Schedule of Investments (unaudited)  September 30, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 2.7%
Black Belt Energy Gas District, Refunding RB, Series D1, 4.00%, 07/01/52(a)	$	2,590	$	2,545,960
Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48		930		800,675
County of Jefferson AL Sewer Revenue, Refunding RB
Series A, Senior Lien, (AGM), 5.00%, 10/01/44		365		370,058
Series D, Class D, Sub Lien, 7.00%, 10/01/51		2,355		2,523,013
Series D, Class D, Sub Lien, 6.50%, 10/01/53		3,465		3,705,613
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)		5,620		6,154,754
MidCity Improvement District, SAB 3.88%, 11/01/27		130		122,218
4.25%, 11/01/32		350		311,409
4.50%, 11/01/42		745		600,024
4.75%, 11/01/49		795		627,771
Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53(a)		21,645		21,660,476
Stadium Trace Village Improvement District, RB, 3.63%, 03/01/36		3,860		3,086,684
Sumter County Industrial Development Authority/AL, RB, AMT, 6.00%, 07/15/52(a)		5,260		4,789,525
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 4.50%, 05/01/32(b)		1,068		924,062
				48,222,242
American Samoa — 0.1%
American Samoa Economic Development Authority, RB, Series A, 5.00%, 09/01/38(b)		1,235		1,261,394
Arizona — 3.0%
Arizona Industrial Development Authority, RB
5.00%, 07/01/45(b)		1,135		1,047,656
7.10%, 01/01/55(b)		4,540		4,603,637
5.00%, 07/01/55(b)		1,215		1,090,690
Class B, 4.00%, 07/01/41		560		461,094
Class B, 4.00%, 07/01/51		1,555		1,177,982
Class B, 4.00%, 07/01/61		3,110		2,209,832
Series A, 5.00%, 07/01/39(b)		1,270		1,202,853
Series A, 5.00%, 12/15/39(b)		150		146,663
Series A, 5.00%, 07/01/49(b)		2,790		2,543,546
Series A, 5.00%, 07/15/49(b)		675		601,345
Series A, 5.00%, 12/15/49(b)		345		330,478
Series A, 4.00%, 07/01/51		1,555		1,162,305
Series A, 5.00%, 07/01/54(b)		1,110		998,660
Series A, 4.00%, 07/01/61		3,190		2,234,381
Series B, 5.13%, 07/01/47(b)		420		398,237
Series B, 5.25%, 07/01/51(b)		570		546,839
Arizona Industrial Development Authority, Refunding RB(b)
Series A, 5.00%, 07/01/26		630		630,272
Series A, 5.25%, 07/01/47		3,235		3,181,506
Series A, 5.50%, 07/01/52		2,970		2,879,421
Florence Town Inc Industrial Development Authority, RB, 6.00%, 07/01/23(b)(c)		1,375		1,403,746
Glendale Industrial Development Authority, RB
5.00%, 05/15/41		275		254,243
5.00%, 05/15/56		1,090		955,909

Security	Par (000)		Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, RB
5.00%, 07/01/54	$	1,330	$	1,184,350
5.00%, 07/01/59		655		576,017
Series A, 5.00%, 07/01/36(b)		1,225		1,170,823
Series A, 5.00%, 07/01/41(b)		1,685		1,577,224
Series A, 5.00%, 07/01/43		1,445		1,346,860
Series A, 6.75%, 07/01/44(b)		810		848,579
Industrial Development Authority of the City of Phoenix, Refunding RB(b)
5.00%, 07/01/35		300		294,851
Series A, 5.00%, 07/01/35		295		289,937
Industrial Development Authority of the County of Pima, RB
5.13%, 07/01/39		700		650,954
5.25%, 07/01/49		870		773,146
Industrial Development Authority of the County of Pima, Refunding RB(b) 4.00%, 06/15/51		3,995		3,054,373
5.00%, 07/01/56		1,285		1,168,335
4.00%, 06/15/57		3,070		2,280,758
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b)		1,340		1,196,655
Maricopa County Industrial Development Authority, RB(b)
5.25%, 10/01/40		1,255		1,236,252
5.50%, 10/01/51		1,255		1,228,321
AMT, 4.00%, 10/15/47		6,500		4,995,991
				53,934,721
Arkansas — 1.7%
Arkansas Development Finance Authority, RB(b)
AMT, 5.45%, 09/01/52		5,940		5,421,479
Series A, AMT, 4.50%, 09/01/49		15,705		12,762,103
Series A, AMT, 4.75%, 09/01/49		8,190		6,925,841
University of Arkansas, RB, Series A, 5.00%, 04/01/52		5,000		5,217,395
				30,326,818
California — 6.3%
California Community Housing Agency, RB, M/F Housing(b)
Series A, 5.00%, 04/01/49		690		575,900
Series A-2, 4.00%, 08/01/47		4,430		3,087,741
California Educational Facilities Authority, Refunding RB, 2.25%, 04/01/51		9,975		5,719,466
California Housing Finance Agency, RB, M/F Housing Class A, 3.25%, 08/20/36		8,690		7,438,713
Series 2021-1, Class A, 3.50%, 11/20/35		5,757		4,995,786
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		2,560		2,022,175
California Municipal Finance Authority, RB
Series A, 5.50%, 08/01/34(b)		270		262,684
Series A, 6.00%, 08/01/44(b)		655		653,140
Series A, 3.00%, 02/01/46		1,200		849,013
Series A, 6.13%, 08/01/49(b)		570		570,639
Series A, 4.00%, 02/01/51		930		782,266
California Municipal Finance Authority, Refunding RB
Series A, 5.00%, 02/01/42		345		348,159
Series A, 3.00%, 11/01/48		2,000		1,334,296

1

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54(b)	$	5,270	$	5,701,787
California School Finance Authority, RB
6.65%, 07/01/33		295		297,667
6.90%, 07/01/43		650		655,737
California Statewide Communities Development Authority, RB(b)
5.25%, 12/01/38		1,420		1,394,248
5.25%, 12/01/48		1,000		942,234
California Statewide Communities Development Authority, SAB, Series 2021-A, 4.00%, 09/02/51		1,990		1,515,102
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.25%, 05/15/47		8,000		8,244,616
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b)		9,320		7,117,591
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)		2,415		1,555,168
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b)		1,845		1,354,503
CMFA Special Finance Agency, RB, M/F Housing, Series A-1, 3.00%, 12/01/56(b)		3,425		2,124,754
CSCDA Community Improvement Authority, RB, M/F Housing(b)
2.80%, 03/01/47		1,435		1,015,620
3.13%, 07/01/56		3,670		2,277,242
4.00%, 07/01/56		7,370		5,210,798
4.00%, 08/01/56		4,120		3,078,068
4.00%, 10/01/56		1,230		939,891
4.00%, 12/01/56		8,815		5,724,064
3.25%, 05/01/57		1,740		1,144,487
4.00%, 06/01/57		1,445		986,422
4.00%, 07/01/58		1,405		924,028
Series A, 5.00%, 01/01/54		1,050		903,529
Series A, 3.00%, 09/01/56		5,550		3,450,996
Series A2, 3.25%, 07/01/56		1,225		739,938
Series B, 4.00%, 07/01/58		1,585		994,573
Series B, 4.00%, 12/01/59		4,645		3,025,516
Senior Lien, 3.00%, 06/01/47		1,510		1,076,706
Senior Lien, 4.00%, 03/01/57		2,465		1,598,594
Series B, Sub Lien, 4.00%, 12/01/59		2,380		1,526,882
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Class B-2, Subordinate, 0.00%, 06/01/66(d)		53,190		4,626,519
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 0.00%, 07/01/61(b)		4,420		1,611,147
Los Angeles Department of Water & Power, RB, Series B, 5.00%, 07/01/47		1,275		1,348,811
Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23(c)		2,115		2,155,733
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56		2,510		2,034,824
San Francisco City & County Redevelopment Agency Successor Agency, ST, CAB, Series C, 0.00%, 08/01/43(d)		3,000		774,183

