| Schedule of Investments (unaudited) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Municipal Bonds |
||||||||
| Alabama — 1.7% |
||||||||
| Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48 |
$ | 945 | $ | 988,980 | ||||
| County of Jefferson Alabama Sewer Revenue, Refunding RB |
||||||||
| Series A, Senior Lien, (AGM), 5.00%, 10/01/44 |
365 | 399,467 | ||||||
| Series D, Sub Lien, 7.00%, 10/01/51 |
2,355 | 2,723,510 | ||||||
| Series D, Sub-Lien, 6.50%, 10/01/53 |
3,465 | 3,949,719 | ||||||
| Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) |
7,155 | 9,174,785 | ||||||
| Southeast Energy Authority A Cooperative District, RB, |
7,590 | 9,192,325 | ||||||
| Tuscaloosa County Industrial Development Authority, Refunding RB(b) |
||||||||
| Series A, 4.50%, 05/01/32 |
1,161 | 1,268,038 | ||||||
| Series A, 5.25%, 05/01/44 |
6,430 | 7,424,207 | ||||||
|
|
|
|||||||
| 35,121,031 | ||||||||
| American Samoa — 0.1% | ||||||||
| American Samoa Economic Development Authority RB, Series A, 5.00%, 09/01/38(b) |
1,235 | 1,526,312 | ||||||
|
|
|
|||||||
| Arizona — 2.9% | ||||||||
| Arizona Industrial Development Authority RB |
||||||||
| 4.00%, 07/01/41 |
560 | 612,567 | ||||||
| 4.00%, 07/01/51 |
1,555 | 1,660,522 | ||||||
| 4.00%, 07/01/61 |
3,110 | 3,277,287 | ||||||
| Series A, 4.00%, 07/01/51 |
1,555 | 1,716,269 | ||||||
| Series A, 4.00%, 07/01/61 |
3,190 | 3,491,997 | ||||||
| Arizona Industrial Development Authority, RB(b) |
||||||||
| 5.00%, 07/01/45 |
1,135 | 1,234,505 | ||||||
| 7.10%, 01/01/55 |
4,760 | 4,809,314 | ||||||
| 5.00%, 07/01/55 |
1,215 | 1,308,737 | ||||||
| Series A, 5.00%, 07/01/39 |
1,270 | 1,341,806 | ||||||
| Series A, 5.00%, 12/15/39 |
150 | 172,528 | ||||||
| Series A, 5.00%, 07/01/49 |
2,790 | 2,924,311 | ||||||
| Series A, 5.00%, 07/15/49 |
675 | 752,841 | ||||||
| Series A, 5.00%, 12/15/49 |
345 | 390,333 | ||||||
| Series A, 5.00%, 07/01/54 |
1,110 | 1,161,293 | ||||||
| Series B, 5.13%, 07/01/47 |
420 | 469,060 | ||||||
| Series B, 5.25%, 07/01/51 |
570 | 637,853 | ||||||
| Arizona Industrial Development Authority, Refunding RB(b) |
||||||||
| Series A, 5.00%, 07/01/26 |
760 | 851,139 | ||||||
| Series A, 5.25%, 07/01/47 |
3,235 | 3,687,221 | ||||||
| Series A, 5.50%, 07/01/52 |
2,970 | 3,203,650 | ||||||
| Florence Town, Inc. Industrial Development Authority, RB, 6.00%, 07/01/43 |
1,375 | 1,454,296 | ||||||
| Glendale Industrial Development Authority, RB |
||||||||
| 5.00%, 05/15/41 |
275 | 319,784 | ||||||
| 5.00%, 05/15/56 |
1,090 | 1,232,855 | ||||||
| Industrial Development Authority of the City of Phoenix, RB |
||||||||
| 5.00%, 07/01/54 |
1,330 | 1,568,402 | ||||||
| 5.00%, 07/01/59 |
655 | 770,568 | ||||||
| Series A, 5.00%, 07/01/34(b) |
250 | 256,092 | ||||||
| Series A, 6.50%, 07/01/34(b) |
465 | 530,807 | ||||||
| Series A, 5.00%, 07/01/36(b) |
1,225 | 1,372,049 | ||||||
| Series A, 5.00%, 07/01/39(b) |
205 | 209,705 | ||||||
| Series A, 5.00%, 07/01/41(b) |
1,685 | 1,870,839 | ||||||
| Series A, 5.00%, 07/01/43 |
1,445 | 1,468,814 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Arizona (continued) | ||||||||
| Industrial Development Authority of the City of Phoenix, RB (continued) |
||||||||
| Series A, 6.75%, 07/01/44(b) |
$ | 810 | $ | 935,453 | ||||
| Series A, 5.25%, 07/01/48(b) |
1,690 | 1,728,228 | ||||||
| Series A, 5.00%, 07/01/49(b) |
320 | 326,602 | ||||||
| Series A, 5.00%, 07/01/54(b) |
530 | 540,653 | ||||||
| Industrial Development Authority of the City of Phoenix, Refunding RB(b) |
||||||||
| 5.00%, 07/01/35 |
615 | 681,042 | ||||||
| 5.00%, 07/01/45 |
1,500 | 1,650,837 | ||||||
| Series A, 5.00%, 07/01/35 |
295 | 329,825 | ||||||
| Industrial Development Authority of the County of Pima, RB |
||||||||
| 5.13%, 07/01/39 |
700 | 726,215 | ||||||
| 5.25%, 07/01/49 |
870 | 896,892 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 07/01/56(b) |
1,300 | 1,425,047 | ||||||
| La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b) |
1,340 | 1,443,877 | ||||||
| Maricopa County Industrial Development Authority, RB(b) |
||||||||
| 5.25%, 10/01/40 |
1,255 | 1,403,103 | ||||||
| 5.50%, 10/01/51 |
1,255 | 1,399,425 | ||||||
| Tempe Industrial Development Authority RB, 4.00%, 12/01/56(c) |
1,260 | 1,342,732 | ||||||
|
|
|
|||||||
| 59,587,375 | ||||||||
| Arkansas(b) — 1.4% | ||||||||
| Arkansas Development Finance Authority, RB |
||||||||
| Series A, AMT, 4.50%, 09/01/49 |
17,755 | 19,387,750 | ||||||
| Series A, AMT, 4.75%, 09/01/49 |
8,190 | 9,147,083 | ||||||
|
|
|
|||||||
| 28,534,833 | ||||||||
| California — 5.7% | ||||||||
| California Community Housing Agency, RB, M/F Housing(b) |
||||||||
| 4.00%, 02/01/56 |
6,310 | 6,758,830 | ||||||
| Series A, 5.00%, 04/01/49 |
690 | 777,954 | ||||||
| Series A-2, 4.00%, 08/01/47 |
4,430 | 4,706,299 | ||||||
| California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 |
1,665 | 1,682,766 | ||||||
| California Educational Facilities Authority, Refunding RB, 2.25%, 04/01/51 |
10,000 | 9,518,700 | ||||||
| California Housing Finance, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35 |
5,843 | 6,763,065 | ||||||
| California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 |
2,560 | 2,812,365 | ||||||
| California Municipal Finance Authority, RB(b) |
||||||||
| Series A, 5.50%, 08/01/34 |
290 | 311,912 | ||||||
| Series A, 6.00%, 08/01/44 |
655 | 706,273 | ||||||
| Series A, 6.13%, 08/01/49 |
570 | 614,608 | ||||||
| California Municipal Finance Authority, Refunding RB |
||||||||
| Series A, 5.00%, 02/01/42 |
345 | 410,660 | ||||||
| Series A, 3.00%, 11/01/48 |
2,000 | 2,082,620 | ||||||
| California Public Finance Authority, RB(b) |
||||||||
| Series A, 6.25%, 07/01/54 |
5,270 | 6,088,009 | ||||||
| Series B-3, 2.13%, 11/15/27 |
4,750 | 4,792,845 | ||||||
| California School Finance Authority, RB |
||||||||
| 6.65%, 07/01/33 |
295 | 320,010 | ||||||
| 6.90%, 07/01/43 |
650 | 703,430 | ||||||
| 1 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| California (continued) |
||||||||
| California Statewide Communities Development Authority, RB(b) |
||||||||
| 5.25%, 12/01/38 |
$ | 1,420 | $ | 1,733,735 | ||||
| 5.25%, 12/01/48 |
1,000 | 1,199,920 | ||||||
| California Statewide Communities Development Authority, SAB, Series 2021-A, 4.00%, 09/02/51 |
2,000 | 2,212,860 | ||||||
| City of San Jose California Hotel Tax Revenue, RB |
||||||||
| 6.50%, 05/01/36 |
310 | 311,423 | ||||||
| 6.50%, 05/01/42 |
760 | 763,420 | ||||||
| CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b) |
9,320 | 9,855,714 | ||||||
| CSCDA Community Improvement Authority RB, Series B, 4.00%, 02/01/57(b) |
2,465 | 2,577,848 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
| 2.65%, 12/01/46 |
3,500 | 3,282,020 | ||||||
| 4.00%, 08/01/56 |
5,000 | 5,300,200 | ||||||
| 3.00%, 12/01/56 |
2,915 | 2,745,726 | ||||||
| 4.00%, 12/01/56 |
4,355 | 4,539,608 | ||||||
| Series A, 5.00%, 01/01/54 |
1,050 | 1,218,305 | ||||||
| Series A-2, 4.00%, 10/01/56 |
8,600 | 9,215,158 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
| Series A-1, 3.50%, 06/01/36 |
4,360 | 4,418,555 | ||||||
| Series A-1, 5.00%, 06/01/47 |
5,195 | 5,339,992 | ||||||
| Series A-1, 5.25%, 06/01/47 |
945 | 973,303 | ||||||
| Series A-2, 5.00%, 06/01/47 |
3,950 | 4,060,245 | ||||||
| Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, |
4,420 | 2,631,801 | ||||||
| Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/48 |
2,115 | 2,287,055 | ||||||
| San Francisco City & County Redevelopment Agency Successor Agency, ST, CAB, 0.00%, 08/01/43(e) |
3,000 | 869,610 | ||||||
| San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(e) |
||||||||
| Series D, 0.00%, 08/01/23 |
1,000 | 924,790 | ||||||
| Series D, 0.00%, 08/01/26 |
580 | 463,727 | ||||||
| Series D, 0.00%, 08/01/31 |
1,155 | 721,344 | ||||||
|
|
|
|||||||
| 116,696,705 | ||||||||
| Colorado — 4.4% | ||||||||
| 9th Avenue Metropolitan District No.2, GO, 5.00%, 12/01/48 |
1,565 | 1,666,850 | ||||||
| Aspen Street Metropolitan District, GO, Series A, 5.13%, 12/01/50 |
1,075 | 1,109,819 | ||||||
| Aurora Crossroads Metropolitan District No.2, GO |
||||||||
| Series A, 5.00%, 12/01/40 |
1,000 | 1,099,000 | ||||||
| Series A, 5.00%, 12/01/50 |
500 | 544,190 | ||||||
| Aviation Station North Metropolitan District No.2, GO |
||||||||
| Series A, 5.00%, 12/01/39 |
750 | 802,035 | ||||||
| Series A, 5.00%, 12/01/48 |
1,350 | 1,432,013 | ||||||
| Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b) |
2,335 | 2,233,147 | ||||||
| Brighton Crossing Metropolitan District No.6, GO, Series A, 5.00%, 12/01/50 |
500 | 546,690 | ||||||
| Broadway Station Metropolitan District No.2, GO |
||||||||
| Series A, 5.00%, 12/01/35 |
735 | 787,626 | ||||||
| Series A, 5.13%, 12/01/48 |
3,925 | 4,166,584 | ||||||
| Bromley Park Metropolitan District No.2, Refunding GO, Sub-Series B, 6.38%, 12/15/47 |
937 | 1,005,691 | ||||||
| Security | Per (000) |
Value | ||||||
|
|
||||||||
| Colorado (continued) |
||||||||
| Cascade Ridge Metropolitan District GOL, 5.00%, 12/01/51 |
$ | 3,000 | $ | 2,976,180 | ||||
| Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(b) |
820 | 860,467 | ||||||
| Clear Creek Transit Metropolitan District No 2, GO |
