UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04375

Name of Fund: BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust

Fund Address:     100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:   John M. Perlowski, Chief Executive Officer, BlackRock New York

Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust, 55 East 52^nd Street,

New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 06/30/2020

Date of reporting period: 12/31/2019

Item 1 – Report to Stockholders

DECEMBER 31, 2019

2019 Semi-Annual Report

(Unaudited)

BlackRock Municipal Bond Fund, Inc.

· BlackRock High Yield Municipal Fund

· BlackRock National Municipal Fund

· BlackRock Short-Term Municipal Fund

BlackRock Multi-State Municipal Series Trust

· BlackRock New York Municipal Opportunities Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

U.S. equities and bonds finished the last year of the decade with impressive returns, putting an exclamation point on a decade of strong performance despite the fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. In many ways, it was fitting that the themes of 2019 — geopolitical uncertainty, fears of recession, and decisive monetary stimulus — put the capstone on a decade that was defined by grappling with these competing forces.

Equity and bond markets posted solid returns, particularly in the second half of the year, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that has characterized this economic cycle. U.S. large cap equities advanced the most, while equities at the high end of the risk spectrum — emerging markets and U.S. small cap — lagged while still posting solid returns.

Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Long-term bonds, particularly long-term Treasuries, generally posted the strongest returns, as inflation remained low. Investment-grade and high-yield corporate bonds also posted solid returns, as the credit fundamentals in corporate markets remained relatively solid.

As equity performance faltered in late 2018 and global economic growth slowed, the U.S. Federal Reserve (the “Fed”) shifted away from policies designed to decrease inflation in favor of renewed efforts to stimulate economic activity. The Fed left interest rates unchanged in January 2019, then reduced interest rates three times thereafter, starting in July 2019. Similarly, the Fed took measures to support liquidity in short-term lending markets. Following in the Fed’s footsteps, the European Central Bank announced aggressive economic stimulus measures, including lower interest rates and the return of its bond purchasing program. The Bank of Japan signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world despite the headwind of rising geopolitical and trade tensions. Hopes continued to remain high as the current economic expansion became the longest in U.S. history.

Looking ahead, we believe U.S. economic growth will stabilize and gradually improve in 2020. The primary drivers of recent market performance — trade and monetary policies — could take a back seat to a nascent expansion in manufacturing and a recent uptick in global growth. The headwinds of policy uncertainty in 2019 could become tailwinds in 2020 due to pro-cyclical policy shifts.

Overall, we favor increasing investment risk to benefit from the brighter outlook. In addition to having a positive view for equities overall, we favor emerging market equities over developed market equities. Increasing cyclical exposure through value-style investing and maintaining a meaningful emphasis on high-quality companies through quality factors also makes sense for diversified investors. In fixed income, government bonds continue to be important portfolio stabilizers, while emerging market bonds, particularly local currency bonds, offer relatively attractive income opportunities.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	10.92%	31.49%
U.S. small cap equities (Russell 2000® Index)	7.30	25.52
International equities (MSCI Europe, Australasia, Far East Index)	7.01	22.01
Emerging market equities (MSCI Emerging Markets Index)	7.09	18.42
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	1.03	2.28
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	1.36	8.91
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.45	8.72
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.21	7.26
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.98	14.32
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		16
Disclosure of Expenses		17
The Benefits and Risks of Leveraging		17
Derivative Financial Instruments		17
Financial Statements:
Schedules of Investments		18
Statements of Assets and Liabilities		56
Statements of Operations		58
Statements of Changes in Net Assets		59
Financial Highlights		61
Notes to Financial Statements		82
Statement Regarding Liquidity Risk Management Program		95
Director and Officer Information		96
Additional Information		97
Glossary of Terms Used in this Report		99

3

Fund Summary  as of December 31, 2019 BlackRock High Yield Municipal Fund

Investment Objective

BlackRock High Yield Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended December 31, 2019, all of the Fund’s share classes outperformed the primary benchmark, the S&P^® Municipal Bond Index, but underperformed the secondary benchmark, the Custom High Yield Index. The following discussion of relative performance pertains to the Custom High Yield Index.

What factors influenced performance?

The U.S. municipal bond market produced a modest gain in the second half of the year. Although the Fed cut interest rates by a quarter point on three occasions, its subsequent shift to a neutral policy contributed to an upward drift in yields from late August onward. (Prices and yields move in opposite directions.) Lower-quality municipal securities outpaced higher-rated issues thanks to investors’ robust appetite for risk.

Underweight positions in non-rated securities and intermediate-term issues, both of which outperformed the broader index, detracted from Fund performance. The Fund actively sought to manage interest rate risk using short positions in U.S. Treasury futures. This strategy modestly detracted, with all of the shortfall occurring in July and August.

On the positive side, positions in longer-term, lower-rated investment-grade bonds outperformed and contributed to the Fund’s results. An overweight allocation to higher-yielding, pre-refunded bonds contributed, as did overweights in tax-backed, transportation and corporate-related issues. In addition, investments in Puerto Rico sales tax and general obligation bonds generated outsized returns relative to the high yield municipal market.

Describe recent portfolio activity.

The Fund’s investment adviser reduced the portfolio’s cash weighting substantially late in the period, as robust new-issue supply provided ample investment opportunities. In addition, the portfolio’s duration (interest rate sensitivity) was moved above that of the benchmark. The investment adviser also continued to build up the Fund’s weighting in Puerto Rico. The territory’s restructuring efforts gained traction, underscoring the investment adviser’s view that its debt offered a compelling value and the potential for attractive total returns.

Describe portfolio positioning at period end.

The Fund closed the year with an above-benchmark duration and an emphasis on long-dated issues with maturities of 20 years and above. The investment adviser maintained a bias toward higher-quality securities, with its most significant underweight in unrated debt. Much of the issuance in this area is comprised of highly speculative projects that the investment adviser does not view as viable investments. The Fund was underweight in California and was overweight in New Jersey and New York. At the sector level, key overweights included transportation, corporate-backed issues and utilities, while the health care and local tax-backed categories were notable underweights.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

4 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of December 31, 2019 (continued) BlackRock High Yield Municipal Fund

Performance Summary for the Period Ended December 31, 2019

										Average Annual Total Returns (a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		2.66	%		2.64	%		3.28	%		10.02	%		N/A			5.49	%		N/A			6.84	%		N/A
Investor A		2.32			2.30			3.06			9.64			4.98	%		5.20			4.29	%		6.55			6.08	%
Investor C		1.66			1.64			2.76			8.91			7.91			4.43			4.43			5.75			5.75
Class K		2.71			2.69			3.20			9.94			N/A			5.48			N/A			6.84			N/A
S&P® Municipal Bond Index(c)		—			—			2.21			7.26			N/A			3.50			N/A			4.41			N/A
Custom High Yield Index(d)		—			—			4.01			11.33			N/A			6.48			N/A			7.52			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 16 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund will usually invest in municipal bonds that have a maturity of five years or longer.

^(c)  The S&P^® Municipal Bond Index is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the S&P^® Municipal Bond Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month.

^(d)  The Custom High Yield Index is a customized benchmark that reflects the returns of the S&P^® Customized High Yield Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P^® Customized High Yield Municipal Bond Index that have maturities greater than five years for periods subsequent to January 1, 2013.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual								Hypothetical (c)
					Expenses Paid During the Period						Including Interest Expense and Fees				Excluding Interest Expense and Fees
	Beginning Account Value (07/01/19)		Ending Account Value (12/31/19)		Including Interest Expense and Fees (a)		Excluding Interest Expense and Fees (b)		Beginning Account Value (07/01/19)		Ending Account Value (12/31/19)		Expenses Paid During the Period (a)		Ending Account Value (12/31/19)		Expenses Paid During the Period (b)
Institutional	$	1,000.00	$	1,032.80	$	3.27	$	2.71	$	1,000.00	$	1,021.92	$	3.25	$	1,022.47	$	2.69
Investor A		1,000.00		1,030.60		4.54		3.98		1,000.00		1,020.66		4.52		1,021.22		3.96
Investor C		1,000.00		1,027.60		8.41		7.85		1,000.00		1,016.84		8.36		1,017.39		7.81
Class K		1,000.00		1,032.00		3.06		2.50		1,000.00		1,022.12		3.05		1,022.67		2.49

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.64% for Institutional, 0.89% for Investor A, 1.65% for Investor C and 0.60% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

^(b)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.53% for Institutional, 0.78% for Investor A, 1.54% for Investor C and 0.49% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

^(c)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 17 for further information on how expenses were calculated.

FUND SUMMARY 5

Fund Summary  as of December 31, 2019 (continued) BlackRock High Yield Municipal Fund

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector	Percent of Total Investments
County/City/Special District/School District		17	%
Health		16
Transportation		15
Education		13
Utilities		13
State		10
Tobacco		10
Corporate		5
Housing		1

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE ^(c)

	Percent of Total Investments
Calendar Year Ended December 31,
2020		14	%
2021		5
2022		12
2023		7
2024		9

^(c)  Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

* Excludes short-term securities.

CREDIT QUALITY ALLOCATION ^(a)

Credit Rating	Percent of Total Investments
AA/Aa		9	%
A		8
BBB/Baa		24
BB/Ba		13
B/B		4
N/R(b)		42

^(a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service (“Moody’s”) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% of the Fund’s total investments.

6 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of December 31, 2019 BlackRock National Municipal Fund

Investment Objective

BlackRock National Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended December 31, 2019, the Fund underperformed the primary benchmark, the S&P^® Municipal Bond Index, as well as the secondary benchmark, the Custom National Index. The following discussion of relative performance pertains to the Fund’s secondary benchmark, the Custom National Index.

What factors influenced performance?

The U.S. municipal bond market produced a modest gain in the second half of the year. Although the Fed cut interest rates by a quarter point on three occasions, its subsequent shift to a neutral policy contributed to an upward drift in yields from late August onward. (Prices and yields move in opposite directions.) Short-term bonds lagged the overall market, primarily due to their relative weakness in July and August. Lower-quality municipal securities outperformed higher-rated issues thanks to investors’ robust appetite for risk.

In this environment, the Fund’s allocation to shorter-maturity issues detracted from performance. Cash was also a modest detractor in the rising market. Although the portfolio’s weighting in securities rated below investment grade rose to 8% of assets by year-end, the Fund retained a higher-quality bias. This positioning proved to be a detractor given the outperformance for lower-quality bonds.

The Fund actively sought to manage interest rate risk using short positions in U.S. Treasury futures. This strategy modestly detracted from performance, with all of the shortfall occurring in the first two months of the period. The Fund’s investment adviser sought to adjust the extent of the risk-management program based on the movements of the 10-year U.S. Treasury yield within the 1.5% to 2.0% range.

Positions in BBB rated and non-investment grade securities added value, as did an allocation to lower-coupon issues. The Fund’s use of leverage, which boosted income and amplified the modest impact of rising prices, contributed to Fund performance. An allocation to longer-duration bonds (duration is a measure of interest-rate sensitivity) further aided results, as did positions in the tobacco and corporate-backed sectors.

Describe recent portfolio activity.

The investment adviser increased the portfolio’s duration over the course of the period and reduced the allocation to cash. Historically strong inflows into municipal bonds created an extremely positive supply-and-demand backdrop for the market. As a result, the investment adviser sought to position the Fund to capture higher income and gain a larger benefit from price movements as yields began to rise in the latter part of the period. Specifically, the portfolio’s allocation to corporate-backed issues was increased to capitalize on their attractive yield advantage relative to the broader market.

Describe portfolio positioning at period end.

The Fund had an average credit quality of A+, and its cash weighting stood at about 3.0%. The Fund had a 9.1% weighting in bonds subject to the alternative minimum tax. Duration stood at 6.16 years as of December 31, 2019, in line with the benchmark. The portfolio was overweight in the corporate-backed and transportation sectors, while its largest underweight was in the state tax-backed category.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

FUND SUMMARY 7

Fund Summary  as of December 31, 2019 (continued) BlackRock National Municipal Fund

Performance Summary for the Period Ended December 31, 2019

										Average Annual Total Returns (a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		1.56	%		1.50	%		2.08	%		7.38	%		N/A			3.39	%		N/A			4.79	%		N/A
Service		1.32			1.30			1.86			7.02			N/A			3.16			N/A			4.52			N/A
Investor A		1.26			1.18			1.95			7.11			2.56	%		3.19			2.30	%		4.59			4.14	%
Investor C		0.57			0.54			1.57			6.32			5.32			2.40			2.40			3.81			3.81
Investor C1		0.76			0.57			1.67			6.53			N/A			2.62			N/A			4.02			N/A
Class K		1.61			1.58			2.10			7.43			N/A			3.48			N/A			4.87			N/A
S&P® Municipal Bond Index(c)		—			—			2.21			7.26			N/A			3.50			N/A			4.41			N/A
Custom National Index(d)		—			—			2.58			8.70			N/A			4.25			N/A			4.91			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 16 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund will usually invest in municipal bonds that have a maturity of five years or longer.

^(c)  The S&P^® Municipal Bond Index is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the S&P^® Municipal Bond Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month.

^(d)  The Custom National Index is a customized benchmark that reflects the returns of the S&P^® Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P^® Municipal Bond Index that have maturities greater than five years for periods subsequent to January 1, 2013.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual								Hypothetical (c)
					Expenses Paid During the Period						Including Interest Expense and Fees				Excluding Interest Expense and Fees
	Beginning Account Value (07/01/19)		Ending Account Value (12/31/19)		Including Interest Expense and Fees (a)		Excluding Interest Expense and Fees (b)		Beginning Account Value (07/01/19)		Ending Account Value (12/31/19)		Expenses Paid During the Period (a)		Ending Account Value (12/31/19)		Expenses Paid During the Period (b)
Institutional	$	1,000.00	$	1,020.80	$	2.44	$	2.18	$	1,000.00	$	1,022.72	$	2.44	$	1,022.98	$	2.19
Service		1,000.00		1,018.60		3.65		3.40		1,000.00		1,021.52		3.66		1,021.77		3.40
Investor A		1,000.00		1,019.50		3.71		3.45		1,000.00		1,021.47		3.71		1,021.72		3.46
Investor C		1,000.00		1,015.70		7.50		7.25		1,000.00		1,017.70		7.51		1,017.95		7.25
Investor C1		1,000.00		1,016.70		6.49		6.24		1,000.00		1,018.70		6.50		1,018.95		6.24
Class K		1,000.00		1,021.00		2.18		1.93		1,000.00		1,022.98		2.19		1,023.23		1.93

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.48% for Institutional, 0.72% for Service, 0.73% for Investor A, 1.48% for Investor C, 1.28% for Investor C1 and 0.43% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

^(b)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.43% for Institutional, 0.67% for Service, 0.68% for Investor A, 1.43% for Investor C and 1.23% for Investor C1 and 0.38% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

^(c)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 17 for further information on how expenses were calculated.

8 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of December 31, 2019 (continued) BlackRock National Municipal Fund

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector	Percent of Total Investments
State		24	%
Transportation		23
Corporate		14
Utilities		13
County/City/Special District/School District		9
Health		8
Education		7
Tobacco		2

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE ^(c)

	Percent of Total Investments
Calendar Year Ended December 31,
2020		6	%
2021		9
2022		6
2023		13
2024		6

^(c)  Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

* Excludes short-term securities.

CREDIT QUALITY ALLOCATION ^(a)

Credit Rating	Percent of Total Investments
AAA/Aaa		15	%
AA/Aa		36
A		13
BBB/Baa		7
BB/Ba		11
B/B		3
N/R(b)		15

^(a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments.

FUND SUMMARY 9

Fund Summary  as of December 31, 2019 BlackRock Short-Term Municipal Fund

Investment Objective

BlackRock Short-Term Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended December 31, 2019, the Fund underperformed its primary benchmark, the S&P^® Municipal Bond Index, and its secondary benchmark, the S&P^® Limited Maturity Municipal Bond Index. The following discussion of relative performance pertains to the Fund’s secondary benchmark, the S&P^® Limited Maturity Municipal Bond Index.

What factors influenced performance?

The U.S. municipal bond market produced a modest gain in the second half of the year. Although the Fed cut interest rates by a quarter point on three occasions, its subsequent shift to a neutral policy contributed to an upward drift in yields from late August onward. (Prices and yields move in opposite directions.) Short-term bonds lagged the overall market, primarily due to their relative weakness in July and August.

The Fund’s underweight in AAA rated debt — which include pre-refunded bonds — detracted from Fund performance, as did its underweight in those rated AA. At the sector level, underweights in the tax-backed, transportation and utilities issues were key detractors. An underweight in the three- to four-year portion of the yield curve also pressured relative performance.

Overweights in A and BBB rated issues, together with tactical purchases of one-year notes with underlying ratings of A and AA, contributed to the Fund’s results. An overweight in one- to three-year issues added value, as did overweights in the school district, healthcare and corporate sectors.

Describe recent portfolio activity.

With the Fed apparently on hold, the investment adviser saw an opportunity to increase the portfolio’s duration (interest-rate sensitivity) and add positions in higher-yielding securities. As part of this process, the Fund’s weighting was reduced in variable rate demand notes (“VRDNs”) while adding credit risk through purchases of A and BBB rated bonds with three- to four-year maturities. In addition, the investment adviser continued to replace the Fund’s maturing holdings in municipal operating notes that have equivalent ratings of A and AA.

Describe portfolio positioning at period end.

The Fund remained overweight in the one- to three-year portion of the yield curve and reduced the extent of its underweight in three- to four-year issues. The investment adviser continued to use VRDNs as an alternative to cash while it sought opportunities in longer-duration bonds. VRDNs typically offer yields close to those of one-year, AAA rated bonds with limited price volatility.

In terms of credit quality, the Fund was overweight in bonds rated A and BBB. The Fund’s largest underweights were in those rated AAA and AA. At the sector level, the Fund was underweight in pre-refunded, state tax-backed, utility and local tax-backed securities, and it was underweight in corporate and health care issues.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

10 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of December 31, 2019 (continued) BlackRock Short-Term Municipal Fund

Performance Summary for the Period Ended December 31, 2019

										Average Annual Total Returns (a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		1.04	%		0.93	%		0.88	%		2.50	%		N/A			1.03	%		N/A			0.89	%		N/A
Investor A		0.78			0.73			0.75			2.15			(0.92	)%		0.77			0.16	%		0.63			0.32	%
Investor A1		0.93			0.88			0.82			2.40			N/A			0.92			N/A			0.78			N/A
Investor C		0.05			(0.02	)		0.37			1.50			0.50			0.01			0.01			(0.14	)		(0.14	)
Class K		1.09			1.03			0.90			2.55			N/A			1.06			N/A			0.90			N/A
S&P® Municipal Bond Index(c)		—			—			2.21			7.26			N/A			3.50			N/A			4.41			N/A
S&P® Limited Maturity Municipal Bond Index(d)		—			—			1.02			2.91			N/A			1.39			N/A			1.42			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 16 for a detailed description of share classes, including any related sales charges and fees.

^(b)  Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and invests primarily in investment grade municipal bonds or municipal notes, including variable rate demand obligations. The Fund will maintain a dollar-weighted maturity of no more than two years.

^(c)  The S&P^® Municipal Bond Index is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the S&P^® Municipal Bond Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month.

^(d)  The S&P^® Limited Maturity Municipal Bond Index includes all bonds in the S&P^® Municipal Bond Index with a remaining maturity of less than four years.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual						Hypothetical (b)
	Beginning Account Value (07/01/19)		Ending Account Value (12/31/19)		Expenses Paid During the Period (a)		Beginning Account Value (07/01/19)		Ending Account Value (12/31/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,008.80	$	1.82	$	1,000.00	$	1,023.33	$	1.83		0.36	%
Investor A		1,000.00		1,007.50		3.03		1,000.00		1,022.12		3.05		0.60
Investor A1		1,000.00		1,008.20		2.32		1,000.00		1,022.82		2.34		0.46
Investor C		1,000.00		1,003.70		6.85		1,000.00		1,018.30		6.90		1.36
Class K		1,000.00		1,009.00		1.57		1,000.00		1,023.58		1.58		0.31

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 17 for further information on how expenses were calculated.

FUND SUMMARY 11

Fund Summary  as of December 31, 2019 (continued) BlackRock Short-Term Municipal Fund

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector	Percent of Total Investments
County/City/Special District/School District		27	%
Education		16
State		13
Utilities		12
Transportation		12
Health		9
Corporate		8
Housing		2
Tobacco		1

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE ^(c)

	Percent of Total Investments
Calendar Year Ended December 31,
2020		45	%
2021		22
2022		15
2023		8

^(c)  Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

* Excludes short-term securities.

CREDIT QUALITY ALLOCATION ^(a)

Credit Rating	Percent of Total Investments
AAA/Aaa		5	%
AA/Aa		35
A		32
BBB/Baa		14
N/R(b)		14

^(a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments.

12 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of December 31, 2019 BlackRock New York Municipal Opportunities Fund

Investment Objective

BlackRock New York Municipal Opportunities Fund’s (the “Fund”) investment objective is to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes.

On December 19, 2019, the Board of Directors of BlackRock Muni New York Intermediate Duration Fund, Inc. (the “Target Fund”) and the Board of Trustees of BlackRock Multi-State Municipal Series Trust, on behalf of the Fund, each approved the merger of the Target Fund, with and into a wholly-owned subsidiary of the Fund. The merger is expected to occur during the second quarter of 2020 subject to approval by the Target Fund’s shareholders.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended December 31, 2019, the Fund underperformed the primary benchmark, the S&P^® Municipal Bond Index, with the exception of the Fund’s Institutional and Class K Shares, which performed in line. For the same period, the Fund’s Institutional, Investor A1 and Class K Shares outperformed the secondary benchmark, the S&P^® New York Municipal Bond Index, while Investor A Shares performed in line with the secondary benchmark and Investor C and investor C1 shares underperformed. The following discussion of relative performance pertains to the Fund’s secondary benchmark, the S&P^® New York Municipal Bond Index.

What factors influenced performance?

The U.S. municipal bond market produced a modest gain in the second half of the year. Although the Fed cut interest rates by a quarter point on three occasions, its subsequent shift to a neutral policy contributed to an upward drift in yields from late August onward. (Prices and yields move in opposite directions.) Lower-quality securities outperformed higher-rated issues thanks to investors’ robust appetite for risk.

New York municipal bonds modestly underperformed the national market, largely as a result of their higher quality and the relatively larger amount of new-issue supply.

The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since Treasury yields fell, as price rose, this strategy had a negative impact on results. The Fund’s cash reserves also detracted from performance in a time of positive returns for the broader market.

The Fund’s use of leverage, which increased income and amplified the effect of rising prices, contributed to Fund performance. The Fund also benefited from its overweight position in lower-rated securities (those with ratings of A and below). These bonds generally outperformed due to yield-spread tightening, a trend that was especially pronounced among the Fund’s holdings in Puerto Rico. Security selection in the state tax-backed sector also contributed positively to Fund returns.

Describe recent portfolio activity.

The large change in the interest-rate backdrop was the primary driver of the Fund’s portfolio activity. In the first several months of the period, falling yields presented the Fund with opportunities to reduce duration by expanding its risk-management program and selling certain holdings at higher prices. (Duration is a measure of interest rate sensitivity.) The environment changed in early September, leading to a modest uptrend in yields over the remainder of the reporting period. This led the Fund to increase its duration and purchase select issues at more attractive yields.

The Fund also sought to capitalize on a relatively heavy new-issue calendar for New York municipal bonds toward year-end. This was accomplished by adding holdings at favorable levels ahead of an expected strong re-investment period for municipal bonds in 2020. The Fund generally favored 4% coupons over 5% coupons, when available, for their better value.

Describe portfolio positioning at period end.

Relative to the benchmark, the Fund was positioned with an overweight in longer-maturity bonds and an underweight in shorter-term issues. In addition, the Fund was overweight in lower-rated securities. The Fund’s duration was closely in line with that of the S&P^® New York Municipal Bond Index.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

FUND SUMMARY 13

Fund Summary  as of December 31, 2019 (continued) BlackRock New York Municipal Opportunities Fund

Performance Summary for the Period Ended December 31, 2019

										Average Annual Total Returns (a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		1.76	%		1.71	%		2.18	%		7.08	%		N/A			4.13	%		N/A			4.94	%		N/A
Investor A		1.45			1.41			1.96			6.72			2.19	%		3.85			2.95	%		4.66			4.21	%
Investor A1		1.59			1.55			2.13			6.88			N/A			3.99			N/A			4.82			N/A
Investor C		0.77			0.73			1.67			5.93			4.93			3.08			3.08			3.90			3.90
Investor C1		1.16			0.83			1.87			6.35			N/A			3.48			N/A			4.30			N/A
Class K		1.81			1.77			2.20			7.04			N/A			4.15			N/A			4.95			N/A
S&P® Municipal Bond Index(c)		—			—			2.21			7.26			N/A			3.50			N/A			4.41			N/A
S&P® New York Municipal Bond Index(d)		—			—			1.93			6.99			N/A			3.37			N/A			4.18			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 16 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  Under normal circumstances, the Fund will invest at least 80% of its assets in investment grade New York municipal bonds. The Fund’s returns prior to February 18, 2015 are the returns of the Fund when it followed different investment strategies under the name BlackRock New York Municipal Bond Fund.

^(c)  The S&P^® Municipal Bond Index is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the S&P^® Municipal Bond Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month.

^(d)  The S&P^® New York Municipal Bond Index includes all New York bonds in the S&P^® Municipal Bond Index.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual								Hypothetical (c)
					Expenses Paid During the Period						Including Interest Expense and Fees				Excluding Interest Expense and Fees
	Beginning Account Value (07/01/19)		Ending Account Value (12/31/19)		Including Interest Expense and Fees (a)		Excluding Interest Expense and Fees (b)		Beginning Account Value (07/01/19)		Ending Account Value (12/31/19)		Expenses Paid During the Period (a)		Ending Account Value (12/31/19)		Expenses Paid During the Period (b)
Institutional	$	1,000.00	$	1,021.80	$	3.05	$	2.54	$	1,000.00	$	1,022.12	$	3.05	$	1,022.62	$	2.54
Investor A		1,000.00		1,019.60		4.32		3.81		1,000.00		1,020.86		4.32		1,021.37		3.81
Investor A1		1,000.00		1,021.30		3.56		3.05		1,000.00		1,021.62		3.56		1,022.12		3.05
Investor C		1,000.00		1,016.70		8.11		7.60		1,000.00		1,017.09		8.11		1,017.60		7.61
Investor C1		1,000.00		1,018.70		6.09		5.58		1,000.00		1,019.10		6.09		1,019.61		5.58
Class K		1,000.00		1,022.00		2.80		2.29		1,000.00		1,022.37		2.80		1,022.87		2.29

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.60% for Institutional, 0.85% for Investor A, 0.70% for Investor A1, 1.60% for Investor C, 1.20% for Investor C1 and 0.55% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

^(b)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.50% for Institutional, 0.75% for Investor A, 0.60% for Investor A1, 1.50% for Investor C and 1.10% for Investor C1 and 0.45% for Class K), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

^(c)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 17 for further information on how expenses were calculated.

14 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of December 31, 2019 (continued) BlackRock New York Municipal Opportunities Fund

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector	Percent of Total Investments
County/City/Special District/School District		24	%
Transportation		23
State		15
Utilities		12
Housing		8
Education		8
Health		4
Tobacco		3
Corporate		2
Health Care Providers & Services		1

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE ^(c)

	Percent of Total Investments
Calendar Year Ended December 31,
2020		6	%
2021		10
2022		6
2023		4
2024		8

^(c)  Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

* Excludes short-term securities.

CREDIT QUALITY ALLOCATION ^(a)

Credit Rating	Percent of Total Investments
AAA/Aaa		9	%
AA/Aa		50
A		20
BBB/Baa		8
BB/Ba		2
B/B		1
CC		2
N/R(b)		8

^(a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% of the Fund’s total investments.

FUND SUMMARY 15

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock High Yield Municipal Fund and BlackRock New York Municipal Opportunities Fund Class K Share performance shown prior to the Class K shares inception date of January 25, 2018 is that of the respective Fund’s Institutional Shares. BlackRock National Municipal Fund Class K Share performance shown prior to the Class K shares inception date of July 18, 2011 is that of Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares. On the close of business on August 15, 2016, all of the issued and outstanding BlackRock Shares of BlackRock National Municipal Fund were redesignated as Class K Shares.

Service Shares (available only in BlackRock National Municipal Fund) are not subject to any sales charge (front-end load) or deferred sales charge. These shares are subject to a service fee of 0.25% per year (but no distribution fee) and are only available to certain eligible investors. Prior to July 18, 2011, Service Share performance results are those of the Institutional Shares restated to reflect Service Share fees.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 4.25% for all Funds except BlackRock Short-Term Municipal Fund, which incurs a 3.00% maximum initial sales charge, and all Funds incur a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor A1 Shares (available only in BlackRock Short-Term Municipal Fund and BlackRock New York Municipal Opportunities Fund) are subject to a maximum initial sales charge (front-end load) of 1.00% for BlackRock Short-Term Municipal Fund and 4.00% for BlackRock New York Municipal Opportunities Fund and a service fee of 0.10% per year (but no distribution fee). The maximum initial sales charge does not apply to current eligible investors of Investor A1 Shares of the Funds. Certain redemptions of these shares may be subject to a CDSC where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately ten years.

Investor C1 Shares (available only in BlackRock National Municipal Fund and BlackRock New York Municipal Opportunities Fund) are subject to a 1.00% CDSC if redeemed within one year of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans and, for BlackRock National Municipal Fund only, fee based programs previously approved by the Fund, or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. In addition, these shares are subject to a distribution and service fees per year as follows:

	Distribution Fee			Service Fee
BlackRock National Municipal Fund		0.55	%		0.25	%
BlackRock New York Municipal Opportunities Fund		0.35			0.25

Investor A1 and Investor C1 Shares of their respective Funds are only available for dividend and capital gain reinvestments by existing shareholders, and for purchase by certain employer-sponsored retirement plans and, for BlackRock National Municipal Fund only, fee based programs previously approved by the Fund. Investor C1 Shares automatically convert to Investor A Shares after approximately ten years. On November 14-15, 2019, the Board of Trustees of each Trust approved the conversion of all issued and outstanding Investor C1 Shares into Investor A Shares, which will be effective on or about the close of business on February 24, 2020.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in each of the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date/payable date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. With respect to each Fund’s contractual waiver, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

16 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Expenses

Shareholders of the Funds may incur the following charges: (a) transactional expenses such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees including 12b-1 fees, acquired fund fees and expenses and other fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on July 1, 2019 and held through December 31, 2019) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the headings entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance returns and NAV. However, there is no guarantee that these objectives can be achieved in all interest rate environments.

Each of BlackRock High Yield Fund and BlackRock New York Municipal Opportunities Fund may leverage its assets through the use of proceeds received in tender option bond (“TOB”) transactions, as described in the Notes to Financial Statements. In a TOB Trust transaction, the Funds transfer municipal bonds or other municipal securities into a special purpose entity (a “TOB Trust”). TOB investments generally provide the Funds with economic benefits in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest rates. Additionally, fluctuations in the market value of municipal bonds deposited into a TOB Trust may adversely affect the Funds’ NAV per share.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Funds (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Funds’ shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to the Funds’ shareholders, and the value of these portfolio holdings is reflected in the Funds’ per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage.

