Blackrock Municipal Bond Fund NPORT-P BlackRock High Yield Municipal Fund (Mar 2023 report)

Schedule of Investments (unaudited)  March 31, 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	$	14,524,386
Series F, 5.50%, 11/01/53		1,825		1,927,731
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a)		8,585		8,444,532
Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48		925		851,631
County of Jefferson Alabama Sewer Revenue, Refunding RB
Series D, Sub Lien, 7.00%, 10/01/51		2,355		2,508,866
Series D, Sub Lien, 6.50%, 10/01/53		3,465		3,682,356
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)		5,620		6,248,692
MidCity Improvement District, SAB
3.88%, 11/01/27		130		125,756
4.25%, 11/01/32		350		325,915
4.50%, 11/01/42		745		636,683
4.75%, 11/01/49		795		666,847
Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53(a)		21,645		22,314,783
Stadium Trace Village Improvement District, RB, 3.63%, 03/01/36		3,670		3,340,317
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a)		5,260		4,679,491
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)		1,110		906,770
				71,184,756
Arizona — 2.1%
Arizona Industrial Development Authority, RB
5.00%, 07/01/45(b)		1,135		1,038,405
7.10%, 01/01/55(b)		4,540		4,653,977
5.00%, 07/01/55(b)		1,215		1,069,773
Series A, 5.00%, 12/15/39(b)		150		141,513
Series A, 5.00%, 07/01/49(b)		2,790		2,529,400
Series A, 5.00%, 07/15/49		675		629,822
Series A, 5.00%, 12/15/49(b)		345		305,604
Series A, 5.00%, 07/01/54(b)		1,110		990,238
Series B, 5.13%, 07/01/47(b)		420		400,727
Series B, 5.25%, 07/01/51(b)		570		546,164
Arizona Industrial Development Authority, Refunding RB(b)
Series A, 5.00%, 07/01/26		630		632,579
Series A, 5.50%, 07/01/52		2,970		2,942,869
Florence Town Inc Industrial Development Authority, RB, 6.00%, 07/01/23(b)(c)		1,375		1,385,605
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		1,365		1,171,681
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 6.75%, 07/01/44(b)		810		836,269
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b)
5.00%, 07/01/35		300		300,094
Series A, 5.00%, 07/01/35		295		295,092
Industrial Development Authority of the County of Pima, RB
5.13%, 07/01/39		700		661,128

Security	Par (000)		Value
Arizona (continued)
Industrial Development Authority of the County of Pima, RB (continued)
5.25%, 07/01/49	$	870	$	779,176
Industrial Development Authority of the County of Pima, Refunding RB(b)
4.00%, 06/15/51		6,995		5,192,375
5.00%, 07/01/56		1,285		1,112,728
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b)		1,340		1,261,558
Maricopa County Industrial Development Authority, RB(b)
5.25%, 10/01/40		1,255		1,278,836
5.50%, 10/01/51		1,255		1,274,448
AMT, 4.00%, 10/15/47		6,500		5,515,419
				36,945,480
Arkansas(b) — 1.1%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		4,390		3,922,961
Series A, AMT, 4.75%, 09/01/49		17,005		15,799,499
				19,722,460
California — 4.2%
California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49(b)		690		605,037
California Infrastructure & Economic Development Bank, RB, AMT, 7.75%, 01/01/50(a)(b)		2,000		2,032,812
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		2,560		2,275,558
California Municipal Finance Authority, RB
Series A, 5.50%, 08/01/34(b)		270		271,639
Series A, 6.00%, 08/01/44(b)		655		657,809
Series A, 3.00%, 02/01/46		1,200		888,637
Series A, 6.13%, 08/01/49(b)		570		572,534
California Municipal Finance Authority, Refunding RB, Series A, 3.00%, 11/01/48		2,000		1,486,902
California School Finance Authority, RB
6.65%, 07/01/33		295		296,930
6.90%, 07/01/43		650		654,886
California Statewide Communities Development Authority, SAB, Series 2021-A, 4.00%, 09/02/51		1,985		1,673,619
California Statewide Financing Authority, RB, 0.00%, 06/01/55(b)(d)		65,000		3,770,000
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.25%, 05/15/47		8,000		8,648,016
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b)		9,320		7,457,044
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)		2,415		1,641,350
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b)		1,845		1,500,539
CSCDA Community Improvement Authority, RB, M/F Housing(b)
2.80%, 03/01/47		1,435		1,089,631
3.13%, 07/01/56		3,670		2,564,655
4.00%, 07/01/56		7,370		5,533,509
3.13%, 08/01/56		3,425		2,466,195
4.00%, 08/01/56		4,120		3,163,868
4.00%, 10/01/56		1,230		993,696
4.00%, 12/01/56		4,460		3,300,538
4.00%, 07/01/58		1,405		1,022,236