Security	Par (000)		Value
California (continued)
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(d)
Series D, 0.00%, 08/01/23	$	470	$	454,538
Series D, 0.00%, 08/01/26		580		486,391
Series D, 0.00%, 08/01/31		1,155		757,412
San Mateo Joint Powers Financing Authority, RB, Class A, 3.00%, 06/15/46		7,835		5,667,886
				114,078,183
Colorado — 4.7%
9th Avenue Metropolitan District No.2, GO, 5.00%, 12/01/48		1,565		1,291,429
Aspen Street Metropolitan District, GO, Series A, 5.13%, 12/01/50		1,075		837,628
Aurora Crossroads Metropolitan District No.2, GO
Series A, 5.00%, 12/01/40		1,000		882,298
Series A, 5.00%, 12/01/50		500		421,803
Aviation Station North Metropolitan District No.2, GO
Series A, 5.00%, 12/01/39		750		663,262
Series A, 5.00%, 12/01/48		1,350		1,107,956
Banning Lewis Ranch Metropolitan District No.8, GO, 4.88%, 12/01/51(b)		2,335		1,752,813
Brighton Crossing Metropolitan District No.6, GO, Series A, 5.00%, 12/01/50		500		401,101
Broadway Station Metropolitan District No.2, GO
Series A, 5.00%, 12/01/35		735		668,866
Series A, 5.13%, 12/01/48		2,840		2,348,711
Bromley Park Metropolitan District No.2, Refunding GO, Sub-Series B, 6.38%, 12/15/47		937		835,082
Cascade Ridge Metropolitan District, GO, 5.00%, 12/01/51		3,000		2,356,833
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(b)		820		684,768
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/47		5,875		5,108,894
Series A, AMT, 4.13%, 11/15/53		3,225		2,740,250
Clear Creek Transit Metropolitan District No.2, GO
Series A, 5.00%, 12/01/41		575		473,323
Series A, 5.00%, 12/01/50		1,000		763,960
Colorado Educational & Cultural Facilities Authority, Refunding RB(b)
5.00%, 12/01/40		115		99,883
5.00%, 12/01/50		155		128,045
5.00%, 12/01/55		180		146,617
Colorado Health Facilities Authority, RB
Series A, 5.00%, 05/15/35		1,255		1,129,509
Series A, 5.00%, 05/15/44		1,415		1,170,860
Series A, 5.00%, 05/15/49		940		740,830
Series A, 5.00%, 05/15/58		1,980		1,476,110
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		4,620		3,826,806
Colorado High Performance Transportation Enterprise, RB, 5.00%, 12/31/56		2,500		2,421,157
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		1,260		1,026,458

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, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colorado (continued)
Eagle Brook Meadows Metropolitan District No.3, GO, Series 2021, 5.00%, 12/01/51	$	1,600	$	1,296,512
Fitzsimons Village Metropolitan District No.3, Refunding GO
Series A-1, 4.00%, 12/01/26		800		751,830
Series A-1, 4.00%, 12/01/41		1,500		1,117,720
Series A-1, 4.25%, 12/01/55		3,095		2,086,816
Four Corners Business Improvement District, GO, 6.00%, 12/01/52		2,000		1,751,000
Green Valley Ranch East Metropolitan District No.6, GO, Series A, 5.88%, 12/01/50		2,615		2,329,209
Greenways Metropolitan District No.1, GO, Series A, 4.63%, 12/01/51		1,580		1,164,683
Home Place Metropolitan District, GO, Series A, 5.75%, 12/01/50		2,345		2,008,319
Horizon Metropolitan District No.2, GO, 4.50%, 12/01/51(b)		1,675		1,115,539
Jefferson Center Metropolitan District No.1, RB
Series A-2, 4.13%, 12/01/40		580		474,967
Series A-2, 4.38%, 12/01/47		1,000		792,277
Karl’s Farm Metropolitan District No.2, GO(b)
Series A, 5.38%, 12/01/40		515		452,000
Series A, 5.63%, 12/01/50		1,350		1,148,530
Lanterns Metropolitan District No.2, GO, Series A, 4.50%, 12/01/50		1,810		1,289,295
Longs Peak Metropolitan District, GO, 5.25%, 12/01/51(b)		5,000		4,003,818
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		2,640		1,996,498
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48		760		671,572
Palisade Metropolitan District No.2, GO, Subordinate, 7.25%, 12/15/49		2,825		2,458,167
Palisade Park West Metropolitan District, GO, Series A, 5.13%, 12/01/49		1,500		1,223,944
Pomponio Terrace Metropolitan District, GO, Series A, 5.00%, 12/01/49		1,450		1,160,371
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48		1,240		1,265,068
Pronghorn Valley Metropolitan District, GO, Series A, 4.00%, 12/01/51		1,300		922,875
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)		3,900		3,434,578
Reunion Metropolitan District, RB, Series A, 3.63%, 12/01/44		1,545		1,057,886
Sky Ranch Community Authority Board, RB, Series A, 5.75%, 12/01/52		1,500		1,341,352
Southlands Metropolitan District No.1, Refunding GO
Series A-1, 5.00%, 12/01/37		1,115		1,011,540
Series A-1, 5.00%, 12/01/47		3,990		3,421,808
Sterling Ranch Community Authority Board, RB, Series B, Subordinate, 7.13%, 12/15/50		750		670,825
Thompson Crossing Metropolitan District No.4, Refunding GO
5.00%, 12/01/39		1,400		1,246,841
5.00%, 12/01/49		1,480		1,255,599
Timberleaf Metropolitan District, GO, Series A, 5.75%, 12/01/50		1,730		1,481,617

Security	Par (000)		Value
Colorado (continued)
Waters’ Edge Metropolitan District No.2, GO, 5.00%, 12/01/51	$	2,595	$	2,032,857
Westcreek Metropolitan District No.2, GO, Series A, 5.38%, 12/01/48		800		694,330
Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/24(c)		595		615,796
				85,251,291
Connecticut — 0.6%
Connecticut Housing Finance Authority, Refunding RB
Series B-1, (FHLMC, FNMA, GNMA), 3.00%, 11/15/49		1,700		1,610,803
Series C-2, AMT, 2.00%, 05/15/30		125		104,460
Series C-2, AMT, 2.05%, 11/15/30		500		413,584
Series C-2, AMT, 2.15%, 11/15/31		400		323,586
Connecticut State Health & Educational Facilities Authority, RB(b)
Series A, 5.00%, 01/01/45		825		766,447
Series A, 5.00%, 01/01/55		1,100		986,590
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)		3,765		3,791,845
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(b)		971		982,423
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b)		2,045		2,096,280
				11,076,018
Delaware — 0.3%
Affordable Housing Opportunities Trust Series AH-01, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(e)		3,648		3,430,773
County of Kent DE, RB, Series A, 5.00%, 07/01/58		1,500		1,329,102
				4,759,875
District of Columbia — 1.6%
District of Columbia Tobacco Settlement Financing Corp., RB(d)
Series A, 0.00%, 06/15/46		40,740		8,218,317
Series B, 0.00%, 06/15/46		43,620		7,848,023
Series C, 0.00%, 06/15/55		88,900		7,169,785
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		385		394,809
District of Columbia, RB, Class A, AMT, 5.50%, 02/28/37		880		899,303
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(d)		3,005		2,148,890
Series B, Subordinate, 4.00%, 10/01/49		2,170		1,824,740
				28,503,867
Florida — 10.6%
Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44		1,720		1,683,971
Artisan Lakes East Community Development District, SAB
Series 2021-1, 3.13%, 05/01/41		475		336,871
Series 2021-1, 4.00%, 05/01/51		450		339,920
Series 2021-2, 3.13%, 05/01/41(b)		510		361,694
Series 2021-2, 4.00%, 05/01/52(b)		550		413,725
Babcock Ranch Community Independent Special District, SAB
Series 2022, 5.00%, 05/01/42		1,570		1,494,072
Series 2022, 5.00%, 05/01/53		1,175		1,083,626