Furthermore, the value of each Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund’s NAV positively or negatively in addition to the impact on each Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund’s leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund’s NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Funds to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund’s shareholders and may reduce income.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

DISCLOSURE OF EXPENSES / THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS 17

Schedule of Investments  (unaudited) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies — 1.0%
VanEck Vectors High-Yield Municipal Index ETF		225,000	$	14,411,250
Total Investment Companies — 1.0% (Cost — $14,335,250)				14,411,250
	Par (000)
Municipal Bonds — 93.7%
Alabama — 2.2%
Alabama Special Care Facilities Financing Authority-Birmingham, RB, Methodist Home For The Aging:
5.75%, 06/01/35	$	200		228,464
5.75%, 06/01/45		355		397,032
6.00%, 06/01/50		450		510,286
Black Belt Energy Gas District, RB, Series A, 4.00%, 12/01/48(a)		4,585		4,955,605
Chelsea Park Cooperative District, Special Assessment Bonds, 5.00%, 05/01/48		970		994,095
County of Jefferson Alabama Sewer, Refunding RB:
Senior Lien, Series A (AGM), 5.00%, 10/01/44		365		410,614
Sub-Lien, Series D, 7.00%, 10/01/51		2,355		2,831,935
Sub-Lien, Series D, 6.50%, 10/01/53		3,465		4,108,277
County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A, 5.25%, 05/01/44(b)		8,830		10,074,324
Homewood Educational Building Authority, Refunding RB, Samford University Project, Series A, 4.00%, 12/01/49		3,200		3,462,560
Hoover Industrial Development Board, RB, U.S. Steel Corporation Project, AMT, 5.75%, 10/01/49		1,220		1,328,141
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(c)		710		735,652
				30,036,985
Alaska — 0.3%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A:
4.63%, 06/01/23		120		120,136
5.00%, 06/01/32		1,510		1,510,453
5.00%, 06/01/46		2,580		2,583,483
				4,214,072
Arizona — 2.5%
Arizona IDA, RB(b):
Academies of Math & Science Project, Series B, 5.25%, 07/01/51		570		624,623
Doral Academy of Neveda — Fire Mesa & Red Rock Campus Projects, Series A, 5.00%, 07/15/39		335		371,786
Doral Academy of Neveda — Fire Mesa & Red Rock Campus Projects, Series A, 5.00%, 07/15/49		675		731,248
Leman Academy Of Excellence- Parker Colorado Campus Project, 5.00%, 07/01/49		1,350		1,383,682
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39		1,270		1,320,140
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49		1,440		1,475,986
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54		1,110		1,134,131
Lone Mountain Campus Project, Series A, 5.00%, 12/15/39		150		165,943
Lone Mountain Campus Project, Series A, 5.00%, 12/15/49		345		374,546
Arizona IDA, Refunding RB, Series A(b):
Basis Schools, Inc. Projects, 5.00%, 07/01/26		760		840,226

Security	Par (000)		Value
Arizona (continued)
Odyssey Preparatory Academy Project, 5.50%, 07/01/52	$	2,895	$	3,097,302
Arizona Industrial Development Authority, RB, Christian University Project(b):
5.50%, 10/01/40		400		400,272
5.63%, 10/01/49		300		299,658
City of Phoenix Arizona IDA, ERB, Eagle College Prep Project, Series A, 5.00%, 07/01/43		1,445		1,479,218
City of Phoenix Arizona IDA, RB, Series A(b):
Legacy Traditional Schools Projects, 6.50%, 07/01/34		465		527,501
Legacy Traditional Schools Projects, 5.00%, 07/01/36		1,225		1,332,102
Legacy Traditional Schools Projects, 5.00%, 07/01/41		1,685		1,808,645
Legacy Traditional Schools Projects, 6.75%, 07/01/44		810		910,027
Leman Academy of Excellence — ORO Valley Project, 5.25%, 07/01/48		1,690		1,733,653
ORO Valley Project, 5.00%, 07/01/34		250		258,030
ORO Valley Project, 5.00%, 07/01/39		205		210,543
ORO Valley Project, 5.00%, 07/01/49		320		325,770
ORO Valley Project, 5.00%, 07/01/54		530		538,326
City of Phoenix Arizona IDA, Refunding RB(b):
Basis Schools, Inc. Projects, 5.00%, 07/01/35		300		325,251
Basis Schools, Inc. Projects, 5.00%, 07/01/45		895		950,490
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35		295		319,830
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/46		325		343,255
Legacy Traditional School Projects, 5.00%, 07/01/35		315		338,036
Legacy Traditional School Projects, 5.00%, 07/01/45		250		264,037
County of La Paz IDA, RB, Imagine Schools Desert West Middle Project, 5.88%, 06/15/48(b)		1,340		1,415,804
County of Pima IDA, RB:
5.13%, 07/01/39		700		713,937
5.25%, 07/01/49		870		875,229
Industrial Development Authority of the City of Phoenix, RB, Downtown Phoenix Student Housing:
5.00%, 07/01/54		1,330		1,523,409
5.00%, 07/01/59		655		747,820
State of Arizona IDA, RB, Academies of Math & Science Project, Series B, 5.13%, 07/01/47(b)		420		457,976
State of Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.25%, 07/01/47(b)		3,235		3,527,735
Town of Florence, Inc. Arizona IDA, ERB, Legacy Traditional School Project, Queen Creek and Casa Grande Campuses, 6.00%, 07/01/43		1,375		1,468,239
				34,614,406
Arkansas — 1.3%
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(b)		15,880		16,771,662
County of Benton Arkansas Public Facilities Board, RB, BCCSO Project, Series A, 6.00%, 06/01/20(b)(c)		750		765,083
				17,536,745
California — 4.3%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(c)		1,000		1,030,950
California Municipal Finance Authority, ARB, Senior Lien-Linxs APM Project, AMT, 4.00%, 12/31/47		2,560		2,741,171
California Municipal Finance Authority, RB, Urban Discovery Academy Project(b):
5.50%, 08/01/34		310		330,634
6.00%, 08/01/44		655		704,832
6.13%, 08/01/49		570		613,953
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42		345		404,413

18 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
California Pollution Control Financing Authority, Refunding RB, County of San Diego Water Authority, 5.00%, 11/21/45(b)	$	3,000	$	3,563,730
California School Finance Authority, RB, Value Schools:
6.65%, 07/01/33		295		335,400
6.90%, 07/01/43		650		732,381
California Statewide Communities Development Authority, RB:
Loma Linda University Medical Center, 5.25%, 12/01/38(b)		1,420		1,687,258
Loma Linda University Medical Center, 5.25%, 12/01/48(b)		1,000		1,163,240
Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(b)		970		1,081,259
Loma Linda University Medical Center, Series A, 5.25%, 12/01/56(b)		875		986,449
Sutter Health, Series A, 6.00%, 08/15/20(c)		400		412,380
California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement:
Series A, 6.00%, 05/01/43		2,500		2,502,600
Series B, 6.00%, 05/01/43		3,485		3,488,625
City & County of San Francisco California Redevelopment Agency:
Special Tax Bonds, Community Facilities District No. 6 (Mission Bay South Public Improvements), Series C, CAB, 0.00%, 08/01/43(d)		3,000		823,320
Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 3.00%, 08/01/21(b)		500		507,370
Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 0.00%, 08/01/23(b)(d)		1,000		878,280
Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 0.00%, 08/01/26(b)(d)		580		438,393
Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D, 0.00%, 08/01/31(b)(d)		1,155		676,819
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 02/15/34		500		501,755
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.50%, 05/01/36		310		330,801
6.50%, 05/01/42		760		808,655
County of California Tobacco Securitization Agency, RB, 5.45%, 06/01/28		500		500,290
County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series A, 5.00%, 06/01/36		1,665		1,665,683
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.:
5.70%, 06/01/46		4,260		4,280,022
5.60%, 06/01/36		1,385		1,385,623
County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 06/01/48		2,115		2,363,618
Golden State Tobacco Securitization Corp., Refunding RB:
Series A-1, 3.50%, 06/01/36		6,565		6,712,384
Series A-1, 5.00%, 06/01/47		8,475		8,761,031
Series A-1, 5.25%, 06/01/47		945		982,800
Series A-2, 5.00%, 06/01/47		5,195		5,370,331
				58,766,450

Security	Par (000)		Value
Colorado — 3.7%
9th Avenue Metropolitan District No. 2, GOL, 5.00%, 12/01/48	$	1,565	$	1,663,924
Aviation Station North Metropolitan District No. 2, GO, Series A:
5.00%, 12/01/39		750		794,565
5.00%, 12/01/48		1,350		1,405,526
Broadway Station Metropolitan District No. 2, GOL, Series A:
5.00%, 12/01/35		735		790,338
5.13%, 12/01/48		2,345		2,505,304
Bromley Park Metropolitan District No. 2, GO, , Refunding, Sub-Series B, 6.38%, 12/15/47		937		970,779
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(b)		820		866,797
Colorado Educational & Cultural Facilities Authority, RB, Littleton Preparatory Charter School Project:
5.00%, 12/01/33		450		470,124
5.00%, 12/01/42		545		561,116
Colorado Health Facilities Authority, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c)		1,250		1,401,700
Colorado Health Facilities Authority, RB, Commonspirit Health, Series A, 4.00%, 08/01/49		3,825		4,077,259
Colorado Health Facilities Authority, Refunding RB:
Catholic Health Initiatives, Series B-1, 4.00%, 11/09/22(c)		4,000		4,322,600
Commonspirit Health, Series A, 4.00%, 08/01/44		795		853,615
Colorado High Performance Transportation Enterprise, RB, C-470 Express Lanes, 5.00%, 12/31/56		2,500		2,721,725
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45		780		816,091
Copperleaf Metropolitan District No. 3, GO, Limited Tax, Series A:
5.00%, 12/01/37		500		527,260
5.13%, 12/01/47		1,200		1,245,156
Denver International Business Center Metropolitan District No. 1, GOL, Subordinate, Series B, 6.00%, 12/01/48		1,145		1,169,079
Green Gables Metropolitan District No. 1, GO, Series A, 5.30%, 12/01/21(c)		1,000		1,064,370
Leyden Rock Metropolitan District No. 10, GO, Series A, 5.00%, 12/01/45		1,250		1,320,575
North Holly Metropolitan District, GOL, Series A, 5.50%, 12/01/48		760		786,364
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49		2,825		2,723,243
Palisade Park West Metropolitan District, GOL, Series A, 5.13%, 12/01/49		1,500		1,523,460
Pomponio Terrace Metropolitan District, GOL, Series A, 5.00%, 12/01/49		1,450		1,483,669
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48		1,240		1,303,538
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project:
6.00%, 01/15/34		1,500		1,520,505
6.00%, 01/15/41		1,000		1,014,920
Southlands Metropolitan District No. 1, GO, Refunding:
Series A-1, 5.00%, 12/01/37		1,115		1,262,804
Series A-1, 5.00%, 12/01/47		3,990		4,433,768
Tallyns Reach Metropolitan District No. 3, GO, 6.75%, 11/01/38		845		872,463
Thompson Crossing Metropolitan District No. 4, GO, Refunding:
5.00%, 12/01/39		1,400		1,500,982
5.00%, 12/01/49		1,480		1,565,352

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colorado (continued)
Westcreek Metropolitan District No. 2, GO, Series A, 5.38%, 12/01/48	$	800	$	833,344
Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/49		595		617,104
				50,989,419
Connecticut — 1.9%
Connecticut State Health & Educational Facilities Authority, Refunding RB, University Of Hartford Issue:
4.00%, 07/01/39		940		1,016,328
4.00%, 07/01/44		3,500		3,713,360
4.00%, 07/01/49		1,750		1,856,785
Mashantucket Western Pequot Tribe, (6.35% Cash and 1.00% PIK), 7.35%, 07/01/26(e)		995		170,394
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)		3,795		3,872,797
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(b)		983		1,055,124
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30(b)		2,045		2,287,926
State of Connecticut, GO:
Series A, 5.00%, 04/15/36		2,300		2,809,266
Series A, 4.00%, 04/15/37		1,800		2,010,384
Series C, 5.00%, 06/15/33		1,775		2,157,548
Series C, 5.00%, 06/15/34		1,375		1,664,767
Series E, 5.00%, 09/15/34		3,000		3,643,980
				26,258,659
Delaware — 1.0%
County of Kent Delaware, RB, CHF Dover LLC, Delaware State University Project, Series A, 5.00%, 07/01/58		1,500		1,649,445
State of Delaware EDA, RB:
5.00%, 06/01/46		1,000		1,081,400
5.00%, 11/15/48		4,000		4,570,320
Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		5,930		6,062,654
				13,363,819
District of Columbia — 0.7%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40		385		397,924
Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53		3,830		4,069,567
Metropolitan Washington Airports Authority, Refunding RB, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/30(d)		3,005		2,289,690
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Dulles Metrorail And Capital Improvement Projects, 4.00%, 10/01/53		2,170		2,362,609
				9,119,790
Florida — 6.3%
Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 05/01/43		1,300		1,341,899
Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement Revenue Bond, Series A-1, 5.13%, 05/01/39		2,285		2,453,930
Capital Trust Agency Inc, RB, Odyssey Charter School Projects, 5.00%, 07/01/49(b)		1,280		1,393,651
Capital Trust Agency, Inc., RB, Series A:
1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 01/01/44(f)(g)		445		258,100
1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 01/01/49(f)(g)		950		551,000

Security	Par (000)		Value
Florida (continued)
Advantage Academy of Hillsborough Projects, 5.00%, 12/15/49	$	300	$	323,865
Advantage Academy of Hillsborough Projects, 5.00%, 12/15/54		260		280,264
Paragon Academy of Technology and Sunshine, 5.75%, 06/01/54(b)		1,925		2,022,116
Renaissance Charter School, Inc., 5.00%, 06/15/49(b)		500		518,690
Silver Creek St. Augustine Project, 5.75%, 01/01/50(f)(g)		570		558,600
Celebration Pointe Community Development District, Special Assessment Bonds:
4.75%, 05/01/24		415		432,700
5.00%, 05/01/34		1,250		1,319,987
Alachua County, 4.00%, 05/01/22(b)		235		238,121
City of Tallahassee Florida, RB, Tallahassee Memorial HealthCare, Inc. Project, Series A, 5.00%, 12/01/55		2,600		2,948,634
County of Alachua Florida Health Facilities Authority, RB, Shands Teaching Hospital and Clinics, Series A, 5.00%, 12/01/44		1,720		1,941,244
County of Charlotte Florida IDA, RB, Town & Country Utilities Project, AMT(b):
5.00%, 10/01/34		530		580,382
5.00%, 10/01/49		2,510		2,683,014
County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 05/15/44(b)(f)(g)		370		345,869
County of Collier Health Facilities Authority, RB, Moorings, Inc., Series A, 5.00%, 05/01/48		2,090		2,441,266
County of Lake Florida, RB, Imagine South Lake Charter School Project(b):
5.00%, 01/15/39		550		605,396
5.00%, 01/15/49		825		882,626
5.00%, 01/15/54		830		878,306
County of Martin Florida Health Facilities Authority, RB, 5.50%, 11/15/21(c)		1,000		1,080,240
County of Miami-Dade Florida IDA, RB, Doral Academy Project, 5.00%, 01/15/48		1,405		1,544,699
County of Osceola Florida Transportation Revenue, Refunding RB(h):
Series A-1, 4.00%, 10/01/54		2,500		2,703,925
Series A-2, 0.00%, 10/01/50(d)		1,770		590,702
Series A-2, 0.00%, 10/01/51(d)		2,125		681,976
Series A-2, 0.00%, 10/01/52(d)		2,125		652,035
Series A-2, 0.00%, 10/01/53(d)		5,675		1,657,497
Series A-2, 0.00%, 10/01/54(d)		2,125		605,859
County of Palm Beach Florida, RB, Plam Beach Atlantic University Housing Project, 5.00%, 04/01/51(b)		540		588,190
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Sinai Residences Boca Raton Project, 7.50%, 06/01/49		1,000		1,109,550
County of Pinellas IDA, RB, 2017 Foundation for Global Understanding, Inc. Project, 5.00%, 07/01/39		220		254,635
County Seminole Industrial Development Authority, Refunding RB, Legacy Pointe at UCF Project:
5.50%, 11/15/49		3,025		3,019,827
5.75%, 11/15/54		2,420		2,417,774
Florida Development Finance Corp., RB:
Renaissance Charter School, Series A, 5.75%, 06/15/29		695		761,067
Renaissance Charter School, Series A, 6.00%, 06/15/34		835		912,597
Renaissance Charter School, Series A, 6.13%, 06/15/44		3,185		3,434,991

20 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29(a)(b)	$	2,240	$	2,323,126
Florida Higher Educational Facilities Financial Authority, RB, Jacksonville University Project, Series A-1, 5.00%, 06/01/48(b)		1,730		1,913,743
Greater Orlando Aviation Authority Florida, Refunding RB, Special Purpose, Jetblue Airways Corp. Project, AMT, 5.00%, 11/15/36		2,000		2,118,520
Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 05/01/43		1,290		1,312,459
Lakewood Ranch Stewardship District:
Special Assessment Bonds, 3.90%, 05/01/23		355		361,280
Special Assessment Bonds, 4.25%, 05/01/28		535		564,880
Special Assessment Bonds, 5.00%, 05/01/38		1,175		1,275,768
Special Assessment Bonds, 5.10%, 05/01/48		2,545		2,710,018
Special Assessment Bonds, Indigo Expansion Area Project, 3.75%, 05/01/39(b)		570		562,869
Special Assessment Bonds, Indigo Expansion Area Project, 4.00%, 05/01/49(b)		355		343,747
Special Assessment Bonds, Lakewood Centre & NW Sector Projects, 4.95%, 05/01/29(b)		670		739,673
Special Assessment Bonds, Lakewood Centre & NW Sector Projects, 5.50%, 05/01/39(b)		670		756,356
Special Assessment Bonds, Lakewood Centre & NW Sector Projects, 5.65%, 05/01/48(b)		1,125		1,252,541
Special Assessment Bonds, Northeast Sector Project — Phase 1B, 5.30%, 05/01/39		1,090		1,213,541
Special Assessment Bonds, Northeast Sector Project — Phase 1B, 4.75%, 05/01/29		955		1,041,943
Special Assessment Bonds, Northeast Sector Project — Phase 1B, 5.45%, 05/01/48		1,935		2,124,727
Lakewood Ranch Stewardship District Special Assessment Bonds, Refunding, Lakewood Center & New Sector Projects, 8.00%, 05/01/40		515		556,025
Lakewood Ranch Stewardship District Special Assessment Bonds:
Special Assessment Bonds, Lakewood Centre North Projects, 4.25%, 05/01/25		115		118,846
Special Assessment Bonds, Lakewood Centre North Projects, 4.88%, 05/01/35		280		296,282
Special Assessment Bonds, Lakewood Centre North Projects, 4.88%, 05/01/45		580		601,315
Village of Lakewood Ranch Sector Projects, 4.00%, 05/01/21		100		101,055
Village of Lakewood Ranch Sector Projects, 4.25%, 05/01/26		175		183,608
Village of Lakewood Ranch Sector Projects, 5.13%, 05/01/46		1,005		1,064,375
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c)		1,450		1,602,525
Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A:
5.00%, 05/01/29		1,745		1,853,277
5.00%, 05/01/37		890		934,553
Pine Island Community Development District, RB, 0.00%, 11/01/24(d)		990		787,367
Santa Rosa Bay Bridge Authority, RB:
6.25%, 07/01/28(f)(g)		352		281,007
(ACA), 6.25%, 07/01/28		60		60,014
Tolomato Community Development District, Refunding, Special Assessment Bonds:
Series A-2, 4.25%, 05/01/37		915		931,058
Convertible CAB, Series A4, 6.61%, 05/01/40(i)		50		44,364
Series 2015-2, 6.61%, 05/01/40(i)		125		91,398

Security	Par (000)		Value
Florida (continued)
Tolomato Community Development District(f)(g):
Series 1, 6.61%, 05/01/40(i)	$	205	$	183,383
Series 3, 6.61%, 05/01/40		135		1
Series 3, 6.65%, 05/01/40		105		1
Trout Creek Community Development District, Special Assessment Bonds:
5.38%, 05/01/38		670		726,213
5.50%, 05/01/49		1,700		1,811,248
Viera East Community Development District, Refunding, Special Assessment Bonds, 5.00%, 05/01/26		640		684,736
Village Community Development District No. 9, Special Assessment Bonds:
7.00%, 05/01/41		1,270		1,339,748
5.50%, 05/01/42		480		509,064
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43		1,550		1,650,812
West Villages Improvement District, Special Assessment Bonds:
4.25%, 05/01/29		400		416,024
4.75%, 05/01/39		885		930,808
5.00%, 05/01/50		1,415		1,474,939
				86,864,461
Georgia — 1.5%
County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 06/01/29		635		653,161
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		3,135		3,384,389
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		555		649,106
Main Street Natural Gas, Inc., RB, Series A:
5.00%, 05/15/35		1,020		1,330,631
5.00%, 05/15/36		1,020		1,340,555
5.00%, 05/15/37		1,120		1,483,653
5.00%, 05/15/38		615		818,897
5.00%, 05/15/49		2,055		2,809,411
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:
4.00%, 01/01/49		4,150		4,409,956
Series A, 5.00%, 01/01/49		3,235		3,706,178
Series A, 5.00%, 01/01/59		525		592,861
				21,178,798
Idaho — 0.3%
County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 08/01/32		265		265,872
Idaho Health Facilities Authority, Refunding RB, Madison Hospital Memorial Project:
3.50%, 09/01/33		375		372,184
5.00%, 09/01/37		1,000		1,119,800
Idaho Housing & Finance Association, RB(b):
Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/39		370		433,673
Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/49		595		686,231
Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/54		570		655,574
Idaho Arts Charter School, Inc., 5.00%, 12/01/46		1,000		1,085,910
				4,619,244
Illinois — 6.2%
Chicago Board of Education, GO, Dedicated Revenues, Series H, 5.00%, 12/01/46		725		812,188

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, Series H, 5.00%, 12/01/30	$	1,370	$	1,591,433
CAB, 0.00%, 12/01/25(d)		590		501,093
Dedicated Revenues, Series D, 5.00%, 12/01/31		1,500		1,737,345
Dedicated Revenues, Series F, 5.00%, 12/01/22		1,030		1,115,593
Dedicated Revenues, Series G, 5.00%, 12/01/44		3,700		4,160,206
5.00%, 12/01/29		1,550		1,864,402
5.00%, 12/01/30		1,850		2,215,042
Series B, 4.00%, 12/01/35		1,155		1,174,011
Series C, 5.00%, 12/01/25		1,220		1,395,534
Chicago Board of Education, GO, Series A:
5.00%, 12/01/42		1,570		1,656,978
Series C, 5.25%, 12/01/39		2,250		2,478,555
Series D, 5.00%, 12/01/46		3,620		3,930,536
Chicago O’Hare International Airport, RB, AMT, 5.00%, 07/01/48		2,000		2,306,820
City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 01/01/38		1,850		2,198,928
City of Chicago Illinois O’Hare International Airport, Refunding RB, Series C, AMT, 5.00%, 01/01/46		3,000		3,353,610
Illinois Finance Authority, RB, Lake Forest College, Series A, 6.00%, 10/01/48		1,700		1,829,183
Illinois Finance Authority, Refunding RB:
Friendship Village of Schaumburg, 7.13%, 02/15/20(c)		1,000		1,006,970
Illinois Institute Of Technology, 4.00%, 09/01/35		1,000		1,070,390
Illinois Institute Of Technology, 4.00%, 09/01/37		1,000		1,063,720
Illinois Institute Of Technology, 4.00%, 09/01/39		2,000		2,116,480
Illinois Institute Of Technology, 4.00%, 09/01/41		1,250		1,321,325
Presence Health Network, Series C, 5.00%, 02/15/36		1,805		2,148,708
Presence Health Network, Series C, 5.00%, 02/15/41		3,000		3,533,160
Rogers Park Montessori School Project, Series 2014, 6.00%, 02/01/34		335		370,316
Rogers Park Montessori School Project, Series 2014, 6.13%, 02/01/45		790		860,871
Swedish Covenant, Series A, 6.00%, 02/15/20(c)		1,000		1,005,610
Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion Project:
Bonds, 0.00%, 12/15/56(d)		7,645		1,847,567
Bonds, 5.00%, 06/15/57		2,085		2,326,193
5.50%, 06/15/53		3,925		4,441,294
Metropolitan Pier & Exposition Authority, Refunding RB:
CAB, McCormick Place Expansion Project, Series B (AGM), 0.00%, 06/15/44(d)		3,455		1,463,642
McCormick Place Expansion Project, 4.00%, 06/15/50(h)		3,810		3,973,906
McCormick Place Expansion Project, 5.00%, 06/15/50(h)		2,470		2,840,870
McCormick Place Expansion Project, Series B, 0.00%, 12/15/51(d)		29,275		8,873,838
McCormick Place Expansion Project Bonds, Series B, 0.00%, 12/15/54(d)		9,660		2,525,897
Quad Cities Regional EDA, Refunding RB, Augustana College, 4.75%, 10/01/32		675		721,116
State of Illinois, GO, Series A:
5.00%, 03/01/35		1,095		1,150,725
5.00%, 02/01/39		510		550,887
State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/29		1,430		1,684,225
State of Illinois, GO:
5.00%, 04/01/35		1,460		1,565,821
5.00%, 04/01/38		2,190		2,340,103
				85,125,091

Security	Par (000)		Value
Indiana — 1.2%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34	$	525	$	606,112
7.00%, 01/01/44		1,270		1,446,530
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29(b)		2,755		2,824,839
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(b):
6.63%, 01/15/34		430		476,849
6.75%, 01/15/43		1,220		1,338,218
6.88%, 01/15/52		1,270		1,388,402
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT:
5.00%, 07/01/44		370		406,008
5.00%, 07/01/48		1,230		1,345,485
5.25%, 01/01/51		2,500		2,762,225
Indiana Finance Authority, Refunding RB, Marquette Project, 5.00%, 03/01/39		725		756,922
Indiana Housing & Community Development Authority, RB, Lake Meadows Assisted Living Project, Series A, 5.00%, 01/01/39(b)		2,040		2,084,186
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 01/15/51(b)		1,745		1,867,028
				17,302,804
Iowa — 1.4%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
3.13%, 12/01/22		3,705		3,777,396
5.25%, 12/01/50(a)		595		651,983
Series B, 5.25%, 12/01/50(a)		6,105		6,716,293
Iowa Tobacco Settlement Authority, Refunding RB, Series C:
Asset-Backed, 5.50%, 06/01/42		2,030		2,030,000
5.38%, 06/01/38		3,075		3,075,000
State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48		2,360		2,629,701
				18,880,373
Kansas — 0.1%
City of Wichita Kansas, Refunding RB, Presbyterian Manors, Inc., 5.00%, 05/15/50		1,145		1,236,302
Kentucky — 0.3%
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/24(d)		250		225,255
Kentucky Public Transportation Infrastructure Authority, RB, 6.00%, 07/01/53		3,000		3,370,290
				3,595,545
Louisiana — 1.1%
Calcasieu Parish Memorial Hospital Service District, Refunding RB, Lake Charles Memorial Hospital Project:
5.00%, 12/01/34		265		317,012
5.00%, 12/01/39		175		205,497
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44(b)		3,115		3,143,720
Louisiana Local Government Environmental Facilities & Community Development Authority, RB:
S/F Housing, University of Louisiana Monroe Project, 5.00%, 07/01/54(b)		1,990		2,139,131
Westlake Chemical Corp., Series A-2, 6.50%, 11/01/35		1,630		1,691,321

22 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Louisiana (continued)
Louisiana Public Facilities Authority, RB:
Belle Chasse Educational Foundation Project, 6.75%, 05/01/21(c)	$	645	$	692,691
Young Audiences Charter School Project, Series A, 5.00%, 04/01/49(b)		500		513,990
Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project(a):
2.10%, 06/01/37		1,220		1,230,443
2.20%, 06/01/37		1,280		1,292,006
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 05/15/35		3,910		4,298,654
				15,524,465
Maine — 0.1%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41		1,075		1,128,643
Maryland — 0.8%
City of Baltimore Maryland, Refunding RB, East Baltimore Research Park Project, 4.00%, 09/01/27		325		343,691
City of Gaithersburg Maryland, Refunding RB, Asbury Maryland Obligation, Series B, 6.00%, 01/01/23		750		750,000
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 07/01/43(b)		2,880		2,901,744
Maryland EDC, RB:
Purple Line Light Rail Project, AMT, 5.00%, 03/31/51		3,135		3,498,033
Term Project, Series B, 5.75%, 06/01/20(c)		1,500		1,528,620
Maryland EDC, Refunding RB, University of Maryland Project, 5.00%, 07/01/39		950		1,037,381
Maryland Industrial Development Financing Authority, Refunding RB, VRDN, Occidental Petrolleum Corporation Issue, 1.83%, 03/01/30(a)		1,600		1,600,000
				11,659,469
Massachusetts — 1.6%
Massachusetts Development Finance Agency, RB:
Boston Medical Center, Series D, 4.00%, 07/01/45		715		757,471
Boston Medical Center, Series D, 5.00%, 07/01/44		3,865		4,334,327
Linden Ponds, Inc. Facility, Series B, 0.00%, 11/15/56(d)		94		23,402
North Hill Communities Issue, Series A, 6.50%, 11/15/23(b)(c)		2,480		2,989,715
UMass Boston Student Housing Project, 5.00%, 10/01/41		2,500		2,845,600
Massachusetts Development Finance Agency, Refunding RB:
New Bridge Charles, Inc., 4.00%, 10/01/32(b)		355		382,853
New Bridge Charles, Inc., 4.13%, 10/01/42(b)		855		892,688
New Bridge Charles, Inc., 5.00%, 10/01/57(b)		570		620,422
Series A, 5.00%, 07/01/38		1,200		1,426,116
Series A, 5.00%, 07/01/39		3,055		3,625,521
Series A, 5.00%, 07/01/44		3,750		4,397,250
Tufts Medical Center, Series I, 6.75%, 01/01/21(c)		205		216,552
				22,511,917
Michigan — 0.6%
Advanced Technology Academy, Refunding RB:
3.50%, 11/01/24		300		299,985
3.88%, 11/01/29		150		149,415
5.00%, 11/01/34		400		427,464
5.00%, 11/01/44		160		166,710
City of Detroit Michigan, GO:
5.00%, 04/01/34		485		546,527
5.00%, 04/01/35		485		545,063
5.00%, 04/01/36		340		381,259

Security	Par (000)		Value
Michigan (continued)
5.00%, 04/01/37	$	545	$	609,550
5.00%, 04/01/38		240		267,713
Kentwood EDC, Refunding RB, Limited Obligation, Holland Home, 5.63%, 11/15/41		1,000		1,068,040
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44		350		374,493
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		800		861,040
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48		2,030		2,390,142
				8,087,401
Minnesota — 0.8%
City of Cologne Minnesota Charter School, LRB, Cologne Academy Project, Series A, 5.00%, 07/01/45		2,065		2,170,976
City of Deephaven Minnesota, Refunding RB, Eagle Ridge Academy Project, Series A, 5.25%, 07/01/40		500		537,560
City of St. Paul Minnesota Housing & Redevelopment Authority, RB, Twin Cities German Immersion School Project:
5.00%, 07/01/49		555		605,449
5.00%, 07/01/55		870		944,898
City of Wayzata Minnesota, Refunding RB, Folkestone Senior Living Community, 5.00%, 08/01/54		115		125,356
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:
4.25%, 02/15/48		1,925		2,111,032
5.25%, 02/15/53		3,850		4,547,312
St. Paul Housing & Redevelopment Authority, RB, Nova Classical Academy, Series A, 6.63%, 09/01/21(c)		500		545,030
				11,587,613
Missouri — 0.9%
City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A:
4.38%, 11/15/35		1,020		1,102,702
4.75%, 11/15/47		1,135		1,230,885
Kansas City Land Clearance Redevelopment Authority, Tax Allocation Bonds(b):
4.38%, 02/01/31		830		903,878
5.00%, 02/01/40		1,240		1,357,056
Kansas City Missouri IDA, Refunding RB, Kansas City United Methodist Church(b)(f)(g):
5.75%, 11/15/36		1,350		1,195,169
6.00%, 11/15/51		110		87,021
Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42		2,200		2,290,420
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Lukes Health Syatem, Series A, 4.00%, 11/15/48		3,650		3,929,261
				12,096,392
Nebraska — 0.7%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42		780		846,160
Central Plains Nebraska Energy Project, Refunding RB, Gas Project No. 3, Series A, 5.00%, 09/01/42		6,090		8,320,036
				9,166,196
Nevada — 0.1%
County of Clark Nevada, Refunding, Special Assessment, Special Improvement District No. 142, Mountain’s Edge:
4.00%, 08/01/22		590		626,427
4.00%, 08/01/23		365		387,210
				1,013,637

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Hampshire — 0.7%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(b):
Series B, 4.63%, 11/01/42	$	4,650	$	4,790,383
Series C, AMT, 4.88%, 11/01/42		2,515		2,596,410
New Hampshire Business Finance Authority, RB, The Vista Project, Series A(b):
5.25%, 07/01/39		910		990,444
5.63%, 07/01/46		605		661,701
5.75%, 07/01/54		1,210		1,323,087
				10,362,025
New Jersey — 7.4%
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44		5,750		6,180,790
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(b)		1,155		1,165,938
County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Keystone Urban Renewal Project, Series A, AMT, 5.00%, 12/01/24		1,390		1,498,253
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23		1,965		2,105,144
New Jersey EDA, RB:
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29		840		913,424
Friends of Vineland Public Charter School Projects, Series A, 5.25%, 11/01/54(b)		3,955		3,937,282
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43		1,360		1,530,286
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31		2,880		3,403,498
Provident Group-Kean Properties, Series A, 5.00%, 07/01/32		235		267,775
Provident Group-Kean Properties, Series A, 5.00%, 07/01/37		375		421,069
School Facilities Construction, 5.00%, 06/15/44		5,550		6,421,405
Series EEE, 5.00%, 06/15/48		6,970		7,920,081
State House Project, Series B, Remark 10, 5.00%, 06/15/43		3,755		4,299,137
Team Academy Charter School Project, 6.00%, 10/01/43		970		1,088,340
New Jersey EDA, Refunding RB, Series MMM, 4.00%, 06/15/36		5,000		5,348,900
New Jersey Health Care Facilities Financing Authority, Refunding RB, Princeton HealthCare System:
5.00%, 07/01/32		1,140		1,352,097
5.00%, 07/01/33		1,450		1,716,945
New Jersey Transportation Trust Fund Authority, RB:
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/28		7,050		8,275,219
Series BB, 4.00%, 06/15/50		10,940		11,336,903
Series BB, 5.00%, 06/15/50		8,560		9,769,614
Transportation Program, Series AA, 5.25%, 06/15/41		1,265		1,427,806
Transportation Program, Series AA, 5.00%, 06/15/44		2,865		3,085,105
Transportation Program Bonds, Series S, 5.25%, 06/15/43		4,095		4,807,489
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36		1,195		1,383,822
South Jersey Port Corp., RB, Sub-Marine Terminal, Series B, AMT, 5.00%, 01/01/36		575		665,212
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.25%, 06/01/46		900		1,039,941
Sub-Series B, 5.00%, 06/01/46		10,370		11,479,279
				102,840,754

Security	Par (000)		Value
New Mexico — 0.1%
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 07/01/42	$	2,030	$	2,183,062
New York — 6.7%
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35(b)		1,215		1,333,645
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48		4,475		4,571,391
Counties of New York Tobacco Trust II, RB, Settlement Pass-Through, 5.75%, 06/01/43		485		486,237
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:
6.25%, 06/01/41(b)		8,100		8,184,078
5.00%, 06/01/42		4,520		4,506,259
5.00%, 06/01/45		1,695		1,668,965
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B:
5.00%, 06/01/45		4,010		4,243,823
5.00%, 06/01/51		6,865		7,354,406
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46		1,075		1,063,906
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44		1,348		1,461,949
County of Westchester New York Local Development Corp., Refunding RB, Westchester Medical Center Obligation, 5.00%, 11/01/46		4,495		5,026,444
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		3,210		3,211,188
Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A:
5.00%, 11/15/56		6,425		7,130,015
5.00%, 11/15/51		3,135		3,306,892
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 01/15/20(c)		375		375,750
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(b)		7,365		8,046,042
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(b)		450		494,100
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(b)		1,070		1,183,056
3 World Trade Center Project, Class 3, 7.25%, 11/15/44(b)		3,115		3,728,873
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		3,000		3,363,270
New York Transportation Development Corp., RB, AMT, 4.00%, 01/01/36		5,000		5,454,200
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:
5.00%, 08/01/26		3,130		3,277,486
5.00%, 08/01/31		6,995		7,299,352
Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT, 4.75%, 11/01/42(b)		530		551,624
Rockland Tobacco Asset Securitization Corp., RB, Asset-Backed, 5.75%, 08/15/43		690		691,870
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center(b):
5.00%, 12/01/33		590		690,400
5.00%, 12/01/35		785		913,033

24 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds, Sub-Series C:
4.00%, 06/01/42	$	965	$	1,000,300
5.13%, 06/01/51		2,000		2,138,720
				92,757,274
North Carolina — 0.6%
North Carolina Department of Transportation, RB, AMT, I-77 Hot Lanes Project, 5.00%, 06/30/54		1,385		1,527,392
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(c)		3,055		3,288,066
North Carolina Turnpike Authority, RB, Triangle Expressway System, 4.00%, 01/01/55		3,000		3,247,350
				8,062,808
North Dakota — 0.1%
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58		1,785		2,098,339
Ohio — 4.4%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2:
Senior Turbo Term, 5.13%, 06/01/24		850		851,147
Senior Turbo Term, 5.88%, 06/01/47		10,545		10,581,697
6.00%, 06/01/42		10,000		10,034,900
County of Butler Port Authority, RB, Series A-1(b):
Storypoint Fairfield Project, 6.25%, 01/15/34		1,575		1,709,946
StoryPoint Fairfield Project, 6.38%, 01/15/43		840		901,286
County of Hamilton Ohio, Refunding RB, Improvement-Life Enriching Communities, 5.00%, 01/01/46		1,435		1,582,174
Franklin County Convention Facilities Authority, RB, Greater Columbus Convention Center:
5.00%, 12/01/44		1,800		2,093,958
5.00%, 12/01/51		4,000		4,634,040
Hickory Chase Community Authority, Refunding RB, Hickory Chase Project, 5.00%, 12/01/40(b)		1,890		2,003,513
Ohio Air Quality Development Authority, RB, AMT:
American Electric Company Project, Series B, 2.10%, 07/01/28(a)		12,500		12,376,500
AMG Vanadium Project, 5.00%, 07/01/49(b)		9,500		10,434,420
Port of Greater Cincinnati Development Authority, RB, AHA-Colonial Village Athens Garden, 5.25%, 12/01/50		740		556,073
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53		2,410		2,670,256
				60,429,910
Oklahoma — 1.4%
County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/37		1,050		1,198,407
Norman Regional Hospital Authority, RB, Norman Regional Hospital Authority, 4.00%, 09/01/45		3,565		3,839,505
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B:
5.00%, 08/15/38		4,585		5,397,554
5.25%, 08/15/43		4,130		4,905,490
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42		3,340		3,708,869
				19,049,825

Security	Par (000)		Value
Oregon — 0.1%
State of Oregon Facilities Authority, RB, Howard Street Charter School Project, Series A(b):
5.00%, 06/15/49	$	915	$	931,726
5.25%, 06/15/55		505		520,529
				1,452,255
Pennsylvania — 2.0%
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:
5.00%, 05/01/35		1,185		1,264,833
5.00%, 05/01/42		2,730		2,871,905
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/36		3,000		3,256,380
County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 07/01/32		745		777,311
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A:
4.00%, 09/01/49		880		947,584
5.00%, 09/01/43		2,095		2,477,044
County of Montgomery Pennsylvania IDA, RB, Foulkeways Gwynedd Project, 5.00%, 12/01/46		1,470		1,603,094
County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community Project, 5.38%, 01/01/50		1,865		1,947,377
County of Northampton Pennsylvania IDA, Tax Allocation Bonds, Route 33 Project, 7.00%, 07/01/32		1,180		1,311,110
East Hempfield Township Pennsylvania IDA, RB:
5.00%, 07/01/34		1,000		1,087,800
5.00%, 07/01/46		1,750		1,872,692
Pennsylvania Economic Development Financing Authority, RB:
AMT, 5.00%, 06/30/42		895		1,007,135
U.S. Airways Group, Series A, 7.50%, 05/01/20		1,200		1,221,660
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44		5,390		5,650,984
				27,296,909
Puerto Rico — 10.4%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43		1,145		1,161,717
Commonwealth of Puerto Rico, GO:
, Series C, 6.50%, 07/01/40(f)(g)		400		327,436
Public Improvement, Series A, 5.50%, 07/01/26		1,000		700,000
Public Improvement, Series A, 5.25%, 07/01/22(f)(g)		335		269,524
Public Improvement, Series A, 5.13%, 07/01/31(f)(g)		215		172,978
Public Improvement, Series B, 5.25%, 07/01/17(f)(g)		1,060		816,200
Commonwealth of Puerto Rico, GO, Refunding(f)(g):
Public Improvement, Series A, 5.50%, 07/01/39		4,285		2,999,500
Public Improvement, Series A, 5.00%, 07/01/41		2,565		1,757,097
Public Improvement, Series C, 6.00%, 07/01/39		168		137,523
Series A, 5.50%, 07/01/18		200		154,000
Series A, 6.50%, 07/01/40		2,610		2,136,517
Series A, 5.75%, 07/01/41		385		294,760
Series A, 8.00%, 07/01/35		11,651		7,345,431
Commonwealth of Puerto Rico, GO, Public Improvements, Refunding(f)(g):
Series A, 5.25%, 07/01/16		1,135		873,950
Series A, 5.00%, 07/01/23		1,250		1,005,687
Series A, 6.00%, 07/01/38		1,210		990,493