||||||||
| Series A, 5.00%, 12/01/41. |
575 | 625,778 | ||||||
| Series A, 5.00%, 12/01/50 |
1,000 | 1,085,120 | ||||||
| Colorado Educational & Cultural Facilities Authority, RB |
||||||||
| 5.00%, 12/01/33 |
450 | 463,356 | ||||||
| 5.00%, 12/01/42 |
545 | 559,077 | ||||||
| Colorado Educational & Cultural Facilities Authority, Refunding RB(b) |
||||||||
| 5.00%, 12/01/40 |
115 | 124,492 | ||||||
| 5.00%, 12/01/50 |
155 | 165,227 | ||||||
| 5.00%, 12/01/55 |
180 | 191,254 | ||||||
| Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |
4,620 | 5,262,596 | ||||||
| Colorado High Performance Transportation Enterprise, RB, 5.00%, 12/31/56 |
2,500 | 2,784,700 | ||||||
| Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 |
1,260 | 1,345,277 | ||||||
| Copperleaf Metropolitan District No.3, GO(f) |
||||||||
| Series A, 5.00%, 12/01/22 |
500 | 542,930 | ||||||
| Series A, 5.13%, 12/01/22 |
1,200 | 1,304,772 | ||||||
| E-470 Public Highway Authority, Refunding RB, Series B, 0.38%, 09/01/39(a) |
2,560 | 2,557,430 | ||||||
| Eagle Brook Meadows Metropolitan District No 3 GOL, 5.00%, 12/01/51 |
1,600 | 1,646,576 | ||||||
| Green Gables Metropolitan District No.1, Refunding GO, Series A, 5.30%, 12/01/21(f) |
990 | 1,027,778 | ||||||
| Green Valley Ranch East Metropolitan District No.6, GO, Series A, 5.88%, 12/01/50 |
2,615 | 2,887,169 | ||||||
| Greenways Metropolitan District No 1 GOL, Series A, 4.63%, 12/01/51 |
1,580 | 1,548,985 | ||||||
| Home Place Metropolitan District, GO, Series A, 5.75%, 12/01/50 |
2,345 | 2,568,713 | ||||||
| Horizon Metropolitan District No 2 GOL, 4.50%, 12/01/51(b) |
1,675 | 1,686,423 | ||||||
| Inspiration Metropolitan District, GO, Series D, 7.50%, 12/15/51 |
2,487 | 2,461,757 | ||||||
| Jefferson Center Metropolitan District No.1, RB |
||||||||
| Series A-2, 4.13%, 12/01/40 |
580 | 601,193 | ||||||
| Series A-2, 4.38%, 12/01/47 |
1,000 | 1,038,420 | ||||||
| Karl’s Farm Metropolitan District No.2, GO(b) |
||||||||
| Series A, 5.38%, 12/01/40 |
515 | 564,883 | ||||||
| Series A, 5.63%, 12/01/50 |
1,350 | 1,478,331 | ||||||
| Lanterns Metropolitan District No 2 GOL, Series A, 4.50%, 12/01/50 |
1,810 | 1,757,962 | ||||||
| Leyden Rock Metropolitan District No.10, GO, Series A, 5.00%, 12/01/45 |
1,250 | 1,293,838 | ||||||
| Loretto Heights Community Authority, RB, 4.88%, 12/01/51 |
2,640 | 2,703,466 | ||||||
| North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 |
760 | 809,590 | ||||||
| Palisade Metropolitan District No.2, GO, Subordinate, 7.25%, 12/15/49 |
2,825 | 3,008,851 | ||||||
| Palisade Park West Metropolitan District, GO, Series A, 5.13%, 12/01/49 |
1,500 | 1,594,830 | ||||||
| Pomponio Terrace Metropolitan District, GO, Series A, 5.00%, 12/01/49 |
1,450 | 1,537,131 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
2 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Colorado (continued) |
||||||||
| Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 |
$ | 1,240 | $ | 1,316,892 | ||||
| Pronghorn Valley Metropolitan District GOL, Series A, 4.00%, 12/01/51 |
1,300 | 1,292,564 | ||||||
| Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) |
3,900 | 4,440,657 | ||||||
| Reunion Metropolitan District, RB, Series A, 3.63%, 12/01/44 |
1,045 | 993,785 | ||||||
| Southlands Metropolitan District No.1, Refunding GO |
||||||||
| Series A-1, 5.00%, 12/01/37 |
1,115 | 1,262,481 | ||||||
| Series A-1, 5.00%, 12/01/47 |
3,990 | 4,434,207 | ||||||
| Sterling Ranch Community Authority Board, RB, Series B, Subordinate, 7.13%, 12/15/50 |
750 | 809,355 | ||||||
| Tallyn’s Reach Metropolitan District No.3, GO, Subordinate, 6.75%, 12/15/21(f) |
698 | 727,860 | ||||||
| Thompson Crossing Metropolitan District No.4, Refunding GO |
||||||||
| 5.00%, 12/01/39 |
1,400 | 1,518,986 | ||||||
| 5.00%, 12/01/49 |
1,480 | 1,592,746 | ||||||
| Timberleaf Metropolitan District, GO, Series A, 5.75%, 12/01/50 |
1,730 | 1,895,042 | ||||||
| Waters’ Edge Metropolitan District No.2, GO, 5.00%, 12/01/51 |
2,595 | 2,579,456 | ||||||
| Westcreek Metropolitan District No.2, GO, Series A, 5.38%, 12/01/48 |
800 | 855,920 | ||||||
| Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/49 |
595 | 632,378 | ||||||
|
|
|
|||||||
| 90,810,526 | ||||||||
| Connecticut — 0.6% | ||||||||
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing |
||||||||
| Series C-2, AMT, 2.00%, 05/15/30 |
175 | 176,251 | ||||||
| Series C-2, AMT, 2.05%, 11/15/30 |
500 | 502,615 | ||||||
| Series C-2, AMT, 2.15%, 11/15/31 |
400 | 401,764 | ||||||
| Connecticut State Health & Educational Facilities Authority, RB(b) |
||||||||
| Series A, 5.00%, 01/01/45 |
825 | 899,811 | ||||||
| Series A, 5.00%, 01/01/55 |
1,100 | 1,192,334 | ||||||
| Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) |
3,780 | 3,981,512 | ||||||
| Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(b) |
976 | 1,021,196 | ||||||
| Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b) |
2,045 | 2,322,240 | ||||||
| State of Connecticut, GO, Series A, 4.00%, 04/15/37 |
1,800 | 2,107,674 | ||||||
|
|
|
|||||||
| 12,605,397 | ||||||||
| Delaware — 0.1% | ||||||||
| County of Kent, RB, Series A, 5.00%, 07/01/58 |
1,500 | 1,668,630 | ||||||
| Delaware State Economic Development Authority, RB, Series A, 5.00%, 06/01/46 |
1,000 | 1,087,070 | ||||||
|
|
|
|||||||
| 2,755,700 | ||||||||
| District of Columbia — 1.7% | ||||||||
| District of Columbia Tobacco Settlement Financing Corp., RB, Series B, 0.00%, 06/15/46(e) |
43,620 | 7,734,550 | ||||||
| District of Columbia Tobacco Settlement Financing Corp., RB, CAB(e) |
||||||||
| Series A, 0.00%, 06/15/46 |
40,740 | 9,105,797 | ||||||
| Series C, 0.00%, 06/15/55 |
88,900 | 8,659,749 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| District of Columbia (continued) |
||||||||
| District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |
$ | 385 | $ | 396,419 | ||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |
||||||||
| Series A, 5.00%, 10/01/53 |
3,830 | 3,909,128 | ||||||
| Series B, Subordinate, 4.00%, 10/01/49 |
2,170 | 2,456,592 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll |
||||||||
| Road Revenue, Refunding RB, CAB, Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(e) |
3,005 | 2,568,614 | ||||||
|
|
|
|||||||
| 34,830,849 | ||||||||
| Florida — 9.7% | ||||||||
| Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44 |
1,720 | 1,932,128 | ||||||
| Artisan Lakes East Community Development District Special Assessment |
||||||||
| Series 2021-1, 3.13%, 05/01/41 |
475 | 460,755 | ||||||
| Series 2021-1, 4.00%, 05/01/51 |
450 | 467,397 | ||||||
| Series 2021-2, 3.13%, 05/01/41(b) |
510 | 494,705 | ||||||
| Series 2021-2, 4.00%, 05/01/52(b) |
550 | 570,598 | ||||||
| Boggy Branch Community Development District, SAB, 4.00%, 05/01/51 |
1,365 | 1,411,901 | ||||||
| Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 |
1,220 | 1,262,871 | ||||||
| Brevard County Health Facilities Authority, Refunding RB(b) |
||||||||
| 4.00%, 11/15/45 |
4,040 | 4,085,692 | ||||||
| 4.00%, 11/15/55 |
5,960 | 5,974,542 | ||||||
| Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 |
2,280 | 2,528,657 | ||||||
| Capital Trust Agency, Inc., RB |
||||||||
| 4.50%, 01/01/35(b) |
2,250 | 2,594,317 | ||||||
| 5.00%, 06/01/41(b) |
220 | 252,771 | ||||||
| 8.25%, 01/01/44 |
445 | 8,900 | ||||||
| 8.25%, 01/01/49 |
950 | 19,000 | ||||||
| 5.00%, 07/01/49(b) |
1,270 | 1,427,493 | ||||||
| 5.00%, 01/01/55(b) |
4,350 | 4,893,924 | ||||||
| 5.00%, 06/01/56(b) |
740 | 826,462 | ||||||
| 4.88%, 06/15/56(b) |
6,670 | 6,703,083 | ||||||
| Series A, 5.00%, 06/15/49(b) |
500 | 532,510 | ||||||
| Series A, 5.00%, 12/15/49 |
300 | 338,508 | ||||||
| Series A, 5.75%, 06/01/54(b) |
1,925 | 2,071,839 | ||||||
| Series A, 5.00%, 12/15/54 |
260 | 292,451 | ||||||
| Series B, 0.00%, 01/01/35(e) |
3,570 | 1,776,253 | ||||||
| Series B, 0.00%, 01/01/60(e) |
64,500 | 6,482,250 | ||||||
| Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(e) |
166,025 | 20,316,479 | ||||||
| Celebration Pointe Community Development District, SAB |
||||||||
| 4.00%, 05/01/22(b) |
75 | 75,767 | ||||||
| 4.75%, 05/01/24 |
240 | 248,906 | ||||||
| 5.00%, 05/01/34 |
1,180 | 1,234,009 | ||||||
| Charles Cove Community Development District, SAB |
||||||||
| 3.25%, 05/01/25 |
300 | 304,197 | ||||||
| 3.75%, 05/01/30 |
360 | 377,014 | ||||||
| 4.25%, 05/01/40 |
975 | 1,025,212 | ||||||
| 4.38%, 05/01/50 |
1,505 | 1,571,446 | ||||||
| Charlotte County Industrial Development Authority, RB(b) |
||||||||
| AMT, 5.00%, 10/01/34 |
530 | 591,825 | ||||||
| AMT, 5.00%, 10/01/49 |
2,510 | 2,731,959 | ||||||
| 3 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Florida (continued) |
||||||||
| City of Tallahassee Florida, RB, Series A, 5.00%, 12/01/55 |
$ | 2,600 | $ | 2,943,798 | ||||
| Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48 |
2,090 | 2,474,999 | ||||||
| Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(g)(h) |
370 | 285,180 | ||||||
| County of Lake Florida, RB(b) |
||||||||
| 5.00%, 01/15/39 |
550 | 619,295 | ||||||
| 5.00%, 01/15/49 |
825 | 913,300 | ||||||
| 5.00%, 01/15/54 |
830 | 915,208 | ||||||