3

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Boggy Branch Community Development District, SAB, 4.00%, 05/01/51	$	1,365	$	1,031,091
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43		1,180		1,097,131
Brevard County Health Facilities Authority, Refunding RB
4.00%, 11/15/45(b)		4,040		3,142,365
5.00%, 04/01/47		10,000		9,875,920
4.00%, 11/15/55(b)		5,960		4,310,344
Buckhead Trails Community Development District, SAB
Series 2022, 5.63%, 05/01/42		740		682,832
Series 2022, 5.75%, 05/01/52		495		450,464
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39		2,280		2,155,489
Capital Trust Agency, Inc., RB
4.50%, 01/01/35(b)		2,250		2,050,987
5.00%, 06/01/41(b)		220		202,918
0.00%, 01/01/44		445		681
0.00%, 01/01/49		950		19,000
5.00%, 07/01/49(b)		1,265		1,163,199
5.00%, 01/01/55(b)		4,350		3,794,274
5.00%, 06/01/56(b)		740		643,514
4.88%, 06/15/56(b)		6,670		5,167,249
Series A, 5.00%, 12/15/49		300		283,130
Series A, 5.75%, 06/01/54(b)		1,925		1,733,568
Series A, 5.00%, 12/15/54		260		238,391
Series A, Class A, 5.00%, 06/15/49(b)		500		438,343
Series B, 0.00%, 01/01/35(d)		3,405		1,507,315
Series B, 0.00%, 01/01/60(d)		64,500		4,550,152
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(d)		166,025		7,679,486
Celebration Pointe Community Development District No.1, SAB
4.75%, 05/01/24		165		164,704
5.00%, 05/01/34		1,180		1,124,555
Charles Cove Community Development District, SAB
3.25%, 05/01/25		275		265,672
3.75%, 05/01/30		360		323,580
4.25%, 05/01/40		975		777,227
4.38%, 05/01/50		1,505		1,127,998
Charlotte County Industrial Development Authority/FL, RB(b)
AMT, 5.00%, 10/01/34		530		514,242
AMT, 5.00%, 10/01/49		2,510		2,163,005
AMT, 4.00%, 10/01/51		3,150		2,249,097
City of Tallahassee Florida, RB, Series A, 5.00%, 12/01/55		2,600		2,422,254
Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48		2,090		2,109,767
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(f)(g)		370		252,757
County of Lake Florida, RB(b)
5.00%, 01/15/39		550		499,901
5.00%, 01/15/49		825		714,185
5.00%, 01/15/54		830		708,018
County of Osceola Florida Transportation Revenue, Refunding RB, Series A-1, 4.00%, 10/01/54		2,500		2,051,455
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)
Series A-2, 0.00%, 10/01/50		1,770		344,092

Security	Par (000)		Value
Florida (continued)
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d) (continued)
Series A-2, 0.00%, 10/01/51	$	2,125	$	389,946
Series A-2, 0.00%, 10/01/52		2,125		366,616
Series A-2, 0.00%, 10/01/53		5,675		923,765
Series A-2, 0.00%, 10/01/54		2,125		325,705
County of Palm Beach Florida, RB, 5.00%, 04/01/51(b)		540		490,170
Elevation Pointe Community Development District, SAB
Series A-1, 4.40%, 05/01/42		700		596,094
Series A-1, 4.60%, 05/01/52		1,090		917,536
Series A-2, 4.40%, 05/01/32		2,200		1,992,210
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45		6,530		5,282,816
Florida Development Finance Corp., RB
5.00%, 06/15/41(b)		1,245		1,110,236
5.00%, 06/15/51(b)		1,190		1,010,116
5.25%, 06/01/55(b)		2,830		2,434,024
6.50%, 06/30/57(b)		1,515		1,443,974
Series A, 4.00%, 06/15/52		2,875		2,188,804
Series A, 5.00%, 06/15/52		1,500		1,430,907
Series A, 5.13%, 06/15/55(b)		10,455		8,386,395
Series A, Class A, 5.75%, 06/15/29(b)		695		698,837
Series A, Class A, 6.00%, 06/15/34(b)		835		841,159
Series A, Class A, 6.13%, 06/15/44(b)		3,185		3,199,307
Series B, 4.50%, 12/15/56(b)		5,945		4,396,928
Series C, Class C, 5.75%, 12/15/56(b)		2,030		1,672,549
AMT, 5.00%, 05/01/29(b)		3,300		3,099,294
AMT, 3.00%, 06/01/32		915		739,805
Florida Development Finance Corp., Refunding RB(b)
2.38%, 06/01/27		395		344,416
4.00%, 06/01/46		1,700		1,244,590
Class A, 4.00%, 06/01/36		2,110		1,750,234
Class A, 4.00%, 06/01/55		2,750		1,889,522
Gracewater Sarasota Community Development District, SAB, 4.00%, 05/01/52		1,000		752,227
Grand Oaks Community Development District, SAB
4.25%, 05/01/40		915		786,969
4.50%, 05/01/52		1,015		847,333
Greater Orlando Aviation Authority, Refunding RB, AMT, 5.00%, 11/15/36		2,000		1,840,190
Greeneway Improvement District, SAB, 5.13%, 05/01/43(b)		940		915,521
Hills of Michigannneola Community Development District, SAB(b)
4.00%, 05/01/40		1,025		869,642
4.00%, 05/01/50		1,500		1,182,972
Lakewood Ranch Stewardship District, SAB
4.25%, 05/01/25		80		79,120
4.25%, 05/01/26		160		157,042
4.95%, 05/01/29(b)		580		571,912
2.70%, 05/01/31		205		174,097
4.88%, 05/01/35		265		248,395
3.75%, 05/01/39(b)		570		455,167
5.50%, 05/01/39(b)		530		522,283
3.75%, 05/01/40		525		428,227
3.00%, 05/01/41		155		107,721
4.88%, 05/01/45		545		486,058
5.13%, 05/01/46		905		797,162
5.65%, 05/01/48(b)		875		863,329

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, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Lakewood Ranch Stewardship District, SAB (continued)
4.00%, 05/01/49(b)	$	355	$	270,786
3.90%, 05/01/50		525		403,854
4.00%, 05/01/52		685		515,276
Series 1A, 3.90%, 05/01/23		100		99,525
Series 1A, 4.25%, 05/01/28		535		518,348
Series 1A, 5.00%, 05/01/38		1,175		1,099,952
Series 1A, 5.10%, 05/01/48		2,545		2,324,743
Series 1B, 4.75%, 05/01/29		955		933,857
Series 1B, 5.30%, 05/01/39		1,090		1,050,847
Series 1B, 5.45%, 05/01/48		1,930		1,852,879
Laurel Road Community Development District, SAB
Series A-1, 2.60%, 05/01/26		230		219,050
Series A-1, 3.00%, 05/01/31		250		216,443
Series A-1, 3.25%, 05/01/41		1,010		730,669
Series A-1, 4.00%, 05/01/52		1,155		868,822
Series A-2, 3.13%, 05/01/31		1,695		1,411,086
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51		4,710		2,831,694
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48		1,405		1,328,564
Midtown Miami Community Development District, Refunding SAB
Series A, 5.00%, 05/01/29		1,745		1,703,656
Series A, 5.00%, 05/01/37		890		836,753
Mirada II Community Development District, SAB
3.13%, 05/01/31		500		432,603
4.00%, 05/01/51		1,500		1,062,908
North River Ranch Community Development District, SAB
Series A-1, 4.00%, 05/01/40		845		651,103
Series A-1, 4.25%, 05/01/51		1,430		1,042,802
Series A-2, 4.20%, 05/01/35		1,220		984,285
Series A-3, 4.75%, 05/01/40		1,615		1,263,833
Pine Island Community Development District, RB, 0.00%, 11/01/24(d)		170		152,285
Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/39		220		207,169
Sandridge Community Development District, SAB
Series A1, 3.88%, 05/01/41		615		479,445
Series A1, 4.00%, 05/01/51		600		425,163
Sawyers Landing Community Development District, SAB
4.13%, 05/01/41		530		428,086
4.25%, 05/01/53		3,520		2,578,896
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54		2,420		2,030,479
Somerset Community Development District, Refunding SAB
4.00%, 05/01/32		515		497,656
4.20%, 05/01/37		665		590,914
South Broward Hospital District, RB, Series A, 3.00%, 05/01/51		5,145		3,406,386
Southern Groves Community Development District No.5, SAB
3.38%, 05/01/25		105		103,369
4.00%, 05/01/30		175		168,225
4.30%, 05/01/40		840		756,245

Security	Par (000)		Value
Florida (continued)
Southern Groves Community Development District No.5, SAB (continued)
4.50%, 05/01/46	$	600	$	532,519
Tolomato Community Development District, Refunding SAB
Series 2015-2, 0.00%, 05/01/40		125		107,318
Series A-2, 4.25%, 05/01/37		910		788,202
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(f)(g)		135		1
Trout Creek Community Development District, SAB
5.38%, 05/01/38		670		643,337
5.50%, 05/01/49		1,695		1,592,341
V-Dana Community Development District, SAB(b)
Series 1, Class AR, 3.00%, 05/01/25		230		223,142
Series 1, Class AR, 3.50%, 05/01/31		525		473,069
Series 1, Class AR, 4.00%, 05/01/40		750		612,776
Series 1, Class AR, 4.00%, 05/01/51		1,200		906,454
Viera East Community Development District,
Refunding SAB, 5.00%, 05/01/26		640		640,493
Viera Stewardship District, SAB, Series 2021, 4.00%, 05/01/53		1,710		1,279,679
Village Community Development District No.14, SAB 5.38%, 05/01/42		3,365		3,369,344
5.50%, 05/01/53		2,510		2,522,550
West Villages Improvement District, SAB 4.25%, 05/01/29		400		380,636
4.75%, 05/01/39		885		788,293
5.00%, 05/01/50		1,415		1,196,939
Windward at Lakewood Ranch Community Development District, SAB 3.25%, 05/01/27		700		668,701
3.63%, 05/01/32		835		739,161
4.00%, 05/01/42		730		585,121
4.25%, 05/01/52		880		693,055
				192,217,340
Georgia — 1.8%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b)		2,805		2,160,145
DALTON WHITFIELD CNTY JT DEV A, 4.00%, 08/15/48		3,135		2,639,165
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)		875		822,799
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(c)		555		583,397
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/35		1,020		1,026,103
Series A, 5.00%, 05/15/36		1,020		1,020,980
Series A, 5.00%, 05/15/37		1,120		1,115,237
Series A, 5.00%, 05/15/38		615		609,656
Series A, 5.00%, 05/15/49		2,055		1,967,798
Series C, 4.00%, 05/01/52(a)		2,430		2,304,551
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		4,150		3,347,593
Series A, 5.00%, 01/01/49		3,235		3,138,121
Series A, 5.00%, 07/01/52		2,765		2,649,412
Series A, 5.00%, 01/01/59		525		496,323
Municipal Electric Authority of Georgia, Refunding RB Series A-R, Subordinate, 5.00%, 01/01/45		3,000		2,949,867

