,496  

Series A, 5.00%, 01/01/59

     525       612,675  

Municipal Electric Authority of Georgia, Refunding RB

    

Subordinate, 5.00%, 01/01/45

     3,000       3,759,120  

Subordinate, 5.00%, 01/01/50

     4,000       4,966,440  
   

 

 

  
      28,355,165  
Guam — 0.2%            

Territory of Guam, Refunding RB

    

5.00%, 11/01/35

     1,100       1,355,112  

5.00%, 11/01/40

     1,545       1,870,902  
   

 

 

  
      3,226,014  
Idaho — 0.4%            

Idaho Health Facilities Authority, Refunding RB

    

3.50%, 09/01/33

     375       390,075  

5.00%, 09/01/37

     1,000       1,103,170  

Idaho Housing & Finance Association, RB(b)

    

5.00%, 12/01/46

     1,000       1,080,520  

Series A, 6.00%, 07/01/39

     370       444,018  

Series A, 6.00%, 07/01/49

     595       698,441  

Series A, 6.00%, 07/01/54

     570       664,210  

Series A, 6.95%, 06/15/55

     1,540       1,597,026  

Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32

     265       266,182  
   

 

 

  
      6,243,642  
Illinois — 7.0%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/38

     655       786,269  

Series A, 5.00%, 12/01/39

     2,095       2,526,025  
 

 

 

4  

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Illinois (continued)

    

Chicago Board of Education, GO (continued)

    

Series A, 5.00%, 12/01/40

   $ 2,750     $ 3,283,307  

Series A, 5.00%, 12/01/41

     5,790       6,913,434  

Series A, 5.00%, 12/01/42

     1,570       1,601,086  

Series C, 5.25%, 12/01/39

     2,250       2,479,095  

Series D, 5.00%, 12/01/46

     3,620       3,919,525  

Series H, 5.00%, 12/01/46

     725       827,733  

Chicago Board of Education, Refunding GO

    

Series A, 5.00%, 12/01/28

     530       646,897  

Series A, 5.00%, 12/01/29

     660       813,153  

Series A, 5.00%, 12/01/30

     2,210       2,711,339  

Series B, 4.00%, 12/01/35

     1,155       1,187,883  

Series C, 5.00%, 12/01/25

     1,220       1,421,727  

Series C, 5.00%, 12/01/30

     1,370       1,630,711  

Series D, 5.00%, 12/01/31

     1,500       1,769,790  

Series G, 5.00%, 12/01/44

     3,700       4,237,462  

Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(d)

     590       547,113  

City of Chicago Illinois, Refunding GO

    

Series A, 5.25%, 01/01/32

     2,315       2,540,388  

Series A, 6.00%, 01/01/38

     3,870       4,670,471  

Series B, 5.43%, 01/01/42

     9,925       10,764,754  

Illinois Finance Authority, RB, Series A, 6.00%, 10/01/48

     1,700       1,780,206  

Illinois Finance Authority, Refunding RB

    

6.00%, 02/01/34

     335       350,725  

4.00%, 09/01/35

     1,000       1,115,920  

4.00%, 09/01/37

     1,000       1,092,540  

4.00%, 09/01/39

     2,000       2,171,300  

4.00%, 09/01/41

     1,250       1,348,050  

6.13%, 02/01/45

     790       818,835  

5.00%, 05/15/56(h)

     815       907,934  

Series C, 5.00%, 02/15/36

     1,805       2,174,213  

Series C, 5.00%, 02/15/41

     3,000       3,568,290  

Metropolitan Pier & Exposition Authority, RB

    

Series A, 5.50%, 06/15/53

     3,925       4,527,330  

Series A, 5.00%, 06/15/57

     4,555       5,277,878  

Metropolitan Pier & Exposition Authority, RB, CAB, Series A, 0.00%, 12/15/52(d)

     8,775       2,969,635  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB(d)

    

Series B, (AGM), 0.00%, 06/15/44

     3,455       1,728,329  

Series B, 0.00%, 12/15/54

         41,770       12,870,172  

Quad Cities Regional Economic Development Authority, Refunding RB, 4.75%, 10/01/32

     675       710,849  

State of Illinois, GO

    

5.50%, 05/01/30

     1,235       1,544,615  

4.00%, 03/01/38

     2,250       2,506,388  

5.00%, 02/01/39

     510       546,363  

4.00%, 03/01/39

     2,100       2,331,042  

5.50%, 05/01/39

     2,460       3,055,222  

4.00%, 03/01/40

     2,300       2,543,455  

Series A, 5.00%, 04/01/35

     1,460       1,567,646  

Series A, 5.00%, 04/01/38

     2,190       2,347,198  
   

 

 

  
          115,132,297  
Indiana — 1.1%            

City of Anderson Indiana, RB, 5.38%, 01/01/40

     1,540       1,568,382  
Security  

Par

(000)

     Value  

 

  

Indiana (continued)

    

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

   $ 525     $ 567,845  

AMT, 7.00%, 01/01/44

     1,270       1,380,376  

City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)

     2,550       2,551,530  

Indiana Finance Authority, RB

    

Series A, AMT, 6.75%, 05/01/39

     2,785       3,455,377  

Series A, AMT, 5.00%, 07/01/44

     370       393,632  

Series A, AMT, 5.00%, 07/01/48

     1,230       1,322,767  

Series A, AMT, 5.25%, 01/01/51

     2,500       2,697,500  

Indiana Finance Authority, Refunding RB, 5.00%, 03/01/22(e)

