BlackRock New York Municipal Bond Fund

0001193125-12-460010.txt : 20121108 0001193125-12-460010.hdr.sgml : 20121108 20121108141538 ACCESSION NUMBER: 0001193125-12-460010 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121108 DATE AS OF CHANGE: 20121108 EFFECTIVENESS DATE: 20121108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST CENTRAL INDEX KEY: 0000774013 IRS NUMBER: 226437104 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-99473 FILM NUMBER: 121189546 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MULTI STATE MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20051212 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH N Y MUNI BD FD OF M L MULTI ST MUNI SER TRUST DATE OF NAME CHANGE: 19930225 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MULTI STATE TAX EXEMPT SERIES TRUST DATE OF NAME CHANGE: 19871206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST CENTRAL INDEX KEY: 0000774013 IRS NUMBER: 226437104 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04375 FILM NUMBER: 121189547 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MULTI STATE MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20051212 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH N Y MUNI BD FD OF M L MULTI ST MUNI SER TRUST DATE OF NAME CHANGE: 19930225 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MULTI STATE TAX EXEMPT SERIES TRUST DATE OF NAME CHANGE: 19871206

0000774013 S000004034 BlackRock New York Municipal Bond Fund

C000011313 Investor A1

C000011314 Investor B

C000011315 Investor C1

C000011316 Institutional

C000038358 Investor A

C000038359 Investor C

485BPOS 1 d428504d485bpos.htm BLACKROCK NEW YORK MUNICIPAL BOND FUND BlackRock New York Municipal Bond Fund

As filed with the U.S. Securities and Exchange Commission on November 8, 2012

Securities Act File No. 002-99473

Investment Company Act File No. 811-04375

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


		*THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 66		x

and/or

REGISTRATION STATEMENT

UNDER


		*THE INVESTMENT COMPANY ACT OF 1940*		x

Amendment No. 285

(Check appropriate box or boxes)

BlackRock Multi-State Municipal Series Trust

(Exact Name of Registrant as Specified in Charter)

100 Bellevue Parkway

Wilmington, Delaware 19809

(Address of Principal Executive Office)

Registrant’s Telephone Number, including Area Code (800) 441-7762

John M. Perlowski

BlackRock New York Municipal Bond Fund of

BlackRock Multi-State Municipal Series Trust

55 East 52^nd Street, New York, New York 10055

(Name and Address of Agent for Service)

Copies to:

Counsel for the Fund:

Margery K. Neale, Esq.

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019-6099

Benjamin Archibald, Esq.

BlackRock Advisors, LLC

55 East 52^nd Street

New York, New York 10055

Continuous

(Approximate Date of Proposed Offering)

It is proposed that this filing will become effective:

immediately upon filing pursuant to paragraph (b)

on (date) pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on (date) pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.


Title of Securities Being Registered:		Shares of Beneficial Interest, par value $0.10 per share.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for the effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and it has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York on November 8, 2012.


		BlackRock New York Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust
		(Registrant)

By:		/s/ JOHN M. PERLOWSKI
		(John M. Perlowski,
		Chief Executive Officer)

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:


Signature	Title	Date

/S/ JOHN M. PERLOWSKI	Chief Executive Officer	November 8, 2012
John M. Perlowski	(Principal Executive Officer)

/S/ NEAL J. ANDREWS	Chief Financial Officer	November 8, 2012
Neal J. Andrews	(Principal Financial and Accounting Officer)

JAMES H. BODURTHA*	Trustee
(James H. Bodurtha)

BRUCE R. BOND*	Trustee
(Bruce R. Bond)

DONALD W. BURTON*	Trustee
(Donald W. Burton)

STUART E. EIZENSTAT*	Trustee
(Stuart E. Eizenstat)

KENNETH A. FROOT*	Trustee
(Kenneth A. Froot)

ROBERT M. HERNANDEZ*	Trustee
(Robert M. Hernandez)

- 3 -



JOHN F. O’BRIEN*		Trustee
(John F. O’Brien)

ROBERTA COOPER RAMO*		Trustee
(Roberta Cooper Ramo)

