NPORT-EX 2 NPORT_LCP6_48466152_0324.htm BlackRock High Yield Municipal Fund

Schedule of Investments (unaudited)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama — 5.7%

 

Black Belt Energy Gas District, RB(a)

 

Series A, 5.25%, 01/01/54

   $ 4,770     $ 5,112,007  

Series A, 5.25%, 05/01/55

     2,180       2,352,954  

Series C-1, 5.25%, 02/01/53

       13,790         14,580,726  

Series F, 5.50%, 11/01/53

     1,825       1,933,768  

Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a)

     8,585       8,640,651  

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

     920       848,430  

County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49

     2,230       2,394,742  

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

     5,620       6,055,068  

MidCity Improvement District, SAB
3.88%, 11/01/27

     130       125,457  

4.25%, 11/01/32

     350       318,163  

4.50%, 11/01/42

     745       616,740  

4.75%, 11/01/49

     795       646,559  

Southeast Alabama Gas Supply District, Refunding RB(a)

   

Series A, 5.00%, 08/01/54

     5,000       5,372,242  

Series B, 5.00%, 06/01/49

     5,000       5,356,322  

Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53(a)

    31,645       32,813,580  

Stadium Trace Village Improvement District, RB, 3.63%, 03/01/36

     3,430       3,099,079  

Tuscaloosa County Industrial Development

    

Authority, Refunding RB, Series A,
5.25%, 05/01/44(b)

    1,110       1,118,813  
   

 

 

  
      91,385,301  

Arizona — 2.5%

 

  

Arizona Industrial Development Authority, RB 7.10%, 01/01/55(b)

     4,495       4,585,313  

Series A, 5.00%, 12/15/39(b)

    150       148,141  

Series A, 5.00%, 07/01/49(b)

    1,440       1,302,861  

Series A, 5.00%, 07/15/49

     675       649,332  

Series A, 5.00%, 07/01/54(b)

    1,110       978,018  

Series B, 5.13%, 07/01/47(b)

    420       395,175  

Series B, 5.25%, 07/01/51(b)

    570       536,610  

Sustainability Bonds, 5.00%, 07/01/45(b)

    1,135       1,030,984  

Sustainability Bonds, 5.00%, 07/01/55(b)

    1,215       1,045,898  

Arizona Industrial Development Authority, Refunding RB(b)

   

Series A, 5.00%, 07/01/26

     480       478,433  

Series A, 5.50%, 07/01/52

     2,970       2,770,416  

Chandler Industrial Development Authority, RB, AMT, 5.00%, 06/01/49(a)

    5,580       5,585,934  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     275       240,606  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A,
6.75%, 07/01/44(b)

    810       812,549  

Industrial Development Authority of the County of Pima, RB
5.13%, 07/01/39

     700       662,932  

5.25%, 07/01/49

     870       780,801  

Industrial Development Authority of the County of Pima, Refunding RB(b)
4.00%, 06/15/51

     6,995       5,282,076  
Security   Par
(000)		     Value  
Arizona (continued)            

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

   $ 1,270     $ 1,102,174  

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

    1,340       1,229,196  

Maricopa County Industrial Development Authority, RB
5.25%, 10/01/40(b)

    1,255       1,266,277  

5.50%, 10/01/51(b)

    1,255       1,244,937  

Series A, 3.00%, 09/01/51

     2,995       2,187,724  

AMT, 4.00%, 10/15/47(b)

    7,175       6,310,303  
   

 

 

  
      40,626,690  
Arkansas — 2.9%            

Arkansas Development Finance Authority, RB 7.38%, 07/01/48(b)

    7,700       8,478,939  

AMT, 4.50%, 09/01/49(b)

    14,525         14,333,785  

AMT, 4.75%, 09/01/49(b)

      17,005       16,896,158  

AMT, Sustainability Bonds, 5.70%, 05/01/53

     2,040       2,106,445  

Series A, AMT, Sustainability Bonds,
6.88%, 07/01/48(b)

    5,100       5,484,823  
   

 

 

  
      47,300,150  
California — 2.8%            

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

     2,560       2,254,997  

California Municipal Finance Authority, RB(b) 5.50%, 08/01/34

     250       250,405  

6.00%, 08/01/44

     655       655,484  

6.13%, 08/01/49

     570       570,352  

California Municipal Finance Authority, Refunding RB, Series A, 3.00%, 11/01/48

     2,000       1,548,531  

California Statewide Financing Authority, RB, Series L, 0.00%, 06/01/55(b)(c)

    65,000       3,177,211  

City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.25%, 05/15/47

     8,000       8,718,743  

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

    6,255       4,690,851  

CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b)

    1,845       1,497,859  

CSCDA Community Improvement Authority, RB, M/F Housing(b)
4.00%, 07/01/56

     1,660       1,232,550  

Series A, 3.00%, 09/01/56

     5,550       3,681,883  

Mezzanine Lien, 4.00%, 03/01/57

     2,465       1,764,689  

Mezzanine Lien, Sustainability Bonds, 4.00%, 06/01/57

     1,130       749,265  

Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59

     4,645       2,672,767  

Series B, Sub Lien, Sustainability Bonds,
4.00%, 12/01/59

     2,380       1,557,013  

Sustainability Bonds, 4.00%, 07/01/58

     1,405       971,173  

Series B, Sustainability Bonds,
4.00%, 07/01/58

     1,585       1,058,312  

Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)

    39,020       4,403,153  

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

    4,420       1,819,721  
 

 

 

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

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)            

San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate,
4.00%, 07/01/56

   $   1,965     $ 1,827,080  

San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(c)

    1,155       811,046  
   

 

 

  
        45,913,085  
Colorado — 4.8%            

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

     1,563       1,395,308  

Aurora Crossroads Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/40

     1,000       974,895  

Series A, 5.00%, 12/01/50

     500       465,677  

Aviation Station North Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/39

     750       723,996  

Series A, 5.00%, 12/01/48

     1,350       1,228,770  

Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b)

    2,335       1,834,684  

Cascade Ridge Metropolitan District, GO, 5.00%, 12/01/51

     3,000       2,590,558  

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

    820       765,177  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 4.13%, 11/15/47

     5,875       5,738,163  

Series A, AMT, 4.13%, 11/15/53

     3,225       3,054,666  

Clear Creek Transit Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/41

     575       509,704  

Series A, 5.00%, 12/01/50

     1,000       838,188  

Colorado Health Facilities Authority, RB 5.50%, 11/01/47

     780       867,717  

5.25%, 11/01/52

     1,630       1,758,320  

Series A, 5.00%, 05/15/35

     1,255       1,019,941  

Series A, 5.00%, 05/15/44

     1,415       967,966  

Series A, 5.00%, 05/15/49

     2,175       1,403,703  

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

     1,260       1,144,534  

Eagle Brook Meadows Metropolitan District No. 3, GO, Series 2021, 5.00%, 12/01/51