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Puerto Rico (continued)
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB:
5.00%, 07/01/33	$	130	$	134,713
5.13%, 07/01/37		395		409,801
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		7,210		7,336,247
6.00%, 07/01/44		3,275		3,332,345
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB:
5.75%, 07/01/37		5,575		5,874,433
5.25%, 07/01/42		6,740		7,009,465
Puerto Rico Electric Power Authority, Series 2013-A(a):
5.40%, 01/01/20		208		169,776
7.50%, 01/01/20		3,430		2,696,827
Puerto Rico Electric Power Authority, RB:
7.00%, 07/01/33(f)(g)		8,735		6,867,999
7.00%, 07/01/43(f)(g)		775		609,353
Series 2013A, 7.25%, 07/01/30(f)(g)		250		196,566
Series A, 5.00%, 07/01/29(f)(g)		1,500		1,149,051
Series A, 6.75%, 07/01/36(f)(g)		2,665		2,095,388
Series A, 7.00%, 07/01/40(f)(g)		1,000		786,262
Series A, 5.00%, 07/01/42(f)(g)		2,100		1,608,671
Series A-3, 10.00%, 07/01/19(f)(g)		747		644,864
Series B-3, 10.00%, 07/01/19(f)(g)		748		644,864
Series C-1, 5.40%, 01/01/18(f)(g)		2,054		1,679,289
Series C-2, 5.40%, 07/01/18(f)(g)		2,054		1,679,560
Series C-4, 5.40%, 07/01/20(f)(g)		208		169,776
Series CCC, 5.00%, 07/01/22(f)(g)		715		547,714
Series CCC, 5.00%, 07/01/25(f)(g)		620		474,941
Series CCC, 5.25%, 07/01/26(f)(g)		590		451,960
Series CCC, 5.25%, 07/01/28(f)(g)		340		260,452
Series TT, 5.00%, 07/01/25(f)(g)		3,270		2,504,931
Series TT, 5.00%, 07/01/26(f)(g)		455		348,545
Series TT, 5.00%, 07/01/32(f)(g)		380		291,093
Series WW, 5.50%, 07/01/17(f)(g)		475		363,866
Series WW, 5.50%, 07/01/18(f)(g)		415		308,656
Series WW, 5.50%, 07/01/19(f)(g)		335		256,621
Series WW, 5.38%, 07/01/24(f)(g)		815		624,318
Series WW, 5.25%, 07/01/25(f)(g)		1,940		1,486,106
Series WW, 5.50%, 07/01/38(f)(g)		415		317,904
Series XX, 5.25%, 07/01/27(f)(g)		230		176,188
Series XX, 5.25%, 07/01/35(f)(g)		705		540,054
Series XX, 5.75%, 07/01/36(f)(g)		200		153,207
Series XX, 5.25%, 07/01/40(f)(g)		4,550		3,485,455
Puerto Rico Electric Power Authority, Refunding RB:
Series AAA, 5.25%, 07/01/22(f)(g)		765		586,016
Series AAA, 5.25%, 07/01/24(f)(g)		170		130,226
Series AAA, 5.25%, 07/01/28(f)(g)		1,655		1,267,786
Series AAA, 5.25%, 07/01/29(f)(g)		190		145,546
Series UU, 1.16%, 07/01/17(a)(f)(g)		140		91,000
Series UU, 3.47%, 07/01/17(a)		2,520		1,754,550
Series UU, 1.00%, 07/01/18(a)(f)(g)		125		81,250
Series UU, 1.00%, 07/01/20(a)(f)(g)		1,135		790,244
Series UU, 1.98%, 07/01/31(a)(f)(g)		1,345		936,456
Series ZZ, 5.00%, 07/01/17(f)(g)		330		252,791
Series ZZ, 5.25%, 07/01/19(f)(g)		1,050		804,336
Series ZZ, 5.25%, 07/01/21(f)(g)		90		68,943
Series ZZ, 5.25%, 07/01/24(f)(g)		705		540,054
Series ZZ, 5.25%, 07/01/25(f)(g)		265		202,999
Series ZZ, 5.25%, 07/01/26(f)(g)		85		65,113
Series ZZ, 5.00%, 07/01/28(f)(g)		345		264,282

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities(f)(g):
Series F (GTD), 5.25%, 07/01/24	$	1,495	$	1,326,700
Series G (GTD), 4.75%, 07/01/32		1,230		1,091,533
Series M (GTD), 6.25%, 07/01/31		2,000		1,863,334
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/24(d)		132		116,518
CAB, Series A-1, 0.00%, 07/01/27(d)		252		202,064
CAB, Series A-1, 0.00%, 07/01/29(d)		397		296,952
CAB, Series A-1, 0.00%, 07/01/31(d)		615		426,343
CAB, Series A-1, 0.00%, 07/01/33(d)		679		429,542
CAB, Series A-1, 0.00%, 07/01/46(d)		17,933		4,742,023
CAB, Series A-1, 0.00%, 07/01/51(d)		12,518		2,436,253
Series A-1, 4.75%, 07/01/53		10,909		11,375,032
Series A-1, 5.00%, 07/01/58		13,074		13,866,415
Series A-2, 4.33%, 07/01/40		6,619		6,727,221
Series A-2, 4.78%, 07/01/58		9,261		9,645,331
Series A-2, 4.54%, 07/01/53		1,564		1,602,115
Series B-1, 0.00%, 07/01/46(d)		2,066		545,941
				143,504,983
Rhode Island — 1.6%
Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34		1,745		1,821,448
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/35		1,005		1,128,917
Series A, 5.00%, 06/01/40		5,500		6,102,030
Series B, 4.50%, 06/01/45		6,350		6,576,885
Series B, 5.00%, 06/01/50		5,650		6,009,058
				21,638,338
South Carolina — 2.1%
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/48		5,825		6,802,551
South Carolina Jobs-Economic Development Authority, Refunding RB, The Woodlands at Furman, 4.00%, 11/15/27		755		780,897
State of South Carolina Ports Authority, RB, AMT, 5.00%, 07/01/25(c)		1,975		2,352,363
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53		3,475		3,898,985
State of South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/50		13,005		14,767,568
				28,602,364
Tennessee — 1.4%
City of Chattanooga Health Educational & Housing Facility Board, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44		410		440,229
County of Knox Health Educational & Housing Facility Board, Refunding RB, University Health System, Inc., 5.00%, 04/01/36		560		644,459
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A:
5.50%, 07/01/37		1,650		1,854,583
5.63%, 01/01/46		1,875		2,092,256
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		925		1,078,911
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A:
4.00%, 10/01/49		1,635		1,773,681
5.25%, 10/01/58		3,335		4,041,120

26 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tennessee (continued)
County of Shelby Health Educational & Housing Facilities Board, RB, The Farms at Bailey Station Project, 5.75%, 10/01/49	$	7,000	$	7,013,090
Nashville Metropolitan Development & Housing Agency, Tax Allocation Bonds, Tax Increment Development Revenue Fifth+Broadway Development Project, 5.13%, 06/01/36(b)		500		544,200
				19,482,529
Texas — 6.7%
Arlington Higher Education Finance Corp., RB:
Austin Discovery School, Inc., 5.63%, 08/15/54(b)		6,260		6,339,565
Series A, 5.88%, 03/01/24		500		516,970
Wayside Schools, Series A, 4.63%, 08/15/46		830		840,184
Brazoria County Industrial Development Corp., RB, Gladieux Metals Recycling, AMT, 7.00%, 03/01/39		1,610		1,733,745
Central Texas Regional Mobility Authority, Refunding RB:
CAB, 0.00%, 01/01/28(d)		3,000		2,536,050
CAB, 0.00%, 01/01/29(d)		500		409,035
CAB, 0.00%, 01/01/30(d)		1,330		1,050,235
CAB, 0.00%, 01/01/31(d)		4,000		3,046,760
Senior Lien, 6.25%, 01/01/21(c)		765		803,357
City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/46		3,500		4,067,455
City of Houston Texas Airport System, Refunding ARB, AMT:
Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 07/15/38		1,110		1,175,679
United Airlines, Inc. Terminal E Project, 5.00%, 07/01/29		1,000		1,113,720
United Airlines, Inc., Airport Improvement Projects, Series C, 5.00%, 07/15/20		825		839,660
United Airlines, Inc., 5.00%, 07/15/28		2,725		3,332,893
County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 07/01/20(c)		1,320		1,352,960
County of Fort Bend Texas Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%, 11/01/42		3,380		3,573,471
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding, MRB, Brazos Presbyterian Homes, Inc. Project, Series A:
5.00%, 01/01/38		510		543,288
5.00%, 01/01/43		520		549,796
5.13%, 01/01/48		1,535		1,621,804
County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (NPFGC), 0.00%, 11/15/41(d)		350		143,472
County of Hemphill Hospital District, GOL:
4.63%, 02/01/39		1,500		1,543,080
4.75%, 02/01/45		2,500		2,547,825
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:
Christus Health, Series B, 5.00%, 07/01/48		8,560		10,179,723
Senior Living Center Project, Series A, 8.25%, 11/15/44		800		720,000
County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 01/01/21(c)		1,920		2,033,606
Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc., 6.50%, 05/15/21(c)		535		573,563
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(b)		1,500		1,616,400

Security	Par (000)		Value
Texas (continued)
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project:
5.88%, 04/01/36	$	890	$	974,666
6.00%, 04/01/45		1,355		1,477,627
New Hope Cultural Education Facilities Finance Corp., RB, Beta Academy(b):
5.00%, 08/15/39		420		444,167
5.00%, 08/15/49		825		864,146
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, Jubilee Academic Center(b):
5.00%, 08/15/36		2,520		2,571,937
5.00%, 08/15/46		695		706,558
Newark Higher Education Finance Corp., RB:
Austin Achieve Public School, Inc., 5.00%, 06/15/48		1,500		1,534,935
Series A, 5.50%, 08/15/35(b)		375		422,891
Series A, 5.75%, 08/15/45(b)		735		826,765
North Texas Tollway Authority, Refunding RB, 2nd Tier-Series B, 5.00%, 01/01/43		5,145		6,050,932
Red River Health Facilities Development Corp., First MRB, Project:
Eden Home, Inc., 7.25%, 12/15/42(f)(g)		1,330		879,883
Wichita Falls Retirement Foundation, 5.13%, 01/01/41		600		618,558
Texas Private Activity Bond Surface Transportation Corp., RB:
Segment 3C Project, AMT, 5.00%, 06/30/58		9,060		10,548,196
Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		1,000		1,027,270
Texas Transportation Commission, RB, CAB, First Tier Toll Revenue(d):
0.00%, 08/01/46		2,580		798,613
0.00%, 08/01/47		3,850		1,132,054
0.00%, 08/01/48		4,070		1,136,140
0.00%, 08/01/49		3,825		1,014,658
0.00%, 08/01/50		5,485		1,371,963
0.00%, 08/01/51		3,230		763,604
0.00%, 08/01/52		3,230		721,065
0.00%, 08/01/53		290		61,239
Town of Flower Mound Texas, Special Assessment Bonds, 6.50%, 09/01/36		1,500		1,541,760
				92,293,923
Utah — 0.4%
State of Utah Charter School Finance Authority, RB:
Navigator Pointe Academy, Series A, 5.63%, 07/15/40		1,000		1,017,880
Spectrum Academy Project, 6.00%, 04/15/45(b)		2,000		2,006,700
State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43		2,050		2,054,592
				5,079,172
Vermont — 0.2%
East Central Vermont Telecommunications District, RB, Series A, 4.75%, 12/01/40(b)		2,850		2,852,081
Virginia — 2.1%
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A:
5.00%, 07/01/42		2,000		2,074,880
Residential Care Facility, 5.00%, 07/01/47		1,015		1,049,622
Lower Magnolia Green Community Development Authority, Special Assessment Bonds(b):
5.00%, 03/01/35		490		519,273
5.00%, 03/01/45		505		524,114

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Virginia (continued)
Mosaic District Community Development Authority, Special Assessment, Series A:
6.63%, 03/01/26	$	515	$	541,862
6.88%, 03/01/36		450		472,090
Norfolk Redevelopment & Housing Authority, RB, Fort Norfolk Retirement Community, Inc. — Harbor’s Edge Project, Series A:
5.00%, 01/01/49		1,250		1,345,587
5.25%, 01/01/54		3,750		4,059,675
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47		7,120		7,120,000
Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay, 4.00%, 09/01/48		2,885		3,042,983
Virginia College Building Authority, RB, Green Bond, Marymount University Project, Series B, 5.00%, 07/01/45(b)		535		571,284
Virginia Small Business Financing Authority, RB, Senior Lien, AMT:
Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37		3,360		3,694,757
Express Lanes LLC, 5.00%, 07/01/34		3,300		3,497,835
				28,513,962
Washington — 0.5%
County of King Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40		545		568,517
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 09/01/42		1,005		1,042,316
Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44		885		950,251
Washington State Housing Finance Commission, Refunding RB(b):
5.75%, 01/01/35		355		391,263
6.00%, 01/01/45		940		1,028,595
Horizon House Project, 5.00%, 01/01/48		2,410		2,678,064
				6,659,006
Wisconsin — 2.9%
Public Finance Authority, RB:
Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31(b)		910		1,009,672
Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47(b)		910		1,004,931
American Preparatory Academy — Las Vegas Project, Series A, 5.38%, 07/15/47(b)		1,595		1,754,596
Delray Beach Radiation Therapy, 6.85%, 11/01/46(b)		1,325		1,495,382
Delray Beach Radiation Therapy, 7.00%, 11/01/46(b)		805		915,510
Gray Collegiate Academy Project, 5.63%, 06/15/49(b)		6,000		5,975,100
Minnesota College of Osteopathic Medicine, Series A-1, 5.50%, 12/01/48(b)(f)(g)		38		37,175
Piedmont Community Charter School, 5.00%, 06/15/39		310		359,867
Piedmont Community Charter School, 5.00%, 06/15/49		955		1,091,384
Piedmont Community Charter School, 5.00%, 06/15/53		645		730,540
Series A, 5.63%, 06/15/49(b)		8,105		8,085,872
Traders Point Christian Schools, Series A, 5.38%, 06/01/44(b)		1,215		1,268,095
Traders Point Christian Schools, Series A, 5.50%, 06/01/54(b)		1,500		1,554,645

Security	Par (000)		Value
Wisconsin (continued)
Voyager Foundation, Inc. Project, Series A, 5.13%, 10/01/45	$	1,850	$	1,962,739
Public Finance Authority, Refunding RB:
Senior Obligated Group, Series B, AMT, 5.00%, 07/01/42		2,150		2,275,882
Ultimate Medical Academy Project, 5.00%, 10/01/34(b)		280		315,722
Ultimate Medical Academy Project, 5.00%, 10/01/39(b)		680		755,215
White Stone Retirement Facilities, 5.00%, 03/01/52(b)		1,300		1,381,926
Wingate University, Series A, 5.25%, 10/01/48		1,790		2,033,010
Wisconsin Health & Educational Facilities Authority, RB, ST. Camillus Health System:
5.00%, 11/01/39		1,045		1,125,883
5.00%, 11/01/46		1,130		1,202,422
5.00%, 11/01/54		1,880		1,991,935
Wisconsin Health & Educational Facilities Authority, Refunding RB, Benevolent Corporation Cedar Community, 5.00%, 06/01/41		350		381,154
Wisconsin Housing & Economic Development Authority, RB, M/F Housning, WHPC Madison Pool Project, Series A, 4.70%, 07/01/47		740		797,750
				39,506,407
Total Municipal Bonds — 93.7% (Cost — $1,212,131,369)				1,291,144,622
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
California — 0.1%
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40		1,678		1,700,754
Colorado — 0.4%
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A, 5.00%, 01/01/40		5,592		5,591,721
Florida — 0.3%
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(c)		3,499		3,599,816
Illinois — 1.1%
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41		2,480		2,652,409
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:
4.00%, 02/15/27(c)		13		13,645
4.00%, 02/15/41		6,497		7,054,514
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/40		5,011		5,767,651
				15,488,219
Massachusetts — 0.3%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45		3,464		3,741,119
New York — 6.7%
City of New York Housing Development Corp., RB, M/F, Series C-1A:
4.15%, 11/01/39		3,107		3,241,297
4.20%, 11/01/44		5,695		5,941,184
4.30%, 11/01/47		4,660		4,861,875

28 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31(k)	$	3,015	$	3,180,313
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(k):
5.75%, 02/15/21(c)		1,065		1,117,299
5.75%, 02/15/47		655		687,329
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		7,725		8,314,881
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(k)		2,520		2,725,226
New York State Dormitory Authority St. Perso, 4.00%, 02/15/47(h)		17,080		19,179,132
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/36		21,670		25,441,013
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55		2,925		3,478,673
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46		13,005		14,556,497
				92,724,719
North Carolina — 0.2%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		2,930		3,418,021
Pennsylvania — 0.3%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		3,677		4,427,204
Rhode Island — 0.2%
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43		2,641		2,768,672
Texas — 0.3%
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43		3,480		3,622,332
Virginia — 0.2%
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40		2,501		2,530,023
Washington — 1.0%
City of Bellingham Washington Water & Sewer Revenue, RB, Water & Sewer, 5.00%, 08/01/40		2,999		3,157,350
County of Snohomish Public Utility District No. 1, 5.00%, 12/01/45		8,664		10,177,380
				13,334,730

Security	Par (000)		Value
Wisconsin — 0.1%
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46	$	1,774	$	1,909,668
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.2% (Cost — $146,890,523)				154,856,998
Total Long-Term Investments — 105.9% (Cost — $1,373,357,142)				1,460,412,870
	Shares
Short-Term Securities — 0.9%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.37%(l)(m)		11,802,495		11,803,676
Total Short-Term Securities — 0.9% (Cost — $11,802,838)				11,803,676
Total Investments — 106.8% (Cost — $1,385,159,980)				1,472,216,546
Liabilities in Excess of Other Assets — (0.4)%				(5,267,759	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.4)%				(88,342,265	)
Net Assets — 100.0%			$	1,378,606,522

^(a)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

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

^(d)  Zero-coupon bond.

^(e)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

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

^(g)  Non-income producing security.

^(h)  When-issued security.

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

^(j)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

^(k)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between August 15, 2020 to May 15, 2021, is $ 4,332,892.

^(l)  Annualized 7-day yield as of period end.

^(m)  During the six months ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 06/30/19		Net Activity			Shares Held at 12/31/19		Value at 12/31/19		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		114,002,708		(102,200,213	)		11,802,495	$	11,803,676	$	389,365	$	710	$	947

^(a)  Includes net capital gain distributions, if applicable.

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock High Yield Municipal Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		63		03/20/20	$	8,091	$	68,671
Long U.S. Treasury Bond		259		03/20/20		40,380		885,538
5-Year U.S. Treasury Note		61		03/31/20		7,235		26,560
							$	980,769

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	980,769	$	—	$	980,769

^(a)  Net cumulative appreciation on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation is included in accumulated earnings.

For the six months ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(3,877,838	)	$	—	$	(3,877,838	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	2,127,296		$	—	$	2,127,296

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — short	$	50,838,414

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	14,411,250	$	1,446,001,620	$	—	$	1,460,412,870
Short-Term Securities		11,803,676		—		—		11,803,676
	$	26,214,926	$	1,446,001,620	$	—	$	1,472,216,546
Derivative Financial Instruments(b)
Assets:
Interest rate contracts	$	980,769	$	—	$	—	$	980,769

^(a)  See above Schedule of Investments for values in each state or political subdivision.

^(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 $88,110,547 are categorized as Level 2 within the disclosure hierarchy.

See notes to financial statements.

30 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies — 2.7%
iShares National Muni Bond ETF(n)		3,050,000	$	347,425,500
Total Investment Companies — 2.7% (Cost — $346,833,332)				347,425,500
	Par (000)
Municipal Bonds — 86.3%
Alabama — 4.6%
Black Belt Energy Gas District, RB, Project No. 4, Series A-1, 4.00%, 12/01/49(a)	$	235,160		262,850,090
City of Homewood Alabama, GO, , Refunding, 5.25%, 09/01/46		27,625		32,820,998
County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A(b):
4.50%, 05/01/32		7,045		7,775,707
5.25%, 05/01/44		8,980		10,245,462
Homewood Educational Building Authority, Refunding RB, Samford University, Series A:
4.00%, 12/01/41		2,750		2,997,418
4.00%, 12/01/44		1,200		1,298,364
Hoover Industrial Development Board, RB, U.S. Steel Corporation Project, AMT, 5.75%, 10/01/49		4,445		4,839,005
Southeast Alabama Gas Supply District, RB, Project #2, Series A, 4.00%, 06/01/49(a)		225,985		246,664,887
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(c)		16,315		16,904,461
				586,396,392
Arizona — 2.0%
Arizona IDA, RB:
Academies of Math And Science Project(b) 5.00%, 07/01/39		1,000		1,118,810
5.00%, 07/01/49		1,610		1,769,648
5.00%, 07/01/54		2,500		2,738,000
Leman Academy of Excellence — Parker Colorado Campus Project, 5.00%, 07/01/39(b)		1,300		1,351,324
Leman Academy Of Excellence- Parker Colorado Campus Project, 5.00%, 07/01/49(b)		2,010		2,060,149
Odyssey Preparatory Academy Project, 5.00%, 07/01/49(b)		8,120		8,466,724
Odyssey Preparatory Academy Project, 5.00%, 07/01/54(b)		4,730		4,906,098
S/F Housing, Series 2019-2, Class A, 3.63%, 05/20/33		31,344		35,356,721
Arizona IDA, Refunding RB, Odyssey Preparatory Academy Project, Series A(b):
5.25%, 07/01/37		2,830		3,048,363
5.50%, 07/01/52		2,450		2,621,206
Chandler IDA, RB, VRDN, Intel Corporation Project, AMT, 5.00%, 06/01/49(a)		34,685		39,715,712
City of Mesa Arizona Utility System, RB, Utility System, 5.00%, 07/01/35		30,000		31,600,200
City of Phoenix Arizona IDA, RB:
Candeo School, Inc. Project, 6.88%, 07/01/44		3,440		3,877,809
Legacy Traditional Schools Projects, Series A, 6.50%, 07/01/34(b)		2,000		2,268,820
Legacy Traditional Schools Projects, Series A, 6.75%, 07/01/44(b)		3,500		3,932,215
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45(b)		2,280		2,421,360
City of Phoenix Civic Improvement Corp., ARB, Junior Lien Airport Revenue Bonds, 4.00%, 07/01/44		10,000		11,185,700

Security	Par (000)		Value
Arizona (continued)
County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, 5.00%, 01/01/38	$	27,000	$	31,980,420
County of Pinal Arizona IDA, RB, San Manuel Facility Project, 6.25%, 06/01/26		495		507,068
Salt River Project Agricultural Improvement & Power District, RB, Salt River Project Electric System:
4.00%, 01/01/39		26,730		30,874,219
5.00%, 01/01/47		32,000		40,164,160
				261,964,726
Arkansas — 0.3%
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(b)		35,865		37,878,820
California — 5.3%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(c)		21,340		22,000,473
California Statewide Communities Development Authority, RB:
Loma Linda University Medical Center, 5.25%, 12/01/48(b)		2,000		2,326,480
Sutter Health, Series A, 6.00%, 08/15/20(c)		11,600		11,959,020
City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A:
5.00%, 05/01/38		10,000		12,220,700
San Francisco International Airport, 5.00%, 05/01/41		20,000		23,168,000
City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 07/01/39		40,000		41,594,800
City of Los Angeles California Wastewater System Revenue, Refunding RB, Green Bond, Sub-Series A, 5.25%, 06/01/47		27,620		33,943,599
City of Los Angeles Department of Airports, ARB, Subordinate, Series C, AMT, 5.00%, 05/15/37		9,550		11,505,076
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT:
5.75%, 03/01/34		7,010		7,351,667
6.25%, 03/01/34		5,250		5,535,968
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.50%, 05/01/36		1,510		1,611,321
6.50%, 05/01/42		5,130		5,458,423
County of Alameda & City of Oakland California, GO, Election of 2012, 6.63%, 08/01/21(c)		3,750		4,082,138
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(c)		12,830		13,572,087
Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33		6,535		7,695,159
Golden State Tobacco Securitization Corp., Refunding RB:
Series A-1, 5.00%, 06/01/47		17,805		18,405,919
Series A-1, 5.25%, 06/01/47		9,535		9,916,400
Series A-2, 5.00%, 06/01/47		42,485		43,918,869
Los Angeles Department of Water, Refunding RB, Series A, 5.25%, 07/01/44		19,000		23,336,370
Los Angeles Department of Water & Power, Refunding RB, Power System, Series B:
5.25%, 07/01/37		13,500		16,626,465
5.25%, 07/01/38		15,000		18,447,000
5.25%, 07/01/39		7,000		8,585,010

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Palomar Community College District, GO, Election of 2006, Series D, 5.25%, 08/01/45	$	24,540	$	30,774,632
Port of Oakland California, Refunding RB, Senior Lien, Series P, AMT, 5.00%, 05/01/31		13,010		14,015,413
San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41		35,000		42,003,500
San Diego Public Facilities Financing Authority, Refunding RB, Series A:
5.00%, 05/15/39		10,000		12,045,700
Subordinated, 5.25%, 08/01/47		13,645		17,007,537
State of California, GO, Refunding:
5.00%, 04/01/21		80,885		84,913,073
4.00%, 10/01/36		25,000		29,270,000
Various Purpose, 5.25%, 10/01/39		20,100		24,326,628
State of California Public Works Board, LRB, Various Capital Projects, Sub-Series A-1, 6.00%, 03/01/20(c)		14,125		14,239,836
University of California, RB, Series AV, 5.25%, 05/15/42		58,825		72,544,166
				684,401,429
Colorado — 1.5%
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(b)		6,930		7,325,495
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43		10,000		12,053,700
City & County of Denver Colorado, Refunding RB, United Airlines, Inc. Project, AMT, 5.00%, 10/01/32		40,475		44,166,320
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT:
5.00%, 12/01/37		31,185		37,272,000
5.25%, 12/01/43		22,620		27,265,696
Colorado Health Facilities Authority, Refunding RB, Frasier Meadows Retirement Community Project, Series A, 5.25%, 05/15/47		2,500		2,783,175
Cottonwood Highlands Metropolitan District No. 1, GO, Series A, 5.00%, 12/01/49		900		944,388
Metro Wastewater Reclamation District, RB, Series A, 4.00%, 04/01/22(c)		14,880		15,832,618
State of Colorado, COP:
Building Excellent Schools, Series O, 4.00%, 03/15/44		13,450		14,913,763
Series J, 5.25%, 03/15/42		30,000		36,265,500
				198,822,655
Connecticut — 1.3%
Connecticut State Health & Educational Facilities Authority, RB, Yale University Issue, Series T-2, 1.65%, 07/01/29(a)		13,985		13,990,454
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series G-1(b)(d):
5.00%, 07/01/39		1,500		1,734,330
5.00%, 07/01/44		2,000		2,292,160
5.00%, 07/01/50		2,350		2,689,622
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)		3,965		4,046,282
State of Connecticut, GO, Series A(d):
4.00%, 01/15/35		25,565		28,989,943
4.00%, 01/15/36		20,400		23,089,128
4.00%, 01/15/37		9,525		10,722,388
State of Connecticut Health & Educational Facilities Authority, RB, Yale University, Series A, 1.30%, 07/01/48(a)		83,500		83,510,855
				171,065,162

Security	Par (000)		Value
Delaware — 0.3%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40	$	31,500	$	32,609,430
District of Columbia — 2.6%
District of Columbia, GO, Refunding, , 5.00%, 10/15/44		9,000		11,082,150
District of Columbia, GO, Series A:
5.00%, 06/01/41		20,000		23,669,400
Series D, 5.00%, 06/01/42		40,000		48,124,000
District of Columbia Water & Sewer Authority, Refunding RB, Series B:
5.25%, 10/01/40		48,060		57,388,446
5.25%, 10/01/44		63,075		74,689,630
Metropolitan Washington Airports Authority, Refunding ARB, AMT, Series A, 5.00%, 10/01/36		12,000		14,579,640
Washington Metropolitan Area Transit Authority, RB:
5.00%, 07/01/43		35,480		42,865,517
Series B, 5.00%, 07/01/42		50,000		60,519,000
				332,917,783
Florida — 6.3%
Broward County Florida Water & Sewer Utility Revenue, RB, Series A:
4.00%, 10/01/42		10,000		11,301,000
4.00%, 10/01/43		12,000		13,521,840
Capital Trust Agency, Inc., RB(b):
Odyssey Charter School Project, 5.00%, 07/01/54		2,095		2,278,145
Renaissance Charter School, Inc., Series A, 5.00%, 06/15/49		4,365		4,528,164
City of Tampa Florida, Special Assessment Bonds, Green Bonds, Central and Lower Basis Stormwater Improvements:
5.25%, 05/01/43		11,720		14,537,488
5.25%, 05/01/46		15,430		19,050,804
County of Broward Florida Airport System Revenue, ARB, AMT, Series A, 5.00%, 10/01/44		7,370		8,923,080
County of Broward Florida Water & Sewer Utility, RB, Series A, 5.00%, 10/01/22(c)		17,000		18,763,410
County of Hillsborough Florida District Port Authority, ARB, Series A, 5.25%, 06/01/48		8,375		10,119,429
County of Miami-Dade Florida, RB, Seaport Department:
Series A, 6.00%, 10/01/38		6,325		7,308,537
Series A, 5.50%, 10/01/42		5,375		6,084,876
Series B, AMT, 6.25%, 10/01/38		5,000		5,775,250
Series B, AMT, 6.00%, 10/01/42		2,350		2,702,641
County of Miami-Dade Florida, Refunding RB, 5.00%, 10/01/41		7,010		8,274,464
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/44		13,000		14,502,410
County of Miami-Dade Florida, Aviation, Refunding RB, Series B, AMT, 5.00%, 10/01/40		97,900		115,372,213
County of Palm Beach Florida, RB, Plam Beach Atlantic University Housing Project, 5.00%, 04/01/51(b)		4,770		5,195,675
County of Pasco Florida Water & Sewer Revenue, RB, Improvement, Series B, 4.00%, 10/01/44		21,875		23,605,969
Florida Development Finance Corp., RB, VRDN, Virgin Trains USA Passenger Rail Project, Series B, AMT, 1.90%, 01/01/49(a)		66,190		66,165,046
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT, 5.13%, 06/01/27		10,010		10,526,516
Greater Orlando Aviation Authority, ARB, AMT:
Priority Sub-Series A, 5.00%, 10/01/42		54,795		64,422,481
Series A, 4.00%, 10/01/44		30,000		33,122,400
Series A, 5.00%, 10/01/44		23,500		28,406,565

32 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Lakewood Ranch Stewardship District, Special Assessment Bonds:
4.70%, 05/01/39	$	1,160	$	1,235,330
4.88%, 05/01/49		1,250		1,344,038
Del Webb Project, 5.00%, 05/01/37(b)		1,655		1,787,003
Del Webb Project, 5.13%, 05/01/47(b)		1,990		2,111,728
Lakewood National & Polo Run Projects, 4.63%, 05/01/27		1,745		1,867,394
Lakewood National & Polo Run Projects, 5.25%, 05/01/37		2,760		3,023,994
Lakewood National & Polo Run Projects, 5.38%, 05/01/47		4,785		5,152,632
Miami-Dade County Industrial Development Authority, RB, Excelsior Charter Academy Project, 5.10%, 11/01/43		8,370		8,906,350
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c)		11,125		12,295,239
State of Florida, GO, Board of Education, Series E, 5.00%, 06/01/37		29,730		30,188,139
State of Florida, GO, Refunding:
Capital Outlay, Series C, 4.00%, 06/01/29		17,835		19,508,636
Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, 4.00%, 07/01/30		16,880		17,592,674
Series A, 5.00%, 06/01/20		57,365		58,288,576
Series A, 5.00%, 06/01/22		135,780		148,459,136
Sterling Hill Community Development District, Refunding, Special Assessment Bonds, Series B, 5.50%, 11/01/10(e)(f)		147		93,809
				806,343,081
Georgia — 1.7%
City of Atlanta Georgia Department of Aviation, ARB, Airport General Revenue Bonds, Series B, AMT, 5.00%, 07/01/44		9,080		10,957,926
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 01/01/30		30,000		31,420,200
County of Barow Development Authority, Refunding RB, Georgia Power Company Plant Vogtle Project, 1.55%, 08/01/43(a)		7,770		7,751,740
County of Burke Georgia Development Authority, Refunding RB, Georgia Power Company Plant Bowen Project(a):
1.55%, 12/01/49		6,755		6,738,383
1.70%, 12/01/49		26,000		25,914,720
Main Street Natural Gas, Inc., RB, Series C, 4.00%, 03/01/50(a)		60,000		67,782,600
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, 3rd Indenture, Series A, 4.00%, 07/01/44		36,480		38,636,697
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 01/01/25		20,000		25,058,000
				214,260,266
Illinois — 6.8%
Chicago Board of Education, GO, CAB, Series H, Series D:
5.00%, 12/01/36		4,620		5,282,462
5.00%, 12/01/46		4,475		5,013,164
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, Series C, 5.00%, 12/01/25		12,760		14,595,909
Dedicated Revenues, Series F, 5.00%, 12/01/24		9,585		10,792,422
Dedicated Revenues, Series G, 5.00%, 12/01/34		5,000		5,745,150
Series A, 0.00%, 12/01/25(g)		650		552,052
Series A, 0.00%, 12/01/26(g)		4,000		3,288,080
Series A, 0.00%, 12/01/27(g)		500		396,610

Security	Par (000)		Value
Illinois (continued)
Series A, 4.00%, 12/01/27	$	5,000	$	5,521,450
Series A, 5.00%, 12/01/28		10,620		12,640,030
Series A, 5.00%, 12/01/29		1,580		1,900,487
Series B, 5.00%, 12/01/26		2,000		2,320,040
Series B, 5.00%, 12/01/27		1,635		1,922,024
Series B, 5.00%, 12/01/28		2,060		2,450,308
Series B, 5.00%, 12/01/29		2,000		2,405,680
Series B, 5.00%, 12/01/30		2,000		2,394,640
Series B, 5.00%, 12/01/31		1,600		1,908,960
Series B, 5.00%, 12/01/32		1,360		1,614,714
Series B, 4.00%, 12/01/35		11,640		11,831,594
Series C, 5.00%, 12/01/23		4,310		4,773,411
Series C, 5.00%, 12/01/24		4,445		5,004,937
Series C, 5.00%, 12/01/26		3,060		3,549,661
Chicago Board of Education, GO:
Series A, 5.00%, 12/01/42		15,895		16,775,583
Series C, 5.25%, 12/01/39		7,275		8,013,995
5.00%, 12/01/46		9,805		11,100,240
5.00%, 12/01/46		25,350		27,070,251
Chicago O’Hare International Airport, Refunding RB, O’Hare International Airport, Senior Lien AMT, Series B, 5.00%, 01/01/31		10,300		10,964,350
City of Chicago Illinois O’Hare International Airport, GARB:
3rd Lien, Series C, 6.50%, 01/01/21(c)		29,835		31,415,360
Senior Lien, Series D, 5.25%, 01/01/42		49,415		58,901,198
City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series C, AMT, 5.50%, 01/01/34		5,380		5,954,907
City of Chicago Illinois O’Hare International Airport, Refunding RB, Senior Lien, Series B:
5.00%, 01/01/38		30,000		35,523,900
5.00%, 01/01/39		59,885		70,749,936
Illinois Finance Authority, RB:
Carle Foundation, Series A, 6.00%, 08/15/41		6,500		6,930,950
Carle Foundation, Series A (AGM), 6.00%, 08/15/41		19,285		20,625,693
DePaul University, Series A, 6.13%, 04/01/21(c)		11,935		12,669,719
Memorial Health System, Series A, 5.25%, 07/01/44		8,370		9,268,352
Township High School District, 4.00%, 12/01/36		10,810		12,352,695
Illinois Finance Authority, Refunding RB:
Northwestern Memorial Healthcare, Series A, 5.00%, 07/15/42		23,695		28,231,171
OSF Healthcare System, 6.00%, 05/15/20(c)		7,875		8,014,309
OSF Healthcare System, 6.00%, 05/15/39		1,290		1,309,544
Presence Health Network, Series C, 5.00%, 02/15/41		28,920		34,059,662
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/44		13,000		15,718,690
Railsplitter Tobacco Settlement Authority, RB:
6.00%, 06/01/21(c)		18,485		19,741,795
5.00%, 06/01/26		15,000		18,055,950
State of Illinois, GO:
Rebuild Illinois Program, Series B, 5.00%, 11/01/30		25,000		29,763,500
Rebuild Illinois Program, Series B, 5.00%, 11/01/31		29,975		35,480,808
Series A, 5.00%, 11/01/26		20,000		23,075,000
Series A, 5.00%, 11/01/27		30,000		35,033,100
Series A, 5.00%, 11/01/28		30,000		35,430,900
Series A, 5.00%, 05/01/29		7,795		9,136,364
State of Illinois Toll Highway Authority, RB:
Senior, Series B, 5.00%, 01/01/41		30,000		34,966,500
Series A, 5.00%, 01/01/42		58,795		70,150,078
Series B, 5.00%, 01/01/40		23,520		27,195,470

