N-CSR 1 d307402dncsr.htm BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST

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

 

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Multi-State Municipal Series Trust, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 06/30/2023

Date of reporting period: 06/30/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

 

LOGO

  JUNE 30, 2023

 

  

2023 Annual Report

 

 

 

 

BlackRock Multi-State Municipal Series Trust

 

·  

BlackRock New York Municipal Opportunities Fund

BlackRock Municipal Bond Fund, Inc.

 

·  

BlackRock High Yield Municipal Fund

·  

BlackRock National Municipal Fund

·  

BlackRock Short-Term Municipal Fund

 

 

 

 

 

 

Not FDIC Insured • May Lose Value • No Bank Guarantee

 

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended June 30, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. Inflation remained elevated as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated substantially as the period continued, while ongoing strength in consumer spending backstopped the economy.

Equity returns were strong, as continued job growth eased investors’ concerns about the economy’s durability. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced significantly, including large- and small-capitalization U.S. stocks and international equities from developed markets. Emerging market equities also gained, although at a substantially slower pace, pressured by high interest rates and falling commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, which made it the first meeting without a rate increase since the tightening cycle began in early 2022.

Supply constraints have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population exacerbate these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and most recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions, however there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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,

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

Total Returns as of June 30, 2023

 

  
    

 

 6-Month 

 

    

 

 12-Month 

 

  
   

U.S. large cap equities
(S&P 500® Index)

     16.89%       19.59%  
   

U.S. small cap equities
(Russell 2000® Index)

     8.09          12.31     
   

International equities
(MSCI Europe, Australasia, Far East Index)

     11.67          18.77     
   

Emerging market equities
(MSCI Emerging Markets Index)

     4.89          1.75     
   

3-month Treasury bills
(ICE BofA 3-Month

U.S. Treasury Bill Index)

     2.25          3.60     
   

U.S. Treasury securities
(ICE BofA 10-Year
U.S. Treasury Index)

     1.70          (3.97)    
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

     2.09          (0.94)    
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

     2.67          3.19     
   

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

     5.38          9.07     
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

 

2  

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

 

      Page  

The Markets in Review

      2  

Annual Report:

   

Fund Summary

      4  

About Fund Performance

      16  

Disclosure of Expenses

      16  

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

      80  

Report of Independent Registered Public Accounting Firm

      93  

Important Tax Information

      94  

Disclosure of Investment Advisory Agreements

      95  

Director and Officer Information

      99  

Additional Information

      102  

Glossary of Terms Used in this Report

      104  

 

 

 

 

LOGO

 

 

  3

Fund Summary  as of June 30, 2023     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.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended June 30, 2023, the Fund’s Institutional, Investor A1 and Class K shares outperformed their primary benchmark, the Bloomberg Municipal Bond Index, while the Investor A and Investor C shares underperformed. For the same period, all of the Fund’s share classes underperformed its secondary benchmark, a customized weighted index comprised of 85% Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged USD/10% Bloomberg Municipal Bond: New York High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index New York Taxable Bonds Total Return Index Value (the “Customized Reference Benchmark”). The following discussion of relative performance pertains to the Customized Reference Benchmark.

What factors influenced performance?

Municipal bonds posted modest gains in the reporting period, as the benefit of income offset the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed.

The Fund’s use of U.S. Treasury futures to manage interest rate risk was the strongest contributor to performance in the rising rate environment. The Fund’s holdings in bonds in the 15- to 25-year maturity area also contributed, as did its positions in A and BBB rated issues. The Fund’s duration positioning helped results, as well. On the other hand, holdings in the utilities sector in Puerto Rico detracted.

Describe recent portfolio activity.

The Fund’s net duration positioning decreased slightly over the period and was below the benchmark for the majority of the time. (Duration is a measure of interest rate sensitivity). In terms of maturity positioning, the largest change was a decrease to bonds with maturities of 30 years and longer and an increase to the 25- to 30-year range.

With respect to sector changes, the largest decrease was to local tax-backed issues, while the largest increase was to utilities. The Fund added to municipal bonds in the AA credit quality area while decreasing its allocation to A rated securities.

During the first half of the reporting period, robust New York municipal issuance kept pressure on yield spreads and presented opportunities to add new holdings with relatively high book yields and coupons of 5% or higher. During the second half of the reporting period, the investment adviser focused on improving call protection and diversifying the portfolio to the extent possible. It also sought to optimize yield curve positioning, with a focus on the steepest areas.

Describe portfolio positioning at period end.

The Fund’s net duration was below the benchmark and lower than it was at the start of the reporting period. The Fund was overweight in A rated bonds and the 15- to 25-year maturity range.

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.

GROWTH OF $10,000 INVESTMENT

 

LOGO

  (a) 

Assuming maximum sales charges, if any, transaction costs and other operating expenses, including advisory fees. Institutional Shares do not have a sales charge.

 
  (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) 

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

 

 

 

4  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary  as of June 30, 2023 (continued)    BlackRock New York Municipal Opportunities Fund

 

Performance

 

                      Average Annual Total Returns(a)(b)  
                      1 Year           5 Years           10 Years  
     Standardized
30-Day Yields		     Unsubsidized
30-Day Yields		            Without
Sales
Charge		     With
Sales
Charge		            Without
Sales
Charge		     With
Sales
Charge		            Without
Sales
Charge		     With
Sales
Charge		  

Institutional

     3.22 %      3.09 %        3.27 %      N/A         1.24 %      N/A         3.18 %      N/A  

Investor A

     2.84       2.73         3.11       (1.27 )%        0.99       0.12 %        2.92       2.48 % 

Investor A1

     2.99       2.89         3.27       N/A         1.16       N/A         3.08       N/A  

Investor C

     2.21       2.10         2.24       1.24         0.23       0.23         2.32       2.32  

Class K

     3.27       3.15         3.33       N/A         1.29       N/A         3.20       N/A  

Customized Reference Benchmark(c)

    —       —         3.74       N/A         1.84       N/A         N/A       N/A  

Bloomberg Municipal Bond Index

     —       —               3.19       N/A               1.84       N/A               2.68       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” 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) 

A customized weighted index comprised of 85% Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged USD/10% Bloomberg Municipal Bond: New York High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index New York Taxable Bonds Total Return Index Value (the “Customized Reference Benchmark”). The Customized Reference Benchmark commenced on September 30, 2016.

 

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

Past performance is not an indication 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 5% Return                    
               

Expenses Paid During the

Period

                

Including Interest

Expense

and Fees

          

Excluding Interest

Expense

and Fees

          

Annualized Expense Ratio

  
   

 

Beginning

Account

Value

(01/01/23)

 

 

 

 

  

 

Ending

Account

Value

(06/30/23)

 

 

 

 

    

 Including

Interest

Expense

and Fees

  

 

 

(a) 

    

 Excluding

Interest

Expense

and Fees

  

 

 

(a) 

          

 

Beginning

Account

Value

(01/01/23)

 

 

 

 

  

 

Ending

Account

Value

(06/30/23)

 

 

 

 

    

 Expenses

Paid

During

the

Period

  

 

 

 

(a)  

          

 

Ending

Account

Value
(06/30/23)

 

 

 
 

    

 Expenses

Paid

During

the

Period

  

 

 

 

(a)  

          

 

Including

Interest

Expense

and Fees

 

 

 

 

  

 

Excluding

Interest

Expense

and Fees

 

 

 

 

Institutional

   $ 1,000.00     $ 1,023.30     $ 3.61     $ 2.51       $ 1,000.00     $ 1,021.22     $ 3.61       $ 1,022.32     $ 2.51         0.72 %      0.50 % 

Investor A

     1,000.00       1,023.10       4.87       3.76         1,000.00       1,019.98       4.86         1,021.08       3.76         0.97       0.75  

Investor A1

     1,000.00       1,023.80       4.11       3.01         1,000.00       1,020.73       4.11         1,021.82       3.01         0.82       0.60  

Investor C

     1,000.00       1,018.30       8.61       7.51         1,000.00       1,016.27       8.60         1,017.36       7.50         1.72       1.50  

Class K

     1,000.00       1,024.60       3.36       2.26               1,000.00       1,021.47       3.36               1,022.56       2.26               0.67       0.45  

 

  (a)

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

 

 

F U N D   S U M M A R Y

   5

Fund Summary  as of June 30, 2023 (continued)    BlackRock New York Municipal Opportunities Fund

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector(a)(b)   Percent of
Total Investments		  

Transportation

     22.2 % 

County/City/Special District/School District

     20.5  

Utilities

     16.7  

State

     16.6  

Education

     11.1  

Housing

     5.0  

Tobacco

     3.4  

Corporate

     2.1  

Health

     2.1  

Other*

     0.3  

CALL/MATURITY SCHEDULE

 

   
Calendar Year Ended December 31,(a)(c)   Percentage  

2023

     5.5 % 

2024

     3.8  

2025

     3.3  

2026

     4.2  

2027

     11.6  

CREDIT QUALITY ALLOCATION

 

   
Credit Rating(a)(d)   Percent of
Total Investments		  

AAA/Aaa

     11.5 % 

AA/Aa

     56.4  

A

     17.1  

BBB/Baa

     4.2  

BB/Ba

     1.2  

B

     0.9  

N/R(e)

    8.7  
 

 

(a) 

Excludes short-term securities.

 
(b)

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.

 
(c)

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

 
(d)

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, Inc. 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.

 
(e)

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 June 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.

 
*

Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

 
 

 

 

6  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary  as of June 30, 2023     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 12-month period ended June 30, 2023, all of the Fund’s share classes underperformed its primary benchmark, the Bloomberg Municipal High Yield Bond Index, as well as its secondary benchmark, a customized weighted index comprised of 20% Bloomberg Municipal Bond Rated Baa Index / 60% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index / 20% Bloomberg Municipal Investment Grade ex BBB (the “High Yield Customized Reference Benchmark”). The following discussion of relative performance pertains to the High Yield Customized Reference Benchmark.

What factors influenced performance?

High yield municipal bonds posted modest gains in the reporting period, as the benefit of income offset the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed. High yield municipals finished slightly behind the investment-grade market.

The Fund’s positions in bonds issued by Puerto Rico Electric Power Authority, which lost ground due to an unfavorable ruling in the company’s bankruptcy proceedings, were key detractors. An overweight to duration and positions in long-term bonds detracted, as well (Duration is a measure of interest rate sensitivity). On the positive side, the Fund’s use of U.S. Treasury futures to manage interest rate risk contributed to results in the rising-rate environment.

Describe recent portfolio activity.

The investment adviser’s activity was focused on reducing the portfolio’s duration. It achieved this by selling long-term issues, eliminating leverage, selling bonds with lower coupons and raising cash levels. In addition, it sought to harvest tax losses and swap into higher-yielding securities. While these steps led to a meaningful reduction in duration, the Fund was nonetheless slightly overweight to duration at the close of the reporting period. The Fund also continued to have an overweight in long-term bonds.

Describe portfolio positioning at period end.

The investment adviser maintained an elevated cash position to help preserve capital in a time of heightened volatility and poor market performance. Cash started to provide a more attractive source of income as the Fed aggressively raised interest rates. The Fund was overweight in longer-term bonds (those with maturities of 20 years and above). On a sector basis, the Fund was overweight in education, corporate-backed, housing and utilities sectors, and it was underweight in tax-backed state and local, school districts, tobacco, transportation, and healthcare sectors. In terms of credit quality, the Fund was barbelled with overweights in AA, A and non-rated bonds and underweights in BBB and BB rated issues.

The Fund was positioned conservatively at the close of the reporting period, with high cash reserves, no leverage, and a modest overweight to duration relative to the benchmark.

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.

GROWTH OF $10,000 INVESTMENT

 

LOGO

 

  (a) 

Assuming maximum sales charge, if any, transaction costs and other operating expenses, including advisory fees. Institutional Shares do not have a sales charge.

 
  (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 primarily invest in municipal bonds that have a maturity of five years or longer.

 
  (c) 

An index designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies.

 

 

 

F U N D   S U M M A R Y

   7

Fund Summary  as of June 30, 2023 (continued)    BlackRock High Yield Municipal Fund

 

Performance

 

                      Average Annual Total Returns(a)(b)  
                      1 Year           5 Years           10 Years  
     Standardized
30-Day Yields		     Unsubsidized
30-Day Yields		            Without
Sales
Charge		     With
Sales
Charge		            Without
Sales
Charge		     With
Sales
Charge		            Without
Sales
Charge		     With
Sales
Charge		  

Institutional

     4.03 %      3.95 %        0.90 %      N/A         1.85 %      N/A         3.99 %      N/A  

Investor A

     3.62       3.55         0.64       (3.63 )%        1.60       0.72 %        3.73       3.28 % 

Investor C

     3.01       2.90         (0.22 )      (1.18 )        0.84       0.84         3.10       3.10  

Class K

     4.08       3.96         0.95       N/A         1.90       N/A         4.02       N/A  

High Yield Customized Reference Benchmark(c)

    —       —         3.17       N/A         2.54       N/A         N/A       N/A  

Bloomberg Municipal High Yield Bond Index

     —       —               2.85       N/A               2.79       N/A               4.17       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” 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 primarily invest in municipal bonds that have a maturity of five years or longer.

 
  (c) 

A customized weighted index comprised of 20% Bloomberg Municipal Bond Rated Baa Index/60% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/20% Bloomberg Municipal Investment Grade ex BBB (the “High Yield Customized Reference Benchmark”). The High Yield Customized Reference Benchmark commenced on September 30, 2016.

 

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

Past performance is not an indication 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 5% Return                    
               

Expenses Paid During the

Period

                

Including Interest

Expense

and Fees

          

Excluding Interest

Expense

and Fees

          

Annualized Expense Ratio

  
   

 

Beginning

Account

Value

(01/01/23)

 

 

 

 

  

 

Ending

Account

Value

(06/30/23)

 

 

 

 

    

 Including

Interest

Expense

and Fees

  

 

 

(a) 

    

 Excluding

Interest

Expense

and Fees

  

 

 

(a) 

          

 

Beginning

Account

Value

(01/01/23)

 

 

 

 

  

 

Ending

Account

Value

(06/30/23)

 

 

 

 

    

 Expenses

Paid

During

the

Period

  

 

 

 

(a)  

          

 

Ending

Account

Value
(06/30/23)

 

 

 
 

    

 Expenses

Paid

During

the

Period

  

 

 

 

(a)  

          

 

Including

Interest

Expense

and Fees

 

 

 

 

  

 

Excluding

Interest

Expense

and Fees

 

 

 

 

Institutional

   $ 1,000.00     $ 1,023.10     $ 3.11     $ 2.71       $ 1,000.00     $ 1,021.72     $ 3.11       $ 1,022.12     $ 2.71         0.62 %      0.54 % 

Investor A

     1,000.00       1,021.90       4.31       3.96         1,000.00       1,020.53       4.31         1,020.88       3.96         0.86       0.79  

Investor C

     1,000.00       1,018.00       8.06       7.71         1,000.00       1,016.81       8.05         1,017.16       7.70         1.61       1.54  

Class K

     1,000.00       1,023.40       2.86       2.46               1,000.00       1,021.97       2.86               1,022.36       2.46               0.57       0.49  

 

  (a)

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

 

 

8  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary  as of June 30, 2023 (continued)    BlackRock High Yield Municipal Fund

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector(a)(b)   Percent of
Total Investments		  

State

     22.7 % 

Corporate

     14.5  

Education

     13.8  

Health

     13.7  

County/City/Special District/School District

     10.7  

Transportation

     10.3  

Housing

     4.7  

Utilities

     4.6  

Tobacco

     4.2  

Other*

     0.8  

CALL/MATURITY SCHEDULE

 

   
Calendar Year Ended December 31,(a)(c)   Percentage  

2023

     10.1 % 

2024

     2.8  

2025

     2.0  

2026

     6.4  

2027

     7.3  

CREDIT QUALITY ALLOCATION

 

   
Credit Rating(a)(d)   Percent of
Total Investments		  

AAA/Aaa

     1.1 % 

AA/Aa

     13.8  

A

     15.8  

BBB/Baa

     7.8  

BB/Ba

     7.2  

B

     1.8  

CCC/Caa

     0.2  

N/R(e)

    52.3  
 

 

(a) 

Excludes short-term securities.

 
(b) 

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.

 
(c) 

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

 
(d) 

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, Inc. 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.

 
(e)

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 June 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.

 
*

Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

 

 

 

F U N D   S U M M A R Y

   9

Fund Summary  as of June 30, 2023     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 12-month period ended June 30, 2023, the Fund’s Institutional and Class K shares outperformed their primary benchmark, the Bloomberg Municipal Bond Index, while the Service, Investor A and Investor C shares underperformed. For the same period, the Fund’s Institutional and Class K shares outperformed their secondary benchmark, a customized weighted index comprised of 90% Bloomberg Municipal Bond Index Total Return Index Valued Unhedged / 10% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the “National Customized Reference Benchmark”), while the Service, Investor A and Investor C shares underperformed. The following discussion of relative performance pertains to the National Customized Reference Benchmark.

What factors influenced performance?

Municipal bonds posted modest gains in the reporting period, as the benefit of income offset the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed.

The Fund’s holdings in longer-duration securities contributed to relative performance. (Duration is a measure of interest rate sensitivity.) At the sector level, holdings in transportation and utilities issues made the largest contribution at a time in which essential-service revenue sectors generally outperformed. The Fund continued to use U.S. Treasury futures to manage interest-rate risk, which was a small, positive contributor.

Holdings in high yield securities underperformed investment-grade bonds. Yield spreads for non- investment-grade debt widened on concerns that the Fed’s tightening could hamper economic activity. The Fund’s holdings in short-term bonds and securities with shorter call dates also lagged in the rising rate environment. (A call is when an issuer redeems a bond prior to its maturity date.)

Describe recent portfolio activity.

The investment adviser sought to reduce duration and increase credit quality, with the goal of maintaining income and reducing portfolio volatility. It moved duration from an intra-period high of 8.5 years to 6.8 years by the close of the period. It achieved this, in part, by selling positions that had performed well and increasing the Fund’s cash weighting to approximately 6%. In addition, it decreased the Fund’s allocation to high yield bonds from 10% to 6.5%. The investment adviser also reduced the extent of the Fund’s leverage position.

Describe portfolio positioning at period end.

The Fund had an average credit quality of AA-, and it held a 13.9% weighting in bonds subject to the alternative minimum tax (AMT). Duration stood at approximately 6.8 years, compared with 7.2 years for the benchmark. The portfolio was overweight in the corporate-backed, transportation and utilities sectors, while its largest underweight was in the school districts 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.

GROWTH OF $10,000 INVESTMENT

 

LOGO

  (a) 

Assuming maximum sales charge, if any, transaction costs and other operating expenses, including advisory fees. Institutional Shares do not have a sales charge.

 
  (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 primarily invest in municipal bonds that have a maturity of five years or longer.

 
  (c) 

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

 

 

 

10  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary  as of June 30, 2023 (continued)    BlackRock National Municipal Fund

 

Performance

 

                      Average Annual Total Returns(a)(b)  
                      1 Year           5 Years           10 Years  
     Standardized
30-Day Yields		     Unsubsidized
30-Day Yields		            Without
Sales
Charge		     With
Sales
Charge		            Without
Sales
Charge		     With
Sales
Charge		            Without
Sales
Charge		     With
Sales
Charge		  

Institutional

     3.11 %      3.05 %        3.27 %      N/A         1.28 %      N/A         2.55 %      N/A  

Service

     2.85       2.77         3.01       N/A         1.03       N/A         2.32       N/A  

Investor A

     2.73       2.69         3.01       (1.37 )%        1.00       0.13 %        2.32       1.88 % 

Investor C

     2.10       2.06         2.24       1.24         0.27       0.27         1.73       1.73  

Class K

     3.15       3.12         3.32       N/A         1.33       N/A         2.62       N/A  

National Customized Reference Benchmark(c)

    —       —         3.16       N/A         1.94       N/A         N/A       N/A  

Bloomberg Municipal Bond Index

     —       —               3.19       N/A               1.84       N/A               2.68       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” 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 may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund will primarily invest in municipal bonds that have a maturity of five years or longer.

 
  (c)

A customized weighted index comprised of 90% Bloomberg Municipal Bond Index Total Return Index Value Unhedged/10% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the “National Customized Reference Benchmark”). The National Customized Reference Benchmark commenced on September 30, 2016.

 

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

Past performance is not an indication 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 5% Return                    
               

Expenses Paid During the

Period

                

Including Interest

Expense

and Fees

          

Excluding Interest

Expense

and Fees

          

Annualized Expense Ratio

  
   

 

Beginning

Account

Value

(01/01/23)

 

 

 

 

  

 

Ending

Account

Value

(06/30/23)

 

 

 

 

    

 Including

Interest

Expense

and Fees

  

 

 

(a) 

    

 Excluding

Interest

Expense

and Fees

  

 

 

(a) 

          

 

Beginning

Account

Value

(01/01/23)

 

 

 

 

  

 

Ending

Account

Value

(06/30/23)

 

 

 

 

    

 Expenses

Paid

During

the

Period

  

 

 

 

(a)  

          

 

Ending

Account

Value
(06/30/23)

 

 

 
 

    

 Expenses

Paid

During

the

Period

  

 

 

 

(a)  

          

 

Including

Interest

Expense

and Fees

 

 

 

 

  

 

Excluding

Interest

Expense

and Fees

 

 

 

 

Institutional

   $ 1,000.00     $ 1,031.60     $ 2.77     $ 2.17       $ 1,000.00     $ 1,022.07     $ 2.76       $ 1,022.66     $ 2.16         0.55 %      0.43 % 

Service

     1,000.00       1,030.30       4.08       3.42         1,000.00       1,020.78       4.06         1,021.42       3.41         0.81       0.68  

Investor A

     1,000.00       1,029.30       4.03       3.42         1,000.00       1,020.83       4.01         1,021.42       3.41         0.80       0.68  

Investor C

     1,000.00       1,026.50       7.79       7.19         1,000.00       1,017.11       7.75         1,017.70       7.15         1.55       1.43  

Class K

     1,000.00       1,031.90       2.52       1.91               1,000.00       1,022.32       2.51               1,022.91       1.91               0.50       0.38  

 

  (a)

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

 

 

F U N D   S U M M A R Y

   11

Fund Summary  as of June 30, 2023 (continued)    BlackRock National Municipal Fund

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector(a)(b)   Percent of
Total Investments		  

Transportation

     22.9 % 

State

     18.1  

Utilities

     16.9  

County/City/Special District/School District

     12.7  

Corporate

     10.4  

Education

     8.1  

Health

     7.9  

Housing

     2.1  

Other*

     0.9  

CALL/MATURITY SCHEDULE

 

   
Calendar Year Ended December 31,(a)(c)   Percentage  

2023

     1.7 % 

2024

     3.2  

2025

     6.3  

2026

     9.5  

2027

     17.1  

CREDIT QUALITY ALLOCATION

 

   
Credit Rating(a)(d)   Percent of
Total Investments		  

AAA/Aaa

     11.7 % 

AA/Aa

     54.1  

A

     24.9  

BBB/Baa

     2.2  

BB/Ba

     1.3  

B

     0.1  

CCC/Caa

     — (e) 

N/R(f)

    5.7  
 

 

(a)

Excludes short-term securities.

 
(b)

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.

 
(c)

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

 
(d)

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, Inc. 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.

 
(e)

Rounds to less than 0.1% of total investments.

 
(f)

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 June 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.

 
*

Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

 

 

 

12  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary  as of June 30, 2023     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 12-month period ended June 30, 2023, all of the Fund’s share classes outperformed its primary benchmark, the Bloomberg Municipal 1-5 Year Index, with the exception of the Fund’s Investor C shares, which underperformed. For the same period, all of the Fund’s share classes outperformed its secondary benchmark, a customized index comprised of the Bloomberg National Short 0-3 Year Maturities, excluding non-investment grade (the “Short-Term Customized Reference Benchmark”), with the exception of the Fund’s Investor C shares, which underperformed. The following discussion of relative performance pertains to the Fund’s secondary benchmark, the Short-Term Customized Reference Benchmark.

What factors influenced performance?

Municipal bonds posted modest gains in the reporting period, as the benefit of income offset the effect of falling prices. Bonds, in general, remained under pressure from the combination of high inflation and continued interest rate increases by the Fed.

Yield curve positioning was the largest positive contributor to Fund’s performance during the reporting period. The Fund was generally positioned with an overweight in cash and floating-rate bonds, as well as in three- to seven-year issues. At the same time, it was underweight in one- to three-year maturities. Since shorter-dated issues underperformed due to their above-average sensitivity to Fed policy, this aspect of the Fund’s positioning added value.

An overweight in the corporate-backed sector, which included a large position in prepaid gas bonds, also helped results. An underweight to duration, while hurting performance in the rally that occurred in November 2022 through January 2023, was a positive overall contributor at a time of rising yields (Duration is a measure of interest rate sensitivity). An overweight in lower-rated investment-grade issues, which as a group outperformed higher-rated securities due in part to their higher yields, also contributed. On the other hand, underweights in the utilities, state tax-backed and school district sectors detracted.

Describe recent portfolio activity.

At a time of volatile market conditions, particularly on the short end of the yield curve, the investment adviser sought to pare back duration during periods in which the market was being overly aggressive in pricing in Fed rate cuts. Later in the period, it increased duration somewhat to capitalize on opportunities created by volatility. With this said, the investment adviser remained largely committed to its duration, yield curve, and credit positioning throughout the reporting period.

The investment adviser funded outflows and the purchase of new positions from the sale of low-book yield holdings with little upside, as well as a reduction in the Fund’s allocation to variable-rate demand notes (“VRDNs”). However, the Fund continued to hold floating rate notes and VRDNs with attractive spreads to establish its desired yield curve positioning. VRDNs allow the investment adviser to maintain positions in the longer-dated portion of the yield curve while also keeping the portfolio’s duration near that of the index. VRDNs have no price volatility, and their yields adjust higher as rates rise.

The Fund remained underweight in one- to three-year maturities, which are highly sensitive to market expectations of a hawkish Fed amid resilient growth and robust labor market data.

The Fund’s overweight in lower-rated investment-grade debt detracted from performance during the banking-sector stress in March 2023, since its prepaid gas holdings are backed by bank guarantees. The investment adviser maintained the positions through the volatility on the view that the financial markets were overreacting, allowing the Fund to benefit when turmoil in the banking sector subsequently dissipated in the second quarter of 2023.

Describe portfolio positioning at period end.

The Fund had a slightly short duration relative to the benchmark. It was overweight in zero- to one-year and three- to seven-year bonds, and it was underweight in the one- to three-year maturity range. In terms of credit quality, the Fund was overweight in lower-rated investment-grade debt (securities rated A and BBB), and it was underweight in those rated AAA and AA.

The Fund was overweight in the corporate-backed, transportation, housing and healthcare sectors, and it was underweight in general obligations, utilities and pre-refunded issues.

Although the Fund was fully invested, it held an 11% position in short-term VRDNs.

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.

 

 

F U N D   S U M M A R Y

   13

Fund Summary  as of June 30, 2023 (continued)    BlackRock Short-Term Municipal Fund

 

GROWTH OF $10,000 INVESTMENT

 

LOGO

 

  (a) 

Assuming maximum sales charge, if any, transaction costs and other operating expenses, including advisory fees. Institutional Shares do not have a sales charge.

 
  (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 three years.

 
  (c) 

An index that covers the long-term tax-exempt bond market. It includes general obligation and revenue bonds with maturities less than 5 years.

 

Performance

 

                      Average Annual Total Returns(a)(b)  
                      1 Year           5 Years           10 Years  
     Standardized
30-Day Yields		     Unsubsidized
30-Day Yields		            Without
Sales
Charge		     With
Sales
Charge		            Without
Sales
Charge		     With
Sales
Charge		            Without
Sales
Charge		     With
Sales
Charge		  

Institutional

     3.34 %      3.23 %        1.72 %      N/A         0.65 %      N/A         0.60 %      N/A  

Investor A

     3.02       2.95         1.48       (1.56 )%        0.43       (0.18 )%        0.36       0.05 % 

Investor A1

     3.21       3.13         1.61       N/A         0.55       N/A         0.50       N/A  

Investor C

     2.34       2.24         0.80       (0.20 )        (0.33 )      (0.33 )        (0.26 )      (0.26 ) 

Class K

     3.39       3.31         1.87       N/A         0.72       N/A         0.65       N/A  

Short-Term Customized Reference Benchmark(c)

    —       —         1.06       N/A         1.02       N/A         N/A       N/A  

Bloomberg Municipal 1-5 Year Index

     —       —               1.08       N/A               1.11       N/A               1.17       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” 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 three years.

 
  (c)

A customized index comprised of the Bloomberg National Short 0-3 year maturities, excluding non-investment grade (the “Short-Term Customized Reference Benchmark”). The Short-Term Customized Reference Benchmark commenced on September 30, 2016.

 

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

Past performance is not an indication 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 5% Return           
     

 Beginning
Account Value
(01/01/23		  
 
) 		     

 Ending
Account Value
(06/30/23		  
 
) 		     

 Expenses
Paid During
the Period		  
 
(a) 		            

 Beginning
Account Value
(01/01/23		  
 
) 		     

 Ending
Account Value
(06/30/23		  
 
) 		     

 Expenses
Paid During
the Period		  
 
(a) 		       

 Annualized
Expense
Ratio		  
 
 

Institutional

   $ 1,000.00      $ 1,014.90      $ 1.80       $ 1,000.00      $ 1,023.01      $ 1.81          0.36 % 

Investor A

     1,000.00        1,013.80        2.95         1,000.00        1,021.87        2.96          0.59  

Investor A1

     1,000.00        1,014.40        2.30         1,000.00        1,022.51        2.31          0.46  

Investor C

     1,000.00        1,010.00        6.78         1,000.00        1,018.05        6.81          1.36  

Class K

     1,000.00        1,015.20        1.55               1,000.00        1,023.26        1.56          0.31  

 

  (a)

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

 

 

 

14  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary  as of June 30, 2023 (continued)    BlackRock Short-Term Municipal Fund

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector(a)(b)   Percent of
Total Investments		  

Corporate

     29.2 % 

County/City/Special District/School District

     14.0  

Transportation

     10.9  

Health

     10.5  

Housing

     10.4  

Education

     9.1  

State

     8.1  

Utilities

     6.8  

Tobacco

     1.0  

CALL/MATURITY SCHEDULE

 

   
Calendar Year Ended December 31,(a)(c)   Percentage  

2023

     31.1 % 

2024

     17.8  

2025

     12.9  

2026

     13.1  

2027

     8.0  

CREDIT QUALITY ALLOCATION

 

   
Credit Rating(a)(d)   Percent of
Total Investments		  

AAA/Aaa

     4.2 % 

AA/Aa

     27.1  

A

     55.5  

BBB/Baa

     5.1  

N/R(e)

    8.1  
 

 

(a)

Excludes short-term securities.

(b)

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.

(c)

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

(d)

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, Inc. 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.

(e)

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 June 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.

 

 

F U N D   S U M M A R Y

   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 New York Municipal Opportunities Fund’s and BlackRock High Yield Municipal Fund’s 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. 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. 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.

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 New York Municipal Opportunities Fund and BlackRock Short-Term Municipal Fund) are subject to a maximum initial sales charge (front-end load) of 4.00% for BlackRock New York Municipal Opportunities Fund and 1.00% for BlackRock Short-Term Municipal 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 shareholders of Investor A1 Shares of the Funds. These shares are only available for dividend and capital gain reinvestment by existing shareholders and for purchase by certain eligible employer-sponsored retirement plans. 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 the 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 eight years.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, 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 the performance table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. 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 and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See 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.

Disclosure of Expenses

Shareholders of each Fund 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 shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) 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. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. 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 heading 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.

 

 

16  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

The Benefits and Risks of Leveraging

 

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

Each of BlackRock New York Municipal Opportunities Fund, BlackRock High Yield Municipal Fund and BlackRock National Municipal 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, each Fund transfers municipal bonds or other municipal securities into a special purpose entity (a “TOB Trust”). TOB investments generally provide each Fund with economic benefits in periods of declining short-term interest rates but expose each Fund 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 each Fund’s 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 each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund’s 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 each Fund’s 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 Fund 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 was 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. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. 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.