     1,600       1,424,617  

Fitzsimons Village Metropolitan District No. 3, Refunding GO

    

Series A-1, 4.00%, 12/01/26

     800       767,043  

Series A-1, 4.00%, 12/01/41

     1,500       1,149,950  

Series A-1, 4.25%, 12/01/55

     3,095       2,163,648  

Four Corners Business Improvement District, GO, 6.00%, 12/01/52

     2,000       1,870,672  

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

     2,615       2,480,609  

Greenways Metropolitan District No. 1, GO, Series A, 4.63%, 12/01/51

     1,580       1,155,539  

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

     2,345       2,203,913  

Horizon Metropolitan District No. 2, GO, 4.50%, 12/01/51(b)

    1,675       1,213,805  

Jefferson Center Metropolitan District No. 1, RB

    

Series A-2, 4.13%, 12/01/40

     580       512,728  

Series A-2, 4.38%, 12/01/47

     1,000       861,367  

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

   

Series A, 5.38%, 12/01/40

     515       478,599  

Series A, 5.63%, 12/01/50

     1,350       1,202,014  
Security   Par
(000)		     Value  
Colorado (continued)            

Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50

   $ 1,810     $ 1,361,830  

Longs Peak Metropolitan District, GO,
5.25%, 12/01/51(b)

    5,000       4,960,554  

Loretto Heights Community Authority, RB, 4.88%, 12/01/51

     2,640       2,122,295  

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

     760       752,006  

North Range Metropolitan District No. 3, GO, Series A, 5.25%, 12/01/50

     1,000       960,256  

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

     2,825       2,669,193  

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

     1,500       1,360,998  

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

     1,442       1,291,151  

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

     1,238       1,195,777  

Pronghorn Valley Metropolitan District, GO, Series A, 4.00%, 12/01/51

     1,300       989,377  

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

    3,045       2,062,987  

Reunion Metropolitan District, RB, Series A, 3.63%, 12/01/44

     1,484       1,094,520  

Sky Ranch Community Authority Board, RB, Series A, 5.75%, 12/01/52

     1,500       1,389,237  

Southlands Metropolitan District No. 1, Refunding GO

    

Series A-1, 5.00%, 12/01/37

     1,115       1,106,024  

Series A-1, 5.00%, 12/01/47

     3,085       2,878,744  

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

     708       708,169  

Thompson Crossing Metropolitan District No. 4, Refunding GO, 5.00%, 12/01/49

     1,480       1,358,807  

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

     1,730       1,625,915  

Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51

     2,595       2,234,652  

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

     800       760,354  

Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/24(e)

    595       618,637  
   

 

 

  
        78,267,954  
Connecticut(b) — 0.3%            

Connecticut State Health & Educational Facilities Authority, RB

    

Series A, 5.00%, 01/01/45

     845       709,610  

Series A, 5.00%, 01/01/55

     1,200       934,196  

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

     3,690       3,690,817  
   

 

 

  
      5,334,623  
Delaware — 0.3%            

Affordable Housing Opportunities Trust, RB,

    

Series AH-01, Class B, 6.88%, 05/01/39(b)

    3,625       3,486,436  

County of Kent Delaware, RB, Series A, 5.00%, 07/01/53

     1,000       981,829  
   

 

 

  
      4,468,265  
District of Columbia — 1.8%            

District of Columbia Tobacco Settlement Financing Corp., RB(c)

    

Series A, 0.00%, 06/15/46

       15,740       3,805,236  
 

 

 

2  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
District of Columbia (continued)            

District of Columbia Tobacco Settlement Financing Corp., RB(c) (continued)

    

Series B, 0.00%, 06/15/46

   $   43,620     $ 9,471,601  

Series C, 0.00%, 06/15/55

     88,900       9,312,038  

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

     375       385,960  

District of Columbia, RB, Series A, AMT, Sustainability Bonds, 5.50%, 02/28/37

     880       1,042,006  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

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

    3,005       2,406,808  

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

     2,170       2,046,315  
   

 

 

  
        28,469,964  
Florida — 11.3%            

Artisan Lakes East Community Development District, SAB, Series 2021-1,
4.00%, 05/01/51

     450       362,590  

Babcock Ranch Community Independent Special District, SAB

    

Series 2022, 5.00%, 05/01/42

     1,570       1,518,406  

Series 2022, 5.00%, 05/01/53

     1,175       1,075,211  

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

     1,365       1,099,857  

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

     1,135       1,132,581  

Brevard County Health Facilities Authority, Refunding RB
4.00%, 11/15/45(b)

    4,040       3,158,016  

4.00%, 11/15/55(b)

    5,960       4,292,621  

Series A, 5.00%, 04/01/52

     10,000       10,471,092  

Buckhead Trails Community Development District, SAB

    

5.60%, 05/01/44

     400       399,751  

5.88%, 05/01/54

     975       973,682  

Series 2022, 5.63%, 05/01/42

     740       773,194  

Series 2022, 5.75%, 05/01/52

     495       511,782  

Cabot Citrus Farms Community Development District, SAB,
5.25%, 03/01/29

     2,755       2,779,029  

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

     2,275       2,285,352  

Capital Trust Agency, Inc., RB

     2,250       2,126,085  

4.50%, 01/01/35(b)

   

4.88%, 06/15/56(b)

    6,670       5,299,842  

Series A, 5.00%, 06/15/49(b)

    500       485,309  

Series A, 5.75%, 06/01/54(b)

    1,925       1,580,555  

Series B, 0.00%, 01/01/35(c)

    3,210       1,605,633  

Series B, 0.00%, 01/01/60(c)

    64,500       3,931,487  

Capital Trust Agency, Inc., RB, CAB,
0.00%, 07/01/61(b)(c)

    41,470       2,816,262  

Celebration Pointe Community Development District No. 1, SAB

    

4.75%, 05/01/24

     85       85,016  

5.00%, 05/01/34

     1,180       1,180,025  

Charles Cove Community Development District, SAB

    

3.75%, 05/01/30

     360       345,873  

4.25%, 05/01/40

     975       885,031  

4.38%, 05/01/50

     1,505       1,300,704  

Charlotte County Industrial Development Authority, RB(b)
5.00%, 10/01/49

     3,040       3,030,775  
Security   Par
(000)		     Value  
Florida (continued)            

Charlotte County Industrial Development Authority, RB(b) (continued)

    

AMT, 4.00%, 10/01/51

   $ 1,575     $   1,315,334  

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

    370       1,258  

Coral Creek Community Development District, SAB, 5.75%, 05/01/54

     545       558,814  

County of Lake Florida, RB(b)

    550       531,728  

5.00%, 01/15/39

    

5.00%, 01/15/49

     825       734,019  

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

   