1

Schedule of Investments (unaudited) (continued) March 31, 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)
Series A, 5.00%, 01/01/54	$	1,050	$	841,307
Series A, 3.00%, 09/01/56		5,550		3,721,275
Series B, 4.00%, 07/01/58		1,585		1,100,927
Mezzanine Lien, 4.00%, 03/01/57		2,465		1,736,425
Mezzanine Lien, 4.00%, 06/01/57		1,130		807,114
Series B, Mezzanine Lien, 4.00%, 12/01/59		4,645		3,098,001
Series B, Sub Lien, 4.00%, 12/01/59		2,380		1,660,112
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(d)		16,810		1,697,776
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/35(b)(e)		4,420		1,566,947
Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23(c)		2,115		2,124,845
San Francisco City & County Redevelopment Agency Successor Agency, ST, CAB, Series C, 0.00%, 08/01/43(d)		3,000		828,450
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(d)
Series D, 0.00%, 08/01/23		470		464,769
Series D, 0.00%, 08/01/26		580		497,857
Series D, 0.00%, 08/01/31		1,155		775,926
				75,489,371
Colorado — 4.7%
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48		1,564		1,318,762
Aurora Crossroads Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/40		1,000		938,912
Series A, 5.00%, 12/01/50		500		446,956
Aviation Station North Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/39		750		707,144
Series A, 5.00%, 12/01/48		1,350		1,208,655
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b)		2,335		1,810,474
Broadway Station Metropolitan District No. 2, GO, Series A, 5.13%, 12/01/48		2,840		2,091,478
Bromley Park Metropolitan District No. 2, Refunding GO, Series B, Subordinate, 6.38%, 12/15/47		937		895,428
Cascade Ridge Metropolitan District, GO, 5.00%, 12/01/51		3,000		2,488,094
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)		820		724,351
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/47		5,875		5,640,599
Series A, AMT, 4.13%, 11/15/53		3,225		3,042,323
Clear Creek Transit Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/41		575		529,747
Series A, 5.00%, 12/01/50		1,000		872,868
Colorado Educational & Cultural Facilities Authority, Refunding RB(b)
5.00%, 12/01/40		115		107,752
5.00%, 12/01/50		155		136,648
5.00%, 12/01/55		180		156,116
Colorado Health Facilities Authority, RB
5.50%, 11/01/47		780		832,714
5.25%, 11/01/52		1,630		1,702,872

Security	Par (000)		Value
Colorado (continued)
Colorado Health Facilities Authority, RB (continued)
Series A, 5.00%, 05/15/35	$	1,255	$	1,104,882
Series A, 5.00%, 05/15/44		1,415		1,150,347
Series A, 5.00%, 05/15/58		2,920		2,164,161
Colorado High Performance Transportation Enterprise, RB, 5.00%, 12/31/56		2,500		2,428,392
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		1,260		1,124,301
Eagle Brook Meadows Metropolitan District No. 3, GO, Series 2021, 5.00%, 12/01/51		1,600		1,367,814
Fitzsimons Village Metropolitan District No. 3, Refunding GO
Series A-1, 4.00%, 12/01/26		800		764,508
Series A-1, 4.00%, 12/01/41		1,500		1,142,763
Series A-1, 4.25%, 12/01/55		3,095		2,152,294
Four Corners Business Improvement District, GO, 6.00%, 12/01/52		2,000		1,813,236
Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50		2,615		2,505,094
Greenways Metropolitan District No. 1, GO, Series A, 4.63%, 12/01/51		1,580		1,108,524
Home Place Metropolitan District, GO, Series A, 5.75%, 12/01/50		2,345		2,189,311
Horizon Metropolitan District No. 2, GO, 4.50%, 12/01/51(b)		1,675		1,162,840
Jefferson Center Metropolitan District No. 1, RB
Series A-2, 4.13%, 12/01/40		580		512,015
Series A-2, 4.38%, 12/01/47		1,000		855,754
Karl’s Farm Metropolitan District No. 2, GO(b)
Series A, 5.38%, 12/01/40		515		478,948
Series A, 5.63%, 12/01/50		1,350		1,244,685
Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50		1,810		1,304,967
Longs Peak Metropolitan District, GO, 5.25%, 12/01/51(b)		5,000		4,221,336
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		2,640		2,037,527
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48		760		730,894
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49		2,825		2,582,260
Palisade Park West Metropolitan District, GO, Series A, 5.13%, 12/01/49		1,500		1,282,639
Pomponio Terrace Metropolitan District, GO, Series A, 5.00%, 12/01/49		1,450		1,355,791
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48		1,240		1,157,488
Pronghorn Valley Metropolitan District, GO, Series A, 4.00%, 12/01/51		1,300		999,612
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)		3,045		1,651,224
Reunion Metropolitan District, RB, Series A, 3.63%, 12/01/44		1,516		1,125,921
Sky Ranch Community Authority Board, RB, Series A, 5.75%, 12/01/52		1,500		1,479,987
Southlands Metropolitan District No. 1, Refunding GO
Series A-1, 5.00%, 12/01/37		1,115		1,102,285
Series A-1, 5.00%, 12/01/47		3,990		3,755,280

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colorado (continued)
Sterling Ranch Community Authority Board, RB, Series B, Subordinate, 7.13%, 12/15/50	$	741	$	706,900
Thompson Crossing Metropolitan District No. 4, Refunding GO
5.00%, 12/01/39		1,400		1,323,883
5.00%, 12/01/49		1,480		1,328,003
Timberleaf Metropolitan District, GO, Series A, 5.75%, 12/01/50		1,730		1,615,142
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51		2,595		2,145,928
Westcreek Metropolitan District No. 2, GO, Series A, 5.38%, 12/01/48		800		756,079
Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/24(c)		595		618,331
				84,203,239
Connecticut — 0.5%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing
Series C-2, AMT, 2.00%, 05/15/30		125		113,251
Series C-2, AMT, 2.05%, 11/15/30		500		450,162
Series C-2, AMT, 2.15%, 11/15/31		400		355,725
Connecticut State Health & Educational Facilities Authority, RB(b)
Series A, 5.00%, 01/01/45		825		760,193
Series A, 5.00%, 01/01/55		1,100		964,264
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)		3,735		3,742,391
Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45(b)		963		964,135
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b)		2,045		2,121,452
				9,471,573
Delaware — 0.3%
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(f)		3,639		3,226,082
County of Kent Delaware, RB, Series A, 5.00%, 07/01/58		1,500		1,333,384
				4,559,466
District of Columbia — 1.7%
District of Columbia Tobacco Settlement Financing Corp., RB(d)
Series A, 0.00%, 06/15/46		40,740		9,102,171
Series B, 0.00%, 06/15/46		43,620		8,711,612
Series C, 0.00%, 06/15/55		88,900		7,885,697
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		385		395,443
District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37		880		960,323
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(d)		3,005		2,389,612
Series B, Subordinate, 4.00%, 10/01/49		2,170		2,005,822
				31,450,680
Florida — 11.2%
Artisan Lakes East Community Development District, SAB
Series 2021-1, 3.13%, 05/01/41		475		360,962
Series 2021-1, 4.00%, 05/01/51		450		353,855
Series 2021-2, 3.13%, 05/01/41(b)		510		387,560