 

 

T H E   B E N E F I T S   A N D   R I S K S   O F   L E V E R A G I N G / D E R I V A T I V E   F I N A N C I A L   I N S T R U M E N T S

   17

Schedule of Investments  

June 30, 2023

   

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                   Value  

Corporate Bonds

    
Consumer Discretionary — 0.1%            

YMCA of Greater New York, 2.30%, 08/01/26

   $ 1,000     $ 889,234  
   

 

 

  
Education — 0.1%            

Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48

     1,910       1,784,365  
   

 

 

  
Health Care Providers & Services — 0.1%            

Northwell Healthcare, Inc., 4.26%, 11/01/47

     2,500       2,051,691  
   

 

 

  
State — 0.4%            

Community Preservation Corp., Series 2020, Class C, 2.87%, 02/01/30

     5,520       4,626,541  
   

 

 

  
Total Corporate Bonds — 0.7%
    (Cost: $11,320,301)		         9,351,831  
   

 

 

  

Municipal Bonds

    
Illinois — 0.1%            
County/City/Special District/School District — 0.1%  

Chicago Board of Education, GO, BAB, 6.14%, 12/01/39

     615       576,096  
   

 

 

  
New York — 83.3%            
Corporate — 2.1%            

Build NYC Resource Corp., Refunding RB(a)

   

AMT, 4.50%, 01/01/25

     155       156,325  

AMT, 5.00%, 01/01/35

     100       102,067  

New York Liberty Development Corp., RB, 5.50%, 10/01/37

     4,780       5,453,072  

New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35

     14,365       16,436,290  

New York State Energy Research & Development Authority, Refunding RB, Series C, 4.00%, 04/01/34

     650       656,006  

New York Transportation Development Corp., ARB, AMT, 5.00%, 01/01/33

     1,000       1,034,643  

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

     3,245       3,389,227  
   

 

 

  
      27,227,630  
County/City/Special District/School District — 14.8%  

Battery Park City Authority, Refunding RB

    

Series B, 5.00%, 11/01/38

     3,750       4,127,779  

Series B, 5.00%, 11/01/39

     2,850       3,128,673  

Series B, 5.00%, 11/01/40

     8,500       9,303,233  

City of New York New York, GO

    

Series B, 5.25%, 10/01/43

     1,500       1,694,438  

Series B-1, 5.00%, 10/01/43

     3,000       3,230,832  

Series C, 4.00%, 08/01/41

     6,480       6,500,107  

Series D, 5.38%, 06/01/32

     15       15,024  

Series D, 5.00%, 12/01/42

     2,490       2,662,201  

Series D, 5.00%, 12/01/43

     1,010       1,077,950  

Series D-1, 5.00%, 03/01/43

     2,000       2,156,922  

Series D-1, 5.50%, 05/01/44

     2,500       2,859,495  

Series E-1, 5.00%, 03/01/40

     6,000       6,395,940  

Sub-Series E1, 4.00%, 04/01/45

     2,425       2,379,703  

Sub-Series E1, 5.25%, 04/01/47

     5,000       5,614,025  

Sub-Series F-1, 5.00%, 04/01/39

     10,000       10,677,640  

City of New York New York, Refunding GO,

    

Series C-3, 2.46%, 08/01/33

     2,145       1,725,226  
Security  

Par

            (000)

                   Value  
County/City/Special District/School District (continued)  

County of Nassau New York, GO

    

Series A, 4.00%, 04/01/39

   $ 1,000     $ 1,022,786  

Series B, (AGM), 5.00%, 07/01/37

     1,145       1,236,453  

Series B, (AGM), 5.00%, 07/01/42

     4,190       4,491,806  

Series B, (AGM), 5.00%, 07/01/45

     4,960       5,300,350  

County of Nassau New York, Refunding GO

    

Series A, (AGM), 4.00%, 04/01/38

     2,635       2,695,262  

Series A, (AGM), 5.00%, 04/01/46

     1,000       1,076,217  

Series B, (BAM-TCRS), 5.00%, 04/01/36

     2,440       2,632,606  

Series B, 5.00%, 04/01/41

     1,250       1,413,199  

Series B, 5.00%, 04/01/42

     1,500       1,689,495  

Series B, (AGM), 5.00%, 04/01/44

     3,425       3,742,217  

Hudson Yards Infrastructure Corp., Refunding RB

    

Series 2022, 4.00%, 02/15/40

     1,000       1,006,094  

Series 2022, 4.00%, 02/15/42

     2,660       2,676,428  

Series A, 5.00%, 02/15/36

     2,000       2,149,820  

Series A, 4.00%, 02/15/38

     2,000       2,051,584  

Monroe County Industrial Development Corp., RB, (SAW), 5.00%, 05/01/34

     2,375       2,615,766  

Nassau County Interim Finance Authority, Refunding RB

    

Series A, 5.00%, 11/15/34

     5,030       5,888,274  

Series B, 1.28%, 11/15/28

     3,750       3,157,650  

New York City Industrial Development Agency, RB(b)

   

(AGC), 0.00%, 03/01/41

     4,155       1,761,217  

(AGC), 0.00%, 03/01/42

     5,500       2,192,531  

(AGC), 0.00%, 03/01/43

     2,000       751,866  

(AGC), 0.00%, 03/01/45

     2,450       815,453  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

Series A1, 5.00%, 08/01/40

     10,000       10,735,430  

Series E-1, 4.00%, 02/01/46

     1,910       1,896,796  

Series F1, 5.00%, 05/01/38

     3,450       3,661,226  

Sub-Series B1, 5.00%, 11/01/35

     200       203,496  

Sub-Series B1, 5.00%, 11/01/36

     680       692,065  

Sub-Series B-1, 4.00%, 11/01/45

     10,000       9,943,570  

Series C-1, Subordinate, 4.00%, 02/01/42

     6,000       6,081,954  

New York Convention Center Development Corp., RB, CAB, Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55(b)

    5,500       1,059,355  

New York Convention Center Development Corp., Refunding RB
5.00%, 11/15/35

     3,500       3,635,114  

5.00%, 11/15/40

     7,690       7,923,453  

5.00%, 11/15/45

     8,490       8,687,664  

New York Liberty Development Corp., Refunding RB

    

Series 1, 5.00%, 11/15/44(a)

    5,320       5,347,552  

Series A, 2.75%, 11/15/41

     17,000       13,083,217  

New York State Dormitory Authority, RB, 5.00%, 07/01/26

     1,015       1,016,385  

New York State Dormitory Authority, Refunding RB, Series B, 5.00%, 08/15/27(c)

    5       5,436  
   

 

 

  
      187,888,975  
Education — 11.2%            

Albany Capital Resource Corp., Refunding RB
4.00%, 07/01/41

     1,650       1,275,818  

4.00%, 07/01/51

     1,705       1,144,140  

Amherst Development Corp., Refunding RB
5.00%, 10/01/43

     85       85,682  

5.00%, 10/01/48

     1,040       1,044,159  
 

 

 

18  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                   Value  
Education (continued)            

Buffalo & Erie County Industrial Land Development Corp., Refunding RB

    

Series A, 4.50%, 06/01/27

   $ 820     $ 828,097  

Series A, 5.00%, 06/01/35

     655       674,491  

Build NYC Resource Corp., RB (a)
5.00%, 02/01/33

     745       710,074  

5.63%, 02/01/39

     1,285       1,225,458  

5.75%, 06/01/42

     500       504,878  

5.75%, 02/01/49

     1,145       1,055,366  

5.75%, 06/01/62

     1,475       1,446,422  

Series A, 4.88%, 05/01/31

     640       619,785  

Series A, 5.13%, 05/01/38

     140       132,134  

Series A, 5.50%, 05/01/48

     2,175       2,047,273  

Build NYC Resource Corp., Refunding RB
5.00%, 06/01/30

     385       395,613  

5.00%, 08/01/33

     275       287,717  

5.00%, 06/01/35

     250       257,705  

5.00%, 08/01/35

     740       770,242  

5.00%, 06/01/40

     310       315,014  

5.00%, 08/01/47

     725       735,368  

5.00%, 11/01/47

     2,900       3,225,357  

Series A, 5.00%, 06/01/43

     325       328,875  

County of Cattaraugus New York, RB
5.00%, 05/01/34

     130       131,040  

5.00%, 05/01/39

     225       225,872  

Dobbs Ferry Local Development Corp., RB, 5.00%, 07/01/39

     1,000       1,020,175  

Dutchess County Local Development Corp., RB
5.00%, 07/01/43

     955       998,879  

5.00%, 07/01/48

     1,435       1,484,254  

5.00%, 07/01/52

     2,500       2,624,082  

Dutchess County Local Development Corp.,

    

Refunding RB
5.00%, 07/01/42

     1,980       2,074,996  

4.00%, 07/01/46

     2,500       2,429,960  

Geneva Development Corp., RB, 5.25%, 09/01/23(c)

    160       160,480  

Hempstead Town Local Development Corp., Refunding RB
5.00%, 10/01/34

     570       579,962  

5.00%, 10/01/35

     265       269,637  

5.00%, 07/01/47

     2,165       2,248,045  

Monroe County Industrial Development Corp., Refunding RB

    

Series A, 5.00%, 07/01/35

     800       867,726  

Series A, 5.00%, 07/01/36

     1,000       1,077,106  

Series A, 5.00%, 07/01/37

     500       533,311  

Series A, 4.00%, 07/01/50

     5,000       4,868,880  

Series C, 5.05%, 07/01/28

     1,000       1,010,087  

Series C, 4.00%, 07/01/37

     1,765       1,797,051  

New York State Dormitory Authority, RB
4.00%, 07/01/46

     2,450       2,384,658  

5.00%, 07/01/49

     6,380       6,770,182  

1st Series, (AMBAC), 5.50%, 07/01/40

     500       603,884  

Series 1, (BHAC-CR AMBAC), 5.50%, 07/01/31

     475       539,774  

Series A, 5.25%, 07/01/24(c)

    250       254,971  

Series A, 5.50%, 07/01/24(c)

    2,500       2,555,750  

Series A, 5.00%, 07/01/43

     8,065       8,465,242  

Series A, 4.00%, 07/01/44

     2,010       1,974,843  

New York State Dormitory Authority, Refunding RB
1.64%, 07/01/26

     2,000       1,810,894  
Security  

Par

            (000)

                   Value  
Education (continued)            

New York State Dormitory Authority, Refunding RB (continued)
2.26%, 07/01/30

   $ 4,000     $ 3,380,380  

3.78%, 07/01/34

     2,100       1,897,886  

(AGM), 5.00%, 10/01/37

     1,875       2,094,249  

(AGM), 5.00%, 10/01/38

     1,000       1,110,550  

5.00%, 07/01/44

     5,000       5,430,660  

Series A, 5.25%, 07/01/23(c)

    2,095       2,095,000  

Series A, 5.00%, 07/01/24(c)

    1,000       1,017,471  

Series A, 2.28%, 07/01/30

     1,945       1,646,215  

Series A, 2.58%, 07/01/33

     4,000       3,249,656  

Series A, 5.00%, 07/01/35

     2,750       3,038,384  

Series A, 5.00%, 07/01/36

     1,850       1,963,818  

Series A, 5.00%, 07/01/37

     350       360,046  

Series A, 5.00%, 07/01/38

     1,005       1,056,672  

Series A, 5.00%, 07/01/41

     500       517,820  

Series A, 5.00%, 07/01/42

     1,585       1,651,576  

Series A, 5.00%, 07/01/43

     1,000       1,020,487  

Series A, 4.00%, 07/01/46

     10,180       10,049,014  

Series A, 5.00%, 07/01/46

     675       694,818  

Series A, 4.00%, 07/01/47

     1,250       1,150,888  

Series A, 5.00%, 07/01/51

     3,000       3,235,965  

Series B, 2.83%, 07/01/31

     2,820       2,432,870  

Series B, 5.00%, 10/01/38

     10,000       10,838,200  

Series C, 4.00%, 07/01/49

     2,500       2,414,937  

Onondaga County Trust for Cultural Resources, Refunding RB
5.00%, 05/01/40

     135       139,820  

4.00%, 12/01/41

     3,760       3,787,726  

4.00%, 12/01/47

     3,000       2,919,726  

Orange County Funding Corp., Refunding RB

    

Series A, 5.00%, 07/01/37

     360       360,135  

Series A, 5.00%, 07/01/42

     220       220,039  

Schenectady County Capital Resource Corp., Refunding RB
5.00%, 07/01/32

     335       388,087  

5.25%, 07/01/52

     285       314,472  

St Lawrence County Industrial Development Agency, Refunding RB, Series B, 4.43%, 07/01/56

     1,500       1,267,539  

Troy Capital Resource Corp., Refunding RB
4.00%, 08/01/35

     1,110       1,117,092  

4.00%, 09/01/40

     160       155,792  

Trust for Cultural Resources of The City of New York, Refunding RB, Series A, 5.00%, 07/01/37

     885       901,287  
   

 

 

  
      142,790,686  
Health — 2.1%            

Buffalo & Erie County Industrial Land Development Corp., RB, 5.25%, 07/01/35

     665       586,723  

Build NYC Resource Corp., Refunding RB, 5.00%, 07/01/24(c)

    1,100       1,119,218  

Dutchess County Local Development Corp., RB, Series A, 5.00%, 07/01/24(c)

    750       763,103  

Genesee County Funding Corp., Refunding RB, Series A, 5.25%, 12/01/52

     4,345       4,474,672  

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

     525       410,084  

Monroe County Industrial Development Corp., RB
5.00%, 12/01/29

     660       683,576  

4.00%, 12/01/41

     100       88,857  

5.00%, 12/01/46

     1,450       1,456,983  
 

 

 

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

   19

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                   Value  
Health (continued)            

Monroe County Industrial Development Corp., RB (continued)

    

Series A, 5.00%, 12/01/37

   $ 370     $ 370,116  

Monroe County Industrial Development Corp., Refunding RB, 4.00%, 12/01/36

     2,800       2,648,971  

New York State Dormitory Authority, Refunding RB
5.00%, 05/01/38

     1,705       1,837,927  

4.00%, 07/01/38

     110       82,099  

4.00%, 07/01/39

     140       102,975  

4.00%, 07/01/40

     325       235,604  

5.00%, 07/01/41

     450       367,794  

4.00%, 07/01/45

     460       313,885  

5.00%, 05/01/52

     4,000       4,187,644  

Series A, 5.00%, 05/01/43

     1,570       1,597,119  

Southold Local Development Corp., RB, 4.00%, 12/01/45

     1,900       1,439,049  

Suffolk County Economic Development Corp., RB, Series C, 5.00%, 07/01/32

     285       290,214  

Tompkins County Development Corp., Refunding RB, 5.00%, 07/01/44

     1,145       1,083,360  

Westchester County Healthcare Corp., Refunding RB, Series B, Senior Lien, 6.00%, 11/01/30

     105       105,141  

Westchester County Local Development Corp., Refunding RB
5.00%, 11/01/34

     500       507,615  

5.00%, 07/01/41(a)

    1,150       970,431  

5.00%, 07/01/56(a)

    1,270       989,559  
   

 

 

  
      26,712,719  
Housing — 5.1%            

New York City Housing Development Corp., RB, M/F Housing
4.15%, 11/01/46

     2,805       2,661,561  

3.73%, 05/01/63(d)

    3,000       2,998,323  

Class F-1, 4.75%, 11/01/47

     1,500       1,510,892  

Series B1, 5.25%, 07/03/23(c)

    500       500,000  

Series K, 3.85%, 11/01/38

     4,000       3,723,132  

Series K, 4.00%, 11/01/48

     2,925       2,598,865  

New York City Housing Development Corp., Refunding RB, 3.76%, 01/01/29

     3,000       2,780,874  

New York City Housing Development Corp., Refunding RB, M/F Housing, Series D, 4.10%, 11/01/38

     2,500       2,200,427  

New York State Housing Finance Agency, RB, M/F Housing

    

Series C, (SONYMA), 3.25%, 05/01/27

     5,000       4,641,115  

Series C, (FHLMC, FNMA, GNMA, SONYMA), 2.75%, 11/01/31

     1,000       929,182  

Series E, (FNMA, SONYMA), 4.15%, 11/01/47

     165       150,927  

Series J-1, 2.80%, 11/01/51

     4,500       3,109,176  

Series L-2, (SONYMA), 0.75%, 11/01/25

     7,095       6,602,550  

Series M-2, (SONYMA), 0.75%, 11/01/25

     3,185       2,963,936  

Series A, AMT, (SONYMA), 4.90%, 02/15/38

     645       645,122  

Series A, AMT, (SONYMA), 5.10%, 02/15/38

     875       875,329  

New York State Housing Finance Agency, Refunding RB, Series C, (FNMA, SONYMA), 3.85%, 11/01/39.

     4,425       4,100,249  

State of New York Mortgage Agency, RB, S/F Housing
250th Series, (SONYMA), 4.80%, 10/01/48

     5,000       5,101,285  

Series 239, (SONYMA), 3.25%, 10/01/51

     4,880       4,677,997  
Security  

Par

            (000)

                   Value  

Housing (continued)

    

State of New York Mortgage Agency, Refunding RB, S/F Housing

    

Series 235, AMT, 1.40%, 10/01/27

   $ 5,460     $ 4,908,251  

Series 235, AMT, 1.50%, 04/01/28

     5,475       4,870,982  

Yonkers Industrial Development Agency, RB

    

AMT, (SONYMA), 5.25%, 04/01/37

     585       585,356  

Series A, AMT, (SONYMA), 4.80%, 10/01/26

     335       335,216  

Series A, AMT, (SONYMA), 5.00%, 10/01/37

     1,640       1,640,528  
   

 

 

  
      65,111,275  
State — 10.0%            

New York City Transitional Finance Authority Building Aid Revenue, RB

    

Series S1, Subordinate, (SAW), 4.00%, 07/15/45

     2,460       2,415,718  

Series S-1, Subordinate, (SAW), 5.00%, 07/15/38

     2,250       2,409,430  

Series S-1, Subordinate, (SAW), 5.00%, 07/15/43

     4,865       5,018,938  

Series S-3, Subordinate, (SAW), 5.25%, 07/15/36

     2,080       2,282,216  

Series S-3, Subordinate, (SAW), 5.00%, 07/15/37

     3,015       3,243,908  

Series S-3, Subordinate, (SAW), 5.25%, 07/15/45

     5,000       5,346,555  

New York City Transitional Finance Authority Building Aid Revenue, Refunding RB

    

Series S-1A, (SAW), 4.00%, 07/15/39

     2,000       2,021,092  

Series S-1, Subordinate, (SAW), 4.00%, 07/15/37

     1,265       1,290,816  

Series S-3, Subordinate, (SAW), 5.00%, 07/15/37

     7,000       7,531,461  

New York State Dormitory Authority, RB

    

Series A, 4.80%, 12/01/34

     10,220       10,124,586  

Series A, 5.00%, 03/15/39

     1,630       1,743,386  

Series A, 5.00%, 03/15/40

     1,500       1,583,259  

Series A, 5.00%, 03/15/43

     585       614,094  

New York State Dormitory Authority, Refunding RB

    

Series A, 5.25%, 03/15/39

     7,250       7,899,629  

Series A, 5.00%, 03/15/41

     10,000       10,762,010  

Series A, 4.00%, 03/15/43

     5,000       4,956,280  

Series C, 2.15%, 03/15/31

     2,000       1,653,726  

Series C, 5.00%, 03/15/39

     8,000       8,556,496  

Series E, 5.00%, 03/15/40

     5,165       5,549,922  

Series E, 5.00%, 03/15/41

     3,615       3,876,806  

New York State Urban Development Corp., RB, Series C, 5.00%, 03/15/30

     250       250,346  

New York State Urban Development Corp., Refunding RB
4.00%, 03/15/43

     4,700       4,701,626  

4.00%, 03/15/44

     2,800       2,784,457  

4.00%, 03/15/46

     2,625       2,583,525  

Series A, 5.00%, 03/15/38

     10,000       10,575,540  

Series B, 2.77%, 03/15/31

     7,500       6,493,462  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.25%, 05/15/52

     10,465       11,575,002  
   

 

 

  
      127,844,286  
Tobacco — 3.5%            

Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 06/01/39

     825       789,232  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     4,595       4,311,677  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 6.25%, 06/01/41(a)

    2,200       2,200,587  

Series A, 5.00%, 06/01/42

     3,775       3,593,483  

New York Counties Tobacco Trust VI, Refunding RB

    

Series A-2B, 5.00%, 06/01/45

     6,350       5,971,826  

Series A-2B, 5.00%, 06/01/51

     3,955       3,680,005  

Series B, 5.00%, 06/01/28

     90       93,592  
 

 

 

20  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                   Value  
Tobacco (continued)            

New York Counties Tobacco Trust VI, Refunding RB (continued)

    

Series B, 5.00%, 06/01/29

   $ 105     $ 109,312  

Series C, 4.00%, 06/01/51

     4,055       3,184,619  

Niagara Tobacco Asset Securitization Corp., Refunding RB

    

5.25%, 05/15/34

     2,250       2,279,952  

5.25%, 05/15/40

     1,250       1,263,996  

TSASC, Inc., Refunding RB

    

Series A, 5.00%, 06/01/30

     775       799,743  

Series A, 5.00%, 06/01/33

     3,000       3,123,270  

Series A, 5.00%, 06/01/36

     5,835       6,002,499  

Westchester Tobacco Asset Securitization Corp., Refunding RB

    

Sub-Series C, 4.00%, 06/01/42

     4,380       4,281,446  

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

     2,375       2,384,365  
   

 

 

  
      44,069,604  
Transportation — 20.1%            

Albany County Airport Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/15/35

     120       118,158  

Series B, AMT, 4.00%, 12/15/34

     235       233,953  

Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42

     3,510       3,690,632  

Metropolitan Transportation Authority, RB

    

Series A, 5.00%, 11/15/42

     5,000       5,240,155  

Series A-1, 5.25%, 11/15/23(c)

     1,040       1,047,356  

Series A-2, 4.00%, 11/15/43

     7,500       7,167,022  

Series B, 5.25%, 11/15/33

     500       506,028  

Series B, 5.25%, 11/15/44

     2,125       2,134,888  

Series D-3, 4.00%, 11/15/47

     10,800       10,065,902  

Series E, 5.00%, 11/15/38

     2,350       2,352,550  

Sub-Series A-1, 5.00%, 11/15/40

     1,645       1,670,345  

Sub-Series D-1, 5.00%, 11/15/39

     4,250       4,300,086  

Metropolitan Transportation Authority, Refunding RB

    

Series B, 5.00%, 11/15/35

     1,750       1,817,723  

Series B, 5.00%, 11/15/37

     1,500       1,546,339  

Series C, (AGM-CR), 5.00%, 11/15/38

     3,385       3,618,778  

Series C, (BAM-TCRS), 5.00%, 11/15/42

     3,000       3,150,708  

Series D, 5.25%, 11/15/23(c)

     670       674,738  

Series D, 5.00%, 11/15/35

     2,500       2,636,210  

MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

     7,985       8,000,435  

New York City Industrial Development Agency, Refunding RB, Series A, AMT, 5.00%, 07/01/28

     1,905       1,905,272  

New York Liberty Development Corp., Refunding RB

    

Series 1, 4.00%, 02/15/43

     5,000       4,923,605  

Series 1, 2.75%, 02/15/44

     6,125       4,600,922  

New York State Bridge Authority, RB

    

Series A, 4.00%, 01/01/39

     275       279,402  

Series A, 4.00%, 01/01/40

     350       354,485  

Series A, 4.00%, 01/01/41

     165       166,580  

Series A, 4.00%, 01/01/46

     2,460       2,429,292  

New York State Thruway Authority, RB

    

Series N, 4.00%, 01/01/45

     940       920,928  

Series A, Junior Lien, 5.25%, 01/01/56

     7,500       7,737,165  

New York State Thruway Authority, Refunding RB

    

5.00%, 03/15/41

     4,000       4,473,492  

Series K, 5.00%, 01/01/29

     5,000       5,152,580  

Series O, 4.00%, 01/01/37

     4,400       4,502,164  

Series O, 4.00%, 01/01/40

     5,000       5,018,050  
Security  

Par

            (000)

                   Value  
Transportation (continued)            

New York State Thruway Authority, Refunding RB (continued)

    

Series O, 4.00%, 01/01/45

   $ 1,550     $ 1,522,394  

Series O, 4.00%, 01/01/47

     2,345       2,275,912  

Series B, Subordinate, 4.00%, 01/01/41

     4,275       4,231,784  

Series B, Subordinate, 4.00%, 01/01/45

     1,500       1,471,296  

New York Transportation Development Corp., ARB

    

AMT, 5.00%, 12/01/35

     1,510       1,606,374  

AMT, 5.00%, 12/01/37

     5,310       5,568,385  

AMT, 5.00%, 12/01/41

     2,565       2,662,093  

Series A, AMT, 5.00%, 07/01/34

     250       251,350  

Series A, AMT, 5.00%, 07/01/41

     750       750,499  

Series A, AMT, 5.00%, 07/01/46

     1,500       1,501,860  

Series A, AMT, 5.25%, 01/01/50

     15,000       15,055,800  

New York Transportation Development Corp., RB, AMT, 4.00%, 10/31/46

     1,355       1,188,781  

New York Transportation Development Corp., Refunding RB, 5.00%, 12/01/38

     4,250       4,537,687  

Niagara Falls Bridge Commission, RB, (AGM), 4.16%, 10/01/33

     1,650       1,556,886  

Niagara Frontier Transportation Authority, Refunding ARB

    

AMT, 5.00%, 04/01/32

     400       427,205  

AMT, 5.00%, 04/01/33

     375       399,648  

AMT, 5.00%, 04/01/34

     225       239,455  

AMT, 5.00%, 04/01/35

     200       211,990  

AMT, 5.00%, 04/01/36

     210       221,550  

AMT, 5.00%, 04/01/37

     250       262,297  

AMT, 5.00%, 04/01/38

     250       261,519  

AMT, 5.00%, 04/01/39

     175       182,816  

Port Authority of New York & New Jersey, ARB Series 217, 4.00%, 11/01/38

     2,055       2,095,580  

AMT, 4.00%, 09/01/43

     2,400       2,302,114  

218th Series, AMT, 4.00%, 11/01/41

     2,500       2,454,250  

218th Series, AMT, 4.00%, 11/01/47

     4,765       4,510,435  

Series 221, AMT, 4.00%, 07/15/38

     2,000       2,002,910  

Port Authority of New York & New Jersey, Refunding ARB

    

5.00%, 09/01/48

     955       1,015,966  

179th Series, 5.00%, 12/01/38

     150       151,208  

230th Series, 5.00%, 12/01/42

     1,890       2,103,914  

178th Series, AMT, 5.00%, 12/01/43

     285       286,055  

186th Series, AMT, 5.00%, 10/15/44

     1,000       1,011,219  

195th Series, AMT, 5.00%, 10/01/35

     1,655       1,742,740  

197th Series, AMT, 5.00%, 11/15/41

     1,250       1,279,444  

202nd Series, AMT, 5.00%, 04/15/37

     5,000       5,213,630  

206th Series, AMT, 5.00%, 11/15/37

     1,525       1,596,927  

238th Series, AMT, 5.00%, 07/15/39

     4,000       4,340,360  

Series 223, AMT, 4.00%, 07/15/41

     2,370       2,304,505  

Series 231, AMT, 5.00%, 08/01/38

     2,500       2,719,260  

Series 231, AMT, 5.50%, 08/01/39

     2,500       2,813,917  

Series 231, AMT, 5.50%, 08/01/40

     4,000       4,494,772  

Port Authority of New York & New Jersey, Refunding RB, 241st Series, 5.00%, 07/15/41

     2,500       2,801,835  

Triborough Bridge & Tunnel Authority, RB

    

Series A, 5.00%, 11/15/47

     5,000       5,458,015  

Series A, 5.00%, 11/15/49

     4,630       4,963,448  

Series A, 5.00%, 11/15/51

     1,500       1,610,313  

Triborough Bridge & Tunnel Authority, Refunding RB

    

Series A, 4.00%, 05/15/42

     3,000       3,007,776  

Series A, 5.00%, 05/15/47

     2,500       2,732,377  
 

 

 

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

   21

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                   Value  
Transportation (continued)            

Triborough Bridge & Tunnel Authority, Refunding RB (continued)

    

Series B, 5.00%, 11/15/38

   $ 9,000     $ 9,496,728  

Series C, 5.00%, 11/15/37

     6,000       6,473,358  

Series C, 5.25%, 05/15/52

     12,610       13,966,445  

Series C-2, 5.00%, 11/15/42

     6,380       6,724,246  

Senior Lien, 5.00%, 11/15/33

     4,500       5,328,823  
   

 

 

  
      255,826,094  
Utilities — 14.4%            

Long Island Power Authority, RB

    

5.00%, 09/01/38

     4,200       4,444,499  

5.00%, 09/01/39

     9,875       10,425,028  

5.00%, 09/01/42

     1,000       1,046,010  

5.00%, 09/01/47

     2,225       2,300,205  

Series C, (AGC), 5.25%, 09/01/29

     3,500       3,927,451  

Long Island Power Authority, Refunding RB

    

Series A, 4.00%, 09/01/38

     2,900       2,901,111  

Series A, 4.00%, 09/01/39

     3,000       3,020,278  

Series A, 4.00%, 09/01/42

     1,500       1,497,416  

Series A, 5.00%, 09/01/43

     3,170       3,414,220  

Series B, 1.50%, 09/01/51(d)

     2,500       2,314,205  

New York City Municipal Water Finance Authority, RB, Series AA, 4.00%, 06/15/43

     5,000       5,017,385  

New York City Municipal Water Finance Authority, Refunding RB

    

Series BB-1, 4.00%, 06/15/45

     16,410       16,440,555  

Series BB-2, 3.75%, 06/15/49(d)

     15,000       15,000,000  

Series DD, 4.13%, 06/15/46

     7,500       7,480,192  

Series DD, 5.25%, 06/15/46

     7,500       8,457,825  

Series DD-2, 5.00%, 06/15/40

     3,455       3,675,353  

Series EE, 4.00%, 06/15/39

     2,500       2,547,383  

Series FF, 5.00%, 06/15/40

     11,500       12,309,243  

New York Power Authority, RB

    

(AGM), 4.00%, 11/15/47

     14,500       14,382,564  

Series A, (AGM), 5.75%, 11/15/33

     5,000       5,292,705  

New York Power Authority, Refunding RB

    

Series A, 4.00%, 11/15/45

     12,375       12,388,353  

Series A, 4.00%, 11/15/50

     12,990       12,756,297  

New York State Environmental Facilities Corp., RB, BAB, 5.81%, 06/15/39

     1,000       1,064,314  

Utility Debt Securitization Authority, RB

    

Restructured, 5.00%, 12/15/38

     2,875       3,111,400  

Restructured, 5.00%, 12/15/40

     6,895       7,436,244  

Restructured, 5.00%, 12/15/41

     7,800       8,388,003  

Utility Debt Securitization Authority, Refunding RB

    

Restructured, 5.00%, 12/15/36

     1,865       1,965,012  

Series TE1, Restructured, 5.00%, 12/15/38

     9,000       10,460,709  
   

 

 

  
      183,463,960  
   

 

 

  

Total Municipal Bonds in New York

       1,060,935,229  
Puerto Rico — 6.0%            
State — 4.5%            

Commonwealth of Puerto Rico, GO

    

0.00%, 11/01/43(d)

     9,350       4,721,761  

0.00%, 11/01/51(d)

     11,927       4,968,122  

Series A1, Restructured, 5.63%, 07/01/29

     2,619       2,805,751  

Series A1, Restructured, 5.75%, 07/01/31

     1,092       1,193,243  

Series A1, Restructured, 4.00%, 07/01/33

     1,036       980,888  

Series A1, Restructured, 4.00%, 07/01/35

     931       864,332  

Series A1, Restructured, 4.00%, 07/01/37

     799       712,747  
Security  

Par

            (000)

                   Value  
State (continued)            

Commonwealth of Puerto Rico, GO (continued)

    

Series A1, Restructured, 4.00%, 07/01/41

   $ 1,087     $ 941,205  

Series A1, Restructured, 4.00%, 07/01/46

     1,130       959,285  

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

     1,333       813,034  

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

     546       190,988  

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

    

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

     182       173,521  

Series A1, Restructured, 4.75%, 07/01/53

     13,005       12,465,370  

Series A1, Restructured, 5.00%, 07/01/58

     219       212,926  

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

     49       45,030  

Series A-2, Restructured, 4.78%, 07/01/58

     5,323       5,064,111  

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

     10,378       9,906,527  

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

    

Series A1, Restructured, 0.00%, 07/01/29

     490       382,361  

Series A1, Restructured, 0.00%, 07/01/33

     1,423       927,634  

Series A1, Restructured, 0.00%, 07/01/46

     30,024       8,441,668  

Series B1, Restructured, 0.00%, 07/01/46

     2,677       748,031  
   

 

 

  
      57,518,535  
Utilities — 1.5%            

Puerto Rico Electric Power Authority, RB(e)

    

3rd Series, 5.40%, 01/01/20(f)

     278       104,634  

Series A, 5.00%, 07/01/29(f)

     1,860       702,271  

Series A, 7.00%, 07/01/33(f)

     1,025       386,480  

Series A, 5.00%, 07/01/42

     2,185       824,979  

Series A, 7.00%, 07/01/43(f)

     410       154,592  

Series A-3, 10.00%, 07/01/19(f)

     999       376,697  

Series B-3, 10.00%, 07/01/19(f)

     999       376,697  

Series C-1, 5.40%, 01/01/18(f)

     2,745       1,034,953  

Series C-2, 5.40%, 07/01/18(f)

     2,745       1,035,120  

Series C-4, 5.40%, 07/01/20(f)

     277       104,634  

Series CCC, 5.25%, 07/01/26(f)

     770       290,725  

Series CCC, 5.25%, 07/01/28(f)

     440       166,129  

Series D-4, 7.50%, 07/01/20(f)

     1,726       650,824  

Series TT, 5.00%, 07/01/25(f)

     210       79,289  

Series TT, 5.00%, 07/01/26(f)

     565       213,324  

Series WW, 5.50%, 07/01/17(f)

     610       230,315  

Series WW, 5.50%, 07/01/18(f)

     535       201,997  

Series WW, 5.50%, 07/01/19(f)

     435       164,241  

Series WW, 5.38%, 07/01/24(f)

     385       145,362  

Series WW, 5.25%, 07/01/33(f)

     420       158,577  

Series WW, 5.50%, 07/01/38(f)

     520       196,334  

Series XX, 5.25%, 07/01/27(f)

     285       107,606  

Series XX, 5.25%, 07/01/35(f)

     185       69,849  

Series XX, 5.75%, 07/01/36(f)

     260       98,167  

Series XX, 5.25%, 07/01/40(f)

     5,345       2,018,085  

Series A, AMT, 6.75%, 07/01/36(f)

     3,560       1,342,312  

Puerto Rico Electric Power Authority, Refunding RB

    

Series AAA, 5.25%, 07/01/22(e)(f)

     990       373,789  

Series AAA, 5.25%, 07/01/23

     2,670       1,008,098  

Series AAA, 5.25%, 07/01/28(e)(f)

     5,655       2,135,130  

Series AAA, 5.25%, 07/01/29(e)(f)

     235       88,728  

Series BBB, 5.40%, 07/01/28

     1,240       468,181  

Series UU, 0.00%, 07/01/17(d)(e)(f)

     185       70,380  

Series UU, 0.00%, 07/01/18(d)(e)(f)

     165       62,771  

Series UU, 1.00%, 07/01/20(d)(e)(f)

     1,475       561,134  
 

 

 

22  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock New York Municipal Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                   Value  
Utilities (continued)            

Puerto Rico Electric Power Authority, Refunding RB (continued)

    

Series UU, 3.89%, 07/01/31(d)(e)(f)

   $ 1,755     $ 667,655  

Series ZZ, 5.00%, 07/01/17(e)(f)

     430       162,353  

Series ZZ, 5.25%, 07/01/19(e)(f)

     1,370       517,264  

Series ZZ, 5.00%, 07/01/20(e)(f)

     2,220       838,194  

Series ZZ, 5.25%, 07/01/24(e)(f)

     875       330,369  

Series ZZ, 5.00%, 07/01/28(e)(f)

     435       164,241  

Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40

     1,860       702,271  
   

 

 

  
      19,384,751  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       76,903,286  
   

 

 

  

Total Municipal Bonds — 89.4%
(Cost: $1,185,463,929)

       1,138,414,611  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

New York — 11.9%            
County/City/Special District/School District — 6.2%  

City of New York New York, GO

    

Series A-1, 5.25%, 09/01/43

     10,000       11,285,605  

Sub-Series 1-I, 5.00%, 03/01/36

     1,750       1,770,837  

Hudson Yards Infrastructure Corp., Refunding RB

    

Series A, 5.00%, 02/15/38

     17,485       18,491,358  

Series A, 5.00%, 02/15/39

     9,005       9,488,750  

New York City Transitional Finance Authority Future

    

Tax Secured Revenue, RB

    

Series C-3, Subordinate, 5.00%, 05/01/40

     15,000       16,062,485  

Series D-1, 5.25%, 11/01/43

     2,960       3,351,675  

Series D-1, 5.50%, 11/01/45

     5,910       6,800,457  

Series D-1, 5.25%, 11/01/48

     10,000       11,157,840  
   

 

 

  
      78,409,007  
Housing — 0.0%            

New York City Housing Development Corp., RB, Series A, 4.25%, 11/01/43

     584       568,549  
   

 

 

  
State — 2.0%            

New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/42

     9,410       10,067,637  

New York State Urban Development Corp., Refunding RB

    

5.00%, 03/15/41

     10,000       11,183,745  

5.00%, 03/15/44

     4,220       4,676,720  
   

 

 

  
      25,928,102  
Transportation — 2.6%            

Metropolitan Transportation Authority, Refunding RB,

    

Series C, 5.00%, 11/15/41

     11,365       12,078,986  

Port Authority of New York & New Jersey, Refunding

    

ARB, AMT, 178th Series, 5.00%, 12/01/32

     991       996,954  
Security  

Par

            (000)

                   Value  
Transportation (continued)            

Triborough Bridge & Tunnel Authority, RB, Senior

    

Lien, Series D-2, 5.25%, 05/15/47

   $ 8,410     $ 9,400,631  

Triborough Bridge & Tunnel Authority, Refunding RB,

    

Series A, 5.00%, 11/15/45

     10,000       10,541,170  
   

 

 

  
      33,017,741  
Utilities — 1.1%            

New York City Municipal Water Finance Authority, Refunding RB, Series AA-3, 5.00%, 06/15/47

     12,500       13,759,819  
   

 

 

  

Total Municipal Bonds in New York

       151,683,218  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.9%
(Cost: $145,266,809)

       151,683,218  
   

 

 

  

Total Long-Term Investments — 102.0%
(Cost: $1,342,051,039)

       1,299,449,660  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 2.5%            

BlackRock Liquidity Funds New York Money Fund Portfolio, 3.78%(h)(i)

     32,373,529       32,373,529  
   

 

 

  

Total Short-Term Securities — 2.5%
(Cost: $32,373,192)

       32,373,529  
   

 

 

  

Total Investments — 104.5%
(Cost: $1,374,424,231)

       1,331,823,189  

Other Assets Less Liabilities — 1.0%

       12,668,246  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.5)%

       (70,488,615 ) 
   

 

 

  

Net Assets — 100.0%

     $  1,274,002,820  
   

 

 

  

 

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

(e)

Issuer filed for bankruptcy and/or is in default.

(f) 

Non-income producing security.

(g) 

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.

(h) 

Affiliate of the Fund.

(i)

Annualized 7-day yield as of period end.