DAVID H. WALSH*		Trustee
(David H. Walsh)

FRED G. WEISS*		Trustee
(Fred G. Weiss)

PAUL L. AUDET*		President and Trustee
(Paul L. Audet)

LAURENCE D. FINK*		Trustee
(Laurence D. Fink)

HENRY GABBAY*		Trustee
(Henry Gabbay)

*By:

/s/ BENJAMIN ARCHIBALD

November 8, 2012

Benjamin Archibald

(Attorney-in-Fact)

- 4 -

EXHIBIT INDEX


Index No.		Description of Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

- 5 -

EX-101.INS 3 bmsmst2-20121026.xml XBRL INSTANCE DOCUMENT 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember bmsmst2:C000011314Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember bmsmst2:C000038359Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember bmsmst2:C000011316Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:PrimeSharesMember bmsmst2:C000011315Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:PrimeSharesMember bmsmst2:C000011313Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember bmsmst2:C000038358Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:PrimeSharesMember 2011-10-27 2012-10-26 0000774013 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember rr:AfterTaxesOnDistributionsMember bmsmst2:C000011316Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember rr:AfterTaxesOnDistributionsAndSalesMember bmsmst2:C000011316Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember bmsmst2:SAndPMunicipalBondIndexMember 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:InvestorAndInstitutionalSharesMember bmsmst2:SAndPNewYorkMunicipalBondIndexMember 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:PrimeSharesMember rr:AfterTaxesOnDistributionsMember bmsmst2:C000011313Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:PrimeSharesMember rr:AfterTaxesOnDistributionsAndSalesMember bmsmst2:C000011313Member 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:PrimeSharesMember bmsmst2:SAndPMunicipalBondIndexMember 2011-10-27 2012-10-26 0000774013 bmsmst2:S000004034Member bmsmst2:PrimeSharesMember bmsmst2:SAndPNewYorkMunicipalBondIndexMember 2011-10-27 2012-10-26 pure iso4217:USD 729 964 2012-09-30 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBlackRockNewYorkMunicipalBondFund column period compact * ~</div> 755 2012-09-30 Example: 990 929 964 450 Example: 755 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBlackRockNewYorkMunicipalBondFundclassa1c1 column period compact * ~</div> Fund Overview Key Facts about BlackRock New York Municipal Bond Fund Shareholder Fees (fees paid directly from your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio. http://www.blackrock.com/funds You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the BlackRock-advised fund complex. 0.0915 0.039 Fund Overview Key Facts about BlackRock New York Municipal Bond Fund Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockNewYorkMunicipalBondFund column period compact * ~</div> 873 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio. http://www.blackrock.com/funds 0.0918 0.0372 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockNewYorkMunicipalBondFundclassa1c1 column period compact * ~</div> BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 18 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-71 of the Fund’s statement of additional information. 0.0425 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 529 535 281 83 1601 2095 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 100000 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund's most recent annual report, which does not include Acquired Fund Fees and Expenses. During the ten-year period shown in the bar chart, the highest return for a quarter was 9.57% (quarter ended September 30, 2009) and the lowest return for a quarter was –5.79% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 9.15%. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.04 0 487 240 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockNewYorkMunicipalBondFundBarChart column period compact * ~</div> 1657 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund's most recent annual report, which does not include Acquired Fund Fees and Expenses. During the ten-year period shown in the bar chart, the highest return for a quarter was 9.53% (quarter ended September 30, 2009) and the lowest return for a quarter was –5.81% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 9.18%. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A1 Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 2012-10-26 2012-06-30 485BPOS Investment Objective 0.01 0 0 0.04 0.0004 0.0004 0.0004 0.0022 0.0023 0.0018 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 751 721 560 259 135 181 Principal Investment Strategies of the Fund You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. As of 12/31/11 Average Annual Total Returns After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Shares only, and the after-tax returns for Investor A, Investor B and Investor C Shares will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2008-12-31 0.0957 0.0867 0.0897 0.046 0.0462 0.0388 0.0406 0.0355 0.0535 0.0538 0.046 Investment Objective 0 0.01 0.0004 0.0004 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 672 437 140 Principal Investment Strategies of the Fund You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. As of 12/31/11 Average Annual Total Returns After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A1 Shares only, and the after-tax returns for Investor C1 will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2008-12-31 0.0953 