     725       756,567  

Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b)

     3,175       3,246,469  
   

 

 

  
      17,940,445  
Iowa — 0.7%            

Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48

     2,360       2,668,051  

Iowa Finance Authority, Refunding RB, Series A, 5.25%, 12/01/50(a)

     595       637,340  

Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51

     3,000       3,318,330  

Iowa Tobacco Settlement Authority, Refunding RB

    

Series C, 5.38%, 06/01/38

     3,075       3,112,607  

Series C, 5.50%, 06/01/42

     2,030       2,054,644  
   

 

 

  
      11,790,972  
Kentucky — 0.2%            

Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24(d)

     250       241,035  

Kentucky Public Transportation Infrastructure Authority, RB, Series A, 6.00%, 07/01/53

     3,000       3,304,290  
   

 

 

  
      3,545,325  
Louisiana — 1.8%            

Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b)

     3,055       2,932,861  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b)

     1,990       2,027,909  

Louisiana Public Facilities Authority, RB(b)

    

5.00%, 06/01/41

     840       888,510  

5.25%, 06/01/51

     1,830       1,944,229  

5.25%, 06/01/60

     3,385       3,567,553  

Series A, 5.00%, 04/01/49

     500       523,830  

Louisiana Public Facilities Authority, Refunding RB, 4.00%, 04/01/50

     12,320       13,931,949  

Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40(b)

     3,160       3,944,438  
   

 

 

  
          29,761,279  
Maryland — 1.2%            

City of Baltimore Maryland, Refunding RB

    

5.00%, 09/01/46

     1,500       1,538,535  

Series A, 4.00%, 09/01/27

     325       338,861  

County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b)

     5,065       5,751,611  

Maryland Economic Development Corp., RB, 5.00%, 07/01/56

     985       1,142,728  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   5

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Maryland (continued)

    

Maryland Economic Development Corp., Refunding RB, 5.00%, 07/01/39

   $ 950     $ 1,014,220  

Maryland Economic Development Corp., TA, 4.00%, 09/01/50

     605       641,052  

Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b)

     8,165       9,172,398  
   

 

 

  
          19,599,405  
Massachusetts — 0.6%            

Massachusetts Development Finance Agency, RB

    

Series B, 0.00%, 11/15/56(d)

     94       13,807  

Series D, 4.00%, 07/01/45

     715       758,322  

Massachusetts Development Finance Agency, Refunding RB

    

4.00%, 10/01/32(b)

     355       382,474  

4.13%, 10/01/42(b)

     855       918,911  

Series A, 5.00%, 07/01/38

     1,200       1,452,900  

Series A, 5.00%, 07/01/39

     3,055       3,687,446  

Series A, 5.00%, 07/01/44

         2,000       2,385,940  
   

 

 

  
      9,599,800  
Michigan — 0.5%            

Advanced Technology Academy, Refunding RB

    

3.50%, 11/01/24

     250       255,720  

3.88%, 11/01/29

     150       158,679  

5.00%, 11/01/34

     400       444,420  

5.00%, 11/01/44

     160       173,389  

City of Detroit Michigan, GO

    

5.00%, 04/01/34

     485       566,320  

5.00%, 04/01/35

     485       564,661  

5.00%, 04/01/36

     340       394,852  

5.00%, 04/01/37

     545       631,175  

5.00%, 04/01/38

     240       277,241  

Kentwood Economic Development Corp., Refunding RB, 5.63%, 11/15/41

     1,000       1,038,530  

Michigan Finance Authority, RB(e)

    

Series C-2, AMT, Senior Lien, 5.00%, 07/01/22

     350       370,265  

Series C-1, Senior Lien, 5.00%, 07/01/22

     800       848,088  

Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48

     2,030       2,420,694  
   

 

 

  
      8,144,034  
Minnesota — 1.0%            

City of Cologne Minnesota,RB, Series A, 5.00%, 07/01/45

     2,065       2,162,530  

City of Deephaven Minnesota, Refunding RB, Series A, 5.25%, 07/01/40

     500       539,010  

City of Minneapolis Minnesota, RB

    

Series A, 5.00%, 07/01/55

     1,405       1,491,422  

Series A, 5.75%, 07/01/55

     3,435       3,779,634  

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     1,925       2,140,619  

Series A, 5.25%, 02/15/53

     3,850       4,579,459  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB 5.00%, 07/01/49

     555       608,213  
Security  

Par

(000)

     Value  

 

  

Minnesota (continued)

    

Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB (continued) 5.00%, 07/01/55

   $ 870     $ 944,777  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 6.63%, 09/01/21(e)

     500       513,160  
   

 

 

  
          16,758,824  
Missouri — 0.8%            

Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 11/15/48

         3,650       4,052,668  

Industrial Development Authority of the City of St. Louis Missouri, Refunding RB

    

Series A, 4.38%, 11/15/35

     1,020       961,024  

Series A, 4.75%, 11/15/47

     1,135       1,066,923  

Kansas City Industrial Development Authority, Refunding RB(b)(f)(g)

    

5.75%, 11/15/36

     1,350       462,985  

6.00%, 11/15/51

     110       37,725  

Kansas City Land Clearance Redevelopment Authority, TA(b)

    

Series B, 4.38%, 02/01/31

     3,245       3,459,786  

Series B, 5.00%, 02/01/40

     1,240       1,319,000  

Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42

     2,200       2,240,788  
   

 

 