 

 

 

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

   23

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock New York Municipal Opportunities Fund

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
06/30/22		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
06/30/23		      Shares
Held at
06/30/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds New York Money Fund Portfolio

    $ 35,564,012      $ —      $ (3,189,603 )(a)     $ (880 )     $ —      $ 32,373,529        32,373,529      $ 892,034      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

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

      1,434        09/20/23      $  161,056      $ 2,457,998  

U.S. Long Bond

      664        09/20/23        84,411        511,282  

5-Year U.S. Treasury Note

      1,123        09/29/23        120,319        1,501,830  
           

 

 

  
            $ 4,471,110  
           

 

 

  

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)

    $ —      $ —      $ —      $ —      $ 4,471,110      $ —      $ 4,471,110  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Net cumulative unrealized appreciation (depreciation) 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 (depreciation) is included in accumulated earnings (loss).

For the period ended June 30, 2023, 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

    $ —      $ —      $ —      $ —      $ 13,069,338      $ —      $ 13,069,338  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ 5,340,530      $ —      $ 5,340,530  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — short

   $ 298,668,701  

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

 

 

24  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock New York Municipal Opportunities Fund

 

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Corporate Bonds

    $ —        $ 9,351,831        $ —        $ 9,351,831  

Municipal Bonds

      —          1,138,414,611          —          1,138,414,611  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          151,683,218          —          151,683,218  

Short-Term Securities

                  

Money Market Funds

      32,373,529          —          —          32,373,529  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 32,373,529        $ 1,299,449,660        $                 —        $ 1,331,823,189  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                  

Assets

                  

Interest Rate Contracts

    $ 4,471,110        $ —        $ —        $ 4,471,110  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

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

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $69,967,722 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.

 

 

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

   25

Schedule of Investments  

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  

Municipal Bonds

    
Alabama — 4.0%            

Black Belt Energy Gas District, RB(a)

    

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

   $ 13,790     $ 14,434,793  

Series F, 5.50%, 11/01/53

     1,825       1,925,590  

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

     8,585       8,479,044  

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

     925       841,313  

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

Series D, Sub Lien, 7.00%, 10/01/51

     2,355       2,484,118  

Series D, Sub Lien, 6.50%, 10/01/53

     3,465       3,651,486  

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

     5,620       6,226,600  

MidCity Improvement District, SAB

    

3.88%, 11/01/27

     130       124,826  

4.25%, 11/01/32

     350       319,049  

4.50%, 11/01/42

     745       609,584  

4.75%, 11/01/49

     795       634,000  

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

     21,645       22,325,281  

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

     3,670       3,354,578  

Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a)

     5,260       3,735,926  

Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)

     1,110       990,277  
   

 

 

  
      70,136,465  
Arizona — 2.2%            

Arizona Industrial Development Authority, RB

    

5.00%, 07/01/45(b)

     1,135       1,009,791  

7.10%, 01/01/55(b)

     4,540       4,640,289  

5.00%, 07/01/55(b)

     1,215       1,035,186  

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

     150       139,478  

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

     2,790       2,474,367  

Series A, 5.00%, 07/15/49

     675       599,081  

Series A, 5.00%, 12/15/49(b)

     345       303,733  

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

     1,110       965,788  

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

     420       392,969  

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

     570       534,275  

Arizona Industrial Development Authority, Refunding RB(b)

    

Series A, 5.00%, 07/01/26

     480       474,599  

Series A, 5.50%, 07/01/52

     2,970       2,780,354  

Florence Town, Inc. Industrial Development Authority, RB, 6.00%, 07/01/23(b)(c)

     1,375       1,375,000  

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

     1,365       1,185,400  

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

     810       824,314  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/35(b)

     295       287,687  

Industrial Development Authority of the County of Pima, RB

    

5.13%, 07/01/39

     700       635,523  
Security  

Par

            (000)

                     Value  
Arizona (continued)            

Industrial Development Authority of the County of Pima, RB (continued)

    

5.25%, 07/01/49

   $ 870     $ 755,236  

Industrial Development Authority of the County of Pima, Refunding RB(b)

    

4.00%, 06/15/51

     6,995       5,088,240  

5.00%, 07/01/56

     1,270       1,092,236  

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

     1,340       1,272,145  

Maricopa County Industrial Development Authority, RB

    

5.25%, 10/01/40(b)

     1,255       1,265,390  

5.50%, 10/01/51(b)

     1,255       1,245,687  

Series A, 3.00%, 09/01/51

     2,995       2,149,805  

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

     7,175       6,154,141  
   

 

 

  
      38,680,714  
Arkansas — 1.5%            

Arkansas Development Finance Authority, RB

    

AMT, 5.70%, 05/01/53

     2,040       2,060,855  

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

     7,990       7,200,540  

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

     17,005       15,929,179  
   

 

 

  
      25,190,574  
California — 4.0%            

California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49(b)

     690       597,955  

California Infrastructure & Economic Development Bank, RB, AMT, 7.75%, 01/01/50(a)(b)

     2,000       2,053,120  

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

     2,560       2,243,871  

California Municipal Finance Authority, RB

    

Series A, 5.50%, 08/01/34(b)

     270       270,421  

Series A, 6.00%, 08/01/44(b)

     655       655,755  

Series A, 3.00%, 02/01/46

     1,200       870,578  

Series A, 6.13%, 08/01/49(b)

     570       570,828  

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

     2,000       1,465,048  

California School Finance Authority, RB

    

6.65%, 07/01/33

     295       295,000  

6.90%, 07/01/43

     650       650,000  

California Statewide Communities Development Authority, SAB, Series 2021-A, 4.00%, 09/02/51

     1,985       1,599,384  

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

     65,000       3,793,335  

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

     8,000       8,645,824  

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

     9,320       6,447,511  

CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)

     2,415       1,561,433  

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

     1,845       1,441,891  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

2.80%, 03/01/47

     1,435       1,079,341  

3.13%, 07/01/56

     3,670       2,521,631  

4.00%, 07/01/56

     7,370       5,371,761  

3.13%, 08/01/56

     3,425       2,417,865  

4.00%, 08/01/56

     4,120       3,028,427  
 

 

 

26  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
California (continued)            

CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued)

    

4.00%, 10/01/56

   $ 1,230     $ 1,007,748  

4.00%, 12/01/56

     4,460       3,140,170  

4.00%, 07/01/58

     1,405       1,009,273  

Series A, 5.00%, 01/01/54

     1,050       826,952  

Series A, 3.00%, 09/01/56

     5,550       3,657,506  

Series B, 4.00%, 07/01/58

     1,585       1,113,377  

Mezzanine Lien, 4.00%, 03/01/57

     2,465       1,747,234  

Mezzanine Lien, 4.00%, 06/01/57

     1,130       800,735  

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

     4,645       2,997,720  

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

     2,380       1,627,468  

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

     4,415       471,584  

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

     4,420       1,547,057  

San Francisco City & County Redevelopment Agency Successor Agency, ST, CAB, Series C, 0.00%, 08/01/43(d)

     3,000       824,889  

San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(d)

    

Series D, 0.00%, 08/01/23

     470       470,000  

Series D, 0.00%, 08/01/26

     580       503,732  

Series D, 0.00%, 08/01/31

     1,155       785,334  
   

 

 

  
      70,111,758  
Colorado — 4.6%            

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

     1,564       1,362,934  

Aurora Crossroads Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/40

     1,000       927,845  

Series A, 5.00%, 12/01/50

     500       444,811  

Aviation Station North Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/39

     750       686,554  

Series A, 5.00%, 12/01/48

     1,350       1,177,585  

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

     2,335       1,821,787  

Bromley Park Metropolitan District No. 2, Refunding GO, Series B, Subordinate, 6.38%, 12/15/47

     937       868,143  

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

     3,000       2,503,374  

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

     820       735,916  

City & County of Denver Colorado Airport System

    

Revenue, Refunding ARB

    

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

     5,875       5,572,003  

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

     3,225       3,016,546  

Clear Creek Transit Metropolitan District No. 2, GO

    

Series A, 5.00%, 12/01/41

     575       518,680  

Series A, 5.00%, 12/01/50

     1,000       864,792  

Colorado Health Facilities Authority, RB

    

5.50%, 11/01/47

     780       838,739  

5.25%, 11/01/52

     1,630       1,730,680  

Series A, 5.00%, 05/15/35

     1,255       1,117,177  

Series A, 5.00%, 05/15/44

     1,415       1,123,630  

Series A, 5.00%, 05/15/49

     2,175       1,658,520  

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

     1,260       1,095,375  
Security  

Par

            (000)

                     Value  
Colorado (continued)            

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

   $ 1,600     $ 1,376,204  

Fitzsimons Village Metropolitan District No. 3, Refunding GO

    

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

     800       753,363  

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

     1,500       1,101,568  

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

     3,095       2,097,324  

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

     2,000       1,804,158  

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

     2,615       2,471,363  

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

     1,580       1,115,680  

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

     2,345       2,112,721  

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

     1,675       1,170,496  

Jefferson Center Metropolitan District No. 1, RB

    

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

     580       509,506  

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

     1,000       850,264  

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

    

Series A, 5.38%, 12/01/40

     515       469,478  

Series A, 5.63%, 12/01/50

     1,350       1,211,809  

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

     1,810       1,313,592  

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

     5,000       4,246,405  

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

     2,640       2,050,258  

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

     760       712,238  

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

     1,000       910,586  

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

     2,825       2,594,103  

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

     1,500       1,327,317  

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

     1,450       1,319,774  

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

     1,240       1,151,133  

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

     1,300       972,717  

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

     3,045       2,049,163  

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

     1,516       1,092,297  

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

     1,500       1,387,647  

Southlands Metropolitan District No. 1, Refunding GO

    

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

     1,115       1,056,074  

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

     3,990       3,580,861  

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

     741       710,219  

Thompson Crossing Metropolitan District No. 4, Refunding GO

    

5.00%, 12/01/39

     1,400       1,282,515  

5.00%, 12/01/49

     1,480       1,292,218  

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

     1,730       1,558,638  
 

 

 

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

   27

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
Colorado (continued)            

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

   $ 2,595     $ 2,159,107  

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

     800       736,750  

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

     595       610,059  
   

 

 

  
      79,222,696  
Connecticut(b) — 0.5%            

Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/45

     2,045       1,801,796  

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

     3,735       3,742,130  

Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45

     963       954,687  

Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30

     2,045       2,098,647  
   

 

 

  
      8,597,260  
Delaware — 0.3%            

Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(e)

     3,635       3,336,920  

County of Kent Delaware, RB, Series A, 5.00%, 07/01/58

     1,500       1,313,991  
   

 

 

  
      4,650,911  
District of Columbia — 1.9%            

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

    

Series A, 0.00%, 06/15/46

     40,740       9,164,911  

Series B, 0.00%, 06/15/46

     43,620       8,782,538  

Series C, 0.00%, 06/15/55

     88,900       8,702,065  

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

     375       385,211  

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

     880       947,251  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

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

     3,005       2,343,672  

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

     2,170       2,026,231  
   

 

 

  
      32,351,879  
Florida — 11.5%            

Artisan Lakes East Community Development District, SAB

    

Series 2021-1, 3.13%, 05/01/41

     475       358,873  

Series 2021-1, 4.00%, 05/01/51

     450       351,455  

Series 2021-2, 3.13%, 05/01/41(b)

     510       385,317  

Series 2021-2, 4.00%, 05/01/52(b)

     550       426,924  

Avenir Community Development District, SAB, 5.63%, 05/01/54

     1,940       1,889,013  

Babcock Ranch Community Independent Special District, SAB

    

Series 2022, 5.00%, 05/01/42

     1,570       1,531,846  

Series 2022, 5.00%, 05/01/53

     1,175       1,086,619  

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

     1,365       1,097,052  

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

     1,135       1,125,506  

Brevard County Health Facilities Authority, Refunding RB

    

4.00%, 11/15/45(b)

     4,040       3,195,087  

4.00%, 11/15/55(b)

     5,960       4,407,062  
Security  

Par

            (000)

                     Value  
Florida (continued)            

Brevard County Health Facilities Authority, Refunding RB (continued) Series A, 5.00%, 04/01/52

   $ 10,000     $ 10,411,220  

Buckhead Trails Community Development District, SAB

    

Series 2022, 5.63%, 05/01/42

     740       752,805  

Series 2022, 5.75%, 05/01/52

     495       492,209  

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

     2,275       2,262,003  

Capital Trust Agency, Inc., RB

    

4.50%, 01/01/35(b)

     2,250       1,952,797  

5.00%, 01/01/55(b)

     6,820       5,199,957  

4.88%, 06/15/56(b)

     6,670       5,221,976  

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

     500       425,429  

Series A, 5.00%, 12/15/49

     300       286,287  

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

     1,925       1,627,260  

Series A, 5.00%, 12/15/54

     260       246,436  

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

     3,260       1,453,556  

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

     64,500       3,796,921  

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

     107,770       7,200,006  

Celebration Pointe Community Development District No. 1, SAB

    

4.75%, 05/01/24

     85       84,995  

5.00%, 05/01/34

     1,180       1,158,944  

Charles Cove Community Development District, SAB

    

3.25%, 05/01/25

     255       250,203  

3.75%, 05/01/30

     360       341,861  

4.25%, 05/01/40

     975       857,003  

4.38%, 05/01/50

     1,505       1,224,965  

Charlotte County Industrial Development Authority, RB(b)

    

AMT, 5.00%, 10/01/34

     530       526,675  

AMT, 5.00%, 10/01/49

     2,510       2,314,925  

AMT, 4.00%, 10/01/51

     3,150       2,409,655  

Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48

     2,090       2,116,524  

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

     370       40,700  

County of Lake Florida, RB(b)

    

5.00%, 01/15/39

     550       514,051  

5.00%, 01/15/49

     825       729,596  

County of Osceola Florida Transportation Revenue, Refunding RB, Series A-1, 4.00%, 10/01/54

     2,500       2,115,790  

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

    

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

     1,770       416,642  

Series A-2, 0.00%, 10/01/51

     5,125       1,075,076  

Elevation Pointe Community Development District, SAB

    

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

     700       625,632  

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

     1,090       939,413  

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

     2,200       2,078,483  

Escambia County Health Facilities Authority, Refunding RB

    

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

     10,000       7,184,790  

4.00%, 08/15/50

     6,530       5,644,898  

Florida Development Finance Corp., RB

    

5.00%, 06/15/41(b)

     1,245       1,083,565  

5.00%, 06/15/51(b)

     1,190       970,737  

5.25%, 06/01/55(b)

     2,830       2,270,305  
 

 

 

28  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
Florida (continued)            

Florida Development Finance Corp., RB (continued) 6.50%, 06/30/57(b)

   $ 1,515     $ 1,478,742  

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

     695       696,708  

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

     835       838,874  

Series A, 6.13%, 06/15/44(b)

     3,185       3,186,105  

Series A, 4.00%, 06/15/52

     2,875       2,210,835  

Series A, 5.00%, 06/15/56

     1,525       1,449,541  

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

     10,455       8,612,118  

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

     5,945       4,343,548  

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

     2,030       1,652,999  

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

     3,550       3,345,421  

AMT, 3.00%, 06/01/32

     665       526,510  

AMT, 6.13%, 07/01/32

     5,000       5,030,155  

Florida Development Finance Corp., Refunding RB(b)

    

4.00%, 06/01/46

     1,700       1,171,341  

Class A, 4.00%, 06/01/36

     2,110       1,653,174  

Class A, 4.00%, 06/01/55

     2,750       1,759,112  

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

     1,000       776,225  

Grand Oaks Community Development District, SAB

    

4.25%, 05/01/40

     915       853,757  

4.50%, 05/01/52

     1,015       898,952  

Hills of Minneola Community Development District, SAB(b)

    

4.00%, 05/01/40

     1,025       865,129  

4.00%, 05/01/50

     1,500       1,142,514  

Lakewood Ranch Stewardship District, SAB

    

4.25%, 05/01/25

     55       54,725  

4.25%, 05/01/26

     110       108,991  

4.95%, 05/01/29(b)

     580       586,144  

2.70%, 05/01/31

     205       182,456  

4.88%, 05/01/35

     265       259,128  

3.75%, 05/01/39(b)

     570       489,209  

5.50%, 05/01/39(b)

     530       538,626  

3.75%, 05/01/40

     525       435,185  

3.00%, 05/01/41

     155       114,263  

4.88%, 05/01/45

     530       488,791  

5.13%, 05/01/46

     835       778,169  

5.65%, 05/01/48(b)

     875       882,192  

4.00%, 05/01/49(b)

     355       286,628  

3.90%, 05/01/50

     525       400,160  

4.00%, 05/01/52

     685       528,301  

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

     535       528,652  

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

     1,175       1,143,961  

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

     2,545       2,376,564  

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

     955       954,281  

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

     1,090       1,090,580  

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

     1,930       1,892,294  

Laurel Road Community Development District, SAB

    

Series A-1, 2.60%, 05/01/26

     185       178,674  

Series A-1, 3.00%, 05/01/31

     250       226,806  

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

     1,010       777,571  

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

     1,155       896,540  

Series A-2, 3.13%, 05/01/31

     1,695       1,486,746  

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

     1,405       1,336,363  

Midtown Miami Community Development District, Refunding SAB

    

Series A, 5.00%, 05/01/29

     1,745       1,745,059  

Series A, 5.00%, 05/01/37

     890       877,763  
Security  

Par

            (000)

                     Value  
Florida (continued)            

Mirada II Community Development District, SAB

    

3.13%, 05/01/31

   $ 500     $ 451,859  

4.00%, 05/01/51

     1,500       1,133,657  

North River Ranch Community Development District, SAB

    

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

     845       719,496  

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

     1,430       1,130,567  

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

     1,000       880,738  

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

     4,310       3,951,705  

Poitras East Community Development District, SAB

    

5.00%, 05/01/43

     460       440,946  

5.25%, 05/01/52

     1,650       1,575,097  

Sandridge Community Development District, SAB

    

Series A1, 3.88%, 05/01/41

     615       504,470  

Series A1, 4.00%, 05/01/51

     600       453,661  

Sawyers Landing Community Development District, SAB

    

4.13%, 05/01/41

     530       452,716  

4.25%, 05/01/53

     3,520       2,777,685  

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

     2,420       1,884,219  

Somerset Community Development District, Refunding SAB

    

4.00%, 05/01/32

     515       512,955  

4.20%, 05/01/37

     665       622,101  

South Broward Hospital District, RB

    

(BAM-TCRS), 3.00%, 05/01/51

     415       305,682  

Series A, 3.00%, 05/01/51

     4,205       2,859,614  

Southern Groves Community Development District No. 5, SAB

    

3.38%, 05/01/25

     100       98,080  

4.00%, 05/01/30

     175       166,968  

4.30%, 05/01/40

     825       714,830  

4.50%, 05/01/46

     600       500,831  

Tolomato Community Development District, Refunding SAB

    

Series 2015-2, 6.61%, 05/01/40

     125       114,785  

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

     910       832,615  

Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(f)(g)

     135       1  

Trout Creek Community Development District, SAB

    

5.38%, 05/01/38

     670       668,289  

5.50%, 05/01/49

     1,695       1,632,112  

V-Dana Community Development District, SAB(b)

    

3.00%, 05/01/25

     155       151,521  

3.50%, 05/01/31

     525       487,844  

4.00%, 05/01/40

     750       633,399  

4.00%, 05/01/51

     1,200       911,503  

Viera East Community Development District, Refunding SAB, 5.00%, 05/01/26

     490       490,348  

Viera Stewardship District, SAB, Series 2021, 4.00%, 05/01/53

     1,710       1,290,935  

Village Community Development District No. 14, SAB

    

5.38%, 05/01/42

     3,365       3,487,732  

5.50%, 05/01/53

     2,510       2,578,515  

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

     1,040       1,054,471  

West Villages Improvement District, SAB

    

4.25%, 05/01/29

     400       391,388  
 

 

 

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

   29

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
Florida (continued)            

West Villages Improvement District, SAB (continued)

    

4.75%, 05/01/39

   $ 885     $ 825,370  

5.00%, 05/01/50

     1,415       1,269,964  

Windward at Lakewood Ranch Community Development District, SAB

    

3.25%, 05/01/27

     515       499,933  

3.63%, 05/01/32

     815       754,397  

4.00%, 05/01/42

     730       617,933  

4.25%, 05/01/52

     875       710,413  
   

 

 

  
      199,836,971  
Georgia — 2.4%            

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

     2,805       2,262,033  

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

     3,135       2,919,121  

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

     875       775,701  

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(c)

     555       575,622  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     1,020       1,060,240  

Series A, 5.00%, 05/15/36

     1,020       1,050,826  

Series A, 5.00%, 05/15/37

     1,120       1,143,567  

Series A, 5.00%, 05/15/38

     615       619,223  

Series B, 5.00%, 12/01/52(a)

     18,800       19,398,611  

Municipal Electric Authority of Georgia, RB

    

4.00%, 01/01/49

     4,150       3,567,095  

Series A, 5.00%, 01/01/49

     5,235       5,308,573  

Series A, 5.00%, 07/01/52

     2,765       2,808,220  
   

 

 

  
      41,488,832  
Idaho — 0.5%            

Idaho Health Facilities Authority, Refunding RB

    

3.50%, 09/01/33

     375       333,297  

5.00%, 09/01/37

     1,000       1,010,214  

Idaho Housing & Finance Association, RB

    

5.00%, 12/01/46(b)

     1,000       994,792  

5.00%, 08/15/47

     3,215       3,502,974  

Series A, 6.00%, 07/01/39(b)

     370       375,589  

Series A, 6.00%, 07/01/49(b)

     595       597,826  

Series A, 6.00%, 07/01/54(b)

     570       570,999  

Series A, 6.95%, 06/15/55(b)

     1,540       1,605,429  

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

     265       265,297  
   

 

 

  
      9,256,417  
Illinois — 3.9%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/40

     3,015       3,041,499  

Series A, 5.00%, 12/01/47

     4,095       4,024,333  

Series D, 5.00%, 12/01/46

     1,010       994,082  

Chicago Board of Education, Refunding GO

    

Series B, 4.00%, 12/01/35

     1,155       1,105,973  

Series B, 4.00%, 12/01/41

     4,905       4,367,942  

Series C, 5.00%, 12/01/30

     1,370       1,412,349  

Series D, 5.00%, 12/01/31

     1,500       1,547,301  

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

     5,550       5,756,088  
Security  

Par

            (000)

                     Value  
Illinois (continued)            

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

   $ 6,469     $ 6,332,342  

Illinois Finance Authority, Refunding RB

    

6.00%, 02/01/34

     335       337,069  

6.13%, 02/01/45

     790       793,750  

5.00%, 05/15/56

     815       644,529  

Series A, 3.00%, 08/15/48

     6,350       4,702,220  

Series C, 5.00%, 02/15/41

     3,000       3,099,357  

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

     5,715       6,118,599  

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

     9,695       8,784,494  

State of Illinois, GO

    

5.50%, 05/01/30

     1,235       1,366,760  

5.50%, 05/01/39

     2,460       2,697,771  

Series A, 5.00%, 04/01/35

     1,460       1,461,949  

Series A, 5.00%, 04/01/38

     2,190       2,192,924  

Series A, 4.00%, 03/01/39

     5,595       5,406,527  

Series A, 4.00%, 03/01/40

     1,000       963,589  
   

 

 

  
      67,151,447  
Indiana — 0.4%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     525       530,767  

AMT, 7.00%, 01/01/44

     1,270       1,282,333  

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

     2,325       2,069,250  

Indiana Finance Authority, RB

    

Series A, AMT, 5.00%, 07/01/23(c)

     370       370,000  

Series A, AMT, 6.75%, 05/01/39

     2,785       3,107,456  
   

 

 

  
      7,359,806  
Iowa — 0.2%            

Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48

     2,360       1,736,488  

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

     1,000       920,672  
   

 

 

  
      2,657,160  
Kansas — 0.2%            

City of Prairie Village Kansas, Refunding TA

    

2.88%, 04/01/30

     625       554,224  

3.13%, 04/01/36

     1,000       823,399  

City of Shawnee Kansas, RB(b)

    

5.00%, 08/01/41

     770       723,104  

5.00%, 08/01/56

     1,900       1,579,964  
   

 

 

  
      3,680,691  
Kentucky — 1.4%            

City of Hazard Kentucky, Refunding RB, 3.00%, 07/01/46

     2,500       1,799,145  

City of Henderson Kentucky, RB(b)

    

AMT, 4.45%, 01/01/42

     2,540       2,488,565  

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

     2,435       2,323,533  

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

     6,000       5,704,080  

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

     250       239,343  
 

 

 

30  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
Kentucky (continued)            

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

   $ 9,000     $ 8,871,804  

Kentucky Public Transportation Infrastructure Authority, RB, Series A, 6.00%, 07/01/23(c)

     3,000       3,000,000  
   

 

 

  
      24,426,470  
Louisiana(b) — 0.7%            

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54

     1,990       1,684,125  

Louisiana Public Facilities Authority, RB

    

Series A, 5.00%, 06/01/41

     990       835,425  

Series A, 5.00%, 04/01/49

     500       406,226  

Series A, 5.25%, 06/01/51

     1,830       1,497,414  

Series A, 5.25%, 06/01/60

     3,385       2,702,794  

Series A, 6.50%, 06/01/62

     855       826,585  

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

     3,160       3,355,411  
   

 

 

  
      11,307,980  
Maine — 0.2%            

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

     4,600       2,849,838  
   

 

 

  
Maryland — 2.1%            

City of Baltimore Maryland, RB

    

4.88%, 06/01/42

     260       248,359  

5.00%, 06/01/51

     780       722,811  

City of Baltimore Maryland, Refunding RB

    

5.00%, 09/01/46

     1,500       1,378,707  

Series A, 4.00%, 09/01/27

     325       317,970  

County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b)

     4,790       4,594,266  

Maryland Economic Development Corp., RB

    

5.00%, 07/01/56

     985       963,384  

Class B, AMT, 5.25%, 06/30/55

     4,760       4,917,656  

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

     4,805       4,080,627  

Maryland Health & Higher Educational Facilities Authority, RB

    

Series A, 7.00%, 03/01/55(b)

     8,165       8,473,327  

Series B, 4.00%, 04/15/50

     10,000       9,330,160  

Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, 2.85%, 01/01/51

     1,855       1,304,677  
   

 

 

  
      36,331,944  
Massachusetts — 0.8%            

Massachusetts Development Finance Agency, RB,

    

Series D, 4.00%, 07/01/45

     715       654,633  

Massachusetts Development Finance Agency, Refunding RB(b)

    

4.00%, 10/01/32

     355       312,762  

4.13%, 10/01/42

     855       687,760  

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

     11,915       12,413,011  
   

 

 

  
      14,068,166  
Michigan — 0.4%            

Advanced Technology Academy, Refunding RB

    

3.50%, 11/01/24

     125       122,782  

5.00%, 11/01/44

     160       146,325  
Security  

Par

            (000)

                     Value  
Michigan (continued)            

City of Detroit Michigan, GO

    

5.00%, 04/01/34

   $ 485     $ 499,276  

5.00%, 04/01/35

     485       497,852  

5.00%, 04/01/36

     340       347,885  

5.00%, 04/01/37

     545       555,979  

5.00%, 04/01/38

     240       244,047  

Grand Traverse County Hospital Finance Authority, Refunding RB, 3.00%, 07/01/51

     2,000       1,422,250  

Michigan Strategic Fund, RB

    

5.00%, 11/15/42

     280       252,868  

AMT, 5.00%, 12/31/43

     2,030       2,055,909  
   

 

 

  
      6,145,173  
Minnesota — 0.7%            

City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45

     2,065       1,805,504  

City of Deephaven Minnesota, Refunding RB, Series A, 5.25%, 07/01/40

     500       490,969  

City of Minneapolis Minnesota, RB

    

Series A, 5.00%, 07/01/55

     1,405       1,116,643  

Series A, 5.75%, 07/01/55

     3,435       3,334,966  

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     1,925       1,787,748  

Series A, 5.25%, 02/15/53

     1,060       1,083,254  

Series A, 5.25%, 02/15/58

     2,790       2,842,502  
   

 

 

  
      12,461,586  
Mississippi — 0.3%            

Mississippi Home Corp., Refunding RB, S/F

    

Housing, Series B, (FHLMC, FNMA, GNMA),

    

2.10%, 12/01/41

     8,025       5,681,435  
   

 

 

  
Missouri — 0.4%            

Industrial Development Authority of the City of St. Louis Missouri, Refunding RB

    

Series A, 4.38%, 11/15/35

     1,020       838,695  

Series A, 4.75%, 11/15/47

     1,135       835,126  

Kansas City Industrial Development Authority, RB,

    

Series C, 7.50%, 11/15/46

     425       335,576  

Kansas City Industrial Development Authority, Refunding RB

    

Class B, 5.00%, 11/15/46

     772       586,691  

Class D, 2.00%, 11/15/46

     345       15,157  

Kansas City Land Clearance Redevelopment Authority, TA(b)

    

Series B, 4.38%, 02/01/31

     3,105       2,705,228  

Series B, 5.00%, 02/01/40

     1,240       1,018,470  

Plaza at Noah’s Ark Community Improvement District, Refunding RB

    

3.00%, 05/01/25

     350       339,278  

3.00%, 05/01/26

     275       262,203  

3.00%, 05/01/30

     225       202,965  

3.13%, 05/01/35

     750       617,395  
   

 

 

  
      7,756,784  
Nebraska — 0.6%            

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

     9,315       9,677,419  
   

 

 

  
 

 

 

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

   31

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
Nevada — 0.2%            

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

   $ 805     $ 756,445  

Tahoe-Douglas Visitors Authority, RB

    

5.00%, 07/01/40

     1,490       1,483,267  

5.00%, 07/01/45

     1,460       1,427,351  
   

 

 

  
      3,667,063  
New Hampshire — 0.7%            

New Hampshire Business Finance Authority, RB

    

Series A, 4.13%, 08/15/40

     1,435       1,239,948  

Series A, 4.25%, 08/15/46

     1,610       1,333,157  

Series A, 4.50%, 08/15/55

     3,350       2,775,117  

New Hampshire Business Finance Authority, Refunding RB(b)

    

Series B, 4.63%, 11/01/42

     4,650       4,022,933  

Series C, AMT, 4.88%, 11/01/42

     2,515       2,231,942  
   

 

 

  
      11,603,097  
New Jersey — 2.8%            

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

     480       485,010  

New Jersey Economic Development Authority, RB

    

5.00%, 12/15/28(c)

     2,060       2,301,597  

5.00%, 06/15/43

     3,490       3,650,694  

6.00%, 10/01/43

     970       974,683  

Class A, 5.25%, 11/01/47

     7,835       8,587,646  

Series A, 5.00%, 07/01/32

     235       232,638  

Series A, 5.00%, 07/01/37

     375       364,736  

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

     3,955       3,368,240  

Series B, 5.00%, 06/15/43

     3,755       3,942,558  

Series B, AMT, 6.50%, 04/01/31

     2,215       2,385,378  

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

     11,160       10,603,440  

New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 3.25%, 12/01/51

     1,700       1,165,506  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.25%, 06/15/41

     1,265       1,297,039  

Series AA, 4.00%, 06/15/50

     5,000       4,749,105  

Series S, 5.25%, 06/15/43

     4,095       4,351,142  
   

 

 

  
      48,459,412  
New York — 9.6%            

Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/41

     3,750       2,899,586  

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

     2,255       2,116,456  

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

     1,215       1,240,115  

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

     3,825       3,759,742  

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

     585       456,951  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 4.75%, 11/15/45

     4,115       4,181,766  

Series C-1, 5.00%, 11/15/50

     1,340       1,378,294  

New York City Housing Development Corp., RB, M/F Housing

    

Series C-1A, 4.15%, 11/01/39

     3,105       2,970,063  

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

     5,690       5,592,946  
Security  

Par

            (000)

                     Value  
New York (continued)            

New York City Housing Development Corp., RB, M/F Housing (continued)

    

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

   $ 4,655     $ 4,331,063  

New York City Industrial Development Agency, Refunding RB, Series A, (AGM), 3.00%, 01/01/40

     605       501,051  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/51

     4,495       4,879,264  

New York Liberty Development Corp., Refunding RB

    

3.25%, 09/15/52

     4,045       3,133,928  

Series 1, 2.75%, 02/15/44

     14,320       10,756,769  

Series A, 3.00%, 11/15/51

     1,300       964,194  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

     3,425       3,319,914  

New York State Dormitory Authority, Refunding RB

    

Series A, 4.00%, 03/15/48

     3,700       3,624,191  

Series A, 3.00%, 03/15/51

     4,200       3,227,817  

Series D, 4.00%, 02/15/47

     32,925       32,249,280  

New York State Housing Finance Agency, RB, M/F Housing, Series J-1, 2.65%, 11/01/46

     3,935       2,768,552  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/46

     8,000       7,846,264  

Series A, 4.00%, 03/15/49

     4,955       4,857,530  

New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49

     5,725       5,584,921  

New York Transportation Development Corp., ARB

    

AMT, 5.00%, 12/01/35

     10,000       10,638,240  

AMT, 4.00%, 01/01/36

     5,000       4,805,305  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     3,845       4,015,895  

AMT, 4.00%, 04/30/53

     3,365       2,856,653  

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

     3,665       3,727,576  

New York Transportation Development Corp., Refunding RB, 4.00%, 12/01/40

     3,000       2,882,487  

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

     530       464,880  

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

     15,000       13,959,255  

State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44

     4,040       2,939,552  

Westchester County Local Development Corp., Refunding RB

    

5.00%, 07/01/41(b)

     3,300       2,784,715  

5.00%, 07/01/46(b)

     2,205       1,788,004  

Series A, 5.13%, 07/01/55

     1,100       868,259  

Westchester Tobacco Asset Securitization Corp., Refunding RB

    

Sub-Series C, 4.00%, 06/01/42

     685       669,587  

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

     2,000       2,007,886  
   

 

 

  
      167,048,951  
North Carolina — 0.9%            

North Carolina Medical Care Commission, RB, 4.00%, 11/01/49

     16,050       15,632,411  
   

 

 

  
 

 

 

32  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
North Dakota — 0.3%            

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

   $ 1,785     $ 1,839,809  

University of North Dakota, COP, Series A, (AGM), 2.50%, 06/01/54

     6,200       3,697,599  
   

 

 

  
      5,537,408  
Ohio — 3.2%            

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

     2,750       2,780,308  

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

     23,550       21,964,402  

Cleveland-Cuyahoga County Port Authority, Refunding TA(b)

    

Series A, 4.00%, 12/01/55

     925       792,892  

Series S, 4.50%, 12/01/55

     1,190       991,031  

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

     1,435       1,294,773  

County of Hardin Ohio, Refunding RB

    

5.00%, 05/01/30

     620       583,198  

5.25%, 05/01/40

     615       551,510  

5.50%, 05/01/50

     2,895       2,454,401  

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

     4,990       4,499,917  

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

     4,125       2,865,077  

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

     9,700       8,893,765  

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

     3,500       2,958,648  

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

     1,100       775,756  

Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)

     5,980       4,497,020  
   

 

 

  
      55,902,698  
Oklahoma — 1.7%            

Norman Regional Hospital Authority, RB, 4.00%, 09/01/45

     3,565       3,000,357  

Oklahoma Development Finance Authority, RB

    

7.25%, 09/01/51(b)

     14,390       14,947,555  

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

     1,920       1,994,392  

Series B, 5.00%, 08/15/38

     4,585       4,291,647  

Series B, 5.50%, 08/15/52

     2,415       2,297,293  

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

     1,165       984,553  

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

     1,050       1,061,141  
   

 

 

  
      28,576,938  
Oregon(b) — 0.1%            

Oregon State Facilities Authority, RB

    

Series A, 5.00%, 06/15/49

     915       806,104  

Series A, 5.25%, 06/15/55

     505       453,149  
   

 

 

  
      1,259,253  
Pennsylvania — 1.9%            

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

     475       347,683  

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

     2,750       2,798,307  
Security  

Par

            (000)

                     Value  
Pennsylvania (continued)            