Series A-2, 0.00%, 10/01/48

     5,125       1,544,011  

Series A-2, 0.00%, 10/01/49

     1,770       473,918  

Crosswinds East Community Development District, SAB, 5.75%, 05/01/54

     380       380,453  

Darby Community Development District, SAB, Series A-2, 5.88%, 05/01/35

     4,325       4,251,852  

Elevation Pointe Community Development District, SAB

    

Series A-1, 4.40%, 05/01/42

     700       642,493  

Series A-1, 4.60%, 05/01/52

     1,090       965,908  

Series A-2, 4.40%, 05/01/32

     2,200       2,108,506  

Escambia County Health Facilities Authority, Refunding RB

    

(AGM), 3.00%, 08/15/50

     10,000       7,430,560  

4.00%, 08/15/50

     6,530       5,412,014  

Florida Development Finance Corp., RB

     2,830       2,253,894  

5.25%, 06/01/55(b)

   

6.50%, 06/30/57(b)

    1,515       1,432,443  

Series A, 5.75%, 06/15/29(b)

    695       696,146  

Series A, 6.00%, 06/15/34(b)

    835       836,777  

Series A, 4.00%, 06/15/52

     2,875       2,383,449  

Series A, 5.00%, 06/15/56

     1,525       1,494,425  

Series A, 5.13%, 06/15/55(b)

      10,455       8,992,674  

Series B, 4.50%, 12/15/56(b)

    5,945       4,409,375  

Series C, 5.75%, 12/15/56(b)

    2,030       1,673,890  

AMT, 5.00%, 05/01/29(b)

    3,550       3,541,037  

AMT, 6.13%, 07/01/32(a)(b)

    5,000       5,103,506  

Series C, AMT, 8.25%, 07/01/57(a)(b)

    4,000       3,999,945  

Florida Development Finance Corp., Refunding RB(b)

   

Series A, 4.00%, 06/01/36

     2,110       1,698,807  

Series A, 4.00%, 06/01/46

     1,700       1,170,662  

Series A, 4.00%, 06/01/55

     2,750       1,676,175  

Gracewater Sarasota Community Development District, SAB, 4.00%, 05/01/52

     1,000       803,506  

Grand Oaks Community Development District, SAB

     910       826,029  

4.25%, 05/01/40

    

4.50%, 05/01/52

     1,015       885,662  

Hills of Minneola Community Development District, SAB(b)

    

4.00%, 05/01/40

     1,025       920,077  

4.00%, 05/01/50

     1,500       1,241,220  

Lakeside Preserve Community Development District, SAB, Series 2023, 6.38%, 05/01/54

     1,000       1,073,390  

Lakewood Ranch Stewardship District, SAB

     580       587,302  

4.95%, 05/01/29(b)

   

4.88%, 05/01/35

     265       264,578  

3.75%, 05/01/39(b)

    570       495,194  

5.50%, 05/01/39(b)

    530       541,756  
 

 

 

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

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Florida (continued)

    

Lakewood Ranch Stewardship District, SAB (continued)
3.75%, 05/01/40

   $ 525     $ 456,802  

4.88%, 05/01/45

     530       506,805  

5.13%, 05/01/46

     835       834,722  

5.65%, 05/01/48(b)

    875       888,436  

4.00%, 05/01/49(b)

    355       290,358  

3.90%, 05/01/50

     525       427,092  

Series 1A, 4.25%, 05/01/28

     535       532,705  

Series 1A, 5.00%, 05/01/38

     1,175         1,176,232  

Series 1A, 5.10%, 05/01/48

       2,545       2,476,048  

Series 1B, 4.75%, 05/01/29

     955       961,439  

Series 1B, 5.30%, 05/01/39

     1,090       1,104,505  

Series 1B, 5.45%, 05/01/48

     1,930       1,942,642  

Laurel Road Community Development District, SAB
Series A-1, 3.00%, 05/01/31

     250       231,045  

Series A-1, 3.25%, 05/01/41

     1,010       802,456  

Series A-1, 4.00%, 05/01/52

     1,155       923,830  

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

     1,405       1,367,043  

Midtown Miami Community Development District, Refunding SAB, Series A, 5.00%, 05/01/37

     890       889,964  

Mirada II Community Development District, SAB, 4.00%, 05/01/51

     1,485       1,196,653  

North River Ranch Community Development
District, SAB

    

Series A-1, 4.00%, 05/01/40

     845       744,032  

Series A-1, 4.25%, 05/01/51

     1,430       1,204,834  

Series A-2, 4.20%, 05/01/35

     620       557,182  

Orange County Health Facilities Authority, RB,
4.00%, 10/01/52

     4,310       4,115,630  

Poitras East Community Development District, SAB
5.00%, 05/01/43

     460       452,075  

5.25%, 05/01/52

     1,650       1,616,418  

Sandridge Community Development District, SAB
Series A1, 3.88%, 05/01/41

     615       538,920  

Series A1, 4.00%, 05/01/51

     600       493,304  

Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53

     3,520       2,696,605  

Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54

     2,420       1,970,081  

Shadowlawn Community Development District,
SAB, 5.85%, 05/01/54

     355       355,488  

South Broward Hospital District, RB, (BAM-TCRS), 3.00%, 05/01/51

     415       321,161  

Southern Groves Community Development District No. 5, SAB
3.38%, 05/01/25

     100       99,054  

4.00%, 05/01/30

     175       167,333  

4.30%, 05/01/40

     825       712,730  

4.50%, 05/01/46

     600       502,860  

Talavera Community Development District, SAB, 4.35%, 05/01/40

     520       481,436  

Tolomato Community Development District,
Refunding SAB

    

Series 2015-2, 6.61%, 05/01/40(d)

    125       120,486  

Series A-2, 4.25%, 05/01/37

     910       849,447  

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       681,939  

 

Security   Par
(000)		     Value  

Florida (continued)

    

Trout Creek Community Development District, SAB (continued)
5.50%, 05/01/49

   $    1,695     $ 1,713,921  

V-Dana Community Development District, SAB(b)
3.50%, 05/01/31

     525       500,107  

4.00%, 05/01/40

     750       665,736  

4.00%, 05/01/51

     1,200       969,249  

Village Community Development District No. 14, SAB
5.38%, 05/01/42

     3,330       3,479,817  

5.50%, 05/01/53

     2,485       2,591,681  

Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)

    1,040       1,074,192  

West Villages Improvement District, SAB
4.25%, 05/01/29

     400       395,101  

4.75%, 05/01/39

     885       867,100  

5.38%, 05/01/44(b)(h)

    500       495,050  

5.00%, 05/01/50

     1,415       1,369,128  

5.63%, 05/01/54(b)(h)

    355       350,932  

Windward at Lakewood Ranch Community Development District, SAB
3.63%, 05/01/32

     685       644,543  

4.00%, 05/01/42

     620       540,004  

4.25%, 05/01/52

     720       601,785  
   

 

 

  
        182,806,687  
Georgia — 1.1%            

Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b)