Security	Par (000)		Value
Florida (continued)
Artisan Lakes East Community Development District, SAB (continued)
Series 2021-2, 4.00%, 05/01/52(b)	$	550	$	430,120
Avenir Community Development District, SAB, 5.63%, 05/01/54		1,940		1,863,642
Babcock Ranch Community Independent Special District, SAB
Series 2022, 5.00%, 05/01/42		1,570		1,506,010
Series 2022, 5.00%, 05/01/53		1,175		1,059,972
Boggy Branch Community Development District, SAB, 4.00%, 05/01/51		1,365		1,073,360
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43		1,135		1,113,226
Brevard County Health Facilities Authority, Refunding RB
4.00%, 11/15/45(b)		4,040		3,359,260
4.00%, 11/15/55(b)		5,960		4,605,387
Series A, 5.00%, 04/01/52		10,000		10,516,630
Buckhead Trails Community Development District, SAB
Series 2022, 5.63%, 05/01/42		740		754,599
Series 2022, 5.75%, 05/01/52		495		495,220
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39		2,280		2,282,469
Capital Trust Agency, Inc., RB
4.50%, 01/01/35(b)		2,250		1,970,822
5.00%, 01/01/55(b)		6,820		5,214,715
4.88%, 06/15/56(b)		6,670		5,453,245
Series A, 5.00%, 06/15/49(b)		500		411,058
Series A, 5.00%, 12/15/49		300		294,497
Series A, 5.75%, 06/01/54(b)		1,925		1,667,160
Series A, 5.00%, 12/15/54		260		254,866
Series B, 0.00%, 01/01/35(d)		3,365		1,498,838
Series B, 0.00%, 01/01/60(d)		64,500		3,818,142
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(d)		107,770		6,950,734
Celebration Pointe Community Development District No. 1, SAB
4.75%, 05/01/24		85		85,117
5.00%, 05/01/34		1,180		1,171,742
Charles Cove Community Development District, SAB
3.25%, 05/01/25		255		251,446
3.75%, 05/01/30		360		342,152
4.25%, 05/01/40		975		858,170
4.38%, 05/01/50		1,505		1,231,149
Charlotte County Industrial Development Authority, RB(b)
AMT, 5.00%, 10/01/34		530		523,941
AMT, 5.00%, 10/01/49		2,510		2,342,257
AMT, 4.00%, 10/01/51		3,150		2,429,664
City of Tallahassee Florida, RB, Series A, 5.00%, 12/01/55		2,600		2,616,604
Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48		2,090		2,101,829
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(g)(h)		370		217,116
County of Lake Florida, RB(b)
5.00%, 01/15/39		550		532,469
5.00%, 01/15/49		825		753,223
County of Osceola Florida Transportation Revenue, Refunding RB, Series A-1, 4.00%, 10/01/54		2,500		2,096,905

3

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)
Series A-2, 0.00%, 10/01/49	$	1,770	$	406,385
Series A-2, 0.00%, 10/01/51		5,125		1,043,142
Series A-2, 0.00%, 10/01/52		4,800		920,112
Series A-2, 0.00%, 10/01/54		2,125		360,755
County of Palm Beach Florida, RB, 5.00%, 04/01/51(b)		540		482,284
Elevation Pointe Community Development District, SAB
Series A-1, 4.40%, 05/01/42		700		629,931
Series A-1, 4.60%, 05/01/52		1,090		946,642
Series A-2, 4.40%, 05/01/32		2,200		2,093,722
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45		6,530		5,841,078
Florida Development Finance Corp., RB
5.00%, 06/15/41(b)		1,245		1,155,486
5.00%, 06/15/51(b)		1,190		1,045,484
5.25%, 06/01/55(b)		2,830		2,417,955
6.50%, 06/30/57(b)		1,515		1,515,565
Series A, 5.75%, 06/15/29(b)		695		697,214
Series A, 6.00%, 06/15/34(b)		835		838,610
Series A, 6.13%, 06/15/44(b)		3,185		3,127,625
Series A, 4.00%, 06/15/52		2,875		2,253,169
Series A, 5.00%, 06/15/56		1,525		1,425,343
Series A, 5.13%, 06/15/55(b)		10,455		8,839,514
Series B, 4.50%, 12/15/56(b)		5,945		4,649,656
Series C, 5.75%, 12/15/56(b)		2,030		1,757,300
AMT, 5.00%, 05/01/29(b)		3,550		3,317,968
AMT, 3.00%, 06/01/32		665		510,026
Florida Development Finance Corp., Refunding RB(b)
2.38%, 06/01/27		395		348,814
4.00%, 06/01/46		1,700		1,261,913
Class A, 4.00%, 06/01/36		2,110		1,767,064
Class A, 4.00%, 06/01/55		2,750		1,878,907
Gracewater Sarasota Community Development District, SAB, 4.00%, 05/01/52		1,000		782,036
Grand Oaks Community Development District, SAB
4.25%, 05/01/40		915		860,658
4.50%, 05/01/52		1,015		911,899
Greater Orlando Aviation Authority, Refunding RB, AMT, 5.00%, 11/15/36		2,000		2,000,952
Greeneway Improvement District, SAB, 5.13%, 05/01/43(b)		915		885,061
Hills of Minneola Community Development District, SAB(b)
4.00%, 05/01/40		1,025		887,239
4.00%, 05/01/50		1,500		1,168,783
Lakewood Ranch Stewardship District, SAB
4.25%, 05/01/25		55		54,873
4.25%, 05/01/26		125		124,652
4.95%, 05/01/29(b)		580		589,623
2.70%, 05/01/31		205		183,247
4.88%, 05/01/35		265		261,915
3.75%, 05/01/39(b)		570		487,442
5.50%, 05/01/39(b)		530		541,797
3.75%, 05/01/40		525		442,802
3.00%, 05/01/41		155		115,520
4.88%, 05/01/45		530		494,034
5.13%, 05/01/46		835		792,681
5.65%, 05/01/48(b)		875		885,954