5

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia (continued)
Municipal Electric Authority of Georgia, Refunding RB (continued)
Series A-R, Subordinate, 5.00%, 01/01/50	$	4,000	$	3,857,080
Private Colleges & Universities Authority, Refunding RB, 4.00%, 10/01/50		1,155		947,720
				31,635,947
Idaho — 0.6%
Idaho Health Facilities Authority, Refunding RB
3.50%, 09/01/33		375		302,253
5.00%, 09/01/37		1,000		928,377
3.00%, 03/01/51		2,835		1,894,977
Idaho Housing & Finance Association, RB
5.00%, 12/01/46(b)		1,000		942,996
5.00%, 08/15/47		3,215		3,356,087
Series A, 6.00%, 07/01/39(b)		370		377,187
Series A, 6.00%, 07/01/49(b)		595		601,218
Series A, 6.00%, 07/01/54(b)		570		574,827
Series A, Class A, 6.95%, 06/15/55(b)		1,540		1,607,803
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32		265		265,390
				10,851,115
Illinois — 4.9%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,350		1,339,731
Series A, 5.00%, 12/01/38		655		638,394
Series A, 5.00%, 12/01/40		2,355		2,278,740
Series A, 5.00%, 12/01/47		4,095		3,836,659
Series B, 4.00%, 12/01/41		4,905		4,078,689
Series C, Class C, 5.25%, 12/01/39		2,250		2,239,528
Series D, Class D, 5.00%, 12/01/46		1,010		945,351
Series H, Class H, 5.00%, 12/01/46		725		678,210
Chicago Board of Education, Refunding GO
Series A, 5.00%, 12/01/30		2,210		2,231,627
Series B, Class B, 4.00%, 12/01/35		1,155		1,029,234
Series C, 5.00%, 12/01/30		1,370		1,378,998
Series D, 5.00%, 12/01/31		1,500		1,508,729
Series G, 5.00%, 12/01/44		3,700		3,492,633
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(d)		590		514,637
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Class A, 2nd Lien, 5.00%, 12/01/52		5,550		5,426,268
City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/37		6,469		5,655,032
Illinois Finance Authority, RB, Series A, 6.00%, 10/01/48		1,700		1,700,000
Illinois Finance Authority, Refunding RB
6.00%, 02/01/34		335		338,408
4.00%, 09/01/35		1,000		881,698
4.00%, 09/01/37		1,000		858,761
4.00%, 09/01/39		2,000		1,680,100
4.00%, 09/01/41		1,250		1,021,718
6.13%, 02/01/45		790		794,569
5.00%, 05/15/56		815		668,353
Series A, 3.00%, 08/15/48		6,350		4,212,939
Series C, 5.00%, 02/15/36		1,805		1,844,970
Series C, 5.00%, 02/15/41		3,000		3,009,777

Security	Par (000)		Value
Illinois (continued)
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/45	$	5,000	$	5,106,510
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		3,925		3,768,235
Series A, 5.00%, 06/15/57		4,555		4,012,677
Metropolitan Pier & Exposition Authority, Refunding RB
4.00%, 06/15/50		3,370		2,586,536
4.00%, 06/15/52		6,325		4,771,314
Quad Cities Regional Economic Development Authority, Refunding RB, 4.75%, 10/01/32		675		675,000
State of Illinois, GO 5.50%, 05/01/30		1,235		1,297,816
5.00%, 02/01/39		510		494,372
5.50%, 05/01/39		2,460		2,497,768
Series A, 5.00%, 04/01/35		1,460		1,445,742
Series A, 4.00%, 03/01/38		2,250		1,953,063
Series A, 5.00%, 04/01/38		2,190		2,129,775
Series A, 4.00%, 03/01/39		2,100		1,806,445
Series A, 4.00%, 03/01/40		2,300		1,958,910
				88,787,916
Indiana — 0.6%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		525		547,267
AMT, 7.00%, 01/01/44		1,270		1,321,112
City of Vincennes IN, Refunding RB, 6.25%, 01/01/29(b)		2,325		2,325,521
Indiana Finance Authority, RB
Series A, AMT, 5.00%, 07/01/23(c)		370		373,937
Series A, AMT, 6.75%, 05/01/39		2,785		3,096,500
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b)		3,175		2,626,503
				10,290,840
Iowa — 0.3%
Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48		2,360		2,031,802
Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51		1,000		926,261
Iowa Tobacco Settlement Authority, Refunding RB, Series B2, 0.00%, 06/01/65(d)		23,995		2,265,440
				5,223,503
Kansas — 0.3%
City of Massachusettsnhattan Kansas, RB, Series A, 4.00%, 06/01/52		1,360		992,996
City of Prairie Village Kansas, Refunding TA
2.88%, 04/01/30		750		653,067
3.13%, 04/01/36		1,000		804,767
City of Shawnee Kansas, RB(b)
5.00%, 08/01/41		770		713,921
5.00%, 08/01/56		1,900		1,660,087
				4,824,838
Kentucky — 0.9%
City of Hazard Kentucky, Refunding RB, 3.00%, 07/01/46		2,500		1,700,332
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b)		1,940		1,717,970

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, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Kentucky (continued)
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(d)	$	250	$	231,882
Kentucky Public Energy Authority, RB, Series C, RB, 4.00%, 02/01/50(a)		9,000		8,698,014
Kentucky Public Transportation Infrastructure Authority, RB, Series A, 6.00%, 07/01/23(c)		3,000		3,050,853
				15,399,051
Louisiana — 1.1%
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b)		2,985		2,434,065
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, 5.00%, 07/01/54(b)		1,990		1,675,512
Louisiana Public Facilities Authority, RB(b)
Series A, 5.00%, 06/01/41		990		860,293
Series A, 5.00%, 04/01/49		500		416,762
Series A, 5.25%, 06/01/51		1,830		1,548,826
Series A, 5.25%, 06/01/60		3,385		2,792,496
Series A, 6.50%, 06/01/62		855		853,608
Louisiana Public Facilities Authority, Refunding RB, Class A, 4.00%, 04/01/50		7,335		6,232,887
Parish of St James LA, RB, 2nd Series, 6.35%, 07/01/40(b)		3,160		3,334,979
				20,149,428
Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b)		4,050		3,305,813
Maryland — 1.4%
City of Baltimore Maryland, Refunding RB 5.00%, 09/01/46		1,500		1,243,185
Series A, 4.00%, 09/01/27		325		316,366
City of Baltimore Massachusettsryland, RB
4.88%, 06/01/42		260		242,331
5.00%, 06/01/51		780		719,520
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b)		4,890		4,446,379
Maryland Economic Development Corp., RB 5.00%, 07/01/56		985		906,603
Class B, AMT, 5.25%, 06/30/55		4,760		4,697,097
Maryland Economic Development Corp., Refunding RB, 5.00%, 07/01/39		950		917,426
Maryland Economic Development Corp., TA, 4.00%, 09/01/50		605		453,699
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b)		8,165		8,449,714
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47		2,750		1,645,394
Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, (FHA 542(C)), 2.85%, 01/01/51		1,855		1,232,499
				25,270,213
Massachusetts — 1.3%
Massachusetts Development Finance Agency, RB
4.00%, 06/01/56		1,570		1,187,807
Series D, 4.00%, 07/01/45		715		587,119
Massachusetts Development Finance Agency, Refunding RB
4.00%, 10/01/32(b)		355		350,376
4.13%, 10/01/42(b)		855		820,197