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

   $ 880     $ 787,128  

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

     1,470       1,349,667  

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

     905       905,677  

Pennsylvania Economic Development Financing Authority, RB

    

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

     11,000       10,372,120  

AMT, 5.75%, 06/30/48

     2,890       3,170,350  

AMT, 5.25%, 06/30/53

     4,830       5,012,724  

Pennsylvania Economic Development Financing Authority, Refunding RB

    

Series A, 4.00%, 02/15/52

     2,250       2,127,191  

AMT, 5.50%, 11/01/44

     5,390       5,383,257  
   

 

 

  
      32,254,104  
Puerto Rico — 11.8%            

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

     135,505       8,811,077  

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

     2,000       207,272  

Commonwealth of Puerto Rico, GO

    

0.00%, 11/01/43(a)

     14,814       7,480,853  

0.00%, 11/01/51(a)

     34,482       14,362,824  

1.00%, 11/01/51(a)

     45,691       22,965,599  

Series A1, Restructured, 5.38%, 07/01/25

     — (i)      3  

Series A1, Restructured, 5.63%, 07/01/29

     11,002       11,787,276  

Series A1, Restructured, 5.75%, 07/01/31

     5,352       5,845,299  

Series A1, Restructured, 4.00%, 07/01/33

     1,849       1,750,616  

Series A1, Restructured, 4.00%, 07/01/35

     2,010       1,865,623  

Series A1, Restructured, 4.00%, 07/01/37

     4,281       3,818,290  

Series A1, Restructured, 4.00%, 07/01/41

     1,939       1,679,793  

Series A1, Restructured, 4.00%, 07/01/46

     2,017       1,712,061  

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

     5,283       3,222,099  

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

     6,913       1,041,670  

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

     3,300       1,027,335  

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

     1,075       935,389  

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

     5,000       4,393,500  

Puerto Rico Electric Power Authority, RB

    

0.00%, 01/01/23(a)(f)(g)

     4,430       1,670,307  

3rd Series, 5.40%, 01/01/20(a)(f)(g)

     208       78,305  

Series A, 7.25%, 07/01/30

     250       94,264  

Series A, 7.00%, 07/01/33(f)(g)

     8,735       3,293,567  

Series A, 7.00%, 07/01/40

     1,000       377,054  

Series A, 5.00%, 07/01/42(f)(g)

     1,605       605,992  

Series A, 5.05%, 07/01/42(f)(g)

     1,080       407,770  

Series A, 7.00%, 07/01/43(f)(g)

     775       292,217  

Series A-1, 10.00%, 07/01/19

     230       86,802  

Series A-2, 10.00%, 07/01/19(f)(g)

     1,161       437,921  

Series A-3, 10.00%, 07/01/19(f)(g)

     748       281,911  

Series B-3, 10.00%, 07/01/19(f)(g)

     748       281,911  

Series C-1, 5.40%, 01/01/18(f)(g)

     2,054       774,535  

Series C-2, 5.40%, 07/01/18(f)(g)

     2,054       774,660  

Series C-4, 5.40%, 07/01/20(f)(g)

     208       78,305  
 

 

 

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

   33

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
Puerto Rico (continued)            

Puerto Rico Electric Power Authority, RB (continued)

    

Series CCC, 5.00%, 07/01/22

   $ 715     $ 269,959  

Series CCC, 5.00%, 07/01/25

     620       234,090  

Series CCC, 5.25%, 07/01/26(f)(g)

     590       222,763  

Series CCC, 5.25%, 07/01/28(f)(g)

     1,945       734,364  

Series D-1, 7.50%, 01/01/20(f)(g)

     2,332       879,377  

Series D-4, 7.50%, 07/01/20

     709       267,428  

Series TT, 5.00%, 07/01/18(f)(g)

     900       339,809  

Series TT, 5.00%, 07/01/25(f)(g)

     3,270       1,234,638  

Series TT, 5.00%, 07/01/26(f)(g)

     455       171,792  

Series WW, 5.50%, 07/01/17(f)(g)

     475       179,343  

Series WW, 5.50%, 07/01/18(f)(g)

     415       156,689  

Series WW, 5.50%, 07/01/19(f)(g)

     335       126,484  

Series WW, 5.38%, 07/01/22(f)(g)

     4,500       1,699,043  

Series WW, 5.38%, 07/01/24(f)(g)

     815       307,716  

Series WW, 5.25%, 07/01/25

     1,940       732,476  

Series WW, 5.25%, 07/01/33(f)(g)

     315       118,933  

Series WW, 5.50%, 07/01/38(f)(g)

     415       156,689  

Series XX, 5.25%, 07/01/27(f)(g)

     230       86,840  

Series XX, 5.25%, 07/01/35(f)(g)

     705       266,183  

Series XX, 5.75%, 07/01/36(f)(g)

     2,870       1,083,612  

Series XX, 5.25%, 07/01/40(f)(g)

     8,385       3,165,883  

Series A, AMT, 6.75%, 07/01/36(f)(g)

     5,830       2,198,225  

Puerto Rico Electric Power Authority, Refunding RB

    

Series AAA, 5.25%, 07/01/22(f)(g)

     765       288,837  

Series AAA, 5.25%, 07/01/25

     3,560       1,344,131  

Series AAA, 5.25%, 07/01/28(f)(g)

     3,655       1,380,000  

Series AAA, 5.25%, 07/01/29(f)(g)

     190       71,737  

Series UU, 0.00%, 07/01/17(a)(f)(g)

     2,660       1,011,944  

Series UU, 0.00%, 07/01/18(a)(f)(g)

     125       47,554  

Series UU, 1.00%, 07/01/20(a)(f)(g)

     1,135       431,788  

Series UU, 3.89%, 07/01/31(a)(f)(g)

     1,345       511,678  

Series ZZ, 5.00%, 07/01/17(f)(g)

     330       124,596  

Series ZZ, 5.25%, 07/01/19(f)(g)

     1,050       396,443  

Series ZZ, 5.25%, 07/01/23(f)(g)

     370       139,699  

Series ZZ, 5.25%, 07/01/24(f)(g)

     5,050       1,906,703  

Series ZZ, 5.25%, 07/01/25

     265       100,055  

Series ZZ, 5.00%, 07/01/28(f)(g)

     345       130,260  

Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32(d)

     16,401       10,455,377  

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

    

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

     10,453       9,966,016  

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

     1,564       1,437,289  

Series A-2, Restructured, 4.78%, 07/01/58

     7,333       6,976,352  

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

     21,780       20,790,535  

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

    

Series A1, Restructured, 0.00%, 07/01/29

     2,914       2,273,876  

Series A1, Restructured, 0.00%, 07/01/33

     2,574       1,677,955  

Series A1, Restructured, 0.00%, 07/01/46

     73,822       20,756,089  

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

     18,000       3,795,786  

Series B1, Restructured, 0.00%, 07/01/46

     2,066       577,300  
   

 

 

  
      203,666,436  
South Carolina — 0.6%            

City of Hardeeville South Carolina, SAB(b)

    

3.00%, 05/01/27

     300       289,337  

3.50%, 05/01/32

     670       598,728  

3.88%, 05/01/41

     1,195       1,005,323  
Security  

Par

            (000)

                     Value  
South Carolina (continued)            

City of Hardeeville South Carolina, SAB(b) (continued)

    

4.00%, 05/01/52

   $ 1,155     $ 890,937  

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

     2,240       2,262,142  

South Carolina Jobs-Economic Development Authority, RB

    

7.50%, 08/15/62(b)

     1,935       1,791,533  

Series A, 5.00%, 11/15/42

     585       542,420  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

4.00%, 11/15/27

     480       454,326  

Series A, 5.00%, 05/01/48

     3,315       3,350,066  
   

 

 

  
      11,184,812  

Tennessee — 2.3%

    

Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44

     410       372,307  

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

     4,060       1,219,794  

Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36

     560       573,169  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB

    

Series A, 4.00%, 10/01/49

     1,635       1,277,017  

Series A, 5.25%, 10/01/58

     7,565       7,261,137  

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

     2,350       1,833,733  

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

     4,000       1,384,380  

Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.25%, 07/01/34

     1,250       1,400,240  

Nashville Metropolitan Development & Housing

    

Agency, TA, 5.13%, 06/01/36(b)

     500       493,881  

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

     7,435       7,886,639  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)

     16,360       16,893,598  
   

 

 

  
      40,595,895  
Texas — 6.8%            

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

     2,340       1,522,533  

Arlington Higher Education Finance Corp., RB

    

5.00%, 06/15/51

     2,045       1,762,050  

5.63%, 08/15/54(b)

     6,260       5,845,000  

7.50%, 04/01/62(b)

     1,970       2,081,059  

7.88%, 11/01/62(b)

     1,670       1,707,802  

Series A, 5.88%, 03/01/24

     120       118,884  

Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39

     1,610       1,406,076  

Central Texas Regional Mobility Authority, Refunding RB(d)

    

0.00%, 01/01/28

     3,000       2,546,226  

0.00%, 01/01/29

     500       410,600  

0.00%, 01/01/30

     1,330       1,054,114  

0.00%, 01/01/31

     4,000       3,056,200  

City of Crandall Texas, SAB(b)

    

3.38%, 09/15/26

     100       97,382  

4.00%, 09/15/31

     200       190,263  
 

 

 

34  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
Texas (continued)            

City of Crandall Texas, SAB(b) (continued)

    

4.75%, 09/15/31

   $ 100     $ 94,725  

4.25%, 09/15/41

     770       677,211  

5.00%, 09/15/41

     500       443,080  

City of Houston Texas Airport System Revenue, ARB

    

AMT, 5.00%, 07/15/28

     2,725       2,744,315  

AMT, 4.00%, 07/01/41

     3,600       3,246,149  

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

     1,110       1,110,274  

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

     5,000       5,006,165  

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

     615       628,416  

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

     3,925       4,017,814  

City of Marble Falls Texas, SAB(b)

    

4.63%, 09/01/31

     100       92,038  

4.88%, 09/01/41

     295       246,105  

5.13%, 09/01/51

     500       405,825  

City of San Marcos Texas, SAB(b)

    

3.75%, 09/01/27

     228       221,366  

4.00%, 09/01/32

     237       220,233  

4.25%, 09/01/42

     750       646,025  

4.50%, 09/01/51

     520       441,890  

Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42

     3,380       3,260,385  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     1,370       1,343,240  

Harris County Cultural Education Facilities Finance Corp., Refunding RB

    

Series A, 5.00%, 01/01/38

     510       443,167  

Series A, 5.00%, 01/01/43

     520       433,513  

Series A, 5.13%, 01/01/48

     1,535       1,254,092  

Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(d)

     350       123,558  

Hemphill County Hospital District, GO

    

4.63%, 02/01/39

     1,500       1,381,632  

4.75%, 02/01/45

     2,500       2,221,252  

Hidalgo County Regional Mobility Authority, Refunding RB

    

Series B, Junior Lien, 4.00%, 12/01/39

     1,000       885,243  

Series B, Junior Lien, 4.00%, 12/01/40

     1,040       912,277  

Series B, Junior Lien, 4.00%, 12/01/41

     1,000       868,063  

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

     1,400       1,189,980  

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

     1,385       1,346,569  

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

     3,000       2,503,719  

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

     5,000       4,464,785  

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

     5,580       4,976,947  

Newark Higher Education Finance Corp., RB(b)

    

Series A, 5.50%, 08/15/35

     375       381,470  

Series A, 5.75%, 08/15/45

     735       742,944  

Port Beaumont Navigation District, RB(b)

    

AMT, 2.75%, 01/01/36

     2,620       1,899,812  

AMT, 2.88%, 01/01/41

     4,100       2,657,144  

AMT, 3.00%, 01/01/50

     23,435       13,702,913  
Security  

Par

            (000)

                     Value  
Texas (continued)            

Port Beaumont Navigation District, Refunding RB(b)

    

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

   $ 3,725     $ 3,036,586  

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

     8,435       6,092,963  

San Antonio Education Facilities Corp., RB

    

Series A, 5.00%, 10/01/41

     645       560,660  

Series A, 5.00%, 10/01/51

     885       690,902  

Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48

     8,560       8,886,333  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/31

     1,500       1,563,982  

Texas Transportation Commission State Highway 249 System, RB, CAB(d)

    

0.00%, 08/01/46

     2,580       818,090  

0.00%, 08/01/47

     3,850       1,156,167  

0.00%, 08/01/48

     4,070       1,154,785  

0.00%, 08/01/49

     3,825       1,026,397  

0.00%, 08/01/50

     5,485       1,397,062  

0.00%, 08/01/51

     3,230       780,517  

0.00%, 08/01/52

     3,230       750,833  

0.00%, 08/01/53

     290       63,507  
   

 

 

  
      117,011,309  
Utah — 0.1%            

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

     940       718,146  

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

     1,320       1,121,626  
   

 

 

  
      1,839,772  
Vermont — 0.5%            

East Central Vermont Telecommunications District, RB(b)

    

Series A, 4.75%, 12/01/40

     2,850       2,533,240  

Series A, 4.50%, 12/01/44

     3,695       3,051,272  

Series A, 4.50%, 12/01/50

     3,000       2,352,846  

Vermont Student Assistance Corp., RB, Class A, AMT, 2.38%, 06/15/39

     1,915       1,507,679  
   

 

 

  
      9,445,037  
Virginia — 1.2%            

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

     2,900       2,108,665  

Hampton Roads Transportation Accountability Commission, RB

    

Series A, Senior Lien, 4.00%, 07/01/50

     1,545       1,510,200  

Series A, Senior Lien, 4.00%, 07/01/55

     9,770       9,538,119  

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

     1,790       1,352,186  

Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50

     1,250       1,066,563  

Lower Magnolia Green Community Development Authority, SAB(b)

    

5.00%, 03/01/35

     465       464,858  

5.00%, 03/01/45

     480       455,332  

Norfolk Redevelopment & Housing Authority, RB

    

Series A, 5.00%, 01/01/49

     1,250       954,825  

Series B, 4.00%, 01/01/25

     910       880,194  

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

     2,885       2,163,124  
   

 

 

  
      20,494,066  
Washington(b) — 0.4%            

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

     3,470       3,463,844  
 

 

 

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

   35

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

            (000)

                     Value  
Washington (continued)            

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

   $ 1,240     $ 1,138,586  

Washington State Housing Finance Commission, Refunding RB

    

5.75%, 01/01/35

     355       330,090  

5.00%, 01/01/43

     2,000       1,662,476  

6.00%, 01/01/45

     940       830,430  
   

 

 

  
      7,425,426  

Wisconsin — 3.6%

    

Public Finance Authority, ARB

    

AMT, 4.00%, 07/01/41

     530       415,229  

AMT, 4.25%, 07/01/54

     3,690       2,631,376  

Public Finance Authority, RB

    

5.00%, 06/15/39

     310       314,161  

5.00%, 06/15/41(b)

     925       852,103  

5.00%, 01/01/42(b)

     1,555       1,393,129  

5.63%, 06/15/49(b)

     5,950       5,109,027  

5.00%, 06/15/53

     645       620,816  

5.00%, 06/15/55(b)

     2,405       2,074,729  

5.00%, 01/01/56(b)

     3,790       3,171,715  

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

     170       155,145  

Series A, 6.25%, 10/01/31(b)

     910       655,200  

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

     750       677,413  

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

     510       445,250  

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

     1,325       861,250  

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

     805       523,250  

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

     1,595       1,481,200  

Series A, 7.00%, 10/01/47(b)

     910       655,200  

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

     1,340       1,142,982  

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

     7,940       7,267,752  

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

     1,060       859,591  

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

     5,280       3,959,245  

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

     11,540       8,896,094  

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

     2,405       1,756,487  

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

     885       777,877  

Series A-1, 5.50%, 12/01/48(b)(f)(g)

     39       8,435  

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

     1,110       495,201  

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

     31,635       1,861,910  

AMT, 4.00%, 09/30/51

     4,000       3,275,204  

AMT, 4.00%, 03/31/56

     3,370       2,657,932  

Public Finance Authority, Refunding RB

    

5.00%, 05/15/32

     980       926,561  

5.00%, 03/01/52(b)

     1,300       1,050,816  

5.25%, 05/15/52(b)

     1,135       985,990  
             
Security  

Par

            (000)

                     Value  
Wisconsin (continued)            

Public Finance Authority, Refunding RB (continued)

    

Series A, 5.00%, 10/01/34(b)

   $ 280     $ 281,279  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

4.00%, 01/01/47

     3,900       2,760,315  

4.00%, 01/01/57

     1,050       688,851  

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

     740       740,205  
   

 

 

  
      62,428,920  
   

 

 

  

Total Long-Term Investments — 94.4%

    

(Cost: $1,782,705,816)

       1,635,113,384  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 4.6%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.67%(j)(k)

     79,899,513       79,899,513  
   

 

 

  

Total Short-Term Securities — 4.6%
(Cost: $79,890,304)

       79,899,513  
   

 

 

  

Total Investments — 99.0%
(Cost: $1,862,596,120)

       1,715,012,897  

Other Assets Less Liabilities — 1.0%

       16,726,548  
   

 

 

  

Net Assets — 100.0%

     $ 1,731,739,445  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

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

(d) 

Zero-coupon bond.

(e) 

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

(f)

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(h) 

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

(i) 

Rounds to less than 1,000.

(j)

Affiliate of the Fund.

(k)

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
06/30/22		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
06/30/23		      Shares
Held at
06/30/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class.

    $ 77,796,619      $ 2,142,063 (a)     $ —      $ (34,687 )     $ (4,482 )     $ 79,899,513        79,899,513      $ 2,026,040      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

36  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock High Yield Municipal Fund

 

For the period ended June 30, 2023, 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

    $
 		  
—		  
 		    $ —      $ —      $ —      $ 16,836,110      $ —      $ 16,836,110  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $
 		  
—		  
 		    $ —      $ —      $ —      $ (4,513,681 )     $ —      $ (4,513,681 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — short

   $ 157,989,193  

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 financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 1,631,776,464        $ 3,336,920        $ 1,635,113,384  

Short-Term Securities

                  

Money Market Funds

      79,899,513          —          —          79,899,513  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 79,899,513        $ 1,631,776,464        $ 3,336,920        $ 1,715,012,897  
  

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

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

   37

Schedule of Investments

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  

Municipal Bonds

    
Alabama — 3.8%            

Alabama Special Care Facilities Financing
Authority-Birmingham Alabama, Refunding RB,
Series C, 5.00%, 11/15/46

   $ 60,000     $ 61,550,040  

Black Belt Energy Gas District, RB(a)

    

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

     62,425       65,343,868  

Series F, 5.50%, 11/01/53

     11,170       11,785,668  

Energy Southeast A Cooperative District, RB,
Series A-1, 5.50%, 11/01/53(a)

     50,000       53,565,400  

Southeast Energy Authority A Cooperative District, RB(a)

    

Series A, 4.00%, 11/01/51

     102,970       101,499,795  

Series A, 5.25%, 01/01/54

     60,000       62,838,300  

Series B-1, 5.00%, 05/01/53

     20,000       20,628,580  
   

 

 

  
      377,211,651  
Arizona — 2.0%            

Arizona Industrial Development Authority, RB(b)

    

Series A, 5.00%, 07/01/39

     1,300       1,218,214  

Series A, 5.00%, 07/01/49

     2,010       1,782,609  

Arizona Industrial Development Authority,
Refunding RB(b)

    

Series A, 5.25%, 07/01/37

     1,230       1,190,045  

Series A, 5.50%, 07/01/52

     2,450       2,293,558  

City of Phoenix Civic Improvement Corp., RB

    

Junior Lien, 5.00%, 07/01/44

     42,605       46,380,612  

Subordinate, 5.00%, 07/01/44

     7,930       8,782,657  

City of Phoenix Civic Improvement Corp., Refunding RB

    

Series A, 5.00%, 07/01/36

     11,640       12,062,113  

Series A, 5.00%, 07/01/37

     4,875       5,033,525  

Industrial Development Authority of the City of Phoenix Arizona, RB

    

6.88%, 07/01/23(c)

     3,440       3,440,000  

Series A, 6.75%, 07/01/44(b)

     2,190       2,228,702  

Maricopa County Industrial Development Authority, RB

    

Series A, 4.00%, 01/01/41

     11,565       11,545,305  

Series A, 4.00%, 01/01/44

     20,000       19,651,420  

Series A-1, 5.00%, 01/01/53(a)

     3,865       4,039,416  

Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38

     31,100       32,441,187  

Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26

     215       221,310  

Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39

     15,000       15,299,040  

Salt River Project Agricultural Improvement & Power District, Refunding RB

    

Series A, 5.00%, 12/01/36

     18,330       18,845,238  

Series A, 5.00%, 01/01/38

     11,015       11,615,141  
   

 

 

  
      198,070,092  
Arkansas — 0.4%            

Arkansas Development Finance Authority, RB(b) Series A, AMT, 4.50%, 09/01/49

     7,250       6,533,656  
Security   Par
            (000)		                     Value  
Arkansas (continued)            

Arkansas Development Finance Authority, RB(b) (continued)

    

Series A, AMT, 4.75%, 09/01/49

   $ 37,160     $ 34,809,073  

University of Arkansas, RB, Series A, 5.00%, 12/01/45

     2,360       2,560,489  
   

 

 

  
      43,903,218  
California — 13.7%            

California Community Choice Financing Authority, RB(a)

    

Series B-1, 4.00%, 02/01/52

     148,500       147,817,047  

Series C, 5.25%, 01/01/54

     18,210       19,069,767  

California Community Housing Agency, RB, M/F Housing(b)

    

Series A-2, 4.00%, 02/01/50

     4,340       3,251,606  

Series A-2, 4.00%, 08/01/51

     7,940       5,491,765  

California Housing Finance Agency, RB, M/F Housing, Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35

     17       16,787  

California Infrastructure & Economic Development Bank, RB, Series A, AMT, 3.65%, 01/01/50(a)(b)

     57,150       56,894,654  

California Infrastructure & Economic Development Bank, RB, CAB, 0.00%, 01/01/61(b)(d)

     47,775       2,570,343  

California Pollution Control Financing Authority, AMT, 4.25%, 07/01/43(e)

     36,210       35,340,236  

California State Public Works Board, RB, Series B, 4.00%, 05/01/40

     10,000       10,217,390  

California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30

     3,510       3,386,831  

City & County of San Francisco California, GO, Series D-1, 4.00%, 06/15/43

     2,065       2,096,826  

City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39

     24,922       19,293,647  

City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47

     27,620       29,457,089  

City of Los Angeles Department of Airports, ARB

    

AMT, 5.00%, 05/15/47

     26,170       27,902,794  

Series A, AMT, 4.00%, 05/15/39

     10,940       10,892,608  

Series A, AMT, 5.25%, 05/15/48

     7,000       7,307,699  

Series C, AMT, 5.00%, 05/15/45

     17,175       18,248,197  

Series C, AMT, Subordinate, 5.00%, 05/15/44

     8,000       8,271,184  

City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/45

     18,000       19,335,960  

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

     8,940       6,986,726  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

3.13%, 07/01/56

     23,665       16,260,056  

4.00%, 07/01/56

     12,105       8,924,060  

4.00%, 12/01/56

     4,620       3,252,822  

3.25%, 05/01/57

     10,410       7,312,400  

4.00%, 07/01/58

     9,055       6,504,605  

Series A, 5.00%, 01/01/54

     8,950       7,048,778  

Series B, 4.00%, 07/01/58

     10,330       7,256,267  

Mezzanine Lien, 4.00%, 06/01/57

     7,220       5,116,200  

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

     6,125       3,952,861  

Senior Lien, 3.13%, 06/01/57

     13,670       9,252,143  

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

     15,875       10,855,484  
 

 

 

38  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
California (continued)            

East Bay Municipal Utility District Water System Revenue, Refunding RB

    

Series A, 4.00%, 06/01/33

   $ 13,900     $ 14,231,251  

Series A, 4.00%, 06/01/34

     14,000       14,278,530  

Irvine Facilities Financing Authority, RB, 5.25%, 05/01/48

     25,000       26,080,025  

Irvine Facilities Financing Authority, ST, (BAM), 5.25%, 09/01/53

     14,500       16,372,893  

Long Beach Unified School District, GO

    

Series C, 5.00%, 08/01/44

     9,900       11,176,179  

Series C, 5.00%, 08/01/45

     7,795       8,769,188  

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB

    

Series A, 5.00%, 07/01/43

     19,635       21,942,466  

Series A, 5.00%, 07/01/45

     15,060       16,708,769  

Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, 5.25%, 07/01/44

     24,365       25,880,406  

Los Angeles Department of Water & Power, Refunding RB

    

Series B, 5.25%, 07/01/37

     13,500       14,642,613  

Series B, 5.25%, 07/01/38

     15,000       16,143,825  

Series B, 5.25%, 07/01/39

     7,000       7,496,944  

Metropolitan Water District of Southern California, Refunding RB, Series C, 5.00%, 07/01/40

     7,215       8,053,585  

Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41

     10,000       10,260,580  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47

     20,000       21,780,820  

San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41

     35,000       36,719,095  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

2nd Series, AMT, 5.00%, 05/01/48

     36,595       37,670,966  

Series A, AMT, 5.00%, 05/01/44

     32,450       33,783,987  

Series A, AMT, 5.00%, 05/01/49

     28,200       29,044,252  

Series B, AMT, 5.00%, 05/01/46

     57,000       58,151,685  

San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26

     100,000       94,954,000  

San Mateo County Transit District, Refunding RB, Series A, 4.00%, 06/01/32

     15,645       16,013,017  

State of California, Refunding GO

    

5.25%, 10/01/39

     24,635       26,083,908  

5.25%, 10/01/45

     10,000       11,570,460  

University of California, RB

    

Series AM, 5.00%, 05/15/44

     26,780       27,150,180  

Series AM, 5.00%, 05/15/49

     14,650       14,827,734  

Series M, 5.00%, 05/15/42

     100,000       105,801,800  

University of California, Refunding RB

    

Series BE, 5.00%, 05/15/43

     18,275       20,124,393  

Series Q, 5.00%, 05/15/46

     87,090       95,537,120  
   

 

 

  
      1,360,835,503  
Security   Par
            (000)		                     Value  
Colorado — 2.9%            

Boulder Valley School District No. Re-2 Boulder, GO, (SAW), 5.00%, 12/01/42

   $ 5,310     $ 5,998,022  

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

    

Series B, 5.00%, 12/01/43

     5,000       5,272,360  

Series A, AMT, 5.00%, 12/01/37

     25,015       26,162,063  

Series A, AMT, 5.00%, 12/01/43

     13,860       14,288,759  

Series A, AMT, 5.25%, 12/01/43

     51,045       53,330,489  

Series A, AMT, 5.00%, 11/15/47

     27,440       28,845,120  

Series A, AMT, 5.00%, 12/01/48

     4,120       4,240,712  

Series A, AMT, 5.25%, 12/01/48

     11,575       12,037,143  

Series A, AMT, 5.50%, 11/15/53

     3,750       4,085,824  

Series D, AMT, 5.75%, 11/15/45

     3,290       3,707,912  

City & County of Denver Colorado Pledged Excise Tax Revenue, RB, Series A-1, 5.00%, 08/01/48

     12,920       13,315,533  

City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43

     10,000       10,482,020  

City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 5.00%, 11/15/47

     11,500       12,657,901  

City of Colorado Springs Colorado Utilities System Revenue, Refunding RB, Series A-2, 5.00%, 11/15/42

     2,250       2,381,972  

Colorado Educational & Cultural Facilities Authority, Refunding RB(b)

    

4.00%, 07/01/31

     500       485,245  

4.00%, 07/01/41

     750       655,070  

4.00%, 07/01/51

     755       606,544  

4.00%, 07/01/61

     1,225       939,347  

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

     4,390       4,720,593  

Colorado Health Facilities Authority, Refunding RB

    

5.00%, 11/15/58(a)(e)

     5,000       5,483,645  

Series A, 5.00%, 08/01/44

     11,550       11,944,155  

Series A, 5.00%, 05/15/47

     26,070       27,961,926  

Cottonwood Highlands Metropolitan District No. 1, GO, Series A, 5.00%, 12/01/49

     900       803,250  

Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45

     2,480       2,752,378  

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

     1,190       1,166,294  

Southlands Metropolitan District No. 1, Refunding GO, Series A-1, 5.00%, 12/01/47

     3,000       2,692,377  

State of Colorado, COP, Series J, 5.25%, 03/15/42

     20,000       21,067,760  

University of Colorado, Refunding RB, Series A-2, 4.00%, 06/01/38

     7,545       7,660,408  
   

 

 

  
      285,744,822  
Connecticut — 0.8%            

City of Bridgeport Connecticut, Refunding GO, Series B, 5.00%, 08/15/26

     2,000       2,115,556  

Connecticut State Health & Educational Facilities Authority, RB

    

5.00%, 07/01/47

     10,000       10,618,370  

Series Q-1, 5.00%, 07/01/46

     5,570       5,708,103  

Connecticut State Health & Educational Facilities Authority, Refunding RB, Series 2015-A, 0.38%, 07/01/35(a)

     39,965       38,913,801  
 

 

 

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

   39

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
Connecticut (continued)            

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

   $ 3,895     $ 3,902,435  

State of Connecticut Special Tax Revenue, RB, Series A, 5.00%, 07/01/41

     15,285       17,131,382  
   

 

 

  
      78,389,647  
Delaware — 0.3%            

Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(a)

     25,165       23,755,458  

Delaware Transportation Authority, RB, 5.00%, 06/01/45

     6,680       6,834,916  
   

 

 

  
      30,590,374  
District of Columbia — 3.9%            

District of Columbia Water & Sewer Authority, Refunding RB

    

Series B, Sub-Lien, 5.25%, 10/01/40

     48,060       50,635,103  

Series B, Sub-Lien, 5.25%, 10/01/44

     63,075       65,617,490  

District of Columbia, GO

    

Series A, 5.00%, 06/01/31

     5,000       5,205,440  

Series A, 5.00%, 06/01/36

     7,275       7,570,852  

Series A, 5.00%, 06/01/37

     8,660       8,979,952  

Series A, 5.00%, 06/01/38

     4,500       4,645,368  

Series A, 5.00%, 06/01/41

     5,000       5,215,665  

Series D, 5.00%, 06/01/42

     34,680       36,582,545  

District of Columbia, RB, Series C, 5.00%, 05/01/45

     10,000       10,784,060  

District of Columbia, Refunding GO, Series A, 5.25%, 01/01/48

     18,355       20,668,152  

District of Columbia, Refunding RB, Series A, 5.00%, 03/01/44

     3,460       3,721,012  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB

    

Series A, AMT, 5.00%, 10/01/30

     22,055       22,405,983  

Series A, AMT, 5.00%, 10/01/36

     10,000       10,577,690  

Series A, AMT, 5.25%, 10/01/41(e)

     4,395       4,793,016  

Series A, AMT, 5.25%, 10/01/42(e)

     1,500       1,632,322  

Series A, AMT, 5.00%, 10/01/48

     12,400       12,779,961  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB

    

Series A, 4.00%, 07/15/43

     28,200       28,228,200  

Series A, 5.00%, 07/15/46

     2,060       2,234,948  

Washington Metropolitan Area Transit Authority, RB

    

5.00%, 07/01/43

     35,480       36,930,813  

Series B, 5.00%, 07/01/42

     48,900       50,964,265  
   

 

 

  
      390,172,837  
Florida — 3.7%            

Brevard County Health Facilities Authority, Refunding RB(b)

    

4.00%, 11/15/45

     2,830       2,238,142  

4.00%, 11/15/55

     4,170       3,083,465  

Capital Trust Agency, Inc., RB(b)

    

Series A, 5.00%, 06/15/49

     4,365       3,713,991  

Series A, 5.00%, 01/01/56

     3,400       2,565,562  

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

     6,915       424,042  

City of Tampa Florida, RB, Series A, 5.00%, 11/15/46

     12,910       13,263,605  

City of Tampa Florida, SAB 5.25%, 05/01/43

     11,720       12,599,410  
Security   Par
            (000)		                     Value  
Florida (continued)            

City of Tampa Florida, SAB (continued)

    

5.25%, 05/01/46

   $ 15,430     $ 16,501,907  

County of Broward Florida Port Facilities Revenue, ARB, Series A, 5.00%, 09/01/38

     1,270       1,364,101  

County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40

     112,405       115,501,083  

County of Miami-Dade Seaport Department, ARB(c)

    

Series A, 6.00%, 10/01/23

     6,325       6,363,544  

Series B, AMT, 6.00%, 10/01/23

     2,350       2,361,762  

Series B, AMT, 6.25%, 10/01/23

     5,000       5,027,955  

County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.00%, 10/01/47

     19,050       19,883,647  

County of Palm Beach Florida, RB, 5.00%, 12/01/43

     5,325       5,946,039  

Florida Development Finance Corp., RB(b)

    

6.50%, 06/30/57

     8,670       8,462,501  

Series C, 5.75%, 12/15/56

     6,295       5,125,924  

AMT, 5.00%, 05/01/29

     1,820       1,715,117  

AMT, 6.13%, 07/01/32

     11,725       11,795,713  

Florida Development Finance Corp., Refunding RB, Series A, 4.50%, 12/15/56(b)

     18,065       13,198,686  

Greater Orlando Aviation Authority, ARB

    

Series A, AMT, 5.00%, 10/01/44

     28,000       29,126,328  

Sub-Series A, AMT, 5.00%, 10/01/42

     22,310       23,090,158  

Sub-Series A, AMT, 5.00%, 10/01/47

     32,485       33,463,935  

Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48

     8,375       8,755,778  

Lakewood Ranch Stewardship District, Refunding SAB, 4.00%, 05/01/50(b)

     1,250       968,009  

Lakewood Ranch Stewardship District, SAB

    

4.63%, 05/01/27

     1,395       1,397,349  

5.00%, 05/01/37(b)

     1,655       1,636,178  

4.70%, 05/01/39

     1,160       1,089,228  

5.13%, 05/01/47(b)

     1,985       1,895,590  

4.88%, 05/01/49

     1,250       1,125,464  

Live Oak Lake Community Development District, SAB

    

4.40%, 05/01/40

     1,600       1,432,765  

4.60%, 05/01/51

     2,840       2,382,183  

Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43

     8,370       7,121,698  

River Landing Community Development District, SAB

    

Series A, 4.13%, 05/01/40

     860       755,163  

Series B, 4.25%, 11/01/35

     800       756,563  

Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39

     1,750       1,504,064  

Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(f)(g)

     147       93,809  

Windward Community Development District, SAB, Series A-2, 4.40%, 11/01/35

     945       852,194  
   

 

 

  
      368,582,652  
Georgia — 2.9%            

City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, Subordinate, 4.00%, 07/01/34

     20,615       21,119,387  

City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/47

     3,000       3,172,896  
 

 

 

40  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
Georgia (continued)            

City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40

   $ 15,000     $ 15,376,785  

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

     5,030       4,459,175  

Main Street Natural Gas, Inc., RB(a)

    

Series A, 5.00%, 06/01/53

     56,135       58,231,811  

Series B, 5.00%, 12/01/52

     44,415       45,829,218  

Series B, 5.00%, 07/01/53

     41,510       43,353,833  

Series C, 4.00%, 03/01/50

     20,710       20,631,612  

Series C, 5.00%, 09/01/53

     54,545       57,204,669  

State of Georgia, GO, Series A, 4.00%, 02/01/32

     20,400       20,663,466  
   

 

 

  
      290,042,852  
Hawaii — 0.1%            

City & County of Honolulu Hawaii, RB, M/F Housing, 5.00%, 06/01/27(a)

     8,925       9,335,416  
Idaho — 0.2%            

Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48

     18,000       20,132,550  
Illinois — 6.8%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/42

     2,200       2,199,897  

Series H, 5.00%, 12/01/36

     4,620       4,694,294  

Series A, AMT, 5.00%, 12/01/33

     1,000       1,047,959  

Chicago Board of Education, Refunding GO

    