  
      13,600,899  
Nebraska — 0.6%            

Central Plains Energy Project, RB, 5.00%, 09/01/42

     780       830,021  

Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/42

     6,090       8,569,909  
   

 

 

  
      9,399,930  
Nevada — 0.3%            

City of Las Vegas Nevada Special Improvement District No. 815, SAB, 5.00%, 12/01/49

     810       892,409  

County of Clark Nevada, Refunding SAB

    

4.00%, 08/01/22

     495       517,131  

4.00%, 08/01/23

     305       318,594  

Tahoe-Douglas Visitors Authority, RB

    

5.00%, 07/01/40

     825       948,519  

5.00%, 07/01/45

     1,025       1,164,472  

5.00%, 07/01/51

     1,100       1,238,820  
   

 

 

  
      5,079,945  
New Hampshire — 1.0%            

New Hampshire Business Finance Authority, RB

    

Series A, 4.13%, 08/15/40

     1,435       1,448,833  

Series A, 4.25%, 08/15/46

     1,610       1,614,379  

Series A, 4.50%, 08/15/55

     3,350       3,359,782  

New Hampshire Business Finance Authority, Refunding RB

    

4.00%, 01/01/41

     2,200       2,410,694  

Series B, 4.63%, 11/01/42(b)

     4,650       4,827,584  

Series C, AMT, 4.88%, 11/01/42(b)

     2,515       2,624,604  
   

 

 

  
      16,285,876  
New Jersey — 4.6%            

Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44

     5,750       6,033,130  
 

 

 

6  

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

New Jersey (continued)

    

Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24

   $ 1,150     $ 1,195,828  

New Jersey Economic Development Authority, RB

    

4.00%, 11/01/38

     1,455       1,620,826  

4.00%, 11/01/39

     1,165       1,294,233  

6.00%, 10/01/43

     970       1,071,414  

Series A, 5.00%, 07/01/32

     235       247,208  

Series A, 5.00%, 07/01/37

     375       389,310  

Series A, 5.00%, 01/01/48

     1,110       1,146,242  

Series A, 5.25%, 11/01/54(b)

     3,955       3,960,418  

Series B, 5.00%, 06/15/43

     3,755       4,437,284  

Series EEE, 5.00%, 06/15/43

     5,550       6,544,782  

AMT, 5.13%, 09/15/23

     1,520       1,617,341  

AMT, 5.38%, 01/01/43

     1,360       1,501,331  

Series B, AMT, 6.50%, 04/01/31

         2,750       2,929,383  

New Jersey Health Care Facilities Financing Authority, Refunding RB

    

5.00%, 07/01/32

     1,140       1,381,372  

5.00%, 07/01/33

     1,450       1,751,310  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.25%, 06/15/41

     1,265       1,441,936  

Series AA, 5.00%, 06/15/44

     1,005       1,107,560  

Series BB, 4.00%, 06/15/50

     10,940           11,915,629  

Series BB, 5.00%, 06/15/50

     8,560       9,989,263  

Series S, 5.25%, 06/15/43

     4,095       4,952,002  

New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36

     1,195       1,439,676  

South Jersey Port Corp., RB, Series B, AMT, 5.00%, 01/01/36

     575       665,568  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     900       1,066,923  

Sub-Series B, 5.00%, 06/01/46

     4,430       5,137,205  
   

 

 

  
      74,837,174  
New Mexico — 0.1%            

New Mexico Hospital Equipment Loan Council, Refunding RB, 5.50%, 07/01/42

     2,030       2,143,132  
   

 

 

  
New York — 6.5%            

Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b)

     1,215       1,346,925  

Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48

     4,475       4,585,085  

City of New York Water & Sewer System, RB, 3rd Series, 5.40%, 01/01/22(a)(f)(g)

     208       187,423  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     3,210       3,238,184  

Huntington Local Development Corp., RB, 5.25%, 07/01/56

     585       607,183  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 4.75%, 11/15/45

     4,115       4,847,182  

Series C-1, 5.00%, 11/15/50

     1,340       1,604,342  

Series C-1, 5.25%, 11/15/55

     1,980       2,407,007  

Monroe County Industrial Development Corp., Refunding RB, 4.00%, 12/01/39

     1,200       1,381,164  

New York City Industrial Development Agency, Refunding RB

    

Class A, (AGM), 3.00%, 01/01/37

     755       801,591  

Class A, (AGM), 2.00%, 01/01/38

     3,000       2,865,570  

Class A, (AGM), 3.00%, 01/01/39

     755       797,439  
Security  

Par

(000)

     Value  

 

  

New York (continued)

    

New York City Industrial Development Agency, Refunding RB (continued)

    

Class A, (AGM), 3.00%, 01/01/40

   $ 525     $ 554,573  

Class A, (AGM), 3.00%, 01/01/46

     2,450       2,535,407  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 6.25%, 06/01/41(b)

     8,000       8,101,200  

Series A, 5.00%, 06/01/42

     4,520       4,558,149  

Series A, 5.00%, 06/01/45

     1,695       1,709,255  

New York Counties Tobacco Trust VI, Refunding RB

    

Series A-2-B, 5.00%, 06/01/45

     4,010       4,270,209  

Series A-2-B, 5.00%, 06/01/51

     6,865       7,181,133  

New York Liberty Development Corp., Refunding RB(b)

    

Series 1, Class 1, 5.00%, 11/15/44

     15,115       16,503,313  

Series 2, Class 2, 5.15%, 11/15/34

     450       498,870  

Series 2, Class 2, 5.38%, 11/15/40

     1,070       1,198,282  

New York State Dormitory Authority, Refunding RB(b)