Security	Par (000)		Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Refunding RB (continued)
4.00%, 07/01/45	$	560	$	423,493
4.00%, 07/01/50		1,050		752,807
Series A, 5.00%, 07/01/38		1,200		1,185,911
Series A, 5.00%, 07/01/39		3,055		2,998,864
Series A, 5.00%, 07/01/44		2,000		1,890,492
Series B, 4.00%, 06/01/50		2,120		1,664,181
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51		11,915		11,900,690
				23,761,937
Michigan — 0.4%
Advanced Technology Academy, Refunding RB
3.50%, 11/01/24		125		123,007
5.00%, 11/01/34		400		393,237
5.00%, 11/01/44		160		151,423
City of Detroit Michigan, GO
5.00%, 04/01/34		485		487,276
5.00%, 04/01/35		485		486,421
5.00%, 04/01/36		340		340,420
5.00%, 04/01/37		545		544,445
5.00%, 04/01/38		240		238,788
Grand Traverse County Hospital Finance Authority, Refunding RB, 3.00%, 07/01/51		2,000		1,289,190
Michigan Strategic Fund, RB
5.00%, 11/15/42		280		253,454
AMT, 5.00%, 12/31/43		2,030		1,867,318
AMT, 4.00%, 10/01/61(a)		1,355		1,300,915
				7,475,894
Minnesota — 0.7%
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45		2,065		1,948,402
City of Deephaven Minnesota, Refunding RB, Series A, 5.25%, 07/01/40		500		468,740
City of Michigannneapolis Minnesota, RB
Series A, 5.00%, 07/01/55		1,405		1,131,489
Series A, 5.75%, 07/01/55		3,435		3,275,114
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,925		1,638,479
Series A, 5.25%, 02/15/53		3,850		3,878,840
				12,341,064
Mississippi — 0.3%
Mississippi Home Corp., Refunding RB, Series B, (GNMA/FNMA/FHLMC COLL), 2.10%, 12/01/41		8,025		5,679,477
Missouri — 1.0%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 11/15/48		3,650		2,975,422
Industrial Development Authority of the City of St Louis Michiganssouri, Refunding RB
Series A, 4.38%, 11/15/35		1,020		855,311
Series A, 4.75%, 11/15/47		1,135		862,171
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54		5,550		5,398,651
Kansas City Industrial Development Authority, RB, Series C, 7.50%, 11/15/46		425		340,514
Kansas City Industrial Development Authority, Refunding RB
Class B, 5.00%, 11/15/46		772		604,518

7

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Missouri (continued)
Kansas City Industrial Development Authority, Refunding RB (continued)
Class D, 2.00%, 11/15/46	$	345	$	15,238
Kansas City Land Clearance Redevelopment Authority, TA(b)
Series B, 4.38%, 02/01/31		3,105		2,616,885
Series B, 5.00%, 02/01/40		1,240		984,802
Plaza at Noah’s Ark Community Improvement District, Refunding RB
3.00%, 05/01/25		350		334,595
3.00%, 05/01/26		275		257,657
3.00%, 05/01/30		225		198,444
3.13%, 05/01/35		750		597,103
Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42		2,200		2,035,711
				18,077,022
Nevada — 0.2%
City of Las Vegas NV Special Improvement District No.815, SAB, 5.00%, 12/01/49		810		763,564
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		825		812,509
5.00%, 07/01/45		1,025		983,016
5.00%, 07/01/51		1,100		1,024,708
				3,583,797
New Hampshire — 0.6%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		1,435		1,165,501
Series A, 4.25%, 08/15/46		1,610		1,257,582
Series A, 4.50%, 08/15/55		3,350		2,611,020
New Hampshire Business Finance Authority, Refunding RB(b)
Series B, 4.63%, 11/01/42		4,650		3,957,615
Series C, AMT, 4.88%, 11/01/42		2,515		2,162,835
				11,154,553
New Jersey — 3.3%
Casino Reinvestment Development Authority, Inc., Refunding RB, Class D, 5.25%, 11/01/44		5,750		5,758,355
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, Class A, AMT, 5.00%, 12/01/24(h)		750		758,457
New Jersey Economic Development Authority, RB
4.00%, 11/01/39		1,165		1,020,055
6.00%, 10/01/43		970		980,986
Series A, 5.00%, 07/01/32		235		229,012
Series A, 5.00%, 07/01/37		375		357,258
Series A, 5.25%, 11/01/54(b)		3,955		3,371,479
Series B, 5.00%, 06/15/43		3,755		3,738,294
Series EEE, 5.00%, 06/15/43		5,550		5,493,606
AMT, 5.38%, 01/01/43		1,360		1,346,038
Series B, AMT, 6.50%, 04/01/31		2,405		2,461,443
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51		10,160		7,041,967
New Jersey Health Care Facilities Financing Authority, Refunding RB
5.00%, 07/01/32		1,140		1,190,984
5.00%, 07/01/33		1,450		1,508,123
New Jersey Higher Education Student Assistance Authority, RB
Series B, AMT, 2.50%, 12/01/40		3,660		2,648,764

Security	Par (000)		Value
New Jersey (continued)
New Jersey Higher Education Student Assistance Authority, RB (continued)
Series C, AMT, 3.25%, 12/01/51	$	1,700	$	1,127,561
New Jersey Transportation Trust Fund Authority, RB
Series A, 0.00%, 12/15/40(d)		7,560		2,837,623
Series AA, 5.25%, 06/15/41		1,265		1,272,995
Series AA, 5.00%, 06/15/44		1,005		997,165
Series AA, 4.00%, 06/15/50		11,515		9,488,763
Series S, 5.25%, 06/15/43		4,095		4,134,124
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36		1,195		1,203,069
South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/36		575		572,868
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46		900		883,099
				60,422,088
New Mexico — 0.5%
New Mexico Hospital Equipment Loan Council, Refunding RB, 5.50%, 07/01/42		2,030		2,031,058
New Mexico Mortgage Finance Authority, RB, S/F Housing, Class C, (GNMA/FNMA/FHLMC), 3.00%, 01/01/52		7,595		7,179,781
				9,210,839
New York — 6.1%
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/41		3,750		2,773,267
Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32		2,255		2,076,167
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b)		1,215		1,237,967
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48		1,975		1,816,731
City of New York, GO, Series A-1, 4.00%, 09/01/46		3,825		3,317,927
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56		585		479,221
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		4,115		3,909,015
Series C-1, 5.00%, 11/15/50		1,340		1,306,823
Series C-1, 5.25%, 11/15/55		1,980		1,919,010
Monroe County Industrial Development Corp., Refunding RB, 4.00%, 12/01/39		1,200		1,011,581
New York City Industrial Development Agency, Refunding RB
Series A, Class A, (AGM), 3.00%, 01/01/36		300		244,512
Series A, Class A, (AGM), 3.00%, 01/01/40		1,130		864,564
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series F-1, Subordinate, 5.00%, 02/01/47		2,500		2,578,493
Series F-1, Subordinate, 5.00%, 02/01/51		4,495		4,629,603
New York Liberty Development Corp., Refunding RB
Series 1, 2.75%, 02/15/44		14,320		9,759,152
Series 1, Class 1, 5.00%, 11/15/44(b)		7,940		7,096,804
Series 2, Class 2, 5.15%, 11/15/34(b)		450		433,079
Series 2, Class 2, 5.38%, 11/15/40(b)		1,070		1,039,658
Series A, 3.00%, 11/15/51		4,025		2,585,809
New York State Dormitory Authority, Refunding RB(b) 5.00%, 12/01/33		590		563,757
Series E, 5.00%, 12/01/35		785		740,695