Security	Par (000)		Value
Florida (continued)
Lakewood Ranch Stewardship District, SAB (continued)
4.00%, 05/01/49(b)	$	355	$	283,568
3.90%, 05/01/50		525		405,318
4.00%, 05/01/52		685		535,621
Series 1A, 3.90%, 05/01/23		100		99,965
Series 1A, 4.25%, 05/01/28		535		531,513
Series 1A, 5.00%, 05/01/38		1,175		1,167,387
Series 1A, 5.10%, 05/01/48		2,545		2,438,456
Series 1B, 4.75%, 05/01/29		955		961,647
Series 1B, 5.30%, 05/01/39		1,090		1,101,581
Series 1B, 5.45%, 05/01/48		1,930		1,934,202
Laurel Road Community Development District, SAB
Series A-1, 2.60%, 05/01/26		185		180,072
Series A-1, 3.00%, 05/01/31		250		227,437
Series A-1, 3.25%, 05/01/41		1,010		782,213
Series A-1, 4.00%, 05/01/52		1,155		903,252
Series A-2, 3.13%, 05/01/31		1,695		1,493,748
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51		4,710		3,204,020
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48		1,405		1,383,822
Midtown Miami Community Development District, Refunding SAB
Series A, 5.00%, 05/01/29		1,745		1,745,230
Series A, 5.00%, 05/01/37		890		887,269
Mirada II Community Development District, SAB
3.13%, 05/01/31		500		456,117
4.00%, 05/01/51		1,500		1,151,910
North River Ranch Community Development District, SAB
Series A-1, 4.00%, 05/01/40		845		720,253
Series A-1, 4.25%, 05/01/51		1,430		1,136,521
Series A-2, 4.20%, 05/01/35		1,000		882,314
Series A-3, 4.75%, 05/01/40		1,615		1,615,094
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52		4,310		3,965,282
Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/39		220		219,855
Poitras East Community Development District, SAB
5.00%, 05/01/43		460		450,507
5.25%, 05/01/52		1,650		1,609,389
Sandridge Community Development District, SAB
Series A1, 3.88%, 05/01/41		615		514,462
Series A1, 4.00%, 05/01/51		600		460,764
Sawyers Landing Community Development District, SAB
4.13%, 05/01/41		530		450,091
4.25%, 05/01/53		3,520		2,755,044
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54		2,420		2,033,151
Somerset Community Development District, Refunding SAB
4.00%, 05/01/32		515		510,412
4.20%, 05/01/37		665		611,055
South Broward Hospital District, RB, Series A, 3.00%, 05/01/51		4,205		3,136,787
Southern Groves Community Development District No. 5, SAB
3.38%, 05/01/25		100		99,431
4.00%, 05/01/30		175		173,518

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Southern Groves Community Development District No. 5, SAB (continued)
4.30%, 05/01/40	$	825	$	795,448
4.50%, 05/01/46		600		570,249
Tolomato Community Development District, Refunding SAB
Series 2015-2, 6.61%, 11/01/24(e)		125		113,129
Series A-2, 4.25%, 05/01/37		910		850,458
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(g)(h)		135		1
Trout Creek Community Development District, SAB
5.38%, 05/01/38		670		676,370
5.50%, 05/01/49		1,695		1,669,078
V-Dana Community Development District, SAB(b)
Series 1, Class AR, 3.00%, 05/01/25		155		152,713
Series 1, Class AR, 3.50%, 05/01/31		525		493,043
Series 1, Class AR, 4.00%, 05/01/40		750		648,865
Series 1, Class AR, 4.00%, 05/01/51		1,200		940,576
Viera East Community Development District, Refunding SAB, 5.00%, 05/01/26		490		490,502
Viera Stewardship District, SAB, Series 2021, 4.00%, 05/01/53		1,710		1,330,428
Village Community Development District No. 14, SAB
5.38%, 05/01/42		3,365		3,378,473
5.50%, 05/01/53		2,510		2,449,660
West Villages Improvement District, SAB
4.25%, 05/01/29		400		394,460
4.75%, 05/01/39		885		842,305
5.00%, 05/01/50		1,415		1,290,613
Windward at Lakewood Ranch Community Development District, SAB
3.25%, 05/01/27		525		513,151
3.63%, 05/01/32		835		776,823
4.00%, 05/01/42		730		621,969
4.25%, 05/01/52		880		719,888
				202,189,445
Georgia — 2.5%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b)		2,805		2,215,838
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		3,135		2,899,091
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)		875		780,433
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(c)		555		585,189
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/35		1,020		1,072,143
Series A, 5.00%, 05/15/36		1,020		1,059,975
Series A, 5.00%, 05/15/37		1,120		1,153,954
Series A, 5.00%, 05/15/38		615		628,095
Series A, 5.00%, 05/15/49		2,055		2,067,764
Series B, 5.00%, 12/01/52		18,800		19,452,528
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		4,150		3,705,763
Series A, 5.00%, 01/01/49		5,235		5,341,380