| County of Osceola Florida Transportation Revenue, Refunding RB, Sereis A-1, 4.00%, 10/01/54 |
2,500 | 2,810,975 | ||||||
| County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e) |
||||||||
| Series A-2, 0.00%, 10/01/50 |
1,770 | 668,122 | ||||||
| Series A-2, 0.00%, 10/01/51 |
2,125 | 769,760 | ||||||
| Series A-2, 0.00%, 10/01/52 |
2,125 | 740,605 | ||||||
| Series A-2, 0.00%, 10/01/53 |
5,675 | 1,901,806 | ||||||
| Series A-2, 0.00%, 10/01/54 |
2,125 | 684,611 | ||||||
| County of Palm Beach Florida, RB, 5.00%, 04/01/51(b) |
540 | 606,647 | ||||||
| Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 |
6,530 | 7,389,348 | ||||||
| Florida Development Finance Corp. RB(b) |
||||||||
| 1.75%, 06/01/26 |
485 | 486,130 | ||||||
| 2.38%, 06/01/27 |
395 | 399,570 | ||||||
| 5.00%, 06/15/31 |
1,630 | 1,819,585 | ||||||
| 5.00%, 06/15/41 |
1,245 | 1,364,097 | ||||||
| 5.00%, 06/15/51 |
1,190 | 1,282,594 | ||||||
| 4.00%, 06/01/55 |
1,450 | 1,598,349 | ||||||
| Florida Development Finance Corp., RB |
||||||||
| 5.25%, 06/01/55(b) |
2,830 | 3,274,565 | ||||||
| Series A, 5.75%, 06/15/29 |
695 | 746,569 | ||||||
| Series A, 6.00%, 06/15/34 |
835 | 896,915 | ||||||
| Series A, 6.13%, 06/15/44 |
3,185 | 3,407,823 | ||||||
| Series A, 5.13%, 06/15/55(b) |
10,455 | 10,782,555 | ||||||
| AMT, 5.00%, 05/01/29(b) |
3,300 | 3,525,522 | ||||||
| AMT, 3.00%, 06/01/32 |
915 | 957,740 | ||||||
| Series A, AMT, 5.00%, 08/01/29(a)(b) |
2,240 | 2,300,928 | ||||||
| Florida Development Finance Corp., Refunding RB, 5.00%, 06/01/51 |
1,135 | 1,296,635 | ||||||
| Gracewater Sarasota Community Development District Special Assessment, 4.00%, 05/01/52(c) |
1,000 | 1,028,640 | ||||||
| Grand Oaks Community Development District, SAB |
||||||||
| 4.25%, 05/01/40 |
915 | 966,743 | ||||||
| 4.50%, 05/01/52 |
1,015 | 1,071,718 | ||||||
| Greater Orlando Aviation Authority, Refunding RB, AMT, 5.00%, 11/15/36 |
2,000 | 2,133,100 | ||||||
| Greeneway Improvement District, SAB, 5.13%, 05/01/43 |
965 | 997,829 | ||||||
| Hills Minneola Community Development District, SAB(b) |
||||||||
| 4.00%, 05/01/40 |
1,025 | 1,070,336 | ||||||
| 4.00%, 05/01/50 |
1,500 | 1,543,545 | ||||||
| Lakewood Ranch Stewardship District, SAB |
||||||||
| 3.90%, 05/01/23 |
195 | 198,563 | ||||||
| 4.25%, 05/01/25 |
80 | 83,283 | ||||||
| 4.25%, 05/01/26 |
175 | 183,706 | ||||||
| 4.25%, 05/01/28 |
535 | 576,136 | ||||||
| 4.95%, 05/01/29(b) |
665 | 747,693 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Florida (continued) |
||||||||
| Lakewood Ranch Stewardship District, SAB (continued) |
||||||||
| 4.88%, 05/01/35 |
$ | 265 | $ | 281,459 | ||||
| 5.00%, 05/01/38 |
1,175 | 1,303,510 | ||||||
| 3.75%, 05/01/39(b) |
570 | 591,500 | ||||||
| 5.50%, 05/01/39(b) |
670 | 773,629 | ||||||
| 3.75%, 05/01/40 |
525 | 553,733 | ||||||
| 4.88%, 05/01/45 |
545 | 572,784 | ||||||
| 5.13%, 05/01/46 |
990 | 1,063,220 | ||||||
| 5.10%, 05/01/48 |
2,545 | 2,799,042 | ||||||
| 5.65%, 05/01/48(b) |
1,125 | 1,293,334 | ||||||
| 4.00%, 05/01/49(b) |
355 | 368,909 | ||||||
| 3.90%, 05/01/50 |
525 | 551,135 | ||||||
| Series 1B, 4.75%, 05/01/29 |
955 | 1,063,784 | ||||||
| Series 1B, 5.30%, 05/01/39 |
1,090 | 1,244,028 | ||||||
| Series 1B, 5.45%, 05/01/48 |
1,935 | 2,198,876 | ||||||
| Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48 |
1,405 | 1,614,148 | ||||||
| Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(f) |
1,450 | 1,450,000 | ||||||
| Midtown Miami Community Development District, Refunding SAB |
||||||||
| Series A, 5.00%, 05/01/29 |
1,745 | 1,819,285 | ||||||
| Series A, 5.00%, 05/01/37 |
890 | 922,405 | ||||||
| Mirada II Community Development District, SAB |
||||||||
| 3.13%, 05/01/31 |
500 | 511,075 | ||||||
| 4.00%, 05/01/51 |
1,500 | 1,557,975 | ||||||
| North River Ranch Community Development District, SAB |
||||||||
| Series A-1, 4.00%, 05/01/40 |
845 | 873,012 | ||||||
| Series A-1, 4.25%, 05/01/51 |
1,430 | 1,478,563 | ||||||
| Series A-2, 4.20%, 05/01/35 |
1,220 | 1,260,443 | ||||||
| Series A-3, 4.75%, 05/01/40 |
1,615 | 1,615,436 | ||||||
| Palm Beach County Health Facilities Authority, Refunding RB, Series A, 7.50%, 06/01/49 |
1,000 | 1,056,240 | ||||||
| Pine Island Community Development District, RB, CAB, 0.00%, 11/01/24(e) |
820 | 744,929 | ||||||
| Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/39 |
220 | 257,536 | ||||||
| Sandridge Community Development District, SAB |
||||||||
| Series A1, 3.88%, 05/01/41 |
615 | 638,401 | ||||||
| Series A1, 4.00%, 05/01/51 |
600 | 619,404 | ||||||
| Series A-2, 3.88%, 05/01/31 |
730 | 755,849 | ||||||
| Santa Rosa Bay Bridge Authority, RB, 6.25%, 07/01/28(g)(h) |
339 | 299,347 | ||||||
| Sawyers Landing Community Development District Special Assessment |
||||||||
| 4.13%, 05/01/41 |
530 | 561,206 | ||||||
| 4.25%, 05/01/53 |
3,520 | 3,698,112 | ||||||
| Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54 |
2,420 | 2,689,515 | ||||||
| Southern Groves Community Development District No.5, SAB |
||||||||
| 3.38%, 05/01/25 |
290 | 296,743 | ||||||
| 4.00%, 05/01/30 |
185 | 200,238 | ||||||
| 4.30%, 05/01/40 |
875 | 939,488 | ||||||
| 4.50%, 05/01/46 |
615 | 659,526 | ||||||
| Tolomato Community Development District, Refunding SAB Series 2015-2, 6.61%, 05/01/40(d) |
125 | 95,974 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 4 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Florida (continued) |
||||||||
| Tolomato Community Development District, Refunding SAB (continued) |
||||||||
| Series A-2, 4.25%, 05/01/37 |
$ | 910 | $ | 974,637 | ||||
| Tolomato Community Development District, Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40(d) |
50 | 48,736 | ||||||
| Tolomato Community Development District, SAB(g)(h) |
||||||||
| 3rd Series, 6.65%, 05/01/40 |
105 | 1 | ||||||
| Series 2015-1, 6.61%, 05/01/40(d) |
205 | 197,716 | ||||||
| Series 2015-3, 6.61%, 05/01/40 |
135 | 1 | ||||||
| Trout Creek Community Development District, SAB |
||||||||
| 5.38%, 05/01/38 |
670 | 751,653 | ||||||
| 5.50%, 05/01/49 |
1,700 | 1,890,604 | ||||||
| V-Dana Community Development District, SAB(b) |
||||||||
| 3.00%, 05/01/25 |
300 | 304,086 | ||||||
| 3.50%, 05/01/31 |
525 | 549,691 | ||||||
| 4.00%, 05/01/40 |
750 | 792,608 | ||||||
| 4.00%, 05/01/51 |
1,200 | 1,246,380 | ||||||
| Viera East Community Development District, Refunding SAB, 5.00%, 05/01/26 |
640 | 655,258 | ||||||
| Village Community Development District No.10, SAB, 5.13%, 05/01/43 |
1,475 | 1,518,394 | ||||||
| Village Community Development District No.9, SAB, 5.50%, 05/01/42 |
450 | 455,409 | ||||||
| West Villages Improvement District, SAB |
||||||||
| 4.25%, 05/01/29 |
400 | 431,616 | ||||||
| 4.75%, 05/01/39 |
885 | 967,995 | ||||||
| 5.00%, 05/01/50 |
1,415 | 1,546,906 | ||||||
|
|
|
|||||||
| 197,955,828 | ||||||||
| Georgia — 1.8% | ||||||||
| Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(f) . |
555 | 649,855 | ||||||
| Main Street Natural Gas Inc RB, Series C, 4.00%, 05/01/52(a) |
8,210 | 9,706,108 | ||||||
| Main Street Natural Gas, Inc., RB |
||||||||
| Series A, 5.00%, 05/15/35 |
1,020 | 1,405,937 | ||||||
| Series A, 5.00%, 05/15/36 |
1,020 | 1,421,707 | ||||||
| Series A, 5.00%, 05/15/37 |
1,120 | 1,577,554 | ||||||
| Series A, 5.00%, 05/15/38 |
615 | 875,754 | ||||||
| Series A, 5.00%, 05/15/49 |
2,055 | 3,087,000 | ||||||
| Municipal Electric Authority of Georgia, RB |
||||||||
| 4.00%, 01/01/49 |
4,150 | 4,587,742 | ||||||
| Series A, 5.00%, 01/01/49 |
3,235 | 3,859,355 | ||||||
| Series A, 5.00%, 01/01/59 |
525 | 618,366 | ||||||
| Municipal Electric Authority of Georgia, Refunding RB |
||||||||
| Series A-R, Subordinate, 5.00%, 01/01/45 |
3,000 | 3,741,990 | ||||||
| Series A-R, Subordinate, 5.00%, 01/01/50 |
4,000 | 4,970,240 | ||||||
| Private Colleges & Universities Authority, Refunding RB, 4.00%, 10/01/50 |
1,155 | 1,331,461 | ||||||
|
|
|
|||||||
| 37,833,069 | ||||||||
| Guam — 0.3% | ||||||||
| Territory of Guam, Refunding RB |
||||||||
| Series A, 5.00%, 11/01/35 |
1,100 | 1,388,189 | ||||||
| Series A, 5.00%, 11/01/40 |
1,545 | 1,914,642 | ||||||
| Series F, 4.00%, 01/01/36(c) |
1,460 | 1,681,511 | ||||||
| Series F, 4.00%, 01/01/42(c) |
1,870 | 2,093,147 | ||||||
|
|
|
|||||||
| 7,077,489 | ||||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Idaho — 0.3% |
||||||||
| Idaho Health Facilities Authority, Refunding RB |
||||||||
| 3.50%, 09/01/33 |
$ | 375 | $ | 398,280 | ||||
| 5.00%, 09/01/37 |
1,000 | 1,120,960 | ||||||
| Idaho Housing & Finance Association, RB(b) |
||||||||
| 5.00%, 12/01/46 |
1,000 | 1,118,590 | ||||||
| Series A, 6.00%, 07/01/39 |
370 | 446,956 | ||||||
| Series A, 6.00%, 07/01/49 |
595 | 705,920 | ||||||
| Series A, 6.00%, 07/01/54 |
570 | 673,529 | ||||||
| Series A, 6.95%, 06/15/55 |
1,540 | 1,672,871 | ||||||
| Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 |
265 | 266,153 | ||||||
|
|
|
|||||||
| 6,403,259 | ||||||||
| Illinois — 6.2% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/38 |
655 | 812,285 | ||||||
| Series A, 5.00%, 12/01/39 |
2,095 | 2,590,153 | ||||||
| Series A, 5.00%, 12/01/40 |
2,750 | 3,389,622 | ||||||
| Series A, 5.00%, 12/01/41 |
5,790 | 7,177,226 | ||||||
| Series A, 5.00%, 12/01/42 |