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, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York State Housing Finance Agency, RB, M/F Housing
Series J-1, (SONYMA HUD SECT 8), 2.45%, 11/01/41	$	2,950	$	2,067,053
Series J-1, (SONYMA HUD SECT 8), 2.65%, 11/01/46		3,935		2,629,249
New York Transportation Development Corp., ARB
AMT, 5.00%, 12/01/34		10,000		9,936,500
AMT, 4.00%, 01/01/36		5,000		4,302,010
Series A, AMT, 5.25%, 01/01/50		3,000		2,909,628
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		3,845		3,681,960
AMT, 5.00%, 10/01/40		1,100		1,027,087
AMT, 4.00%, 10/31/46		2,220		1,750,279
AMT, 4.00%, 04/30/53		1,145		872,191
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		3,665		3,618,832
New York Transportation Development Corp., Refunding RB, 4.00%, 12/01/40		3,000		2,572,506
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b)		530		472,489
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/61		15,000		12,359,475
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44		4,040		2,766,075
Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/54		670		581,804
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		1,290		1,258,156
Westchester County Local Development Corp., Refunding RB
5.00%, 07/01/41(b)		240		199,049
5.00%, 07/01/46(b)		290		231,234
5.00%, 07/01/56(b)		5,000		3,777,850
Series A, 5.13%, 07/01/55		1,100		867,601
Westchester Tobacco Asset Securitization Corp., Refunding RB
Sub-Series C, 4.00%, 06/01/42		740		707,698
Sub-Series C, 5.13%, 06/01/51		2,000		1,867,420
				110,839,981
North Carolina — 0.1%
North Carolina Turnpike Authority, RB, Senior Lien, 4.00%, 01/01/55		3,000		2,303,328
North Dakota — 0.3%
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58		1,785		1,796,638
University of North Dakota, COP, Series A, (AGM), 2.50%, 06/01/54		6,200		3,404,823
				5,201,461
Ohio — 2.2%
American Municipal Power, Inc., Refunding RB
4.00%, 02/15/36		250		232,906
4.00%, 02/15/38		3,825		3,464,299
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		6,135		5,142,891
Cleveland-Cuyahoga County Port Authority, RB
4.00%, 07/01/46		190		161,322
4.00%, 07/01/51		260		214,268

Security	Par (000)		Value
Ohio (continued)
Cleveland-Cuyahoga County Port Authority, Refunding TA(b)
4.00%, 12/01/55	$	940	$	690,047
4.50%, 12/01/55		1,230		908,356
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46		1,435		1,287,294
County of Hardin Ohio, Refunding RB
5.00%, 05/01/30		620		585,138
5.25%, 05/01/40		615		550,065
5.50%, 05/01/50		2,895		2,502,140
Franklin County Convention Facilities Authority, RB
5.00%, 12/01/44		1,800		1,656,461
5.00%, 12/01/51		4,000		3,632,692
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b)		1,865		1,565,129
Jefferson County Port Authority/OH, RB, AMT, 3.50%, 12/01/51(b)		4,125		2,702,679
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)		4,700		4,163,208
Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47		3,500		2,815,396
Ohio State University, RB, Series A, 4.00%, 12/01/48		950		871,140
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)		1,100		831,850
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)		5,980		4,936,574
				38,913,855
Oklahoma — 1.5%
Norman Regional Hospital Authority, RB, 4.00%, 09/01/45		3,565		2,852,050
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b)		14,390		13,724,405
Series A-2, 7.25%, 09/01/51(b)		1,920		1,890,428
Series B, 5.00%, 08/15/38		4,585		4,032,040
Series B, 5.25%, 08/15/48		4,130		3,494,129
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b)		1,180		897,245
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37		1,050		1,037,093
				27,927,390
Oregon — 0.4%
Medford Hospital Facilities Authority, Refunding RB
Series A, 4.00%, 08/15/50		4,845		4,164,864
Series A, 5.00%, 08/15/50		2,000		2,045,302
Oregon State Facilities Authority, RB(b)
Series A, 5.00%, 06/15/49		915		788,045
Series A, 5.25%, 06/15/55		505		441,171
				7,439,382
Pennsylvania — 1.0%
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46		275		198,013
4.00%, 07/01/51		200		146,572
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/24(c)		2,750		2,831,843
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		880		708,418
Montgomery County Industrial Development Authority/PA, Refunding RB, 5.00%, 12/01/46		1,470		1,425,766

9

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Pennsylvania (continued)
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32	$	980		$	991,804
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		895			867,941
Pennsylvania Economic Development Financing Authority, Refunding RB
Series A, 4.00%, 02/15/40		3,520			3,163,913
Series A, 4.00%, 02/15/52		2,250			1,856,844
AMT, 5.50%, 11/01/44		5,390			5,222,576
					17,413,690
Puerto Rico — 10.2%
Children’s Trust Fund, RB, Series A, Class A, 0.00%, 05/15/57(d)		135,505			7,713,487
Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(d)		2,000			196,476
Commonwealth of Puerto Rico, GO 0.00%, 11/01/43(a)		15,622			7,696,501
0.00%, 11/01/51(a)		35,964			13,191,425
Series A1, Restructured, 5.38%, 07/01/25		—	(i)		3
Series A1, Restructured, 5.63%, 07/01/29		11,002			11,241,390
Series A1, Restructured, 5.75%, 07/01/31		1,950			1,985,684
Series A1, Restructured, 4.00%, 07/01/33		1,849			1,618,646
Series A1, Restructured, 4.00%, 07/01/35		1,662			1,422,530
Series A1, Restructured, 4.00%, 07/01/37		1,426			1,160,138
Series A1, Restructured, 4.00%, 07/01/41		1,939			1,517,263
Series A1, Restructured, 4.00%, 07/01/46		2,017			1,517,038
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(d)		2,379			1,265,421
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a)		788			257,856
PRIFA Custodial Trust, RB, Series 2005, 0.00%, 03/15/49		3,300			1,072,500
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, 4.00%, 07/01/42(b)		1,075			843,979
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(b)
Series A, 5.00%, 07/01/33		3,530			3,434,291
Series B, 5.00%, 07/01/37		1,365			1,281,555
Series B, 4.00%, 07/01/42		5,000			3,891,370
Series B, 4.00%, 07/01/47		2,905			2,163,781
Series A, Senior Lien, 5.00%, 07/01/35		3,455			3,271,940
Series A, Senior Lien, 5.00%, 07/01/47		4,625			4,106,796
Puerto Rico Electric Power Authority, RB 10.00%, 07/01/19		1,391			1,363,807
7.50%, 01/01/20		2,332			1,971,900
0.00%, 01/01/23(a)(f)(g)		4,430			3,959,253
3rd Series, 5.40%, 01/01/23(a)(f)(g)		208			175,591
Series A, 7.25%, 07/01/30		250			191,875
Series A, 6.75%, 07/01/36(f)(g)		5,830			4,474,525
Series A, 7.00%, 07/01/40		1,000			767,500
Series A, 5.05%, 07/01/42(f)(g)		1,080			806,400
Series A-3, 10.00%, 07/01/19(f)(g)		748			732,715
Series B-3, 10.00%, 07/01/19(f)(g)		748			732,715
Series C-1, 5.40%, 01/01/18(f)(g)		2,054			1,736,806
Series C-2, 5.40%, 07/01/18(f)(g)		2,055			1,737,087
Series C-4, 5.40%, 07/01/20(f)(g)		208			175,591
Series CCC, 5.00%, 07/01/22		715			533,867
Series CCC, 5.00%, 07/01/25		620			462,934
Series CCC, 5.25%, 07/01/26(f)(g)		590			440,534
Series CCC, 5.25%, 07/01/28(f)(g)		1,945			1,452,267