    2,805       2,290,896  

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

     3,135       3,044,872  

Development Authority of Cobb County, RB,
Series A, 6.38%, 06/15/58(b)

    690       669,458  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    875       778,806  

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a)

    2,000       2,111,638  

Municipal Electric Authority of Georgia, RB
Series A, 5.00%, 01/01/49

     5,235       5,382,152  

Series A, 5.00%, 07/01/52

     2,765       2,871,213  
   

 

 

  
      17,149,035  
Idaho — 0.3%            

Idaho Health Facilities Authority, Refunding RB, 3.50%, 09/01/33

     375       336,130  

Idaho Housing & Finance Association, RB(b)
Series A, 6.00%, 07/01/39

     370       379,940  

Series A, 6.00%, 07/01/49

     595       599,555  

Series A, 6.00%, 07/01/54

     570       572,220  

Series A, 6.95%, 06/15/55

     1,540       1,622,112  

Series C, 5.00%, 12/01/46

     1,000       967,362  

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

     265       265,349  
   

 

 

  
      4,742,668  
Illinois — 2.2%            

Chicago Board of Education, Refunding GO
Series B, 4.00%, 12/01/35

     655       654,990  

Series B, 4.00%, 12/01/41

     4,905       4,597,987  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57

     5,550       5,740,855  
 

 

 

4  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Illinois (continued)             

City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/37

   $ 6,469      $ 6,515,067  

Illinois Finance Authority, Refunding RB
6.00%, 02/01/34

     335        335,051  

6.13%, 02/01/45

     790        790,032  

Series A, 5.00%, 05/15/56

     815        640,719  

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46

     4,640        5,009,745  

Metropolitan Pier & Exposition Authority, Refunding
RB, 4.00%, 06/15/50

       9,695        9,028,179  

State of Illinois, GO, 5.50%, 05/01/39

     2,460        2,705,792  
    

 

 

  
       36,018,417  
Indiana — 0.5%             

City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34

     525        525,445  

AMT, 7.00%, 01/01/44

     1,270        1,270,854  

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

    2,325        1,615,875  

Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39

     2,785        3,088,306  

Indianapolis Local Public Improvement Bond Bank,
RB, 6.00%, 03/01/53

     1,850        1,976,023  
    

 

 

  
       8,476,503  
Iowa — 0.2%             

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

     1,000        894,482  

PEFA, Inc., RB, 5.00%, 09/01/49(a)

    1,600        1,635,144  
    

 

 

  
       2,529,626  
Kansas(b) — 0.2%             

City of Shawnee Kansas, RB
5.00%, 08/01/41

     770        752,311  

5.00%, 08/01/56

     1,900        1,689,600  
    

 

 

  
       2,441,911  
Kentucky — 1.3%             

City of Henderson Kentucky, RB(b)
AMT, 4.45%, 01/01/42

     2,540        2,535,055  

Series A, AMT, 4.70%, 01/01/52

     2,435        2,397,542  

Series B, AMT, 4.70%, 01/01/52

     6,000        5,907,702  

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

    250        245,559  

Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a)

    9,000        9,076,693  
    

 

 

  
         20,162,551  
Louisiana(b) — 0.7%             

Louisiana Public Facilities Authority, RB
Series A, 5.25%, 06/01/51

     1,830        1,521,848  

Series A, 5.25%, 06/01/60

     3,385        2,696,003  

Series A, 6.50%, 06/01/62

     855        819,938  

AMT, 6.50%, 10/01/53

     2,160        2,284,540  

Parish of St James Louisiana, RB, Series 2, 6.35%, 07/01/40

     3,160        3,443,025  
    

 

 

  
       10,765,354  
Maine — 0.3%             

Finance Authority of Maine, RB, AMT, Sustainability
Bonds, 8.00%, 12/01/51(b)

    5,600        4,389,250  
    

 

 

  
Maryland — 1.5%             

City of Baltimore Maryland, RB
4.88%, 06/01/42

     260        260,853  

5.00%, 06/01/51

     780        758,852  
Security   Par
(000)		      Value  
Maryland (continued)             

City of Baltimore Maryland, Refunding RB, Convertible, 5.00%, 09/01/46

   $ 1,500      $ 1,408,610  

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

     4,805        3,996,926  

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

    8,165        8,487,087  

Series B, 4.00%, 04/15/50

      10,000        9,667,600  
    

 

 

  
         24,579,928  
Massachusetts — 0.4%             

Massachusetts Development Finance Agency, RB, Series D, Sustainability Bonds, 4.00%, 07/01/45

     715        654,968  

Massachusetts Development Finance Agency, Refunding RB(b)
4.00%, 10/01/32

     355        335,128  

4.13%, 10/01/42

     855        753,140  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51

     4,415        4,644,390  
    

 

 

  
       6,387,626  
Michigan — 0.4%             

Advanced Technology Academy, Refunding RB
3.50%, 11/01/24

     65        64,234  

5.00%, 11/01/44

     160        150,331  

Michigan Strategic Fund, RB
5.00%, 11/15/42

     280        258,687  

AMT, 5.00%, 12/31/43

     2,030        2,043,017  

AMT, Sustainability Bonds,
4.00%, 10/01/61(a)

    4,450        4,442,464  
    

 

 

  
       6,958,733  
Minnesota — 0.5%             

City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55

     3,895        3,326,279  

Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48

     1,925        1,939,149  

Series A, 5.25%, 02/15/58

     2,790        2,840,940  
    

 

 

  
       8,106,368  
Missouri — 0.3%             

Industrial Development Authority of the City of St Louis Missouri, Refunding RB, Series A, 4.38%, 11/15/35

     1,020        825,401  

Kansas City Industrial Development Authority, RB, Series C, 7.50%, 11/15/46

     425        339,359  

Kansas City Industrial Development Authority, Refunding RB
Class B, 5.00%, 11/15/46

     772        632,200  

Class D, 2.00%, 11/15/46

     344        15,378  

Kansas City Land Clearance Redevelopment Authority, TA(b)
Series B, 4.38%, 02/01/31

     2,755        2,560,687  

Series B, 5.00%, 02/01/40

     1,240        1,154,363  
    

 

 

  
       5,527,388  
Montana — 0.5%             

City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31(a)

    7,500        7,313,739  
    

 

 

  
Nebraska — 0.3%             

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)

    4,545        4,753,528  
    

 

 

  
Nevada — 0.2%             

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

     800        735,817  
 

 

 

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

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Nevada (continued)             

Tahoe-Douglas Visitors Authority, RB

5.00%, 07/01/40

   $ 1,490      $ 1,534,164  

5.00%, 07/01/45

     1,460        1,487,141  
    

 

 

  
       3,757,122  
New Hampshire — 0.6%             

New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40

     1,435        1,230,869  

Series A, 4.25%, 08/15/46

     1,610        1,297,528  

Series A, 4.50%, 08/15/55

     3,350        2,663,009  

New Hampshire Business Finance Authority, RB, M/F Housing, Series 2, 4.25%, 07/20/41