Series A, 5.00%, 12/01/28

     4,000       4,149,404  

Series B, 5.00%, 12/01/31

     1,000       1,049,949  

Series B, 4.00%, 12/01/35

     11,640       11,145,905  

Series C, 5.00%, 12/01/24

     4,445       4,465,300  

Series C, 5.00%, 12/01/25

     12,760       12,891,670  

Series C, 5.00%, 12/01/26

     3,060       3,115,833  

Series F, 5.00%, 12/01/24

     9,585       9,628,775  

Series G, 5.00%, 12/01/34

     5,000       5,134,485  

Chicago O’Hare International Airport, ARB

    

Class A, AMT, Senior Lien, 5.00%, 01/01/48

     16,065       16,458,544  

Series D, AMT, Senior Lien, 5.00%, 01/01/42

     2,225       2,259,988  

Series D, AMT, Senior Lien, 5.00%, 01/01/47

     2,500       2,530,183  

Series D, Senior Lien, 5.25%, 01/01/42

     56,710       59,066,471  

Series D, Senior Lien, 5.00%, 01/01/47

     20,000       20,518,840  

Chicago O’Hare International Airport, Refunding ARB

    

Series A, AMT, Senior Lien, 5.00%, 01/01/39

     4,000       4,153,784  

Series A, AMT, Senior Lien, 5.00%, 01/01/48

     5,000       5,075,505  

Chicago O’Hare International Airport, Refunding RB

    

Series A, AMT, 5.00%, 01/01/34

     5,600       5,694,338  

Series B, Senior Lien, 5.00%, 01/01/38

     30,000       31,313,250  

Series B, Senior Lien, 5.00%, 01/01/39

     64,885       67,506,354  

Chicago Transit Authority Sales Tax Receipts Fund, RB

    

5.00%, 12/01/44

     18,000       18,175,482  

Class CR, (AGM-CR), 5.00%, 12/01/44

     9,165       9,316,149  

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48

     2,000       2,184,386  

City of Chicago Illinois Wastewater Transmission Revenue, Refunding RB, Series B, 2nd Lien, (AGM), 5.00%, 01/01/37

     1,500       1,666,718  

City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48

     8,720       9,582,713  
Security   Par
            (000)		                     Value  
Illinois (continued)            

Illinois Finance Authority, Refunding RB

    

5.00%, 10/01/48

   $ 26,850     $ 27,956,542  

Series A, 5.00%, 07/15/42

     23,695       24,605,054  

Series A, 5.25%, 05/15/48

     6,670       7,414,219  

Series C, 5.00%, 02/15/41

     37,295       38,530,173  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/36

     11,000       11,366,729  

Series A, 5.00%, 01/01/40

     15,500       15,884,307  

Series A, 5.00%, 01/01/42

     30,000       31,452,660  

Series A, 5.25%, 01/01/43

     6,450       7,190,002  

Series A, 5.25%, 01/01/45

     32,315       35,884,838  

Series B, 5.00%, 01/01/40

     35,105       36,181,776  

Southwestern Illinois Development Authority, RB, (BAM), 5.50%, 12/01/40

     2,600       2,914,540  

State of Illinois, GO

    

5.50%, 05/01/39

     9,040       9,913,761  

Series A, 5.00%, 11/01/29

     27,500       30,152,402  

Series B, 5.50%, 05/01/47

     13,405       14,536,047  

Series C, 5.50%, 10/01/42

     28,000       30,835,560  

State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32

     14,000       15,307,782  

State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28

     19,250       20,788,941  

Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23

     1,920       1,922,185  
   

 

 

  
      677,863,694  
Indiana — 0.1%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     3,870       3,912,512  

AMT, 7.00%, 01/01/44

     7,330       7,401,182  
   

 

 

  
      11,313,694  
Iowa — 0.2%            

Iowa Finance Authority, Refunding RB

    

5.00%, 08/01/38

     2,900       3,339,281  

5.00%, 08/01/39

     2,500       2,865,095  

5.00%, 08/01/40

     3,000       3,426,609  

5.00%, 08/01/41

     4,250       4,831,421  

5.00%, 08/01/42

     3,075       3,476,675  
   

 

 

  
      17,939,081  
Kentucky — 0.1%            

Kentucky Public Energy Authority, RB, Series A-1,

    

4.00%, 08/01/52(a)

     12,350       12,129,565  
   

 

 

  
Louisiana — 2.4%            

Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a)

     195,960       186,838,454  

Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(a)

     21,580       20,628,063  

Louisiana Public Facilities Authority, RB(b)

    

Series A, 5.00%, 04/01/39

     1,425       1,248,082  

Series A, 5.00%, 06/01/39

     1,300       1,259,142  

Series A, 5.00%, 04/01/49

     2,800       2,274,866  

Series A, 5.00%, 06/01/49

     3,000       2,780,271  

Series A, 5.00%, 06/01/58

     4,500       4,063,473  
 

 

 

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

   41

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
Louisiana (continued)            

Louisiana Public Facilities Authority, Refunding RB, 5.00%, 04/01/45

   $ 5,000     $ 5,315,695  

Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48

     13,505       14,396,681  
   

 

 

  
      238,804,727  
Maryland — 0.8%            

City of Baltimore Maryland, Refunding RB

    

Series A, 4.50%, 09/01/33

     2,735       2,636,122  

Series A, 5.00%, 09/01/38

     1,400       1,392,789  

County of Baltimore Maryland, GO, 4.00%, 03/01/39

     4,000       4,098,404  

County of Frederick Maryland, GO, 5.00%, 04/01/41

     6,035       6,892,791  

County of Montgomery Maryland, RB, 5.00%, 12/01/44

     14,795       15,031,320  

County of Prince George’s Maryland, COP, 5.00%, 10/01/48

     6,175       6,528,531  

Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47

     12,285       12,702,715  

Maryland Stadium Authority, RB(e)

    

Series A, 5.00%, 03/01/37

     4,665       5,272,439  

Series A, 5.00%, 09/01/37

     5,000       5,638,950  

State of Maryland, GO, First Series, 4.00%, 06/01/29

     7,910       7,996,353  

Washington Suburban Sanitary Commission, RB, (GTD), 4.00%, 06/01/41

     7,000       7,053,837  
   

 

 

  
      75,244,251  
Massachusetts — 6.7%            

City of Boston Massachusetts, GO

    

Series A, 5.00%, 11/01/40

     2,720       3,116,097  

Series A, 5.00%, 11/01/41

     19,315       22,278,887  

Commonwealth of Massachusetts Transportation Fund Revenue, Refunding RB, Series A, 5.00%, 06/01/43

     5,000       5,497,385  

Commonwealth of Massachusetts, GO

    

5.00%, 05/01/41(e)

     1,250       1,405,890  

5.00%, 05/01/43(e)

     1,475       1,648,277  

Series A, 5.00%, 03/01/41

     4,050       4,095,449  

Series A, 5.25%, 04/01/42

     42,000       44,693,166  

Series A, 5.00%, 01/01/43

     3,045       3,225,066  

Series A, 5.25%, 01/01/44

     16,490       17,923,641  

Series A, 5.25%, 04/01/47

     85,000       89,500,835  

Series C, 5.00%, 07/01/40

     5,000       5,148,235  

Series C, 5.25%, 10/01/47

     10,125       11,316,955  

Series E, 5.25%, 09/01/43

     92,000       99,226,876  

Commonwealth of Massachusetts, Refunding GO(e)

    

Series B, 5.00%, 05/01/41

     2,500       2,811,795  

Series B, 5.00%, 05/01/42

     4,650       5,205,187  

Series B, 5.00%, 05/01/43

     3,250       3,631,797  

Massachusetts Bay Transportation Authority Assessment Revenue, Refunding RB, Series A-1, 4.00%, 07/01/40

     20,000       20,484,800  

Massachusetts Bay Transportation Authority Sales Tax Revenue, RB, Series A, 5.00%, 07/01/40

     9,145       9,420,612  

Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB

    

Sub-Series A-1, 5.00%, 07/01/43

     9,100       10,316,670  

Sub-Series A-1, 5.25%, 07/01/48

     57,645       65,548,533  
Security   Par
            (000)		                     Value  
Massachusetts (continued)            

Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42

   $ 9,655     $ 9,742,552  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     21,640       22,710,249  

Massachusetts Port Authority, Refunding ARB

    

Series A, 5.00%, 07/01/40

     5,680       5,843,482  

Series A, AMT, 5.00%, 07/01/34

     2,110       2,216,671  

Series A, AMT, 5.00%, 07/01/47

     3,000       3,069,165  

Series C, AMT, 5.00%, 07/01/44

     15,000       15,648,135  

Series C, AMT, 5.00%, 07/01/49

     10,000       10,345,250  

Massachusetts Port Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/37

     1,000       1,076,135  

Massachusetts School Building Authority, RB, Series B, 5.25%, 02/15/48

     70,505       75,036,920  

Massachusetts School Building Authority, Refunding RB, Series D, 4.75%, 08/15/32

     10,000       10,410,880  

University of Massachusetts Building Authority, Refunding RB

    

First Series, 5.00%, 11/01/39

     8,190       8,323,178  

Series 1, 5.25%, 11/01/42

     58,840       63,079,540  

Series 1, 5.25%, 11/01/47

     14,425       15,326,562  
   

 

 

  
      669,324,872  
Michigan — 2.6%            

City of Grand Rapids Michigan Sanitary Sewer System Revenue, RB, 5.00%, 01/01/48

     2,000       2,086,440  

City of Lansing Michigan, Refunding GO

    

Series B, (AGM), 4.00%, 06/01/39

     4,570       4,577,408  

Series B, (AGM), 4.00%, 06/01/40

     4,960       4,946,038  

Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44

     20,000       21,286,960  

Michigan Finance Authority, RB

    

4.00%, 02/15/44

     20,000       19,234,860  

Series A, 5.00%, 11/15/48

     5,000       5,156,255  

Series A, 6.50%, 06/01/57(b)

     5,980       5,604,229  

Series S, 5.00%, 11/01/44

     9,175       9,369,675  

Michigan Finance Authority, Refunding RB

    

5.00%, 11/15/41

     63,865       65,251,509  

Series 2016, 5.25%, 12/01/41

     25,630       26,644,820  

Series A, 5.00%, 12/01/37

     25,105       26,476,938  

Series A, 5.00%, 12/01/41

     9,370       9,993,808  

Michigan State Building Authority, Refunding RB, Series I, 5.25%, 10/15/57

     7,205       7,923,670  

Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

     2,950       3,012,690  

Michigan State University, Refunding RB, Series A, 5.00%, 08/15/40

     9,000       9,285,687  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     16,470       16,680,207  

Plymouth-Canton Community School District, GO, 5.00%, 05/01/42

     3,100       3,410,682  

West Bloomfield School District, GO

    

Series I, (Q-SBLF), 5.00%, 05/01/40

     4,940       5,487,762  

Series I, (Q-SBLF), 5.00%, 05/01/41

     5,815       6,436,123  
   

 

 

  
      252,865,761  
Minnesota — 0.3%            

Minnesota Housing Finance Agency, RB, S/F Housing, Series F, (FHLMC, FNMA, GNMA), 5.75%, 07/01/53(e)

     4,500       4,832,505  
 

 

 

42  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
Minnesota (continued)            

State of Minnesota, GO

    

Series A, 4.00%, 09/01/34

   $ 1,820     $ 1,948,503  

Series A, 4.00%, 09/01/40

     14,745       15,101,726  

Series A, 4.00%, 09/01/41

     6,255       6,361,885  
   

 

 

  
      28,244,619  
Mississippi — 0.1%            

Medical Center Educational Building Corp., Refunding RB, 5.00%, 06/01/47

     8,975       9,267,908  
   

 

 

  
Missouri — 0.2%            

Health & Educational Facilities Authority of the State of Missouri, RB, 4.50%, 01/01/39

     16,085       16,133,995  
   

 

 

  
Nevada — 0.8%            

County of Clark Nevada, GO, Series A, 5.00%, 06/01/43

     74,740       79,136,506  

State of Nevada Department of Business & Industry, RB(b)

    

Series A, 4.50%, 12/15/29

     280       270,411  

Series A, 5.00%, 07/15/37

     875       881,254  

Series A, 5.00%, 07/15/47

     1,400       1,342,538  
   

 

 

  
      81,630,709  
New Jersey — 3.6%            

New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23

     1,460       1,457,352  

New Jersey Economic Development Authority, RB, 5.00%, 06/15/43

     7,550       7,897,632  

New Jersey Economic Development Authority, Refunding RB

    

Series RRR, 5.00%, 03/01/26

     16,270       16,939,852  

AMT, 3.75%, 11/01/34(a)

     7,135       7,127,922  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/40

     3,855       3,857,290  

New Jersey Health Care Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 07/01/35

     7,375       7,866,050  

Series A, 5.00%, 07/01/38

     11,950       12,539,517  

Series A, 5.00%, 07/01/39

     22,245       23,296,922  

Series A, 4.00%, 07/01/40

     10,000       9,914,010  

Series A, 5.00%, 07/01/43

     12,385       12,722,305  

New Jersey Transportation Trust Fund Authority, RB

    

5.25%, 06/15/43

     9,000       9,906,453  

5.50%, 06/15/50

     6,225       6,949,590  

Series AA, 5.50%, 06/15/39

     39,890       39,890,000  

Series BB, 4.00%, 06/15/44

     5,000       4,816,410  

Series C, 5.25%, 06/15/32

     20,010       20,536,963  

Series S, 5.00%, 06/15/46

     12,350       12,955,385  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 4.00%, 06/15/39

     8,500       8,350,528  

Series AA, 5.00%, 06/15/38

     2,955       3,262,101  

Series AA, 5.00%, 06/15/39

     8,500       9,341,236  

Series AA, 5.00%, 06/15/40

     4,985       5,451,397  

New Jersey Turnpike Authority, RB

    

Series B, 5.00%, 01/01/46

     26,315       29,008,998  

Series E, 5.00%, 01/01/34

     4,425       4,539,798  

South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/42

     4,325       4,383,154  

State of New Jersey, GO 2.00%, 06/01/37

     10,000       7,790,450  
Security   Par
            (000)		                     Value  
New Jersey (continued)            

State of New Jersey, GO (continued)

    

5.00%, 06/01/40

   $ 12,500     $ 13,102,937  

5.00%, 06/01/41

     11,500       12,028,678  

5.00%, 06/01/42

     10,500       10,958,377  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     17,500       17,909,185  

Series A, 5.25%, 06/01/46

     20,350       21,069,678  

Sub-Series B, 5.00%, 06/01/46

     12,845       12,892,604  
   

 

 

  
      358,762,774  
New Mexico — 0.0%            

County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27

     125       131,824  
   

 

 

  
New York — 12.9%            

Catskill Central School District, GO, (SAW), 5.00%, 06/28/24

     5,100       5,156,896  

City of New York New York, GO

    

First Series, 5.00%, 08/01/36

     2,820       3,253,840  

Series B, 5.25%, 10/01/47

     4,040       4,518,490  

Series C, 4.00%, 08/01/40

     2,040       2,063,444  

Series C, 4.00%, 08/01/41

     1,910       1,915,927  

Series D-1, 5.25%, 05/01/41

     4,210       4,770,991  

Series D-1, 5.50%, 05/01/44

     7,840       8,967,376  

Series D-1, 5.50%, 05/01/45

     1,000       1,142,467  

Series D-1, 5.50%, 05/01/46

     2,655       3,024,135  

Sub-Series E1, 5.25%, 04/01/47

     19,000       21,333,295  

City of New York New York, Refunding GO

    

Series A, 5.00%, 08/01/31

     3,235       3,301,379  

Sub-Series F-1, 5.00%, 08/01/36

     3,000       3,467,541  

Sub-Series F-1, 5.00%, 08/01/37

     1,360       1,556,090  

Hudson Yards Infrastructure Corp., Refunding RB,

    

Series A, 5.00%, 02/15/42

     41,825       43,977,398  

Metropolitan Transportation Authority, RB,

    

Series A-1, 5.25%, 11/15/39

     10,000       10,048,800  

New York City Municipal Water Finance Authority, RB

    

Series AA, 4.00%, 06/15/43

     16,040       16,095,771  

Series AA-1, 5.25%, 06/15/52

     1,530       1,705,032  

New York City Municipal Water Finance Authority, Refunding RB

    

Series BB-1, 5.00%, 06/15/44

     2,460       2,704,194  

Series BB-1, 4.00%, 06/15/45

     47,000       47,087,514  

Series CC, 5.25%, 06/15/46

     61,465       64,170,259  

Series CC1, 5.00%, 06/15/37

     24,000       25,552,824  

Series CC1, 5.25%, 06/15/37

     15,000       16,132,950  

Series DD, 5.25%, 06/15/47

     25,000       28,021,225  

Series DD-2, 5.00%, 06/15/40

     21,260       22,615,920  

Series DD-3, 4.00%, 06/15/42

     10,000       10,014,590  

Series EE, 5.25%, 06/15/36

     14,500       15,825,083  

Series EE, 5.00%, 06/15/40

     34,240       36,423,861  

Series EE, 4.00%, 06/15/45

     16,755       16,671,510  

Series FF, 5.00%, 06/15/40

     23,790       25,464,079  

New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-3, Subordinate, (SAW), 5.25%, 07/15/45

     31,165       33,325,077  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

Series B-1, 4.00%, 11/01/41

     16,500       16,571,957  

Series D-1, 5.50%, 11/01/45

     19,690       22,656,692  

Series D-1, 5.25%, 11/01/48

     19,400       21,646,210  

Series E-1, 5.00%, 02/01/41

     10,500       10,743,779  
 

 

 

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

   43

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
New York (continued)            

New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued)

    

Subordinate, 4.00%, 05/01/40

   $ 6,835     $ 6,960,668  

Series C1, Subordinate, 4.00%, 11/01/42

     20,925       20,763,229  

Series C-1, Subordinate, 4.00%, 02/01/41

     10,000       10,007,630  

Series C-1, Subordinate, 5.00%, 02/01/47

     10,000       10,915,540  

Series C-3, Subordinate, 5.00%, 05/01/40

     5,000       5,354,165  

Series F-1, Subordinate, 5.00%, 02/01/39

     1,000       1,123,670  

Series F-1, Subordinate, 5.00%, 02/01/43

     14,280       15,783,555  

Series F-1, Subordinate, 5.00%, 02/01/44

     4,000       4,406,764  

New York Liberty Development Corp., Refunding RB, Series A, 2.88%, 11/15/46

     38,000       27,808,248  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45

     40,000       40,043,160  

New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43

     2,220       2,330,409  

New York State Dormitory Authority, Refunding RB

    

5.00%, 07/01/44

     4,130       4,485,725  

Series A, 5.25%, 03/15/38

     5,000       5,460,495  

Series A, 4.00%, 03/15/39

     3,675       3,708,104  

Series A, 4.00%, 03/15/40

     47,720       48,255,562  

Series A, 4.00%, 03/15/42

     8,105       8,141,683  

Series A, 4.00%, 03/15/43

     9,365       9,386,755  

Series C, 5.00%, 03/15/39

     11,650       11,797,046  

Series E, 5.00%, 03/15/41

     20,150       21,609,303  

Series E, 5.00%, 03/15/42

     16,800       17,974,102  

New York State Housing Finance Agency, RB, M/F Housing, Series J, 1.10%, 11/01/61(a)

     36,070       32,089,531  

New York State Thruway Authority, RB

    

Series N, 4.00%, 01/01/45

     4,060       3,977,627  

Series A, Junior Lien, 5.00%, 01/01/46

     5,000       5,129,635  

New York State Thruway Authority, Refunding RB

    

Series A, 5.00%, 03/15/48

     4,400       4,827,297  

Series O, 4.00%, 01/01/37

     10,000       10,232,190  

Series O, 4.00%, 01/01/44

     14,655       14,513,667  

New York State Urban Development Corp., RB,

    

Series A, 4.00%, 03/15/45

     10,000       9,877,050  

New York State Urban Development Corp., Refunding RB

    

4.00%, 03/15/44

     7,200       7,160,033  

Series A, 5.00%, 03/15/46

     12,225       13,453,454  

Series A, 5.00%, 03/15/49

     10,000       10,954,580  

Series E, 4.00%, 03/15/41

     25,000       25,105,350  

Series E, 4.00%, 03/15/42

     40,000       40,031,240  

New York Transportation Development Corp., ARB

    

AMT, 5.00%, 12/01/35

     1,650       1,755,310  

AMT, 5.00%, 12/01/37

     10       10,487  

AMT, 5.00%, 12/01/38

     12,150       12,683,774  

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

     25,020       26,132,039  

Port Authority of New York & New Jersey, ARB AMT, 5.00%, 11/01/49

     8,465       8,835,818  

Consolidated, 218th Series, AMT, 5.00%, 11/01/44

     46,300       48,632,825  

Port Authority of New York & New Jersey, Refunding ARB

    

AMT, 5.00%, 09/01/30

     5,000       5,062,350  

AMT, 5.00%, 01/15/47

     12,550       13,375,777  

AMT, 5.00%, 01/15/52

     10,000       10,616,540  

Series 207, AMT, 5.00%, 09/15/31

     14,950       15,978,425  
Security   Par
            000)		                     Value  
New York (continued)            

Port Authority of New York & New Jersey, Refunding ARB (continued)

    

Series 231, AMT, 5.50%, 08/01/40

   $ 5,515     $ 6,197,167  

Triborough Bridge & Tunnel Authority, Refunding RB

    

Series A, 5.25%, 11/15/45

     7,805       8,015,977  

Series B, 5.00%, 11/15/35

     10,895       11,681,543  

Series C, 5.00%, 05/15/47

     12,000       13,115,424  

Series C, 5.25%, 05/15/52

     10,000       11,075,690  

Series C-2, 5.00%, 11/15/42

     55,995       59,016,322  

Utility Debt Securitization Authority, Refunding RB, Restructured, 5.00%, 12/15/33

     15,040       15,906,785  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51

     2,500       2,509,858  
   

 

 

  
      1,276,196,174  
North Carolina — 0.3%            

County of Union North Carolina, GO

    

5.00%, 09/01/42

     3,270       3,714,700  

5.00%, 09/01/43

     4,220       4,780,981  

Greater Asheville Regional Airport Authority, ARB, Series A, AMT, (AGM), 5.00%, 07/01/33

     1,455       1,605,607  

State of North Carolina, GO, Series A, 4.00%, 06/01/33

     11,565       11,726,205  

State of North Carolina, Refunding GO, Series B, 5.00%, 06/01/24

     10,000       10,174,250  
   

 

 

  
      32,001,743  
North Dakota — 0.1%            

North Dakota Building Authority, RB, Series A,

    

5.00%, 12/01/24

     1,655       1,697,287  

North Dakota Public Finance Authority, RB,

    

Series C, 5.00%, 06/01/40

     6,370       6,511,573  
   

 

 

  
      8,208,860  
Ohio — 1.0%            

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

     22,625       21,101,681  

City of Columbus Ohio, GO, Series A, 5.00%, 08/15/41

     1,705       1,943,637  

County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47

     5,000       5,164,390  

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

     4,230       3,878,415  

Ohio Higher Educational Facility Commission, RB

    

5.00%, 10/01/42

     3,645       4,013,535  

5.00%, 10/01/48

     1,250       1,364,256  

Ohio University, Refunding RB

    

Series A, 5.00%, 12/01/44

     9,500       9,852,479  

Series A, 5.00%, 12/01/45

     14,000       14,502,180  

Ohio Water Development Authority Water Pollution Control Loan Fund, RB

    

Series B, 5.00%, 12/01/39

     10,000       11,503,310  

Series B, 5.00%, 12/01/40

     11,500       13,137,037  

Series B, 5.00%, 12/01/41

     10,000       11,356,210  

State of Ohio, Refunding RB, 5.00%, 01/01/39

     875       964,328  
   

 

 

  
      98,781,458  
 

 

 

44  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
Oklahoma — 0.1%            

Grand River Dam Authority, RB, Series A, 5.00%, 06/01/39

   $ 5,400     $ 5,467,576  

Oklahoma Development Finance Authority, RB,

    

7.25%, 09/01/51(b)

     7,990       8,299,580  
   

 

 

  
      13,767,156  
Oregon — 0.2%            

Oregon State Lottery, RB, Series A, 5.00%, 04/01/35

     2,035       2,193,168  

State of Oregon, GO, Series D, 5.00%, 05/01/41

     3,670       3,827,307  

Tualatin Valley Water District, RB

    

5.00%, 06/01/41

     2,685       3,047,430  

5.00%, 06/01/42

     2,820       3,185,097  

5.00%, 06/01/43

     2,945       3,314,624  

5.00%, 06/01/44

     3,110       3,487,268  
   

 

 

  
      19,054,894  
Pennsylvania — 1.1%            

Allentown Neighborhood Improvement Zone Development Authority, RB(b)

    

5.00%, 05/01/27

     2,680       2,717,113  

5.00%, 05/01/32

     3,750       3,779,888  

Lancaster County Hospital Authority, Refunding RB,

    

5.00%, 08/15/42

     4,500       4,644,495  

Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/47

     5,500       5,706,822  

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

     1,670       1,671,249  

Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 5.00%, 02/15/47

     10,160       10,816,285  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, AMT, 5.25%, 12/01/44

     30,000       32,062,740  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/46

     46,430       48,684,176  

Swarthmore Borough Authority, Refunding RB, Series B, 4.00%, 09/15/41

     2,690       2,707,364  
   

 

 

  
      112,790,132  
Puerto Rico — 1.1%            

Commonwealth of Puerto Rico, GO

    

Series A1, Restructured, 5.63%, 07/01/29

     36,800       39,426,065  

Series A1, Restructured, 5.75%, 07/01/31

     11,497       12,557,828  

Series A1, Restructured, 4.00%, 07/01/33

     20,418       19,333,377  

Series A1, Restructured, 4.00%, 07/01/35

     8,168       7,581,815  

Series A1, Restructured, 4.00%, 07/01/37

     25,180       22,456,783  

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

    4,955       4,311,489  
   

 

 

  
      105,667,357  
South Carolina — 0.3%            

County of Dorchester South Carolina, SAB(b)

    

5.88%, 10/01/40

     1,245       1,264,978  

6.00%, 10/01/51

     3,000       3,029,655  

Piedmont Municipal Power Agency, Refunding RB, Series C, 5.00%, 01/01/34

     10,000       10,544,660  
Security   Par
            (000)		                     Value  
South Carolina (continued)            

South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b)

   $ 10,135     $ 9,383,561  

South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37

     3,005       2,912,551  
   

 

 

  
      27,135,405  
Tennessee — 1.3%            

Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.25%, 07/01/47

     13,000       13,897,247  

State of Tennessee, Refunding GO, Series A, 5.00%, 08/01/33

     2,150       2,301,164  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)

     92,910       95,940,353  

Tennessee Housing Development Agency, RB, Series 2A, 5.75%, 01/01/54(e)

     13,000       13,966,108  
   

 

 

  
      126,104,872  
Texas — 9.5%            

Arlington Higher Education Finance Corp., RB

    

7.88%, 11/01/62(b)

     9,425       9,638,344  

Series A, (PSF), 5.00%, 02/15/31

     1,380       1,432,147  

Series A, 5.30%, 04/01/62(b)

     6,415       5,517,638  

Series A, 5.75%, 08/15/62

     4,950       4,506,495  

Austin Independent School District, GO

    

5.00%, 08/01/43

     12,250       13,698,170  

5.00%, 08/01/48

     9,615       10,239,638  

City of Austin Texas Electric Utility Revenue, Refunding RB

    

5.00%, 11/15/48

     23,000       25,405,294  

5.25%, 11/15/53

     16,000       17,922,704  

Series A, 5.00%, 11/15/45

     45,000       46,233,630  

Series B, 5.00%, 11/15/44

     5,375       5,760,108  

City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series C, 5.00%, 10/01/45

     21,635       23,608,112  

City of Dallas Texas, Refunding GO

    

5.00%, 02/15/32

     5,035       5,190,184  

Series A, 5.00%, 02/15/40

     1,485       1,670,076  

Series A, 5.00%, 02/15/41

     1,640       1,837,695  

City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46

     45,000       48,456,225  

City of Fort Worth Texas, RB, Series A, 5.25%, 03/01/43

     15,000       15,230,895  

City of Garland Texas, Refunding GO, 4.00%, 02/15/40

     10,430       10,545,783  

City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, 5.00%, 11/15/42

     25,000       26,359,325  

City of Midland Texas, Refunding GO, Series B, 5.00%, 03/01/47

     17,985       19,530,757  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB

    

Series A, 5.25%, 02/01/40

     10,000       11,406,590  

Series A, 5.25%, 02/01/41

     25,625       29,204,479  

Series A, 5.25%, 02/01/42

     9,150       10,396,523  

Community Independent School District, GO

    

(PSF), 5.00%, 02/15/48(e)

     7,500       8,206,815  

Series A, (PSF), 5.00%, 02/15/45

     5,035       5,463,771  

County of Fort Bend Texas, Refunding GO, Series B, 5.00%, 03/01/29

     8,205       8,465,550  
 

 

 

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

   45

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
Texas (continued)            

County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 4.00%, 08/15/38

   $ 5,000     $ 5,056,895  

Dallas Fort Worth International Airport, Refunding RB, Series A, 5.00%, 11/01/33

     5,675       6,456,238  

Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48

     27,525       30,199,935  

Grand Parkway Transportation Corp., RB

    

Series A, 5.00%, 10/01/43

     79,365       83,663,250  

Series A, 5.00%, 10/01/48

     1,535       1,607,190  

Greater Texoma Utility Authority, RB(e)

    

Series A, (BAM), 5.00%, 10/01/41

     2,600       2,842,312  

Series A, (BAM), 5.25%, 10/01/48

     17,400       18,964,660  

Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33

     40       39,995  

Lower Colorado River Authority, Refunding RB

    

5.00%, 05/15/45

     2,000       2,037,026  

5.25%, 05/15/48

     32,340       35,548,581  

(AGM), 5.50%, 05/15/48

     15,000       16,781,535  

5.00%, 05/15/50

     10,310       10,801,540  

Series A, 5.50%, 05/15/47

     5,000       5,569,750  

Mesquite Independent School District, GO, (PSF), 5.00%, 08/15/33

     1,000       1,082,364  

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

     7,000       6,805,764  

New Hope Cultural Education Facilities Finance Corp., RB

    

Series A, 5.00%, 07/01/40

     4,000       3,764,720  

Series A, 5.00%, 07/01/57

     7,000       5,842,011  

New Hope Cultural Education Facilities Finance Corp., Refunding RB

    

Series A, 4.00%, 08/15/40

     2,000       1,991,692  

Series A, 6.63%, 10/01/43

     3,685       3,371,543  

Series A, 6.75%, 10/01/52

     580       517,915  

Series B2, 4.50%, 10/01/26

     2,970       2,851,173  

North Texas Tollway Authority, Refunding RB

    

Series A, 5.00%, 01/01/40

     22,070       23,931,671  

Series A, 5.00%, 01/01/43(e)

     14,610       15,229,522  

Northwest Independent School District, GO,

    

Series A, (PSF), 5.00%, 02/15/48

     2,145       2,332,359  

Pflugerville Independent School District, GO

    

Series A, 5.00%, 02/15/40

     8,345       9,309,482  

Series A, 5.00%, 02/15/48

     32,890       35,021,601  

Pottsboro Independent School District, GO, (PSF), 5.00%, 02/15/47

     6,000       6,531,192  

San Diego Unified School District, GO, Series A, 5.25%, 02/01/43

     6,520       7,471,633  

Sands Consolidated Independent School District, GO, (BAM), 5.00%, 02/15/43

     1,780       1,933,153  

Tarrant County Cultural Education Facilities Finance Corp., RB 5.50%, 11/15/47

     11,905       13,044,285  

Series B, 5.00%, 07/01/43

     50,400       52,564,982  

Series B, 5.00%, 07/01/48

     1,000       1,038,123  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB

    

Series A, 5.00%, 02/15/41

     13,000       13,456,573  

Series A, 5.00%, 11/15/45

     5,000       5,100,680  
Security   Par
            (000)		                     Value  
Texas (continued)            

Tarrant Regional Water District Water Supply System Revenue, RB, 5.00%, 03/01/48

   $ 8,945     $ 9,661,682  

Texas Department of Housing & Community Affairs, RB, Series A, (GNMA), 5.75%, 03/01/54(e)

     10,000       10,879,500  

Texas Water Development Board, RB

    

4.75%, 10/15/42

     7,345       7,912,776  

5.25%, 10/15/46

     60,000       62,843,280  

Series B, 5.00%, 04/15/49

     15,000       15,891,135  

Weatherford Independent School District, GO

    

(PSF), 5.00%, 02/15/40

     7,140       7,310,196  

(PSF), 5.00%, 02/15/45

     27,810       28,377,546  
   

 

 

  
      941,564,408  
Utah — 0.7%            

County of Utah, RB, Series B, 5.00%, 05/15/46

     15,000       15,384,750  

County of Utah, Refunding RB, Series A, 5.00%, 05/15/41

     24,970       25,742,846  

University of Utah, RB, Series B, 5.25%, 08/01/48(e)

     6,000       6,789,300  

Utah Charter School Finance Authority, RB(b)

    

5.00%, 06/15/42

     1,810       1,573,082  

5.00%, 06/15/52

     5,420       4,441,918  

5.63%, 06/15/54

     4,930       4,340,042  

5.00%, 06/15/57

     3,910       3,155,597  

Utah Charter School Finance Authority, Refunding RB(b)

    

5.25%, 06/15/37

     3,795       3,624,073  

5.38%, 06/15/48

     4,740       4,338,550  
   

 

 

  
      69,390,158  
Vermont — 0.1%            

East Central Vermont Telecommunications District, RB(b)

    

Series A, 4.00%, 12/01/30

     2,010       1,903,002  

Series A, 4.25%, 12/01/40

     4,030       3,362,640  

Series A, 4.50%, 12/01/50

     2,960       2,321,475  

Vermont Housing Finance Agency, RB, Series C, (FHLMC, FNMA, GNMA), 5.75%, 11/01/53

     4,500       4,878,841  
   

 

 

  
      12,465,958  
Virginia — 2.1%            

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

     1,740       1,265,199  

Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47

     14,750       15,406,287  

Hanover County Economic Development Authority, Refunding RB

    

5.00%, 07/01/38

     125       108,882  

5.00%, 07/01/48

     370       300,050  

Northern Virginia Transportation Commission, RB, 5.00%, 06/01/52

     7,585       8,263,334  

University of Virginia, Refunding RB, Series A, 5.00%, 04/01/39

     21,600       23,018,731  

Virginia College Building Authority, RB, 5.00%, 02/01/38

     2,660       3,045,450  

Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax, RB, 5.00%, 05/15/51

     9,870       10,719,373  

Virginia Commonwealth Transportation Board, RB, 4.00%, 05/15/41

     10,000       10,127,420  

Virginia Commonwealth University Health System Authority, RB, 5.00%, 07/01/34

     2,370       2,528,209  
 

 

 

46  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)		                     Value  
Virginia (continued)            

Virginia Port Authority Commonwealth Port Fund, ARB, Series A, 5.25%, 07/01/48

   $ 35,000     $ 39,804,800  

Virginia Public Building Authority, RB

    

Series A, 4.00%, 08/01/41

     29,800       30,035,003  

Series A, 4.00%, 08/01/42

     25,000       25,102,075  

Series A-2, 4.00%, 08/01/38

     25,465       26,108,704  

Virginia Small Business Financing Authority, RB, 5.00%, 10/01/40

     10,850       11,773,530  
   

 

 

  
      207,607,047  
Washington — 0.9%            

City of Spokane Washington Water & Wastewater Revenue, RB, 4.00%, 12/01/32

     11,405       11,569,118  

Energy Northwest, Refunding RB, 5.00%, 07/01/40

     1,500       1,651,457  

King County School District No. 401 Highline, Refunding GO, 5.00%, 12/01/26

     10,000       10,481,080  

King County School District No. 410 Snoqualmie Valley, Refunding GO

    

5.00%, 12/01/33

     5,000       5,213,935  

5.00%, 12/01/34

     5,000       5,215,095  

Snohomish County Public Utility District No. 1 Electric System Revenue, RB, 5.00%, 12/01/37

     15,470       16,008,402  

State of Washington, GO, Series C, 5.00%, 02/01/41

     14,060       15,489,733  

State of Washington, Refunding GO, Series R-2023B, 5.00%, 07/01/41

     16,915       19,037,511  
   

 

 

  
      84,666,331  
Wisconsin — 0.6%            

Public Finance Authority, ARB

    

AMT, 4.00%, 07/01/41

     2,715       2,127,070  

AMT, 4.25%, 07/01/54

     4,745       3,383,707  

Public Finance Authority, RB(b)

    

4.00%, 06/15/40

     2,020       1,513,471  

4.00%, 06/15/50

     2,995       1,995,149  

4.00%, 06/15/56

     2,445       1,559,106  

Series A, 6.25%, 10/01/31

     1,715       1,234,800  

Series A, 5.00%, 06/15/41

     1,215       1,067,436  

Series A, 5.25%, 03/01/45

     8,325       7,266,626  

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

     6,385       4,150,250  

Series A, 7.00%, 10/01/47

     1,715       1,234,800  

Series A, 5.63%, 06/15/49

     12,100       11,075,541  

Series A, 5.00%, 06/15/51

     1,365       1,125,815  

Series A, 4.75%, 06/15/56

     7,780       5,682,107  

Series A, 5.00%, 06/15/56

     1,495       1,212,106  

Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(b)(d)

     24,510       1,302,878  

Public Finance Authority, Refunding RB, 5.00%, 03/01/37(b)

     760       677,358  
Security   Par
            (000)		                     Value  
Wisconsin (continued)            

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

4.00%, 11/15/39

   $ 7,000     $ 6,935,362  

Series A, 5.00%, 11/15/36

     2,000       2,074,628  
   

 

 

  
      55,618,210  
   

 

 

  
Total Municipal Bonds — 91.7%            

(Cost: $9,218,864,653)

       9,093,689,251  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

California — 1.2%

    

California State University, RB, Series A, 5.00%, 11/01/51

     40,470       43,581,050  

State of California, Refunding GO, 5.00%, 09/01/41

     70,000       78,521,380  
   

 

 

  
      122,102,430  

District of Columbia — 0.5%

    

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45

     50,585       54,582,775  
   

 

 

  

Massachusetts — 0.6%

    

Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47

     50,000       55,886,225  
   

 

 

  

New York — 1.7%

    

City of New York New York, GO, Sub-Series F-1, 5.00%, 04/01/43

     52,780       55,990,713  

New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/46

     66,155       72,525,248  

Port Authority of New York & New Jersey, Refunding ARB, 231st Series, AMT, 5.50%, 08/01/47(i)

     40,000       44,384,380  
   

 

 

  
      172,900,341  

Washington — 0.5%

    

Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42

     45,000       46,661,558  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 4.5%
(Cost: $462,406,749)

       452,133,329  
   

 

 

  

Total Long-Term Investments — 96.2%
(Cost: $9,681,271,402)

       9,545,822,580  
   

 

 

  
 

 

 

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

   47

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  
Short-Term Securities             
Money Market Funds — 6.3%             

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.67%(j)(k)

     623,096,181      $ 623,096,181  
    

 

 

  

Total Short-Term Securities — 6.3%
(Cost: $622,966,950)

 

      623,096,181  
    

 

 

  

Total Investments — 102.5%
(Cost: $10,304,238,352)

        10,168,918,761  

Liabilities in Excess of Other Assets — (0.4)%

 

      (38,043,802 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.1)%

 

      (209,524,117 ) 
    

 

 

  

Net Assets — 100.0%

      $ 9,921,350,842  
    

 

 

  

 

(a) 

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

(b) 

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

(c) 

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

(d) 

Zero-coupon bond.