    

5.00%, 12/01/33

     590       687,787  

5.00%, 12/01/35

     785       909,509  

New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.60%, 11/01/50

     3,750       3,739,537  

New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50

     3,000       3,362,220  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     1,295       1,591,840  

AMT, 4.00%, 01/01/36

     5,000       5,511,000  

AMT, 5.00%, 10/01/40

     3,650       4,436,502  

AMT, 4.00%, 10/31/46

     2,220       2,483,403  

AMT, 4.00%, 04/30/53

         1,145       1,277,980  

New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36

     3,665       4,408,152  

Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b)

     530       554,083  

Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/54

     670       764,624  

Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44

     1,319       1,466,551  

Westchester County Local Development Corp., Refunding RB, 5.13%, 07/01/55

     1,100       1,117,941  

Westchester Tobacco Asset Securitization Corp., Refunding RB

    

Sub-Series C, 4.00%, 06/01/42

     935       1,007,088  

Sub-Series C, 5.13%, 06/01/51

     2,000       2,205,860  
   

 

 

  
          107,303,563  
North Carolina — 0.2%            

North Carolina Turnpike Authority, RB, Senior Lien, 4.00%, 01/01/55

     3,000       3,329,400  
   

 

 

  
North Dakota — 0.1%            

County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58

     1,785       2,117,313  
   

 

 

  
Ohio — 2.3%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55

     5,515       6,210,111  

Cleveland-Cuyahoga County Port Authority, RB

    

4.00%, 07/01/46

     190       218,255  

4.00%, 07/01/51

     260       297,734  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   7

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Ohio (continued)

    

County of Hamilton Ohio, Refunding RB, 5.00%, 01/01/46

   $ 1,435     $ 1,520,325  

County of Hardin Ohio, Refunding RB

    

5.00%, 05/01/30

     620       667,777  

5.25%, 05/01/40

     1,235       1,292,773  

5.50%, 05/01/50

     2,895       3,012,826  

Franklin County Convention Facilities Authority, RB

    

5.00%, 12/01/44

     1,800       2,075,544  

5.00%, 12/01/51

     4,000       4,589,280  

Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b)

     1,890       1,983,574  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

     5,000       5,409,700  

Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)

     1,100       1,083,005  

Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)

     8,980       10,168,144  
   

 

 

  
      38,529,048  
Oklahoma — 1.8%            

Norman Regional Hospital Authority, RB, 4.00%, 09/01/45

     3,565       3,906,634  

Oklahoma Development Finance Authority, RB

    

7.25%, 09/01/51(b)

         14,090       14,184,826  

Series B, 5.00%, 08/15/38

     4,585       5,549,821  

Series B, 5.25%, 08/15/43

     4,130       5,024,228  

Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37

     1,050       1,116,958  
   

 

 

  
          29,782,467  
Oregon — 0.6%            

Medford Hospital Facilities Authority, Refunding RB

    

Series A, 4.00%, 08/15/50

     4,845       5,475,480  

Series A, 5.00%, 08/15/50

     2,000       2,504,280  

Oregon State Facilities Authority, RB(b)

    

Series A, 5.00%, 06/15/49

     915       862,872  

Series A, 5.25%, 06/15/55

     505       486,724  
   

 

 

  
      9,329,356  
Pennsylvania — 1.9%            

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB

    

Series A, 5.00%, 05/01/35

     1,185       1,229,307  

Series A, 5.00%, 05/01/42

     2,730       2,817,415  

Berks County Industrial Development Authority, Refunding RB, 4.00%, 11/01/47

     2,260       2,103,744  

Berks County Municipal Authority, Refunding RB

    

Series A, 5.00%, 02/01/31

     750       834,247  

Series A, 5.00%, 02/01/32

     790       880,700  

Bucks County Industrial Development Authority, RB

    

4.00%, 07/01/46

     275       292,534  

4.00%, 07/01/51

     200       212,216  

City of Philadelphia Water & Wastewater Revenue, RB, Series A, 5.00%, 11/01/50

     6,000       7,608,720  

East Hempfield Township Industrial Development Authority, RB

    

5.00%, 07/01/34

     1,000       1,022,110  

5.00%, 07/01/46

     1,750       1,764,000  
Security  

Par

(000)

     Value  

 

  

Pennsylvania (continued)

    

Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49

   $ 880     $ 964,938  

Montgomery County Industrial Development Authority, Refunding RB

    

5.00%, 12/01/46

     1,470       1,597,552  

5.38%, 01/01/50

     1,865       1,881,449  

Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32

     1,120       1,186,550  

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42

     895       1,020,103  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     5,390       5,673,298  
   

 

 

  
          31,088,883  
Puerto Rico — 12.6%            

Children’s Trust Fund, RB(d)

    

Series A, 0.00%, 05/15/57

     63,950       4,406,155  

Series B, 0.00%, 05/15/57

         199,810       10,695,829  

Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(d)

     2,000       181,120  

Commonwealth of Puerto Rico, GO(f)(g)

    

Series A, 5.25%, 07/01/22

     335       291,607  

Series A, 5.00%, 07/01/23

     1,250       1,088,086  

Series A, 5.13%, 07/01/31

     215       187,151  

Series A, 6.00%, 07/01/38

     1,210       1,077,656  

Series B, 5.25%, 07/01/17

     1,060       905,195  

Commonwealth of Puerto Rico, Refunding GO

    

Series A, 5.25%, 07/01/16(f)(g)