1,570 | 1,628,137 | ||||||
| Series C, 5.25%, 12/01/39 |
2,250 | 2,487,037 | ||||||
| Series D, 5.00%, 12/01/46 |
3,620 | 3,972,932 | ||||||
| Series H, 5.00%, 12/01/46 |
725 | 846,488 | ||||||
| Chicago Board of Education, Refunding GO |
||||||||
| Series A, 5.00%, 12/01/28 |
530 | 660,566 | ||||||
| Series A, 5.00%, 12/01/30 |
2,210 | 2,782,500 | ||||||
| Series B, 4.00%, 12/01/35 |
1,155 | 1,185,700 | ||||||
| Series C, 5.00%, 12/01/25 |
1,220 | 1,424,265 | ||||||
| Series C, 5.00%, 12/01/30 |
1,370 | 1,652,316 | ||||||
| Series D, 5.00%, 12/01/31 |
1,500 | 1,804,155 | ||||||
| Series G, 5.00%, 12/01/44 |
3,700 | 4,328,519 | ||||||
| Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(e) |
590 | 561,586 | ||||||
| City of Chicago Illinois, Refunding GO |
||||||||
| Series A, 5.25%, 01/01/32 |
2,315 | 2,539,069 | ||||||
| Series A, 6.00%, 01/01/38 |
1,850 | 2,284,158 | ||||||
| Illinois Finance Authority, RB, Series A, 6.00%, 10/01/48 |
1,700 | 1,775,412 | ||||||
| Illinois Finance Authority, Refunding RB |
||||||||
| 6.00%, 02/01/34 |
335 | 350,196 | ||||||
| 4.00%, 09/01/35 |
1,000 | 1,143,100 | ||||||
| 4.00%, 09/01/37 |
1,000 | 1,115,770 | ||||||
| 4.00%, 09/01/39 |
2,000 | 2,227,800 | ||||||
| 4.00%, 09/01/41 |
1,250 | 1,389,875 | ||||||
| 6.13%, 02/01/45 |
790 | 818,859 | ||||||
| 5.00%, 05/15/56 |
815 | 930,282 | ||||||
| Series A, 3.00%, 08/15/48 |
11,350 | 11,900,248 | ||||||
| Series C, 5.00%, 02/15/36 |
1,805 | 2,188,292 | ||||||
| Series C, 5.00%, 02/15/41 |
3,000 | 3,575,610 | ||||||
| Metropolitan Pier & Exposition Authority, RB |
||||||||
| Series A, 5.50%, 06/15/53 |
3,925 | 4,536,711 | ||||||
| Series A, 5.00%, 06/15/57 |
4,555 | 5,309,900 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 12/15/47(c) |
6,325 | 7,020,813 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(e) |
14,050 | 5,010,370 | ||||||
| Quad Cities Regional Economic Development Authority, Refunding RB, 4.75%, 10/01/32 |
675 | 701,332 | ||||||
| State of Illinois, GO |
||||||||
| 5.50%, 05/01/30 |
1,235 | 1,605,463 | ||||||
| 5.00%, 02/01/39 |
510 | 552,769 | ||||||
| 5 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Illinois (continued) |
||||||||
| State of Illinois, GO (continued) |
||||||||
| 5.50%, 05/01/39 |
$ | 2,460 | $ | 3,112,613 | ||||
| Series A, 5.00%, 12/01/25 |
3,000 | 3,517,050 | ||||||
| Series A, 5.00%, 04/01/35 |
1,460 | 1,533,234 | ||||||
| Series A, 4.00%, 03/01/38 |
2,250 | 2,585,002 | ||||||
| Series A, 5.00%, 04/01/38 |
2,190 | 2,293,215 | ||||||
| Series A, 4.00%, 03/01/39 |
2,100 | 2,406,936 | ||||||
| Series A, 4.00%, 03/01/40 |
2,300 | 2,627,865 | ||||||
| Series D, 5.00%, 11/01/24 |
9,450 | 10,711,102 | ||||||
| State of Illinois, Refunding GO, Series A, 5.00%, 10/01/25 |
3,000 | 3,491,910 | ||||||
|
|
|
|||||||
| 126,558,443 | ||||||||
| Indiana — 0.9% | ||||||||
| City of Anderson Indiana, RB, 5.38%, 01/01/40 |
1,540 | 1,592,591 | ||||||
| City of Valparaiso Indiana, RB |
||||||||
| AMT, 6.75%, 01/01/34 |
525 | 573,557 | ||||||
| AMT, 7.00%, 01/01/44 |
1,270 | 1,386,942 | ||||||
| City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b) |
2,550 | 2,553,901 | ||||||
| Indiana Finance Authority, RB |
||||||||
| Series A, AMT, 6.75%, 05/01/39 |
2,785 | 3,638,575 | ||||||
| Series A, AMT, 5.00%, 07/01/44 |
370 | 391,053 | ||||||
| Series A, AMT, 5.00%, 07/01/48 |
1,230 | 1,305,337 | ||||||
| Series A, AMT, 5.25%, 01/01/51 |
2,500 | 2,669,850 | ||||||
| Indiana Finance Authority, Refunding RB, 5.00%, 03/01/22(f) |
725 | 739,515 | ||||||
| Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b) |
3,175 | 3,301,905 | ||||||
|
|
|
|||||||
| 18,153,226 | ||||||||
| Iowa — 0.3% | ||||||||
| Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48 |
2,360 | 2,711,333 | ||||||
| Iowa Finance Authority, Refunding RB, Series A, 5.25%, 12/01/50(a) |
595 | 638,917 | ||||||
| Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51 |
3,000 | 3,327,540 | ||||||
|
|
|
|||||||
| 6,677,790 | ||||||||
| Kansas(b) — 0.2% | ||||||||
| City of Shawnee Kansas, RB |
||||||||
| 5.00%, 08/01/41 |
770 | 826,618 | ||||||
| 5.00%, 08/01/56 |
2,800 | 2,947,140 | ||||||
|
|
|
|||||||
| 3,773,758 | ||||||||
| Kentucky — 0.3% | ||||||||
| City of Hazard Refunding RB, 3.00%, 07/01/46 |
2,500 | 2,599,725 | ||||||
| Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24(e) |
250 | 241,790 | ||||||
| Kentucky Public Transportation Infrastructure Authority, RB, Series A, 6.00%, 07/01/53 |
3,000 | 3,245,310 | ||||||
|
|
|
|||||||
| 6,086,825 | ||||||||
| Louisiana — 1.5% | ||||||||
| Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b) |
3,035 | 2,936,878 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b) |
1,990 | 2,083,212 | ||||||
| Louisiana Public Facilities Authority, RB(b) Series A, 5.00%, 06/01/41 |
990 | 1,072,318 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Louisiana (continued) |
||||||||
| Louisiana Public Facilities Authority, RB(b) (continued) |
||||||||
| Series A, 5.00%, 04/01/49 |
$ | 500 | $ | 529,650 | ||||
| Series A, 5.25%, 06/01/51 |
1,830 | 1,989,375 | ||||||
| Series A, 5.25%, 06/01/60 |
3,385 | 3,660,437 | ||||||
| Louisiana Public Facilities Authority, Refunding RB, 4.00%, 04/01/50 |
12,320 | 14,042,090 | ||||||
| Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40(b) |
3,160 | 4,164,785 | ||||||
|
|
|
|||||||
| 30,478,745 | ||||||||
| Maryland — 1.1% | ||||||||
| City of Baltimore Maryland, Refunding RB |
||||||||
| 5.00%, 09/01/46 |
1,500 | 1,578,915 | ||||||
| Series A, 4.00%, 09/01/27 |
325 | 355,137 | ||||||
| County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b) |
4,965 | 5,836,109 | ||||||
| Maryland Economic Development Corp., RB, 5.00%, 07/01/56 |
985 | 1,186,906 | ||||||
| Maryland Economic Development Corp., Refunding RB, 5.00%, 07/01/39 |
950 | 1,016,823 | ||||||
| Maryland Economic Development Corp., TA, 4.00%, 09/01/50 |
605 | 681,629 | ||||||
| Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b) |
8,165 | 9,346,802 | ||||||
| Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47 |
2,750 | 2,716,918 | ||||||
|
|
|
|||||||
| 22,719,239 | ||||||||
| Massachusetts — 0.6% | ||||||||
| Massachusetts Development Finance Agency, RB |
||||||||
| Series B, 0.00%, 11/15/56(e) |
94 | 65,526 | ||||||
| Series D, 4.00%, 07/01/45 |
715 | 757,907 | ||||||
| Massachusetts Development Finance Agency, Refunding RB |
||||||||
| 4.00%, 10/01/32(b) |
355 | 382,832 | ||||||
| 4.13%, 10/01/42(b) |
855 | 919,741 | ||||||
| 4.00%, 07/01/45 |
560 | 644,011 | ||||||
| 4.00%, 07/01/50 |
1,050 | 1,194,553 | ||||||
| Series A, 5.00%, 07/01/38 |
1,200 | 1,464,288 | ||||||
| Series A, 5.00%, 07/01/39 |
3,055 | 3,723,801 | ||||||
| Series A, 5.00%, 07/01/44 |
2,000 | 2,421,780 | ||||||
|
|
|
|||||||
| 11,574,439 | ||||||||
| Michigan — 0.6% | ||||||||
| Advanced Technology Academy, Refunding RB |
||||||||
| 3.50%, 11/01/24 |
190 | 194,362 | ||||||
| 3.88%, 11/01/29 |
150 | 160,952 | ||||||
| 5.00%, 11/01/34 |
400 | 448,152 | ||||||
| 5.00%, 11/01/44 |
160 | 175,904 | ||||||
| City of Detroit Michigan, GO |
||||||||
| 5.00%, 04/01/34 |
485 | 573,697 | ||||||
| 5.00%, 04/01/35 |
485 | 572,135 | ||||||
| 5.00%, 04/01/36 |
340 | 400,129 | ||||||
| 5.00%, 04/01/37 |
545 | 639,966 | ||||||
| 5.00%, 04/01/38 |
240 | 281,148 | ||||||
| Grand Traverse County Hospital Finance Authority Refunding RB, 3.00%, 07/01/51 |
2,000 | 2,119,760 | ||||||
| Kentwood Economic Development Corp., Refunding RB, 5.63%, 11/15/41 |
1,000 | 1,033,580 | ||||||
| Michigan Finance Authority, RB(f) Series C-2, AMT, Senior Lien, 5.00%, 07/01/22 |
350 | 362,376 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 6 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Michigan (continued) |
||||||||
| Michigan Finance Authority, RB(f) (continued) |
||||||||
| Series C-1, Senior Lien, 5.00%, 07/01/22 |
$ | 800 | $ | 828,776 | ||||
| Michigan Strategic Fund RB, AMT, 4.00%, 10/01/61(a) |
1,355 | 1,506,625 | ||||||
| Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48 |
2,030 | 2,421,790 | ||||||
|
|
|
|||||||
| 11,719,352 | ||||||||
| Minnesota — 0.8% |
||||||||
| City of Cologne Minnesota,RB, Series A, 5.00%, 07/01/45 |
2,065 | 2,177,336 | ||||||
| City of Deephaven Minnesota, Refunding RB, |
||||||||
| Series A, 5.25%, 07/01/40 |
500 | 546,875 | ||||||
| City of Minneapolis Minnesota, RB |
||||||||
| Series A, 5.00%, 07/01/55 |
1,405 | 1,533,684 | ||||||
| Series A, 5.75%, 07/01/55 |
3,435 | 3,984,737 | ||||||
| Duluth Economic Development Authority, Refunding RB |
||||||||
| Series A, 4.25%, 02/15/48 |
1,925 | 2,151,515 | ||||||
| Series A, 5.25%, 02/15/53 |
3,850 | 4,671,937 | ||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB |
||||||||
| 5.00%, 07/01/49 |
555 | 625,807 | ||||||
| 5.00%, 07/01/55 |
870 | 977,558 | ||||||
|
|
|
|||||||
| 16,669,449 | ||||||||
| Mississippi — 0.8% |
||||||||
| Mississippi Home Corp., RB, Series B, (GNMA/FNMA/FHLMC COLL), 2.10%, 12/01/41 |
17,000 | 16,372,870 | ||||||
|
|
|
|||||||
| Missouri — 0.7% |
||||||||
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 11/15/48 |
3,650 | 4,074,604 | ||||||
| Industrial Development Authority of the City of St. Louis Missouri, Refunding RB |
||||||||