(e) 

When-issued security.

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(h) 

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.

(i) 

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 agreement, which expires on February 1, 2030, is $21,130,556. See Note 4 of the Notes to Financial Statements for details.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
06/30/22		     

Purchases

at Cost

      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
06/30/23		     

Shares

Held at
06/30/23

      Income      Capital
Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 432,921,461      $ 190,224,940 (a)     $ —      $ 103,306      $ (153,526 )     $ 623,096,181        623,096,181      $ 11,021,678      $ —  

iShares National Muni Bond ETF(b)

      —        100,074,875        (98,662,981 )       (1,411,894 )       —        —        —        55,376        —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  
            $ (1,308,588 )     $ (153,526 )     $ 623,096,181         $ 11,077,054      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

  (b) 

As of period end, the entity is no longer held.

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

      705        09/20/23      $ 79,180      $ 1,547,228  

U.S. Long Bond

      581        09/20/23        73,860        573,057  

5-Year U.S. Treasury Note

      847        09/29/23        90,748        2,102,877  
           

 

 

  
            $ 4,223,162  
           

 

 

  

 

 

48  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock National Municipal Fund

 

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)

    $ —      $ —      $ —      $ —      $ 4,223,162      $ —      $ 4,223,162  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Net cumulative unrealized appreciation (depreciation) 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 (depreciation) is included in accumulated earnings (loss).

For the period ended June 30, 2023, 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

    $ —      $ —      $ —      $ —      $ 30,654,014      $ —      $ 30,654,014  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ 16,596,427      $ —      $ 16,596,427  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

        

Average notional value of contracts — short

   $ 1,066,692,289  

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 financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 9,093,689,251        $ —        $ 9,093,689,251  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          452,133,329          —          452,133,329  

Short-Term Securities

                  

Money Market Funds

      623,096,181          —          —          623,096,181  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 623,096,181        $ 9,545,822,580        $                 —        $ 10,168,918,761  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                  

Assets

                  

Interest Rate Contracts

    $ 4,223,162        $ —        $ —        $ 4,223,162  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $207,519,995 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.

 

 

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

   49

Schedule of Investments

June 30, 2023

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		                 Value  

Municipal Bonds

    
Alabama — 9.6%            

Birmingham Airport Authority, Refunding RB, (BAM), 5.00%, 07/01/23

   $ 225     $ 225,000  

Black Belt Energy Gas District, RB
4.00%, 10/01/52(a)

     9,710       9,576,216  

4.36%, 10/01/52(a)

     4,000       3,791,744  

Series F, 5.25%, 12/01/26

     5,140       5,269,538  

Series A-1, 4.00%, 12/01/49(a)

     13,045       12,908,067  

Series B, 4.00%, 10/01/52(a)

     6,950       6,873,912  

Series C-1, 5.25%, 02/01/53(a)

     3,570       3,736,926  

Black Belt Energy Gas District, Refunding RB, Series D2, 4.79%, 07/01/52(a)

     2,650       2,549,019  

Columbia Industrial Development Board, Refunding RB, 3.95%, 12/01/37(a)

     5,600       5,600,000  

Industrial Development Board of the City of Mobile Alabama, VRDN, 3.80%, 06/01/34

     2,100       2,100,000  

Southeast Energy Authority A Cooperative District, RB
Series A, 4.00%, 11/01/51(a)

     3,035       2,991,666  

Series A-1, 5.00%, 12/01/26

     1,400       1,426,281  

Series A-1, 5.00%, 06/01/27

     750       766,253  
   

 

 

  
      57,814,622  
Alaska — 0.8%            

Northern Tobacco Securitization Corp., Refunding RB

    

Series A, Class 1, 5.00%, 06/01/24

     1,000       1,013,114  

Series A, Class 1, 5.00%, 06/01/25

     1,000       1,027,092  

State of Alaska International Airports System, Refunding RB

    

Series C, AMT, 5.00%, 10/01/26

     1,510       1,568,390  

Series C, AMT, 5.00%, 10/01/28

     1,000       1,062,786  
   

 

 

  
      4,671,382  
Arizona(a) — 2.7%            

Arizona Health Facilities Authority, RB, Series B, 4.26%, 01/01/46

     5,900       5,813,949  

Chandler Industrial Development Authority, RB
2.40%, 12/01/35

     485       484,623  

AMT, 5.00%, 06/01/49

     7,235       7,308,240  

Series 2, AMT, 5.00%, 09/01/52

     2,925       3,011,837  
   

 

 

  
            16,618,649  
California — 1.3%            

California Community Choice Financing Authority, RB, 5.33%, 12/01/53(a)

     7,000       6,956,411  

California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/24

     600       608,935  

California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/24

     485       488,950  
   

 

 

  
      8,054,296  
Colorado — 2.0%            

City & County of Denver Colorado Airport System Revenue, ARB, Series A, AMT, 5.50%, 11/15/27

     2,480       2,492,150  

Colorado Bridge Enterprise, RB, AMT, 4.00%, 06/30/29

     3,410       3,426,723  

Colorado Health Facilities Authority, RB(a)
Series B, 5.00%, 08/01/49

     2,200       2,239,158  

Series B-2, 5.00%, 08/01/49

     2,500       2,584,447  

Regional Transportation District, Refunding RB Series A, 5.00%, 01/15/24

     350       351,463  
Security   Par
(000)		                 Value  
Colorado (continued)            

Regional Transportation District, Refunding RB (continued)

    

Series A, 5.00%, 07/15/24

   $ 350     $ 352,977  

Series A, 3.00%, 01/15/26

     610       596,669  
   

 

 

  
      12,043,587  
Connecticut — 2.0%            

Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series E-5, AMT, 5.00%, 05/15/28

     1,400       1,475,773  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing

    

Series D-1, 5.00%, 11/15/26

     555       590,192  

Series D-1, 5.00%, 05/15/27

     655       701,803  

Series D-1, 5.00%, 11/15/27

     550       593,001  

Series D-1, 5.00%, 05/15/28

     675       731,727  

Connecticut State Health & Educational Facilities Authority, Refunding RB, Series L-1, 4.00%, 07/01/24

     650       650,911  

State of Connecticut Special Tax Revenue, RB
Series A, 5.00%, 05/01/24

     865       877,965  

Series B, 5.00%, 10/01/23

     225       225,952  

State of Connecticut Special Tax Revenue, Refunding RB, Series B, 5.00%, 08/01/23

     190       190,234  

State of Connecticut, GO(a)
Series A, 4.96%, 03/01/24

     1,000       1,005,973  

Series A, 5.00%, 03/01/25

     4,155       4,229,753  

University of Connecticut, RB, Series A, 5.00%, 04/15/24

     650       659,055  
   

 

 

  
      11,932,339  
Delaware — 1.2%            

Delaware State Economic Development Authority, Refunding RB, Series B, 1.25%, 10/01/40(a)

     8,000       7,551,952  
   

 

 

  
District of Columbia — 0.2%            

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/27

     1,000       1,010,330  
   

 

 

  
Florida — 2.4%            

County of Broward Florida Airport System Revenue, ARB, AMT, 5.00%, 10/01/28

     1,290       1,353,581  

County of Broward Florida Port Facilities Revenue, ARB
Series B, 5.00%, 09/01/28

     3,290       3,509,236  

Series A, AMT, 5.00%, 10/01/28

     3,000       3,065,409  

County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/28

     2,350       2,372,901  

County of Osceola Florida Transportation Revenue, Refunding RB, Series A-1, 5.00%, 10/01/23

     400       401,169  

Lee Memorial Health System, Refunding RB, Series A-2, 5.00%, 04/01/33(a)

     3,000       3,090,726  

Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 08/15/23

     500       500,659  
   

 

 

  
            14,293,681  
Georgia — 1.9%            

Main Street Natural Gas, Inc., RB
Series A, 5.00%, 06/01/28

     750       770,045  

Series A, 5.00%, 06/01/29

     1,110       1,145,564  

Series B, 5.00%, 12/01/52(a)

     5,000       5,159,205  

Municipal Electric Authority of Georgia, RB
Series A, 5.00%, 07/01/24

     505       511,066  

Series A, 5.00%, 07/01/25

     510       523,038  
 

 

 

50  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		                 Value  
Georgia (continued)            

Municipal Electric Authority of Georgia, RB (continued)

    

Series A, (AGM), 5.00%, 07/01/28

   $ 600     $ 645,943  

Municipal Electric Authority of Georgia, Refunding RB,
Series A-R, Subordinate, 5.00%, 01/01/24

     2,500       2,514,467  
   

 

 

  
      11,269,328  
Idaho — 0.1%            

Idaho Housing & Finance Association, RB, S/F Housing, Series A-1, 2.95%, 07/01/23

     825       825,000  
   

 

 

  
Illinois — 3.6%            

Chicago O’Hare International Airport, Refunding RB, Series C, Senior Lien, 5.00%, 01/01/30

     1,320       1,385,710  

Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB
5.00%, 06/01/27

     1,250       1,322,757  

5.00%, 06/01/28

     5,105       5,483,566  

City of Chicago Illinois Waterworks Revenue, Refunding RB, Series B, 2nd Lien, 5.00%, 11/01/24

     650       660,481  

Illinois Finance Authority, Refunding RB
5.00%, 08/15/23

     1,000       1,001,814  

Series B, 4.71%, 05/01/42(a)

     1,000       980,689  

Illinois Housing Development Authority, RB, S/F Housing

    

Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/28

     300       329,428  

Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/28

     250       276,261  

Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/29

     355       394,455  

Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/29

     375       418,801  

Series G, (FHLMC, FNMA, GNMA), 3.50%, 10/01/54(a)

     4,300       4,300,082  

State of Illinois, GO, Series A, 5.00%, 12/01/23

     1,335       1,340,951  

State of Illinois, Refunding GO, Series D, 5.00%, 07/01/24

     3,750       3,799,084  
   

 

 

  
            21,694,079  
Indiana — 2.4%            

Indiana Finance Authority, Refunding RB(a)
4.50%, 12/15/46

     8,000       8,000,744  

Series B, 4.31%, 03/01/39

     6,285       6,185,735  

Lawrence Township School Building Corp., RB, (NPFGC), 4.00%, 01/15/24

     550       551,749  
   

 

 

  
      14,738,228  
Iowa — 0.9%            

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

     5,535       5,629,532  
   

 

 

  
Kansas — 4.1%            

City of Burlington Kansas, Refunding RB(a)
Series A, 3.95%, 09/01/35

     18,000       18,000,000  

Series B, 3.95%, 09/01/35

     6,000       6,000,000  

City of Dodge City Kansas, GO, Series 2019-A, (BAM), 4.00%, 09/01/23

     1,080       1,080,930  
   

 

 

  
      25,080,930  
Kentucky(a) — 2.1%            

Kentucky Public Energy Authority, RB
Series A-1, 4.00%, 12/01/49

     3,000       2,974,404  

Series C, 4.00%, 02/01/50

     10,000       9,857,560  
   

 

 

  
      12,831,964  
Louisiana — 6.7%            

Ascension Parish School Board, GO, 4.00%, 03/01/24

     570       572,727  

Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB, (AGM), 5.00%, 08/01/24

     500       507,901  
Security   Par
(000)		                 Value  
Louisiana (continued)            

Greater Ouachita Water Co., Refunding RB, (BAM), 3.00%, 09/01/23

   $ 500     $ 499,628  

Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a)

     13,515       12,885,904  

Livingston Parish School Board Sales & Use Tax Revenue, Refunding RB, Series A, 4.00%, 05/01/24

     680       684,248  

Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/28

     855       900,692  

Parish of St. James Louisiana, RB, Series A-1, 4.41%, 11/01/40(a)

     24,700             24,700,000  
   

 

 

  
      40,751,100  
Maryland — 0.6%            

Maryland Economic Development Corp., RB, Class A, AMT, 5.00%, 11/12/28

     2,565       2,657,714  

Maryland Health & Higher Educational Facilities Authority, RB, Series B, 5.00%, 04/15/24

     700       706,667  
   

 

 

  
      3,364,381  
Massachusetts — 0.8%            

Massachusetts Educational Financing Authority, RB
AMT, 5.00%, 07/01/26

     1,265       1,309,037  

AMT, 5.00%, 07/01/27

     1,950       2,044,429  

Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-2, 0.45%, 12/01/24

     1,500       1,435,338  
   

 

 

  
      4,788,804  
Michigan — 3.5%            

Michigan Finance Authority, RB
4.86%, 12/01/39(a)

     6,115       6,101,058  

2nd Lien, (NPFGC), 5.00%, 11/01/23

     310       311,742  

Michigan Finance Authority, Refunding RB
4.76%, 04/15/47(a)

     3,150       3,222,762  

Series D-1, 0.55%, 10/15/24

     1,300       1,252,354  

Michigan State Housing Development Authority, RB, M/F Housing
Series A, 0.55%, 04/01/25

     1,500       1,402,408  

Series A-1, 0.65%, 10/01/24

     460       442,177  

Michigan Strategic Fund, RB
AMT, 0.58%, 08/01/27(a)

     1,600       1,539,286  

AMT, 5.00%, 06/30/29

     6,015       6,293,777  

Mona Shores Public Schools, GO, Series II, (Q-SBLF), 4.00%, 05/01/24

     500       503,111  
   

 

 

  
      21,068,675  
Minnesota — 0.5%            

Hastings Independent School District No. 200, GO, CAB, Series A, 0.00%, 02/01/26(b)

     1,040       961,341  

Minnesota Housing Finance Agency, RB, S/F Housing

    

Series E, AMT, 0.70%, 01/01/25

     800       762,053  

Series E, AMT, 0.90%, 01/01/26

     790       732,540  

Series E, AMT, 1.10%, 01/01/27

     585       531,312  
   

 

 

  
      2,987,246  
Missouri — 0.1%            

City of St. Charles Missouri, Refunding COP,
Series B, 4.00%, 02/01/24

     140       140,628  

County of Greene Missouri, COP
Series A, 4.00%, 03/01/24

     275       276,297  

Series A, 4.00%, 03/01/25 

     400       405,290  
   

 

 

  
      822,215  
 

 

 

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

   51

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		                 Value  
Nebraska — 2.0%            

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

   $ 5,390     $ 5,599,709  

Central Plains Energy Project, Refunding RB, 4.00%, 08/01/23

     875       874,807  

County of Douglas Nebraska, Refunding RB, 4.54%, 07/01/35(a)

     5,885       5,827,368  

Douglas County Hospital Authority No. 2, Refunding RB, 5.00%, 11/15/23

     110       110,556  
   

 

 

  
            12,412,440  
Nevada — 0.0%            

Public Finance Authority, Refunding RB, 5.00%, 06/01/24

     200       201,846  
   

 

 

  
New Hampshire — 0.8%            

New Hampshire Business Finance Authority, Refunding RB, Class A, AMT, 4.39%, 10/01/33(a)

     4,800       4,714,262  
   

 

 

  
New Jersey — 12.9%            

Borough of Berlin New Jersey, Refunding GO, 4.50%, 09/26/23

     4,250       4,254,692  

Borough of North Arlington New Jersey, Refunding GO, 4.50%, 08/08/23

     4,700       4,701,814  

New Jersey Economic Development Authority, RB
Series QQQ, 5.00%, 06/15/24

     300       304,279  

Series UU, 5.00%, 06/15/24

     250       253,566  

New Jersey Economic Development Authority, Refunding RB
Series B, 5.00%, 11/01/23

     1,010       1,014,875  

Series RRR, 5.00%, 03/01/24

     6,850       6,917,363  

New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A, 5.00%, 07/01/23

     1,015       1,015,000  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/24

     1,000       1,015,639  

New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.50%, 12/15/23

     3,095       3,123,381  

Series A, 5.00%, 06/15/24

     5,820       5,903,016  

Series AA, 5.00%, 06/15/25

     1,875       1,931,016  

Series B, (AMBAC), 5.25%, 12/15/23

     1,130       1,138,745  

Series D, 5.00%, 12/15/23

     275       276,883  

South Orange & Maplewood School District, GO, 2.00%, 08/15/23

     1,075       1,073,581  

State of New Jersey, GO, Series A, 5.00%, 06/01/24

     8,330       8,476,333  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/24

     3,150       3,192,141  

Township of Clark New Jersey, Refunding GO, 4.50%, 08/18/23

     10,132       10,138,940  

Township of Cranford New Jersey, Refunding GO
4.75%, 07/20/23

     7,760       7,760,838  

5.00%, 06/20/24

     4,000       4,047,612  

Township of Deptford New Jersey, GO, Series A, 4.00%, 07/11/23

     4,466       4,464,724  
Security   Par
(000)		                 Value  
New Jersey (continued)            

Township of Plainsboro New Jersey, Refunding GO, 4.50%, 07/26/23

   $   4,500     $ 4,501,283  

Township of Plainsboro New Jersey, Refunding GO, 4.00%, 07/26/23

     2,500       2,498,843  
   

 

 

  
           78,004,564  
New Mexico — 0.4%            

Albuquerque Municipal School District No. 12, GO,
Series A, (SAW), 5.00%, 08/01/24

     250       254,599  

New Mexico Educational Assistance Foundation, Refunding RB, Series 1A, AMT, 5.00%, 09/01/27

     2,000       2,115,144  
   

 

 

  
      2,369,743  
New York — 6.7%            

Catskill Central School District, GO, (SAW), 5.00%, 06/28/24

     1,570       1,587,515  

City of New York New York, Refunding GO, Sub-Series F-1, 5.00%, 08/01/26

     2,250       2,379,796  

Genesee County Funding Corp., Refunding RB
Series A, 5.00%, 12/01/24

     400       405,482  

Series A, 5.00%, 12/01/25

     200       204,872  

Monroe County Industrial Development Corp., Refunding RB, 5.00%, 12/01/23

     500       501,845  

Mount Pleasant Central School District, Refunding GO, (SAW), 5.00%, 06/28/24

     4,000       4,049,540  

New York City Housing Development Corp., RB, M/F Housing, 3.70%, 05/01/63

     5,000       4,996,280  

New York City Housing Development Corp., Refunding RB, 1.05%, 05/01/28

     1,000       893,325  

New York Convention Center Development Corp., RB, Class B, Sub Lien, 5.00%, 11/15/23

     1,915       1,920,464  

New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/23

     350       351,998  

New York State Housing Finance Agency, RB, M/F Housing, Series P, 1.55%, 11/01/23

     2,745       2,729,035  

New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/27

     2,500       2,612,057  

New York Transportation Development Corp., Refunding RB
5.00%, 12/01/23

     550       552,902  

5.00%, 12/01/24

     1,030       1,049,607  

Series A, AMT, 5.00%, 12/01/25

     1,000       1,021,553  

Port Authority of New York & New Jersey, Refunding ARB, 230th Series, 4.00%, 12/01/28

     2,000       2,135,890  

Port Authority of New York & New Jersey, Refunding RB, Series 227, AMT, 3.00%, 10/01/27

     1,230       1,206,690  

State of New York Mortgage Agency, RB, S/F Housing, Series 212, AMT, 2.95%, 04/01/25

     1,000       987,004  

State of New York Mortgage Agency, Refunding RB, S/F Housing
Series 235, AMT, 0.65%, 04/01/24

     705       688,865  

Series 235, AMT, 0.75%, 10/01/24

     830       799,395  

Series 235, AMT, 0.88%, 04/01/25

     1,710       1,625,119  
 

 

 

52  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		                 Value  
New York (continued)            

Town of Oyster Bay New York, Refunding GO, 4.00%, 03/01/24

   $ 390     $ 392,496  

Triborough Bridge & Tunnel Authority, Refunding RB, Series E2A, 4.44%, 04/01/26(a)

     7,500       7,500,000  
   

 

 

  
           40,591,730  
Ohio — 1.7%            

City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23

     350       349,611  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB
5.00%, 12/01/23

     1,100       1,106,626  

Series A, 5.00%, 08/01/23

     300       300,311  

Ohio Air Quality Development Authority, Refunding RB(a)
4.00%, 09/01/30

     1,100       1,089,826  

Series A, AMT, 4.25%, 11/01/39

     2,200       2,181,256  

Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.24%, 12/01/42(a)

     5,335       5,308,389  
   

 

 

  
      10,336,019  
Oklahoma — 0.1%            

Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.00%, 01/01/25

     390       400,883  
   

 

 

  
Oregon — 0.1%            

City of Hermiston Oregon, GO, 4.00%, 06/01/24

     345       347,192  
   

 

 

  
Pennsylvania — 7.4%            

Allegheny County Hospital Development Authority, RB, Series D2, 4.59%, 11/15/26(a)

     3,850       3,803,931  

City of Philadelphia Philadelphia Airport Revenue, Refunding RB
Series A, 5.00%, 07/01/24

     735       746,184  

Series C, AMT, 5.00%, 07/01/28

     1,000       1,054,074  

Commonwealth Financing Authority, RB, 5.00%, 06/01/24

     2,975       3,014,722  

Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 03/15/24

     1,585       1,604,732  

Commonwealth of Pennsylvania, Refunding GO, 1st Series, 5.00%, 08/15/23

     1,000       1,001,590  

County of Lehigh Philadelphia, Refunding RB, 5.00%, 07/01/23

     700       700,000  

DuBois Area School District, Refunding GO, Series B, (BAM SAW), 4.00%, 11/01/23

     325       325,584  

Muhlenberg School District, Refunding GO, (SAW), 4.00%, 05/15/24

     200       201,137  

Pennsylvania Economic Development Financing Authority, RB
Series A-1, 5.00%, 04/15/24

     575       581,181  

Class A, AMT, 4.41%, 06/01/41(a)

     5,000       4,928,815  

Pennsylvania Economic Development Financing Authority, Refunding RB
0.40%, 10/01/23

     5,000       4,959,180  

5.05%, 12/01/37(a)

     6,200       6,200,000  

Class B, 5.05%, 12/01/38(a)

     5,000       5,000,000  

Pennsylvania Higher Education Assistance Agency, RB, Series A, AMT, 5.00%, 06/01/28

     1,925       2,031,098  

Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 133, 5.00%, 10/01/23

     400       401,553  

Series 137, 5.00%, 04/01/27

     240       254,830  

Series 137, 5.00%, 10/01/27

     225       240,407  

Series 137, 5.00%, 04/01/28

     250       268,536  

Series 137, 5.00%, 10/01/28

     260       280,555  
Security   Par
(000)		                 Value  
Pennsylvania (continued)            

School District of Philadelphia, GO, Series A, (SAW), 5.00%, 09/01/23

   $ 1,250     $ 1,252,415  

Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/24

     900       913,873  

University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 4.37%, 02/15/24(a)

     5,000       4,998,435  
   

 

 

  
           44,762,832  
Puerto Rico — 0.8%            

Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23

     5,000       5,020,850  
   

 

 

  
Rhode Island — 0.5%            

Rhode Island Student Loan Authority, RB
Series A, AMT, 5.00%, 12/01/27

     1,600       1,683,723  

Series A, AMT, 5.00%, 12/01/28

     1,515       1,610,395  
   

 

 

  
      3,294,118  
South Carolina — 3.1%            

College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24

     1,640       1,659,441  

Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(a)

     16,885       16,882,788  
   

 

 

  
      18,542,229  
South Dakota — 0.1%            

South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/24

     350       354,438  
   

 

 

  
Tennessee — 4.1%            

Johnson City Health & Educational Facilities Board, Refunding RB
Series A, 5.00%, 07/01/24

     1,190       1,204,583  

Series A, 5.00%, 07/01/25

     1,000       1,025,952  

Memphis-Shelby County Airport Authority, ARB, AMT, 5.00%, 07/01/29

     1,470       1,555,236  

New Memphis Arena Public Building Authority, RB, CAB, Convertible, 0.00%, 04/01/27(c)

     1,855       1,701,777  

Tennergy Corp., RB
Series A, 5.25%, 12/01/26

     725       742,001  

Series A, 5.50%, 12/01/27

     775       807,032  

Series A, 5.50%, 12/01/28

     1,000       1,048,296  

Series A, 4.00%, 12/01/51(a)

     10,305       10,179,228  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)

     6,155       6,355,751  
   

 

 

  
      24,619,856  
Texas — 4.0%            

City of San Antonio Texas Airport System, Refunding RB, Series A, AMT, Subordinate Lien, 5.00%, 07/01/28

     1,000       1,059,040  

Clear Creek Independent School District, GO, (PSF), 5.00%, 02/15/25

     650       669,795  

Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25

     1,285       1,263,995  

Harris County Cultural Education Facilities Finance Corp., Refunding RB(a)
Class B, 5.00%, 06/01/50

     1,500       1,633,649  

Class C, 4.86%, 07/01/49

     5,250       5,166,173  

North Central Texas Housing Finance Corp., RB, M/F Housing, 0.38%, 08/01/40(a)

     3,500       3,379,568  

State of Texas, GO, AMT, 5.00%, 08/01/28

     3,120       3,386,938  
 

 

 

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

   53

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		                 Value  
Texas (continued)            

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/27

   $ 7,200     $ 7,384,090  

Waco Educational Finance Corp., RB, 4.00%, 03/01/25

     400       405,510  
   

 

 

  
      24,348,758  
Utah — 0.2%            

City of Salt Lake City Utah, ARB, Series A, AMT, 5.00%, 07/01/28

     1,300       1,356,654  
   

 

 

  
Virginia — 0.1%            

Fairfax County Industrial Development Authority, Refunding RB, 5.00%, 05/15/24

     425       431,266  

Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/27

     425       430,909  
   

 

 

  
      862,175  
Washington — 1.9%            

County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.24%, 01/01/40(a)

     9,700       9,646,398  

King County Housing Authority, Refunding RB, 3.00%, 06/01/24

     225       224,064  

Port of Seattle Washington, Refunding ARB,
Series B, 5.00%, 03/01/24

     1,375       1,390,359  
   

 

 

  
      11,260,821  
Wisconsin — 3.3%            

Public Finance Authority, Refunding RB, 5.00%, 01/01/24

     300       301,958  

State of Wisconsin, GO, Series A, 4.43%, 05/01/25(a)

     11,490       11,561,927  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Series C-2, 4.19%, 08/15/54(a)

     8,000       8,018,528  
   

 

 

  
      19,882,413  
   

 

 

  

Total Long-Term Investments — 99.7%
(Cost: $609,435,868)

 

         603,526,143  
   

 

 

  
Security           
Shares		                 Value  
Short-Term Securities            
Money Market Funds — 0.0%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.67%(d)(e)

     69,048     $ 69,048  
   

 

 

  

Total Short-Term Securities — 0.0%
(Cost: $69,048)

       69,048  
   

 

 

  

Total Investments — 99.7%
(Cost: $609,504,916)

       603,595,191  

Other Assets Less Liabilities — 0.3%

       1,748,640  
   

 

 

  

Net Assets — 100.0%

     $     605,343,831  
   

 

 

  

 

 

(a) 

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

(b) 

Zero-coupon bond.

(c) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
       Affiliated Issuer   Value at
06/30/22		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
06/30/23		     Shares
Held at
06/30/23		     Income     Capital Gain
Distributions
from
Underlying
Funds		         
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $         —     $  67,309 (a)    $         —     $  1,739       $         —     $  69,048       69,048     $  29,647     $         —     
         

 

 

      

 

 

    

 

 

      

 

 

    

 

 

     

 

  (a) 

Represents net amount purchased (sold).

 

 

 

54  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued)

June 30, 2023

   

BlackRock Short-Term Municipal Fund

 

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

  
    Level 1            Level 2           Level 3           Total  

 

  

Assets

                                    

Investments

               

Long-Term Investments

               

Municipal Bonds

   $ —        $ 603,526,143       $             —       $ 603,526,143  

Short-Term Securities

               

Money Market Funds

     69,048          —         —         69,048  
 

 

 

       

 

 

      

 

 

      

 

 

  
  $       69,048        $  603,526,143       $ —       $  603,595,191  
 

 

 

       

 

 

      

 

 

      

 

 

  

See notes to financial statements.