     1,135       969,242  

Series A, 5.50%, 07/01/18(f)(g)

     200       170,792  

Series A, 5.50%, 07/01/26

     1,000       827,686  

Series A, 8.00%, 07/01/35(f)(g)

     22,191       17,412,102  

Series A, 5.50%, 07/01/39(f)(g)

     4,285       3,546,634  

Series A, 6.50%, 07/01/40(f)(g)

     2,610       2,254,387  

Series A, 5.00%, 07/01/41(f)(g)

     7,715       6,096,995  

Series C, 6.00%, 07/01/39(f)(g)

     168       149,625  

Series C, 6.50%, 07/01/40(f)(g)

     400       345,500  

Series D, 5.75%, 07/01/41(f)(g)

     385       329,444  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB

    

Series A, Senior Lien, 5.75%, 07/01/37

     1,565       1,653,689  

Series A, Senior Lien, 5.25%, 07/01/42

     4,890       5,137,727  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(b)

    

Series A, Senior Lien, 5.00%, 07/01/35

     4,890       5,729,466  

Series A, Senior Lien, 5.00%, 07/01/47

     8,605       9,952,715  

Puerto Rico Electric Power Authority, RB(f)(g)

    

7.50%, 01/01/22(a)

     4,430       4,100,737  

Series A, 7.25%, 07/01/30

     250       231,422  

Series A, 7.00%, 07/01/33

     8,735       8,085,885  

Series A, 6.75%, 07/01/36

     5,165       4,781,178  

Series A, 7.00%, 07/01/40

     1,000       925,688  

Series A, 5.00%, 07/01/42

     2,315       2,089,227  

Series A, 5.05%, 07/01/42

     1,080       974,672  

Series A, 7.00%, 07/01/43

     775       717,408  

Series A-3, 10.00%, 07/01/19

     748       692,064  

Series B-3, 10.00%, 07/01/19

     748       692,064  

Series C-1, 5.40%, 01/01/18

     2,054       1,853,840  

Series C-2, 5.40%, 07/01/18

     2,054       1,854,140  
 

 

 

8  

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

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)

    

Series C-4, 5.40%, 07/01/20

   $ 208     $ 187,423  

Series CCC, 5.00%, 07/01/22

     715       645,269  

Series CCC, 5.00%, 07/01/25

     620       559,534  

Series CCC, 5.25%, 07/01/26

     590       532,460  

Series CCC, 5.25%, 07/01/28

     1,945       1,687,141  

Series TT, 5.00%, 07/01/25

         3,270           2,951,090  

Series TT, 5.00%, 07/01/26

     455       410,626  

Series TT, 5.00%, 07/01/32

     —       —  

Series WW, 5.50%, 07/01/17

     475       428,675  

Series WW, 5.50%, 07/01/18

     415       374,527  

Series WW, 5.50%, 07/01/19

     335       302,329  

Series WW, 5.38%, 07/01/24

     815       735,516  

Series WW, 5.25%, 07/01/25

     1,940       1,750,800  

Series WW, 5.25%, 07/01/33

     315       284,279  

Series WW, 5.50%, 07/01/38

     415       374,527  

Series XX, 5.25%, 07/01/27

     230       207,569  

Series XX, 5.25%, 07/01/35

     705       636,244  

Series XX, 5.75%, 07/01/36

     200       180,495  

Series XX, 5.25%, 07/01/40

     8,385       7,567,244  

Puerto Rico Electric Power Authority, Refunding RB

    

Series AAA, 5.25%, 07/01/22(f)(g)

     765       690,393  

Series AAA, 5.25%, 07/01/24(f)(g)

     170       153,421  

Series AAA, 5.25%, 07/01/25

     1,865       1,603,900  

Series AAA, 5.25%, 07/01/25(f)(g)

     1,695       1,529,693  

Series AAA, 5.25%, 07/01/28

     2,000       1,720,000  

Series AAA, 5.25%, 07/01/28(f)(g)

     1,655       1,493,594  

Series AAA, 5.25%, 07/01/29(f)(g)

     190       171,470  

Series UU, 1.00%, 07/01/17(a)

     2,520       2,104,732  

Series UU, 1.00%, 07/01/17(a)(f)(g)

     140       114,100  

Series UU, 1.00%, 07/01/18(a)(f)(g)

     125       101,875  

Series UU, 1.00%, 07/01/20(a)(f)(g)

     1,135       947,964  

Series UU, 0.84%, 07/01/31(a)(f)(g)

     1,345       1,123,359  

Series ZZ, 5.00%, 07/01/17(f)(g)

     330       297,816  

Series ZZ, 5.25%, 07/01/19(f)(g)

     1,050       947,598  

Series ZZ, 5.25%, 07/01/21(f)(g)

     90       81,223  

Series ZZ, 5.25%, 07/01/23(f)(g)

     370       318,200  

Series ZZ, 5.25%, 07/01/24

     4,345       3,736,700  

Series ZZ, 5.25%, 07/01/24(f)(g)

     705       636,244  

Series ZZ, 5.25%, 07/01/25(f)(g)

     265       239,156  

Series ZZ, 5.25%, 07/01/26(f)(g)

     85       76,710  

Series ZZ, 5.00%, 07/01/28(f)(g)

     345       311,354  

Puerto Rico Public Buildings Authority, Refunding RB(f)(g)

    

Series F, (GTD), 5.25%, 07/01/24

     1,495       1,438,715  

Series G, (GTD), 4.75%, 07/01/32

     1,230       1,183,692  

Series M, (GTD), 6.25%, 07/01/31

     2,000       1,997,500  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     12,864       13,936,729  