| Series A, 4.38%, 11/15/35 |
1,020 | 1,032,026 | ||||||
| Series A, 4.75%, 11/15/47 |
1,135 | 1,136,464 | ||||||
| Kansas City Industrial Development Authority, Refunding RB(b)(g)(h) |
||||||||
| 5.75%, 11/15/36 |
1,350 | 472,500 | ||||||
| 6.00%, 11/15/51 |
110 | 38,500 | ||||||
| Kansas City Land Clearance Redevelopment Authority, TA(b) |
||||||||
| Series B, 4.38%, 02/01/31 |
3,105 | 3,112,142 | ||||||
| Series B, 5.00%, 02/01/40 |
1,240 | 1,265,432 | ||||||
| Plaza at Noah’s Ark Community Improvement District, Refunding RB |
||||||||
| 3.00%, 05/01/25 |
350 | 359,870 | ||||||
| 3.00%, 05/01/26 |
275 | 283,377 | ||||||
| 3.00%, 05/01/30 |
475 | 482,206 | ||||||
| 3.13%, 05/01/35 |
500 | 502,145 | ||||||
| Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42 |
2,200 | 2,302,058 | ||||||
|
|
|
|||||||
| 15,061,324 | ||||||||
| Nebraska — 0.5% |
||||||||
| Central Plains Energy Project, RB, 5.00%, 09/01/42 |
780 | 812,331 | ||||||
| Central Plains Energy Project, Refunding RB, |
||||||||
| Series A, 5.00%, 09/01/42 |
6,090 | 8,775,386 | ||||||
|
|
|
|||||||
| 9,587,717 | ||||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Nevada — 0.2% |
||||||||
| City of Las Vegas Nevada Special Improvement District No.815, SAB, 5.00%, 12/01/49 |
$ | 810 | $ | 918,321 | ||||
| County of Clark Nevada, Refunding SAB |
||||||||
| 4.00%, 08/01/22 |
430 | 441,434 | ||||||
| 4.00%, 08/01/23 |
265 | 272,036 | ||||||
| Tahoe-Douglas Visitors Authority, RB |
||||||||
| 5.00%, 07/01/40 |
825 | 959,813 | ||||||
| 5.00%, 07/01/45 |
1,025 | 1,175,706 | ||||||
| 5.00%, 07/01/51 |
1,100 | 1,248,456 | ||||||
|
|
|
|||||||
| 5,015,766 | ||||||||
| New Hampshire — 0.7% | ||||||||
| New Hampshire Business Finance Authority, RB |
||||||||
| Series A, 4.13%, 08/15/40 |
1,435 | 1,476,141 | ||||||
| Series A, 4.25%, 08/15/46 |
1,610 | 1,644,985 | ||||||
| Series A, 4.50%, 08/15/55 |
3,350 | 3,443,030 | ||||||
| New Hampshire Business Finance Authority, Refunding RB(b) |
||||||||
| Series B, 4.63%, 11/01/42 |
4,650 | 4,849,160 | ||||||
| Series C, AMT, 4.88%, 11/01/42 |
2,515 | 2,633,356 | ||||||
|
|
|
|||||||
| 14,046,672 | ||||||||
| New Jersey — 3.9% | ||||||||
| Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44 |
5,750 | 6,294,583 | ||||||
| Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24 |
1,015 | 1,085,390 | ||||||
| New Jersey Economic Development Authority, RB |
||||||||
| 4.00%, 11/01/38 |
1,455 | 1,667,532 | ||||||
| 4.00%, 11/01/39 |
1,165 | 1,329,475 | ||||||
| 6.00%, 10/01/43 |
970 | 1,058,115 | ||||||
| Series A, 5.00%, 07/01/32 |
235 | 257,555 | ||||||
| Series A, 5.00%, 07/01/37 |
375 | 407,513 | ||||||
| Series A, 5.00%, 01/01/48 |
1,110 | 1,157,197 | ||||||
| Series A, 5.25%, 11/01/54(b) |
3,955 | 4,193,012 | ||||||
| Series B, 5.00%, 06/15/43 |
3,755 | 4,558,570 | ||||||
| Series EEE, 5.00%, 06/15/43 |
5,550 | 6,773,664 | ||||||
| AMT, 5.13%, 09/15/23 |
1,045 | 1,090,499 | ||||||
| AMT, 5.38%, 01/01/43 |
1,360 | 1,487,350 | ||||||
| Series B, AMT, 6.50%, 04/01/31 |
2,585 | 2,796,246 | ||||||
| New Jersey Health Care Facilities Financing Authority, Refunding RB |
||||||||
| 5.00%, 07/01/32 |
1,140 | 1,362,368 | ||||||
| 5.00%, 07/01/33 |
1,450 | 1,731,039 | ||||||
| New Jersey Higher Education Student Assistance Authority, RB |
||||||||
| Series B, AMT, 2.50%, 12/01/40 |
3,660 | 3,775,693 | ||||||
| Series C, AMT, 3.25%, 12/01/51 |
1,700 | 1,702,856 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| Series AA, 5.25%, 06/15/41 |
1,265 | 1,457,052 | ||||||
| Series AA, 5.00%, 06/15/44 |
1,005 | 1,100,937 | ||||||
| Series BB, 4.00%, 06/15/50 |
10,940 | 12,254,660 | ||||||
| Series BB, 5.00%, 06/15/50 |
8,560 | 10,302,902 | ||||||
| Series S, 5.25%, 06/15/43 |
4,095 | 5,099,422 | ||||||
| New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36 |
1,195 | 1,465,966 | ||||||
| South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/36 |
575 | 683,600 | ||||||
| 7 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| New Jersey (continued) |
||||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.25%, 06/01/46 |
$ | 900 | $ | 1,083,402 | ||||
| Sub-Series B, 5.00%, 06/01/46 |
3,175 | 3,741,007 | ||||||
|
|
|
|||||||
| 79,917,605 | ||||||||
| New Mexico — 0.1% | ||||||||
| New Mexico Hospital Equipment Loan Council, Refunding RB, 5.50%, 07/01/42 |
2,030 | 2,102,755 | ||||||
|
|
|
|||||||
| New York — 7.7% | ||||||||
| Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b) |
1,215 | 1,373,169 | ||||||
| Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48 |
4,475 | 4,622,541 | ||||||
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
3,210 | 3,233,433 | ||||||
| Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 |
585 | 638,481 | ||||||
| Metropolitan Transportation Authority, Refunding RB |
||||||||
| Series C-1, 4.75%, 11/15/45 |
4,115 | 4,859,198 | ||||||
| Series C-1, 5.00%, 11/15/50 |
1,340 | 1,593,059 | ||||||
| Series C-1, 5.25%, 11/15/55 |
1,980 | 2,389,523 | ||||||
| Monroe County Industrial Development Corp., Refunding RB, 4.00%, 12/01/39 |
1,200 | 1,391,184 | ||||||
| New York City Housing Development Corp., RB, M/F Housing, Series F-1, (FHA 542(C)), 2.25%, 11/01/41 |
34,100 | 33,385,946 | ||||||
| New York City Industrial Development Agency, Refunding RB |
3,000 | 2,828,130 | ||||||
| Series A, Class A, (AGM), 3.00%, 01/01/37 |
755 | 813,407 | ||||||
| Series A, Class A, (AGM), 3.00%, 01/01/39 |
755 | 809,352 | ||||||
| Series A, Class A, (AGM), 3.00%, 01/01/40 |
525 | 560,721 | ||||||
| New York Counties Tobacco Trust IV, Refunding RB |
||||||||
| Series A, 6.25%, 06/01/41(b) |
7,900 | 8,021,186 | ||||||
| Series A, 5.00%, 06/01/42 |
4,520 | 4,564,929 | ||||||
| Series A, 5.00%, 06/01/45 |
1,695 | 1,711,747 | ||||||
| New York Counties Tobacco Trust VI, Refunding RB |
||||||||
| Series A-2-B, 5.00%, 06/01/45 |
4,010 | 4,338,218 | ||||||
| Series A-2-B, 5.00%, 06/01/51 |
6,865 | 7,251,225 | ||||||
| New York Liberty Development Corp. Refunding RB |
||||||||
| 2.88%, 11/15/46 |
14,320 | 14,431,839 | ||||||
| 3.00%, 11/15/51 |
4,025 | 4,116,891 | ||||||
| New York Liberty Development Corp., Refunding RB(b) |
||||||||
| Series 1, Class 1, 5.00%, 11/15/44 |
15,115 | 16,567,854 | ||||||
| Series 2, Class 2, 5.15%, 11/15/34 |
450 | 506,871 | ||||||
| Series 2, Class 2, 5.38%, 11/15/40 |
1,070 | 1,206,018 | ||||||
| New York State Dormitory Authority, Refunding RB(b) |
||||||||
| 5.00%, 12/01/33 |
590 | 707,345 | ||||||
| 5.00%, 12/01/35 |
785 | 932,910 | ||||||
| New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.60%, 11/01/50 |
3,750 | 3,626,325 | ||||||
| New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 |
3,000 | 3,346,650 | ||||||
| New York Transportation Development Corp., RB |
||||||||
| AMT, 5.00%, 10/01/35 |
1,295 | 1,610,773 | ||||||
| AMT, 4.00%, 01/01/36 |
5,000 | 5,559,800 | ||||||
| AMT, 5.00%, 10/01/40 |
3,650 | 4,468,987 | ||||||
| AMT, 4.00%, 10/31/46 |
2,220 | 2,532,931 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| New York (continued) |
||||||||
| New York Transportation Development Corp., |
$ | 1,145 | $ | 1,291,697 | ||||
| New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 |
3,665 | 4,530,783 | ||||||
| Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b) |
530 | 555,753 | ||||||
| Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/54 |
670 | 773,160 | ||||||
| Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 |
1,320 | 1,446,519 | ||||||
| Westchester County Local Development Corp., Refunding RB, Series A, 5.13%, 07/01/55 |
1,100 | 1,138,654 | ||||||
| Westchester Tobacco Asset Securitization Corp., Refunding RB |
||||||||
| Sub-Series C, 4.00%, 06/01/42 |
850 | 932,169 | ||||||
| Sub-Series C, 5.13%, 06/01/51 |
2,000 | 2,264,880 | ||||||
|
|
|
|||||||
| 156,934,258 | ||||||||
| North Carolina — 0.2% | ||||||||
| North Carolina Turnpike Authority, RB, Senior Lien, 4.00%, 01/01/55 |
3,000 | 3,351,360 | ||||||
|
|
|
|||||||
| North Dakota — 0.4% | ||||||||
| County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 |
1,785 | 2,160,207 | ||||||
| University of North Dakota COP, Series A, (AGM), 2.50%, 06/01/54 |
6,200 | 5,766,310 | ||||||
|
|
|
|||||||
| 7,926,517 | ||||||||
| Ohio — 2.1% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
5,490 | 6,218,633 | ||||||
| Cleveland-Cuyahoga County Port Authority Refunding TA(b) |
||||||||
| 4.00%, 12/01/55 |
940 | 986,370 | ||||||
| 4.50%, 12/01/55 |
1,230 | 1,331,586 | ||||||
| Cleveland-Cuyahoga County Port Authority, RB |
||||||||
| 4.00%, 07/01/46 |
190 | 222,047 | ||||||
| 4.00%, 07/01/51 |
260 | 302,042 | ||||||
| County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46 |
1,435 | 1,568,225 | ||||||
| County of Hardin Ohio, Refunding RB |
||||||||
| 5.00%, 05/01/30 |
620 | 672,266 | ||||||
| 5.25%, 05/01/40 |
1,235 | 1,332,207 | ||||||
| 5.50%, 05/01/50 |
2,895 | 3,116,294 | ||||||
| Franklin County Convention Facilities Authority, RB |
||||||||
| 5.00%, 12/01/44 |
1,800 | 2,092,356 | ||||||
| 5.00%, 12/01/51 |
4,000 | 4,628,080 | ||||||
| Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b) |
1,890 | 2,015,704 | ||||||
| Jefferson County Port Authority RB, AMT, 3.50%, 12/01/51(b) |