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23	$	7,045	$	7,067,544
				876,651,299
Indiana — 0.1%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		3,870		4,467,915
7.00%, 01/01/44		7,330		8,348,870
				12,816,785
Iowa — 2.1%
Iowa Finance Authority, RB, Iowa Health Care Facilities, Genesis Health System, 5.50%, 07/01/33		18,750		21,195,750
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50(a)		47,270		52,003,145
Midwestern Disaster Area, 5.25%, 12/01/25		2,500		2,769,725
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46		4,810		4,809,952
PEFA, Inc., RB, 5.00%, 09/01/49(a)		161,315		190,963,084
				271,741,656
Kansas — 0.3%
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47		30,210		36,523,890
Kentucky — 2.7%
County of Carroll Kentucky, RB, Kentucky Utilities Company Project, AMT, 1.75%, 10/01/34(a)		6,750		6,704,708
County of Carroll Kentucky, Refunding RB, Kentucky Utilities Company Project(a):
1.55%, 09/01/42		14,000		13,926,500
AMT, 1.20%, 02/01/32		39,697		39,603,322
AMT, 1.20%, 10/01/34		30,000		29,927,100
Kentucky Asset Liability Commission, RB, Series A, 3.00%, 06/25/20		55,000		55,495,550
Kentucky Public Energy Authority, RB(a):
Gas Supply, Series C-1, 4.00%, 12/01/49		85,000		94,615,200
Series A-1, 4.00%, 12/01/49		50,000		55,702,000
VRDN, Series C, 4.00%, 02/01/50		50,000		57,163,000
				353,137,380
Louisiana — 0.9%
East Baton Rouge Sewerage Commission, Refunding RB, Series A:
4.00%, 02/01/40		10,980		12,308,360
4.00%, 02/01/45		20,500		22,783,700
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44(b)		2,470		2,492,773
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		17,185		17,791,287
Louisiana Public Facilities Authority, RB, Series A(b):
Lake Charles Collage Prep Project, 5.00%, 06/01/39(d)		1,300		1,375,777
Lake Charles Collage Prep Project, 5.00%, 06/01/49(d)		3,000		3,129,930
Lake Charles Collage Prep Project, 5.00%, 06/01/58(d)		4,500		4,669,200
Young Audiences Charter School Project, 5.00%, 04/01/39		1,425		1,502,207
Young Audiences Charter School Project, 5.00%, 04/01/49		2,800		2,878,344

Security	Par (000)		Value
Louisiana (continued)
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A-1, 4.00%, 05/01/32	$	50,000	$	53,046,500
				121,978,078
Maine — 0.0%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 07/01/32		5,365		5,692,802
Maryland — 0.4%
City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A:
4.50%, 09/01/33		2,735		2,931,783
5.00%, 09/01/38		1,400		1,524,418
County of Montgomery Maryland, GO, Refunding, Series A:
Public Improvement, 4.00%, 11/01/28		14,750		16,286,065
4.00%, 11/01/31		14,475		16,098,516
Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System, Series B (NPFGC), 7.00%, 07/01/22(h)		2,380		2,661,697
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(c)		11,000		11,561,220
				51,063,699
Massachusetts — 3.1%
Commonwealth of Massachusetts, GO, Consolidated Loan:
Series A, 5.25%, 04/01/42		42,000		51,484,020
Series A, 5.25%, 04/01/47		93,350		113,723,637
Series E, 5.25%, 09/01/43		23,640		29,557,328
Massachusetts Development Finance Agency, RB, Series A:
Emerson College Issue, 5.25%, 01/01/42		9,655		11,282,833
Foxborough Regional Charter School, 7.00%, 07/01/20(c)		1,375		1,415,329
Massachusetts Development Finance Agency, Refunding RB:
Harvard University, Series A, 4.00%, 07/15/36		48,610		55,477,621
Newbridge on the Charles, Inc., 5.00%, 10/01/37(b)		1,000		1,103,830
Newbridge on the Charles, Inc., 5.00%, 10/01/47(b)		1,250		1,365,412
Massachusetts School Building Authority, RB, Sub Series B:
4.00%, 02/15/41		12,420		13,375,595
4.00%, 02/15/42		10,000		10,704,400
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Refunding RB, Series B, 5.00%, 01/01/30		5,000		5,000,000
University of Massachusetts Building Authority, Refunding RB, Senior:
Series A, 5.25%, 11/01/42		58,840		72,525,596
Series A, 5.25%, 11/01/47		14,425		17,731,787
Series 1, 5.00%, 11/01/44		10,000		11,454,300
				396,201,688
Michigan — 1.4%
Lansing Board of Water & Light, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/21(c)		6,485		6,899,651
Michigan Finance Authority, RB:
Series A-1, 4.00%, 08/20/20		13,950		14,203,472
Series A-2, 2.00%, 08/20/20		21,500		21,607,930
Michigan Finance Authority, Refunding RB:
Henry Ford Health System, 5.00%, 11/15/41		42,690		50,138,551

34 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Michigan (continued)
Trinity Health Credit Group, Series A, 5.00%, 12/01/37	$	25,000	$	30,192,750
Michigan State University, Refunding RB, Series C, 4.00%, 02/15/44		23,150		26,071,761
Michigan Strategic Fund, RB, I-75 Improvement Project, AMT, 5.00%, 12/31/43		16,470		19,529,632
Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39		10,010		11,201,290
				179,845,037
Montana — 0.0%
City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A:
5.25%, 05/15/37		405		446,468
5.25%, 05/15/47		1,500		1,626,825
5.25%, 05/15/52		1,500		1,622,370
				3,695,663
Nebraska — 0.8%
Central Plains Energy Project, Refunding RB, 4.00%, 12/01/49(a)		67,500		75,494,700
Omaha Public Power District, Separate Electric System, Refunding RB, Series A:
5.25%, 02/01/42		14,265		16,527,571
5.25%, 02/01/46		14,670		16,898,960
				108,921,231
Nevada — 0.9%
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 07/01/42		57,700		57,700,000
Las Vegas Convention & Visitors Authority, RB, Series B, 5.00%, 07/01/43		40,000		47,977,600
Nevada Department of Business & Industry, RB, Series A(b):
5.00%, 07/15/37		875		952,560
5.00%, 07/15/47		1,400		1,492,680
State of Nevada Department of Business & Industry, RB, Somerset Academy, Series A(b):
4.50%, 12/15/29		380		411,840
5.00%, 12/15/38		685		744,335
5.00%, 12/15/48		810		868,328
				110,147,343
New Hampshire — 0.3%
New Hampshire Business Finance Authority, Refunding RB(b):
Resource Recovery, Covanta Project, Series B, 4.63%, 11/01/42		9,085		9,359,276
Resource Recovery, Covanta Project, Series C, AMT, 4.88%, 11/01/42		3,700		3,819,769
Emerland Renewable Dise, AMT, 2.00%, 06/01/49(a)		25,000		25,070,500
				38,249,545
New Jersey — 3.1%
County of Cape May New Jersey Industrial Pollution Control Financing Authority, Refunding RB, Atlantic City Electric Co., Series A (NPFGC), 6.80%, 03/01/21		5,000		5,320,450
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(b)		5,180		5,229,055
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23		5,340		5,720,849
New Jersey EDA, RB:
4.00%, 06/15/44		5,500		5,776,815
Series WW, 5.25%, 06/15/25(c)		820		995,488
Series WW, 5.25%, 06/15/40		14,145		15,844,805

Security	Par (000)		Value
New Jersey (continued)
New Jersey EDA, Refunding RB, Series B:
New Jersey American Water Co., Inc. Project, AMT, 5.60%, 11/01/34	$	8,280	$	8,379,691
5.50%, 06/15/30		45,895		55,093,276
New Jersey Health Care Facilities Financing Authority, Refunding RB:
AHS Hospital Corp., 6.00%, 07/01/21(c)		34,385		36,872,399
Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/35		7,375		8,923,529
Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/38		11,950		14,368,321
Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/39		22,245		26,643,059
RWJ Barnabas Health Obligated Group, Series A, 5.00%, 07/01/43		10,000		11,777,000
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT:
5.75%, 12/01/27		215		228,653
5.75%, 12/01/28		175		186,023
New Jersey Transportation Trust Fund Authority, RB:
Series BB, 4.00%, 06/15/44		53,090		55,532,140
Series BB, 5.00%, 06/15/44		36,445		41,822,095
Transportation System, Series A, 6.00%, 06/15/21(c)		2,155		2,305,785
Transportation System, Series AA, 5.50%, 06/15/39		39,890		43,889,770
Transportation System, Series C, 5.25%, 06/15/32		19,810		22,547,940
New Jersey Transportation Trust Fund Authority, Refunding RB, Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30		20,000		23,270,200
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46		10,350		11,959,322
				402,686,665
New Mexico — 0.6%
City of Farmington New Mexico, Refunding RB, Public Service Company of New Mexico San Juan and Four Corners Projects, 1.88%, 04/01/33(a)		10,000		10,041,100
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27		230		266,522
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 5.00%, 11/01/39(a)		60,035		70,358,018
				80,665,640
New York — 15.4%
City of New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution Subseries, 5.25%, 06/15/37		40,000		48,952,000
City of New York New York, GO:
Series AA-1, 4.00%, 08/01/37		22,500		25,749,225
Sub-Series D-1, 5.00%, 12/01/44		17,915		21,833,548
Sub-Series F-1, 5.00%, 04/01/43		65,000		78,979,550
City of New York Transitional Finance Authority Building Aid Revenue, RB, Series S-3, 5.25%, 07/15/45		31,165		38,614,370
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB:
Future Tax Secured, Sub-Series E-1, 5.00%, 02/01/31		25,000		26,964,750
Series B-1, 4.00%, 11/01/37		10,300		11,822,340
Series B-1, 4.00%, 11/01/38		10,000		11,439,800
Series B-1, 4.00%, 11/01/42		52,315		59,024,399
Series B-1, 4.00%, 11/01/43		46,835		52,836,437
Subordinate, Series C-3, 5.00%, 05/01/40		20,000		24,355,800

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
City of New York Water & Sewer System, Refunding RB:
2nd Generation Resolution, Fiscal 2018, Series FF, 5.00%, 06/15/40	$	29,790	$	36,479,642
Series EE, 5.00%, 06/15/40		39,240		47,735,852
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:
6.25%, 06/01/41(b)		8,000		8,083,040
5.00%, 06/01/45		16,695		16,438,565
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51		4,325		4,633,329
County of Suffolk New York, GO, Transportation, Series I, 2.50%, 07/23/20		122,910		123,684,333
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012, 5.75%, 02/15/47		3,435		3,586,484
Hudson Yards Infrastructure Corp., Refunding RB, Series A:
5.00%, 02/15/37		8,000		9,632,320
5.00%, 02/15/42		22,510		26,760,113
Metropolitan Transportation Authority, RB:
Series A-1, 5.25%, 11/15/39		30,000		33,822,300
Series D1, 5.00%, 09/01/22		108,370		118,718,251
Sub-Series D-1, 5.25%, 11/15/44		30,000		34,471,500
Metropolitan Transportation Authority, Refunding RB:
Series B-2, 4.00%, 05/15/20		196,235		198,132,592
Transportation, Series C, 5.00%, 11/15/29		35,265		38,801,022
New York City Housing Development Corp., Refunding RB, M/F Housing, Sustainable Neihborhood, 2.00%, 11/01/20		7,200		7,206,624
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, 5.00%, 07/15/37		33,885		36,906,525
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Subordinate, Series A-3:
4.00%, 05/01/42		30,000		33,813,300
4.00%, 05/01/43		25,000		28,038,500
New York City Water & Sewer System, Refunding RB:
2nd General Resolution Series CC, 5.25%, 06/15/46		65,965		79,229,902
2nd General Resolution Sub Series CC1, 5.00%, 06/15/37		25,000		30,113,750
Series DD-2, Block 5, 5.00%, 06/15/40		43,865		53,362,211
Series EE, 5.25%, 06/15/36		15,500		19,158,930
New York State Dormitory Authority, Refunding RB:
Bid Group 4, Series E, 5.00%, 03/15/44		10,000		12,103,000
Series D, 4.00%, 02/15/39(d)		15,000		17,117,250
Series D, 4.00%, 02/15/40(d)		15,000		17,066,700
New York State Urban Development Corp., Refunding RB, Series A:
Bidding Group 3, 4.00%, 03/15/44		33,250		37,403,258
5.00%, 03/15/36		22,070		27,770,240
4.00%, 03/15/42		10,000		11,284,500
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/41		5,115		5,663,584
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:
5.00%, 08/01/26		6,000		6,282,720
5.00%, 08/01/31		49,765		51,930,275
Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT, 4.75%, 11/01/42(b)		5,190		5,401,752
Port Authority of New York & New Jersey, ARB, Consolidated Bonds:
4.00%, 11/01/41		12,390		14,116,175

Security	Par (000)		Value
New York (continued)
5.00%, 11/01/44	$	34,500	$	42,806,910
AMT, 4.00%, 11/01/41		11,955		13,359,115
AMT, 5.00%, 11/01/44		50,000		60,754,500
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		30,000		35,678,700
State of New York Dormitory Authority, RB, Sales Tax, Series A-Group C, 5.00%, 03/15/43		19,020		22,637,033
State of New York Dormitory Authority, Refunding RB, Group 3, Series E, 5.00%, 03/15/41		20,150		24,672,668
State of New York Thruway Authority, Refunding RB, Subordinate, Series B:
4.00%, 01/01/38		25,000		28,463,750
4.00%, 01/01/39		27,645		31,375,416
4.00%, 01/01/41		25,555		28,705,165
4.00%, 01/01/45		17,595		19,578,132
Triborough Bridge & Tunnel Authority, Refunding RB:
General, Series A, 5.25%, 11/15/45		7,805		9,211,695
MTA Bridges & Tunnels, Series C, 4.00%, 11/15/40		15,000		17,203,950
MTA Bridges & Tunnels, Series C, 4.00%, 11/15/41		23,500		26,900,215
Utility Debt Securitization Authority, Refunding RB, Restructuring, Series TE, 5.00%, 12/15/41		20,000		22,666,600
Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 06/01/51		2,500		2,673,400
				1,982,208,007
Ohio — 1.8%
American Municipal Power, Inc., Refunding RB, Prairie State Energy Campus Project, Series B, 7.50%, 02/15/20(a)(c)(i)		40,000		40,181,400
Buckeye Tobacco Settlement Financing Authority, RB:
6.25%, 06/01/37		15,450		16,066,764
Asset-Backed, Senior Turbo Term, Series A-2, 5.13%, 06/01/24		2,000		2,002,700
Asset-Backed, Senior Turbo Term, Series A-2, 5.75%, 06/01/34		3,355		3,366,105
Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47		24,155		24,239,059
Asset-Backed, Senior Turbo Term, Series A-2, 6.50%, 06/01/47		8,080		8,210,734
County of Butler Port Authority, RB, StoryPoint Fairfield Project, Series A-1(b):
6.38%, 01/15/43		1,500		1,609,440
6.50%, 01/15/52		3,335		3,550,241
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A(c):
5.75%, 11/15/21		500		542,730
6.00%, 11/15/21		4,415		4,812,615
6.50%, 11/15/21		12,690		13,949,736
Lancaster Port Authority, Refunding RB, Series A, 5.00%, 08/01/49(a)		25,000		28,945,750
Ohio Air Quality Development Authority, RB:
American Electric Company Project, Series A, 2.40%, 12/01/38(a)		4,500		4,530,285
AMG Vanadium Project, AMT, 5.00%, 07/01/49(b)		16,560		18,188,842
Ohio Valley Electric Corp., AMT, 2.60%, 06/01/41(a)		10,000		10,014,300
Ohio Higher Educational Facility Commission, Refunding RB, Cleveland Clinic Health, 5.00%, 01/01/27		11,770		12,660,283
State of Ohio Turnpike Commission, RB, Junior Lien, Series A, 5.25%, 02/15/39		7,500		8,318,700
State of Ohio University, RB, General Receipts Special Purpose, Series A, 4.00%, 06/01/43		35,000		37,156,700
				238,346,384

36 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oregon — 0.1%
State of Oregon Department of Transportation, Refunding RB, Subordinate, Series A, 5.00%, 11/15/42	$	13,080	$	16,395,780
Pennsylvania — 1.5%
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project(b):
5.00%, 05/01/27		3,250		3,732,365
5.00%, 05/01/32		3,750		4,341,975
5.00%, 05/01/42		6,305		7,039,091
City of Philadelphia Pennsylvania Gas Works, RB, 12th Series B (NPFGC), 7.00%, 05/15/20(h)		600		612,768
County of Northampton Pennsylvania IDA, Tax Allocation Bonds, Route 33 Project, 7.00%, 07/01/32		2,160		2,399,998
Pennsylvania Economic Development Financing Authority, RB, Waste Management, Inc. Project, AMT, 1.75%, 08/01/38(a)		10,500		10,458,105
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation:
4.00%, 08/15/44		9,000		9,973,260
4.00%, 08/15/49		10,715		11,773,428
Pennsylvania Turnpike Commission, RB:
Series A, 5.25%, 12/01/44		35,000		43,304,100
Series B, 5.25%, 12/01/39		3,560		4,096,456
Sub-Series A, 5.50%, 12/01/46		46,430		56,824,748
Subordinate, Special Motor License Fund, 6.00%, 12/01/20(c)		1,195		1,247,891
University of Pittsburgh-of the Commonwealth System of Higher Education, RB, University Capital Project Bonds, Series A, 4.00%, 09/15/44		29,375		31,861,594
				187,665,779
Puerto Rico — 2.4%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46(g)		97,980		25,908,851
CAB, Series A-1, 0.00%, 07/01/51(g)		9,416		1,832,542
Series A-1, 4.75%, 07/01/53		48,881		50,969,196
Series A-1, 5.00%, 07/01/58		108,970		115,574,672
Series A-2, 4.33%, 07/01/40		50,047		50,865,268
Series A-2, 4.78%, 07/01/58		50,843		52,952,985
Series B-1, 0.00%, 07/01/46(g)		18,123		4,789,003
				302,892,517
Rhode Island — 0.3%
Rhode Island Student Loan Authority, RB, Senior, Series A, AMT, 2.88%, 12/01/35		22,715		23,568,857
Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50		10,000		10,635,500
				34,204,357
South Carolina — 2.2%
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(a)		140,880		153,243,629
South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM)(c):
6.50%, 08/01/21		4,455		4,829,264
6.25%, 08/01/21		1,525		1,647,168
South Carolina Jobs-Economic Development Authority, Refunding RB, the Woodlands at Furman, 5.25%, 11/15/37		6,005		6,636,786
South Carolina Transportation Infrastructure Bank, Refunding RB, VRDN, Series 2003B, 1.60%, 10/01/31(j)		99,530		99,851,183

Security	Par (000)		Value
South Carolina (continued)
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43	$	10,000	$	11,805,300
				278,013,330
Tennessee — 1.2%
County of Nashville & Davidson Metropolitan Government Water & Sewer Revenue, Refunding RB, 4.00%, 07/01/43		49,005		52,141,810
Metropolitan Nashville Airport Authority, ARB, Subordinate, AMT, Series B, 5.00%, 07/01/44		18,500		22,663,055
Tennergy Corp., RB, Series A, 5.00%, 02/01/50(a)		70,000		80,599,400
				155,404,265
Texas — 7.7%
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc., Airport Improvement Projects, Series C, AMT, 5.00%, 07/15/20		6,535		6,651,127
City of Houston Texas Combined Utility System Revenue, Refunding RB, 1st Lien, Series B, 5.00%, 11/15/42		30,000		36,272,700
County of Bexar Texas, GO, 4.00%, 06/15/46(d)		15,315		17,031,352
County of Bexar Texas, GO, Refunding, 4.00%, 06/15/37		10,675		12,176,332
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:
7.00%, 01/01/23(c)		1,075		1,259,158
7.00%, 01/01/23(c)		2,625		3,072,956
6.38%, 01/01/33		465		517,322
County of Tarrant Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/43		35,000		41,883,800
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare(c):
6.00%, 08/15/20		3,700		3,810,889
6.00%, 08/15/20		46,300		47,687,148
Cypress-Fairbanks Independent School District, GO(a):
Series B1 (PSF-GTD), 1.25%, 02/15/36		5,500		5,518,920
Series B3 (PSF-GTD), 1.25%, 02/15/40		10,750		10,786,980
Cypress-Fairbanks Independent School District, GO, VRDN, Series A2 (PSF-GTD), 1.25%, 02/15/36(a)		8,750		8,780,100
Frisco Independent School District, GO, (PSF-GTD), 4.00%, 08/15/44		25,000		27,158,250
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/30		6,085		6,901,790
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(b)		14,625		15,759,900
New Hope Cultural Education Facilities Corp., RB, Jubilee Academic Center Project, Series A, 5.00%, 08/15/37(b)		2,000		2,042,720
New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A, 5.13%, 08/15/47(b)		3,085		3,141,579
North Texas Tollway Authority, RB, Special Projects System, Series A, 6.00%, 09/01/21(c)		4,815		5,196,781
North Texas Tollway Authority, Refunding RB, 1st Tier System, 6.00%, 01/01/21(c)		11,490		12,037,728
Northside Independent School District, GO, Refunding, (PSF-GTD), 1.60%, 08/01/49(a)		23,500		23,554,285
Pasadena Independent School District, GO, Refunding, School Building (PSF-GTD), 5.00%, 02/15/43		25,000		27,487,750
State of Texas, GO, Transportation Commission, Highway Improvement:
5.00%, 04/01/39		20,000		22,774,200
Series A, 5.00%, 04/01/22(c)		65,000		70,573,100

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
State of Texas, RB, 4.00%, 08/27/20	$	358,000	$	364,665,960
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		52,215		53,638,903
Texas Water Development Board, RB:
Series A, 5.00%, 10/15/42		10,000		12,090,900
Series A, 4.00%, 10/15/44		30,000		33,893,400
State Water Implementation Fund, Series A, 5.00%, 10/15/43		30,000		36,390,000
State Water Implementation Revenue, 5.25%, 10/15/46		64,170		77,282,498
				990,038,528
Utah — 0.8%
County of Utah, RB, IHC Health Services, Inc.:
Series A, 5.00%, 05/15/41		44,970		53,557,022
Series B, 5.00%, 05/15/46		30,000		35,491,200
State of Utah Charter School Finance Authority, Refunding RB, The Freedom Academy Foundation Project(b):
5.25%, 06/15/37		3,795		4,054,692
5.38%, 06/15/48		4,740		4,969,084
				98,071,998
Virginia — 0.6%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.50%, 03/01/46		1,815		1,981,581
County of Hanover Virginia EDA, Refunding RB, Covenant Woods:
5.00%, 07/01/38		125		137,523
5.00%, 07/01/48		370		401,172
5.00%, 07/01/51		430		465,355
Virginia Public School Authority, Refunding RB, Series B, 5.00%, 08/01/21		45,545		48,371,067
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37		25,515		28,057,059
				79,413,757
Washington — 2.4%
City of Seattle Washington Municipal Light & Power Revenue, Refunding RB, 4.00%, 09/01/44		28,300		30,427,028
City of Tacoma Washington Electric System Revenue, Refunding RB, Series A, 4.00%, 01/01/42		52,415		55,626,467
City of Tacoma Washington Water Revenue, Refunding RB, 4.00%, 12/01/43		50,535		53,477,148
Grant County Public Utility District No. 2, Refunding RB, Series A, 4.00%, 01/01/44		20,425		21,937,471
Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT, 5.25%, 05/01/42		48,000		57,620,160
State of Washington, GO, Series E, 4.00%, 02/01/43		23,000		24,296,740
University of Washington, Refunding RB, Series A, 5.25%, 12/01/46		23,385		28,398,510
Washington Health Care Facilities Authority, RB, Series A:
Catholic Health Initiatives, 5.75%, 01/01/45		21,355		23,852,895
Swedish Health Services, 6.75%, 05/15/21(c)		16,000		17,216,640
				312,853,059
West Virginia — 0.2%
State of West Virginia, GO, State Road Bonds-BID Group 2-S, Series A:
5.00%, 06/01/41		10,000		12,354,100
5.00%, 12/01/41		15,255		18,848,773
				31,202,873

Security	Par (000)		Value
Wisconsin — 0.3%
Public Finance Authority, RB(b):
Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31	$	1,715	$	1,902,844
Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47		1,715		1,893,909
American Preparatory AcAdemy, 5.38%, 07/15/52		6,760		7,411,799
Delray Beach Radiation Therapy, 7.00%, 11/01/46		6,385		7,261,533
Series A, 5.63%, 06/15/49		12,360		12,330,830
Public Finance Authority, Refunding RB:
AMT, National Gypsum Co., 5.25%, 04/01/30		5,900		6,455,367
WhiteStone, Retirement Facilities First Mortgage Revenue, 5.00%, 03/01/37(b)		760		835,673
				38,091,955
Total Municipal Bonds — 86.3% (Cost — $10,680,430,809)				11,121,480,734
Municipal Bonds Transferred to Tender Option Bond Trusts(k)
Alabama — 0.7%
City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Senior Credit Group, Series C, 5.00%, 11/15/46		73,875		86,442,600
California — 0.9%
University of California, RB, Limited Project, Series M, 5.00%, 05/15/42		100,000		120,895,000
Colorado — 0.3%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Sub-System, Series A, AMT, 5.25%, 12/01/43(l)		35,000		42,188,300
Massachusetts — 1.4%
Commonwealth of Massachusetts, GOL, Consolidated Loan, Series E, 5.25%, 09/01/43		75,000		93,773,250
Massachusetts School Building Authority, RB, Series B, 5.25%, 02/15/48(l)		72,785		89,122,312
				182,895,562
Michigan — 0.5%
Michigan Finance Authority, RB, Mclaren Health Care, Series A, 4.00%, 02/15/44		60,000		65,874,000
Nevada — 0.7%
County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 06/01/43		74,740		90,187,263
New York — 0.7%
Triborough Bridge & Tunnel Authority, Refunding RB, MTA Bridges & Tunnels, Series C-2, 5.00%, 11/15/42		78,250		95,281,113
Texas — 0.8%
Grand Parkway Transportation Corp., RB, Subordinate Tire Tela Supported, Series A, 5.00%, 10/01/43(l)		79,060		95,649,160
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.0% (Cost — $729,514,272)				779,412,998
Total Long-Term Investments — 95.0% (Cost — $11,756,778,413)				12,248,319,232
Short-Term Securities — 7.1%
Certificates of Deposit — 0.4%
City of San Antonio Texas, Series B, 1.14%, 01/06/20		49,000		48,996,448
Total Certificates of Deposit — 0.4% (Cost — $49,000,000)				48,996,448

38 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investment Fund — 6.7%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.37%(m)(n)		860,558,368	$	860,644,424
Total Short-Term Investment Fund — 6.7% (Cost — $860,612,233)				860,644,424
Total Short-Term Securities — 7.1% (Cost — $909,612,233)				909,640,872
Total Investments — 102.1% (Cost — $12,666,390,646)				13,157,960,104
Other Assets Less Liabilities — 0.4%				48,522,478
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.5)%				(325,245,108	)
Net Assets — 100.0%			$	12,881,237,474

^(a)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

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

^(d)  When-issued security.

^(e)  Non-income producing security.

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

^(g)  Zero-coupon bond.

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

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

^(j)  Variable rate security. Rate shown is the rate in effect as of period end.

^(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. See Note 4 of the Notes to Financial Statements for details.

^(l)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire on/between February 15, 2026 to June 1, 2026, is $98,364,352.

^(m) Annualized 7-day yield as of period end.

⁽ⁿ⁾  During the six months ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliated Persons and/or Related Parties	Par/Shares Held at 06/30/19		Par/Shares Purchased			Par/Shares Sold			Par/Shares Held at 12/31/19		Value at 12/31/19		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		594,051,433		266,506,935	(b)		—			860,558,368	$	860,644,424	$	4,471,753	$	(16,104	)	$	57,608
iShares National Muni Bond ETF		—		4,455,000			(1,405,000	)		3,050,000		347,425,500		3,441,203		1,317,821			592,168
											$	1,208,069,924	$	7,912,956	$	1,301,717		$	649,776

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		2,126		03/20/20	$	273,025	$	2,075,052
Long U.S. Treasury Bond		2,585		03/20/20		403,018		7,846,824
5-Year U.S. Treasury Note		1,876		03/31/20		222,511		645,207
							$	10,567,083

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	—	$	—	$	—	$	—	$	10,567,083	$	—	$	10,567,083

^(a)  Net cumulative unrealized appreciation on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation is included in accumulated earnings.

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock National Municipal Fund

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the six months ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(53,263,376	)	$	—	$	(53,263,376	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	27,904,183		$	—	$	27,904,183

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	—	(a)
Average notional value of contracts — short	$	864,087,106

^(a)  Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	347,425,500	$	11,900,893,732	$	—	$	12,248,319,232
Short-Term Securities		860,644,424		48,996,448		—		909,640,872
	$	1,208,069,924	$	11,949,890,180	$	—	$	13,157,960,104
Derivative Financial Instruments(b)
Liabilities:
Interest rate contracts	$	10,567,083	$	—	$	—	$	10,567,083

^(a)  See above Schedule of Investments for values in each state or political subdivision.

^(b)  Derivative financial instruments are futures contracts, which are values 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 statement purposes. As of period end, TOB Trust Certificates of $324,359,972 are categorized as Level 2 within the discloser hierarchy.

See notes to financial statements.

40 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) December 31, 2019 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 100.8%
Alabama — 2.0%
Bessemer Governmental Utility Services Corp., Refunding RB, (BAM), 5.00%, 06/01/21	$	470	$	493,143
Black Belt Energy Gas District, RB:
Project No. 4, Series A-1, 4.00%, 06/01/22		825		872,075
Series A, 5.00%, 12/01/20		730		752,951
Series A, 5.00%, 12/01/21		1,950		2,076,340
Series A, 4.00%, 07/01/46(a)		325		336,720
Southeast Alabama Gas Supply District, RB, Series A, Project:
No. 2, 4.00%, 06/01/22		1,760		1,859,722
4.00%, 06/01/23		2,225		2,395,746
State of Alabama Docks Department, Refunding RB, Docks Facilities Revenue, Series B, 5.00%, 10/01/20		1,750		1,799,542
				10,586,239
Arizona — 1.5%
County of Maricopa Industrial Development Authority, RB, Honorhealth, Series A:
5.00%, 09/01/21		770		816,839
5.00%, 09/01/22		750		821,648
County of Yavapai Industrial Development Authority, RB, VRDN, Skanon Investments, Inc. (Drake Cement Project), LOC Citibank NA, Series A, 0.85%, 09/01/35(a)		5,000		5,000,000
Glendale Union High School District No. 205, GO, Series C, 5.00%, 07/01/22		1,000		1,092,250
				7,730,737
California — 0.6%
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/21		1,305		1,406,595
California Municipal Finance Authority, Refunding RB, Biola University, 5.00%, 10/01/20		305		313,369
City of Los Angeles Department of Airports, RB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/20		1,100		1,115,114
Palmdale Financing Authority, Refunding RB, (AGM), 4.00%, 11/01/20		340		347,983
				3,183,061
Colorado — 0.1%
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding, Series A, 5.00%, 12/01/20		355		367,638
City of Colorado Springs Co. Utilities System Revenue, RB, VRDN, Series B (Landesbank Hessen-THRGN SBPA), 0.88%, 11/01/36(a)		300		300,000
				667,638
Connecticut — 7.1%
State of Connecticut, GO, GAAP Conversion, Series A, 5.00%, 10/15/22		1,000		1,102,010
State of Connecticut, GO, Refunding, Series B, 5.00%, 05/15/22		4,955		5,388,959
State of Connecticut, GO:
Series A, 5.00%, 04/15/21		11,000		11,533,280
Series B, 5.00%, 04/15/21		685		718,209
Series E, 4.00%, 09/15/21		770		806,182
State of Connecticut Health & Educational Facilities Authority, Refunding RB:
Fairfileld University, Series S, 5.00%, 07/01/21		1,030		1,088,483
Sacred Heart University, Series I -1, 5.00%, 07/01/21		700		740,348
State of Connecticut Special Tax Revenue, RB:
Series B, 5.00%, 10/01/22		3,400		3,744,930
Transportation Infrastructure Purposes, Series A, 5.00%, 01/01/20		1,500		1,500,000
Transportation Infrastructure Purposes, Series A, 5.00%, 09/01/21		1,500		1,594,125

Security	Par (000)		Value
Connecticut (continued)
Transportation Infrastructure Purposes, Series A, 5.00%, 08/01/22	$	900	$	986,094
University of Connecticut, RB, Series A:
5.00%, 04/15/20		800		808,728
5.00%, 03/15/22		1,550		1,676,000
5.00%, 04/15/22		4,000		4,337,080
University of Connecticut, Refunding RB, Series A, 5.00%, 02/15/22		720		776,412
				36,800,840
District of Columbia — 0.4%
District of Columbia, RB, VRDN (Suntrust Bank LOC), 0.84%, 04/01/38(a)		1,535		1,535,000
District of Columbia, Refunding RB, The Catholic University of America Issue:
5.00%, 10/01/21		250		266,617
5.00%, 10/01/22		325		358,225
				2,159,842
Florida — 2.9%
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/22		1,550		1,695,266
City Of South Miami Health Facilities Authority, Inc., Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/21		2,500		2,653,575
County of Alachua Florida Health Facilities Authority, Refunding RB, Shands Teaching Hospital and Clinics, 5.00%, 12/01/22		515		566,721
County of Monroe School District, RB, Florida Sales Tax (AGM), 5.00%, 10/01/20		500		514,290
County of Orange Health Facilities Authority, Refunding RB, VRDN, Lakeside Behavioral Healthcare, Inc. Project (Suntrust Bank LOC), 0.84%, 07/01/27(a)		1,665		1,665,000
County of Osceola Florida Transportation Revenue, Refunding RB, Series A-1(b):
5.00%, 10/01/22		325		355,518
5.00%, 10/01/23		400		450,056
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/23		500		565,980
Orlando Utilities Commission, Refunding RB, Series A, 5.00%, 10/01/27(a)		5,000		5,144,500
Tolomato Community Development District, Refunding, Special Assessment Bonds, Series A-1 (AGM):
2.00%, 05/01/21		585		585,965
2.00%, 05/01/22		605		606,555
				14,803,426
Georgia — 7.0%
Atlanta Urban Residential Finance Authority, RB, M/F Housing, VRDN, Herndon Square Senior Apartment Project, 1.36%, 12/01/22(a)		594		594,166
City of Atlanta Georgia, Refunding, Tax Allocation Bonds, Atlantic Station Project:
5.00%, 12/01/20		2,000		2,065,180
5.00%, 12/01/21		1,150		1,226,970
County of Barow Development Authority, Refunding RB, Georgia Power Company Plant Vogtle Project, 1.55%, 08/19/22(a)		1,730		1,725,935
County of Burke Georgia Development Authority, Refunding RB, Georgia Power Company Plant Bowen Project, 1.55%, 08/19/22(a)		3,245		3,237,017
County of Cobb Kennestone Hospital Authority, Refunding RB, Revenue Anticipation Certificates:
5.00%, 04/01/20		110		110,982
5.00%, 04/01/21		200		208,964
County of Fulton Development Authority, RB, Revenue Anticipation Certificates, Series A, 5.00%, 04/01/21		125		130,603