Series A-1, Restructured, 5.00%, 07/01/58

     13,313       14,635,780  

Series A-2, Restructured, 4.33%, 07/01/40

     9,257       9,910,452  

Series A-2, Restructured, 4.54%, 07/01/53

     1,564       1,673,762  

Series A-2, Restructured, 4.78%, 07/01/58

     7,333       7,951,099  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(d)

    

Series A-1, Restructured, 0.00%, 07/01/29

     2,914       2,414,599  

Series A-1, Restructured, 0.00%, 07/01/31

     1,895       1,449,410  

Series A-1, Restructured, 0.00%, 07/01/33

     679       481,092  
Security  

Par

(000)

     Value  

 

  

Puerto Rico (continued)

    

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(d) (continued)

    

Series A-1, Restructured, 0.00%, 07/01/46

   $ 29,376     $ 8,969,080  

Series A-1, Restructured, 0.00%, 07/01/51

     6,487       1,434,795  

Series B-1, Restructured, 0.00%, 07/01/46

     2,066       631,266  
   

 

 

  
          206,730,349  
Rhode Island — 1.2%            

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,005       1,143,208  

Series A, 5.00%, 06/01/40

     5,500       6,106,540  

Series B, 4.50%, 06/01/45

     6,350       6,849,173  

Series B, 5.00%, 06/01/50

           5,650       6,284,778  
   

 

 

  
      20,383,699  
South Carolina — 0.7%            

County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b)

     2,240       2,429,303  

South Carolina Jobs-Economic Development Authority, RB

    

Series A, 5.00%, 11/15/42

     585       641,236  

Series A, 5.00%, 11/15/54

     280       302,212  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

4.00%, 11/15/27

     670       704,626  

Series A, 5.00%, 05/01/48

     5,825       6,792,940  
   

 

 

  
      10,870,317  
Tennessee — 0.9%            

Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44

     410       463,431  

Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b)(f)(g)

     4,060       1,219,795  

Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36

     560       654,002  

Memphis-Shelby County Industrial Development Board, Refunding TA

    

Series A, 5.50%, 07/01/37

     1,650       1,668,942  

Series A, 5.63%, 01/01/46

     1,875       1,870,537  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40

     925       1,091,056  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49

     1,635       1,703,278  

Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Refunding RB, Series A, 5.25%, 10/01/58

     5,335       6,075,711  

Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b)

     500       563,005  
   

 

 

  
      15,309,757  
Texas — 5.0%            

Arlington Higher Education Finance Corp., RB

    

5.00%, 01/15/51

     2,045       2,126,166  

5.63%, 08/15/54(b)

     6,260       6,475,970  

Series A, 5.88%, 03/01/24

     340       361,876  

Series A, 4.63%, 08/15/46

     830       833,353  

Arlington Higher Education Finance Corp., Refunding RB, 5.00%, 08/15/51

     1,000       1,054,570  

Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39

     1,610       1,666,849  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   9

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Texas (continued)

    

Central Texas Regional Mobility Authority, Refunding RB, 0.00%, 01/01/31(d)

   $ 4,000     $ 3,268,960  

Central Texas Regional Mobility Authority, Refunding RB, CAB(d)

    

0.00%, 01/01/28

     3,000       2,698,770  

0.00%, 01/01/29

     500       436,370  

0.00%, 01/01/30

     1,330       1,122,560  

City of Houston Texas Airport System Revenue, RB, AMT, 5.00%, 07/15/28

     2,725       3,224,819  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

     615       712,170  

City of Houston Texas Airport System Revenue, Refunding RB

    

Series A, AMT, 6.63%, 07/15/38

     1,110       1,129,125  

Series C, AMT, 5.00%, 07/15/27

     3,925       4,541,853  

Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42

     3,380       3,546,127  

Harris County Cultural Education Facilities Finance Corp., Refunding RB

    

Series A, 5.00%, 01/01/38

     510       530,477  

Series A, 5.00%, 01/01/43

     520       534,856  

Series A, 5.13%, 01/01/48

     1,535       1,572,607  

Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(d)

     350       132,171  

Hemphill County Hospital District, GO

    

4.63%, 02/01/39

     1,500       1,433,190  

4.75%, 02/01/45

     2,500       2,332,625  

Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51

     1,400       1,463,882  

Houston Higher Education Finance Corp., Refunding RB, 6.50%, 05/15/21(e)

     535       538,809  

Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)

     1,385       1,470,801  

New Hope Cultural Education Facilities Finance Corp., RB

    

5.00%, 08/15/39(b)

     420       437,900  

5.00%, 08/15/49(b)

     825       849,932  

Series A, 5.88%, 04/01/23(e)

     890       989,680  

Series A, 6.00%, 04/01/23(e)

     1,355       1,510,120  

Series A, 10.00%, 12/01/25(b)

     3,165       3,150,124  

Series A, 5.00%, 07/01/57

         3,000       3,127,050  

New Hope Cultural Education Facilities Finance Corp., Refunding RB(b)

    

Series A, 5.00%, 08/15/36

     2,520       2,537,464  

Series A, 5.00%, 08/15/46

     695       698,732  

Newark Higher Education Finance Corp., RB

    

5.00%, 06/15/48

     1,500       1,526,520  

Series A, 5.50%, 08/15/35(b)

     375       430,365  

Series A, 5.75%, 08/15/45(b)