4,125 | 4,180,110 | ||||||
| Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) |
5,000 | 5,756,300 | ||||||
| Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) |
1,100 | 1,108,118 | ||||||
| Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b) |
5,980 | 6,753,932 | ||||||
|
|
|
|||||||
| 42,284,270 | ||||||||
| S C H E D U L E O F I N V E S T M E N T S | 8 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Oklahoma — 1.8% |
||||||||
| Norman Regional Hospital Authority, RB, 4.00%, 09/01/45 |
$ | 3,565 | $ | 3,997,399 | ||||
| Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b) |
14,390 | 17,413,915 | ||||||
| Series A-2, 7.25%, 09/01/51(b) |
1,920 | 2,323,469 | ||||||
| Series B, 5.00%, 08/15/38 |
4,585 | 5,502,550 | ||||||
| Series B, 5.25%, 08/15/43 |
4,130 | 5,010,227 | ||||||
| Tulsa Authority for Economic Opportunity TA, 4.38%, 12/01/41(b) |
1,180 | 1,150,075 | ||||||
| Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 |
1,050 | 1,205,830 | ||||||
|
|
|
|||||||
| 36,603,465 | ||||||||
| Oregon — 0.5% | ||||||||
| Medford Hospital Facilities Authority, Refunding RB |
||||||||
| Series A, 4.00%, 08/15/50 |
4,845 | 5,585,849 | ||||||
| Series A, 5.00%, 08/15/50 |
2,000 | 2,484,320 | ||||||
| Oregon State Facilities Authority, RB(b) |
||||||||
| Series A, 5.00%, 06/15/49 |
915 | 968,711 | ||||||
| Series A, 5.25%, 06/15/55 |
505 | 540,153 | ||||||
|
|
|
|||||||
| 9,579,033 | ||||||||
| Pennsylvania — 1.3% | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority, Refunding RB |
||||||||
| Series A, 5.00%, 05/01/35 |
1,185 | 1,218,014 | ||||||
| Series A, 5.00%, 05/01/42 |
2,730 | 2,805,867 | ||||||
| Bucks County Industrial Development Authority, RB |
||||||||
| 4.00%, 07/01/46 |
275 | 305,957 | ||||||
| 4.00%, 07/01/51 |
200 | 220,508 | ||||||
| City of Philadelphia Water & Wastewater Revenue, RB, Series A, 5.00%, 11/01/50 |
6,000 | 7,439,220 | ||||||
| East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/24(f) |
2,750 | 3,104,502 | ||||||
| Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49 |
880 | 975,665 | ||||||
| Montgomery County Industrial Development Authority, Refunding RB |
||||||||
| 5.00%, 12/01/46 |
1,470 | 1,620,793 | ||||||
| 5.38%, 01/01/50 |
1,190 | 1,270,563 | ||||||
| Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |
1,050 | 1,115,446 | ||||||
| Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 |
895 | 1,033,501 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
5,390 | 5,708,064 | ||||||
|
|
|
|||||||
| 26,818,100 | ||||||||
| Puerto Rico — 11.3% | ||||||||
| Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(e) |
135,505 | 9,039,539 | ||||||
| Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(e) |
2,000 | 183,180 | ||||||
| Commonwealth of Puerto Rico GO, Series A, 5.00%, 07/01/23(g)(h) |
1,250 | 1,210,938 | ||||||
| Commonwealth of Puerto Rico
Refunding |
400 | 391,750 | ||||||
| Series A, 5.25%, 07/01/16 |
1,135 | 1,088,453 | ||||||
| Series A, 5.50%, 07/01/26 |
1,000 | 920,000 | ||||||
| Series A, 6.50%, 07/01/40 |
2,610 | 2,556,169 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Puerto Rico (continued) |
||||||||
| Commonwealth of Puerto Rico, GO(g)(h) |
||||||||
| 5.25%, 07/01/17 |
$ | 1,060 | $ | 1,016,528 | ||||
| 5.13%, 07/01/31 |
215 | 208,281 | ||||||
| Series A, 5.25%, 07/01/22 |
335 | 324,531 | ||||||
| Series A, 6.00%, 07/01/38 |
1,210 | 1,185,044 | ||||||
| Commonwealth of Puerto Rico, Refunding GO(g)(h) 6.00%, 07/01/39 |
165 | 161,597 | ||||||
| Series A, 5.50%, 07/01/18 |
200 | 191,798 | ||||||
| Series A, 8.00%, 07/01/35 |
22,191 | 19,038,413 | ||||||
| Series A, 5.50%, 07/01/39 |
4,285 | 3,942,200 | ||||||
| Series A, 5.00%, 07/01/41 |
7,715 | 6,769,912 | ||||||
| Series A, 5.75%, 07/01/41 |
385 | 357,873 | ||||||
| Series C, 6.00%, 07/01/39 |
3 | 2,938 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB(b) |
||||||||
| Series A, 5.00%, 07/01/24(c) |
450 | 478,013 | ||||||
| Series A, 5.00%, 07/01/25(c) |
600 | 649,992 | ||||||
| Series A, 5.00%, 07/01/28(c) |
625 | 709,494 | ||||||
| Series A, 5.00%, 07/01/29(c) |
895 | 1,027,952 | ||||||
| Series A, 5.00%, 07/01/33(c) |
1,840 | 2,249,713 | ||||||
| Series A, 5.00%, 07/01/37(c) |
2,105 | 2,543,303 | ||||||
| Series A, 4.00%, 07/01/42(c) |
2,235 | 2,385,371 | ||||||
| Series A, 4.00%, 07/01/47(c) |
425 | 449,501 | ||||||
| Series B, 5.00%, 07/01/37 |
1,365 | 1,690,866 | ||||||
| Series B, 4.00%, 07/01/42 |
4,660 | 5,285,232 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(b) |
||||||||
| Series A, Senior Lien, 5.00%, 07/01/35 |
4,890 | 5,924,920 | ||||||
| Series A, Senior Lien, 5.00%, 07/01/47 |
8,605 | 10,239,089 | ||||||
| Puerto Rico Electric Power Authority, 3rd Series, 0.00%, 01/01/22(a) |
208 | 192,749 | ||||||
| Puerto Rico Electric Power Authority, RB |
4,430 | 4,463,157 | ||||||
| Series A, 7.25%, 07/01/30(g)(h) |
250 | 251,875 | ||||||
| Series A, 7.00%, 07/01/33(g)(h) |
8,735 | 8,800,512 | ||||||
| Series A, 6.75%, 07/01/36(g)(h) |
5,830 | 5,873,725 | ||||||
| Series A, 7.00%, 07/01/40(g)(h) |
1,000 | 1,007,500 | ||||||
| Series A, 5.00%, 07/01/42(g)(h) |
2,315 | 2,266,024 | ||||||
| Series A, 5.05%, 07/01/42(g)(h) |
1,080 | 1,057,152 | ||||||
| Series A, 7.00%, 07/01/43(g)(h) |
775 | 780,813 | ||||||
| Series A-3, 10.00%, 07/01/19(g)(h) |
748 | 785,051 | ||||||
| Series B-3, 10.00%, 07/01/19(g)(h) |
748 | 785,051 | ||||||
| Series C-1, 5.40%, 01/01/18(g)(h) |
2,054 | 1,906,518 | ||||||
| Series C-2, 5.40%, 07/01/18(g)(h) |
2,054 | 1,906,826 | ||||||
| Series C-4, 5.40%, 07/01/20(g)(h) |
208 | 192,749 | ||||||
| Series CCC, 5.00%, 07/01/22(g)(h) |
715 | 699,873 | ||||||
| Series CCC, 5.00%, 07/01/25(g)(h) |
620 | 606,883 | ||||||
| Series CCC, 5.25%, 07/01/26(g)(h) |
590 | 577,518 | ||||||
| Series CCC, 5.25%, 07/01/28(g)(h) |
1,945 | 1,822,436 | ||||||
| Series TT, 5.00%, 07/01/25(g)(h) |
3,270 | 3,200,820 | ||||||
| Series TT, 5.00%, 07/01/26(g)(h) |
455 | 445,374 | ||||||
| Series WW, 5.50%, 07/01/17(g)(h) |
475 | 464,951 | ||||||
| Series WW, 5.50%, 07/01/18(g)(h) |
415 | 406,220 | ||||||
| Series WW, 5.50%, 07/01/19(g)(h) |
335 | 327,913 | ||||||
| Series WW, 5.38%, 07/01/22 |
4,500 | 4,404,798 | ||||||
| Series WW, 5.38%, 07/01/24(g)(h) |
815 | 797,758 | ||||||
| Series WW, 5.25%, 07/01/25(g)(h) |
1,940 | 1,898,957 | ||||||
| Series WW, 5.25%, 07/01/33(g)(h) |
315 | 308,336 | ||||||
| Series WW, 5.50%, 07/01/38(g)(h) |
415 | 406,220 | ||||||
| Series XX, 5.25%, 07/01/27(g)(h) |
230 | 225,134 | ||||||
| Series XX, 5.25%, 07/01/35(g)(h) |
705 | 690,085 | ||||||
| 9 |
| Schedule of Investments (unaudited) (continued) September 30, 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 (continued) |
||||||||
| Series XX, 5.75%, 07/01/36(g)(h) |
$ | 2,870 | $ | 2,809,282 | ||||
| Series XX, 5.25%, 07/01/40(g)(h) |
8,385 | 8,207,607 | ||||||
| Puerto Rico Electric Power Authority, Refunding RB |
||||||||
| Series AAA, 5.25%, 07/01/22(g)(h) |
765 | 748,816 | ||||||
| Series AAA, 5.25%, 07/01/25 |
1,865 | 1,730,940 | ||||||
| Series AAA, 5.25%, 07/01/25(g)(h) |
1,695 | 1,659,141 | ||||||
| Series AAA, 5.25%, 07/01/28 |
2,000 | 1,856,236 | ||||||
| Series AAA, 5.25%, 07/01/28(g)(h) |
1,655 | 1,619,987 | ||||||
| Series AAA, 5.25%, 07/01/29(g)(h) |
190 | 185,980 | ||||||
| Series UU, 1.16%, 07/01/17(a) |
2,520 | 2,192,400 | ||||||
| Series UU, 1.30%, 07/01/17(a)(g)(h) |
140 | 124,537 | ||||||
| Series UU, 1.00%, 07/01/18(a)(g)(h) |
125 | 111,194 | ||||||
| Series UU, 1.00%, 07/01/20(a)(g)(h) |
1,135 | 1,009,639 | ||||||
| Series UU, 0.79%, 07/01/31(a)(g)(h) |
1,345 | 1,196,445 | ||||||
| Series ZZ, 5.00%, 07/01/17(g)(h) |
330 | 323,019 | ||||||
| Series ZZ, 5.25%, 07/01/19(g)(h) |
1,050 | 1,027,786 | ||||||
| Series ZZ, 5.25%, 07/01/23(g)(h) |
370 | 343,404 | ||||||
| Series ZZ, 5.25%, 07/01/24 |
4,345 | 4,032,673 | ||||||
| Series ZZ, 5.25%, 07/01/24(g)(h) |
705 | 690,085 | ||||||
| Series ZZ, 5.25%, 07/01/25(g)(h) |
265 | 259,394 | ||||||
| Series ZZ, 5.00%, 07/01/28(g)(h) |
345 | 337,701 | ||||||
| Puerto Rico Infrastructure Financing Authority Refunding RB, Series C, (FGIC), 5.50%, 07/01/21 |
1,831 | 1,737,636 | ||||||
| Puerto Rico Public Buildings Authority Refunding RB(g)(h) |
||||||||
| (GTD), 6.25%, 07/01/31 |
2,000 | 2,205,000 | ||||||
| (GTD), 4.75%, 07/01/32 |
1,230 | 1,317,637 | ||||||
| Puerto Rico Public Buildings Authority, Refunding RB, Series F, (GTD), 5.25%, 07/01/24(g)(h) |
1,495 | 1,601,519 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
15,177 | 17,327,429 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
13,813 | 15,851,384 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
9,257 | 10,273,159 | ||||||
| Series A-2, Restructured, 4.54%, 07/01/53 |
1,564 | 1,765,881 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
8,434 | 9,573,433 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(e) |
||||||||
| Series A-1, Restructured, 0.00%, 07/01/29 |
2,914 | 2,595,937 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/31 |
1,895 | 1,539,669 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/33 |
679 | 510,072 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/46 |
9,554 | 3,137,916 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/51 |