     2,465        2,444,654  

New Hampshire Business Finance Authority, Refunding RB, Series C, AMT, 4.88%, 11/01/42(b)

    2,515        2,252,409  
    

 

 

  
       9,888,469  
New Jersey — 0.8%             

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

    340        340,242  

Middlesex County Improvement Authority, RB
Series B, 6.13%, 01/01/25

     2,495        30,813  

Series B, 6.25%, 01/01/37(f)(g)

    5,400        66,690  

New Jersey Economic Development Authority, RB
5.00%, 12/15/28(e)

    2,060        2,266,390  

Series A, 5.00%, 07/01/37

     375        372,919  

Series A, 5.25%, 11/01/54(b)

    3,955        3,478,171  

Series B, 6.50%, 04/01/31

     2,215        2,222,625  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     1,960        1,894,118  

New Jersey Transportation Trust Fund Authority, RB, Series AA, 4.00%, 06/15/50

     3,000        2,876,633  
    

 

 

  
       13,548,601  
New York — 7.0%             

Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/41(f)(g)

    3,750        2,047,118  

Build NYC Resource Corp., RB
Series A, 5.00%, 07/01/32

     2,255        2,159,230  

Series A, 5.13%, 07/01/33

     620        631,771  

Series A, 6.13%, 07/01/43

     1,780        1,854,307  

Series A, 6.38%, 07/01/53

     3,260        3,363,183  

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

    2,165        2,173,093  

City of New York, GO, Series A-1, 4.00%, 09/01/46

     3,825        3,683,706  

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

     585        447,991  

New York City Housing Development Corp., RB, M/F Housing
Series C-1A, 4.15%, 11/01/39

     3,105        3,083,597  

Series C-1A, 4.20%, 11/01/44

     3,190        3,122,591  

Series C-1A, 4.30%, 11/01/47

     4,655        4,272,350  

New York Liberty Development Corp., Refunding RB
3.25%, 09/15/52

     4,045        3,107,096  

Series 1, 2.75%, 02/15/44

     14,320        10,866,984  

Series A, Sustainability Bonds, 3.00%, 11/15/51

     2,300        1,746,665  

New York State Dormitory Authority, Refunding RB
Series A, 3.00%, 03/15/51

     4,200        3,125,783  

Series D, 4.00%, 02/15/47

       12,925          12,526,538  

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

     3,000        2,884,306  

New York Transportation Development Corp., ARB
AMT, 5.00%, 01/01/25

     1,000        1,003,669  

 

Security   Par
(000)		      Value  
New York (continued)             

New York Transportation Development Corp., ARB (continued)
AMT, 5.00%, 12/01/35

   $   10,000      $ 10,909,122  

AMT, 4.00%, 01/01/36

     5,000        4,965,877  

AMT, 5.63%, 04/01/40

     2,215        2,414,862  

New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35

     3,845        4,048,523  

AMT, 4.00%, 04/30/53

     3,365        2,832,961  

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

     3,665        3,838,243  

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

    530        467,190  

Oneida Indian Nation of New York, RB, Series B, 6.00%, 09/01/43(b)

    1,140        1,203,905  

Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/61

     10,000        9,101,997  

Suffolk Regional Off-Track Betting Co., RB, 5.00%, 12/01/34(h)

    1,570        1,593,580  

Westchester County Local Development Corp., Refunding RB
5.00%, 07/01/41(b)

    3,300        3,188,848  

5.00%, 07/01/46(b)

    2,205        2,086,863  

Series A, 5.13%, 07/01/55

     1,100        888,624  

Westchester Tobacco Asset Securitization Corp., Refunding RB
Sub-Series C, 4.00%, 06/01/42

     670        628,561  

Sub-Series C, 5.13%, 06/01/51

     2,000        2,011,182  
    

 

 

  
         112,280,316  
North Dakota — 0.2%             

City of Grand Forks North Dakota, RB, Series A, (AGM), 5.00%, 12/01/48

     1,765        1,867,983  

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

     1,785        1,842,109  
    

 

 

  
       3,710,092  
Ohio — 3.7%             

American Municipal Power, Inc., Refunding RB, 4.00%, 02/15/37

     2,750        2,852,346  

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

     39,600        37,403,677  

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

     1,435        1,293,417  

County of Hardin Ohio, Refunding RB
5.00%, 05/01/30

     620        610,721  

5.25%, 05/01/40

     615        587,708  

5.50%, 05/01/50

     2,895        2,639,481  

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

    4,840        4,426,882  

Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51(b)

    4,125        3,124,199  

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

    3,900        3,534,069  

Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47

     3,500        3,140,739  

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

    1,065        893,362  
    

 

 

  
       60,506,601  
Oklahoma — 1.4%             

Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b)

    14,390        15,098,835  

Series A-2, 7.25%, 09/01/51(b)

    1,920        2,014,577  
 

 

 

6  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Oklahoma (continued)  

Oklahoma Development Finance Authority, RB (continued)

    

Series B, 5.00%, 08/15/38

   $ 785     $ 803,692  

Series B, 5.50%, 08/15/52

     2,415       2,482,097  

Tulsa Authority for Economic Opportunity, TA,
4.38%, 12/01/41(b)

    1,165       1,068,501  

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

     1,050       1,054,882  
   

 

 

  
        22,522,584  
Oregon — 0.1%            

Clackamas County Hospital Facility Authority, Refunding RB, Series A, 5.25%, 11/15/50

     800       751,833  

Oregon State Facilities Authority, RB(b)

   

Series A, 5.00%, 06/15/49

     915       808,757  

Series A, 5.25%, 06/15/55

     505       451,576  
   

 

 

  
      2,012,166  
Pennsylvania — 2.3%            

Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b)

    8,785       8,864,074  

Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46

     475       336,052  

East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/24(e)

    1,750       1,755,159  

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

     880       819,645  

Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 12/01/46

     1,470       1,428,709  

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

     905       905,915  

Pennsylvania Economic Development Financing Authority, RB

    

Series A-1, 4.00%, 04/15/50

     10,000       9,203,510  

AMT, 5.75%, 06/30/48

     2,890       3,207,403  

AMT, 5.25%, 06/30/53

     4,830       5,132,648  

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

     5,390       5,390,867  

School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48

     490       552,334  
   

 

 

  
      37,596,316  
Puerto Rico — 10.9%            

Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c)

    39,660       3,143,919  

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

     2,000       218,632  

Commonwealth of Puerto Rico, GO

     83,476       44,533,656  

0.00%, 11/01/51(a)

   

Series A-1, 0.00%, 11/01/43(a)