     735       834,372  

Port Beaumont Navigation District, Refunding RB, Series A, AMT, 4.00%, 01/01/50(b)

     3,600       3,711,600  

Red River Health Facilities Development Corp., RB

    

5.13%, 01/01/41

     600       604,704  

7.25%, 12/15/42(f)(g)

     1,330       879,883  

Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48

     8,560           10,231,169  

Texas Transportation Commission, RB, CAB(d) 0.00%, 08/01/46

     2,580       863,861  
Security  

Par

(000)

     Value  

 

  

Texas (continued)

    

Texas Transportation Commission, RB, CAB(d) (continued)

    

0.00%, 08/01/47

   $ 3,850     $ 1,226,880  

0.00%, 08/01/48

     4,070       1,231,704  

0.00%, 08/01/49

     3,825       1,098,349  

0.00%, 08/01/50

     5,485       1,486,106  

0.00%, 08/01/51

     3,230       826,848  

0.00%, 08/01/52

     3,230       780,659  

0.00%, 08/01/53

     290       66,268  
   

 

 

  
      82,309,246  
Utah(b) — 0.1%            

Utah Charter School Finance Authority, RB

    

Series A, 5.00%, 06/15/41

     590       644,321  

Series A, 5.00%, 06/15/52

     750       801,945  
   

 

 

  
      1,446,266  
Vermont(b) — 0.4%            

East Central Vermont Telecommunications District, RB

    

Series A, 4.75%, 12/01/40

     2,850       2,901,955  

Series A, 4.50%, 12/01/50

     3,000       3,009,480  
   

 

 

  
      5,911,435  
Virginia — 1.0%            

Hanover County Economic Development Authority, Refunding RB, Series A, 5.00%, 07/01/47

     1,015       1,037,756  

Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50

     1,250       1,318,087  

Lower Magnolia Green Community Development Authority, SAB(b)

    

5.00%, 03/01/35

     490       526,598  

5.00%, 03/01/45

     505       535,916  

Norfolk Redevelopment & Housing Authority, RB

    

Series A, 5.00%, 01/01/49

     1,250       1,315,313  

Series A, 5.25%, 01/01/54

     3,750       3,991,500  

Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45

     830       890,773  

Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48

     2,885       3,029,221  

Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37

         3,360       3,576,048  
   

 

 

  
          16,221,212  
Washington — 0.7%            

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 09/01/42

     1,005       1,019,563  

Washington Economic Development Finance Authority, RB, AMT, 5.63%, 12/01/40(b)

     3,470       3,881,091  

Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44

     885       994,306  

Washington State Housing Finance Commission, RB(b)

    

5.00%, 07/01/50

     620       679,935  

5.00%, 07/01/56

     700       757,806  

Washington State Housing Finance Commission, Refunding RB(b) 5.75%, 01/01/35

     355       380,773  
 

 

 

10  

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Washington (continued)

    

Washington State Housing Finance Commission, Refunding RB(b) (continued)

    

6.00%, 01/01/45

   $ 940     $ 1,005,791  

5.00%, 01/01/48

     2,410       2,717,540  
   

 

 

  
          11,436,805  
Wisconsin — 3.8%            

Public Finance Authority, RB

    

5.00%, 12/01/35(b)

     200       223,246  

5.00%, 06/15/39

     310       359,585  

5.00%, 06/15/41(b)

     925       958,966  

5.00%, 01/01/42(b)

     1,555       1,601,666  

5.00%, 12/01/45(b)

     280       306,135  

6.85%, 11/01/46(b)

     1,325       1,382,637  

7.00%, 11/01/46(b)

     805       845,677  

5.00%, 06/15/49

     955       1,085,434  

5.63%, 06/15/49(b)

     6,000       5,878,620  

5.00%, 04/01/50(b)

     315       356,337  

5.00%, 06/15/53

     645       731,095  

5.00%, 06/15/55(b)

         13,945       13,966,000  

5.00%, 12/01/55(b)

     955       1,036,242  

5.00%, 01/01/56(b)

     3,790       3,847,305  

Series A, 6.25%, 10/01/31(b)

     910       956,738  

Series A, 5.00%, 06/01/40(b)

     750       814,522  

Series A, 5.38%, 06/01/44(b)

     1,215       1,218,220  

Series A, 5.38%, 07/15/47(b)

     1,595       1,762,204  

Series A, 7.00%, 10/01/47(b)

     910       945,344  

Series A, 5.00%, 06/01/49(b)

     1,340       1,431,415  

Series A, 5.63%, 06/15/49(b)

     8,105       8,426,768  

Series A, 5.50%, 06/01/54(b)

     1,500       1,435,365  

Series A-1, 4.50%, 01/01/35(b)

     895       963,557  

Series A-1, 5.50%, 12/01/48(b)(f)(g)

     38       12,653  

Series A-1, 5.00%, 01/01/55(b)

     2,470       2,711,023  

Series B, 0.00%, 01/01/35(b)(d)

     1,230       550,216  

Series B, 0.00%, 01/01/60(b)(d)

     31,635       2,470,377  

Public Finance Authority, Refunding RB(b)

    

5.00%, 03/01/52

     1,300       1,351,792  

Series A, 5.00%, 10/01/34

     280       315,837  

Series A, 5.00%, 10/01/39

     680       754,691  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

5.00%, 11/01/46

     1,130       1,182,488  

5.00%, 11/01/54

     1,880       1,949,203  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47

     740       793,606  
   

 

 

  
      62,624,964  
   

 