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia (continued)
County of Monroe Development Authority, RB, VRDN, Gulf Power Co. Plant Scherer Plant, First Series, 0.73%, 06/01/49(a)	$	2,900	$	2,900,000
Main Street Natural Gas, Inc., RB:
Series A, 5.00%, 05/15/22		1,145		1,237,985
Series A, 4.00%, 09/01/23(a)		15,500		16,857,490
Series C, 5.00%, 09/01/22		500		545,260
Series C, 5.00%, 09/01/23		1,000		1,120,360
Series C, 4.00%, 12/01/23(a)		2,200		2,402,334
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 5.00%, 01/01/23		125		137,526
Municipal Electric Authority of Georgia, Refunding RB, Series A:
5.00%, 01/01/22		675		722,365
5.00%, 01/01/23		900		991,710
				36,214,847
Illinois — 1.3%
Chicago Housing Authority, RB, M/F, Series A, 5.00%, 01/01/22		1,400		1,504,076
Chicago Transit Authority, Refunding RB, Section 5337, State of Good Repair Formula Funds:
5.00%, 06/01/20		1,000		1,014,080
5.00%, 06/01/21		2,000		2,095,300
Illinois Finance Authority, Refunding RB, Southern Illinois Healthcare, 5.00%, 03/01/21		265		276,066
Regional Transportation Authority, RB, Series A (NPFGC), 6.70%, 11/01/21		1,515		1,623,217
				6,512,739
Indiana — 0.5%
City of Rockport Indiana, Refunding RB, AEP Generating Co. Project, Series A, 1.35%, 09/01/22(a)		2,250		2,256,233
Indiana Finance Authority, RB, Butler University Project, 3.00%, 02/01/23		225		236,720
				2,492,953
Iowa — 4.6%
Iowa Finance Authority, RB, VRDN, CJ BIO America, Inc. Project (Korea Development Bank LOC), 1.07%, 04/01/22(a)		22,500		22,500,000
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series A:
5.00%, 12/01/20		650		667,296
5.00%, 12/01/21		750		791,130
				23,958,426
Kansas — 5.1%
City of Burlington Kansas, Refunding RB, Environment Improvement Revenue, City Power & Light, VRDN(a):
Series A, 1.10%, 09/01/35		16,000		16,000,000
Series B, 1.10%, 09/01/35		6,000		6,000,000
City of Dodge City Kansas, GO, Series A (BAM):
4.00%, 09/01/22		280		300,026
4.00%, 09/01/23		1,080		1,184,004
City of Goddard Kansas, GO, Series 2019-1, 3.00%, 12/01/22		1,465		1,516,085
County of Geary Unified School District No. 475, GO, Refunding, Series B, 5.00%, 09/01/20		750		769,267
County of Johnson Unified School District No. 233 Olathe, GO, Refunding, Series B, 3.00%, 09/01/21		500		515,500
				26,284,882
Kentucky — 2.8%
City of Owensboro Kentucky Electric Light & Power System Revenue, Refunding RB, Series B:
5.00%, 01/01/22		2,700		2,892,078
4.00%, 01/01/23		1,750		1,880,830
Kentucky Public Energy Authority, RB:
Gas Supply, Series C-1, 4.00%, 12/01/21		1,500		1,571,925
Gas Supply, Series C-1, 4.00%, 06/01/22		1,750		1,854,248
Gas Supply, Series C-1, 4.00%, 12/01/22		2,500		2,676,850

Security	Par (000)		Value
Kentucky (continued)
Series A, 4.00%, 04/01/20	$	785	$	789,969
Series A, 4.00%, 04/01/21		775		799,583
Series A-1, 4.00%, 12/01/22		1,000		1,070,770
VRDN, Series C, 4.00%, 08/01/22		400		425,412
VRDN, Series C, 4.00%, 08/01/23		500		542,640
				14,504,305
Louisiana — 4.3%
Greater Ouachita Water Co., Refunding RB (BAM):
5.00%, 09/01/22		500		547,115
3.00%, 09/01/23		500		525,005
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/20		225		228,127
Parish of St. James Louisiana, RB, VRDN, Nucor Steel Louisiana, LLC Project, Series A, 0.91%, 11/01/40(a)		9,650		9,650,000
Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project, 2.00%, 04/01/23(a)		10,315		10,373,486
State Tammany Parish Wide School District No. 12, GO, Series A, 4.00%, 03/01/21		300		309,981
West Baton Rouge Parish School District No. 3, GO (AGM):
3.00%, 03/01/21		300		305,865
5.00%, 03/01/21		225		234,567
				22,174,146
Maryland — 0.9%
Maryland Health & Higher Educational Facilities Authority, Refunding RB, LifeBridge Health Issue, 5.00%, 07/01/21		235		247,972
Maryland Industrial Development Financing Authority, Refunding RB, VRDN, Occidental Petrolleum Corporation Issue, 1.20%, 03/01/30(a)		4,410		4,410,000
				4,657,972
Massachusetts — 1.1%
Massachusetts Development Finance Agency, Refunding RB:
Harvard University, Series B-1, 5.00%, 10/15/20(c)		765		788,157
Partners HealthCare System Issue, 5.00%, 07/01/21		3,485		3,687,026
Series A, 5.00%, 07/01/22		525		569,735
Massachusetts State Educational Financing Authority, Refunding RB, Issue K, Senior Series A, AMT, 4.00%, 07/01/20		375		379,661
Town of Salisbury Massachusetts, GO, Refunding, 2.00%, 09/11/20		409		410,142
				5,834,721
Michigan — 1.6%
City of Battle Creek Michigan, Refunding, GOL, Downtown Development Bonds:
5.00%, 05/01/20		360		364,482
5.00%, 05/01/21		565		593,131
Grand Rapids Public Schools, GO, Refunding, (AGM), 5.00%, 05/01/20		475		480,985
Grand Valley State University, Refunding RB, 5.00%, 12/01/20		630		652,126
Karegnondi Water Authority, Refunding RB, 5.00%, 11/01/21		450		478,890
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C:
5.00%, 12/01/20		1,000		1,035,090
5.00%, 12/01/21		1,000		1,072,940
Michigan State Housing Development Authority, Refunding RB, S/F, Series D, VRDN (IND & COMM Bank of China SBPA), 0.84%, 06/01/30(a)		3,285		3,285,000
Wayne-Westland Community Schools, GOL (Q-SBLF):
4.00%, 05/01/22		150		159,632
5.00%, 11/01/22		290		320,470
				8,442,746

42 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mississippi — 0.3%
Mississippi Development Bank, RB, Special Obligation, Hinds County Bond Project:
3.00%, 11/01/20	$	460	$	467,213
5.00%, 11/01/21		500		535,170
State of Mississippi, RB, Series A, 5.00%, 10/15/22		500		552,250
				1,554,633
Missouri — 0.1%
City of Washington Missouri, COP, Refunding, 5.00%, 03/01/23		370		410,881
Nebraska — 0.8%
Central Plains Energy Project, Refunding RB:
4.00%, 02/01/22		485		510,821
4.00%, 08/01/22		1,500		1,597,740
4.00%, 02/01/23		1,055		1,135,855
4.00%, 08/01/23		875		951,598
				4,196,014
Nevada — 1.0%
County of Clark School District, GO, Refunding, Series C:
5.00%, 06/15/20		2,500		2,541,975
5.00%, 06/15/21		2,500		2,633,800
				5,175,775
New Jersey — 17.6%
Belleville Board of Education, GO, (BAM), 3.00%, 09/01/21		1,245		1,280,221
Borough of Tinton Falls New Jersey, GO, Refunding, 2.00%, 10/29/20		2,800		2,816,828
County of Camden Improvement Authority, Refunding RB, Camden County College Project, 4.00%, 01/15/20		1,230		1,231,168
Gloucester County Improvement Authority, Refunding RB, Rowan University Project, Series A, 5.00%, 11/01/20		520		536,167
New Jersey Building Authority, Refunding RB, Series A:
5.00%, 06/15/21		2,325		2,444,342
5.00%, 06/15/22		3,005		3,258,051
New Jersey EDA, RB:
Series BBB, 5.00%, 06/15/21		945		993,507
Series DDD, 5.00%, 06/15/20		1,560		1,585,412
Series DDD, 5.00%, 06/15/21		3,000		3,153,990
New Jersey EDA, Refunding RB:
Cigarette Tax, 5.00%, 06/15/21		2,500		2,628,325
School Facilities Construction, 5.00%, 03/01/20		1,700		1,709,928
School Facilities Construction, 5.00%, 03/01/21(d)		155		162,009
School Facilities Construction, 5.00%, 03/01/21		400		416,552
School Facilities Construction, 5.50%, 09/01/21		2,395		2,507,828
School Facilities Construction, Series II, 5.00%, 03/01/22		1,310		1,408,302
School Facilities Construction, Series K (AMBAC), 5.25%, 12/15/20		700		725,466
School Facilities Construction, Series NN, 5.00%, 03/01/22		4,505		4,843,055
School Facilities Construction, Series NN, 5.00%, 03/01/23		1,655		1,829,751
School Facilities Construction, Series PP, 5.00%, 06/15/20		4,200		4,268,418
Series XX, 5.00%, 06/15/21		2,390		2,512,679
Series XX, 5.00%, 06/15/23		2,620		2,917,370
New Jersey Educational Facilities Authority, RB, Higher Education Capital Improvement Fund, Series A, 5.00%, 09/01/20		1,650		1,689,303
New Jersey Educational Facilities Authority, Refunding RB, Ramapo College, Series B, 5.00%, 07/01/21		890		939,680
New Jersey Health Care Facilities Financing Authority, RB, Inspira Health Obligated Group, 5.00%, 07/01/21		100		105,633
New Jersey Health Care Facilities Financing Authority, Refunding RB:
Hospital Asset Transformation Program, 5.00%, 10/01/20		600		616,062
Hospital Asset Transformation Program, 5.00%, 10/01/21		2,500		2,653,250
RWJ Barnabas Health Obligation, Series A, 5.00%, 07/01/23		1,015		1,144,981

Security	Par (000)		Value
New Jersey (continued)
New Jersey Sports & Exposition Authority, Refunding RB, Series A, 5.00%, 09/01/21	$	1,235	$	1,307,050
New Jersey Transportation Trust Fund Authority, RB:
(AMBAC), 5.25%, 12/15/22		650		719,388
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/20		11,500		11,691,705
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/21		1,320		1,389,960
Transportation System, Series A, 5.75%, 06/15/20		955		973,489
Transportation Program, Series AA, 5.00%, 06/15/20		500		508,145
Transportation Program, Series AA, 5.00%, 06/15/22		500		542,105
Transportation System, Series B, 5.00%, 06/15/21		3,235		3,401,053
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System:
Series A, 5.50%, 12/15/21		4,695		5,074,309
Series A, 5.50%, 12/15/22		1,155		1,292,988
Series B (NPFGC), 5.50%, 12/15/21		1,000		1,078,250
New Jersey Turnpike Authority, Refunding RB, Series B, 5.00%, 01/01/20		3,190		3,190,000
State of Garden Preservation Trust, Refunding RB, Series A, 5.00%, 11/01/21		2,195		2,336,534
State of New Jersey, GO, Refunding, Series Q, 5.00%, 08/15/20		1,720		1,760,007
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/21		2,000		2,096,380
Township of Jackson New Jersey, GO, Series B, 2.00%, 02/13/20		3,500		3,503,150
				91,242,791
New Mexico — 0.6%
Albuquerque Municipal School District No 12, GO, 5.00%, 08/01/21		1,675		1,777,108
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 4.00%, 05/01/23		1,200		1,302,012
				3,079,120
New York — 11.9%
Adirondack Central School District, GO, 2.25%, 07/17/20		4,700		4,731,255
City of New York New York, GO, Refunding, VRDN, Sub-Series I-4 (TD Bank NA LOC), 0.68%, 04/01/36(a)		845		845,000
County of Nassau New York, GO, Series C, 5.00%, 10/01/21		4,500		4,798,080
County of Suffolk New York, GO, Transportation:
Series I, 2.50%, 07/23/20		8,000		8,050,400
Series II, 2.50%, 08/20/20(b)		4,500		4,532,175
East Islip Union Free School District, GO, Bond Anticipation Notes, 2.25%, 07/02/20		4,452		4,479,002
Rhinebeck Central School District, GO, Refunding, Bond Anticipation Notes, 2.25%, 06/26/20		5,560		5,593,026
South Jefferson Central School District, GO, Refunding, Bond Anticipation Notes, 2.25%, 07/09/20		5,875		5,912,483
State of New York HFA, RB, S/F Housing, Green Bonds, Climate Bond Certified, Series A, 1.55%, 11/01/23		5,295		5,297,224
Town of New Windsor New York, GOL, Bond Anticipation Notes, 2.25%, 06/26/20		5,200		5,228,912
TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 06/01/20		770		780,834
Watkins Glen Central School District, GO, Refunding, 2.25%, 06/23/20		4,300		4,325,112
Windsor Central School District, GO, Series B, 2.25%, 07/24/20		6,965		7,012,989
				61,586,492
North Carolina — 1.2%
North Carolina Capital Facilities Finance Agency, Refunding RB, Solid Waste Disposal Facility, AMT, Series A, 1.20%, 07/01/34(a)		6,000		6,000,000

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ohio — 2.4%
City of Berea Ohio, GO, 3.00%, 03/12/20	$	2,500	$	2,508,225
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A:
5.00%, 08/01/20		605		617,935
5.00%, 08/01/21		1,840		1,945,984
County of Butler Ohio, Refunding RB, 5.00%, 11/15/21		750		800,137
Finneytown Local School District, GO, 2.25%, 04/15/20(b)		2,000		2,005,960
Lancaster Port Authority, Refunding RB, Series A:
5.00%, 08/01/22		235		255,830
5.00%, 02/01/23		250		276,158
Sycamore Community City School District, GO, 2.25%, 04/15/20		4,000		4,012,560
				12,422,789
Oklahoma — 0.2%
Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/20		1,000		1,023,830
Pennsylvania — 7.4%
Boyertown Area School District, GO, Refunding, 4.00%, 09/01/22		225		240,514
Boyertown Area School District, Refunding, GOL (BAM), 4.00%, 11/01/21		910		957,056
City of Philadelphia PA Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/22		1,000		1,104,450
City of Philadelphia Pennsylvania, GO, Refunding, Go, Refunding, Series A, 5.00%, 08/01/22		1,660		1,819,260
City of Williamsport Pennsylvania, GO, Refunding, (AGM), 5.00%, 07/01/21		365		384,699
Commonwealth Financing Authority, RB, Tobacco Master Settlement payment:
5.00%, 06/01/20		635		644,461
5.00%, 06/01/22		1,000		1,084,670
Commonwealth of Pennsylvania, GO, 1st Series, 2nd Series:
5.00%, 06/01/20		2,740		2,783,018
5.00%, 06/01/22		5,000		5,455,400
Commonwealth of Pennsylvania, GO, Refunding:
5.00%, 01/15/22		1,000		1,077,020
5.00%, 07/01/20		5,160		5,257,318
First Series, 5.00%, 07/01/21		1,700		1,796,322
County of Avon Grove School District Chester, GOL, 4.00%, 11/15/22		425		458,550
County of Centre Hospital Authority, Refunding RB, Mount Nittany Medical Centre Project, Series A, 5.00%, 11/15/21		400		428,080
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network:
5.00%, 07/01/22		1,385		1,509,858
5.00%, 07/01/23		700		786,275
East Penn School District, Refunding, GOL, 4.00%, 08/01/21		1,030		1,074,197
Easton Area School District, GO, Refunding, Series A, 4.00%, 04/01/23(b)		375		407,213
Palmyra Area School District, GO, Refunding:
4.00%, 04/01/22		915		969,845
4.00%, 04/01/23		590		640,492
Pennsylvania Economic Development Financing Authority, RB, Waste Management, Inc. Project, Series A, 2.15%, 11/01/21		1,500		1,516,455
Perkasie Regional Authority, Refunding RB, (BAM), 4.00%, 02/01/23		230		248,064
Philadelphia Municipal Authority, Refunding RB, Juvenile Justice Services Center, 5.00%, 04/01/20		700		706,440
Pittsburgh Public Parking Authority, Refunding RB, System-Series A, 5.00%, 12/01/22		1,010		1,113,687
School District of Philadelphia, GO, Series A:
5.00%, 09/01/22		1,150		1,260,342
5.00%, 09/01/23		1,250		1,410,512

Security	Par (000)		Value
Pennsylvania (continued)
School District of Philadelphia, Refunding RB, Series C, 4.00%, 03/31/20	$	2,110	$	2,124,643
Wilson Area School District, GO, Refunding:
4.00%, 03/15/22		285		301,502
4.00%, 03/15/23		900		974,673
				38,535,016
South Carolina — 0.4%
Lexington County Health Services District, Inc., Refunding RB, Lexmed Obligated Group:
5.00%, 11/01/20		500		515,540
5.00%, 11/01/21		250		266,940
South Carolina Jobs-Economic Development Authority, RB, VRDN, Brashier Charter LLC Project (Suntrust Bank LOC), 0.84%, 12/01/38(a)		1,040		1,040,000
				1,822,480
Tennessee — 0.3%
Jackson Energy Authority, Refunding RB, 5.00%, 12/01/20		1,000		1,035,470
Shelby County Health Educational & Housing Facilities Board, RB, Methodist Le Bonheur Healthcare, Series A, 5.00%, 05/01/20		690		698,722
				1,734,192
Texas — 9.2%
City of Denton Texas ISD, GO, VRDN, School Building, Series B (Bank of Tokyo-Mitsubishi SBPA) (PSF-GTD), 0.85%, 08/01/35(a)		4,800		4,800,000
City of Houston Texas, GO, Refunding, Series A:
5.00%, 03/01/20		2,000		2,012,040
5.00%, 03/01/21		3,500		3,657,115
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB:
Methodist Hospital, Sub-Series C-1, 0.65%, 12/01/24(a)		6,400		6,400,000
Teco Project, 5.00%, 11/15/20		800		825,608
Teco Project, 5.00%, 11/15/21		725		774,510
County of Harris Texas Health Facilities Development Corp., Refunding RB, VRDN, Methodist Hospital System, Series A-1, 0.65%, 12/01/41(a)		5,200		5,200,000
County of Tarrant Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A, 5.00%, 07/01/22		1,815		1,978,223
Port of Arthur Navigation District Industrial Development Corp., RB, VRDN, Texas Industrial Development Corp., Total Petrochemicals & Refining USA, Inc., Project, 0.84%, 03/01/42(a)		2,000		2,000,000
State of Texas, GO, VRDN (State Street Bank Trust LOC SBPA)(a):
0.95%, 06/01/41		3,470		3,470,000
0.95%, 12/01/43		5,835		5,835,000
State of Texas, GO, VRDN, Veterans (State Street Bank Trust LOC SBPA), Series A, Series B(a):
0.95%, 12/01/42		5,790		5,790,000
0.95%, 06/01/43		3,790		3,790,000
Texas A&M University, Refunding RB, Financing System, Series E, 5.00%, 05/15/21		1,200		1,263,624
				47,796,120
Utah — 0.8%
Central Utah Water Conservancy District, Refunding RB, Series B:
5.00%, 10/01/20		1,850		1,903,779
5.00%, 10/01/21		1,875		2,001,825
County of Weber Utah, RB, VRDN, IHC Health Service, Inc., Series A, (Bank of NY Mellon SBPA) 0.64%, 02/15/31(a)		300		300,000
				4,205,604

44 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Virginia — 0.2%
Lynchburg EDA, Refunding RB, Cental Health, Series A:
5.00%, 01/01/20	$	500	$	500,000
5.00%, 01/01/21		500		518,065
				1,018,065
Washington — 2.4%
Grant County Public Utility District No. 2, Refunding RB, Electric System Revenue, 2.00%, 01/01/44(a)		9,000		9,051,570
Tobacco Settlement Authority, Refunding RB, 5.00%, 06/01/22		2,500		2,704,300
Washington Health Care Facilities Authority, Refunding RB, MultiCare Health System, Series B, 5.00%, 08/15/21		625		663,144
				12,419,014
Wisconsin — 0.2%
Public Finance Authority, Refunding RB, Retirement Housing Foundation, 5.00%, 11/15/20		425		433,925
Wisconsin Health & Educational Facilities Authority, Refunding RB, Ascension Health Alliance, 4.00%, 11/15/21		350		368,462
				802,387
Total Long-Term Investments — 100.8% (Cost — $518,233,969)				522,034,723

Security	Shares		Value
Short-Term Securities — 0.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.37%(e)(f)		14,714	$	14,715
Total Short-Term Securities — 0.0% (Cost — $14,715)				14,715
Total Investments — 100.8% (Cost — $518,248,684)				522,049,438
Liabilities in Excess of Other Assets — (0.8)%				(4,098,839	)
Net Assets — 100.0%			$	517,950,599

^(a)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(b)  When-issued security.

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

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

^(e)  Annualized 7-day yield as of period end.

^(f)  During the six months ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates of the fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 06/30/19		Net Activity			Shares Held at 12/31/19		Value at 12/31/19		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		55,602		(40,888	)		14,714	$	14,715	$	874	$	2	$	—

^(a) Includes net capital gain distributions, if applicable.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarize the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	—	$	522,034,723	$	—	$	522,034,723
Short-Term Securities		14,715		—		—		14,715
	$	14,715	$	522,034,723	$	—	$	522,049,438

^(a) See above Schedule of Investments for values in each state or political subdivision.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) December 31, 2019 BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds — 1.0%
Education — 0.4%
American Museum of Natural History, 4.37%, 07/15/45	$	1,000	$	1,153,055
New York Public Library Astor Lenox & Tilden Foundations, 4.31%, 07/01/45		2,000		2,258,688
Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48		3,100		3,645,895
				7,057,638
Health Care Providers & Services — 0.6%
CommonSpirit Health:
3.35%, 10/01/29		3,101		3,120,031
4.19%, 10/01/49		1,032		1,031,817
Montefiore Obligated Group, Series 18-C, 5.25%, 11/01/48		3,038		3,422,644
Northwell Healthcare, Inc., 3.81%, 11/01/49		4,045		4,072,362
				11,646,854
Total Corporate Bonds — 1.0% (Cost — $17,860,004)				18,704,492
Municipal Bonds — 88.9%
New York — 81.6%
Corporate — 2.1%
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35(a)		280		307,342
City of New York Industrial Development Agency, Refunding RB, Transportation Infrastructure Properties LLC, Series A, AMT:
5.00%, 07/01/22		500		540,675
5.00%, 07/01/28		1,520		1,636,128
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.50%, 10/01/37		780		1,107,920
New York Liberty Development Corp., Refunding RB, Goldman Sachs Headquarters, 5.25%, 10/01/35		11,865		16,121,094
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:
5.00%, 08/01/26		2,870		3,005,235
5.00%, 08/01/31		6,130		6,396,716
Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT, 4.75%, 11/01/42(a)		9,150		9,523,320
Southold Local Development Corp., RB, Peconic Landing Inc., Project, 4.00%, 12/01/45		1,900		1,946,208
				40,584,638
County/City/Special District/School District — 19.7%
Battery Park City Authority, Refunding RB, Series B:
5.00%, 11/01/39		6,600		8,422,524
5.00%, 11/01/40		8,500		10,848,465
City of New York, GO, Future Tax Secured Subordinate, Sub-Series E-1, 5.00%, 03/01/41		2,695		3,277,282
City of New York, GO, Refunding, Series C, 5.00%, 08/01/34		500		581,760
City of New York, GO:
Series A-1, 5.00%, 08/01/35		400		422,784
Series B-1, 5.00%, 12/01/37		4,765		5,708,422
Series B-1, 4.00%, 10/01/39		550		628,128
Series B-1, 5.00%, 10/01/39		8,045		9,736,703
Series D, Sub-Series D-1, 5.00%, 12/01/42		7,500		9,191,775
Series E-1, 5.00%, 03/01/44		2,140		2,588,501
Sub-Series A-1, Series A, 5.00%, 08/01/43		20,000		24,688,200
Sub-Series D-1, Fiscal 2014, 5.00%, 08/01/31		690		779,003
Sub-Series F-1, 5.00%, 04/01/39		3,000		3,663,660

Security	Par (000)		Value
County/City/Special District/School District (continued)
Taxable General Obligation, Fiscal 2019, Sub-Series D-2, 3.53%, 12/01/25	$	5,000	$	5,327,450
City of New York Convention Center Development Corp., RB, CAB, Sub Lien, Hotel Unit Fee, Series B (AGM), 0.00%, 11/15/55(b)		5,000		1,617,400
City of New York Convention Center Development Corp., Refunding RB, Hotel Unit Fee Secured:
5.00%, 11/15/35		3,500		4,147,290
5.00%, 11/15/40		14,785		17,401,649
5.00%, 11/15/45		8,490		9,976,514
City of New York Industrial Development Agency, RB, PILOT:
CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 03/01/42(b)		5,000		2,482,000
CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 03/01/45(b)		1,500		679,920
(AMBAC), 5.00%, 01/01/39		1,850		1,854,070
Queens Baseball Stadium (AGC), 6.38%, 01/01/39		1,455		1,460,005
Queens Baseball Stadium (AGC), 6.50%, 01/01/46		700		702,359
Queens Baseball Stadium (AMBAC), 5.00%, 01/01/46		790		791,604
Yankee Stadium Project (NPFGC), 4.75%, 03/01/46		250		250,540
Yankee Stadium Project (NPFGC), 5.00%, 03/01/46		1,000		1,025,250
City of New York Transitional Finance Authority Future Tax Secured, RB:
Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42		650		694,980
Fiscal 2014, Sub-Series A-1, 5.00%, 11/01/38		1,000		1,126,810
Fiscal 2014, Sub-Series B-1, 5.00%, 11/01/36		680		777,383
Fiscal 2015, Sub-Series E-1, 5.00%, 02/01/41		3,000		3,465,600
Fiscal 2016, Sub-Series B-1, 5.00%, 11/01/38		5,000		5,877,400
Future Tax Secured Subordinate Bond, Series C-3, 5.00%, 05/01/41		7,100		8,638,499
Future Tax Secured Subordinate Bonds, Sub-Series A-1, 5.00%, 08/01/40		13,360		16,333,134
Future Tax Secured, Series A, Sub-Series E-1, 5.00%, 02/01/36		3,500		4,224,745
Series A-2, 5.00%, 08/01/38		490		592,670
Sub-Series E-1, 5.00%, 02/01/39		1,500		1,770,360
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB:
Build America Bonds, 5.51%, 08/01/37		3,000		3,824,580
Future Tax Secured, Sub-Series E-1, 5.00%, 02/01/31		7,085		7,641,810
Multi-Modal Bonds, Sub-Series A-3, 5.25%, 08/01/37		10,000		12,521,300
City of Poughkeepsie New York, GO, Refunding:
5.00%, 06/01/24		465		520,781
5.00%, 06/01/31		335		381,897
Bond Anticipation Notes, Series A, 3.00%, 05/02/20		1,410		1,415,273
City of Syracuse New York, GO, Airport Terminal Security & Access, Series A, AMT (AGM), 4.75%, 11/01/31		500		521,045
City of Yonkers, GO, Refunding, Series A (BAM):
4.00%, 05/01/34		750		868,268
4.00%, 05/01/35		1,000		1,145,800
4.00%, 05/01/36		1,440		1,645,200
4.00%, 05/01/37		1,000		1,138,550
County of Nassau New York, GO, General Improvement Bonds, Series B (AGM):
5.00%, 07/01/37		1,145		1,394,461
5.00%, 07/01/45		4,960		5,955,422

46 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
County/City/Special District/School District (continued)
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 02/15/21(c)	$	60	$	63,149
5.25%, 02/15/47		1,235		1,282,671
5.75%, 02/15/47		3,725		3,889,272
Hudson Yards Infrastructure Corp., Refunding RB, Series A:
5.00%, 02/15/35		5,000		6,048,250
5.00%, 02/15/36		2,000		2,413,700
5.00%, 02/15/37		3,500		4,214,140
5.00%, 02/15/39		2,500		2,984,375
5.00%, 02/15/42		27,495		32,686,331
4.00%, 02/15/44		1,000		1,096,550
Nassau County, GO, Series B, 5.00%, 04/01/35		3,600		4,332,240
New York City Transitional Finance Authority Future Tax Secured Revenue, RB:
Series B-1, 4.00%, 11/01/45		20,000		22,475,600
Subordinate, Series A-3, 4.00%, 05/01/43		10,000		11,215,400
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 2, 5.63%, 01/15/20(c)		9,305		9,319,051
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 01/15/20(c)		1,200		1,202,400
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a)		12,015		13,126,027
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a)		400		442,264
4 World Trade Center Project, 5.00%, 11/15/31		860		916,339
4 World Trade Center Project, 5.00%, 11/15/44		1,500		1,592,925
7 World Trade Center Project, Class 1, 4.00%, 09/15/35		425		446,365
7 World Trade Center Project, Class 2, 5.00%, 09/15/43		3,085		3,304,097
7 World Trade Center Project, Class 3, 5.00%, 03/15/44		1,720		1,829,564
Bank Of America Tower At One, 2.45%, 09/15/69		12,000		12,039,120
Bank Of America Tower At One, 2.63%, 09/15/69		10,070		10,109,776
Bank Of America Tower At One, 2.80%, 09/15/69		11,000		11,066,110
World Trade Center Project, 5.75%, 11/15/51		1,250		1,351,725
Yonkers Economic Development Corp., RB, Charter School of Educational Excellance Project, Series A:
5.00%, 10/15/39		580		647,947
5.00%, 10/15/49		460		504,514
				371,329,128
Education — 7.3%
Amherst Development Corp., Refunding RB:
Daemen College Project, 5.00%, 10/01/43		1,280		1,470,733
Daemen College Project, 5.00%, 10/01/48		975		1,117,662
University at Buffalo Foundation Faculty-Student Housing Corp., Series A (AGM), 4.63%, 10/01/20(c)		305		313,171
Build NYC Resource Corp., RB(a):
Inwood Academy for Leadership Charter School Project, Series A, 5.13%, 05/01/38		140		151,180
Inwood Academy for Leadership Charter School Project, Series A, 5.50%, 05/01/48		2,025		2,189,612
New Dawn Charter Schools Project, 5.00%, 02/01/33		380		393,023
New Dawn Charter Schools Project, 5.63%, 02/01/39		1,285		1,361,316
New Dawn Charter School Project, 5.75%, 02/01/49		1,000		1,048,410
Build NYC Resource Corp., Refunding RB:
City University Queens College, Series A, 5.00%, 06/01/43		325		365,518
Manhattan College Project, 5.00%, 08/01/47		1,860		2,176,591
The Chapin School Ltd. Project, 5.00%, 11/01/47		2,900		4,375,259

Security	Par (000)		Value
Education (continued)
City of New York Trust for Cultural Resources, Refunding RB, American Museum of Natural History, Series A, 5.00%, 07/01/37	$	885	$	1,016,051
City of Troy New York Capital Resource Corp., Refunding RB, Rensselaer Polytechnic Institute Project:
5.00%, 08/01/28		2,690		3,190,851
Series A, 5.13%, 09/01/40		6,390		6,554,479
Series B, 4.00%, 08/01/35		1,000		1,092,650
Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, Series A:
Buffalo State College Foundation Housing Corp. Project, 5.38%, 10/01/41		620		646,989
The Charter School for Applied Technologies Project, 5.00%, 06/01/35		600		677,190
County of Cattaraugus New York, RB, St. Bonaventure University Project:
5.00%, 05/01/34		130		144,209
5.00%, 05/01/39		165		181,498
County of Dutchess New York Local Development Corp., RB, Marist College Project:
5.00%, 07/01/43		900		1,092,618
5.00%, 07/01/48		1,355		1,633,940
County of Dutchess New York Local Development Corp., Refunding RB, Vassar College Project, 5.00%, 07/01/42		1,980		2,401,562
County of Monroe New York Industrial Development Corp., Refunding RB, University of Rochester Project:
Series A, 5.00%, 07/01/23(c)		240		273,082
Series A, 5.00%, 07/01/32		300		370,428
Series A, 5.00%, 07/01/33		350		430,605
Series A, 5.00%, 07/01/34		350		428,970
Series A, 5.00%, 07/01/35		800		977,928
Series A, 5.00%, 07/01/36		1,000		1,220,320
Series A, 5.00%, 07/01/37		500		609,065
Series C, 5.05%, 07/01/28		1,000		1,168,770
County of Nassau New York Industrial Development Agency, Refunding RB, New York Institute of Technology Project, Series A, 4.75%, 03/01/20(c)		1,000		1,006,000
County of Orange New York Funding Corp., Refunding RB, Mount St. Mary College Project, Series A:
5.00%, 07/01/37		360		382,914
5.00%, 07/01/42		220		232,918
County of St. Lawrence New York Industrial Development Agency, RB, Clarkson University Project, 5.38%, 09/01/41		500		527,495
County of St. Lawrence New York Industrial Development Agency, Refunding RB, St. Lawrence University Project, Series B, 4.43%, 07/01/56		1,500		1,748,580
County of Tompkins New York Development Corp., RB, Ithaca College Project (AGM), 5.50%, 01/01/21(c)		450		469,984
Dobbs Ferry Local Development Corp., RB, Mercy College Project:
5.00%, 07/01/39		1,000		1,130,850
5.00%, 07/01/44		2,000		2,254,960
Dutchess County Local Development Corp., Refunding RB, Culinary Institute of America Project:
5.00%, 07/01/30		200		231,920
5.00%, 07/01/31		200		231,254
5.00%, 07/01/32		440		507,760
5.00%, 07/01/35		155		177,925
5.00%, 07/01/36		100		114,660
5.00%, 07/01/41		215		245,145
5.00%, 07/01/46		300		341,202

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Education (continued)
Madison County Capital Resource Corp., Refunding RB, Colgate University Project, 3.27%, 07/01/39	$	4,570	$	4,608,754
Monroe County Industrial Development Agency, RB, Rochesters Scools Modernization Project:
5.00%, 05/01/33		2,885		3,598,807
5.00%, 05/01/34		2,375		2,951,460
New York State Dormitory Authority, RB, Rochester Institute of Technology, Series A, 4.00%, 07/01/44		2,060		2,299,722
State of New York Dormitory Authority, RB:
Icahn School of Medicine at Mount Sinai, Series A, 5.00%, 07/01/40		2,500		2,865,950
New School (AGM), 5.50%, 07/01/20(c)		1,000		1,022,090
New York University, Series 1 (AMBAC), 5.50%, 07/01/40		500		723,810
New York University, Series 1 (AMBAC) (BHAC), 5.50%, 07/01/31		230		302,432
State University Of New York Dormitory Facilities, Series A, 5.00%, 07/01/43		8,065		9,759,698
Touro College & University System Obligation Group, Series A, 4.13%, 01/01/30		600		640,440
Touro College & University System, Series A, 5.50%, 01/01/44		2,000		2,224,960
Touro College & University System, 5.00%, 01/01/42		5,000		5,683,100
University of Rochester, Series A, 5.75%, 07/01/39		135		135,478
State of New York Dormitory Authority, Refunding RB:
Barnard College, Series A, 5.00%, 07/01/33		470		550,962
Barnard College, Series A, 5.00%, 07/01/43		1,000		1,157,920
Columbia University, Series B, 5.00%, 10/01/38		10,000		12,427,700
Culinary Institute of America, 5.00%, 07/01/42		300		318,744
Fordham University, 5.00%, 07/01/44		850		961,146
Icahn School of Medicine at Mount Sinai, Series A, 5.00%, 07/01/35		800		922,336
New York University, Series A, 5.00%, 07/01/42		1,000		1,085,110
Pratt Institute, Series A, 5.00%, 07/01/44		1,000		1,129,180
Rockefeller University, Series C, 4.00%, 07/01/49		9,500		10,781,075
Series B, 3.14%, 07/01/43		2,775		2,750,885
Skidmore College, Series A, 5.25%, 07/01/29		135		143,007
St. John’s University, Series A, 5.00%, 07/01/37		350		403,249
State University Dormitory Facilities, Series A, 5.00%, 07/01/22(c)		895		983,426
State University Dormitory Facilities, Series A, 5.25%, 07/01/23(c)		2,095		2,401,729
State University Dormitory Facilities, Series A, 5.25%, 07/01/23(c)		2,095		2,401,729
State University Dormitory Facilities, Series A, 5.00%, 07/01/36		1,850		2,240,831
State University Dormitory Facilities, Series A, 5.00%, 07/01/42		2,000		2,396,740
State University of New York Dormitory Facilities, Series A, 5.00%, 07/01/38		1,655		1,996,840
Taxable, Brooklyn Law School, Series B, 3.56%, 07/01/26		1,000		1,025,320
Taxable, Brooklyn Law School, Series B, 3.67%, 07/01/27		1,250		1,286,625
Taxable, Brooklyn Law School, Series B, 3.76%, 07/01/28		1,000		1,032,760
Taxable, Brooklyn Law School, Series B, 3.82%, 07/01/29		1,250		1,293,312
Town of Hempstead New York Local Development Corp., Refunding RB:
Adelphi University Project, 5.00%, 10/01/34		465		529,240
Adelphi University Project, 5.00%, 10/01/35		265		301,024
Hofstra University Project, 5.00%, 07/01/47		2,065		2,446,261