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Electric Power Authority, RB (continued)
Series TT, 5.00%, 07/01/18(f)(g)	$	900	$	672,000
Series WW, 5.50%, 07/01/17(f)(g)		475		354,667
Series WW, 5.50%, 07/01/18(f)(g)		415		309,867
Series WW, 5.50%, 07/01/19(f)(g)		335		250,133
Series WW, 5.38%, 07/01/22(f)(g)		4,500		3,360,001
Series WW, 5.38%, 07/01/24(f)(g)		815		608,534
Series WW, 5.25%, 07/01/25		1,940		1,448,534
Series WW, 5.25%, 07/01/33(f)(g)		315		235,200
Series XX, 5.25%, 07/01/35(f)(g)		705		526,400
Series XX, 5.75%, 07/01/36(f)(g)		2,870		2,142,934
Series A, RB, 7.00%, 07/01/33(f)(g)		8,735		6,704,112
Series A, RB, 5.00%, 07/01/42(f)(g)		2,315		1,728,534
Series A, RB, 7.00%, 07/01/43(f)(g)		775		594,812
Series TT, RB, 5.00%, 07/01/25(f)(g)		3,270		2,441,601
Series TT, RB, 5.00%, 07/01/26(f)(g)		455		339,733
Series WW, RB, 5.50%, 07/01/38(f)(g)		415		309,867
Series XX, RB, 5.25%, 07/01/27(f)(g)		230		171,733
Series XX, RB, 5.25%, 07/01/40(f)(g)		8,385		6,260,803
Puerto Rico Electric Power Authority, Refunding RB
Series AAA, 5.25%, 07/01/22(f)(g)		765		571,200
Series AAA, 5.25%, 07/01/25		3,560		2,658,135
Series AAA, 5.25%, 07/01/28(f)(g)		3,655		2,729,068
Series UU, 0.00%, 07/01/17(a)(f)(g)		2,660		1,995,000
Series UU, 1.32%, 07/01/18(a)(f)(g)		125		93,750
Series UU, 1.32%, 07/01/20(a)(f)(g)		1,135		851,250
Series UU, 2.23%, 07/01/31(a)(f)(g)		1,345		1,008,750
Series ZZ, 5.00%, 07/01/17(f)(g)		330		246,400
Series ZZ, 5.25%, 07/01/19		1,050		784,000
Series ZZ, 5.25%, 07/01/23(f)(g)		370		276,267
Series ZZ, 5.25%, 07/01/24(f)(g)		5,050		3,770,668
Series ZZ, 5.25%, 07/01/25		265		197,867
Series ZZ, 5.00%, 07/01/28(f)(g)		345		257,600
Series AAA, Refunding RB, 5.25%, 07/01/29(f)(g)		190		141,867
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40		534		465,948
Series A-1, Restructured, 4.50%, 07/01/34		2,255		2,110,044
Series A-1, Restructured, 4.75%, 07/01/53		12,864		10,935,725
Series A-1, Restructured, 5.00%, 07/01/58		8,451		7,499,865
Series A-2, Restructured, 4.54%, 07/01/53		1,564		1,292,688
Series A-2, Restructured, 4.78%, 07/01/58		8,434		7,094,158
Series A-2, Restructured, 4.33%, 07/01/40		15,338		13,239,808
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB(d)
Series A-1, Restructured, 0.00%, 07/01/29		2,914		2,106,924
Series A-1, Restructured, 0.00%, 07/01/33		2,574		1,500,006
Series A-1, Restructured, 0.00%, 07/01/46		7,072		1,601,058
Series B-1, Restructured, 0.00%, 07/01/46		2,066		467,530
				184,920,478
Rhode Island — 0.7%
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		1,005		1,013,179
Series A, 5.00%, 06/01/40		5,500		5,524,623
Series B, 5.00%, 06/01/50		5,650		5,653,000
				12,190,802
South Carolina — 0.8%
City of Hardeeville South Carolina, SAB(b) 3.00%, 05/01/27		500		471,206

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, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Carolina (continued)
City of Hardeeville South Carolina, SAB(b) (continued)
3.50%, 05/01/32	$	850	$	709,509
3.88%, 05/01/41		1,400		1,072,827
4.00%, 05/01/52		1,350		941,872
County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b)		2,240		2,156,143
South Carolina Jobs-Economic Development Authority, RB 7.50%, 08/15/62(b)		1,935		1,812,391
Series A, 5.00%, 11/15/42		585		525,090
South Carolina Jobs-Economic Development Authority, Refunding RB 4.00%, 11/15/27		575		535,206
5.25%, 11/15/52		800		706,182
Series A, 5.00%, 05/01/48		5,825		5,738,621
				14,669,047
South Dakota — 0.7%
South Dakota Housing Development Authority, Refunding RB
Series A, Class A, (GNMA/FNMA/FHLMC COLL), 3.00%, 11/01/51		6,005		5,725,791
Series B, 3.00%, 11/01/52		7,710		7,258,626
				12,984,417
Tennessee — 0.8%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44		410		336,176
Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b)(e)(f)(g)		4,060		1,219,795
Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36		560		562,596
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, RB,
Series A, 5.00%, 07/01/40		925		907,060
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Refunding RB
Series A, 4.00%, 10/01/49		1,635		1,250,216
Series A, 5.25%, 10/01/58		7,565		7,316,149
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, 4.00%, 06/01/51(b)		2,350		1,650,008
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(d)		4,000		1,193,572
Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b)		500		498,488
				14,934,060
Texas — 5.3%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)		2,340		1,734,366
Arlington Higher Education Finance Corp., RB 5.00%, 06/15/51		2,045		1,783,338
(PSF), 5.00%, 08/15/52		3,440		3,544,820
5.63%, 08/15/54(b)		6,260		5,697,577
Series A, 5.88%, 03/01/24		230		231,412
Arlington Higher Education Finance Corp., Refunding RB, 5.00%, 08/15/51		1,000		869,396

Security	Par (000)		Value
Texas (continued)
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39	$	1,610	$	1,472,057
Central Texas Regional Mobility Authority, Refunding RB(d)
0.00%, 01/01/28		3,000		2,389,350
0.00%, 01/01/29		500		379,769
0.00%, 01/01/30		1,330		961,034
0.00%, 01/01/31		4,000		2,743,112
City of Crandall Texas, SAB(b) 3.38%, 09/15/26		100		94,525
4.00%, 09/15/31		200		180,328
4.75%, 09/15/31		100		89,874
4.25%, 09/15/41		770		617,925
5.00%, 09/15/41		500		406,746
City of Houston Texas Airport System Revenue, ARB AMT, 5.00%, 07/15/28		2,725		2,638,487
Series A, Class A, AMT, 6.63%, 07/15/38		1,110		1,111,924
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		615		606,737
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		3,925		3,871,479
City of Massachusettsrble Falls Texas, SAB(b) 4.63%, 09/01/31		100		91,945
4.88%, 09/01/41		295		246,742
5.13%, 09/01/51		500		400,423
City of San Marcos Texas, SAB(b) 3.75%, 09/01/27		228		217,417
4.00%, 09/01/32		237		213,807
4.25%, 09/01/42		750		608,999
4.50%, 09/01/51		520		405,137
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42		3,380		3,067,147
Harris County Cultural Education Facilities Finance Corp., Refunding RB
Series A, 5.00%, 01/01/38		510		466,217
Series A, 5.00%, 01/01/43		520		456,638
Series A, 5.13%, 01/01/48		1,535		1,318,493
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(d)		350		118,323
Hemphill County Hospital District, GO 4.63%, 02/01/39		1,500		1,315,629
4.75%, 02/01/45		2,500		2,109,575
Hidalgo County Regional Mobility Authority, RB
Series A, Senior Lien, 4.00%, 12/01/39		745		647,830
Series A, Senior Lien, 4.00%, 12/01/41		1,490		1,265,590
Hidalgo County Regional Mobility Authority, Refunding RB
Series B, Junior Lien, 4.00%, 12/01/38		585		521,348
Series B, Junior Lien, 4.00%, 12/01/39		1,000		884,513
Series B, Junior Lien, 4.00%, 12/01/40		1,040		911,506
Series B, Junior Lien, 4.00%, 12/01/41		1,000		867,249
Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51		1,400		1,034,167
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)		1,385		1,346,327
New Hope Cultural Education Facilities Finance Corp., RB
Series A, 5.88%, 04/01/23(c)		890		902,062

11

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., RB (continued)
Series A, 6.00%, 04/01/23(c)	$	1,355	$	1,374,184
Series A, 5.00%, 07/01/57		3,000		2,642,181
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52		5,000		4,652,530
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b)		5,580		4,860,833
Newark Higher Education Finance Corp., RB(b)
Series A, 5.50%, 08/15/35		375		378,282
Series A, 5.75%, 08/15/45		735		741,640
Port Authority of New York & New Jersey, Refunding ARB, AMT, 2.75%, 01/01/36(b)		665		474,334
Port Beaumont Navigation District, RB(b)
AMT, 2.88%, 01/01/41		3,000		1,962,234
AMT, 3.00%, 01/01/50		20,610		12,294,133
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41		645		546,737
Series A, 5.00%, 10/01/51		885		695,809
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48		8,560		8,504,617
Texas Transportation Commission State Highway 249 System, RB, CAB(d) 0.00%, 08/01/46		2,580		636,471
0.00%, 08/01/47		3,850		887,102
0.00%, 08/01/48		4,070		873,862
0.00%, 08/01/49		3,825		765,153
0.00%, 08/01/50		5,485		1,026,556
0.00%, 08/01/51		3,230		566,393
0.00%, 08/01/52		3,230		529,410
0.00%, 08/01/53		290		44,589
				95,298,390
Utah(b) — 0.1%
Utah Charter School Finance Authority, RB
Series A, 5.00%, 06/15/41		590		518,932
Series A, 5.00%, 06/15/52		750		629,491
				1,148,423
Vermont — 0.5%
East Central Vermont Telecommunications District, RB(b)
Series A, 4.75%, 12/01/40		2,850		2,405,842
Series A, 4.50%, 12/01/44		3,695		2,884,819
Series A, 4.50%, 12/01/50		3,000		2,219,394
Vermont Student Assistance Corp., RB, Class A, AMT, 2.38%, 06/15/39		2,475		1,699,335
				9,209,390
Virginia — 1.1%
Hampton Roads Transportation Accountability Commission, RB 4.00%, 07/01/60		4,325		3,849,985
Series A, Senior Lien, 4.00%, 07/01/55		9,770		8,903,547
Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/40(b)		1,790		1,480,767
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50		1,250		1,038,540
Lower Magnolia Green Community Development Authority, SAB(b) 5.00%, 03/01/35		490		464,703