      13,868       8,005,737  

Series A-1, Restructured, 5.38%, 07/01/25

     — (j)       3  

Series A-1, Restructured, 5.63%, 07/01/29

     11,002       11,999,162  

Series A-1, Restructured, 5.75%, 07/01/31

     5,352       5,979,485  

Series A-1, Restructured, 4.00%, 07/01/33

     1,849       1,839,280  

Series A-1, Restructured, 4.00%, 07/01/35

     2,010       1,970,802  

Series A-1, Restructured, 4.00%, 07/01/37

     4,281       4,145,767  

Series A-1, Restructured, 4.00%, 07/01/41

     4,939       4,645,756  

Series A-1, Restructured, 4.00%, 07/01/46

     2,017       1,844,848  

Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured,
0.00%, 07/01/33(c)

    5,283       3,478,339  

Commonwealth of Puerto Rico, RB,
0.00%, 11/01/51(a)

    24,647       6,320,473  
Security   Par
(000)		     Value  
Puerto Rico (continued)  

PRIFA Custodial Trust, RB, Series 2005,
0.00%, 03/15/49(c)

   $   3,300     $ 987,274  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, 4.00%, 07/01/42(b)

    1,075         1,018,892  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series B,
4.00%, 07/01/42(b)

    7,000       6,650,387  

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

   

Series A, 7.25%, 07/01/30

     250       65,469  

Series A, 7.00%, 07/01/33

     8,735       2,287,499  

Series A, 6.75%, 07/01/36

     5,830       1,526,745  

Series A, 7.00%, 07/01/40

     1,000       261,877  

Series A, 5.00%, 07/01/42

     1,605       420,313  

Series A, 5.05%, 07/01/42

     1,080       282,828  

Series A, 7.00%, 07/01/43

     775       202,955  

Series A-1, 10.00%, 07/01/24

     230       60,287  

Series A-2, 10.00%, 07/01/30

     1,161       304,152  

Series A-3, 10.00%, 07/01/24

     748       195,797  

Series B-3, 10.00%, 07/01/24

     748       195,797  

Series C-1, 5.40%, 02/01/24

     2,054       537,942  

Series C-2, 5.40%, 07/01/24

     2,054       538,029  

Series C-3, 5.40%, 01/01/20

     208       54,386  

Series C-4, 5.40%, 07/01/24

     208       54,386  

Series CCC, 5.00%, 07/01/22

     715       187,242  

Series CCC, 5.00%, 07/01/25

     620       162,364  

Series CCC, 5.25%, 07/01/26

     590       154,508  

Series CCC, 5.25%, 07/01/28

     1,945       509,351  

Series D-1, 7.50%, 02/01/24

     2,332       610,758  

Series D-2, 7.50%, 01/03/25

     4,430       1,160,099  

Series D-4, 7.50%, 07/01/24

     709       185,738  

Series TT, 5.00%, 07/01/24

     900       235,690  

Series TT, 5.00%, 07/01/25

     3,270       856,339  

Series TT, 5.00%, 07/01/26

     455       119,154  

Series WW, 5.38%, 07/01/24

     5,315       1,391,878  

Series WW, 5.50%, 07/01/24

     1,225       320,800  

Series WW, 5.25%, 07/01/25

     1,940       508,042  

Series WW, 5.25%, 07/01/33

     315       82,491  

Series WW, 5.50%, 07/01/38

     415       108,679  

Series XX, 5.25%, 07/01/27

     230       60,232  

Series XX, 5.25%, 07/01/35

     705       184,624  

Series XX, 5.75%, 07/01/36

     2,870       751,588  

Series XX, 5.25%, 07/01/40

     8,385       2,195,842  

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

   

Series AAA, 5.25%, 07/01/24

     765       200,336  

Series AAA, 5.25%, 07/01/25

     3,560       932,283  

Series AAA, 5.25%, 07/01/28

     3,655       957,162  

Series AAA, 5.25%, 07/01/29

     190       49,757  

Series UU, 0.00%, 07/01/24(a)

    2,785       729,329  

Series UU, 4.45%, 07/01/31(a)

    1,345       352,225  

Series UU, 0.00%, 07/01/49(a)

    1,135       297,231  

Series ZZ, 5.25%, 07/01/24

     5,420       1,419,376  

Series ZZ, 5.25%, 07/01/25

     265       69,398  

Series ZZ, 5.00%, 07/01/27

     330       86,420  

Series ZZ, 5.00%, 07/01/28

     345       90,348  

Series ZZ, 5.25%, 07/04/50

     1,050       274,971  

Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Authority, ARB

    

AMT, 6.50%, 01/01/42

     445       525,238  

AMT, 6.75%, 01/01/45

     1,360       1,621,473  
 

 

 

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

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)  

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

    

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

   $ 8,216     $ 8,160,107  

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

     1,564       1,487,771  

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

     14,090       13,934,980  

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

   

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

     2,914       2,398,024  

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

     2,574       1,800,742  

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

       32,941       10,522,398  

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

     18,000       4,245,342  

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

     8,066       2,579,757  
   

 

 

  
      176,290,961  
South Carolina — 0.4%            

City of Hardeeville South Carolina, SAB(b)

    300       287,553  

3.00%, 05/01/27

    

3.50%, 05/01/32

     490       438,561  

3.88%, 05/01/41

     875       732,257  

4.00%, 05/01/52

     820       623,866  

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

     2,240       2,291,977  

South Carolina Jobs-Economic Development Authority, RB

     1,935       1,741,429  

7.50%, 08/15/62(b)

   

Series A, 5.00%, 11/15/42

     585       547,585  

South Carolina Jobs-Economic Development
Authority, Refunding RB, 4.00%, 11/15/27

     385       370,221  
   

 

 

  
      7,033,449  
Tennessee — 1.3%            

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

    4,060       442,134  

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

     1,635       1,414,244  

Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, 4.00%, 06/01/51(b)

    2,350       1,839,009  

Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(c)

    4,000       1,464,604  

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

    500       499,746  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

    7,435       7,935,272  

Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)

    6,360       6,718,331  
   

 

 

  
        20,313,340  
Texas — 7.4%            

Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)

    2,340       1,541,018  

Arlington Higher Education Finance Corp., RB(b)
5.63%, 08/15/54

     6,260       5,659,401  

7.50%, 04/01/62

     1,970       1,945,588  

7.88%, 11/01/62

     1,670       1,685,842  

Brazoria County Industrial Development Corp., RB,

    

AMT, 7.00%, 03/01/39

     1,555       1,436,730  

Central Texas Regional Mobility Authority,

    

Refunding RB(c)

    

0.00%, 01/01/28

     3,000       2,655,119  

0.00%, 01/01/29

     500       428,962  

0.00%, 01/01/30

     1,330       1,103,126  
Security   Par
(000)		     Value  
Texas (continued)  

Central Texas Regional Mobility Authority, Refunding RB (c) (continued)

    