0.0856 0.0886 0.0407 0.0406 0.0413 0.0396 0.0535 0.0538 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockNewYorkMunicipalBondFundclassa1c1BarChart column period compact * ~</div> 0.0004 2012-10-26 2012-10-26 false 0000774013 The investment objective of the BlackRock New York Municipal Bond Fund (the “Fund”) is to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes. Fees and Expenses of the Fund 0.0055 0.0055 0.0055 0.0055 0.0025 0.005 0.01 0 0.0026 0.0027 0.0022 0.0021 0.0107 0.0133 0.0178 0.0081 1675 1601 2095 1002 You would pay the following expenses if you did not redeem your shares: 421 560 Portfolio Turnover: Principal Risks of Investing in the Fund Performance Information The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the S&P Municipal Bond Index and the S&P New York Municipal Bond Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. Prior to the Investor A and Investor C Shares inception date of October 2, 2006, the returns for Investor A and Investor C Shares are based on the performance of the Fund’s Institutional Shares. The returns for Investor A and Investor C Shares, however, are adjusted to reflect the distribution and service (12b-1) fees applicable to such Shares. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. After-tax returns are shown for Institutional Shares only, and the after-tax returns for Investor A, Investor B and Investor C Shares will vary. However, the table includes all applicable fees and sales charges. <center>Institutional Shares ANNUAL TOTAL RETURNS BlackRock New York Municipal Bond Fund As of 12/31 </center> year-to-date return highest return lowest return 2009-09-30 -0.0579 0.0443 0.0398 0.0586 0.0121 -0.1107 0.1978 0.0281 0.0966 0.1062 0.069 0.0439 0.0412 0.0754 0.0896 0.0385 0.0385 0.0395 0.0267 0.0297 0.028 0.0486 0.0499 0.0897 Under normal circumstances, the Fund will invest at least 80% of its assets in investment grade New York municipal bonds. These may be obligations of a variety of issuers including governmental entities in New York and issuers located in Puerto Rico, the U.S. Virgin Islands and Guam. The interest on these obligations may not be exempt from the Federal Alternative Minimum Tax. The Fund expects to maintain an average weighted maturity of greater than ten years. The Fund’s management team may, when consistent with the Fund’s investment objective, buy or sell derivatives, such as options or futures on a security or an index of securities, or enter into interest rate transactions, including swaps, for hedging purposes (including anticipatory hedges) or to enhance income. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate risk. The Fund may invest in tender option bonds and residual interest tender option bonds and may also invest in securities the return of which is inversely related to changes in an interest rate (“inverse floaters”). The Fund will look through to the underlying municipal bond held by a tender option bond trust for purposes of the Fund’s 80% policy. The Fund may also invest up to 20% of its assets in non-investment grade bonds (high yield or junk bonds); however, the Fund will not invest in bonds that at the time of purchase are in default or that the Fund’s management team believes will be in default. Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li>Credit Risk — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. </li></ul><ul type="square"><li>Derivatives Risk — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. </li></ul><ul type="square"><li>Interest Rate Risk — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise. </li></ul><ul type="square"><li>Junk Bonds Risk — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </li></ul><ul type="square"><li>Leverage Risk — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</li></ul><ul type="square"><li>Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be difficult to sell the illiquid securities at an advantageous time or price. To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have the greatest exposure to liquidity risk. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.</li></ul><ul type="square"><li>Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul><ul type="square"><li>Municipal Securities Concentration Risk — From time to time the Fund may invest a substantial amount of its assets in municipal securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund’s investment performance.</li></ul><ul type="square"><li>Municipal Securities Risks — Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include:</li></ul><blockquote>General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its faith, credit and taxing power for repayment. Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and a Fund may lose money. Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Tax-Exempt Status Risk — The Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. </blockquote><ul type="square"><li>Prepayment and Extension Risk — When interest rates fall, an issuer may redeem a security with call features by repaying it early, and the Fund may have to invest the proceeds in securities with lower yields. When interest rates rise, certain obligations will be paid off by the issuer more slowly than anticipated, causing the value of these securities to fall.