 

  

Total Municipal Bonds — 90.2%
(Cost: $1,361,596,784)

       1,484,261,754  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

Georgia — 0.2%            

Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48

     3,140       3,494,380  
   

 

 

  
Illinois — 1.0%            

Illinois Finance Authority, RB, Series A, (AGM), 6.00%, 08/15/41

     2,480       2,530,270  
Security  

Par

(000)

     Value  

 

  

Illinois (continued)

    

Illinois Finance Authority, Refunding RB

    

Series C, 4.00%, 02/15/41

   $ 6,497     $ 7,248,001  

Series C, 4.00%, 02/15/41(e)

     13       14,019  

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40

     5,011       5,758,731  
   

 

 

  
      15,551,021  
Maryland — 1.0%            

Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50

         15,000           17,024,100  
   

 

 

  
Massachusetts — 0.2%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45

     3,464       3,810,702  
   

 

 

  
New York — 6.9%            

Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47(j)

     643       646,727  

New York City Housing Development Corp., RB, M/F Housing

    

Series C-1A, 4.15%, 11/01/39

     3,107       3,244,440  

Series C-1A, 4.20%, 11/01/44

     5,695       5,946,945  

Series C-1A, 4.30%, 11/01/47

     4,660       4,866,590  

New York City Water & Sewer System, Refunding RB, Series HH,
5.00%, 06/15/31(j)

     3,015       3,043,944  

New York Liberty Development Corp., ARB, 5.25%, 12/15/43

     7,725       7,974,989  

New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(j)

     2,520       2,591,482  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60

     3,421       3,906,111  

New York State Dormitory Authority, Refunding RB

    

Series D, 4.00%, 02/15/47

     17,080       19,512,192  

Series E, 5.00%, 03/15/36

     21,670       25,544,813  

New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/46.

     13,005       14,528,926  

Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60

     16,595       18,455,297  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

     2,925       3,413,651  
   

 

 

  
          113,676,107  
North Carolina — 0.2%            

North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(e)

     2,930       3,518,959  
   

 

 

  

Pennsylvania — 1.0%

    

Pennsylvania Economic Development Financing Authority, RB, Series A-1, 4.00%, 04/15/50

     11,000       12,481,260  

Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/42

     3,677       4,479,744  
   

 

 

  
      16,961,004  
Rhode Island — 0.2%            

Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22(e)

     2,641       2,782,143  
   

 

 

  
Texas — 0.2%            

Lower Colorado River Authority, Refunding, RB, 4.00%, 05/15/43

     3,480       3,610,604  
   

 

 

  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   11

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
Virginia — 0.5%            

Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60(j)

   $ 6,249     $ 7,170,421  
   

 

 

  
Washington — 0.8%            

City of Bellingham Washington Water & Sewer Revenue, RB, 5.00%, 08/01/40

     2,998       3,045,921  

Snohomish County Public Utility District No. 1, RB, 5.00%, 12/01/45

           8,664       10,068,737  
   

 

 

  
      13,114,658  
Wisconsin — 0.1%            

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46

     1,774       1,954,859  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 12.3%
(Cost: $190,150,062)

 

     202,668,958  
   

 

 

  

Total Long-Term Investments — 102.5%
(Cost: $1,551,746,846)

         1,686,930,712  
   

 

 

  

 

(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) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(d) 

Zero-coupon bond.

(e) 

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.

(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.

(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 agreements, which expire between May 15, 2021 to February 15, 2047, is $8,056,364.

(k) 

Affiliate of the Fund.

(l) 

Annualized 7-day yield as of period end.

 

 

    Shares        

 

  

Short-Term Securities

    

Money Market Funds — 4.0%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(k)(l)

     65,298,955       65,312,014  
   

 

 

  

Total Short-Term Securities — 4.0%
(Cost: $65,311,594)

       65,312,014  
   

 

 

  

Total Investments — 106.5%
(Cost: $1,617,058,440)

       1,752,242,726  

Other Assets Less Liabilities — 0.6%

       10,261,388  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.1)%

 

     (116,916,252 ) 
   

 

 

  

Net Assets — 100.0%

     $   1,645,587,862  
   

 

 

  

    

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

  
Affiliated Issuer  

Value at

06/30/20

     

Purchases

at Cost

     

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

03/31/21

     

Shares

Held at

03/31/21

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

 

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 93,924,405      $ —        $ (28,611,200 )(a)    $ 2,108      $ (3,299 )    $  65,312,014        65,298,955      $ 8,043      $ —  
         

 

 

     

 

 

    

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

12  

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock High Yield Municipal Fund

 

Fair Value Hierarchy as of Period End

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 the 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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

 

 

  
    Level 1      Level 2                  Level 3      Total  

 

  

Assets

           

Investments

           

Long-Term Investments

           

Municipal Bonds

   $ —      $ 1,484,261,754      $ —      $ 1,484,261,754  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        202,668,958        —        202,668,958  

Short-Term Securities
Money Market Funds

     65,312,014        —        —        65,312,014  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $       65,312,014      $   1,686,930,712      $ —      $   1,752,242,726  
 

 

 

     

 

 

     

 

 

     

 

 

  

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 $116,876,627 are categorized as Level 2 within the fair value hierarchy.

 

Portfolio Abbreviation
AGC    Assured Guaranty Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
CBI    Certificate of Beneficial Interest
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SONYMA    State of New York Mortgage Agency
ST    Special Tax
Portfolio Abbreviation (continued)
TA    Tax Allocation
 

 

 

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