Security	Par (000)		Value
Virginia (continued)
Lower Magnolia Green Community Development Authority, SAB(b) (continued)
5.00%, 03/01/45	$	505	$	452,815
Norfolk Redevelopment & Housing Authority, RB, Series A, 5.00%, 01/01/49		1,250		1,064,085
Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45		830		698,741
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48		2,885		2,198,321
				20,151,504
Washington — 1.9%
Washington Economic Development Finance Authority, RB, Series A, AMT, 5.63%, 12/01/40(b)		3,470		3,363,689
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		885		725,223
Washington State Convention Center Public Facilities District, RB 4.00%, 07/01/31		3,750		3,277,815
Series B, 3.00%, 07/01/58		5,365		2,986,615
Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/56(b)		1,400		1,286,246
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		23,639		19,969,169
Washington State Housing Finance Commission, Refunding RB(b) 5.75%, 01/01/35		355		337,041
6.00%, 01/01/45		940		893,491
5.00%, 01/01/48		2,410		2,242,098
				35,081,387
Wisconsin — 3.9%
Public Finance Authority, ARB
AMT, 4.00%, 07/01/41		530		391,471
AMT, 4.25%, 07/01/54		3,690		2,525,491
Public Finance Authority, RB 5.00%, 06/15/39		310		294,798
5.00%, 06/15/41(b)		925		805,498
5.00%, 01/01/42(b)		1,555		1,443,855
5.00%, 12/01/45(b)		280		242,236
5.00%, 06/15/49		955		869,884
5.63%, 06/15/49(b)		5,975		5,000,896
5.00%, 04/01/50(b)		315		274,310
5.25%, 05/15/52(b)		1,135		951,096
5.00%, 06/15/53		645		578,662
5.00%, 06/15/55(b)		2,405		1,956,278
5.00%, 01/01/56(b)		3,790		3,294,260
Series A, 4.25%, 06/15/31(b)		170		148,462
Series A, 6.25%, 10/01/31(b)		910		747,897
Series A, 5.00%, 06/01/40(b)		750		665,397
Series A, 5.00%, 06/15/41(b)		510		428,541
Series A, 5.38%, 06/01/44(b)		1,215		998,110
Series A, 6.85%, 11/01/46(b)		1,325		944,746
Series A, 7.00%, 11/01/46(b)		805		585,671
Series A, 5.38%, 07/15/47(b)		1,595		1,415,025
Series A, 7.00%, 10/01/47(b)		910		699,323
Series A, 5.00%, 06/01/49(b)		1,340		1,120,882
Series A, 5.63%, 06/15/49(b)		8,025		7,253,019
Series A, 5.00%, 06/15/51(b)		1,060		836,091
Series A, 5.25%, 12/01/51(b)		5,280		3,732,290
Series A, 5.50%, 06/01/54(b)		1,500		1,198,511

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, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wisconsin (continued)
Public Finance Authority, RB (continued)
Series A, 5.00%, 06/15/55(b)	$	11,540	$	8,663,897
Series A, 4.75%, 06/15/56(b)		2,415		1,697,511
Series A-1, 4.50%, 01/01/35(b)		895		827,977
Series A-1, 5.50%, 12/01/48(b)(f)(g)		38		8,436
Series A-1, 5.00%, 01/01/55(b)		2,470		2,154,450
Series B, 0.00%, 01/01/35(b)(d)		1,160		513,697
Series B, 0.00%, 01/01/60(b)(d)		31,635		2,231,533
AMT, 4.00%, 09/30/51		4,000		2,955,352
AMT, 4.00%, 03/31/56		3,370		2,422,147
Public Finance Authority, Refunding RB 4.00%, 04/01/32(b)		595		556,833
4.00%, 04/01/42(b)		650		517,585
5.00%, 03/01/52(b)		1,300		1,064,665
4.00%, 04/01/52(b)		815		591,532
Series A, 5.00%, 10/01/34(b)		280		268,246
Series A, 5.00%, 10/01/39(b)		680		632,194
Series A, 4.00%, 12/01/41		1,500		1,257,128
Wisconsin Health & Educational Facilities Authority, Refunding RB 5.00%, 11/01/46		130		111,581
4.00%, 01/01/47		3,900		2,983,309
4.00%, 01/01/57		1,050		739,775
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47		740		714,659
				70,315,207
Total Municipal Bonds — 89.6% (Cost: $1,882,760,293)				1,618,019,276
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
Georgia — 1.0%
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52		18,800		19,043,971
Illinois — 0.6%
Illinois Finance Authority, Refunding RB
Series C, 4.00%, 02/15/41		6,497		5,734,335
Series C, 4.00%, 02/15/41(c)		13		11,092
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40		5,011		5,082,648
				10,828,075
Maryland — 0.7%
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50		15,000		12,832,980
Massachusetts — 0.2%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45		3,463		3,198,916
Nebraska — 0.5%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53		9,312		9,307,023
New York — 5.2%
New York City Housing Development Corp., Refunding RB
Series C-1, Class A, 4.15%, 11/01/39		3,107		2,802,513

Security	Par (000)		Value
New York (continued)
New York City Housing Development Corp., Refunding RB (continued)
Series C-1, Class A, 4.20%, 11/01/44	$	5,694	$	5,136,322
Series C-1, Class A, 4.30%, 11/01/47		4,661		4,203,770
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		3,421		2,889,633
New York State Dormitory Authority, RB, Series E, 5.00%, 03/15/36		21,670		22,211,902
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		50,005		42,960,779
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46		13,005		11,238,388
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		2,925		3,001,099
				94,444,406
North Carolina — 1.2%
North Carolina Medical Care Commission, RB, 4.00%, 11/01/49		21,050		17,824,266
Township of North Bergen New Jersey, Refunding GO, Series B, 5.00%, 10/01/55(c)		2,930		3,079,194
				20,903,460
Pennsylvania — 0.7%
Pennsylvania Economic Development Financing Authority, RB, Series A-1, 4.00%, 04/15/50		11,000		9,133,834
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42		3,677		3,777,721
				12,911,555
Virginia — 0.4%
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42		8,137		7,523,253
Washington — 0.5%
Snohomish County Public Utility District No.1, RB, Series 1, 5.00%, 12/01/45		8,664		8,805,828
Wisconsin — 0.1%
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46		1,773		1,518,736
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.1% (Cost: $223,274,870)				201,318,203
Total Long-Term Investments — 100.7% (Cost: $2,106,035,163)				1,819,337,479

13

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.14%(k)(l)		46,886,554	$	46,881,865
Total Short-Term Securities — 2.6% (Cost: $46,881,760)				46,881,865
Total Investments — 103.3% (Cost: $2,152,916,923)				1,866,219,344
Other Assets Less Liabilities — 3.6%				65,316,077
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.9)%				(125,238,374	)
Net Assets — 100.0%			$	1,806,297,047

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

^(d)  Zero-coupon bond.

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

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

^(g)  Non-income producing security.

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

⁽ⁱ⁾  Rounds to less than 1,000.

^(j)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

^(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 06/30/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class.	$	77,796,619	$	—	$	(30,891,250	)(a)	$	(9,918	)	$	(13,586	)	$	46,881,865		46,886,554	$	223,252	$	—

^(a)  Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		758		12/20/22	$	84,943	$	1,682,613
U.S. Long Bond		1,231		12/20/22		155,722		5,483,647
5-Year U.S. Treasury Note		503		12/30/22		54,041		741,787
							$	7,908,047

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

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, 2022 BlackRock High Yield Municipal Fund     

Fair Value Hierarchy as of Period End (continued)

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. 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	$	—	$	1,613,368,708	$	4,650,568	$	1,618,019,276
Municipal Bonds Transferred to Tender Option Bond Trusts		—		201,318,203		—		201,318,203
Short-Term Securities
Money Market Funds		46,881,865		—		—		46,881,865
	$	46,881,865	$	1,814,686,911	$	4,650,568	$	1,866,219,344
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	7,908,047	$	—	$	—	$	7,908,047

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $124,925,210 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
BAB	Build America Bond
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
GTD	GTD Guaranteed
HUD SECT 8	U.S. Department of Housing and Urban Development Section 8
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
PSF	Permanent School Fund
RB	Revenue Bond

Portfolio Abbreviation (continued)
S/F	Single-Family
SAB	Special Assessment Bonds
SONYMA	State of New York Mortgage Agency
ST	Special Tax
TA	Tax Allocation

15