0.00%, 01/01/31

   $ 4,000     $ 3,208,401  

City of Crandall Texas, SAB(b)
4.00%, 09/15/31

     200       190,921  

4.75%, 09/15/31

     100       97,949  

4.25%, 09/15/41

     770       693,185  

5.00%, 09/15/41

     500       481,295  

City of Fate Texas, SAB, 5.75%, 08/15/54(b)

    290       290,331  

City of Houston Texas Airport System Revenue, ARB

    

AMT, 5.00%, 07/15/28

     7,135       7,337,382  

AMT, 4.00%, 07/01/41

     3,600       3,351,884  

Series A, AMT, 6.63%, 07/15/38

     1,110       1,111,648  

Series B-1, AMT, 5.00%, 07/15/35

     5,000       5,032,544  

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

     615       629,766  

City of Houston Texas Airport System Revenue, Refunding RB

    

AMT, 4.75%, 07/01/24

     910       911,299  

AMT, 5.00%, 07/01/29

     6,600       6,609,812  

Series C, AMT, 5.00%, 07/15/27

     3,925       4,019,239  

City of Marble Falls Texas, SAB(b)
4.63%, 09/01/31

     100       97,202  

4.88%, 09/01/41

     295       278,591  

5.13%, 09/01/51

     500       463,458  

City of San Marcos Texas, SAB(b)
3.75%, 09/01/27

     228       223,996  

4.00%, 09/01/32

     237       224,393  

4.25%, 09/01/42

     750       666,889  

4.50%, 09/01/51

     520       448,499  

Fort Bend County Industrial Development Corp.,

    

RB, Series B, 4.75%, 11/01/42

     1,380       1,380,234  

Harris County Cultural Education Facilities Finance Corp., Refunding RB

    

Series A, 5.00%, 01/01/38

     510       469,062  

Series A, 5.00%, 01/01/43

     520       466,821  

Series A, 5.13%, 01/01/48

     1,535       1,353,869  

Hemphill County Hospital District, GO
4.63%, 02/01/39

     1,500       1,395,603  

4.75%, 02/01/45

     2,500       2,280,964  

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

     1,400       1,157,748  

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

    1,385       1,357,808  

New Hope Cultural Education Facilities Finance Corp., RB, Series A,
5.00%, 07/01/57

     3,000       2,388,809  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 .

     5,000       4,654,858  

New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b)

    5,580       5,048,779  

Newark Higher Education Finance Corp., RB(b)

   

Series A, 5.50%, 08/15/35

     375       381,400  

Series A, 5.75%, 08/15/45

     735       742,684  

Port Beaumont Navigation District, RB(b)

   

AMT, 2.75%, 01/01/36

     2,620       2,008,412  

AMT, 2.88%, 01/01/41

     4,100       2,949,559  

AMT, 3.00%, 01/01/50

       23,435         15,193,891  

Port Beaumont Navigation District, Refunding RB(b)

   

Series A, AMT, 3.63%, 01/01/35

     7,160       6,147,948  

Series A, AMT, 4.00%, 01/01/50

     8,435       6,580,885  

San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41

     645       552,137  
 

 

 

8  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Texas (continued)             

San Antonio Education Facilities Corp.,
RB (continued)
Series A, 5.00%, 10/01/51

   $ 885      $ 697,426  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

     1,500        1,610,968  

Texas Transportation Commission State Highway
249 System, RB, CAB(c)
0.00%, 08/01/46

     2,580        869,214  

0.00%, 08/01/47

     3,850        1,229,518  

0.00%, 08/01/48

     4,070        1,226,828  

0.00%, 08/01/49

     3,825        1,086,350  

0.00%, 08/01/50

     5,485        1,469,533  

0.00%, 08/01/51

     3,230        815,321  

0.00%, 08/01/52

     3,230        763,924  

0.00%, 08/01/53

     290        64,866  
    

 

 

  
        119,169,889  
Utah — 1.0%             

County of Utah, RB, Series A, 3.00%, 05/15/50

     940        718,893  

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b)

    1,320        1,088,482  

Utah Housing Corp., RB, S/F Housing
Series A, (GNMA), 4.50%, 01/21/49

     1,162        1,159,142  

Series B, (GNMA), 4.50%, 02/21/49

     1,893        1,887,291  

Series C, (GNMA), 4.50%, 03/21/49

     968        952,708  

Series D, (GNMA), 4.50%, 04/21/49

     2,157        2,133,940  

Series E, (GNMA), 4.50%, 05/21/49

     1,507        1,500,033  

Series F-G2, (GNMA), 4.50%, 06/21/49

     2,357        2,334,314  

Series G-G2, (GNMA), 4.50%, 07/21/49

     1,357        1,342,637  

Series H, (GNMA), 4.50%, 08/21/49

     1,174        1,168,911  

Series I, (GNMA), 4.50%, 11/21/48

     648        645,276  

Series J, (GNMA), 4.50%, 12/21/48

     980        977,135  
    

 

 

  
       15,908,762  
Vermont(b) — 0.6%             

East Central Vermont Telecommunications District, RB
Series A, 4.75%, 12/01/40

     2,850        2,213,915  

Series A, 4.50%, 12/01/44

     3,695        2,642,304  

Series A, 6.88%, 12/01/46

     3,630        3,500,146  

Series A, 4.50%, 12/01/50

     3,000        2,055,933  
    

 

 

  
       10,412,298  
Virginia — 2.3%             

Ballston Quarter Community Development
Authority, TA
Series A-1, 5.50%, 03/01/46

     1,154        1,095,164  

Series A-2, 7.13%, 03/01/59(d)

    2,770        2,048,776  

Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55

     9,770        9,354,755  

Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/40(b)

    1,790        1,362,695  

James City County Economic Development Authority, RB
Series A, 6.88%, 12/01/58

     1,475        1,614,966  

Series C3, 5.25%, 12/01/27

     990        992,449  

Lower Magnolia Green Community Development Authority, SAB(b)
5.00%, 03/01/35

     460        460,023  

5.00%, 03/01/45

     475        453,424  

Norfolk Economic Development Authority, Refunding RB, Series B, 4.00%, 11/01/48

       10,745        10,297,067  
Security   Par
(000)		      Value  
Virginia (continued)             

Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/49

   $ 1,250      $ 1,082,959  

Series B, 4.00%, 01/01/25

     910        899,852  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     2,500        2,374,099  

Virginia Beach Development Authority, RB
5.38%, 09/01/29

     1,085        1,106,936  

7.00%, 09/01/53

     1,800        2,019,338  

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

     2,885        2,388,302  
    

 

 

  
         37,550,805  
Washington — 0.6%             

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

    3,470        3,485,678  

Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/50(b)

    1,240        1,079,598  

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

    355        333,373  

5.00%, 01/01/43(b)

    2,000        1,816,735  

6.00%, 01/01/45(b)

    940        865,335  

Series A, 5.00%, 07/01/43

     920        926,811  

Series A, 5.00%, 07/01/48

     620        613,650  
    

 

 