 

 

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

   55

 

Statements of Assets and Liabilities

June 30, 2023

 

    

BlackRock

New York

Municipal

Opportunities

Fund

    

BlackRock

High Yield

Municipal

Fund

    

BlackRock

National

Municipal

Fund

    

BlackRock

Short-Term

Municipal Fund

  

ASSETS

        

Investments, at value — unaffiliated(a)

   $ 1,299,449,660     $ 1,635,113,384     $ 9,545,822,580     $ 603,526,143  

Investments, at value — affiliated(b)

     32,373,529       79,899,513       623,096,181       69,048  

Cash

     3,840,688       —       —       —  

Cash pledged for futures contracts

     7,447,000       —       5,158,000       —  

Receivables:

        

Investments sold

     709,811       668,810       52,362,981       60,000  

Capital shares sold

     787,863       2,860,611       28,457,361       437,417  

Dividends — affiliated

     100,929       362,713       2,136,318       773  

Interest — unaffiliated

     13,874,321       21,983,949       103,931,652       4,782,088  

Variation margin on futures contracts

     —       —       1,910,118       —  

Prepaid expenses

     40,774       —       374,481       83,727  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

     1,358,624,575       1,740,888,980       10,363,249,672       608,959,196  
 

 

 

    

 

 

    

 

 

    

 

 

  

ACCRUED LIABILITIES

        

Bank overdraft

     —       9,333       90,629       1,584  

Payables:

        

Investments purchased

     6,340,449       1,304,198       187,988,663       —  

Accounting services fees

     71,727       88,592       343,646       48,417  

Capital shares redeemed

     4,736,382       4,744,835       31,497,358       2,527,718  

Custodian fees

     6,288       9,009       45,685       3,785  

Income dividend distributions

     797,457       1,498,185       5,265,044       661,932  

Interest expense and fees

     520,893       —       2,004,122       —  

Investment advisory fees

     745,465       1,136,907       5,907,694       233,939  

Directors’ and Officer’s fees

     28,327       19,115       206,446       8,193  

Other accrued expenses

     64,678       157,649       50,654       20,305  

Professional fees

     156,321       —       75,691       56,740  

Service and distribution fees

     158,415       126,377       553,914       51,923  

Transfer agent fees

     62,855       55,335       349,289       829  

Variation margin on futures contracts

     964,776       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total accrued liabilities

     14,654,033       9,149,535       234,378,835       3,615,365  
 

 

 

    

 

 

    

 

 

    

 

 

  

OTHER LIABILITIES

        

TOB Trust Certificates

     69,967,722       —       207,519,995       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

     84,621,755       9,149,535       441,898,830       3,615,365  
 

 

 

    

 

 

    

 

 

    

 

 

  

Commitments and contingent liabilities

NET ASSETS

   $ 1,274,002,820     $ 1,731,739,445     $ 9,921,350,842     $ 605,343,831  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS CONSIST OF

        

Paid-in capital

   $ 1,402,189,806     $ 1,977,068,020     $ 10,825,857,373     $ 632,692,486  

Accumulated loss

     (128,186,986 )      (245,328,575 )      (904,506,531 )      (27,348,655 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS

   $ 1,274,002,820     $ 1,731,739,445     $ 9,921,350,842     $ 605,343,831  
 

 

 

    

 

 

    

 

 

    

 

 

  

(a) Investments, at cost — unaffiliated

   $ 1,342,051,039     $ 1,782,705,816     $ 9,681,271,402     $ 609,435,868  

(b) Investments, at cost — affiliated

   $ 32,373,192     $ 79,890,304     $ 622,966,950     $ 69,048  

 

 

56  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

 

Statements of Assets and Liabilities  (continued)

June 30, 2023

 

    

BlackRock

New York

Municipal

Opportunities

Fund

     

BlackRock

High Yield

Municipal

Fund

     

BlackRock

National

Municipal

Fund

     

BlackRock

Short-Term

Municipal Fund

  

NET ASSET VALUE

           
Institutional                           

Net assets

   $ 617,181,607      $ 887,272,092      $ 4,030,550,630      $ 316,269,764  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding

     59,457,372        101,744,047        399,946,436        32,392,712  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value

   $ 10.38      $ 8.72      $ 10.08      $ 9.76  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares authorized

     Unlimited        350 Million        800 Million        150 Million  
 

 

 

     

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.10      $ 0.10      $ 0.10  
 

 

 

     

 

 

     

 

 

     

 

 

  
Service                           

Net assets

     N/A        N/A      $ 1,347,922        N/A  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding

     N/A        N/A        133,839        N/A  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value

     N/A        N/A      $ 10.07        N/A  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares authorized

     N/A        N/A        375 Million        N/A  
 

 

 

     

 

 

     

 

 

     

 

 

  

Par value

     N/A        N/A      $ 0.10        N/A  
 

 

 

     

 

 

     

 

 

     

 

 

  
Investor A                           

Net assets

   $ 533,681,805      $ 513,184,088      $ 2,415,681,682      $ 227,368,306  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding

     51,380,473        58,997,645        239,536,073        23,269,972  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value

   $ 10.39      $ 8.70      $ 10.08      $ 9.77  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares authorized

     Unlimited        100 Million        800 Million        150 Million  
 

 

 

     

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.10      $ 0.10      $ 0.10  
 

 

 

     

 

 

     

 

 

     

 

 

  
Investor A1                           

Net assets

   $ 67,802,006        N/A        N/A      $ 10,266,484  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding

     6,528,055        N/A        N/A        1,050,521  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value

   $ 10.39        N/A        N/A      $ 9.77  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares authorized

     Unlimited        N/A        N/A        150 Million  
 

 

 

     

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10        N/A        N/A      $ 0.10  
 

 

 

     

 

 

     

 

 

     

 

 

  
Investor C                           

Net assets

   $ 47,957,366      $ 25,562,118      $ 64,494,603      $ 5,410,593  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding

     4,618,724        2,930,471        6,394,199        572,822  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value

   $ 10.38      $ 8.72      $ 10.09      $ 9.45  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares authorized

     Unlimited        100 Million        375 Million        150 Million  
 

 

 

     

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.10      $ 0.10      $ 0.10  
 

 

 

     

 

 

     

 

 

     

 

 

  
Class K                           

Net assets

   $ 7,380,036      $ 305,721,147      $ 3,409,276,005      $ 46,028,684  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding

     711,056        35,067,863        338,146,047        4,713,266  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value

   $ 10.38      $ 8.72      $ 10.08      $ 9.77  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares authorized

     Unlimited        2 Billion        1.35 Billion        150 Million  
 

 

 

     

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.10      $ 0.10      $ 0.10  
 

 

 

     

 

 

     

 

 

     

 

 

  

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

   57

 

Statements of Operations

Year Ended June 30, 2023

 

    

BlackRock

New York

Municipal

Opportunities

Fund

    

BlackRock

High Yield

Municipal

Fund

    

BlackRock

National

Municipal

Fund

    

BlackRock

Short-Term

Municipal Fund

  

INVESTMENT INCOME

        

Dividends — affiliated

   $ 892,034     $ 2,026,040     $ 11,077,054     $ 29,647  

Interest — unaffiliated

     48,892,840       86,330,613       372,257,708       16,861,801  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

     49,784,874       88,356,653       383,334,762       16,891,448  
 

 

 

    

 

 

    

 

 

    

 

 

  

EXPENSES

        

Investment advisory

     6,103,785       8,447,796       39,294,603       2,027,551  

Service and distribution — class specific

     2,033,319       1,694,780       7,313,915       706,631  

Transfer agent — class specific

     781,359       960,902       5,445,883       421,177  

Professional

     472,276       602,336       114,000       71,922  

Accounting services

     167,807       207,195       770,838       115,496  

Registration

     84,004       278,378       653,319       231,391  

Printing and postage

     51,221       16,307       39,035       30,815  

Directors and Officer

     32,423       42,822       195,396       18,202  

Custodian

     16,910       43,062       118,618       11,588  

Miscellaneous

     100,301       134,728       207,727       40,297  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses excluding interest expense

     9,843,405       12,428,306       54,153,334       3,675,070  

Interest expense(a)

     2,801,481       2,067,590       12,515,907       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     12,644,886       14,495,896       66,669,241       3,675,070  

Less:

        

Fees waived and/or reimbursed by the Manager

     (1,092,374 )      (698,810 )      (2,666,304 )      (399,813 ) 

Transfer agent fees waived and/or reimbursed by the Manager — class specific

     (129,035 )      (232,574 )      (2,084,959 )      (148,629 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     11,423,477       13,564,512       61,917,978       3,126,628  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

     38,361,397       74,792,141       321,416,784       13,764,820  
 

 

 

    

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments — unaffiliated

     (31,441,209 )      (103,393,793 )      (552,099,602 )      (8,936,002 ) 

Investments — affiliated

     (880 )      (34,687 )      (1,308,588 )      1,739  

Futures contracts

     13,069,338       16,836,110       30,654,014       —  

Payment by affiliate

     13,472       18,603       37,915       —  
 

 

 

    

 

 

    

 

 

    

 

 

  
    (18,359,279 )      (86,573,767 )      (522,716,261 )      (8,934,263 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

        

Investments — unaffiliated

     12,612,913       22,114,450       480,909,396       7,156,997  

Investments — affiliated

     —       (4,482 )      (153,526 )      —  

Futures contracts

     5,340,530       (4,513,681 )      16,596,427       —  
 

 

 

    

 

 

    

 

 

    

 

 

  
    17,953,443       17,596,287       497,352,297       7,156,997  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized loss

     (405,836 )      (68,977,480 )      (25,363,964 )      (1,777,266 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 37,955,561     $ 5,814,661     $ 296,052,820     $ 11,987,554  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

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

See notes to financial statements.

 

 

58  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

 

Statements of Changes in Net Assets

 

    BlackRock New York
Municipal Opportunities Fund		           BlackRock High Yield
Municipal Fund		  
     Year Ended
06/30/23		     Year Ended
06/30/22		            Year Ended
06/30/23		     Year Ended
06/30/22		  

INCREASE (DECREASE) IN NET ASSETS

          

OPERATIONS

          

Net investment income

   $ 38,361,397     $ 36,040,388       $ 74,792,141     $ 65,381,740  

Net realized gain (loss)

     (18,359,279 )      29,090,314         (86,573,767 )      (1,729,237 ) 

Net change in unrealized appreciation (depreciation)

     17,953,443       (199,818,075 )        17,596,287       (354,793,843 ) 
 

 

 

    

 

 

      

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

     37,955,561       (134,687,373 )        5,814,661       (291,141,340 ) 
 

 

 

    

 

 

      

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

          

Institutional

     (18,871,586 )      (17,701,989 )        (36,868,182 )      (38,913,538 ) 

Investor A

     (15,753,405 )      (14,918,046 )        (21,355,817 )      (21,610,759 ) 

Investor A1

     (2,092,067 )      (2,006,341 )        —       —  

Investor C

     (1,107,024 )      (1,154,173 )        (879,081 )      (1,039,792 ) 

Class K

     (165,888 )      (140,624 )        (14,355,376 )      (9,449,244 ) 
 

 

 

    

 

 

      

 

 

    

 

 

  

Decrease in net assets resulting from distributions to shareholders

     (37,989,970 )      (35,921,173 )        (73,458,456 )      (71,013,333 ) 
 

 

 

    

 

 

      

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

          

Net increase (decrease) in net assets derived from capital share transactions

     (100,671,161 )      (40,921,219 )        (124,474,537 )      250,730,888  
 

 

 

    

 

 

      

 

 

    

 

 

  

NET ASSETS

          

Total decrease in net assets

     (100,705,570 )      (211,529,765 )        (192,118,332 )      (111,423,785 ) 

Beginning of year

     1,374,708,390       1,586,238,155         1,923,857,777       2,035,281,562  
 

 

 

    

 

 

      

 

 

    

 

 

  

End of year

   $ 1,274,002,820     $ 1,374,708,390       $ 1,731,739,445     $ 1,923,857,777  
 

 

 

    

 

 

      

 

 

    

 

 

  

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

   59

Statements of Changes in Net Assets (continued)

 

    BlackRock National
Municipal Fund		           BlackRock Short-Term
Municipal Fund		  
     Year Ended
06/30/23		     Year Ended
06/30/22		            Year Ended
06/30/23		     Year Ended
06/30/22		  

INCREASE (DECREASE) IN NET ASSETS

          

OPERATIONS

          

Net investment income

   $ 321,416,784     $ 273,927,337       $ 13,764,820     $ 4,090,849  

Net realized loss

     (522,716,261 )      (229,940,609 )        (8,934,263 )      (10,654,551 ) 

Net change in unrealized appreciation (depreciation)

     497,352,297       (1,474,047,839 )        7,156,997       (18,300,286 ) 
 

 

 

    

 

 

      

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

     296,052,820       (1,430,061,111 )        11,987,554       (24,863,988 ) 
 

 

 

    

 

 

      

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

          

Institutional

     (129,380,210 )      (141,270,191 )        (7,459,562 )      (2,953,108 ) 

Service

     (51,853 )      (80,775 )        —       —  

Investor A

     (77,690,641 )      (88,850,592 )        (4,794,472 )      (982,419 ) 

Investor A1

     —       —         (222,165 )      (61,798 ) 

Investor C

     (1,654,404 )      (1,683,957 )        (65,028 )      —  

Class K

     (113,373,232 )      (111,707,937 )        (1,287,639 )      (228,855 ) 
 

 

 

    

 

 

      

 

 

    

 

 

  

Decrease in net assets resulting from distributions to shareholders

     (322,150,340 )      (343,593,452 )        (13,828,866 )      (4,226,180 ) 
 

 

 

    

 

 

      

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

          

Net increase (decrease) in net assets derived from capital share transactions

     (1,258,303,426 )      (2,214,169,146 )        (237,267,630 )      47,597,807  
 

 

 

    

 

 

      

 

 

    

 

 

  

NET ASSETS

          

Total increase (decrease) in net assets

     (1,284,400,946 )      (3,987,823,709 )        (239,108,942 )      18,507,639  

Beginning of year

     11,205,751,788       15,193,575,497         844,452,773       825,945,134  
 

 

 

    

 

 

      

 

 

    

 

 

  

End of year

   $ 9,921,350,842     $ 11,205,751,788       $ 605,343,831     $ 844,452,773  
 

 

 

    

 

 

      

 

 

    

 

 

  

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

60  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock New York Municipal Opportunities Fund  
    Institutional  
    Year Ended
06/30/23		     Year Ended
06/30/22		     Year Ended
06/30/21		     Year Ended
06/30/20		     Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.36     $ 11.59     $ 10.83     $ 11.38     $ 11.31  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.32       0.28       0.28       0.28       0.33  

Net realized and unrealized gain (loss)

     0.01       (1.23 )      0.76       (0.55 )      0.22  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.33       (0.95 )      1.04       (0.27 )      0.55  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions(b)

          

From net investment income

     (0.31 )      (0.28 )      (0.28 )      (0.28 )      (0.36 ) 

From net realized gain

     —       —       —       —       (0.12 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.31 )      (0.28 )      (0.28 )      (0.28 )      (0.48 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of year

   $ 10.38     $ 10.36     $ 11.59     $ 10.83     $ 11.38  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

          

Based on net asset value

     3.27 %(d)      (8.35 )%      9.71 %      (2.41 )%      4.96 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(e)

          

Total expenses

     0.81 %      0.62 %      0.61 %      0.63 %      0.71 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.71 %      0.56 %      0.54 %      0.58 %      0.65 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(f)

     0.50 %      0.50 %      0.50 %      0.50 %      0.50 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

     3.06 %      2.49 %      2.49 %      2.52 %      2.99 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

          

Net assets, end of year (000)

   $ 617,182     $ 646,500     $ 706,229     $ 702,632     $ 733,534  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Borrowings outstanding, end of year (000)

   $ 69,968     $ 119,892     $ 104,930     $ 94,386     $ 88,529  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     38 %      32 %      15 %      43 %      43 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   61

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock New York Municipal Opportunities Fund (continued)  
    Investor A  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		     Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.36     $ 11.59      $ 10.84      $ 11.39     $ 11.31  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

     0.29       0.25        0.25        0.25       0.31  

Net realized and unrealized gain (loss)

     0.03       (1.23 )       0.75        (0.55 )      0.22  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.32       (0.98 )       1.00        (0.30 )      0.53  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions(b)

            

From net investment income

     (0.29 )      (0.25 )       (0.25 )       (0.25 )      (0.33 ) 

From net realized gain

     —       —        —        —       (0.12 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total distributions

     (0.29 )      (0.25 )       (0.25 )       (0.25 )      (0.45 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value, end of year

   $ 10.39     $ 10.36      $ 11.59      $ 10.84     $ 11.39  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total Return(c)

            

Based on net asset value

     3.11 %(d)      (8.58 )%       9.34 %       (2.65 )%      4.79 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(e)

            

Total expenses

     1.05 %      0.86 %       0.85 %       0.88 %(f)      0.97 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.96 %      0.81 %       0.79 %       0.84 %      0.90 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(g)

     0.75 %      0.75 %       0.75 %       0.75 %      0.75 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income

     2.81 %      2.24 %       2.24 %       2.27 %      2.73 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Supplemental Data

            

Net assets, end of year (000)

   $ 533,682     $ 585,695      $ 697,842      $ 756,236     $ 609,557  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Borrowings outstanding, end of year (000)

   $ 69,968     $ 119,892      $ 104,930      $ 94,386     $ 88,529  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     38 %      32 %       15 %       43 %      43 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

 

(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) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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

(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  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock New York Municipal Opportunities Fund (continued)  
    Investor A1  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		     Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.36     $ 11.59      $ 10.84      $ 11.38     $ 11.31  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

     0.31       0.27        0.27        0.27       0.32  

Net realized and unrealized gain (loss)

     0.02       (1.23 )       0.75        (0.54 )      0.21  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.33       (0.96 )       1.02        (0.27 )      0.53  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions(b)

            

From net investment income

     (0.30 )      (0.27 )       (0.27 )       (0.27 )      (0.34 ) 

From net realized gain

     —       —        —        —       (0.12 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total distributions

     (0.30 )      (0.27 )       (0.27 )       (0.27 )      (0.46 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value, end of year

   $ 10.39     $ 10.36      $ 11.59      $ 10.84     $ 11.38  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total Return(c)

            

Based on net asset value

     3.27 %(d)      (8.44 )%       9.50 %       (2.42 )%      4.85 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(e)

            

Total expenses

     0.90 %      0.71 %       0.70 %       0.73 %(f)      0.81 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.81 %      0.66 %       0.64 %       0.69 %      0.75 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(g)

     0.60 %      0.60 %       0.60 %       0.60 %      0.60 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income

     2.96 %      2.39 %       2.39 %       2.42 %      2.89 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Supplemental Data

            

Net assets, end of year (000)

   $ 67,802     $ 74,808      $ 89,501      $ 91,458     $ 103,286  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Borrowings outstanding, end of year (000)

   $ 69,968     $ 119,892      $ 104,930      $ 94,386     $ 88,529  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     38 %      32 %       15 %       43 %      43 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

 

(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) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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

(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.

 

 

F I N A N C I A L   H I G H L I G H T S

   63

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock New York Municipal Opportunities Fund (continued)  
    Investor C  
    Year Ended
06/30/23		     Year Ended
06/30/22		     Year Ended
06/30/21		     Year Ended
06/30/20		     Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.36     $ 11.59     $ 10.83     $ 11.38     $ 11.31  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.21       0.17       0.17       0.17       0.22  

Net realized and unrealized gain (loss)

     0.02       (1.23 )      0.76       (0.55 )      0.21  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.23       (1.06 )      0.93       (0.38 )      0.43  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions(b)

          

From net investment income

     (0.21 )      (0.17 )      (0.17 )      (0.17 )      (0.24 ) 

From net realized gain

     —       —       —       —       (0.12 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.21 )      (0.17 )      (0.17 )      (0.17 )      (0.36 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of year

   $ 10.38     $ 10.36     $ 11.59     $ 10.83     $ 11.38  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

          

Based on net asset value

     2.24 %(d)      (9.27 )%      8.62 %      (3.38 )%      3.92 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(e)

          

Total expenses

     1.81 %      1.62 %      1.62 %      1.64 %      1.72 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.71 %      1.56 %      1.54 %      1.59 %      1.65 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(f)

     1.50 %      1.50 %      1.50 %      1.50 %      1.50 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

     2.06 %      1.48 %      1.49 %      1.52 %      1.99 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

          

Net assets, end of year (000)

   $ 47,957     $ 62,566     $ 87,465     $ 111,588     $ 119,391  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Borrowings outstanding, end of year (000)

   $ 69,968     $ 119,892     $ 104,930     $ 94,386     $ 88,529  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     38 %      32 %      15 %      43 %      43 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock New York Municipal Opportunities Fund (continued)  
    Class K  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.36     $ 11.58      $ 10.83      $ 11.38      $ 11.31  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.32       0.29        0.28        0.29        0.34  

Net realized and unrealized gain (loss)

     0.02       (1.23 )       0.75        (0.55 )       0.21  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.34       (0.94 )       1.03        (0.26 )       0.55  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

             

From net investment income

     (0.32 )      (0.28 )       (0.28 )       (0.29 )       (0.36 ) 

From net realized gain

     —       —        —        —        (0.12 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

     (0.32 )      (0.28 )       (0.28 )       (0.29 )       (0.48 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 10.38     $ 10.36      $ 11.58      $ 10.83      $ 11.38  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

             

Based on net asset value

     3.33 %      (8.23 )%       9.67 %       (2.36 )%       5.01 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(d)

             

Total expenses

     0.76 %      0.57 %       0.57 %       0.59 %       0.67 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.66 %      0.51 %       0.49 %       0.54 %       0.60 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(e)

     0.45 %      0.45 %       0.45 %       0.45 %       0.45 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     3.12 %      2.55 %       2.53 %       2.54 %       3.05 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 7,380     $ 5,139      $ 5,202      $ 4,097      $ 4,050  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Borrowings outstanding, end of year (000)

   $ 69,968     $ 119,892      $ 104,930      $ 94,386      $ 88,529  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     38 %      32 %       15 %       43 %       43 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(e) 

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

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   65

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock High Yield Municipal Fund  
    Institutional  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 9.00     $ 10.69      $ 9.54      $ 9.89      $ 9.59  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.36       0.32        0.35        0.36        0.39  

Net realized and unrealized gain (loss)

     (0.28 )      (1.66 )       1.15        (0.35 )       0.30  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.08       (1.34 )       1.50        0.01        0.69  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

             

From net investment income

     (0.36 )      (0.32 )       (0.35 )       (0.36 )       (0.39 ) 

From net realized gain

     —       (0.03 )       —        —        —  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

     (0.36 )      (0.35 )       (0.35 )       (0.36 )       (0.39 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 8.72     $ 9.00      $ 10.69      $ 9.54      $ 9.89  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

             

Based on net asset value

     0.90 %(d)      (12.84 )%       16.00 %       0.10 %       7.36 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

             

Total expenses

     0.71 %      0.61 %       0.61 %       0.66 %       0.71 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.65 %      0.59 %       0.58 %       0.64 %       0.68 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(f)

     0.54 %      0.54 %       0.54 %       0.53 %       0.52 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     4.12 %      3.17 %       3.44 %       3.71 %       4.03 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 887,272     $ 884,648      $ 1,190,526      $ 757,746      $ 780,811  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Borrowings outstanding, end of year (000)

   $ —     $ 99,141      $ 114,824      $ 102,624      $ 75,301  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     36 %      34 %       23 %       31 %       14 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock High Yield Municipal Fund (continued)  
    Investor A  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 8.98     $ 10.67      $ 9.52      $ 9.87      $ 9.56  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.34       0.30        0.32        0.34        0.36  

Net realized and unrealized gain (loss)

     (0.29 )      (1.66 )       1.15        (0.35 )       0.31  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.05       (1.36 )       1.47        (0.01 )       0.67  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

             

From net investment income

     (0.33 )      (0.30 )       (0.32 )       (0.34 )       (0.36 ) 

From net realized gain

     —       (0.03 )       —        —        —  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

     (0.33 )      (0.33 )       (0.32 )       (0.34 )       (0.36 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 8.70     $ 8.98      $ 10.67      $ 9.52      $ 9.87  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

             

Based on net asset value

     0.64 %(d)      (13.09 )%       15.73 %       (0.16 )%       7.21 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

             

Total expenses

     0.94 %      0.84 %       0.85 %       0.92 %       0.98 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.90 %      0.83 %       0.83 %       0.89 %       0.95 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(f)

     0.79 %      0.78 %       0.78 %       0.78 %       0.79 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     3.88 %      2.96 %       3.20 %       3.46 %       3.76 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 513,184     $ 616,248      $ 634,326      $ 422,270      $ 345,255  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Borrowings outstanding, end of year (000)

   $ —     $ 99,141      $ 114,824      $ 102,624      $ 75,301  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     36 %      34 %       23 %       31 %       14 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   67

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock High Yield Municipal Fund (continued)  
    Investor C  
    Year Ended
06/30/23		     Year Ended
06/30/22		     Year Ended
06/30/21		     Year Ended
06/30/20		     Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 9.01     $ 10.70     $ 9.55     $ 9.89     $ 9.59  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.28       0.22       0.25       0.26       0.29  

Net realized and unrealized gain (loss)

     (0.30 )      (1.66 )      1.15       (0.34 )      0.30  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     (0.02 )      (1.44 )      1.40       (0.08 )      0.59  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions(b)

          

From net investment income

     (0.27 )      (0.22 )      (0.25 )      (0.26 )      (0.29 ) 

From net realized gain

     —       (0.03 )      —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.27 )      (0.25 )      (0.25 )      (0.26 )      (0.29 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of year

   $ 8.72     $ 9.01     $ 10.70     $ 9.55     $ 9.89  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

          

Based on net asset value

     (0.22 )%      (13.70 )%      14.83 %      (0.80 )%      6.28 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(d)

          

Total expenses

     1.73 %      1.62 %      1.63 %      1.69 %      1.74 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.65 %      1.59 %      1.59 %      1.65 %      1.70 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(e)

     1.54 %      1.54 %      1.54 %      1.54 %      1.54 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

     3.12 %      2.18 %      2.49 %      2.70 %      3.02 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

          

Net assets, end of year (000)

   $ 25,562     $ 33,626     $ 44,050     $ 58,114     $ 64,484  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Borrowings outstanding, end of year (000)

   $ —     $ 99,141     $ 114,824     $ 102,624     $ 75,301  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     36 %      34 %      23 %      31 %      14 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(e) 

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  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock High Yield Municipal Fund (continued)  
    Class K  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 9.00     $ 10.69      $ 9.54      $ 9.89      $ 9.59  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.37       0.33        0.35        0.36        0.39  

Net realized and unrealized gain (loss)

     (0.29 )      (1.66 )       1.15        (0.34 )       0.30  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.08       (1.33 )       1.50        0.02        0.69  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

             

From net investment income

     (0.36 )      (0.33 )       (0.35 )       (0.37 )       (0.39 ) 

From net realized gain

     —       (0.03 )       —        —        —  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

     (0.36 )      (0.36 )       (0.35 )       (0.37 )       (0.39 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 8.72     $ 9.00      $ 10.69      $ 9.54      $ 9.89  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

             

Based on net asset value

     0.95 %(d)      (12.80 )%       16.05 %       0.14 %       7.40 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

             

Total expenses

     0.65 %      0.55 %       0.57 %       0.64 %       0.69 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.60 %      0.54 %       0.54 %       0.60 %       0.65 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(f)

     0.49 %      0.49 %       0.49 %       0.49 %       0.49 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     4.15 %      3.33 %       3.47 %       3.77 %       4.04 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 305,721     $ 389,335      $ 166,379      $ 83,809      $ 49,062  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Borrowings outstanding, end of year (000)

   $ —     $ 99,141      $ 114,824      $ 102,624      $ 75,301  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     36 %      34 %       23 %       31 %       14 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   69

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock National Municipal Fund  
    Institutional  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.08     $ 11.47      $ 11.07      $ 11.06      $ 10.79  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.32       0.22        0.21        0.26        0.33  

Net realized and unrealized gain (loss)

     —       (1.34 )       0.40        0.02        0.27  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.32       (1.12 )       0.61        0.28        0.60  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

             

From net investment income

     (0.32 )      (0.22 )       (0.21 )       (0.26 )       (0.33 ) 

From net realized gain

     (0.00 )(c)      (0.05 )       —        (0.01 )       —  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

     (0.32 )      (0.27 )       (0.21 )       (0.27 )       (0.33 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 10.08     $ 10.08      $ 11.47      $ 11.07      $ 11.06  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(d)

             

Based on net asset value

     3.27 %(e)      (9.89 )%       5.59 %       2.62 %       5.68 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(f)

             

Total expenses

     0.61 %      0.49 %       0.49 %       0.53 %       0.53 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.55 %      0.44 %       0.44 %       0.47 %       0.48 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(g)

     0.43 %      0.43 %       0.43 %       0.43 %       0.43 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     3.21 %      2.00 %       1.89 %       2.39 %       3.04 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 4,030,551     $ 4,410,891      $ 5,801,296      $ 4,650,471      $ 4,063,258  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Borrowings outstanding, end of year (000)

   $ 207,520     $ 343,430      $ 126,900      $ 126,900      $ 324,360  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     63 %      74 %       42 %       75 %       77 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 $(0.00005) per share.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(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  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock National Municipal Fund (continued)  
    Service  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.07     $ 11.46      $ 11.07      $ 11.06      $ 10.78  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.30       0.20        0.19        0.25        0.31  

Net realized and unrealized gain (loss)

     —       (1.34 )       0.39        0.01        0.27  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.30       (1.14 )       0.58        0.26        0.58  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

             

From net investment income

     (0.30 )      (0.20 )       (0.19 )       (0.24 )       (0.30 ) 

From net realized gain

     (0.00 )(c)      (0.05 )       —        (0.01 )       —  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

     (0.30 )      (0.25 )       (0.19 )       (0.25 )       (0.30 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 10.07     $ 10.07      $ 11.46      $ 11.07      $ 11.06  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(d)

             

Based on net asset value

     3.01 %      (10.11 )%       5.24 %       2.37 %       5.51 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

             

Total expenses

     0.84 %      0.70 %       0.71 %       0.74 %       0.76 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.80 %      0.68 %       0.68 %       0.71 %       0.73 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(f)

     0.68 %      0.67 %       0.67 %       0.67 %       0.68 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     2.94 %      1.77 %       1.65 %       2.25 %       2.90 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 1,348     $ 2,889      $ 3,564      $ 3,494      $ 3,318  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Borrowings outstanding, end of year (000)

   $ 207,520     $ 343,430      $ 126,900      $ 126,900      $ 324,360  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     63 %      74 %       42 %       75 %       77 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 $(0.00005) per share.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   71

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock National Municipal Fund (continued)  
    Investor A  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.08     $ 11.47      $ 11.08      $ 11.07      $ 10.80  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.30       0.19        0.19        0.24        0.30  

Net realized and unrealized gain (loss)

     —       (1.34 )       0.39        0.02        0.27  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.30       (1.15 )       0.58        0.26        0.57  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

             

From net investment income

     (0.30 )      (0.19 )       (0.19 )       (0.24 )       (0.30 ) 

From net realized gain

     (0.00 )(c)      (0.05 )       —        (0.01 )       —  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

     (0.30 )      (0.24 )       (0.19 )       (0.25 )       (0.30 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 10.08     $ 10.08      $ 11.47      $ 11.08      $ 11.07  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(d)

             

Based on net asset value

     3.01 %      (10.11 )%       5.23 %       2.36 %       5.41 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

             

Total expenses

     0.85 %      0.75 %       0.75 %       0.80 %       0.82 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.80 %      0.69 %       0.69 %       0.72 %       0.73 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(f)

     0.68 %      0.68 %       0.68 %       0.68 %       0.68 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     2.96 %      1.74 %       1.64 %       2.13 %       2.79 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 2,415,682     $ 2,976,747      $ 4,427,191      $ 3,978,736      $ 3,227,894  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Borrowings outstanding, end of year (000)

   $ 207,520     $ 343,430      $ 126,900      $ 126,900      $ 324,360  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     63 %      74 %       42 %       75 %       77 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 $(0.00005) per share.

(d) 

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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

See notes to financial statements.

 

 

72  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock National Municipal Fund (continued)  
    Investor C  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.09     $ 11.48      $ 11.08      $ 11.07      $ 10.80  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.22       0.11        0.10        0.15        0.22  

Net realized and unrealized gain (loss)

     —       (1.34 )       0.40        0.02        0.27  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.22       (1.23 )       0.50        0.17        0.49  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

             

From net investment income

     (0.22 )      (0.11 )       (0.10 )       (0.15 )       (0.22 ) 

From net realized gain

     (0.00 )(c)      (0.05 )       —        (0.01 )       —  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

     (0.22 )      (0.16 )       (0.10 )       (0.16 )       (0.22 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 10.09     $ 10.09      $ 11.48      $ 11.08      $ 11.07  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(d)

             

Based on net asset value

     2.24 %      (10.77 )%       4.53 %       1.60 %       4.63 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

             

Total expenses

     1.61 %      1.48 %       1.48 %       1.51 %       1.51 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     1.55 %      1.44 %       1.44 %       1.47 %       1.48 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(f)

     1.43 %      1.43 %       1.43 %       1.43 %       1.43 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     2.21 %      0.99 %       0.90 %       1.39 %       2.06 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 64,495     $ 87,530      $ 129,601      $ 232,884      $ 270,445  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Borrowings outstanding, end of year (000)

   $ 207,520     $ 343,430      $ 126,900      $ 126,900      $ 324,360  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     63 %      74 %       42 %       75 %       77 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 $(0.00005) per share.

(d) 

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

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

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   73

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock National Municipal Fund (continued)  
    Class K  
    Year Ended
06/30/23		     Year Ended
06/30/22		     Year Ended
06/30/21		     Year Ended
06/30/20		     Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 10.08     $ 11.47     $ 11.08     $ 11.07     $ 10.79  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.33       0.23       0.22       0.27       0.33  

Net realized and unrealized gain (loss)

     —       (1.34 )      0.39       0.02       0.28  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.33       (1.11 )      0.61       0.29       0.61  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions(b)

          

From net investment income

     (0.33 )      (0.23 )      (0.22 )      (0.27 )      (0.33 ) 

From net realized gain

     (0.00 )(c)      (0.05 )      —       (0.01 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.33 )      (0.28 )      (0.22 )      (0.28 )      (0.33 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of year

   $ 10.08     $ 10.08     $ 11.47     $ 11.08     $ 11.07  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(d)

          

Based on net asset value

     3.32 %(e)      (9.84 )%      5.54 %      2.67 %      5.82 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(f)

          

Total expenses

     0.53 %      0.41 %      0.42 %      0.46 %      0.46 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.50 %      0.39 %      0.39 %      0.42 %      0.43 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense(g)

     0.38 %      0.38 %      0.38 %      0.38 %      0.38 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

     3.26 %      2.06 %      1.94 %      2.43 %      3.09 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

          

Net assets, end of year (000)

   $ 3,409,276     $ 3,727,694     $ 4,831,923     $ 4,524,990     $ 3,736,686  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Borrowings outstanding, end of year (000)

   $ 207,520     $ 343,430     $ 126,900     $ 126,900     $ 324,360  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     63 %      74 %      42 %      75 %      77 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 $(0.00005) per share.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Includes payment from an affiliate, which had no impact on the Fund’s total return.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(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.

 

 

74  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Short-Term Municipal Fund  
    Institutional  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 9.80     $ 10.17      $ 10.15      $ 10.15      $ 10.08  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.20       0.06        0.07        0.15        0.16  

Net realized and unrealized gain (loss)

     (0.03 )      (0.37 )       0.02        —        0.07  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.17       (0.31 )       0.09        0.15        0.23  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions from net investment income(b)

     (0.21 )      (0.06 )       (0.07 )       (0.15 )       (0.16 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 9.76     $ 9.80      $ 10.17      $ 10.15      $ 10.15  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

             

Based on net asset value

     1.72 %      (3.06 )%       0.90 %       1.47 %       2.32 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(d)

             

Total expenses

     0.46 %      0.44 %       0.44 %       0.46 %       0.46 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.36 %      0.36 %       0.36 %       0.36 %       0.36 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     2.09 %      0.59 %       0.70 %       1.46 %       1.61 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 316,270     $ 499,800      $ 502,164      $ 418,338      $ 350,720  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     101 %      106 %       41 %       94 %       129 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   75

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Short-Term Municipal Fund (continued)  
    Investor A  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 9.81     $ 10.18      $ 10.16      $ 10.15      $ 10.08  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.18       0.03        0.05        0.12        0.14  

Net realized and unrealized gain (loss)

     (0.04 )      (0.36 )       0.02        0.01        0.07  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.14       (0.33 )       0.07        0.13        0.21  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions from net investment income(b)

     (0.18 )      (0.04 )       (0.05 )       (0.12 )       (0.14 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 9.77     $ 9.81      $ 10.18      $ 10.16      $ 10.15  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

             

Based on net asset value

     1.48 %      (3.28 )%       0.66 %       1.32 %       2.08 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(d)

             

Total expenses

     0.65 %      0.63 %       0.64 %       0.65 %       0.67 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.59 %      0.59 %       0.59 %       0.60 %       0.60 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     1.86 %      0.34 %       0.45 %       1.19 %       1.39 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 227,368     $ 256,950      $ 287,551      $ 199,842      $ 109,462  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     101 %      106 %       41 %       94 %       129 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

 

 

76  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Short-Term Municipal Fund (continued)  
    Investor A1  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 9.81     $ 10.18      $ 10.16      $ 10.16      $ 10.08  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.19       0.04        0.06        0.13        0.15  

Net realized and unrealized gain (loss)

     (0.03 )      (0.36 )       0.02        0.01        0.08  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.16       (0.32 )       0.08        0.14        0.23  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions from net investment income(b)

     (0.20 )      (0.05 )       (0.06 )       (0.14 )       (0.15 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 9.77     $ 9.81      $ 10.18      $ 10.16      $ 10.16  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

             

Based on net asset value

     1.61 %      (3.15 )%       0.80 %       1.37 %       2.32 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(d)

             

Total expenses

     0.53 %      0.51 %       0.51 %       0.51 %       0.53 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.46 %      0.46 %       0.46 %       0.46 %       0.46 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     1.95 %      0.44 %       0.57 %       1.33 %       1.47 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 10,266     $ 11,876      $ 12,930      $ 14,172      $ 15,570  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     101 %      106 %       41 %       94 %       129 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   77

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Short-Term Municipal Fund (continued)  
    Investor C  
    Year Ended
06/30/23		     Year Ended
06/30/22		     Year Ended
06/30/21		     Year Ended
06/30/20		     Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 9.48     $ 9.88     $ 9.89     $ 9.89     $ 9.82  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)(a)

     0.08       (0.07 )      (0.05 )      0.03       0.05  

Net realized and unrealized gain (loss)

     (0.01 )      (0.33 )      0.04       0.02       0.08  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.07       (0.40 )      (0.01 )      0.05       0.13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions from net investment income(b)

     (0.10 )      —       —       (0.05 )      (0.06 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of year

   $ 9.45     $ 9.48     $ 9.88     $ 9.89     $ 9.89  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

          

Based on net asset value

     0.80 %      (4.05 )%      (0.10 )%      0.46 %      1.33 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(d)

          

Total expenses

     1.44 %      1.42 %      1.43 %      1.43 %      1.45 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.36 %      1.36 %      1.36 %      1.36 %      1.36 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     0.88 %      (0.76 )%      (0.53 )%      0.34 %      0.52 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

          

Net assets, end of year (000)

   $ 5,411     $ 4,576     $ 5,123     $ 10,373     $ 15,434  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     101 %      106 %      41 %      94 %      129 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

 

 

78  

2 0 2 3   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Short-Term Municipal Fund (continued)  
    Class K  
    Year Ended
06/30/23		     Year Ended
06/30/22		      Year Ended
06/30/21		      Year Ended
06/30/20		      Year Ended
06/30/19		  
           

Net asset value, beginning of year

   $ 9.80     $ 10.17      $ 10.15      $ 10.15      $ 10.08  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

     0.20       0.06        0.06        0.12        0.14  

Net realized and unrealized gain (loss)

     (0.02 )      (0.37 )       0.04        0.03        0.10  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     0.18       (0.31 )       0.10        0.15        0.24  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions from net investment income(b)

     (0.21 )      (0.06 )       (0.08 )       (0.15 )       (0.17 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 9.77     $ 9.80      $ 10.17      $ 10.15      $ 10.15  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

             

Based on net asset value

     1.87 %      (3.01 )%       0.95 %       1.52 %       2.37 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(d)

             

Total expenses

     0.37 %      0.35 %       0.36 %       0.37 %       0.38 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.31 %      0.31 %       0.31 %       0.31 %       0.31 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     2.04 %      0.64 %       0.57 %       1.23 %       1.43 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 46,029     $ 71,250      $ 18,177      $ 7,148      $ 7,450  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

     101 %      106 %       41 %       94 %       129 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   79

Notes to Financial Statements

 

1.