Security	Par (000)		Value
Georgia (continued)
Municipal Electric Authority of Georgia, RB (continued)
Series A, 5.00%, 07/01/52	$	2,765	$	2,840,108
Series A, 5.00%, 01/01/59		525		529,991
				44,332,252
Idaho — 0.5%
Idaho Health Facilities Authority, Refunding RB
3.50%, 09/01/33		375		335,666
5.00%, 09/01/37		1,000		1,014,647
Idaho Housing & Finance Association, RB
5.00%, 12/01/46(b)		1,000		999,183
5.00%, 08/15/47		3,215		3,556,369
Series A, 6.00%, 07/01/39(b)		370		378,227
Series A, 6.00%, 07/01/49(b)		595		599,229
Series A, 6.00%, 07/01/54(b)		570		572,196
Series A, 6.95%, 06/15/55(b)		1,540		1,638,238
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32		265		265,437
				9,359,192
Illinois — 4.0%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/40		3,015		3,032,577
Series A, 5.00%, 12/01/47		4,095		4,003,776
Series D, 5.00%, 12/01/46		1,010		991,049
Series H, 5.00%, 12/01/46		725		711,397
Chicago Board of Education, Refunding GO
Series B, 4.00%, 12/01/35		1,155		1,097,997
Series B, 4.00%, 12/01/41		4,905		4,340,140
Series C, 5.00%, 12/01/30		1,370		1,420,467
Series D, 5.00%, 12/01/31		1,500		1,553,193
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57		5,550		5,691,581
City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/37		6,469		6,112,882
Illinois Finance Authority, Refunding RB
6.00%, 02/01/34		335		337,888
6.13%, 02/01/45		790		795,287
5.00%, 05/15/56		815		646,718
Series A, 3.00%, 08/15/48		6,350		4,820,006
Series C, 5.00%, 02/15/41		3,000		3,117,858
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46		5,715		6,166,405
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		4,555		4,595,685
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		9,695		8,309,953
State of Illinois, GO
5.50%, 05/01/30		1,235		1,391,430
5.00%, 02/01/39		510		513,397
5.50%, 05/01/39		2,460		2,683,585
Series A, 5.00%, 04/01/35		1,460		1,462,105
Series A, 5.00%, 04/01/38		2,190		2,193,186
Series A, 4.00%, 03/01/39		5,595		5,490,351
Series A, 4.00%, 03/01/40		1,000		969,853
				72,448,766

5

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Indiana — 0.6%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34	$	525	$	535,027
AMT, 7.00%, 01/01/44		1,270		1,291,312
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(g)(h)		2,325		2,069,250
Indiana Finance Authority, RB
Series A, AMT, 5.00%, 07/01/23(c)		370		371,705
Series A, AMT, 6.75%, 05/01/39		2,785		3,156,511
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b)		3,175		2,651,452
				10,075,257
Iowa — 0.2%
Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48		2,360		1,737,434
Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51		1,000		961,872
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d)		15,710		1,670,900
				4,370,206
Kansas — 0.2%
City of Prairie Village Kansas, Refunding TA
2.88%, 04/01/30		625		555,211
3.13%, 04/01/36		1,000		833,154
City of Shawnee Kansas, RB(b)
5.00%, 08/01/41		770		740,515
5.00%, 08/01/56		1,900		1,688,861
				3,817,741
Kentucky — 1.2%
City of Hazard Kentucky, Refunding RB, 3.00%, 07/01/46		2,500		1,875,287
City of Henderson Kentucky, RB(b)
Series A, AMT, 4.70%, 01/01/52		2,435		2,202,044
Series B, AMT, 4.70%, 01/01/52		6,000		5,425,524
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(d)		250		239,299
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a)		9,000		8,878,932
Kentucky Public Transportation Infrastructure Authority, RB, Series A, 6.00%, 07/01/23(c)		3,000		3,023,406
				21,644,492
Louisiana(b) — 0.8%
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44		2,945		2,717,410
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54		1,990		1,797,529
Louisiana Public Facilities Authority, RB
Series A, 5.00%, 06/01/41		990		914,365
Series A, 5.00%, 04/01/49		500		427,363
Series A, 5.25%, 06/01/51		1,830		1,636,822
Series A, 5.25%, 06/01/60		3,385		2,946,318
Series A, 6.50%, 06/01/62		855		873,871
Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40		3,160		3,348,263
				14,661,941