</li></ul><ul type="square"><li>State Specific Risk — The Fund will invest primarily in municipal securities issued by or on behalf of the State of New York, New York City and other New York public bodies. As a result, the Fund is more exposed to risks affecting issuers of New York municipal securities than is a municipal securities fund that invests more widely. Such risks include, but are not limited to, the strength and duration of the economic recovery; the impact of federal deficit reduction measures; the performance of the national and State economies; the impact of international events on consumer confidence, oil supplies and oil prices; the impact of behavioral changes concerning financial sector profitability and the structure of financial sector bonus payouts, as well as any future legislation governing the structure of compensation; shifts in monetary policy affecting interest rates and the financial markets; the impact of financial and real estate market developments on bonus income and capital gains realizations; the impact of consumer spending on tax collections; increased demand in entitlement-based and claims-based programs such as Medicaid, public assistance and general public health; the ability of the State of New York, New York City and other New York public bodies to access the capital markets in light of disruptions in the market; litigation against the State of New York, New York City and other New York public bodies; and actions taken by the federal government, including audits, disallowances, changes in aid levels and changes to in law. For additional information on New York State and New York City specific risk, see Appendix C Economic and Financial Conditions in New York.</li></ul><ul type="square"><li>Tender Option Bonds and Related Securities Risk — Investments in tender option bonds, residual interest tender option bonds and inverse floaters expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, described above, especially the risk of increased volatility. An investment in these securities typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on residual interest tender option bonds and inverse floaters will bear an inverse relationship to short-term municipal security interest rates. Distributions on the residual interests and inverse floaters paid to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Residual interest tender option bonds and inverse floaters generally will underperform the market for fixed rate municipal securities in a rising interest rate environment.</li></ul> As with all such investments, past performance (before and after taxes) is not an indication of future results. The investment objective of the BlackRock New York Municipal Bond Fund (the “Fund”) is to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes. Fees and Expenses of the Fund 0.0055 0.0055 0.001 0.006 0.0023 0.0022 0.0019 0.0018 0.0089 0.0138 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBlackRockNewYorkMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBlackRockNewYorkMunicipalBondFund column period compact * ~</div> 1452 1657 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockNewYorkMunicipalBondFund column period compact * ~</div> Portfolio Turnover: You would pay the following expenses if you did not redeem your shares: 437 Under normal circumstances, the Fund will invest at least 80% of its assets in investment grade New York municipal bonds. These may be obligations of a variety of issuers including governmental entities in New York and issuers located in Puerto Rico, the U.S. Virgin Islands and Guam. The interest on these obligations may not be exempt from the Federal Alternative Minimum Tax. The Fund expects to maintain an average weighted maturity of greater than ten years. The Fund’s management team may, when consistent with the Fund’s investment objective, buy or sell derivatives, such as options or futures on a security or an index of securities, or enter into interest rate transactions, including swaps, for hedging purposes (including anticipatory hedges) or to enhance income. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate risk. The Fund may invest in tender option bonds and residual interest tender option bonds and may also invest in securities the return of which is inversely related to changes in an interest rate (“inverse floaters”). The Fund will look through to the underlying municipal bond held by a tender option bond trust for purposes of the Fund’s 80% policy. The Fund may also invest up to 20% of its assets in non-investment grade bonds (high yield or junk bonds); however, the Fund will not invest in bonds that at the time of purchase are in default or that the Fund’s management team believes will be in default. Principal Risks of Investing in the Fund Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li>Credit Risk — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. </li></ul><ul type="square"><li>Derivatives Risk — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. </li></ul><ul type="square"><li>Interest Rate Risk — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise. </li></ul><ul type="square"><li>Junk Bonds Risk — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </li></ul><ul type="square"><li>Leverage Risk — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</li></ul><ul type="square"><li>Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be difficult to sell the illiquid securities at an advantageous time or price. To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have the greatest exposure to liquidity risk. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.