Security	Par (000)		Value
Education (continued)
Yonkers Economic Development Corp., RB, Charter School of Educational Excellance Project, Series A, 5.00%, 10/15/54	$	200	$	218,812
				138,679,911
Health — 4.1%
Build NYC Resource Corp., Refunding RB, New York Methodist Hospital Project, 5.00%, 07/01/30		600		687,660
City of New York Health & Hospital Corp., Refunding RB, Health System, Series A, 5.00%, 02/15/30		1,000		1,004,520
City of New York Industrial Development Agency, Refunding RB, Special Needs FAS Pool, Series A-1 (ACA), 4.38%, 07/01/20		155		155,279
Counties of Buffalo & Erie New York Industrial Land Development Corp., RB, Catholic Health System Obligation, 5.25%, 07/01/35		500		580,165
County of Dutchess New York Local Development Corp., RB, Health Quest Systems, Inc.:
Series A, 5.00%, 07/01/24(c)		750		881,580
Series B, 4.00%, 07/01/41		9,950		10,705,006
County of Dutchess New York Local Development Corp., Refunding RB:
Health Quest System, Inc., Series A, 5.75%, 07/01/20(c)		300		307,005
Nuvance Health Issue, Series B, 4.00%, 07/01/49		1,870		2,036,243
County of Genesee New York Industrial Development Agency, Refunding RB, United Memorial Medical Center Project:
5.00%, 12/01/27		360		360,936
5.00%, 12/01/32		580		581,438
County of Monroe New York Industrial Development Corp., RB, Rochester General Hospital Project, 5.00%, 12/01/46		4,800		5,543,904
County of Monroe New York Industrial Development Corp., Refunding RB, Unity Hospital of Rochester Project (FHA), 5.50%, 08/15/40		1,050		1,094,646
County of Nassau New York Industrial Development Agency, Refunding RB, Special Needs Facility Pooled Program (ACA), 4.90%, 07/01/21		150		150,077
County of Orange New York Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series G-1 (ACA), 4.90%, 07/01/21		535		536,418
County of Suffolk New York EDC, RB, Catholic Health Services, Series C, 5.00%, 07/01/32		305		347,230
County of Tompkins New York Development Corp., Refunding RB, Kendal at Ithaca, Inc. Project, Series A:
4.25%, 07/01/44		1,595		1,627,267
5.00%, 07/01/44		1,145		1,257,199
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien:
Remarketing, Series A, 5.00%, 11/01/30		3,645		3,856,374
Series B, 6.00%, 11/01/20(c)		325		338,332
Series B, 6.00%, 11/01/30		50		51,763
County of Westchester New York Local Development Corp., Refunding RB:
Kendal On Hudson Project, 5.00%, 01/01/28		930		1,002,149
Kendal On Hudson Project, 5.00%, 01/01/34		875		940,931
Westchester Medical Center Obligation, 5.00%, 11/01/46		1,610		1,800,350
Dutchess County Local Development Corp., Refunding RB, Nuvance Health Issue, Series B, 4.00%, 07/01/44		900		983,043
New York State Dormitory Authority, RB:
Mem Sloan Kettering Cancer Center (NPFGC), 5.50%, 07/01/23		5,000		5,529,150

48 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health (continued)
Montefiore Obligated Group, Series B (AGM), 4.95%, 08/01/48	$	11,035	$	11,923,317
Northwell Health Obligated Group, Series B-3, 5.00%, 05/01/48(d)		5,000		5,919,900
State of New York Dormitory Authority, RB:
New York University Hospitals Center, Series A, 5.75%, 07/01/20(c)		1,055		1,079,634
Orange Regional Medical Center, 5.00%, 12/01/40(a)		1,300		1,459,614
Orange Regional Medical Center, 5.00%, 12/01/45(a)		1,700		1,896,996
State of New York Dormitory Authority, Refunding RB:
Catholic Health Syatem Obligation, 5.00%, 07/01/32		365		451,063
Catholic Health Syatem Obligation, 5.00%, 07/01/34		160		195,570
Catholic Health Syatem Obligation, 5.00%, 07/01/35		350		425,905
Catholic Health Syatem Obligation, 5.00%, 07/01/36		275		333,693
Catholic Health Syatem Obligation, 4.00%, 07/01/40		325		356,821
Catholic Health Syatem Obligation, 5.00%, 07/01/41		450		543,550
Catholic Health System Obligation, 4.00%, 07/01/45		810		878,348
Memorial Sloan-Kettering Cancer Center, Series 1, 5.00%, 07/01/42		2,200		2,687,146
Mount Sinai Hospital, Series A, 5.00%, 07/01/20(c)		1,635		1,666,948
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 05/01/21(c)		2,500		2,631,675
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 05/01/43		1,570		1,780,066
				76,588,911
Housing — 8.4%
City of New York Housing Development Corp., RB:
M/F Housing, Fund Grant Program, New York City Housing Authority Program, Series B1, 5.25%, 07/01/32		2,020		2,253,350
M/F Housing, Fund Grant Program, New York City Housing Authority Program, Series B1, 5.00%, 07/01/33		5,160		5,770,428
M/F Housing, Series K, 3.85%, 11/01/38		4,000		4,269,600
M/F Housing, Series K, 4.00%, 11/01/48		4,000		4,205,440
M/F Housing, Sustainable Neighborhood Bonds, Series A-2B, 1.90%, 05/01/21		10,000		10,002,600
Series C-2A, 2.35%, 07/01/22		7,500		7,600,725
Sustainable Neighborhood Bonds, 4.15%, 11/01/46		2,805		2,970,804
City of New York Housing Development Corp., Refunding RB:
M/F Housing, 8 Spruce Street, Class F, 4.50%, 02/15/48		770		816,100
M/F Housing, Sustainable Neighborhood Bonds, 1.75%, 05/01/59(d)		11,000		11,075,570
M/F Housing, Sustainable Neighborhood Bonds, Series B-1B, 2.10%, 11/01/58(d)		3,655		3,702,332
Series D, 4.10%, 11/01/38		2,500		2,775,925
Taxable, M/F Housing, Series B, 3.76%, 11/01/24		1,855		1,907,311
Taxable, M/F Housing, Series B, 3.93%, 05/01/25		1,890		1,947,380
Taxable, M/F Housing, Series B, 3.93%, 11/01/25		1,930		1,987,070
New York City Housing Development Corp., RB, M/F Housing, Sustainable Neighborhood Bonds:
Series A, 4.38%, 11/01/33		5,000		5,484,800
Series C-2, 1.45%, 05/01/50(d)		4,595		4,595,505
Series L, 2.75%, 05/01/50(d)		6,500		6,758,375
New York City Housing Development Corp., Refunding RB, M/F Housing, Sustainable Neihborhood, 2.00%, 11/01/20		10,000		10,009,200
New York State Housing Finance Agency, RB:
Affordable Housing, Climate Bond, Series D (SONYMA), 2.05%, 05/01/23		5,250		5,278,192

Security	Par (000)		Value
Housing (continued)
M/F Housing, Affordable Housing Revenue, Series E (SONYMA), 2.13%, 11/01/23	$	2,500	$	2,528,625
M/F Housing, Green Bonds, Climate Bond Certified, Series B, 1.60%, 11/01/24		20,000		19,989,800
M/F Housing, Sustainable Bonds, Series I (Fannie Mae) (SONYMA), 1.75%, 05/01/24		3,000		3,017,970
New York State Housing Finance Agency, Refunding RB, Affordable Housing Revenue (SONYMA)(d):
1.80%, 05/01/50		3,940		3,940,946
1.88%, 05/01/50		4,385		4,392,235
State of New York HFA, RB, M/F Housing:
Green Bond, Series B (SONYMA), 2.35%, 05/01/22		5,000		5,040,550
Division Street, Series A, AMT (SONYMA), 5.10%, 02/15/38		875		876,584
Highland Avenue Senior Apartments, Series A, AMT (SONYMA), 5.00%, 02/15/39		1,860		1,862,883
Kensico Terrace Apartments, Series A, AMT (SONYMA), 4.90%, 02/15/38		645		645,993
Series A, Watergate II, AMT, 4.75%, 02/15/34		580		580,644
Series C (Ginnie Mae, Fannie Mae & Freddie Mac) (SONYMA), 2.75%, 11/01/31		1,000		1,017,140
State of New York HFA, Refunding RB, Series C (Fannie Mae) (SONYMA), 3.85%, 11/01/39		4,425		4,751,521
State of New York Mortgage Agency, RB, S/F Housing, 49th Series, 3.25%, 10/01/28		5,000		5,162,400
State of New York Mortgage Agency, Refunding RB:
AMT, Series 209, 3.35%, 04/01/29		4,385		4,647,837
S/F Housing, Series 213, 4.10%, 10/01/38		4,300		4,724,625
Yonkers Industrial Development Corp., RB, Series A, AMT (SONYMA):
Monastery Manor Associates LP Project, 5.25%, 04/01/37		585		586,334
Sacred Heart Association Project, 5.00%, 10/01/37		1,640		1,642,772
				158,819,566
State — 7.8%
City of New York Transitional Finance Authority, BARB, Series S-3:
Fiscal 2011, Sub-Series S-1B, Build America Bonds, 6.83%, 07/15/40		1,500		2,086,365
5.25%, 07/15/36		2,080		2,613,000
City Of New York Transitional Finance Authority Building Aid Revenue, RB, Fiscal 2015, Series S-1, 5.00%, 07/15/40		4,000		4,670,640
City of New York Transitional Finance Authority Building Aid Revenue, RB, 5.25%, 07/15/45		5,000		6,195,150
City of New York Transitional Finance Authority Building Aid Revenue, Refunding RB, Series 4-A, 5.25%, 07/15/35		9,165		11,540,660
New York City Transitional Finance Authority Building Aid Revenue, RB:
Series S-1, 5.00%, 07/15/38		2,250		2,769,255
Series S-1, 5.00%, 07/15/43		6,865		8,036,375
Series S-3, 5.00%, 07/15/37		3,015		3,717,435
New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, Series S-3, Sub-Series S-3A, 5.00%, 07/15/37		7,000		8,629,740
New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 07/01/41		500		588,375
New York State Urban Development Corp., Refunding RB, Personal Income Tax, Series C, 5.00%, 03/15/39		5,000		6,054,650
State of New York Dormitory Authority, RB:
Bid Group 3, Series A, 5.00%, 03/15/39		1,630		1,996,783
Bidding Group Bond, Series B, 5.00%, 02/15/43		3,500		4,189,360

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
State (continued)
Income Tax, Series A, 5.00%, 02/15/36	$	9,000	$	10,743,120
Personal Income Tax, Series G, 5.00%, 08/15/32		1,975		2,092,591
Sales Tax, Series A-Group C, 5.00%, 03/15/40		5,000		5,978,350
Sales Tax, Series A-Group C, 5.00%, 03/15/43		5,095		6,063,916
Series A, 3.74%, 12/01/23		4,000		4,262,280
Series A, 5.00%, 02/15/38		5,000		5,946,450
Series A, 5.00%, 02/15/42		4,390		5,184,414
State of New York Dormitory Authority, Refunding RB:
Group 3, Series E, 5.00%, 03/15/40		5,645		6,919,923
Group 3, Series E, 5.00%, 03/15/41		3,615		4,426,387
Series A, 5.25%, 03/15/39		7,250		9,035,820
Series D, 4.00%, 02/15/38(e)		6,000		6,871,200
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 5.00%, 03/15/38		5,000		6,023,450
State of New York Urban Development Corp., Refunding RB:
Bidding Group Bond, Series B, 2.77%, 03/15/31		9,945		9,823,870
Clarkson Center Advance Materials, 5.50%, 01/01/20(c)		375		375,000
				146,834,559
Tobacco — 2.6%
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, 4.75%, 06/01/39		750		773,205
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:
6.25%, 06/01/41(a)		3,600		3,637,368
5.00%, 06/01/42		3,775		3,763,524
5.00%, 06/01/45		895		881,253
Counties of New York Tobacco Trust VI, Refunding RB:
Settlement Pass-Through Turbo, Series C, 4.00%, 06/01/51		3,655		3,456,936
Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/45		6,350		6,720,268
Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51		3,615		3,872,713
County of Niagara New York Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed:
5.25%, 05/15/34		1,750		1,896,405
5.25%, 05/15/40		1,080		1,154,045
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		4,595		4,596,700
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/33		2,500		2,959,925
TSASC, Inc. New York, Refunding RB, Series A, 5.00%, 06/01/36		5,835		6,842,763
Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds, Sub-Series C:
4.00%, 06/01/42		5,910		6,126,188
5.13%, 06/01/51		2,175		2,325,858
				49,007,151
Transportation — 22.3%
Buffalo & Fort Erie Public Bridge Authority, RB:
5.00%, 01/01/47		320		372,698
Toll Bridge System, 5.00%, 01/01/42		955		1,120,272
City of New York Liberty Development Corp., ARB, Liberty, Secured by Port Authority Consolidated, Series 1WTC, 5.00%, 12/15/41		5,000		5,339,350
Metropolitan Transportation Authority, RB:
Bond Anticipation Notes, Series A, 5.00%, 03/01/22		5,000		5,410,200
Build America Bonds, 7.34%, 11/15/39		1,950		3,047,850
Green Bonds, Series A, 5.00%, 11/15/35		2,500		3,042,050

Security	Par (000)		Value
Transportation (continued)
Green Bonds, Series A, 5.00%, 11/15/42	$	5,000	$	5,976,250
Series A-1, 5.25%, 11/15/23(c)		540		627,318
Series B, 5.25%, 11/15/39		5,795		6,620,266
Series B, 5.25%, 11/15/44		2,125		2,415,891
Series E, 5.00%, 11/15/38		2,350		2,628,287
Metropolitan Transportation Authority, Refunding RB:
Green Bond, Climate Bond Certified, Series A-2 (AGM), 5.00%, 11/15/44		15,000		18,127,800
Green Bond, Group 1, Series C (AGM), 5.00%, 11/15/41		10,000		12,350,900
Green Bond, Group 1, Series C (AGM), 4.00%, 11/15/45		9,550		10,802,291
Green Bond, Sub-Series B-1, 5.00%, 11/15/36		13,500		16,258,725
Series A, 5.25%, 11/15/35		5,000		6,121,600
Series B, 5.00%, 11/15/35		1,750		2,077,372
Series B, 5.00%, 11/15/37		175		207,165
Series D, 5.00%, 11/15/35		2,500		3,038,250
Series F, 5.00%, 11/15/30		1,000		1,101,050
Series F, 5.00%, 11/15/35		1,500		1,751,595
Transportation, Series C, 5.00%, 11/15/30		6,685		7,352,965
Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56		9,985		11,080,654
MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/46		11,105		11,122,546
New York Transportation Development Corp., ARB:
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, AMT, 5.00%, 01/01/25		5,000		5,775,900
LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 4.00%, 07/01/31		7,100		7,636,760
LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/34		250		279,925
LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/41		750		830,438
LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/46		17,145		18,954,655
LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		8,475		9,501,238
LaGuardia Airport Terminal B Redevelopment Project, Series B, 3.02%, 07/01/24		4,150		4,182,287
LaGuardia Airport Terminal B Redevelopment Project, Series B, 3.22%, 07/01/25		1,000		1,015,110
Niagara Falls Bridge Commission, RB, Toll Bridge System (AGM), 4.16%, 10/01/33		1,650		1,792,378
Niagara Frontier Transportation Authority, Refunding ARB, Buffalo Niagara International Airport, AMT:
5.00%, 04/01/34		225		272,201
5.00%, 04/01/35		200		240,840
5.00%, 04/01/36		210		252,095
5.00%, 04/01/37		250		299,498
5.00%, 04/01/38		250		298,728
5.00%, 04/01/39		175		208,562
Niagara Frontier Transportation Authority, Refunding RB, Buffalo Niagara International Airport, AMT, 5.00%, 04/01/32		400		488,596
Port Authority of New York & New Jersey, ARB:
192nd Series, 4.81%, 10/15/65		2,000		2,536,480
Consolidated Bonds, 200th Series, AMT, 5.00%, 09/01/32		1,920		2,414,515
Consolidated Bonds, 200th Series, AMT, 5.00%, 09/01/35		1,945		2,412,014
Consolidated Bonds, 218th Series, AMT, 5.00%, 11/01/31		2,210		2,793,086

50 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
Consolidated Bonds, 218th Series, AMT, 5.00%, 11/01/32	$	7,615	$	9,587,513
Consolidated Bonds, 2nd Series, AMT, 5.00%, 10/15/36		3,000		3,570,330
Consolidated Bonds, AMT, 4.00%, 11/01/41		8,090		9,040,170
Consolidated, 169th Series, 5.00%, 10/15/41		1,000		1,056,350
JFK International Air Terminal LLC Projects, 5.50%, 12/01/31		7,025		7,268,557
Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/42		2,000		2,072,060
Port Authority of New York & New Jersey, RB, Taxable Consolidated 164th Series, 5.65%, 11/01/40		1,745		2,326,155
Port Authority of New York & New Jersey, Refunding ARB:
195th Series, AMT, 5.00%, 04/01/36		4,430		5,248,310
AMT, 169th Series, 5.00%, 10/15/36		7,325		7,759,006
Consolidated Bonds, 198th Series, 5.25%, 11/15/56		14,000		16,983,120
Consolidated, 178th Series, AMT, 5.00%, 12/01/43		285		317,775
Consolidated, 193rd Series, AMT, 5.00%, 10/15/34		3,445		4,017,593
Consolidated, 197th Series, AMT, 5.00%, 11/15/41		1,250		1,471,112
Consolidated, 202th Series, AMT, 5.00%, 04/15/37		5,000		5,965,700
Consolidated, 206th Series, AMT, 5.00%, 11/15/37		1,525		1,829,619
Consolidated,186th Series, AMT, 5.00%, 10/15/44		1,000		1,131,070
Port Authority of New York & New Jersey, Refunding RB, AMT:
178th Series, 5.00%, 12/01/32		1,000		1,129,120
Consolidated, 197th Series, 5.00%, 11/15/36		3,000		3,562,980
State of New York Thruway Authority, RB, Junior Lien, Series A:
5.00%, 01/01/41		7,440		8,681,141
5.25%, 01/01/56		11,520		13,409,626
State of New York Thruway Authority, Refunding RB:
General, Series I, 5.00%, 01/01/22(c)		280		302,070
General, Series J, 5.00%, 01/01/41		5,750		6,466,277
General, Series K, 5.00%, 01/01/29		5,000		5,876,250
General, Series K, 5.00%, 01/01/31		2,500		2,923,900
General, Series K, 5.00%, 01/01/32		1,500		1,748,760
Series L, 5.00%, 01/01/33		2,065		2,537,472
Series L, 5.00%, 01/01/34		910		1,114,695
Series L, 5.00%, 01/01/35		1,050		1,282,123
Series M, 2.50%, 01/01/27		3,000		2,974,170
Series M, 2.55%, 01/01/28		6,010		5,938,000
State of New York Thruway Authority, Refunding RB, Subordinate, Series B:
4.00%, 01/01/38		5,000		5,692,750
4.00%, 01/01/39		2,000		2,269,880
4.00%, 01/01/41		4,900		5,504,023
4.00%, 01/01/45		27,500		30,599,525
Triborough Bridge & Tunnel Authority, Refunding RB:
General, Series A, 5.00%, 11/15/50		1,000		1,164,380
General, Series B, 5.00%, 11/15/37		10,070		12,251,665
MTA Bridge and Tunnels, Series C, 5.00%, 11/15/37		6,000		7,485,300
MTA Bridges & Tunnels, Series A, 5.00%, 11/15/43		16,095		19,733,436
				422,470,634
Utilities — 7.3%
City of New York Municipal Water & Sewer System, RB, Water & Sewer System, 2nd General Resolution, Fiscal 2017, Series DD, 5.25%, 06/15/47		2,455		2,966,377
City of New York Municipal Water & Sewer System, Refunding RB:
2nd General Resolution, Fiscal 2013, Series BB, 5.00%, 06/15/47		2,000		2,189,580
Series AA, 4.00%, 06/15/40		5,000		5,716,200

Security	Par (000)		Value
Utilities (continued)
Water & Sewer System, 2nd General Resolution, Fiscal 2015, Series HH, 5.00%, 06/15/39	$	1,000	$	1,169,280
Water & Sewer System, 2nd General Resolution, Fiscal 2017, Series EE, 5.00%, 06/15/37		2,735		3,320,372
Water & Sewer System, 2nd General Resolution, Fiscal 2017, Series EE, 5.25%, 06/15/37		1,075		1,326,905
City of New York Water & Sewer System, Refunding RB:
2nd Generation Resolution, Fiscal 2018, Series FF, 5.00%, 06/15/40		10,500		12,857,880
Series EE, 5.00%, 06/15/40		8,355		10,163,941
Long Island Power Authority, RB:
5.00%, 09/01/37		2,000		2,447,040
5.00%, 09/01/38		4,200		5,137,146
5.00%, 09/01/39		8,000		9,719,680
General, 5.00%, 09/01/36		1,000		1,205,680
General, Electric Systems, Series A (AGM), 5.00%, 05/01/21(c)		500		526,255
General, Electric Systems, Series B, 5.00%, 09/01/45		5,000		5,727,100
General, Electric Systems, Series C (AGC), 5.25%, 09/01/29		3,000		3,883,710
Series B, 1.65%, 09/01/49(d)		10,000		10,011,900
Long Island Power Authority, Refunding RB, Electric System, Series B, 5.00%, 09/01/46		2,000		2,324,660
New York City Water & Sewer System, Refunding RB, Series DD-2, Block 5, 5.00%, 06/15/40		4,850		5,900,073
State of New York Energy Research & Development Authority, Refunding RB, Rochester Gas & Electric Corp., Series C, 2.63%, 04/01/34(d)		25,000		25,940,000
State of New York Environmental Facilities Corp., Refunding RB, New York City Municipal Water:
Finance Authority Project, 2.83%, 06/15/24		5,000		5,152,650
Revolving Funds, Series B, 5.00%, 06/15/36		1,000		1,053,760
Utility Debt Securitization Authority, Refunding RB, Restructuring:
5.00%, 12/15/37		5,000		5,963,250
Series TE, 5.00%, 12/15/41		11,725		13,288,294
				137,991,733
Total Municipal Bonds in New York				1,542,306,231
Illinois — 0.9%
County/City/Special District/School District — 0.9%
Chicago Board of Education, GO:
Build America Bonds, 6.52%, 12/01/40		3,600		4,001,940
Taxable Build America Bonds, 6.04%, 12/01/29		3,425		3,709,172
Taxable Build America Bonds, 6.14%, 12/01/39		6,150		6,693,537
Taxable Qualified School Construction Bonds, 6.32%, 11/01/29		1,645		1,834,554
Total Municipal Bonds in Illinois				16,239,203
Puerto Rico — 6.4%
State — 3.2%
Commonwealth of Puerto Rico, GO, Public Improvements(f)(g):
Public Improvement, Series A, 5.25%, 07/01/22		440		354,002
Public Improvement, Series A, 5.13%, 07/01/31		1,560		1,255,098
Public Improvement, 5.25%, 07/01/17		205		157,850
Series A, 5.25%, 07/01/26		150		120,683
Commonwealth of Puerto Rico, GO, Refunding(f)(g):
Public Improvement, Series A, 5.50%, 07/01/32		545		438,480
Public Improvement, Series A, 6.00%, 07/01/34		445		340,697
Public Improvement, Series A, 5.50%, 07/01/39		4,190		2,933,000
Public Improvement, Series A, 5.00%, 07/01/41		3,445		2,359,921

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
State (continued)
Public Improvement, Series C, 6.00%, 07/01/39	$	220	$	180,090
Series A, 5.50%, 07/01/18		330		254,100
Series A, 5.75%, 07/01/41		520		398,118
Series A, 8.00%, 07/01/35		5,745		3,621,964
6.00%, 07/01/39		750		613,942
Commonwealth of Puerto Rico, GO, Series B(f)(g):
5.38%, 07/01/33		475		382,161
6.00%, 07/01/38		1,885		1,543,040
Puerto Rico Public Buildings Authority, Refunding RB(f)(g):
Government Facilities, Series F (GTD), 5.25%, 07/01/24		260		230,730
Series M, 10.00%, 07/01/34(d)		490		452,340
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/24(b)		160		141,234
CAB, Series A-1, 0.00%, 07/01/27(b)		306		245,363
CAB, Series A-1, 0.00%, 07/01/29(b)		490		366,515
CAB, Series A-1, 0.00%, 07/01/31(b)		582		403,466
CAB, Series A-1, 0.00%, 07/01/33(b)		841		532,025
CAB, Series A-1, 0.00%, 07/01/46(b)		23,049		6,094,847
CAB, Series A-1, 0.00%, 07/01/51(b)		16,002		3,114,309
Series A-1, 4.75%, 07/01/53		8,153		8,501,296
Series A-1, 5.00%, 07/01/58		9,006		9,551,854
Series A-2, 4.33%, 07/01/40		6,052		6,150,950
Series A-2, 4.78%, 07/01/58		9,107		9,484,940
Series A-2, 4.54%, 07/01/53		49		50,194
Series B-1, 0.00%, 07/01/46(b)		2,677		707,397
				60,980,606
Utilities — 3.2%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB:
5.00%, 07/01/33		205		212,431
5.13%, 07/01/37		2,345		2,432,867
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		5,355		5,448,766
6.00%, 07/01/44		2,695		2,742,189
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB:
5.75%, 07/01/37		1,325		1,396,166
5.25%, 07/01/42		1,865		1,939,563
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series B:
5.00%, 07/01/23		3,050		2,998,638
5.35%, 07/01/27		2,985		2,911,002
6.15%, 07/01/38		1,655		1,543,800
Puerto Rico Electric Power Authority, 1.00%, 01/01/21(e)		277		226,859
Puerto Rico Electric Power Authority, RB:
Series 2013-A, 7.00%, 07/01/33(f)(g)		1,025		805,918
Series 2013-A, 7.00%, 07/01/43(f)(g)		410		322,367
Series A, 5.00%, 07/01/29(f)(g)		1,860		1,424,823
Series A, 6.75%, 07/01/36(f)(g)		3,560		2,799,093
Series A, 5.00%, 07/01/42(f)(g)		2,860		2,190,857
Series A-3, 10.00%, 07/01/19(f)(g)		999		861,682
Series B-3, 10.00%, 07/01/19(f)(g)		999		861,682
Series C-1, 5.40%, 01/01/18(f)(g)		2,745		2,243,907
Series C-2, 5.40%, 07/01/18(f)(g)		2,745		2,244,270
Series C-4, 5.40%, 07/01/20(f)(g)		278		226,859
Series CCC, 5.25%, 07/01/26(f)(g)		770		589,846
Series CCC, 5.25%, 07/01/28(f)(g)		440		337,055
Series D, 7.50%, 07/01/20		762		599,132
Series TT, 5.00%, 07/01/25(f)(g)		210		160,867
Series TT, 5.00%, 07/01/26(f)(g)		565		432,809

Security	Par (000)		Value
Utilities (continued)
Series TT, 5.00%, 07/01/32(f)(g)	$	470	$	360,036
Series WW, 5.50%, 07/01/19(f)(g)		610		467,281
Series WW, 5.38%, 07/01/22(f)(g)		605		463,450
Series WW, 5.38%, 07/01/24(f)(g)		385		294,923
Series WW, 5.50%, 07/01/38(f)(g)		520		398,338
Series WW, 5.50%, 07/01/49(f)(g)		970		731,131
Series XX, 5.25%, 07/01/27(f)(g)		285		218,320
Series XX, 5.25%, 07/01/35(f)(g)		185		141,716
Series XX, 5.75%, 07/01/36(f)(g)		260		199,169
Series XX, 5.25%, 07/01/40(f)(g)		3,460		2,650,478
Puerto Rico Electric Power Authority, Refunding RB:
Series AAA, 5.25%, 07/01/22(f)(g)		990		758,374
Series AAA, 5.25%, 07/01/23(f)(g)		2,670		2,045,311
Series AAA, 5.25%, 07/01/24(f)(g)		225		172,358
Series AAA, 5.25%, 07/01/28(f)(g)		5,655		4,331,922
Series AAA, 5.25%, 07/01/29(f)(g)		235		180,018
Series BBB, 5.40%, 07/01/28(f)(g)		1,240		949,882
Series UU, 1.00%, 07/01/19(d)(f)(g)		165		107,250
Series UU, 1.16%, 07/01/19(d)(f)(g)		185		120,250
Series UU, 1.00%, 07/01/20(d)(f)(g)		1,475		1,026,969
Series UU, 1.98%, 07/01/31(d)(f)(g)(h)		1,755		1,221,919
Series ZZ, 5.00%, 07/01/19(f)(g)		430		329,395
Series ZZ, 5.25%, 07/01/19(f)(g)		1,370		1,049,466
Series ZZ, 5.00%, 07/01/20		2,220		1,700,595
Series ZZ, 5.25%, 07/01/21(f)(g)		110		84,264
Series ZZ, 5.25%, 07/01/24(f)(g)		875		670,280
Series ZZ, 5.25%, 07/01/26(f)(g)		110		84,264
Series ZZ, 5.00%, 07/01/28(f)(g)		435		333,225
Taxable Build America Bonds, Series YY, 6.13%, 07/01/40(f)(g)		1,860		1,424,823
				60,468,855
Total Municipal Bonds in Puerto Rico				121,449,461
Total Municipal Bonds — 88.9% (Cost — $1,595,491,904)				1,679,994,895
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
New York — 9.3%
County/City/Special District/School District — 1.2%
City of New York, GO:
Sub-Series G-1, 5.00%, 04/01/29		750		813,068
Sub-Series I-1, 5.00%, 03/01/36		1,500		1,709,040
City of New York Transitional Finance Authority, RB, Future Tax Secured:
Sub-Series D-1, 5.00%, 11/01/38		1,650		1,755,121
Sub-Series F-1, 5.00%, 05/01/38		3,448		4,160,630
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(j):
5.75%, 02/15/21(c)		1,393		1,461,583
5.75%, 02/15/47		857		899,122
New York New York, GO, Series F-1, 5.00%, 04/01/39		10,000		12,212,196
				23,010,760
State — 3.5%
Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 4.00%, 10/15/32		1,440		1,600,790
State of New York Dormitory Authority, RB:
Bid Group 2, Series A, 5.00%, 03/15/32		5,000		6,249,350
General Purpose, Series C, 5.00%, 03/15/41		1,000		1,040,950
Group B, State Sales Tax, Series A, 5.00%, 03/15/39		15,393		18,458,155
State Personal Income Tax, Series A, 5.00%, 02/15/34		10,000		11,985,997

52 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
State (continued)
State of New York Dormitory Authority, Refunding RB, Bid Group 4, Series C, 5.00%, 03/15/39	$	9,000	$	11,025,180
State of New York Urban Development Corp., Refunding RB, State Personal Income Tax, Series A:
4.00%, 03/15/37		8,740		9,693,709
5.00%, 03/15/45		6,004		7,003,551
				67,057,682
Transportation — 2.8%
Metropolitan Transportation Authority, RB, Sub-Series D-1, 5.00%, 11/15/39		4,260		4,855,846
Metropolitan Transportation Authority, Refunding RB, Green Bonds, Sub-Series B-1, 5.00%, 11/15/51		10,000		11,889,498
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		6,495		6,990,958
Port Authority of New York & New Jersey, Refunding ARB:
Consolidated, Series 169th, 5.00%, 10/15/26		1,500		1,598,175
Series194th, 5.25%, 10/15/55		1,950		2,319,116
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 03/15/31		1,560		1,656,954
Triborough Bridge & Tunnel Authority, Refunding RB:
Series A, 5.00%, 11/15/41		10,000		11,880,900
Series B, 5.00%, 11/15/38		9,000		10,929,060
				52,120,507
Utilities — 1.8%
City of New York Municipal Water & Sewer System, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2012, Series BB, 5.00%, 06/15/44		3,751		3,992,690
City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2011, Series HH, 5.00%, 06/15/32		2,790		2,941,916
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2018, 5.00%, 06/15/38(j)		7,504		9,101,130
Utility Debt Securitization Authority, Refunding RB, Restructuring:
5.00%, 12/15/41		7,800		9,587,526
Series A, 5.00%, 12/15/34		5,000		6,053,550
Series B, 4.00%, 12/15/35		1,300		1,473,914
				33,150,726
Total Municipal Bonds Transferred to Tender Option Bond Trusts in New York				175,339,675
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 9.3% (Cost — $164,289,169)				175,339,675
Total Long-Term Investments — 99.2% (Cost — $1,777,641,077)				1,874,039,062

Security	Shares		Value
Short-Term Securities — 4.7%
BlackRock Liquidity Funds New York Money Fund Portfolio, 1.44%(k)(l)		88,393,423	$	88,393,423
Total Short-Term Securities — 4.7% (Cost — $88,393,423)				88,393,423
Total Investments — 103.9% (Cost — $1,866,034,500)				1,962,432,485
Other Assets Less Liabilities — 0.8%				14,623,052
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.7)%				(88,074,949	)
Net Assets — 100.0%			$	1,888,980,588

^(a)  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.

^(b)  Zero-coupon bond.

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

^(d)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(e)  When-issued security.

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

^(g)  Non-income producing security.

^(h)  Variable rate security. Rate shown is the rate in effect as of period end.

⁽ⁱ⁾  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

^(j)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between August 15, 2020 to June 15, 2025 is $5,134,283.

^(k)  Annualized 7-day yield as of period end.

^(l)  During the six months ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 06/30/19		Net Activity		Shares Held at 12/31/19		Value at 12/31/19		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds New York Money Fund Portfolio		31,207,194		57,186,229		88,393,423	$	88,393,423	$	374,150	$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		1,178		03/20/20	$	151,281	$	1,292,924
Long U.S. Treasury Bond		1,617		03/20/20		252,100		5,509,325
5-Year U.S. Treasury Note		461		03/31/20		54,679		199,855
							$	7,002,104

Derivative Financial Instruments Categorized by Risk Exposure

As of period ended, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	7,002,104	$	—	$	7,002,104

^(a)  Net cumulative unrealized appreciation on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation is included in accumulated earnings.

For the six months ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(20,634,178	)	$	—	$	(20,634,178	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	15,805,804		$	—	$	15,805,804

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — short	$	472,994,035

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

54 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2019 BlackRock New York Municipal Opportunities Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following table summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	—	$	1,874,039,062	$	—	$	1,874,039,062
Short-Term Securities		88,393,423		—		—		88,393,423
	$	88,393,423	$	1,874,039,062	$	—	$	1,962,432,485
Derivative Financial Instruments(b)
Assets:
Interest rate contracts	$	7,002,104	$	—	$	—	$	7,002,104

^(a)  See above Schedule of Investments for values in each sector.