Security	Par (000)		Value
Maine — 0.1%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b)	$	4,050	$	2,349,000
Maryland — 2.1%
City of Baltimore Maryland, RB
4.88%, 06/01/42		260		250,827
5.00%, 06/01/51		780		734,341
City of Baltimore Maryland, Refunding RB
5.00%, 09/01/46		1,500		1,397,568
Series A, 4.00%, 09/01/27		325		320,649
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b)		4,890		4,707,207
Maryland Economic Development Corp., RB
5.00%, 07/01/56		985		994,998
Class B, AMT, 5.25%, 06/30/55		4,760		4,865,815
Maryland Economic Development Corp., TA, 4.00%, 09/01/50		605		495,790
Maryland Health & Higher Educational Facilities Authority, RB
Series A, 7.00%, 03/01/55(b)		8,165		8,560,643
Series B, 4.00%, 04/15/50		15,000		14,171,670
Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, 2.85%, 01/01/51		1,855		1,363,774
				37,863,282
Massachusetts — 0.8%
Massachusetts Development Finance Agency, RB, Series D, 4.00%, 07/01/45		715		659,000
Massachusetts Development Finance Agency, Refunding RB(b)
4.00%, 10/01/32		355		337,574
4.13%, 10/01/42		855		778,013
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51		11,915		12,536,093
				14,310,680
Michigan — 0.4%
Advanced Technology Academy, Refunding RB
3.50%, 11/01/24		125		123,001
5.00%, 11/01/44		160		148,856
City of Detroit Michigan, GO
5.00%, 04/01/34		485		501,668
5.00%, 04/01/35		485		500,030
5.00%, 04/01/36		340		349,306
5.00%, 04/01/37		545		558,027
5.00%, 04/01/38		240		244,910
Grand Traverse County Hospital Finance Authority, Refunding RB, 3.00%, 07/01/51		2,000		1,402,604
Michigan State Building Authority, Refunding RB, 4.00%, 10/15/52		670		647,408
Michigan Strategic Fund, RB
5.00%, 11/15/42		280		260,748
AMT, 5.00%, 12/31/43		2,030		2,063,424
				6,799,982
Minnesota — 0.7%
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45		2,065		1,895,267
City of Deephaven Minnesota, Refunding RB, Series A, 5.25%, 07/01/40		500		501,282

SCHEDULE   OF   INVESTMENTS 6

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Minnesota (continued)
City of Minneapolis Minnesota, RB
Series A, 5.00%, 07/01/55	$	1,405	$	1,144,947
Series A, 5.75%, 07/01/55		3,435		3,426,097
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,925		1,798,959
Series A, 5.25%, 02/15/53		1,060		1,090,651
Series A, 5.25%, 02/15/58		2,790		2,870,857
				12,728,060
Mississippi — 0.3%
Mississippi Home Corp., Refunding RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 2.10%, 12/01/41		8,025		5,934,126
Missouri — 0.4%
Industrial Development Authority of the City of St Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		1,020		823,904
Series A, 4.75%, 11/15/47		1,135		857,797
Kansas City Industrial Development Authority, RB, Series C, 7.50%, 11/15/46		425		338,307
Kansas City Industrial Development Authority, Refunding RB
Class B, 5.00%, 11/15/46		772		591,597
Class D, 2.00%, 11/15/46		345		15,187
Kansas City Land Clearance Redevelopment Authority, TA(b)
Series B, 4.38%, 02/01/31		3,105		2,729,767
Series B, 5.00%, 02/01/40		1,240		1,032,573
Plaza at Noah’s Ark Community Improvement District, Refunding RB
3.00%, 05/01/25		350		339,033
3.00%, 05/01/26		275		261,985
3.00%, 05/01/30		225		203,263
3.13%, 05/01/35		750		621,384
				7,814,797
Nebraska — 0.5%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53		9,315		9,681,154
Nevada — 0.2%
City of Las Vegas Nevada Special Improvement District No. 815, SAB, 5.00%, 12/01/49		810		771,181
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		1,490		1,512,803
5.00%, 07/01/45		1,460		1,461,604
				3,745,588
New Hampshire — 0.7%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		1,435		1,267,833
Series A, 4.25%, 08/15/46		1,610		1,369,799
Series A, 4.50%, 08/15/55		3,350		2,855,610
New Hampshire Business Finance Authority, Refunding RB(b)
Series B, 4.63%, 11/01/42		4,650		4,260,121
Series C, AMT, 4.88%, 11/01/42		2,515		2,296,620
				12,049,983

Security	Par (000)		Value
New Jersey — 2.8%
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(i)	$	620	$	630,867
New Jersey Economic Development Authority, RB
5.00%, 12/15/28(c)		2,060		2,369,840
5.00%, 06/15/43		3,490		3,649,126
6.00%, 10/01/43		970		982,508
Class A, 5.25%, 11/01/47		7,835		8,464,621
Series A, 5.00%, 07/01/32		235		235,433
Series A, 5.00%, 07/01/37		375		371,768
Series A, 5.25%, 11/01/54(b)		3,955		3,460,376
Series B, 5.00%, 06/15/43		3,755		3,926,209
AMT, 5.38%, 01/01/43		1,360		1,367,216
Series B, AMT, 6.50%, 04/01/31		2,405		2,568,069
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		11,160		10,593,809
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, 3.25%, 12/01/51		1,700		1,239,839
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.25%, 06/15/41		1,265		1,299,197
Series AA, 4.00%, 06/15/50		5,000		4,693,925
Series S, 5.25%, 06/15/43		4,095		4,338,165
				50,190,968
New York — 7.6%
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/41		3,750		2,677,680
Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32		2,255		2,102,656
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b)		1,215		1,260,524
City of New York New York, GO, Series A-1, 4.00%, 09/01/46		3,825		3,667,253
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56		585		473,594
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		4,115		4,160,261
Series C-1, 5.00%, 11/15/50		1,340		1,379,064
New York City Housing Development Corp., RB, M/F Housing
Series C-1A, 4.15%, 11/01/39		3,105		3,011,834
Series C-1A, 4.20%, 11/01/44		5,690		5,562,077
Series C-1A, 4.30%, 11/01/47		4,655		4,415,272
New York City Industrial Development Agency, Refunding RB, Series A, (AGM), 3.00%, 01/01/40		605		491,188
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/51		4,495		4,868,445
New York Liberty Development Corp., Refunding RB, Series 1, 2.75%, 02/15/44		14,320		10,843,777
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55		3,425		3,316,941
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/48		3,700		3,595,131
New York State Housing Finance Agency, RB, M/F Housing, Series J-1, 2.65%, 11/01/46		3,935		2,762,512
New York State Urban Development Corp., RB
Series A, 4.00%, 03/15/46		13,000		12,621,661
Series A, 4.00%, 03/15/49		4,955		4,793,085
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49		5,725		5,505,555