ORGANIZATION

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

   BlackRock New York Municipal Opportunities Fund    New York Municipal    Diversified

BlackRock Municipal Bond Fund, Inc.

   BlackRock High Yield Municipal Fund    High Yield Municipal    Diversified
  BlackRock National Municipal Fund    National Municipal    Diversified
    BlackRock Short-Term Municipal Fund    Short-Term 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 and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C 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 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 8 years

 

  (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% for all Funds other than New York Municipal Opportunities, which is subject to a maximum sales charge of 4.00%. 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.

The Board of Trustees of BlackRock Multi-State Municipal Series Trust and Board of Directors of BlackRock Municipal Bond Fund, Inc. are collectively referred to throughout this report as 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 funds referred to as the BlackRock Fixed-Income Complex.

 

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 using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily 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.

Collateralization: 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.

Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates 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 each Fund’s Board, 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.

 

 

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Notes to Financial Statements  (continued)

 

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, 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. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

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. 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. 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.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. 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), market data, 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.

 

  •  

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

 

  •  

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that 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 price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

 

     Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services

Market approach

  

(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;

(ii) recapitalizations and other transactions across the capital structure; and

(iii)   market multiples of comparable issuers.

Income approach

  

(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;

(ii) quoted prices for similar investments or assets in active markets; and

(iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach

  

(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;

(ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

   81

Notes to Financial Statements  (continued)

 

     Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
   

(iii)   relevant news and other public sources; and

(iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

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

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that 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); and

 

  •  

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

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

 

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.

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

 

 

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Notes to Financial Statements  (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, as reported in the Statements of Assets and Liabilities as 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 offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:

 

Fund Name   Interest Expense      Liquidity Fees      Other Expenses      Total  

New York Municipal

   $ 2,309,999      $ 386,573      $ 104,909      $ 2,801,481  

High Yield Municipal

     1,663,192        315,361        89,037        2,067,590  

National Municipal

     9,606,647        1,388,461        1,520,799        12,515,907  

For the year ended June 30, 2023, the following table is a summary of each Fund’s TOB Trusts:

 

Fund Name   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		  

New York Municipal

   $ 151,683,218         $ 69,967,722           4.04% — 4.13%      $ 96,439,901        2.90 % 

High Yield Municipal

     —           —           —            74,846,729        2.76  

National Municipal

     452,133,329           207,519,995           4.04 — 4.08            395,217,405        3.17  

 

  (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 TOB Residuals holders, 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 in the Schedules of Investments.

 
  (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 June 30, 2023, 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 at June 30, 2023.

 

For the year ended June 30, 2023, the following table is a summary of each Fund’s Loan for TOB Trust Certificates:

 

Fund Name

  

Loans

Outstanding

at Period End

     

Range of

Interest Rates

on Loans at

Period End

     

Average

Loans

Outstanding

     

Daily Weighted

Average Rate

of Interest and

Other Expenses

on Loans

  

New York Municipal

   $ —        — %     $ 241,108        1.69 % 

 

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 exchange-traded 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.

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

   83

Notes to Financial Statements  (continued)

 

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 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 rates, 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 and administrative 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:

 

     Investment Advisory Fees  
Average Daily Net Assets   New York
Municipal		     High Yield
Municipal		  

First $1 billion

     0.47 %      0.47 % 

$1 billion — $3 billion

     0.44       0.44  

$3 billion — $5 billion

     0.42       0.42  

$5 billion — $10 billion

     0.41       0.41  

Greater than $10 billion

     0.40       0.40  

 

     Investment Advisory Fees  
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 National Municipal and Short-Term Municipal (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 applicable 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:

 

      New York Municipal      High Yield Municipal      National Municipal      Short-Term Municipal  
Share Class    Service Fees      Distribution Fees      Service Fees      Distribution Fees      Service Fees      Distribution Fees      Service Fees      Distribution Fees  

Service

      N/A        N/A        N/A        N/A        0.25 %       N/A        N/A        N/A  

Investor A

      0.25 %       N/A        0.25 %       N/A        0.25        N/A        0.25 %       N/A  

Investor A1

      0.10        N/A        N/A        N/A        N/A        N/A        0.10        N/A  

Investor C

      0.25        0.75 %       0.25        0.75 %       0.25        0.75 %       0.25        0.75 % 

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 year ended June 30, 2023, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

 

Fund Name   Service      Investor A      Investor A1      Investor C      Total  

New York Municipal

   $ —      $ 1,414,964      $ 71,318      $ 547,037      $ 2,033,319  

High Yield Municipal

     —        1,405,338        —        289,442        1,694,780  

National Municipal

     4,400        6,559,607        —        749,908        7,313,915  

Short-Term Municipal

     —        639,383        11,112        56,136        706,631  

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 year ended June 30, 2023, the Funds did not pay any amounts to affiliates in return for these services.

 

 

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Notes to Financial Statements  (continued)

 

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 year ended June 30, 2023, 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:

 

Fund Name   Institutional      Service      Investor A      Investor A1      Investor C      Class K      Total  

New York Municipal

   $ 2,004      $ —      $ 3,379      $ 2,521      $ 520      $ 45      $ 8,469  

High Yield Municipal

     3,283        —        6,182        —        1,692        1,213        12,370  

National Municipal

     54,052        197        23,148        —        1,098        18,343        96,838  

Short-Term Municipal

     2,248        —        1,761        56        107        211        4,383  

For the year ended June 30, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

 

Fund Name   Institutional      Service      Investor A      Investor A1      Investor C      Class K      Total  

New York Municipal

   $ 425,352      $ —      $ 284,521      $ 37,038      $ 33,963      $ 485      $ 781,359  

High Yield Municipal

     628,427        —        258,717        —        25,327        48,431        960,902  

National Municipal

     3,302,385        1,113        1,975,060        —        58,529        108,796        5,445,883  

Short-Term Municipal

     323,630        —        84,985        6,659        4,166        1,737        421,177  

Other Fees: For the year ended June 30, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

 

Fund Name   Investor A  

New York Municipal

   $ 3,708  

High Yield Municipal

     5,908  

National Municipal

     12,365  

Short-Term Municipal

     1,386  

For the year ended June 30, 2023, affiliates received CDSCs as follows:

 

Fund Name   Investor A      Investor C  

New York Municipal

   $ 44,773      $ 5,365  

High Yield Municipal

     178,104        3,224  

National Municipal

     148,092        5,546  

Short-Term Municipal

     17,609        251  

Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually 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”) through June 30, 2024. 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. 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 year ended June 30, 2023, the amounts waived were as follows:

 

Fund Name   Fees Waived and/or Reimbursed
by the Manager		  

New York Municipal

   $ 17,692  

High Yield Municipal

     83,577  

National Municipal

     423,346  

Short-Term Municipal

     1,683  

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 June 30, 2024. 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. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. With respect to National Municipal, for the year ended June 30, 2023, the Manager waived $21,268 in investment advisory fees pursuant to this arrangement.

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:

 

Fund Name   Institutional     Service     Investor A     Investor A1     Investor C     Class K  

New York Municipal

     0.50 %      —       0.75 %      0.60 %      1.50 %      0.45 % 

High Yield Municipal

     0.54       —       0.79       —       1.54       0.49  

National Municipal

     0.43       0.68 %      0.68       —       1.43       0.38  

Short-Term Municipal

     0.36       —       0.61       0.46       1.36       0.31  

 

 

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Notes to Financial Statements  (continued)

 

The Manager has agreed not to reduce or discontinue this contractual expense limitation through June 30, 2024, 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 year ended June 30, 2023, the Manager waived and/or reimbursed the following amounts, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

 

Fund Name   Fees Waived and/or Reimbursed
by the Manager		  

New York Municipal

   $ 1,074,682  

High Yield Municipal

     615,233  

National Municipal

     2,221,690  

Short-Term Municipal

     398,130  

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statements of Operations. For the year ended June 30, 2023, class specific expense waivers and/or reimbursements were as follows:

 

     Transfer Agent Fees Waived and/or
Reimbursed by the Manager - Class Specific		  
Fund Name   Institutional      Service      Investor A      Investor A1      Investor C      Class K      Total  

New York Municipal

   $ 114,514      $ —      $ 6,026      $ 1,399      $ 6,612      $ 484      $ 129,035  

High Yield Municipal

     173,289        —        —        —        10,855        48,430        232,574  

National Municipal

     1,291,685        307        663,139        —        21,033        108,795        2,084,959  

Short-Term Municipal

     144,431        —        —        1,103        1,359        1,736        148,629  

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. New York Municipal, National Municipal and Short-Term 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 year ended June 30, 2023, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: During the year ended June 30, 2023, New York Municipal, High Yield Municipal and National Municipal received reimbursements of $13,472, $18,603 and $37,915, respectively, from an affiliate, which is included in payments by affiliate in the Statements of Operations, related to operating errors.

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 year ended June 30, 2023, 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:

 

Fund Name   Purchases      Sales      Net Realized
Gain (Loss)		  

High Yield Municipal

   $ —      $  18,023,079      $ —  

Short-Term Municipal

     14,021,108        53,043,938        —  

 

7.

PURCHASES AND SALES

For the year ended June 30, 2023, purchases and sales of investments, excluding short-term securities, were as follows:

 

Fund Name   Purchases      Sales  

New York Municipal

   $ 508,081,930      $ 620,782,601  

High Yield Municipal

     640,434,184        869,735,011  

National Municipal

     6,312,009,672        7,741,937,093  

Short-Term Municipal

     675,471,774        934,894,060  

 

 

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Notes to Financial Statements  (continued)

 

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 a period of three years after they are filed. 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 June 30, 2023, 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.

The tax character of distributions paid was as follows:

 

 

  
Fund Name        

Year Ended

06/30/23

          

Year Ended

06/30/22

  

 

  

New York Municipal

        

Tax-exempt income

     $ 36,173,402       $ 33,069,120  

Ordinary income

                1,816,568                  2,852,053  
   

 

 

      

 

 

  
    $ 37,989,970       $ 35,921,173  
   

 

 

      

 

 

  

High Yield Municipal

        

Tax-exempt income

     $ 72,388,731       $ 63,303,139  

Ordinary income

       1,069,725         1,601,216  

Long-term capital gains

       —         6,108,978  
   

 

 

      

 

 

  
    $ 73,458,456       $ 71,013,333  
   

 

 

      

 

 

  

National Municipal

        

Tax-exempt income

     $ 320,985,801       $ 272,860,977  

Ordinary income

       1,164,539         37,373,105  

Long-term capital gains

       —         33,359,370  
   

 

 

      

 

 

  
    $ 322,150,340       $ 343,593,452  
   

 

 

      

 

 

  

Short-Term Municipal

        

Tax-exempt income

     $ 13,828,695       $ 4,225,911  

Ordinary income

       171         269  
   

 

 

      

 

 

  
    $ 13,828,866       $ 4,226,180  
   

 

 

      

 

 

  

As of June 30, 2023, the tax components of accumulated earnings (loss) were as follows:

 

 

  
Fund Name   Undistributed
Tax-Exempt Income		      Undistributed
Ordinary Income		      Non-Expiring
Capital Loss
Carryforwards(a)		     Net Unrealized
Gains (Losses)(b)		     Total  

 

  

New York Municipal

   $ 807,799      $ 45,000      $ (86,418,874 )    $ (42,620,911 )    $ (128,186,986 ) 

High Yield Municipal

     658,843        363,287        (97,110,272 )      (149,240,433 )      (245,328,575 ) 

National Municipal

     8,526,598        676,864        (778,634,910 )      (135,075,083 )      (904,506,531 ) 

Short-Term Municipal

     370,190        —        (21,683,743 )      (6,035,102 )      (27,348,655 ) 

 

  

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis net unrealized gains was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums fixed income securities, the accrual of income on securities in default, the realization for tax purposes of unrealized gains/losses on certain futures contracts, the treatment of residual interests in TOB Trusts and the deferral of compensation to trustees.

 

As of June 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

 

  
Fund Name   Tax Cost      Gross Unrealized
Appreciation		      Gross Unrealized
Depreciation		     Net Unrealized
Appreciation
(Depreciation)		  

 

  

New York Municipal

   $ 1,304,462,058      $ 17,884,783      $ (60,491,574 )    $ (42,606,791 ) 

High Yield Municipal

     1,864,253,330        25,491,017        (174,731,450 )      (149,240,433 ) 

National Municipal

     10,096,325,537        99,062,305        (233,989,076 )      (134,926,771 ) 

Short-Term Municipal

     609,630,293        888,019        (6,923,121 )      (6,035,102 ) 

 

  

 

9.

BANK BORROWINGS

The Trust and the Corporation, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for

 

 

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Notes to Financial Statements  (continued)

 

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) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (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 or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 unless extended or renewed. 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 year ended June 30, 2023, the Funds did not borrow under the credit agreement.

 

10.

PRINCIPAL RISKS

In the normal course of business, the 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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.

As 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.

Market Risk: 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.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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, including making timely interest and/or principal payments or otherwise honoring its obligations. 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.

 

 

 

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Notes to Financial Statements  (continued)

 

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.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant amount of their assets in issuers located in a single state or limited number of states. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect 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 securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The 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 decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

 

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

 

 

  
        Year Ended
06/30/23		      Year Ended
06/30/22		  
Fund Name / Share Class       Shares      Amounts      Shares      Amounts  

 

  

New York Municipal

             

Institutional

             

Shares sold

            32,406,128      $ 335,027,734        24,793,750      $ 272,022,998  

Shares issued in reinvestment of distributions

       1,603,853        16,570,892        1,414,454        15,755,151  

Shares redeemed

       (36,964,555 )       (380,414,331 )       (24,751,515 )       (267,905,381 ) 
   

 

 

     

 

 

     

 

 

     

 

 

  
      (2,954,574 )     $ (28,815,705 )       1,456,689      $ 19,872,768  
   

 

 

     

 

 

     

 

 

     

 

 

  

Investor A

             

Shares sold and automatic conversion of shares

       10,346,524      $ 107,423,413        11,107,152      $ 124,091,622  

Shares issued in reinvestment of distributions

       1,406,363        14,539,454        1,228,345        13,693,809  

Shares redeemed

       (16,879,571 )           (174,209,177 )       (16,023,047 )           (177,022,543 ) 
   

 

 

     

 

 

     

 

 

     

 

 

  
      (5,126,684 )     $ (52,246,310 )       (3,687,550 )     $ (39,237,112 ) 
   

 

 

     

 

 

     

 

 

     

 

 

  

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

   89

Notes to Financial Statements  (continued)

 

 

  
           Year Ended
06/30/23		     Year Ended
06/30/22		  
Fund Name / Share Class (continued)          Shares      Amounts     Shares      Amounts  

 

  

New York Municipal (continued)

             

Investor A1

                      

Shares sold

        —      $ —       1,835      $ 18,839  

Shares issued in reinvestment of distributions

        141,242        1,459,876       127,602        1,422,600  

Shares redeemed

        (830,894 )       (8,579,031 )      (632,222 )       (7,013,385 ) 
    

 

 

     

 

 

    

 

 

     

 

 

  
       (689,652 )     $ (7,119,155 )      (502,785 )     $ (5,571,946 ) 
    

 

 

     

 

 

    

 

 

     

 

 

  

Investor C

             

Shares sold

        420,509      $ 4,336,131       518,240      $ 5,847,904  

Shares issued in reinvestment of distributions

        103,781        1,072,286       100,037        1,114,184  

Shares redeemed and automatic conversion of shares

        (1,944,163 )       (20,149,277 )      (2,127,103 )       (23,545,602 ) 
    

 

 

     

 

 

    

 

 

     

 

 

  
       (1,419,873 )     $ (14,740,860 )      (1,508,826 )     $ (16,583,514 ) 
    

 

 

     

 

 

    

 

 

     

 

 

  

Class K

             

Shares sold

        468,916      $ 4,870,303       187,191      $ 2,083,416  

Shares issued in reinvestment of distributions

        15,497        160,163       12,319        136,906  

Shares redeemed

        (269,561 )       (2,779,597 )      (152,309 )       (1,621,737 ) 
    

 

 

     

 

 

    

 

 

     

 

 

  
       214,852      $ 2,250,869       47,201      $ 598,585  
    

 

 

     

 

 

    

 

 

     

 

 

  
       (9,975,931 )     $     (100,671,161 )      (4,195,271 )     $     (40,921,219 ) 
    

 

 

     

 

 

    

 

 

     

 

 

  

 

 

  
           Year Ended
06/30/23		      Year Ended
06/30/22		  
Fund Name / Share Class          Shares      Amounts      Shares      Amounts  

 

  

High Yield Municipal

              

Institutional

              

Shares sold

        111,362,980      $ 984,955,258        97,345,172      $ 979,247,646  

Shares issued in reinvestment of distributions

        3,144,469        27,603,202        2,747,685        27,931,248  

Shares redeemed

        (111,018,776 )       (975,425,098 )       (113,190,234 )           (1,128,858,865 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  
       3,488,673      $ 37,133,362        (13,097,377 )     $ (121,679,971 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Investor A

              

Shares sold and automatic conversion of shares

        21,894,654      $ 194,013,727        33,512,488      $ 340,245,628  

Shares issued in reinvestment of distributions

        2,224,395        19,470,725        1,968,862        19,907,473  

Shares redeemed

        (33,735,457 )       (296,812,715 )       (26,339,169 )       (261,451,066 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  
       (9,616,408 )     $ (83,328,263 )       9,142,181      $ 98,702,035  
    

 

 

     

 

 

     

 

 

     

 

 

  

Investor C

              

Shares sold

        514,995      $ 4,534,226        925,428      $ 9,539,531  

Shares issued in reinvestment of distributions

        98,158        861,513        98,684        1,003,443  

Shares redeemed and automatic conversion of shares

        (1,416,304 )       (12,526,652 )       (1,408,978 )       (13,967,961 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  
       (803,151 )     $ (7,130,913 )       (384,866 )     $ (3,424,987 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Class K

              

Shares sold

        27,438,350      $ 240,471,769        40,830,965      $ 405,486,165  

Shares issued in reinvestment of distributions

        1,553,326        13,630,994        922,517        9,177,139  

Shares redeemed

        (37,176,904 )       (325,251,486 )       (14,064,195 )       (137,529,493 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  
       (8,185,228 )     $ (71,148,723 )       27,689,287      $ 277,133,811  
    

 

 

     

 

 

     

 

 

     

 

 

  
       (15,116,114 )     $     (124,474,537 )       23,349,225      $ 250,730,888  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

 

  
           Year Ended
06/30/23		      Year Ended
06/30/22		  
Fund Name / Share Class          Shares      Amounts      Shares      Amounts  

 

  

National Municipal

                       

Institutional

              

Shares sold

        244,446,398      $ 2,440,723,410        192,763,282      $ 2,080,739,720  

Shares issued in reinvestment of distributions

        10,553,339        105,279,780        10,548,083        116,072,452  

Shares redeemed

        (292,758,167 )           (2,910,047,193 )       (271,526,301 )           (2,866,139,687 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  
       (37,758,430 )     $ (364,044,003 )       (68,214,936 )     $ (669,327,515 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

 

 

90  

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Notes to Financial Statements  (continued)

 

     Year Ended
06/30/23		           

Year Ended

06/30/22

  
Fund Name / Share Class (continued)   Shares            Amounts             Shares             Amounts  

National Municipal (continued)

                       

Service

                 

Shares sold

     26,659        $ 268,873          64,184        $ 726,913  

Shares issued in reinvestment of distributions

     4,495          44,820          5,873          64,564  

Shares redeemed

     (184,205 )         (1,832,566 )         (94,175 )         (1,017,925 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (153,051 )       $ (1,518,873 )         (24,118 )       $ (226,448 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Investor A

                 

Shares sold and automatic conversion of shares

     259,086,337        $ 2,572,636,824          196,231,052        $ 2,115,943,592  

Shares issued in reinvestment of distributions

     7,223,524          72,104,094          7,621,180          84,059,121  

Shares redeemed

     (321,963,496 )         (3,197,402,552 )         (294,483,158 )         (3,165,319,556 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (55,653,635 )       $ (552,661,634 )         (90,630,926 )       $ (965,316,843 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Investor C

                 

Shares sold

     980,208        $ 9,799,188          962,619        $ 10,612,854  

Shares issued in reinvestment of distributions

     159,468          1,591,332          146,413          1,613,469  

Shares redeemed and automatic conversion of shares

     (3,424,402 )         (34,200,726 )         (3,723,353 )         (40,535,246 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (2,284,726 )       $ (22,810,206 )         (2,614,321 )       $ (28,308,923 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Class K

                 

Shares sold

     101,861,597        $ 1,015,663,294          111,537,131        $ 1,229,286,142  

Shares issued in reinvestment of distributions

     10,841,140          108,197,314          9,698,637          106,653,020  

Shares redeemed

     (144,310,411 )         (1,441,129,318 )         (172,678,520 )         (1,886,928,579 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (31,607,674 )       $ (317,268,710 )         (51,442,752 )       $ (550,989,417 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (127,457,516 )       $     (1,258,303,426 )         (212,927,053 )       $     (2,214,169,146 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

 

     Year Ended
06/30/23		            

Year Ended

06/30/22

  
Fund Name / Share Class   Shares             Amounts             Shares             Amounts  

Short-Term Municipal

                 

Institutional

                                   

Shares sold

     27,952,382        $ 272,437,165          39,068,046        $ 388,204,172  

Shares issued in reinvestment of distributions

     464,272          4,525,411          153,933          1,536,644  

Shares redeemed

     (47,015,164 )         (459,749,071 )         (37,593,947 )             (374,422,130 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (18,598,510 )       $ (182,786,495 )         1,628,032        $ 15,318,686  
 

 

 

       

 

 

       

 

 

       

 

 

  

Investor A

                 

Shares sold and automatic conversion of shares

     14,839,360        $ 144,766,174          19,093,336        $ 190,969,387  

Shares issued in reinvestment of distributions

     451,773          4,407,135          91,449          910,902  

Shares redeemed

     (18,218,805 )         (177,952,916 )         (21,234,747 )         (212,711,776 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (2,927,672 )       $ (28,779,607 )         (2,049,962 )       $ (20,831,487 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Investor A1

                 

Shares issued in reinvestment of distributions

     13,181        $ 128,594          3,451        $ 34,411  

Shares redeemed

     (173,253 )         (1,692,017 )         (62,768 )         (625,879 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (160,072 )       $ (1,563,423 )         (59,317 )       $ (591,468 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Investor C

                 

Shares sold

     442,653        $ 4,168,650          220,311        $ 2,098,579  

Shares issued in reinvestment of distributions

     6,611          62,359          —          —  

Shares redeemed and automatic conversion of shares

     (359,060 )         (3,386,085 )         (256,164 )         (2,467,354 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    90,204        $ 844,924          (35,853 )       $ (368,775 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Class K

                 

Shares sold

     4,566,177        $ 44,449,107          8,945,290        $ 88,583,080  

Shares issued in reinvestment of distributions

     48,977          477,254          10,676          105,820  

Shares redeemed

     (7,170,154 )         (69,909,390 )         (3,474,562 )         (34,618,049 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  
    (2,555,000 )       $ (24,983,029 )         5,481,404        $ 54,070,851  
 

 

 

       

 

 

       

 

 

       

 

 

  
    (24,151,050 )       $     (237,267,630 )         4,964,304        $ 47,597,807  
 

 

 

       

 

 

       

 

 

       

 

 

  

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

   91

Notes to Financial Statements  (continued)

 

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.

 

 

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Report of Independent Registered Public Accounting Firm

 

To the Shareholders of BlackRock New York Municipal Opportunities Fund, BlackRock High Yield Municipal Fund, BlackRock National Municipal Fund, and BlackRock Short-Term Municipal Fund and the Board of Trustees/Directors of BlackRock Multi-State Municipal Series Trust and BlackRock Municipal Bond Fund, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust, and BlackRock High Yield Municipal Fund, BlackRock National Municipal Fund, and BlackRock Short-Term Municipal Fund of BlackRock Municipal Bond Fund, Inc. (the “Funds”), including the schedules of investments, as of June 30, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2023, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

August 22, 2023

We have served as the auditor of one or more BlackRock investment companies since 1992.

 

 

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M

  93

Important Tax Information  (unaudited)

 

The following amounts, or maximum amounts allowable by law, are hereby designated as tax-exempt interest dividends for the fiscal year ended June 30, 2023:

 

Fund Name         

Exempt-Interest

Dividends

New York Municipal

   $       36,060,728

High Yield Municipal

     72,114,737

National Municipal

          323,978,863

Short-Term Municipal

           13,740,249

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended June 30, 2023:

 

Fund Name         

Interest

Dividends

New York Municipal

   $               1,861,568

High Yield Municipal

     1,059,100

National Municipal

           1,361,362

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended June 30, 2023:

 

Fund Name         

Interest

Related

Dividends

New York Municipal

   $           1,861,568

High Yield Municipal

     1,059,100

National Municipal

     1,361,362

Short-Term Municipal

           —

 

 

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Disclosure of Investment Advisory Agreements

 

The Board of Directors/Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Multi-State Municipal Series Trust (the “Trust”) and BlackRock Municipal Bond Fund, Inc. (the “Company”) met on May 4, 2023 (the “May Meeting”) and June 1-2, 2023 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Agreements”) between each of the Trust, on behalf of BlackRock New York Municipal Opportunities Fund (the “New York Municipal Opportunities Fund”) and the Company, on behalf of BlackRock High Yield Municipal Fund (the “High Yield Fund”), BlackRock National Municipal Fund (the “National Fund”) and BlackRock Short-Term Municipal Fund (the “Short-Term Fund” and collectively with the High Yield Fund, the National Fund and the New York Municipal Opportunities Fund, the “Funds” and each, a “Fund”), and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), each Fund’s investment adviser.

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of the Company or the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to them on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

 

 

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A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2022, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and the respective Morningstar Category (“Morningstar Category”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, the New York Municipal Opportunities Fund ranked in the third, second and first quartiles, respectively, against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the New York Municipal Opportunities Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the New York Municipal Opportunities Fund’s underperformance relative to its Morningstar Category during the applicable period.

The Board noted that for the one-, three- and five-year periods reported, the High Yield Fund ranked in the fourth, first and first quartiles, respectively, against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the High Yield Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the High Yield Fund’s underperformance relative to its Morningstar Category during the applicable period.

The Board noted that for each of the one-, three- and five-year periods reported, the National Fund ranked in the fourth quartile against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the National Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the National Fund’s underperformance relative to its Morningstar Category during the applicable periods.

The Board noted that for the one-, three- and five-year periods reported, the Short-Term Fund ranked in the second, fourth and fourth quartiles, respectively, against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Short-Term Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Short-Term Fund’s underperformance relative to its Morningstar Category during the applicable periods.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund

 

 

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The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2022 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the New York Municipal Opportunities Fund’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the New York Municipal Opportunities Fund’s Expense Peers. The Board also noted that the New York Municipal Opportunities Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the New York Municipal Opportunities Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the New York Municipal Opportunities Fund decreases below certain contractually specified levels. In addition, the Board noted that BlackRock and the Board have contractually agreed to a cap on the New York Municipal Opportunities Fund’s total expenses as a percentage of the New York Municipal Opportunities Fund’s average daily net assets on a class-by-class basis.

The Board noted that the High Yield Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the High Yield Fund’s Expense Peers. The Board also noted that the High Yield Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the High Yield Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the High Yield Fund decreases below certain contractually specified levels. In addition, the Board noted that BlackRock and the Board have contractually agreed to a cap on the High Yield Fund’s total expenses as a percentage of the High Yield Fund’s average daily net assets on a class-by-class basis.

The Board noted that the National Fund’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the National Fund’s Expense Peers. The Board also noted that the National Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the National Fund, combined with the assets of the Short-Term Fund, increase above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the National Fund or the Short-Term Fund, decrease below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the National Fund’s total expenses as a percentage of the National Fund’s average daily net assets on a class-by-class basis.

The Board noted that the Short-Term Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Short-Term Fund’s Expense Peers. The Board also noted that the Short-Term Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Short-Term Fund, combined with the assets of the National Fund, increase above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Short-Term Fund or the National Fund, decrease below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Short-Term Fund’s total expenses as a percentage of the Short-Term Fund’s average daily net assets on a class-by-class basis.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent

 

 

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Disclosure of Investment Advisory Agreements  (continued)

 

to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, distribution, securities lending, and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

Conclusion

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and the Company, on behalf of the High Yield Fund, the National Fund and the Short-Term Fund, and the Trust, on behalf of the New York Municipal Opportunities Fund, for a one-year term ending June 30, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

 

 

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Director and Officer Information

 

Independent Directors(a)

Name

Year of Birth(b)

  

Position(s) Held

(Length of Service)(c)

   Principal Occupation(s) During Past 5 Years  

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

  

Public Company

and Other

Investment

Company

Directorships Held

During

Past 5 Years

R. Glenn Hubbard

1958

  

Chair of the Board (Since 2022)

Director

(Since 2019)

   Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988.   70 RICs consisting of 104 Portfolios   ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); Total Energies SE (multi-energy)

W. Carl Kester(d)

1951

  

Vice Chair of the Board (Since 2022)

Director

(Since 2019)

   Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981.   72 RICs consisting of 106 Portfolios   None

Cynthia L. Egan

1955

  

Director

(Since 2019)

   Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007.   70 RICs consisting of 104 Portfolios   Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non Executive Vice Chair of the Board) (chemical products)

Frank J. Fabozzi(d)

1948

  

Director

(Since 2019)

   Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) from 2011 to 2022; Professor of Practice, Johns Hopkins University since 2021; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester.   72 RICs consisting of 106 Portfolios   None

Lorenzo A. Flores

1964

  

Director

(Since 2021)

   Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016.   70 RICs consisting of 104 Portfolios   None

Stayce D. Harris

1959

  

Director

(Since 2021)

   Lieutenant General, Inspector General, of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020.   70 RICs consisting of 104 Portfolios   KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer)

 

 

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Director and Officer Information  (continued)

 

Independent Directors(a) (continued)

Name

Year of Birth(b)

  

Position(s) Held

(Length of Service)(c)

   Principal Occupation(s) During Past 5 Years  

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

  

Public Company

and Other

Investment

Company

Directorships Held

During

Past 5 Years

J. Phillip Holloman

1955

   Director (Since 2021)   President and Chief Operating Officer, Cintas Corporation from 2008 to 2018.   70 RICs consisting of 104 Portfolios   PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation)

Catherine A. Lynch(d)

1961

   Director (Since 2019)   Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999.   72 RICs consisting of 106 Portfolios   PennyMac Mortgage Investment Trust
Interested Directors(a)(e)

Name

Year of Birth(b)

  

Position(s) Held

(Length of Service)(c)

   Principal Occupation(s) During Past 5 Years  

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

  

Public Company

and Other

Investment

Company

Directorships

Held During

Past 5 Years

Robert Fairbairn

1965

   Director (Since 2015)   Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc.from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.   98 RICs consisting of 273 Portfolios   None

John M. Perlowski(d)

1964

   Director (Since 2015) President and Chief Executive Officer (Since 2010)   Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.   100 RICs consisting of 275 Portfolios   None

 

(a) 

The address of each Director/Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001.

(b) 

Each Independent Director/Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Corporation’s/Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors/Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Corporation’s/Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors/Trustees on a case-by-case basis, as appropriate.

(c) 

Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; and W. Carl Kester, 1995. Certain other Independent Directors became members of the boards of the closed-end funds in the Fixed-Income Complex as follows: Cynthia L. Egan, 2016; and Catherine A. Lynch, 2016.

(d) 

Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

(e) 

Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Corporation/Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

 

 

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Director and Officer Information  (continued)

 

Officers Who Are Not Directors(a)

Name

Year of Birth(b)

  

Position(s) Held

(Length of Service)

    Principal Occupation(s) During Past 5 Years

Jennifer McGovern

1977

  

Vice President

(Since 2014)

    Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.

Trent Walker

1974

  

Chief Financial Officer

(Since 2021)

    Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Jay M. Fife

1970

   Treasurer (Since 2007)    Managing Director of BlackRock, Inc. since 2007.

Charles Park

1967

  

Chief Compliance Officer

(Since 2014)

    Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.

Lisa Belle

1968

  

Anti-Money Laundering Compliance Officer

(Since 2019)

    Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.

Janey Ahn

1975

  

Secretary

(Since 2019)

    Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

 

(a) 

The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001.

(b) 

Officers of the Fund serve at the pleasure of the Board.

Further information about the 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.

 

  Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Funds.

 

 

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N

   101

Additional Information

 

Tailored Shareholder Reports for Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Dividend Policy

Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds 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, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

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

 

 

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Additional Information  (continued)

 

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.

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.

Fund and Service Providers

 

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02114

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10001

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

 

 

 

A D D I T I O N A L   I N F O R M A T I O N

   103

Glossary of Terms Used in this Report

 

Portfolio Abbreviation

 

AGC    Assured Guaranty Corp.
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAB    Build America Bond
BAM    Build America Mutual Assurance Co.
BAM-TCRS    Build America Mutual Assurance Co.- Transferable Custodial Receipts
BHAC-CR    Berkshire Hathaway Assurance Corp. - Custodian Receipt
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
CR    Custodian Receipt
ETF    Exchange-Traded Fund
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
MTA    Month Treasury Average
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
Q-SBLF    Qualified School Bond Loan Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAN    State Aid Notes
SAW    State Aid Withholding
SONYMA    State of New York Mortgage Agency
ST    Special Tax
TA    Tax Allocation
VRDN    Variable Rate Demand Note

    

 

 

 

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Want to know more?

blackrock.com | 800-441-7762

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 the Funds unless preceded or accompanied by the Funds’ 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-06/23-AR

 

LOGO

  LOGO

(b) Not Applicable

 

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

 

Item 3 –

Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Frank J. Fabozzi

Lorenzo A. Flores

Catherine A. Lynch

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

 

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

 

     (a) Audit Fees    (b) Audit-Related Fees1    (c) Tax Fees2    (d) All Other Fees
      Entity Name          

    Current    
Fiscal

Year

End

   

  Previous  

Fiscal

Year

End

   

  Current  

Fiscal

Year

End

   

  Previous  

  Fiscal  

Year

End

   

  Current  

Fiscal

Year

End

   

  Previous  

Fiscal

Year

End

   

  Current  

Fiscal

Year

End

   

  Previous  

Fiscal

Year

End

BlackRock New York Municipal Opportunities Fund   $33,864    $32,538    $44    $1,051    $16,300    $19,600    $0    $0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

         Current Fiscal Year End            Previous Fiscal Year End    

(b) Audit-Related Fees1

   $0    $0

(c) Tax Fees2

   $0    $0

(d) All Other Fees3

   $2,154,000    $2,098,000

1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3 Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

 

Entity Name   

    Current Fiscal     

Year End

   

    Previous Fiscal    

Year End

BlackRock New York Municipal Opportunities Fund    $16,344    $20,651

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

 

    Current Fiscal Year    

End

  

  Previous Fiscal Year  

End

$2,154,000

   $2,098,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) – Not Applicable

(j) – Not Applicable

 

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(a) 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 – See Item 2

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

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 Multi-State Municipal Series Trust

 

 

By:

     

/s/ John M. Perlowski                            

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock Multi-State Municipal Series Trust

Date: August 22, 2023

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 Multi-State Municipal Series Trust

Date: August 22, 2023

 

 

By:

     

/s/ Trent Walker                                     

      

Trent Walker

      

Chief Financial Officer (principal financial officer) of

      

BlackRock Multi-State Municipal Series Trust

Date: August 22, 2023