6,487 | 1,539,884 | ||||||
| Series B-1, Restructured, 0.00%, 07/01/46 |
2,066 | 678,970 | ||||||
|
|
|
|||||||
| 231,897,360 | ||||||||
| Rhode Island — 1.0% | ||||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/35 |
1,005 | 1,133,720 | ||||||
| Series A, 5.00%, 06/01/40 |
5,500 | 6,174,135 | ||||||
| Series B, 4.50%, 06/01/45 |
6,350 | 6,871,208 | ||||||
| Series B, 5.00%, 06/01/50 |
5,650 | 6,242,742 | ||||||
|
|
|
|||||||
| 20,421,805 | ||||||||
| South Carolina — 0.8% | ||||||||
| City of Hardeeville SC, SAB(b) |
||||||||
| 3.00%, 05/01/27 |
500 | 501,995 | ||||||
| 3.50%, 05/01/32 |
850 | 853,162 | ||||||
| 3.88%, 05/01/41 |
1,400 | 1,399,258 | ||||||
| 4.00%, 05/01/52 |
1,350 | 1,327,981 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| South Carolina (continued) |
||||||||
| County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b) |
$ | 2,240 | $ | 2,462,253 | ||||
| South Carolina Jobs-Economic Development Authority Refunding RB, 5.25%, 11/15/52 |
800 | 857,688 | ||||||
| South Carolina Jobs-Economic Development Authority, RB |
||||||||
| Series A, 5.00%, 11/15/42 |
585 | 647,057 | ||||||
| Series A, 5.00%, 11/15/54 |
280 | 306,065 | ||||||
| South Carolina Jobs-Economic Development Authority, Refunding RB |
670 | 710,723 | ||||||
| Series A, 5.00%, 05/01/48 |
5,825 | 6,943,982 | ||||||
|
|
|
|||||||
| 16,010,164 | ||||||||
| Tennessee — 1.6% | ||||||||
| Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 |
410 | 467,708 | ||||||
| Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b)(g)(h) |
4,060 | 1,219,795 | ||||||
| Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36 |
560 | 653,268 | ||||||
| Memphis-Shelby County Industrial Development Board, Refunding TA |
||||||||
| Series A, 5.50%, 07/01/37 |
1,650 | 1,612,429 | ||||||
| Series A, 5.63%, 01/01/46 |
1,875 | 1,849,706 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |
925 | 1,089,770 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |
||||||||
| Series A, 4.00%, 10/01/49 |
1,635 | 1,811,972 | ||||||
| Series A, 5.25%, 10/01/58 |
7,565 | 9,067,863 | ||||||
| Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b) |
500 | 569,760 | ||||||
| Tennergy Corp., RB, Series A, 4.00%, 12/01/51(a) |
9,000 | 10,630,620 | ||||||
| Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) |
3,680 | 4,801,554 | ||||||
|
|
|
|||||||
| 33,774,445 | ||||||||
| Texas — 4.8% | ||||||||
| Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) |
2,340 | 2,304,643 | ||||||
| Arlington Higher Education Finance Corp., RB |
||||||||
| 5.00%, 06/15/51 |
2,045 | 2,150,624 | ||||||
| 5.63%, 08/15/54(b) |
6,260 | 6,744,148 | ||||||
| Series A, 5.88%, 03/01/24 |
340 | 358,581 | ||||||
| Arlington Higher Education Finance Corp., Refunding RB, 5.00%, 08/15/51 |
1,000 | 1,074,030 | ||||||
| Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 |
1,610 | 1,753,692 | ||||||
| Central Texas Regional Mobility Authority, Refunding RB, 0.00%, 01/01/31(e) |
4,000 | 3,381,440 | ||||||
| Central Texas Regional Mobility Authority, Refunding RB, CAB(e) |
||||||||
| 0.00%, 01/01/28 |
3,000 | 2,757,150 | ||||||
| 0.00%, 01/01/29 |
500 | 448,145 | ||||||
| 0.00%, 01/01/30 |
1,330 | 1,157,885 | ||||||
| City of Crandall Special Assessment(b) |
||||||||
| 3.38%, 09/15/26 |
100 | 100,220 | ||||||
| 4.00%, 09/15/31 |
200 | 205,068 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 10 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Texas (continued) |
||||||||
| City of Crandall Special Assessment(b) (continued) |
||||||||
| 4.75%, 09/15/31 |
$ | 100 | $ | 101,189 | ||||
| 4.25%, 09/15/41 |
770 | 777,315 | ||||||
| 5.00%, 09/15/41 |
500 | 504,605 | ||||||
| 5.25%, 09/15/51 |
305 | 311,243 | ||||||
| City of Houston Texas Airport System Revenue, RB |
||||||||
| AMT, 5.00%, 07/15/28 |
2,725 | 3,246,946 | ||||||
| Series A, AMT, 6.63%, 07/15/38 |
1,110 | 1,114,129 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
615 | 719,501 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27 |
3,925 | 4,599,001 | ||||||
| City of Houston TX Airport System Revenue RB, 4.00%, 07/15/41 |
3,960 | 4,206,866 | ||||||
| City of Marble Falls Special Assessment(b) |
||||||||
| 4.63%, 09/01/31 |
100 | 98,997 | ||||||
| 4.88%, 09/01/41 |
295 | 285,834 | ||||||
| 5.13%, 09/01/51 |
500 | 485,000 | ||||||
| Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 |
3,380 | 3,520,304 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
| Series A, 5.00%, 01/01/38 |
510 | 532,455 | ||||||
| Series A, 5.00%, 01/01/43 |
520 | 542,417 | ||||||
| Series A, 5.13%, 01/01/48 |
1,535 | 1,602,279 | ||||||
| Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(e) |
350 | 155,834 | ||||||
| Hemphill County Hospital District, GO |
||||||||
| 4.63%, 02/01/39 |
1,500 | 1,562,265 | ||||||
| 4.75%, 02/01/45 |
2,500 | 2,586,200 | ||||||
| Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51 |
1,400 | 1,531,782 | ||||||
| Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) |
1,385 | 1,456,120 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB |
||||||||
| 5.00%, 08/15/39(b) |
420 | 445,259 | ||||||
| 5.00%, 08/15/49(b) |
825 | 867,917 | ||||||
| Series A, 5.88%, 04/01/23(f) |
890 | 964,591 | ||||||
| Series A, 6.00%, 04/01/23(f) |
1,355 | 1,471,083 | ||||||
| Series A, 10.00%, 12/01/25(b) |
3,165 | 3,160,632 | ||||||
| Series A, 5.00%, 07/01/57 |
3,000 | 3,390,390 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Refunding RB(b) |
||||||||
| Series A, 5.00%, 08/15/36 |
2,520 | 2,524,208 | ||||||
| Series A, 5.00%, 08/15/46 |
695 | 695,987 | ||||||
| New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b) |
5,580 | 5,500,652 | ||||||
| Newark Higher Education Finance Corp., RB |
||||||||
| 5.00%, 06/15/48 |
1,500 | 1,520,295 | ||||||
| Series A, 5.50%, 08/15/35(b) |
375 | 433,478 | ||||||
| Series A, 5.75%, 08/15/45(b) |
735 | 850,020 | ||||||
| Port Beaumont Navigation District RB, 2.88%, 01/01/41(b) |
1,190 | 1,200,520 | ||||||
| Port Beaumont Navigation District, Refunding RB, Series A, AMT, 4.00%, 01/01/50(b) |
3,600 | 3,717,144 | ||||||
| Red River Health Facilities Development Corp., RB 5.13%, 01/01/41 |
600 | 604,632 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Texas (continued) |
||||||||
| Red River Health Facilities Development Corp., RB (continued) |
||||||||
| 7.25%, 12/15/42(g)(h) |
$ | 1,330 | $ | 927,458 | ||||
| Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48 |
8,560 | 10,399,202 | ||||||
| Texas Transportation Commission, RB, CAB(e) |
||||||||
| 0.00%, 08/01/46 |
2,580 | 878,954 | ||||||
| 0.00%, 08/01/47 |
3,850 | 1,245,206 | ||||||
| 0.00%, 08/01/48 |
4,070 | 1,249,612 | ||||||
| 0.00%, 08/01/49 |
3,825 | 1,115,294 | ||||||
| 0.00%, 08/01/50 |
5,485 | 1,509,143 | ||||||
| 0.00%, 08/01/51 |
3,230 | 839,445 | ||||||
| 0.00%, 08/01/52 |
3,230 | 792,804 | ||||||
| 0.00%, 08/01/53 |
290 | 67,338 | ||||||
|
|
|
|||||||
| 98,747,172 | ||||||||
| Utah(b) — 0.1% | ||||||||
| Utah Charter School Finance Authority, RB |
||||||||
| Series A, 5.00%, 06/15/41 |
590 | 676,990 | ||||||
| Series A, 5.00%, 06/15/52 |
750 | 844,972 | ||||||
|
|
|
|||||||
| 1,521,962 | ||||||||
| Vermont — 0.5% | ||||||||
| East Central Vermont Telecommunications District, RB(b) |
||||||||
| Series A, 4.75%, 12/01/40 |
2,850 | 2,907,000 | ||||||
| Series A, 4.50%, 12/01/50 |
3,000 | 3,028,350 | ||||||
| Vermont Student Assistance Corp., RB, AMT, 2.38%, 06/15/39 |
3,500 | 3,404,555 | ||||||
|
|
|
|||||||
| 9,339,905 | ||||||||
| Virginia — 0.6% | ||||||||
| Hanover County Economic Development Authority, Refunding RB, Series A, 5.00%, 07/01/47 |
1,015 | 1,031,636 | ||||||
| Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50 |
1,250 | 1,377,638 | ||||||
| Lower Magnolia Green Community Development Authority, SAB(b) |
||||||||
| 5.00%, 03/01/35 |
490 | 518,841 | ||||||
| 5.00%, 03/01/45 |
505 | 528,250 | ||||||
| Norfolk Redevelopment & Housing Authority, RB, Series A, 5.00%, 01/01/49 |
1,250 | 1,346,700 | ||||||
| Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45 |
830 | 928,753 | ||||||
| Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48 |
2,885 | 3,101,894 | ||||||
| Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37 |
3,360 | 3,504,783 | ||||||
|
|
|
|||||||
| 12,338,495 | ||||||||
| Washington — 3.1% | ||||||||
| Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 09/01/22(f) |
1,005 | 1,053,572 | ||||||
| Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46 |
11,915 | 14,951,657 | ||||||
| Washington Economic Development Finance Authority, RB, AMT, 5.63%, 12/01/40(b) |
3,470 | 4,115,385 | ||||||
| Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |
885 | 1,005,572 | ||||||
| 11 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Washington (continued) |
||||||||
| Washington State Convention Center Public Facilities District RB, 3.00%, 07/01/58 |
$ | 5,365 | $ | 5,151,044 | ||||
| Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/31 |
3,750 | 4,392,037 | ||||||
| Washington State Housing Finance Commission, RB(b) |
||||||||
| Series A, 5.00%, 07/01/50 |
620 | 708,226 | ||||||
| Series A, 5.00%, 07/01/56 |
700 | 793,051 | ||||||
| Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 |