7

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York Transportation Development Corp., ARB
AMT, 5.00%, 12/01/35	$	10,000	$	10,794,150
AMT, 4.00%, 01/01/36		5,000		4,727,030
Series A, AMT, 5.00%, 07/01/46		3,000		3,002,007
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		3,845		3,963,111
AMT, 4.00%, 04/30/53		3,365		2,846,871
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		3,665		3,692,268
New York Transportation Development Corp., Refunding RB, 4.00%, 12/01/40		3,000		2,930,256
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b)		530		448,730
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/61		15,000		13,970,340
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44		4,040		2,951,689
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		1,259		1,270,833
Westchester County Local Development Corp., Refunding RB
5.00%, 07/01/41(b)		240		195,705
5.00%, 07/01/56(b)		5,265		3,855,396
Series A, 5.13%, 07/01/55		1,100		874,400
Westchester Tobacco Asset Securitization Corp., Refunding RB
Sub-Series C, 4.00%, 06/01/42		740		724,935
Sub-Series C, 5.13%, 06/01/51		2,000		2,010,384
				135,766,615
North Carolina — 0.2%
North Carolina Turnpike Authority, RB, Senior Lien, 4.00%, 01/01/55		3,000		2,770,062
North Dakota — 0.3%
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58		1,785		1,832,417
University of North Dakota, COP, Series A, (AGM), 2.50%, 06/01/54		6,200		3,599,999
				5,432,416
Ohio — 2.9%
American Municipal Power, Inc., Refunding RB, 4.00%, 02/15/37		2,750		2,763,423
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		26,665		24,015,939
Cleveland-Cuyahoga County Port Authority, Refunding TA(b)
4.50%, 12/01/55		1,190		1,011,982
Class A, 4.00%, 12/01/55		925		781,928
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46		1,435		1,283,150
County of Hardin Ohio, Refunding RB 5.00%, 05/01/30		620		594,364
5.25%, 05/01/40		615		566,964
5.50%, 05/01/50		2,895		2,575,320
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b)		3,905		3,598,387

Security	Par (000)		Value
Ohio (continued)
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51(b)	$	4,125	$	2,910,344
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)		4,700		4,218,236
Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47		3,500		3,006,178
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)		1,100		842,949
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)		5,980		4,780,597
				52,949,761
Oklahoma — 1.7%
Norman Regional Hospital Authority, RB, 4.00%, 09/01/45		3,565		3,033,259
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b)		14,390		15,116,134
Series A-2, 7.25%, 09/01/51(b)		1,920		2,016,885
Series B, 5.00%, 08/15/38		4,585		4,253,500
Series B, 5.25%, 08/15/48		850		768,313
Series B, 5.50%, 08/15/52		3,280		3,012,962
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b)		1,165		958,830
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37		1,050		1,052,001
				30,211,884
Oregon(b) — 0.1%
Oregon State Facilities Authority, RB
Series A, 5.00%, 06/15/49		915		836,091
Series A, 5.25%, 06/15/55		505		465,638
				1,301,729
Pennsylvania — 2.0%
Bucks County Industrial Development Authority, RB
4.00%, 07/01/46		275		218,451
4.00%, 07/01/51		200		153,075
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/24(c)		2,750		2,826,248
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		880		817,417
Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 12/01/46		1,470		1,451,557
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32		980		982,758
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 4.00%, 04/15/50		11,000		10,127,337
AMT, 5.00%, 06/30/42		895		896,566
AMT, 5.75%, 06/30/48		2,890		3,124,194
AMT, 5.25%, 06/30/53		4,830		4,902,827
Pennsylvania Economic Development Financing Authority, Refunding RB
Series A, 4.00%, 02/15/40		3,520		3,458,836
Series A, 4.00%, 02/15/52		2,250		2,059,015
AMT, 5.50%, 11/01/44		5,390		5,396,193
				36,414,474
Puerto Rico — 12.3%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(d)		135,505		8,512,153