</li></ul><ul type="square"><li>Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul><ul type="square"><li>Municipal Securities Concentration Risk — From time to time the Fund may invest a substantial amount of its assets in municipal securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund’s investment performance.</li></ul><ul type="square"><li>Municipal Securities Risks — Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include:</li></ul><blockquote>General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its faith, credit and taxing power for repayment. Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and a Fund may lose money. Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Tax-Exempt Status Risk — The Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. </blockquote><ul type="square"><li>Prepayment and Extension Risk — When interest rates fall, an issuer may redeem a security with call features by repaying it early, and the Fund may have to invest the proceeds in securities with lower yields. When interest rates rise, certain obligations will be paid off by the issuer more slowly than anticipated, causing the value of these securities to fall.</li></ul><ul type="square"><li>State Specific Risk — The Fund will invest primarily in municipal securities issued by or on behalf of the State of New York, New York City and other New York public bodies. As a result, the Fund is more exposed to risks affecting issuers of New York municipal securities than is a municipal securities fund that invests more widely. Such risks include, but are not limited to, the strength and duration of the economic recovery; the impact of federal deficit reduction measures; the performance of the national and State economies; the impact of international events on consumer confidence, oil supplies and oil prices; the impact of behavioral changes concerning financial sector profitability and the structure of financial sector bonus payouts, as well as any future legislation governing the structure of compensation; shifts in monetary policy affecting interest rates and the financial markets; the impact of financial and real estate market developments on bonus income and capital gains realizations; the impact of consumer spending on tax collections; increased demand in entitlement-based and claims-based programs such as Medicaid, public assistance and general public health; the ability of the State of New York, New York City and other New York public bodies to access the capital markets in light of disruptions in the market; litigation against the State of New York, New York City and other New York public bodies; and actions taken by the federal government, including audits, disallowances, changes in aid levels and changes to in law. For additional information on New York State and New York City specific risk, see Appendix C Economic and Financial Conditions in New York.</li></ul><ul type="square"><li>Tender Option Bonds and Related Securities Risk — Investments in tender option bonds, residual interest tender option bonds and inverse floaters expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, described above, especially the risk of increased volatility. An investment in these securities typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on residual interest tender option bonds and inverse floaters will bear an inverse relationship to short-term municipal security interest rates. Distributions on the residual interests and inverse floaters paid to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Residual interest tender option bonds and inverse floaters generally will underperform the market for fixed rate municipal securities in a rising interest rate environment.</li></ul> Performance Information The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the S&P Municipal Bond Index and the S&P New York Municipal Bond Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. As with all such investments, past performance (before and after taxes) is not an indication of future results. <center>Investor A1 Shares ANNUAL TOTAL RETURNS BlackRock New York Municipal Bond Fund As of 12/31 </center> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. After-tax returns are shown for Investor A1 Shares only, and the after-tax returns for Investor C1 will vary. However, the table includes all applicable fees and sales charges. year-to-date return highest return lowest return 2009-09-30 -0.0581 0.0442 0.0388 0.0585 0.0102 -0.1107 0.1963 0.0259 0.0451 0.045 0.0455 0.0733 0.1062 0.0966 0.0287 0.0287 0.0308 0.0321 0.0486 0.0499 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBlackRockNewYorkMunicipalBondFundclassa1c1 column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBlackRockNewYorkMunicipalBondFundclassa1c1 column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockNewYorkMunicipalBondFundclassa1c1 column period compact * ~</div> 0.0025 0.0001 0.0001 0.0001 0.0001 0.19 0.0001 0.0001 0.19 A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The CDSC is 4.00% if shares are redeemed in less than two years. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section "Details about the Share Classes - Investor B Shares") for the complete schedule of CDSCs.) There is no CDSC on Investor C Shares after one year. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund's most recent annual report, which does not include Acquired Fund Fees and Expenses. There is no CDSC on Investor C1 Shares after one year. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A1 Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 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