23,988 | 27,578,474 | ||||||
| Washington State Housing Finance Commission, Refunding RB(b) |
||||||||
| 5.75%, 01/01/35 |
355 | 388,331 | ||||||
| 6.00%, 01/01/45 |
940 | 1,026,950 | ||||||
| 5.00%, 01/01/48 |
2,410 | 2,773,597 | ||||||
|
|
|
|||||||
| 63,937,896 | ||||||||
| Wisconsin — 3.5% | ||||||||
| Public Finance Authority RB |
||||||||
| 4.00%, 07/01/41 |
530 | 545,868 | ||||||
| 5.25%, 12/01/51(b) |
5,280 | 4,752,000 | ||||||
| 4.25%, 07/01/54 |
3,690 | 3,785,829 | ||||||
| Public Finance Authority Refunding RB, 4.00%, 12/01/41 |
1,500 | 1,743,255 | ||||||
| Public Finance Authority, RB |
||||||||
| 5.00%, 12/01/35(b) |
200 | 228,110 | ||||||
| 5.00%, 06/15/39 |
310 | 369,830 | ||||||
| 5.00%, 06/15/41(b) |
925 | 968,318 | ||||||
| 5.00%, 01/01/42(b) |
1,555 | 1,667,924 | ||||||
| 5.00%, 12/01/45(b) |
280 | 313,132 | ||||||
| 6.85%, 11/01/46(b) |
1,325 | 1,394,284 | ||||||
| 7.00%, 11/01/46(b) |
805 | 852,358 | ||||||
| 5.00%, 06/15/49 |
955 | 1,110,656 | ||||||
| 5.63%, 06/15/49(b) |
6,000 | 6,072,240 | ||||||
| 5.00%, 04/01/50(b) |
315 | 371,694 | ||||||
| 5.00%, 06/15/53 |
645 | 746,478 | ||||||
| 5.00%, 06/15/55(b) |
2,405 | 2,469,165 | ||||||
| 5.00%, 12/01/55(b) |
955 | 1,058,398 | ||||||
| 5.00%, 01/01/56(b) |
3,790 | 4,012,890 | ||||||
| Series A, 6.25%, 10/01/31(b) |
910 | 965,110 | ||||||
| Series A, 5.00%, 06/01/40(b) |
750 | 831,308 | ||||||
| Series A, 5.38%, 06/01/44(b) |
1,215 | 1,235,388 | ||||||
| Series A, 5.38%, 07/15/47(b) |
1,595 | 1,794,566 | ||||||
| Series A, 7.00%, 10/01/47(b) |
910 | 955,718 | ||||||
| Series A, 5.00%, 06/01/49(b) |
1,340 | 1,464,272 | ||||||
| Series A, 5.63%, 06/15/49(b) |
8,105 | 8,716,360 | ||||||
| Series A, 5.50%, 06/01/54(b) |
1,500 | 1,513,545 | ||||||
| Series A, 5.00%, 06/15/55(b) |
11,540 | 11,767,107 | ||||||
| Series A-1, 4.50%, 01/01/35(b) |
895 | 1,002,507 | ||||||
| Series A-1, 5.50%, 12/01/48(b)(g)(h) |
38 | 12,653 | ||||||
| Series A-1, 5.00%, 01/01/55(b) |
2,470 | 2,772,550 | ||||||
| Series B, 0.00%, 01/01/35(b)(e) |
1,210 | 588,290 | ||||||
| Series B, 0.00%, 01/01/60(b)(e) |
31,635 | 2,785,462 | ||||||
| Public Finance Authority, Refunding RB(b) |
||||||||
| 5.00%, 03/01/52 |
1,300 | 1,411,358 | ||||||
| Series A, 5.00%, 10/01/34 |
280 | 340,592 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Wisconsin (continued) |
||||||||
| Public Finance Authority, Refunding RB(b)
(continued) |
$ | 680 | $ | 817,163 | ||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/46 |
130 | 144,869 | ||||||
| Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 |
740 | 788,611 | ||||||
|
|
|
|||||||
| 72,369,858 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 91.4% |
1,872,110,413 | |||||||
|
|
|
|||||||
| 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 | 3,494,318 | ||||||
|
|
|
|||||||
| Illinois — 0.6% | ||||||||
| Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41 |
6,510 | 7,364,243 | ||||||
| Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 |
5,011 | 5,769,003 | ||||||
|
|
|
|||||||
| 13,133,246 | ||||||||
| Maryland — 0.8% | ||||||||
| Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 |
15,000 | 16,980,000 | ||||||
|
|
|
|||||||
| Massachusetts — 0.2% | ||||||||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45 |
3,463 | 3,796,189 | ||||||
|
|
|
|||||||
| New Jersey — 1.5% | ||||||||
| New Jersey St Hlth Care Facs F, 4.00%, 07/01/51 |
26,610 | 30,932,528 | ||||||
|
|
|
|||||||
| New York — 5.4% | ||||||||
| Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47(j) |
557 | 559,806 | ||||||
| New York City Housing Development Corp., RB, M/F Housing |
||||||||
| Series C-1A, 4.15%, 11/01/39 |
3,107 | 3,206,181 | ||||||
| Series C-1A, 4.20%, 11/01/44 |
5,695 | 5,876,818 | ||||||
| Series C-1A, 4.30%, 11/01/47 |
4,660 | 4,809,203 | ||||||
| New York Liberty Development Corp., ARB, 5.25%, 12/15/43 |
7,725 | 7,801,027 | ||||||
| New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(j) |
2,520 | 2,536,367 | ||||||
| New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 |
3,421 | 3,935,907 | ||||||
| New York State Dormitory Authority, Refunding RB |
||||||||
| Series D, 4.00%, 02/15/47 |
17,080 | 19,444,897 | ||||||
| Series E, 5.00%, 03/15/36 |
21,670 | 25,237,532 | ||||||
| New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/46 |
13,005 | 14,636,347 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 12 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) |
||||||||
| Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60 |
$ | 16,595 | $ | 18,642,487 | ||||
| Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
2,925 | 3,394,609 | ||||||
|
|
|
|||||||
| 110,081,181 | ||||||||
| North Carolina — 0.2% | ||||||||
| North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/55 |
2,930 | 3,459,246 | ||||||
|
|
|
|||||||
| Ohio — 0.5% | ||||||||
| Ohio St Univ, 4.00%, 12/01/48 |
8,790 | 10,429,335 | ||||||
|
|
|
|||||||
| Pennsylvania — 0.8% | ||||||||
| Pennsylvania Economic Development Financing Authority, RB, Series A-1, 4.00%, 04/15/50 |
11,000 | 12,516,569 | ||||||
| Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |
3,677 | 4,470,406 | ||||||
|
|
|
|||||||
| 16,986,975 | ||||||||
| Rhode Island — 0.1% | ||||||||
| Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/43 |
2,641 | 2,733,039 | ||||||
|
|
|
|||||||
| Texas — 0.2% | ||||||||
| Lower Colorado River Authority, Refunding, RB, 4.00%, 05/15/43 |
3,480 | 3,547,825 | ||||||
|
|
|
|||||||
| Virginia — 0.4% | ||||||||
| Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60(j) |
6,249 | 7,227,221 | ||||||
|
|
|
|||||||
| Washington — 0.5% | ||||||||
| Snohomish County Public Utility District No.1, RB, 5.00%, 12/01/45 |
8,664 | 10,014,934 | ||||||
|
|
|
|||||||
| Wisconsin — 0.1% | ||||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 |
1,774 | 1,972,647 | ||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.5% |
234,788,684 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 102.9% |
2,106,899,097 | |||||||
|
|
|
|||||||
| Security |
Shares |
Value | ||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 3.5% |
||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(k)(l) |
72,764,819 | $ | 72,772,096 | |||||
|
|
|
|||||||
| Total Short-Term Securities — 3.5% |
72,772,096 | |||||||
|
|
|
|||||||
| Total Investments — 106.4% |
|
2,179,671,193 | ||||||
| Other Assets Less Liabilities — 0.2% |
|
3,917,438 | ||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.6)% |
|
(135,698,987 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% |
$ | 2,047,889,644 | ||||||
|
|
|
|||||||
| (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) | When-issued security. |
| (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) | Zero-coupon bond. |
| (f) | 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. |
| (g) | Issuer filed for bankruptcy and/or is in default. |
| (h) | Non-income producing 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 July 1, 2028 to November 15, 2051, is $5,923,259. |
| (k) | Affiliate of the Fund. |
| (l) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 06/30/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 09/30/21 |
Shares Held at |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 156,292,907 | $ | — | $ | (83,503,347 | )(a) | $ | (11,258 | ) | $ | (6,206 | ) | $ | 72,772,096 | 72,764,819 | $ | 2,674 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| 13 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund |
Futures Contracts
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
| Short Contracts |
||||||||||||||||
| 10-Year U.S. Treasury Note. |
156 | 12/21/21 | $ | 20,548 | $ | 189,486 | ||||||||||
| U.S. Long Bond |
137 | 12/21/21 | 21,852 | 394,951 | ||||||||||||
| 5-Year U.S. Treasury Note |
92 | 12/31/21 | 11,297 | 47,244 | ||||||||||||
|
|
|
|||||||||||||||
| $ | 631,681 | |||||||||||||||
|
|
|
|||||||||||||||
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 financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 1,872,110,413 | $ | — | $ | 1,872,110,413 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 234,788,684 | — | 234,788,684 | ||||||||||||
| Short-Term Securities |
72,772,096 | — | — | 72,772,096 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 72,772,096 | $ | 2,106,899,097 | $ | — | $ | 2,179,671,193 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Derivative Financial Instruments |
||||||||||||||||
| Assets |
||||||||||||||||
| Interest Rate Contracts |
$ | 631,681 | $ | — | $ | — | $ | 631,681 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 $135,684,905 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 | |
| Portfolio Abbreviation (continued) | ||
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| FGIC | Financial Guaranty Insurance Co. | |
| FHA | Federal Housing Administration | |
| S C H E D U L E O F I N V E S T M E N T S | 14 |
| Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock High Yield Municipal Fund |
| Portfolio Abbreviation (continued) | ||
| GO | General Obligation Bonds | |
| GOL | General Obligation Ltd. | |
| 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 | |
| TA | Tax Allocation | |
| 15 |