  
       9,121,180  
Wisconsin — 4.3%             

Public Finance Authority, ARB
AMT, 4.00%, 07/01/41

     530        409,425  

AMT, 4.25%, 07/01/54

     3,690        2,619,900  

Public Finance Authority, RB
6.25%, 10/01/31(b)(f)(g)

    910        127,400  

5.00%, 06/15/39

     310        310,793  

5.00%, 06/15/41(b)

    925        847,237  

7.75%, 07/01/43(b)

    9,100        9,249,616  

7.00%, 10/01/47(b)(f)(g)

    910        127,400  

5.63%, 06/15/49(b)

    5,950        4,959,048  

5.00%, 06/15/53

     645        610,077  

5.00%, 06/15/55(b)

    2,405        1,992,802  

5.00%, 01/01/56(b)

    3,790        3,253,067  

Series A, 4.25%, 06/15/31(b)

    170        158,438  

Series A, 5.00%, 06/01/40(b)

    750        683,895  

Series A, 5.00%, 06/15/41(b)

    510        457,884  

Series A, 6.85%, 11/01/46(b)(f)(g)

    1,325        662,500  

Series A, 7.00%, 11/01/46(b)(f)(g)

    805        402,500  

Series A, 5.38%, 07/15/47(b)

    1,595        1,527,903  

Series A, 5.00%, 06/01/49(b)

    1,340        1,127,823  

Series A, 5.63%, 06/15/49(b)

    7,940        7,509,435  

Series A, 5.00%, 06/15/51(b)

    1,060        872,563  

Series A, 5.25%, 12/01/51(b)

    5,280        4,012,618  

Series A, 5.00%, 06/15/55(b)

      11,540        8,628,106  

Series A, 4.75%, 06/15/56(b)

    2,405        1,646,797  

Series A-1, 4.50%, 01/01/35(b)

    875        835,061  

Series B, 0.00%, 01/01/35(b)(c)

    1,085        542,614  

Series B, 0.00%, 01/01/60(b)(c)

    31,635        1,928,273  

AMT, 4.00%, 09/30/51

     4,000        3,362,441  

AMT, 4.00%, 03/31/56

     3,370        2,774,195  

Public Finance Authority, Refunding RB(b)
5.00%, 05/15/32

     980        927,562  

5.00%, 03/01/52

     1,300        1,103,182  

Public Finance Authority, TA, Series A, 5.00%, 06/01/41(b)

    540        524,951  

Wisconsin Health & Educational Facilities Authority, RB, Series A, 5.75%, 08/15/54(h)

    975        999,614  
 

 

 

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

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin (continued)            

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 01/01/47

   $ 4,840     $ 3,144,679  

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

     740       732,577  
   

 

 

  
      69,072,376  
   

 

 

  

Total Municipal Bonds — 88.2%
(Cost: $1,507,890,308)

       1,425,570,671  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(k)

 

New York — 0.8%            

Triborough Bridge & Tunnel Authority, Refunding RB, Sub-Series B-1, Senior Lien, 5.00%, 05/15/56

     12,000       12,421,924  
   

 

 

  
Pennsylvania — 0.8%            

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 5.45%, 04/01/51

     12,495       13,349,311  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.6%
(Cost: $24,707,442)

       25,771,235  
   

 

 

  

Total Long-Term Investments — 89.8%
(Cost: $1,532,597,750)

       1,451,341,906  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 9.3%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.48%(l)(m)

    149,583,140       149,598,099  
   

 

 

  

Total Short-Term Securities — 9.3%
(Cost: $149,591,026)

       149,598,099  
   

 

 

  

Total Investments — 99.1%
(Cost: $1,682,188,776)

       1,600,940,005  

Other Assets Less Liabilities — 1.9%

       31,805,727  

Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (1.0)%

       (16,528,304 ) 
   

 

 

  

Net Assets — 100.0%

     $ 1,616,217,428  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

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) 

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

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(h) 

When-issued security.

(i) 

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

(j) 

Rounds to less than 1,000.

(k) 

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.

(l) 

Affiliate of the Fund.

(m) 

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
06/30/23		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
03/31/24		    

Shares

Held at
03/31/24

     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 79,899,513     $ 69,686,304 (a)    $ —     $ 14,418     $ (2,136 )    $ 149,598,099       149,583,140     $ 1,920,761     $ —  
       

 

 

    

 

 

      

 

 

    

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

10  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

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

      121          06/18/24        $ 13,406        $ (79,604 ) 

U.S. Long Bond

      123          06/18/24          14,814          (313,478 ) 
                 

 

 

  
                  $ (393,082 ) 
                 

 

 

  

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 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

    $ —        $ 1,425,570,671        $ —        $ 1,425,570,671  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          25,771,235          —          25,771,235  

Short-Term Securities

                  

Money Market Funds

      149,598,099          —          —          149,598,099  

Unfunded Commitments(a)

     —          —          17,994,007          17,994,007  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  149,598,099        $  1,451,341,906        $  17,994,007        $  1,618,934,012  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                 

Liabilities

                  

Interest Rate Contracts

    $ (393,082 )       $ —        $ —        $ (393,082 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

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

  (b) 

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $16,330,000 are categorized as Level 2 within the fair value hierarchy.

 

 

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

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock High Yield Municipal Fund

 

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

 

       
      Municipal
Bonds		      Unfunded
Commitments		      Total  

Assets

         

Opening balance, as of June 30, 2023

    $ 3,336,920      $ —      $ 3,336,920  

Transfers into Level 3

      —        —        —  

Transfers out of Level 3

      (3,336,920 )       —        (3,336,920 ) 

Accrued discounts/premiums

      —        —        —  

Net realized gain (loss)

      —        —        —  

Net change in unrealized appreciation (depreciation)(a)

     —        17,994,007        17,994,007  

Purchases

      —        —        —  

Sales

      —        —        —  
  

 

 

     

 

 

     

 

 

  

Closing balance, as of March 31, 2024

    $ —      $ 17,994,007      $ 17,994,007  
  

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024(a)

   $ —      $ 17,994,007      $ 17,994,007  
  

 

 

     

 

 

     

 

 

  

 

  (a)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

Portfolio Abbreviation

 

AGC

   Assured Guaranty Corp.

AGM

   Assured Guaranty Municipal Corp.

AMT

   Alternative Minimum Tax

ARB

   Airport Revenue Bonds

BAM-TCRS

   Build America Mutual Assurance Co. - Transferable Custodial Receipts

CAB

   Capital Appreciation Bonds

GNMA

   Government National Mortgage Association

GO

   General Obligation Bonds

M/F

   Multi-Family

NPFGC

   National Public Finance Guarantee Corp.

RB

   Revenue Bond

S/F

   Single-Family

SAB

   Special Assessment Bonds

SAW

   State Aid Withholding

ST

   Special Tax

TA

   Tax Allocation

 

 

12