^(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 statement purposes. As of period end, TOB Trust Certificates of $87,854,499 are categorized as Level 2 within the disclosure hierarchy.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 55

Statements of Assets and Liabilities  (unaudited)

December 31, 2019

	BlackRock High Yield Municipal Fund		BlackRock National Municipal Fund		BlackRock Short-Term Municipal Fund		BlackRock New York Municipal Opportunities Fund
ASSETS
Investments at value — unaffiliated(a)	$	1,460,412,870	$	11,949,890,180	$	522,034,723	$	1,874,039,062
Investments at value — affiliated(b)		11,803,676		1,208,069,924		14,715		88,393,423
Cash		179,274		19,200,168		—		1,233,138
Cash pledged for futures contracts		823,500		11,136,000		—		6,104,350
Receivables:
Investments sold		210,614		31,558,781		—		226,859
TOB Trust		12,815,000		—		—		—
Capital shares sold		3,466,398		29,090,571		1,389,501		4,181,000
Dividends — affiliated		75,050		905,365		63		68,023
Interest — unaffiliated		14,556,498		118,602,525		3,653,932		18,793,116
Variation margin on futures contracts		97,359		1,170,756		—		695,517
Prepaid expenses		113,180		535,517		67,177		78,499
Total assets		1,504,553,419		13,370,159,787		527,160,111		1,993,812,987
LIABILITIES
Payables:
Investments purchased		32,814,206		130,073,256		7,750,501		7,090,259
Board realignment and consolidation		550		28,242		3,361		—
Capital shares redeemed		1,839,394		18,680,589		736,212		6,785,249
Income dividend distributions		1,487,584		4,665,842		280,022		903,832
Interest expense and fees		231,718		885,136		—		220,450
Investment advisory fees		1,005,936		7,473,874		201,738		1,267,849
Directors’ and Officer’s fees		117		33,459		645		—
Other accrued expenses		312,184		1,679,465		196,942		419,418
Other affiliates		5,458		56,319		3,324		6,902
Recoupment of past waived fees		—		—		—		6,476
Service and distribution fees		139,203		986,159		36,767		277,465
Total accrued liabilities		37,836,350		164,562,341		9,209,512		16,977,900
OTHER LIABILITIES
TOB Trust Certificates		88,110,547		324,359,972		—		87,854,499
Total liabilities		125,946,897		488,922,313		9,209,512		104,832,399
NET ASSETS	$	1,378,606,522	$	12,881,237,474	$	517,950,599	$	1,888,980,588
NET ASSETS CONSIST OF
Paid-in capital	$	1,297,933,770	$	12,359,589,271	$	515,712,653	$	1,838,637,358
Accumulated earnings		80,672,752		521,648,203		2,237,946		50,343,230
NET ASSETS	$	1,378,606,522	$	12,881,237,474	$	517,950,599	$	1,888,980,588
(a) Investments at cost — unaffiliated	$	1,373,357,142	$	11,458,945,081	$	518,233,969	$	1,777,641,077
(b) Investments at cost — affiliated	$	11,802,838	$	1,207,445,565	$	14,715	$	88,393,423

See notes to financial statements.

56 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

December 31, 2019

	BlackRock High Yield Municipal Fund		BlackRock National Municipal Fund		BlackRock Short-Term Municipal Fund		BlackRock New York Municipal Opportunities Fund
NET ASSET VALUE
Institutional
Net assets	$	821,840,766	$	4,476,814,436	$	358,476,379	$	847,268,007
Shares outstanding		81,978,655		401,812,654		35,289,994		73,832,005
Net asset value	$	10.03	$	11.14	$	10.16	$	11.48
Shares authorized		100 million		800 Million		150 million		Unlimited
Service
Net assets	$	—	$	3,652,868	$	—	$	—
Shares outstanding		—		328,105		—		—
Net asset value	$	—	$	11.13	$	—	$	—
Shares authorized	$	—	$	375 Million	$	—	$	—
Investor A
Net assets	$	421,117,747	$	3,847,605,591	$	125,770,652	$	804,763,525
Shares outstanding		42,106,757		345,096,234		12,374,133		70,085,793
Net asset value	$	10.00	$	11.15	$	10.16	$	11.48
Shares authorized		100 million		800 Million		150 Million		Unlimited
Investor A1
Net assets	$	—	$	—	$	14,656,660	$	101,559,179
Shares outstanding		—		—		1,441,754		8,845,240
Net asset value	$	—	$	—	$	10.17	$	11.48
Shares authorized						150 Million		Unlimited
Investor C
Net assets	$	65,111,783	$	253,898,554	$	12,063,082	$	129,483,486
Shares outstanding		6,492,038		22,769,152		1,219,066		11,280,926
Net asset value	$	10.03	$	11.15	$	9.90	$	11.48
Shares authorized		100 million		375 Million		150 Million		Unlimited
Investor C1
Net assets	$	—	$	713,235	$	—	$	46,106
Shares outstanding		—		63,992		—		4,016
Net asset value	$	—	$	11.15	$	—	$	11.48
Shares authorized		—		375 Million		—		Unlimited
Class K
Net assets	$	70,536,226	$	4,298,552,790	$	6,983,826	$	5,860,285
Shares outstanding		7,036,501		385,644,812		687,605		510,629
Net asset value	$	10.02	$	11.15	$	10.16	$	11.48
Shares authorized		2 billion		375 million		150 million		Unlimited

See notes to financial statements.

FINANCIAL STATEMENTS 57

Statements of Operations  (unaudited)

Six Months Ended December 31, 2019

	BlackRock High Yield Municipal Fund			BlackRock National Municipal Fund			BlackRock Short-Term Municipal Fund			BlackRock New York Municipal Opportunities Fund
INVESTMENT INCOME
Dividends — affiliated	$	389,365		$	7,912,956		$	874		$	374,150
Dividends — unaffiliated		321,453			—			—			—
Interest — unaffiliated		27,513,993			169,219,808			4,771,291			27,174,201
Total investment income		28,224,811			177,132,764			4,772,165			27,548,351
EXPENSES
Investment advisory		3,043,738			23,251,368			734,278			4,007,970
Service and distribution — class specific		815,964			5,718,385			214,101			1,581,782
Transfer agent — class specific		256,691			3,664,076			210,086			453,497
Registration		115,392			502,623			55,259			59,151
Accounting services		86,497			503,001			48,682			100,332
Professional		43,305			80,764			35,044			59,009
Printing		10,026			58,578			9,784			35,444
Custodian		9,003			74,249			3,754			11,038
Directors and Officer		8,389			72,607			4,018			10,575
Recoupment of past waived and/or reimbursed fees — class specific		—			—			—			3,646
Miscellaneous		39,045			112,559			30,557			40,891
Total expenses excluding interest expense and fees		4,428,050			34,038,210			1,345,563			6,363,335
Interest expense and fees(a)		728,330			3,023,642			—			833,493
Total expenses		5,156,380			37,061,852			1,345,563			7,196,828
Less:
Fees waived and/or reimbursed by the Manager		(133,680	)		(1,734,467	)		(142,739	)		(376,708	)
Transfer agent fees waived and/or reimbursed		(4,233	)		(1,648,220	)		(90,826	)		(22,397	)
Total expenses after fees waived and/or reimbursed		5,018,467			33,679,165			1,111,998			6,797,723
Net investment income		23,206,344			143,453,599			3,660,167			20,750,628
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Futures contracts		(3,877,838	)		(53,263,376	)		—			(20,634,178	)
Investments — affiliated		710			1,301,717			2			—
Investments — unaffiliated		2,935,220			66,164,228			(41,593	)		3,084,150
		(941,908	)		14,202,569			(41,591	)		(17,550,028	)
Net change in unrealized appreciation (depreciation) on:
Futures contracts		2,127,296			27,904,183			—			15,805,804
Investments — affiliated		947			649,776			—			—
Investments — unaffiliated		15,685,857			49,835,765			489,825			15,847,138
		17,814,100			78,389,724			489,825			31,652,942
Net realized and unrealized gain		16,872,192			92,592,293			448,234			14,102,914
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,078,536		$	236,045,892		$	4,108,401		$	34,853,542

^(a)  Related to TOB Trusts.

See notes to financial statements.

58 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	BlackRock High Yield Municipal Fund						BlackRock National Municipal Fund
	Six Months Ended 12/31/19 (unaudited)			Year Ended 06/30/19			Six Months Ended 12/31/19 (unaudited)			Year Ended 06/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	23,206,344		$	37,834,284		$	143,453,599		$	287,564,074
Net realized gain (loss)		(941,908	)		(1,831,449	)		14,202,569			15,128,205
Net change in unrealized appreciation (depreciation)		17,814,100			36,722,189			78,389,724			252,502,699
Net increase in net assets resulting from operations		40,078,536			72,725,024			236,045,892			555,194,978
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(14,594,004	)		(24,887,973	)		(57,296,995	)		(104,760,559	)
Service		—			—			(41,006	)		(77,168	)
Investor A		(6,711,492	)		(9,964,530	)		(42,850,064	)		(75,842,742	)
Investor C		(856,320	)		(1,811,155	)		(2,177,708	)		(5,989,952	)
Investor C1		—			—			(7,231	)		(91,053	)
Class K		(1,096,703	)		(1,062,054	)		(54,714,454	)		(100,550,818	)
Decrease in net assets resulting from distributions to shareholders		(23,258,519	)		(37,725,712	)		(157,087,458	)		(287,312,292	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		122,174,263			362,627,319			1,499,767,076			1,923,084,647
NET ASSETS(b)
Total increase in net assets		138,994,280			397,626,631			1,578,725,510			2,190,967,333
Beginning of period		1,239,612,242			841,985,611			11,302,511,964			9,111,544,631
End of period	$	1,378,606,522		$	1,239,612,242		$	12,881,237,474		$	11,302,511,964

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 59

Statements of Changes in Net Assets  (continued)

	BlackRock Short-Term Municipal Fund						BlackRock New York Municipal Opportunities Fund
	Six Months Ended 12/31/19 (unaudited)			Year Ended 06/30/19			Six Months Ended 12/31/19 (unaudited)			Year Ended 06/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,660,167		$	7,521,062		$	20,750,628		$	34,382,771
Net realized loss		(41,591	)		(380,362	)		(17,550,028	)		(31,842,140	)
Net change in unrealized appreciation (depreciation)		489,825			4,184,574			31,652,942			58,674,006
Net increase in net assets resulting from operations		4,108,401			11,325,274			34,853,542			61,214,637
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(2,753,682	)		(5,824,213	)		(10,248,895	)		(23,408,799	)
Investor A		(725,432	)		(1,210,653	)		(8,300,013	)		(17,218,601	)
Investor A1		(110,783	)		(244,865	)		(1,264,428	)		(4,269,479	)
Investor C		(36,763	)		(101,735	)		(982,735	)		(3,273,586	)
Investor C1		—			—			(450	)		(7,344	)
Class K		(53,120	)		(125,501	)		(64,539	)		(137,905	)
Decrease in net assets resulting from distributions to shareholders		(3,679,780	)		(7,506,967	)		(20,861,060	)		(48,315,714	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		18,886,840			31,896,379			305,124,525			529,012,126
NET ASSETS
Total increase in net assets		19,315,461			35,714,686			319,117,007			541,911,049
Beginning of period		498,635,138			462,920,452			1,569,863,581			1,027,952,532
End of period	$	517,950,599		$	498,635,138		$	1,888,980,588		$	1,569,863,581

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

60 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock High Yield Municipal Fund
	Institutional
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	9.89		$	9.59		$	9.54		$	9.99		$	9.28		$	9.12
Net investment income(a)		0.18			0.39			0.40			0.41			0.40			0.41
Net realized and unrealized gain (loss)		0.14			0.30			0.05			(0.46	)		0.72			0.16
Net increase (decrease) from investment operations		0.32			0.69			0.45			(0.05	)		1.12			0.57
Distributions from net investment income(b)		(0.18	)		(0.39	)		(0.40	)		(0.40	)		(0.41	)		(0.41	)
Net asset value, end of period	$	10.03		$	9.89		$	9.59		$	9.54		$	9.99		$	9.28
Total Return(c)
Based on net asset value		3.28	%(d)		7.36	%		4.78	%		(0.38	)%		12.32	%		6.27	%
Ratios to Average Net Assets(e)
Total expenses		0.66	%(f)		0.71	%		0.70	%		0.71	%		0.71	%		0.70	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.64	%(f)		0.68	%		0.68	%		0.66	%		0.71	%		0.70	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g)		0.53	%(f)		0.52	%		0.54	%		0.57	%		0.65	%		0.66	%
Net investment income		3.65	%(f)		4.03	%		4.14	%		4.24	%		4.23	%		4.37	%
Supplemental Data
Net assets, end of period (000)	$	821,841		$	780,811		$	549,217		$	516,247		$	554,336		$	327,422
Borrowings outstanding, end of year (000)	$	88,111		$	75,301		$	61,022		$	60,043		$	46,657		$	26,216
Portfolio turnover rate		5	%		14	%		25	%		36	%		19	%		41	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/2019			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock High Yield Municipal Fund (continued)
	Investor A
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	9.87		$	9.56		$	9.52		$	9.97		$	9.26		$	9.10
Net investment income(a)		0.17			0.36			0.37			0.38			0.38			0.38
Net realized and unrealized gain (loss)		0.13			0.31			0.04			(0.45	)		0.71			0.16
Net increase (decrease) from investment operations		0.30			0.67			0.41			(0.07	)		1.09			0.54
Distributions from net investment income(b)		(0.17	)		(0.36	)		(0.37	)		(0.38	)		(0.38	)		(0.38	)
Net asset value, end of period	$	10.00		$	9.87		$	9.56		$	9.52		$	9.97		$	9.26
Total Return(c)
Based on net asset value		3.06	%(d)		7.21	%		4.40	%		(0.63	)%		12.05	%		6.00	%
Ratios to Average Net Assets(e)
Total expenses		0.91	%(f)		0.98	%		0.96	%		0.94	%		0.96	%		0.97	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.89	%(f)		0.95	%		0.94	%		0.91	%		0.96	%		0.97	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g)		0.78	%(f)		0.79	%		0.80	%		0.82	%		0.90	%		0.93	%
Net investment income		3.40	%(f)		3.76	%		3.88	%		4.00	%		3.99	%		4.11	%
Supplemental Data
Net assets, end of period (000)	$	421,118		$	345,255		$	220,992		$	201,212		$	228,140		$	156,348
Borrowings outstanding, end of year (000)	$	88,111		$	75,301		$	61,022		$	60,043		$	46,657		$	26,216
Portfolio turnover rate		5	%		14	%		25	%		36	%		19	%		41	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/2019			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

62 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock High Yield Municipal Fund (continued)
	Investor C
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	9.89		$	9.59		$	9.55		$	9.99		$	9.28		$	9.12
Net investment income(a)		0.13			0.29			0.30			0.31			0.31			0.31
Net realized and unrealized gain (loss)		0.14			0.30			0.04			(0.44	)		0.71			0.16
Net increase (decrease) from investment operations		0.27			0.59			0.34			(0.13	)		1.02			0.47
Distributions from net investment income(b)		(0.13	)		(0.29	)		(0.30	)		(0.31	)		(0.31	)		(0.31	)
Net asset value, end of period	$	10.03		$	9.89		$	9.59		$	9.55		$	9.99		$	9.28
Total Return(c)
Based on net asset value		2.76	%(d)		6.28	%		3.62	%		(1.26	)%		11.20	%		5.20	%
Ratios to Average Net Assets(e)
Total expenses		1.68	%(f)		1.74	%		1.73	%		1.70	%		1.72	%		1.72	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.65	%(f)		1.70	%		1.69	%		1.66	%		1.72	%		1.72	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g)		1.54	%(f)		1.54	%		1.56	%		1.57	%		1.66	%		1.68	%
Net investment income		2.64	%(f)		3.02	%		3.13	%		3.25	%		3.23	%		3.36	%
Supplemental Data
Net assets, end of period (000)	$	65,112		$	64,484		$	60,065		$	63,314		$	71,527		$	54,239
Borrowings outstanding, end of year (000)	$	88,111		$	75,301		$	61,022		$	60,043		$	46,657		$	26,216
Portfolio turnover rate		5	%		14	%		25	%		36	%		19	%		41	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/2019			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 63

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock High Yield Municipal Fund (continued)
	Class K
	Six Months Ended 12/31/19 (Unaudited)			Year Ended 06/30/19			Period from 01/25/18 (a) to 06/30/18
Net asset value, beginning of period	$	9.89		$	9.59		$	9.62
Net investment income(b)		0.18			0.39			0.18
Net realized and unrealized gain (loss)		0.13			0.30			(0.04	)
Net increase from investment operations		0.31			0.69			0.14
Distributions from net investment income(c)		(0.18	)		(0.39	)		(0.17	)
Net asset value, end of period	$	10.02		$	9.89		$	9.59
Total Return(d)
Based on net asset value		3.20	%(e)		7.40	%		1.50	%(e)
Ratios to Average Net Assets(f)
Total expenses		0.63	%(g)		0.69	%		0.67	%(g)(h)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.60	%(g)		0.65	%		0.62	%(g)
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, and amortization of offering costs(i)		0.49	%(g)		0.49	%		0.49	%(g)
Net investment income		3.69	%(g)		4.04	%		4.48	%(g)
Supplemental Data
Net assets, end of period (000)	$	70,536		$	49,062		$	11,712
Borrowings outstanding, end of period (000)	$	88,111		$	75,301		$	61,022
Portfolio turnover rate		5	%		14	%		25	%

^(a) Commencement of operations.

^(b) Based on average Common Shares outstanding.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Aggregate total return.

^(f) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Year Ended 12/31/19			Year Ended 06/30/19			Period from 01/25/18 (a) to 06/30/18
Investments in underlying funds		0.01	%		0.01	%		0.01	%

^(g) Annualized.

^(h) Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.68%.

⁽ⁱ⁾ Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

64 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock National Municipal Fund
	Institutional
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.06		$	10.79		$	10.88		$	11.22		$	10.86		$	10.88
Net investment income(a)		0.13			0.33			0.33			0.34			0.34			0.38
Net realized and unrealized gain (loss)		0.10			0.27			(0.09	)		(0.34	)		0.36			(0.02	)
Net increase from investment operations		0.23			0.60			0.24			0.00			0.70			0.36
Distributions(b)
From net investment income		(0.14	)		(0.33	)		(0.33	)		(0.34	)		(0.34	)		(0.38	)
From net realized gain		(0.01	)		—			—			—			—			—
Total distributions		(0.15	)		(0.33	)		(0.33	)		(0.34	)		(0.34	)		(0.38	)
Net asset value, end of period	$	11.14		$	11.06		$	10.79		$	10.88		$	11.22		$	10.86
Total Return(c)
Based on net asset value		2.08	%(d)		5.68	%		2.23	%		0.09	%		6.68	%		3.33	%
Ratios to Average Net Assets(e)
Total expenses		0.54	%(f)		0.53	%		0.52	%		0.57	%		0.60	%		0.64	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.48	%(f)		0.48	%		0.44	%		0.49	%		0.58	%		0.59	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		0.43	%(f)(g)		0.43	%(g)		0.44	%		0.48	%(g)		0.57	%(g)		0.55	%(g)
Net investment income		2.41	%(f)		3.04	%		3.04	%		3.15	%		3.10	%		3.47	%
Supplemental Data
Net assets, end of period (000)	$	4,476,814		$	4,063,258		$	3,028,849		$	3,225,595		$	3,326,972		$	2,088,580
Borrowings outstanding, end of year (000)	$	324,360		$	324,360		$	—		$	—		$	—		$	275,550
Portfolio turnover rate		26	%		77	%		51	%		83	%		83	%		28	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.02	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 65

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock National Municipal Fund (continued)
	Service
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.06		$	10.78		$	10.87		$	11.21		$	10.85		$	10.86
Net investment income(a)		0.13			0.31			0.31			0.33			0.34			0.38
Net realized and unrealized gain (loss)		0.07			0.27			(0.10	)		(0.35	)		0.34			(0.03	)
Net increase (decrease) from investment operations		0.20			0.58			0.21			(0.02	)		0.68			0.35
Distributions(b)
From net investment income		(0.12	)		(0.30	)		(0.30	)		(0.32	)		(0.32	)		(0.36	)
From net realized gain		(0.01	)		—			—			—			—			—
Total distributions		(0.13	)		(0.30	)		(0.30	)		(0.32	)		(0.32	)		(0.36	)
Net asset value, end of period	$	11.13		$	11.06		$	10.78		$	10.87		$	11.21		$	10.85
Total Return(c)
Based on net asset value		1.86	%(d)		5.51	%		1.99	%		(0.14	)%		6.47	%		3.23	%
Ratios to Average Net Assets(e)
Total expenses		0.75	%(f)		0.76	%		0.71	%		0.76	%		0.80	%		0.82	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.72	%(f)		0.73	%		0.67	%		0.71	%		0.78	%		0.77	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		0.67	%(f)(g)		0.68	%(g)		0.67	%		0.71	%(g)		0.77	%(g)		0.74	%(g)
Net investment income		2.36	%(f)		2.90	%		2.90	%		3.04	%		3.06	%		3.52	%
Supplemental Data
Net assets, end of period (000)	$	3,653		$	3,318		$	2,407		$	3,150		$	2,505		$	1,739
Borrowings outstanding, end of period (000)	$	324,360		$	324,360		$	—		$	—		$	—		$	275,550
Portfolio turnover rate		26	%		77	%		51	%		83	%		83	%		28	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.02	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

66 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock National Municipal Fund (continued)
	Investor A
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.07		$	10.80		$	10.88		$	11.23		$	10.87		$	10.88
Net investment income(a)		0.12			0.30			0.30			0.32			0.33			0.36
Net realized and unrealized gain (loss)		0.09			0.27			(0.08	)		(0.35	)		0.36			(0.01	)
Net increase (decrease) from investment operations		0.21			0.57			0.22			(0.03	)		0.69			0.35
Distributions(b)
From net investment income		(0.12	)		(0.30	)		(0.30	)		(0.32	)		(0.33	)		(0.36	)
From net realized gain		(0.01	)		—			—			—			—			—
Total distributions		(0.13	)		(0.30	)		(0.30	)		(0.32	)		(0.33	)		(0.36	)
Net asset value, end of period	$	11.15		$	11.07		$	10.80		$	10.88		$	11.23		$	10.87
Total Return(c)
Based on net asset value		1.95	%(d)		5.41	%		2.07	%		(0.22	)%		6.42	%		3.26	%
Ratios to Average Net Assets(e)
Total expenses		0.81	%(f)		0.82	%		0.77	%		0.81	%		0.85	%		0.90	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.73	%(f)		0.73	%		0.69	%		0.70	%		0.74	%		0.75	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		0.68	%(f)(g)		0.68	%(g)		0.69	%		0.70	%(g)		0.72	%(g)		0.72	%(g)
Net investment income		2.15	%(f)		2.79	%		2.79	%		2.93	%		2.97	%		3.30	%
Supplemental Data
Net assets, end of period (000)	$	3,847,606		$	3,227,894		$	2,730,622		$	2,342,752		$	2,669,101		$	2,388,743
Borrowings outstanding, end of period (000)	$	324,360		$	324,360		$	—		$	—		$	—		$	275,550
Portfolio turnover rate		26	%		77	%		51	%		83	%		83	%		28	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, excludes the effects of any sales charges, and assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.02	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 67

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock National Municipal Fund (continued)
	Investor C
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.07		$	10.80		$	10.88		$	11.23		$	10.87		$	10.88
Net investment income(a)		0.08			0.22			0.22			0.24			0.24			0.28
Net realized and unrealized gain (loss)		0.09			0.27			(0.08	)		(0.35	)		0.36			(0.01	)
Net increase (decrease) from investment operations		0.17			0.49			0.14			(0.11	)		0.60			0.27
Distributions(b)
From net investment income		(0.08	)		(0.22	)		(0.22	)		(0.24	)		(0.24	)		(0.28	)
From net realized gain		(0.01	)		—			—			—			—			—
Total distributions		(0.09	)		(0.22	)		(0.22	)		(0.24	)		(0.24	)		(0.28	)
Net asset value, end of period	$	11.15		$	11.07		$	10.80		$	10.88		$	11.23		$	10.87
Total Return(c)
Based on net asset value		1.57	%(d)		4.63	%		1.31	%		(0.96	)%		5.63	%		2.49	%
Ratios to Average Net Assets(e)
Total expenses		1.52	%(f)		1.51	%		1.47	%		1.51	%		1.54	%		1.59	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.48	%(f)		1.48	%		1.43	%		1.45	%		1.49	%		1.50	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		1.43	%(f)(g)		1.43	%(g)		1.43	%		1.44	%(g)		1.47	%(g)		1.47	%(g)
Net investment income		1.41	%(f)		2.06	%		2.04	%		2.19	%		2.22	%		2.55	%
Supplemental Data
Net assets, end of period (000)	$	253,899		$	270,445		$	327,384		$	382,703		$	467,928		$	397,945
Borrowings outstanding, end of period (000)	$	324,360		$	324,360		$	—		$	—		$	—		$	275,550
Portfolio turnover rate		26	%		77	%		51	%		83	%		83	%		28	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, excludes the effects of any sales charges, and assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.02	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

68 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock National Municipal Fund (continued)
	Investor C1
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.07		$	10.79		$	10.88		$	11.22		$	10.87		$	10.88
Net investment income(a)		0.14			0.25			0.25			0.26			0.27			0.30
Net realized and unrealized gain (loss)		0.04			0.27			(0.10	)		(0.34	)		0.35			(0.01	)
Net increase (decrease) from investment operations		0.18			0.52			0.15			(0.08	)		0.62			0.29
Distributions(b)
From net investment income		(0.09	)		(0.24	)		(0.24	)		(0.26	)		(0.27	)		(0.30	)
From net realized gain		(0.01	)		—			—			—			—			—
Total distributions		(0.10	)		(0.24	)		(0.24	)		(0.26	)		(0.27	)		(0.30	)
Net asset value, end of period	$	11.15		$	11.07		$	10.79		$	10.88		$	11.22		$	10.87
Total Return(c)
Based on net asset value		1.67	%(d)		4.93	%		1.42	%		(0.68	)%		5.83	%		2.68	%
Ratios to Average Net Assets(e)
Total expenses		1.45	%(f)		1.32	%		1.28	%		1.31	%		1.34	%		1.39	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.28	%(f)		1.28	%		1.24	%		1.25	%		1.30	%		1.31	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		1.23	%(f)(g)		1.23	%(g)		1.24	%		1.25	%(g)		1.28	%(g)		1.28	%(g)
Net investment income		2.54	%(f)		2.36	%		2.24	%		2.40	%		2.42	%		2.74	%
Supplemental Data
Net assets, end of period (000)	$	713		$	912		$	9,788		$	12,072		$	61,362		$	64,049
Borrowings outstanding, end of period (000)	$	324,360		$	324,360		$	—		$	—		$	—		$	275,550
Portfolio turnover rate		26	%		77	%		51	%		83	%		83	%		28	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, excludes the effects of any sales charges, and assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.02	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 69

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock National Municipal Fund (continued)
	Class K
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.07		$	10.79		$	10.88		$	11.22		$	10.87		$	10.88
Net investment income(a)		0.14			0.33			0.33			0.35			0.36			0.39
Net realized and unrealized gain (loss)		0.09			0.28			(0.09	)		(0.34	)		0.35			(0.01	)
Net increase from investment operations		0.23			0.61			0.24			0.01			0.71			0.38
Distributions(b)
From net investment income		(0.14	)		(0.33	)		(0.33	)		(0.35	)		(0.36	)		(0.39	)
From net realized gain		(0.01	)		—			—			—			—			—
Total distributions		(0.15	)		(0.33	)		(0.33	)		(0.35	)		(0.36	)		(0.39	)
Net asset value, end of period	$	11.15		$	11.07		$	10.79		$	10.88		$	11.22		$	10.87
Total Return(c)
Based on net asset value		2.10	%(d)		5.82	%		2.28	%		0.15	%		6.70	%		3.53	%
Ratios to Average Net Assets(e)
Total expenses		0.46	%(f)		0.46	%		0.44	%		0.48	%		0.53	%		0.58	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.43	%(f)		0.43	%		0.39	%		0.41	%		0.48	%		0.49	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, and amortization of offering costs		0.38	%(f)(g)		0.38	%(g)		0.39	%		0.40	%(g)		0.46	%(g)		0.46	%(g)
Net investment income		2.46	%(f)		3.09	%		3.09	%		3.24	%		3.24	%		3.56	%
Supplemental Data
Net assets, end of period (000)	$	4,298,553		$	3,736,686		$	3,012,495		$	1,847,397		$	332,000		$	341,071
Borrowings outstanding, end of period (000)	$	324,360		$	324,360		$	—		$	—		$	—		$	275,550
Portfolio turnover rate		26	%		77	%		51	%		83	%		83	%		28	%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Where applicable, assumes the reinvestment of distributions.

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.02	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f) Annualized.

^(g) Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

70 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Short-Term Municipal Fund
	Institutional
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.15		$	10.08		$	10.12		$	10.18		$	10.11		$	10.16
Net investment income(a)		0.08			0.16			0.11			0.07			0.05			0.04
Net realized and unrealized gain (loss)		0.01			0.07			(0.04	)		(0.06	)		0.07			(0.05	)
Net increase (decrease) from investment operations		0.09			0.23			0.07			0.01			0.12			(0.01	)
Distributions(b)
From net investment income		(0.08	)		(0.16	)		(0.11	)		(0.07	)		(0.05	)		(0.04	)
From net realized gain		—			—			—			(0.00	)(c)		(0.00	)(c)		—
Total distributions		(0.08	)		(0.16	)		(0.11	)		(0.07	)		(0.05	)		(0.04	)
Net asset value, end of period	$	10.16		$	10.15		$	10.08		$	10.12		$	10.18		$	10.11
Total Return(d)
Based on net asset value		0.88	%(e)		2.32	%		0.71	%		0.10	%		1.15	%		(0.11	)%
Ratios to Average Net Assets
Total expenses		0.47	%(f)		0.46	%		0.49	%		0.52	%		0.52	%		0.51	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.36	%(f)		0.36	%		0.36	%		0.37	%		0.40	%		0.40	%
Net investment income		1.57	%(f)		1.61	%		1.12	%		0.66	%		0.48	%		0.42	%
Supplemental Data
Net assets, end of period (000)	$	358,476		$	350,720		$	360,543		$	357,427		$	454,165		$	492,702
Portfolio turnover rate		54	%		129	%		153	%		88	%		67	%		72	%

^(a)  Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Amount is greater than $(0.005) per share.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Aggregate total return.

^(f) Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 71

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Short-Term Municipal Fund (continued)
	Investor A
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.15		$	10.08		$	10.13		$	10.18		$	10.12		$	10.16
Net investment income(a)		0.07			0.14			0.09			0.04			0.02			0.01
Net realized and unrealized gain (loss)		0.01			0.07			(0.05	)		(0.05	)		0.06			(0.04	)
Net increase (decrease) from investment operations		0.08			0.21			0.04			(0.01	)		0.08			(0.03	)
Distributions(b)
From net investment income		(0.07	)		(0.14	)		(0.09	)		(0.04	)		(0.02	)		(0.01	)
From net realized gain		—			—			—			(0.00	)(c)		(0.00	)(c)		—
Total distributions		(0.07	)		(0.14	)		(0.09	)		(0.04	)		(0.02	)		(0.01	)
Net asset value, end of period	$	10.16		$	10.15		$	10.08		$	10.13		$	10.18		$	10.12
Total Return(d)
Based on net asset value		0.75	%(e)		2.08	%		0.37	%		(0.06	)%		0.76	%		(0.29	)%
Ratios to Average Net Assets
Total expenses		0.66	%(f)		0.67	%		0.68	%		0.72	%		0.71	%		0.70	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.60	%(f)		0.60	%		0.60	%		0.63	%		0.69	%		0.69	%
Net investment income		1.28	%(f)		1.39	%		0.85	%		0.40	%		0.19	%		0.13	%
Supplemental Data
Net assets, end of period (000)	$	125,771		$	109,462		$	61,444		$	67,193		$	78,879		$	100,980
Portfolio turnover rate		54	%		129	%		153	%		88	%		67	%		72	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

72 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Short-Term Municipal Fund (continued)
	Investor A1
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.16		$	10.08		$	10.13		$	10.19		$	10.12		$	10.17
Net investment income(a)		0.07			0.15			0.10			0.06			0.04			0.03
Net realized and unrealized gain (loss)		0.01			0.08			(0.05	)		(0.06	)		0.06			(0.05	)
Net increase (decrease) from investment operations		0.08			0.23			0.05			0.00			0.10			(0.02	)
Distributions(b)
From net investment income		(0.07	)		(0.15	)		(0.10	)		(0.06	)		(0.03	)		(0.03	)
From net realized gain		—			—			—			(0.00	)(c)		(0.00	)(c)		—
Total dividends and distributions		(0.07	)		(0.15	)		(0.10	)		(0.06	)		(0.03	)		(0.03	)
Net asset value, end of period	$	10.17		$	10.16		$	10.08		$	10.13		$	10.19		$	10.12
Total Return(d)
Based on net asset value		0.82	%(e)		2.32	%		0.51	%		(0.01	)%		1.03	%		(0.23	)%
Ratios to Average Net Assets
Total expenses		0.52	%(f)		0.53	%		0.55	%		0.56	%		0.55	%		0.55	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.46	%(f)		0.46	%		0.46	%		0.48	%		0.52	%		0.52	%
Net investment income		1.38	%(f)		1.47	%		0.98	%		0.54	%		0.36	%		0.30	%
Supplemental Data
Net assets, end of period (000)	$	14,657		$	15,570		$	17,389		$	19,724		$	25,203		$	33,292
Portfolio turnover rate		54	%		129	%		153	%		88	%		67	%		72	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 73

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Short-Term Municipal Fund (continued)
	Investor C
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	9.89		$	9.82		$	9.86		$	9.96		$	9.95		$	10.07
Net investment income (loss)(a)		0.02			0.05			—			(0.04	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss)		0.02			0.08			(0.03	)		(0.06	)		0.07			(0.05	)
Net increase (decrease) from investment operations		0.04			0.13			(0.03	)		(0.10	)		0.01			(0.12	)
Distributions(b)
From net investment income		(0.03	)		(0.06	)		(0.01	)		—			—			—
From net realized gain		—			—			—			(0.00	)(c)		(0.00	)(c)		—
Total distributions		(0.03	)		(0.06	)		(0.01	)		—			—			—
Net asset value, end of period	$	9.90		$	9.89		$	9.82		$	9.86		$	9.96		$	9.95
Total Return(d)
Based on net asset value		0.37	%(e)		1.33	%		(0.26	)%		(0.96	)%		0.11	%		(1.19	)%
Ratios to Average Net Assets
Total expenses		1.44	%(f)		1.45	%		1.46	%		1.48	%		1.48	%		1.47	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.36	%(f)		1.36	%		1.36	%		1.39	%		1.48	%		1.47	%
Net investment income (loss)		0.31	%(f)		0.52	%		0.01	%		(0.41	)%		(0.60	)%		(0.70	)%
Supplemental Data
Net assets, end of period (000)	$	12,063		$	15,434		$	16,825		$	22,859		$	31,251		$	31,121
Portfolio turnover rate		54	%		129	%		153	%		88	%		67	%		72	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

See notes to financial statements.

74 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Short-Term Municipal Fund (continued)
	Class K
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.15		$	10.08		$	10.12		$	10.18		$	10.11		$	10.15
Net investment income(a)		0.05			0.14			0.08			0.00	(b)		0.05			0.02
Net realized and unrealized gain (loss)		0.04			0.10			—			0.01			0.06			(0.02	)
Net increase (decrease) from investment operations		0.09			0.24			0.08			0.01			0.11			—
Distributions(c)
From net investment income		(0.08	)		(0.17	)		(0.12	)		(0.07	)		(0.04	)		(0.04	)
From net realized gain		—			—			—			(0.00	)(d)		(0.00	)(d)		—
Total distributions		(0.08	)		(0.17	)		(0.12	)		(0.07	)		(0.04	)		(0.04	)
Net asset value, end of period	$	10.16		$	10.15		$	10.08		$	10.12		$	10.18		$	10.11
Total Return(e)
Based on net asset value		0.90	%(f)		2.37	%		0.76	%		0.13	%		1.13	%		(0.01	)%
Ratios to Average Net Assets
Total expenses		0.37	%(g)		0.38	%		0.38	%		0.43	%		0.42	%		0.41	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.31	%(g)		0.31	%		0.31	%		0.34	%		0.42	%		0.40	%
Net investment income		1.04	%(g)		1.43	%		0.75	%		0.02	%		0.45	%		0.21	%
Supplemental Data
Net assets, end of period (000)	$	6,984		$	7,450		$	6,719		$	3,238		$	3,279		$	6,732
Portfolio turnover rate		54	%		129	%		153	%		88	%		67	%		72	%

^(a)  Based on average shares outstanding.

^(b)  Amount is less than $0.005 per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Amount is greater than $(0.005) per share.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Aggregate total return.

^(g)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 75

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock New York Municipal Opportunities Fund
	Six Months Ended 12/31/19 (Unaudited)			Institutional
				Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.38		$	11.31		$	11.21		$	11.58		$	10.90		$	10.79
Net investment income(a)		0.14			0.33			0.33			0.35			0.36			0.41
Net realized and unrealized gain (loss)		0.11			0.22			0.10			(0.37	)		0.69			0.11
Net increase (decrease) from investment operations		0.25			0.55			0.43			(0.02	)		1.05			0.52
Distributions(b)
From net investment income		(0.15	)		(0.36	)		(0.33	)		(0.35	)		(0.37	)		(0.41	)
From net realized gain		—			(0.12	)		—			—			—			—
Total distributions		(0.15	)		(0.48	)		(0.33	)		(0.35	)		(0.37	)		(0.41	)
Net asset value, end of period	$	11.48		$	11.38		$	11.31		$	11.21		$	11.58		$	10.90
Total Return(c)
Based on net asset value		2.18	%(d)		4.96	%		3.93	%		(0.09	)%		9.80	%		4.86	%
Ratios to Average Net Assets(e)
Total expenses		0.64	%(f)		0.71	%		0.74	%		0.75	%		0.76	%		0.78	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.60	%(f)		0.65	%		0.63	%		0.63	%		0.70	%		0.69	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g)		0.50	%(f)		0.50	%		0.50	%		0.52	%		0.65	%		0.65	%
Net investment income		2.45	%(f)		2.99	%		2.96	%		3.17	%		3.26	%		3.73	%
Supplemental Data
Net assets, end of period (000)	$	847,268		$	733,534		$	455,378		$	266,540		$	186,378		$	79,506
Borrowings outstanding, end of year (000)	$	87,854		$	88,529		$	67,389		$	60,785		$	49,774		$	18,711
Portfolio turnover rate		33	%		43	%		43	%		34	%		20	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/2019			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f)  Annualized.

^(g)  Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

76 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock New York Municipal Opportunities Fund (continued)
	Investor A
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.39		$	11.31		$	11.21		$	11.58		$	10.91		$	10.80
Net investment income(a)		0.13			0.31			0.31			0.33			0.33			0.38
Net realized and unrealized gain (loss)		0.09			0.22			0.10			(0.38	)		0.68			0.11
Net increase (decrease) from investment operations		0.22			0.53			0.41			(0.05	)		1.01			0.49
Distributions(b)
From net investment income		(0.13	)		(0.33	)		(0.31	)		(0.32	)		(0.34	)		(0.38	)
From net realized gain		—			(0.12	)		—			—			—			—
Total distributions		(0.13	)		(0.45	)		(0.31	)		(0.32	)		(0.34	)		(0.38	)
Net asset value, end of period	$	11.48		$	11.39		$	11.31		$	11.21		$	11.58		$	10.91
Total Return(c)
Based on net asset value		1.96	%(d)		4.79	%		3.67	%		(0.34	)%		9.53	%		4.61	%
Ratios to Average Net Assets(e)
Total expenses		0.89	%(f)		0.97	%		0.96	%		0.96	%		1.01	%		1.04	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.85	%(f)		0.90	%		0.88	%		0.88	%		0.94	%		0.93	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g)		0.75	%(f)		0.75	%		0.75	%		0.77	%		0.89	%		0.89	%
Net investment income		2.19	%(f)		2.73	%		2.71	%		2.92	%		3.01	%		3.50	%
Supplemental Data
Net assets, end of period (000)	$	804,764		$	609,557		$	362,961		$	260,308		$	213,000		$	82,376
Borrowings outstanding, end of year (000)	$	87,854		$	88,529		$	67,389		$	60,785		$	49,774		$	18,711
Portfolio turnover rate		32	%		43	%		43	%		34	%		20	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/2019			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f)  Annualized.

^(g)  Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 77

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock New York Municipal Opportunities Fund (continued)
	Investor A1
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.38		$	11.31		$	11.21		$	11.58		$	10.91		$	10.80
Net investment income(a)		0.14			0.32			0.32			0.34			0.35			0.40
Net realized and unrealized gain (loss)		0.10			0.21			0.10			(0.37	)		0.67			0.11
Net increase (decrease) from investment operations		0.24			0.53			0.42			(0.03	)		1.02			0.51
Distributions(b)
From net investment income		(0.14	)		(0.34	)		(0.32	)		(0.34	)		(0.35	)		(0.40	)
From net realized gain		—			(0.12	)		—			—			—			—
Total dividends and distributions		(0.14	)		(0.46	)		(0.32	)		(0.34	)		(0.35	)		(0.40	)
Net asset value, end of period	$	11.48		$	11.38		$	11.31		$	11.21		$	11.58		$	10.91
Total Return(c)
Based on net asset value		2.13	%(d)		4.85	%		3.83	%		(0.19	)%		9.55	%		4.71	%
Ratios to Average Net Assets(e)
Total expenses		0.74	%(f)		0.81	%		0.81	%		0.81	%(g)		0.86	%		0.88	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.70	%(f)		0.75	%		0.72	%		0.73	%		0.83	%		0.83	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(h)		0.60	%(f)		0.60	%		0.60	%		0.63	%		0.78	%		0.79	%
Net investment income		2.35	%(f)		2.89	%		2.87	%		3.06	%		3.17	%		3.61	%
Supplemental Data
Net assets, end of period (000)	$	101,559		$	103,286		$	107,538		$	114,821		$	124,864		$	125,718
Borrowings outstanding, end of year (000)	$	87,854		$	88,529		$	67,389		$	60,785		$	49,774		$	18,711
Portfolio turnover rate		32	%		43	%		43	%		34	%		20	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/2019			2019			2018			2017			2016
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		—	%

^(f)  Annualized.

^(g)  Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

^(h)  Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

78 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock New York Municipal Opportunities Fund (continued)
	Investor C
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.38		$	11.31		$	11.21		$	11.58		$	10.90		$	10.80
Net investment income(a)		0.08			0.22			0.22			0.24			0.25			0.30
Net realized and unrealized gain (loss)		0.11			0.21			0.10			(0.37	)		0.69			0.10
Net increase (decrease) from investment operations		0.19			0.43			0.32			(0.13	)		0.94			0.40
Distributions(b)
From net investment income		(0.09	)		(0.24	)		(0.22	)		(0.24	)		(0.26	)		(0.30	)
From net realized gain		—			(0.12	)		—			—			—			—
Total distributions		(0.09	)		(0.36	)		(0.22	)		(0.24	)		(0.26	)		(0.30	)
Net asset value, end of period	$	11.48		$	11.38		$	11.31		$	11.21		$	11.58		$	10.90
Total Return(c)
Based on net asset value		1.67	%(d)		3.92	%		2.89	%		(1.08	)%		8.72	%		3.74	%
Ratios to Average Net Assets(e)
Total expenses		1.64	%(f)		1.72	%		1.73	%		1.72	%		1.76	%		1.78	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.60	%(f)		1.65	%		1.63	%		1.63	%		1.69	%		1.68	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g)		1.50	%(f)		1.50	%		1.50	%		1.52	%		1.64	%		1.64	%
Net investment income		1.45	%(f)		1.99	%		1.96	%		2.17	%		2.27	%		2.75	%
Supplemental Data
Net assets, end of period (000)	$	129,483		$	119,391		$	98,722		$	85,612		$	77,338		$	37,670
Borrowings outstanding, end of year (000)	$	87,854		$	88,529		$	67,389		$	60,785		$	49,774		$	18,711
Portfolio turnover rate		32	%		43	%		43	%		34	%		20	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/2019			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f)  Annualized.

^(g)  Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 79

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock New York Municipal Opportunities Fund (continued)
	Investor C1
	Six Months Ended 12/31/19 (Unaudited)			Year Ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.38		$	11.31		$	11.21		$	11.58		$	10.90		$	10.80
Net investment income(a)		0.10			0.26			0.27			0.29			0.30			0.34
Net realized and unrealized gain (loss)		0.11			0.22			0.10			(0.37	)		0.68			0.10
Net increase (decrease) from investment operations		0.21			0.48			0.37			(0.08	)		0.98			0.44
Distributions(b)
From net investment income		(0.11	)		(0.29	)		(0.27	)		(0.29	)		(0.30	)		(0.34	)
From net realized gain		—			(0.12	)		—			—			—			—
Total distributions		(0.11	)		(0.41	)		(0.27	)		(0.29	)		(0.30	)		(0.34	)
Net asset value, end of period	$	11.48		$	11.38		$	11.31		$	11.21		$	11.58		$	10.90
Total Return(c)
Based on net asset value		1.87	%(d)		4.34	%		3.31	%		(0.69	)%		9.12	%		4.11	%
Ratios to Average Net Assets(e)
Total expenses		1.59	%(f)		1.39	%		1.38	%		1.30	%		1.35	%		1.37	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.20	%(f)		1.25	%		1.23	%		1.23	%		1.32	%		1.32	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees(g)		1.10	%(f)		1.10	%		1.10	%		1.12	%		1.27	%		1.28	%
Net investment income		1.80	%(f)		2.34	%		2.36	%		2.56	%		2.68	%		3.12	%
Supplemental Data
Net assets, end of period (000)	$	46		$	45		$	742		$	807		$	7,670		$	7,762
Borrowings outstanding, end of year (000)	$	87,854		$	88,529		$	67,389		$	60,785		$	49,774		$	18,711
Portfolio turnover rate		32	%		43	%		43	%		34	%		20	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/2019			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		—	%		—	%

^(f)  Annualized.

^(g)  Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

80 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock New York Municipal Opportunities Fund (continued)
	Class K
	Six Months Ended 12/31/19 (Unaudited)			Year Ended 06/30/19			Period from 01/25/18 (a) to 06/30/18
Net asset value, beginning of period	$	11.38		$	11.31		$	11.34
Net investment income(b)		0.14			0.34			0.16
Net realized and unrealized gain (loss)		0.11			0.21			(0.05	)
Net increase (decrease) from investment operations		0.25			0.55			0.11
Distributions(c)
From net investment income		(0.15	)		(0.36	)		(0.14	)
From net realized gain		—			(0.12	)		—
Total distributions		(0.15	)		(0.48	)		(0.14	)
Net asset value, end of period	$	11.48		$	11.38		$	11.31
Total Return(d)
Based on net asset value		2.20	%(e)		5.01	%		1.02	%(e)
Ratios to Average Net Assets(f)
Total expenses		0.59	%(g)		0.67	%		0.67	%(g)(h)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.55	%(g)		0.60	%		0.58	%(g)
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, and amortization of offering costs(i)		0.45	%(g)		0.45	%		0.45	%(g)
Net investment income		2.50	%(g)		3.05	%		3.42	%(g)
Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	5,860		$	4,050		$	2,611
Borrowings outstanding, end of period (000)	$	87,854		$	88,529		$	67,389
Portfolio turnover rate		32	%		43	%		43	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Month Ended 12/31/19			Year Ended 06/30/19			Period from 01/25/18 (a) to 06/30/18
Investments in underlying funds		0.01	%		0.01	%		0.01	%

^(g)  Annualized.

^(h)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.68%.

⁽ⁱ⁾  Interest expense and fees relate to TOB Trusts. See Note 04 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 81

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

BlackRock Municipal Bond Fund, Inc. (the “Corporation”) and BlackRock Multi-State Municipal Series Trust (the “Trust”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. The Corporation is organized as a Maryland corporation. The Trust is organized as a Massachusetts business trust. The following are referred to herein collectively as the “Funds” or individually as a “Fund”:

Registrant Name	Fund Name	Herein Referred To As	Diversification Classification
BlackRock Municipal Bond Fund, Inc.	BlackRock High Yield Municipal Fund	High Yield Municipal	Diversified
BlackRock Municipal Bond Fund, Inc.	BlackRock National Municipal Fund	National Municipal	Diversified
BlackRock Municipal Bond Fund, Inc.	BlackRock Short-Term Municipal Fund	Short-Term Municipal	Diversified
BlackRock Multi-State Municipal Series Trust	BlackRock New York Municipal Opportunities Fund	New York Municipal	Diversified

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A, Investor A1, Investor C and Investor C1 Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Investor C1 Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Investor A1 and C1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

Share Class	Initial Sales Charge			CDSC			Conversion Privilege
Institutional, Service and Class K Shares		No			No			None
Investor A Shares		Yes			No	(a)		None
Investor A1 Shares		No	(b)		No	(c)		None
Investor C Shares		No			Yes	(d)		To Investor A Shares after approximately 10 years
Investor C1 Shares		No			No	(e)		To Investor A Shares after approximately 10 years	(f)

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

^(b)  Investor A1 Shares are subject to a maximum sales charge on purchases of 1.00%. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A1 Shares.

^(c)  Investor A1 Shares may be subject to CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.

^(d)  A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

^(e)  A CDSC of 1.00% is assessed on certain redemptions of Investor C1 Shares made within one year after purchase. The CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.

^(f)  Effective on or about the close of business on February 24, 2020, all issued and outstanding Investor C1 Shares will be converted into Investor A Shares.

The Board of Directors of High Yield Municipal, National Municipal, Short-Term Municipal and the Board of Trustees of New York Municipal are collectively referred to throughout this report as the “Board of Directors” or the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors”.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

On December 19, 2019, the Board of Directors of BlackRock Muni New York Intermediate Duration Fund, Inc. (the “Target Fund”) and the Board each approved the merger of the Target Fund, with and into a wholly-owned subsidiary of New York Municipal. The merger is expected to occur during the second quarter of 2020 subject to approval by the Target Fund’s shareholders.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) or certain borrowings (e.g., TOB Trust transactions) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

82 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by the Board, effective January 1, 2019, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended December 31, 2019. The adjusted cost basis of securities at June 30, 2019, are as follows:

BlackRock High Yield Municipal Fund	$   1,240,714,750
BlackRock National Municipal Fund	11,378,731,073
BlackRock Short-Term Municipal Fund	508,473,089
BlackRock New York Municipal Opportunities Fund	1,541,162,776

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

• Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a

NOTES TO FINANCIAL STATEMENTS 83

Notes to Financial Statements  (unaudited) (continued)

price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each 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)

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Forward Commitments, When-Issued and Delayed Delivery Securities: Certain funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A fund may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Municipal Bonds Transferred to TOB Trusts: Certain funds leverage their assets through the use of “TOB Trust” transactions. The funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event, as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. Each fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting

84 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a fund. A fund typically invests the cash received in additional municipal bonds.

Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a fund’s payable to the holder of the TOB Trust Certificates or the Liquidity Provider, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates or Loan for TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of deferred offering costs in the Statements of Operations.

Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:

	Interest Expense		Liquidity Fees		Other Expenses		Total
High Yield Municipal	$	511,617	$	168,503	$	48,210	$	728,330
National Municipal		2,197,502		632,301		193,839		3,023,642
New York Municipal		590,385		190,988		52,120		833,493

For the six months ended December 31, 2019, the following table is a summary of each Fund’s TOB Trusts:

	Underlying Municipal Bonds Transferred to TOB Trusts (a)		Liability for TOB Trust Certificates (b)		Range of Interest Rates on TOB Trust Certificates at Period End		Average TOB Trust Certificates Outstanding		Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
High Yield Municipal	$	154,856,998	$	88,110,547		1.85% — 1.59%	$	75,857,504		1.91	%
National Municipal		779,412,998		324,359,972		1.74% — 1.63%		324,359,972		1.86
New York Municipal		175,339,675		87,854,499		1.72% — 1.63%		87,858,167		1.89

^(a)  The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the funds, as a TOB Residuals holder, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts.

^(b)  TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a fund invests in a TOB Trust on a recourse basis, a fund enters into a reimbursement agreement with the Liquidity Provider where a fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a fund invests in a recourse TOB Trust, a fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a fund at December 31, 2019, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a fund December 31, 2019.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of

NOTES TO FINANCIAL STATEMENTS 85

Notes to Financial Statements  (unaudited) (continued)

Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Corporation and the Trust, on behalf of the applicable Funds, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets.

High Yield Municipal and New York Municipal:

Average Daily Net Assets	Investment Advisory Fee
First $1 Billion		0.470	%
$1 Billion — $3 Billion		0.440
$3 Billion — $5 Billion		0.420
$5 Billion — $10 Billion		0.410
Greater than $10 Billion		0.400

National Municipal and Short-Term Municipal:

	Rate of Investment Advisory Fee
Aggregate of Average Daily Net Assets of the Two Combined Funds (a)	National Municipal			Short-Term Municipal
First $250 Million		0.410	%		0.360	%
$250 Million — $400 Million		0.385			0.340
$400 Million — $550 Million		0.385			0.320
Greater than $550 Million		0.385			0.290

^(a)  The portion of the assets of a Fund to which the rate of each breakpoint level applies will be determined on a “uniform percentage” basis. The uniform percentage applicable to a breakpoint level is determined by dividing the amount of the aggregate average daily net assets of the two combined Funds that falls within that breakpoint level by the aggregate average daily net assets of the two combined Funds. The amount of the fee for a Fund at each breakpoint level is determined by multiplying the average daily net assets of that Fund by the uniform percentage applicable to that breakpoint level and multiplying the product by the advisory fee rate.

Service and Distribution Fees: The Corporation and the Trust, on behalf of the Funds, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

	Service Fees
	High Yield Municipal			National Municipal			Short-Term Municipal			New York Municipal
Service		N/A			0.25	%		N/A			N/A
Investor A		0.25	%		0.25			0.25	%		0.25	%
Investor A1		N/A			N/A			0.10			0.10
Investor C		0.25			0.25			0.25			0.25
Investor C1		N/A			0.25			N/A			0.25
	Distribution Fees
	High Yield Municipal			National Municipal			Short-Term Municipal			New York Municipal
Investor C		0.75	%		0.75	%		0.75	%		0.75	%
Investor C1		N/A			0.55			N/A			0.35

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended December 31, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

	Service		Investor A		Investor A1		Investor C		Investor C1		Total
High Yield Municipal	$	—	$	492,168	$	—	$	323,796	$	—	$	815,964
National Municipal		4,205		4,403,383		—		1,307,680		3,117		5,718,385
Short-Term Municipal		—		139,033		7,646		67,422		—		214,101
New York Municipal		—		898,492		51,389		631,763		138		1,581,782

86 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended December 31, 2019, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations.

	Institutional		Investor A		Total
National Municipal	$	322,876	$	17	$	322,893
Short-Term Municipal		50,231		—		50,231
New York Municipal		4		—		4

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended December 31, 2019, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional		Service		Investor A		Investor A1		Investor C		Investor C1		Class K		Total
High Yield Municipal	$	729	$	—	$	1,093	$	—	$	367	$	—	$	64	$	2,253
National Municipal		17,899		19		7,838		—		915		38		5,307		32,016
Short-Term Municipal		735		—		310		69		62		—		6		1,182
New York Municipal		732		—		1,096		976		428		6		6		3,244

For the six months ended December 31, 2019, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

	Institutional		Service		Investor A		Investor A1		Investor C		Investor C1		Class K		Total
High Yield Municipal	$	156,775	$	—	$	79,493	$	—	$	19,114	$	—	$	1,309	$	256,691
National Municipal		1,682,413		719		1,799,257		—		73,553		761		107,373		3,664,076
Short-Term Municipal		178,082		—		23,186		3,805		4,769		—		244		210,086
New York Municipal		219,664		—		176,403		24,341		32,866		94		129		453,497

Other Fees: For the six months ended December 31, 2019, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

	High Yield Municipal		National Municipal		Short-Term Municipal		New York Municipal
Investor A	$	13,914	$	48,719	$	1,148	$	11,478

For the six months ended December 31, 2019, affiliates received CDSCs as follows:

	High Yield Municipal		National Municipal		Short-Term Municipal		New York Municipal
Investor A	$	26,732	$	52,366	$	5,372	$	33,136
Investor C		6,033		8,237		81		13,582

Expense Limitations, Waivers, Reimbursements and Recoupments: With respect to each Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended December 31, 2019, the amounts waived were as follows:

	High Yield Municipal		National Municipal		Short-Term Municipal		New York Municipal
Amounts waived	$	31,008	$	353,108	$	51	$	7,405

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through October 31, 2020. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

For the six months ended December 31, 2019, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

	National Municipal
Amounts waived	$	489,560

NOTES TO FINANCIAL STATEMENTS 87

Notes to Financial Statements  (unaudited) (continued)

For the six months ended December 31, 2019, the Funds reimbursed the Manager for certain accounting services, which is included in accounting services in the Statements of Operations. The reimbursements were as follows:

	High Yield Municipal		National Municipal		Short-Term Municipal		New York Municipal
Amounts reimbursed	$	6,557	$	63,841	$	3,201	$	8,386

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:

Share Class	High Yield Municipal			National Municipal			Short-Term Municipal			New York Municipal
Institutional		0.54	%		0.43	%		0.36	%		0.50	%
Service		N/A			0.68			N/A			N/A
Investor A		0.79			0.68			0.61			0.75
Investor A1		N/A			N/A			0.46			0.60
Investor C		1.54			1.43			1.36			1.50
Investor C1		N/A			1.23			N/A			1.10
Class K		0.49			0.38			0.31			0.45

The Manager has agreed not to reduce or discontinue this contractual expense limitation through October 31, 2020 for High Yield Municipal, National Municipal and Short-Term Municipal and through October 31, 2021 for New York Municipal, unless approved by the Board, including a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended December 31, 2019, the Manager waived and/or reimbursed the following amounts, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

	High Yield Municipal		National Municipal		Short-Term Municipal		New York Municipal
Amounts waived and/or reimbursed	$	102,672	$	891,799	$	142,688	$	369,303

These amounts waived and/or reimbursed are included in transfer agent fees waived — class specific in the Statements of Operations. For the six months ended December 31, 2019, class specific expense waivers and/or reimbursements are as follows:

	Institutional		Service		Investor A		Investor A1		Investor C		Investor C1		Class K		Total
High Yield Municipal	$	—	$	—	$	—	$	—	$	2,924	$	—	$	1,309	$	4,233
National Municipal		613,519		13		918,581		—		8,169		566		107,372		1,648,220
Short-Term Municipal		89,167		—		1		16		1,398		—		244		90,826
New York Municipal		19,579		—		1,325		5		1,278		81		129		22,397

With respect to the contractual expense limitation, if during New York Municipal’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as the Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective December 1, 2019, the repayment arrangement between the Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses was terminated.

For the six months ended December 31, 2019, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by New York Municipal:

Investor A	$	4,918
Investor A1		1,558

88 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The following fund level and class specific waivers and/or reimbursements previously recorded by the Fund, which were subject to recoupment by the Manager, expired on December 1, 2019:

	New York Municipal
Fund level	$	1,510,506
Institutional		188,519
Investor A		141,548
Investor A1		26,130
Investor C		49,165
Investor C1		1,037
Class K		432

Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. National Municipal, Short-Term Municipal and New York Municipal are currently permitted to borrow under the Interfund Lending Program. High Yield Municipal is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended December 31, 2019, the Funds did not participate in the Interfund Lending Program.

Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended December 31, 2019, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain (Loss)
Short-Term Municipal	$	18,059,402	$	36,193,553	$	—

7. PURCHASES AND SALES

For the six months ended December 31, 2019, purchases and sales of investments and excluding short-term securities, were as follows:

	High Yield Municipal		National Municipal		Short-Term Municipal		New York Municipal
Purchases	$	305,721,177	$	4,338,546,464	$	268,609,040	$	935,288,644
Sales		64,831,629		2,899,144,159		263,851,425		566,263,768

8. INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended June 30, 2019. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of June 30, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

High Yield Municipal		National Municipal	Short-Term Municipal		New York Municipal
$	7,978,464	$4,280,520	$	1,991,045	$—

NOTES TO FINANCIAL STATEMENTS 89

Notes to Financial Statements  (unaudited) (continued)

As of December 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	High Yield Municipal			National Municipal			Short-Term Municipal			New York Municipal
Tax cost	$	1,296,675,008		$	12,339,865,406		$	518,255,633		$	1,777,781,839
Gross unrealized appreciation	$	91,926,413		$	507,201,775		$	3,818,380		$	105,593,140
Gross unrealized depreciation		(3,514,653	)		(2,899,966	)		(24,575	)		(1,794,889	)
Net unrealized appreciation (depreciation)	$	88,411,760		$	504,301,809		$	3,793,805		$	103,798,251

9. BANK BORROWINGS

The Corporation and the Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2020 unless extended or renewed. Prior to April 18, 2019, Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended December 31, 2019, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Fund.

A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

Should short-term interest rates rise, the Funds’ investments in the TOB Trusts may adversely affect the Funds’ net investment income and dividends to shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds’ NAVs per share.

The SEC and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

90 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: New York Municipal invests a substantial amount of its assets in issuers located in a single state or limited number of states. This may subject the Fund to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. 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. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 12/31/19						Year Ended 06/30/19
High Yield Municipal	Shares			Amount			Shares			Amount
Institutional
Shares sold		13,629,821		$	136,511,603			48,011,453		$	461,847,724
Shares issued in reinvestment of distributions		870,961			8,725,407			1,620,626			15,585,537
Shares redeemed		(11,466,069	)		(114,680,084	)		(27,976,963	)		(267,100,777	)
Net increase		3,034,713		$	30,556,926			21,655,116		$	210,332,484
Investor A
Shares sold and automatic conversion of shares		12,476,744		$	124,562,720			22,894,734		$	219,950,419
Shares issued in reinvestment of distributions		601,189			6,008,290			887,544			8,523,497
Shares redeemed		(5,959,980	)		(59,449,698	)		(11,899,024	)		(114,529,735	)
Net increase		7,117,953		$	71,121,312			11,883,254		$	113,944,181
Investor C
Shares sold		757,095		$	7,577,760			1,496,023		$	14,399,553
Shares issued in reinvestment of distributions		72,012			721,653			157,978			1,517,839
Shares redeemed and automatic conversion of shares		(853,963	)		(8,572,571	)		(1,399,302	)		(13,416,354	)
Net increase (decrease)		(24,856	)	$	(273,158	)		254,699		$	2,501,038
Class K
Shares sold		2,425,313		$	24,264,977			4,275,533		$	40,978,269
Shares issued in reinvestment of distributions		95,203			953,718			85,102			823,157
Shares redeemed		(444,611	)		(4,449,512	)		(621,600	)		(5,951,810	)
Net increase		2,075,905		$	20,769,183			3,739,035		$	35,849,616
Total Net Increase		12,203,715		$	122,174,263			37,532,104		$	362,627,319

NOTES TO FINANCIAL STATEMENTS 91

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 12/31/19						Year Ended 06/30/19
National Municipal	Shares			Amount			Shares			Amount
Institutional
Shares sold		65,488,756		$	729,546,901			188,451,216		$	2,026,151,563
Shares issued in reinvestment of distributions		3,949,306			44,019,408			7,085,986			76,464,035
Shares redeemed		(34,842,790	)		(388,138,701	)		(109,052,729	)		(1,168,365,423	)
Net increase		34,595,272		$	385,427,608			86,484,473		$	934,250,175
Service
Shares sold		55,150		$	612,891			150,560		$	1,630,387
Shares issued in reinvestment of distributions		3,296			36,725			6,653			71,692
Shares redeemed		(30,466	)		(340,382	)		(80,313	)		(868,977	)
Net increase		27,980		$	309,234			76,900		$	833,102
Investor A
Shares sold and automatic conversion of shares		70,994,504		$	791,400,081			151,420,934		$	1,628,555,380
Shares issued in reinvestment of distributions		3,585,308			39,997,534			6,507,823			70,237,861
Shares redeemed		(21,001,695	)		(234,288,395	)		(119,328,783	)		(1,272,116,947	)
Net increase		53,578,117		$	597,109,220			38,599,974		$	426,676,294
Investor C
Shares sold		2,002,644		$	22,339,104			2,598,767		$	28,041,603
Shares issued in reinvestment of distributions		162,735			1,815,482			462,217			4,980,232
Shares redeemed and automatic conversion of shares		(3,817,920	)		(42,645,313	)		(8,959,360	)		(96,096,764	)
Net increase (decrease)		(1,652,541	)	$	(18,490,727	)		(5,898,376	)	$	(63,074,929	)
Investor C1
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of distributions		627			6,996			8,384			89,720
Shares redeemed and automatic conversion of shares		(18,985	)		(212,843	)		(832,956	)		(8,780,921	)
Net decrease		(18,358	)	$	(205,847	)		(824,572	)	$	(8,691,201	)
Class K
Shares sold		64,894,330		$	723,089,360			120,493,941		$	1,297,927,285
Shares issued in reinvestment of distributions		4,629,759			51,642,528			8,792,756			94,880,796
Shares redeemed		(21,438,418	)		(239,114,300	)		(70,834,100	)		(759,716,875	)
Net increase		48,085,671		$	535,617,588			58,452,597		$	633,091,206
Total Net Increase		134,616,141		$	1,499,767,076			176,890,996		$	1,923,084,647

92 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 12/31/19						Year Ended 06/30/19
Short-Term Municipal	Shares			Amount			Shares			Amount
Institutional
Shares sold		6,275,004		$	63,751,076			18,889,236		$	190,552,798
Shares issued in reinvestment of distributions		169,607			1,722,631			325,127			3,284,798
Shares redeemed		(5,711,762	)		(58,010,697	)		(20,433,975	)		(206,341,841	)
Net increase (decrease)		732,849		$	7,463,010			(1,219,612	)	$	(12,504,245	)
Investor A
Shares sold and automatic conversion of shares		4,874,618		$	49,541,424			10,970,470		$	110,675,814
Shares issued in reinvestment of distributions		64,853			659,112			107,841			1,090,475
Shares redeemed		(3,344,580	)		(33,989,964	)		(6,392,962	)		(64,591,801	)
Net increase		1,594,891		$	16,210,572			4,685,349		$	47,174,488
Investor A1
Shares sold		1		$	14			2,532		$	25,526
Shares issued in reinvestment of distributions		6,894			70,086			15,609			157,768
Shares redeemed		(98,085	)		(996,035	)		(209,463	)		(2,115,381	)
Net decrease		(91,190	)	$	(925,935	)		(191,322	)	$	(1,932,087	)
Investor C
Shares sold		104,016		$	1,029,728			760,258		$	7,461,958
Shares issued in reinvestment of distributions		2,875			28,451			8,275			81,469
Shares redeemed and automatic conversion of shares		(448,943	)		(4,444,285	)		(921,298	)		(9,058,346	)
Net decrease		(342,052	)	$	(3,386,106	)		(152,765	)	$	(1,514,919	)
Class K
Shares sold		196,835		$	1,998,669			318,214		$	3,209,234
Shares issued in reinvestment of distributions		4,976			50,538			12,447			125,727
Shares redeemed		(248,371	)		(2,523,908	)		(263,303	)		(2,661,819	)
Net increase (decrease)		(46,560	)	$	(474,701	)		67,358		$	673,142
Total Net Increase		1,847,938		$	18,886,840			3,189,008		$	31,896,379

NOTES TO FINANCIAL STATEMENTS 93

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 12/31/19						Year Ended 06/30/19
New York Municipal	Shares			Amount			Shares			Amount
Institutional
Shares sold		13,461,673		$	154,181,860			37,686,537		$	422,080,397
Shares issued in reinvestment of distributions		781,728			8,957,130			1,842,502			20,591,971
Shares redeemed		(4,878,826	)		(55,823,378	)		(15,333,041	)		(171,156,084	)
Net increase		9,364,575		$	107,315,612			24,195,998		$	271,516,284
Investor A
Shares sold and automatic conversion of shares		19,539,842		$	223,905,228			29,574,914		$	332,533,178
Shares issued in reinvestment of distributions		681,146			7,807,722			1,436,214			16,061,476
Shares redeemed		(3,674,971	)		(42,113,561	)		(9,551,713	)		(106,793,932	)
Net increase		16,546,017		$	189,599,389			21,459,415		$	241,800,722
Investor A1
Shares sold		9		$	111			469		$	5,098
Shares issued in reinvestment of distributions		75,969			870,744			269,651			3,013,078
Shares redeemed		(303,320	)		(3,477,426	)		(702,560	)		(7,875,876	)
Net decrease		(227,342	)	$	(2,606,571	)		(432,440	)	$	(4,857,700	)
Investor C
Shares sold		1,839,780		$	21,076,558			3,432,261		$	38,523,222
Shares issued in reinvestment of distributions		79,496			910,877			275,581			3,074,564
Shares redeemed and automatic conversion of shares		(1,129,146	)		(12,943,873	)		(1,945,764	)		(21,792,181	)
Net increase		790,130		$	9,043,562			1,762,078		$	19,805,605
Investor C1
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of distributions		39			448			630			7,292
Shares redeemed and automatic conversion of shares		(1	)		(11	)		(62,227	)		(691,989	)
Net increase (decrease)		38		$	437			(61,597	)	$	(684,697	)
Class K
Shares sold		208,608		$	2,390,136			259,366		$	2,928,443
Shares issued in reinvestment of distributions		4,731			54,208			11,592			129,378
Shares redeemed		(58,622	)		(672,248	)		(145,892	)		(1,625,909	)
Net increase		154,717		$	1,772,096			125,066		$	1,431,912
Total Net Increase		26,628,138		$	305,124,525			47,048,520		$	529,012,126

As of December 31, 2019, shares owned by BlackRock HoldCo. 2, Inc., an affiliate of the Funds, were as follows:

	Class K
High Yield Municipal		20,951
New York Municipal		17,732

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

94 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Directors (the “Board”) of BlackRock Municipal Bond Fund, Inc., on behalf of BlackRock High Yield Municipal Fund, BlackRock National Municipal Fund, BlackRock Short-Term Municipal Fund and the board of BlackRock Multi-State Municipal Series Trust, on behalf of BlackRock New York Municipal Opportunities Fund, met on November 14-15, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the BlackRock open-end funds, excluding money market funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions: During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a Fund participated in borrowings for investment purposes (such as tender option bonds and reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a Fund’s liquidity bucketing. Derivative exposure was also considered in such calculation.

B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions: During the Program Reporting Period, the Committee reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

C. Holdings of cash and cash equivalents, as well as borrowing arrangements: The Committee considered the terms of the credit facility applicable to the Funds, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple Funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio and BlackRock Credit Strategies Income Fund, each a series of BlackRock Funds V). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 95

Director and Officer Information

Richard E. Cavanagh, Co-Chair of the Board and Director

Karen P. Robards, Co-Chair of the Board and Director

Michael J. Castellano, Director

Cynthia L. Egan, Director

Frank J. Fabozzi, Director

Henry Gabbay, Director

R. Glenn Hubbard, Director

W. Carl Kester, Director

Catherine A. Lynch, Director

Robert Fairbairn, Director

John M. Perlowski, Director, President and Chief Executive Officer

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Lisa Belle, Anti-Money Laundering Compliance Officer

Janey Ahn, Secretary

Effective September 4, 2019, Janey Ahn replaced Benjamin Archibald as the Secretary of the Corporation/Trust.

Effective September 5, 2019, Lisa Belle replaced John MacKessy as the Anti-Money Laundering Compliance Officer of the Corporation/Trust.

Effective February 19, 2020, Henry Gabbay resigned as a Director of the Fund.

Further information about each Fund’s Directors and Officers is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

96 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

General Information

Effective September 26, 2016, BlackRock implemented a new methodology for calculating “effective duration” for BlackRock’s municipal bond portfolios. The new methodology replaces the model previously used by BlackRock to evaluate municipal bond duration and is a common indicator of an investment’s sensitivity to interest rate movements. The new methodology is applied to each Fund’s duration reported for periods after September 26, 2016.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds, including each Fund’s effective duration and additional information about the new methodology may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at blackrock.com; or by calling (800) 441-7762; and (2) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing. Visit blackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.

Automatic Investment Plans

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

ADDITIONAL INFORMATION 97

Additional Information  (continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

98 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report  

Portfolio Abbreviations
ACA	American Capital Access Holding Ltd.
AGC	Assured Guarantee Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax (subject to)
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
BARB	Building Aid Revenue Bonds
BHAC	Berkshire Hathaway Assurance Corp.
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
EDA	Economic Development Authority
EDC	Economic Development Corp.
ERB	Education Revenue Bonds
ETF	Exchange-Traded Fund
FHA	Federal Housing Administration
GARB	General Airport Revenue Bonds
GO	General Obligation Bonds
HFA	Housing Finance Agency
IDA	Industrial Development Authority
IDB	Industrial Development Board
LOC	Letter of Credit
LRB	Lease Revenue Bonds
M/F	Multi-Family
MRB	Mortgage Revenue Bonds
NPFGC	National Public Finance Guarantee Corp.
PILOT	Payment in Lieu of Taxes
PSF-GTD	Permanent School Fund Guaranteed
RB	Revenue Bonds
SBPA	Stand-by Bond Purchase Agreements
SONYMA	State of New York Mortgage Agency
VRDN	Variable Rate Demand Notes

GLOSSARY OF TERMS USED IN THIS REPORT 99

Want to know more?

blackrock.com    |    877-275-1255 (1-877-ASK-1BLK)

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

MBNYMB-12/19-SAR

Item 2 –	Code of Ethics – Not Applicable to this semi-annual report
Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
	(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
	(b) –There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 13 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
	(a)(2) – Certifications – Attached hereto

2

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

3

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust

  Date: March 6, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust

  Date: March 6, 2020

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust

  Date: March 6, 2020

4