SCHEDULE   OF   INVESTMENTS 8

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Puerto Rico (continued)
Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(d)	$	2,000		$	203,598
Commonwealth of Puerto Rico, GO
0.00%, 11/01/43(a)		14,814			6,450,480
0.00%, 11/01/51(a)		58,291			21,919,039
Series A1, Restructured, 5.38%, 07/01/25		—	(j)		3
Series A1, Restructured, 5.63%, 07/01/29		11,002			11,442,000
Series A1, Restructured, 5.75%, 07/01/31		5,352			5,621,740
Series A1, Restructured, 4.00%, 07/01/33		1,849			1,659,394
Series A1, Restructured, 4.00%, 07/01/35		1,662			1,446,155
Series A1, Restructured, 4.00%, 07/01/37		4,281			3,625,691
Series A1, Restructured, 4.00%, 07/01/41		3,879			3,144,546
Series A1, Restructured, 4.00%, 07/01/46		3,477			2,708,986
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(d)		2,379			1,351,070
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a)		763			242,987
PRIFA Custodial Trust, RB, Series 2005, 0.00%, 03/15/49		3,300			1,023,366
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, AMT, 4.00%, 07/01/42(b)		1,075			905,303
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(b)
Series A, 5.00%, 07/01/33		3,530			3,515,891
Series A, 5.00%, 07/01/37		3,455			3,399,191
Series B, 5.00%, 07/01/28		4,465			4,492,424
Series B, 5.00%, 07/01/29		3,265			3,276,966
Series B, 4.00%, 07/01/42		5,000			4,223,690
Puerto Rico Electric Power Authority, RB
0.00%, 01/01/20(a)(g)(h)		4,430			3,959,253
3rd Series, 5.40%, 01/01/20(a)(g)(h)		208			150,375
Series A, 7.25%, 07/01/30		250			181,020
Series A, 7.00%, 07/01/33(g)(h)		8,735			6,324,848
Series A, 7.00%, 07/01/40		1,000			724,081
Series A, 5.00%, 07/01/42(g)(h)		2,315			1,652,783
Series A, 5.05%, 07/01/42(g)(h)		1,080			771,061
Series A, 7.00%, 07/01/43(g)(h)		775			561,163
Series A-1, 10.00%, 07/01/19		230			166,692
Series A-2, 10.00%, 07/01/19(g)(h)		1,161			840,968
Series A-3, 10.00%, 07/01/19(g)(h)		748			541,372
Series B-3, 10.00%, 07/01/19(g)(h)		748			541,372
Series C-1, 5.40%, 01/01/18(g)(h)		2,054			1,487,390
Series C-2, 5.40%, 07/01/18(g)(h)		2,054			1,487,630
Series C-4, 5.40%, 07/01/20(g)(h)		208			150,375
Series CCC, 5.00%, 07/01/22		715			510,471
Series CCC, 5.00%, 07/01/25		620			442,646
Series CCC, 5.25%, 07/01/26(g)(h)		590			421,228
Series CCC, 5.25%, 07/01/28(g)(h)		1,945			1,388,623
Series D-1, 7.50%, 01/01/20(g)(h)		2,332			1,688,723
Series TT, 5.00%, 07/01/18(g)(h)		900			642,550
Series TT, 5.00%, 07/01/25(g)(h)		3,270			2,334,600
Series TT, 5.00%, 07/01/26(g)(h)		455			324,845
Series WW, 5.50%, 07/01/17(g)(h)		475			339,124
Series WW, 5.50%, 07/01/18(g)(h)		415			296,287
Series WW, 5.50%, 07/01/19(g)(h)		335			239,172
Series WW, 5.38%, 07/01/22(g)(h)		4,500			3,212,752
Series WW, 5.38%, 07/01/24(g)(h)		815			581,865
Series WW, 5.25%, 07/01/25		1,940			1,385,053
Series WW, 5.25%, 07/01/33(g)(h)		315			224,893
Series WW, 5.50%, 07/01/38(g)(h)		415			296,287

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Electric Power Authority, RB (continued)
Series XX, 5.25%, 07/01/27(g)(h)	$	230	$	164,207
Series XX, 5.25%, 07/01/35(g)(h)		705		503,331
Series XX, 5.75%, 07/01/36(g)(h)		2,870		2,049,022
Series XX, 5.25%, 07/01/40(g)(h)		8,385		5,986,429
Series A, AMT, 6.75%, 07/01/36(g)(h)		5,830		4,221,392
Puerto Rico Electric Power Authority, Refunding RB
Series AAA, 5.25%, 07/01/22(g)(h)		765		546,168
Series AAA, 5.25%, 07/01/25		3,560		2,541,644
Series AAA, 5.25%, 07/01/28(g)(h)		3,655		2,609,469
Series AAA, 5.25%, 07/01/29(g)(h)		190		135,650
Series UU, 0.00%, 07/01/17(a)(g)(h)		2,660		1,842,050
Series UU, 0.00%, 07/01/18(a)(g)(h)		125		86,563
Series UU, 0.00%, 07/01/20(a)(g)(h)		1,135		785,987
Series UU, 3.22%, 07/01/31(a)(g)(h)		1,345		931,412
Series ZZ, 5.00%, 07/01/17(g)(h)		330		235,602
Series ZZ, 5.25%, 07/01/19(g)(h)		1,050		749,642
Series ZZ, 5.25%, 07/01/23(g)(h)		370		264,160
Series ZZ, 5.25%, 07/01/24(g)(h)		5,050		3,605,422
Series ZZ, 5.25%, 07/01/25		265		189,195
Series ZZ, 5.00%, 07/01/28(g)(h)		345		246,311
Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32(d)		16,401		10,253,081
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB
Series A1, Restructured, 4.75%, 07/01/53		12,864		11,658,978
Series A-2, Restructured, 4.33%, 07/01/40		10,453		9,490,467
Series A-2, Restructured, 4.54%, 07/01/53		1,564		1,356,789
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB(d)
Series A1, Restructured, 0.00%, 07/01/29		2,914		2,170,505
Series A1, Restructured, 0.00%, 07/01/33		2,574		1,572,186
Series A1, Restructured, 0.00%, 07/01/46		7,072		1,845,375
Series B1, Restructured, 0.00%, 07/01/46		2,066		541,280
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A1, Restructured, 4.50%, 07/01/34		2,255		2,213,846
Series A1, Restructured, 5.00%, 07/01/58		15,654		14,669,833
Series A-2, Restructured, 4.78%, 07/01/58		7,333		6,595,014
Series A-2, Restructured, 4.33%, 07/01/40		8,723		7,925,378
				221,020,563
South Carolina — 0.7%
City of Hardeeville South Carolina, SAB(b)
3.00%, 05/01/27		500		483,965
3.50%, 05/01/32		850		751,126
3.88%, 05/01/41		1,400		1,146,078
4.00%, 05/01/52		1,350		998,667
County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b)		2,240		2,267,823
South Carolina Jobs-Economic Development Authority, RB
7.50%, 08/15/62(b)		1,935		1,894,365
Series A, 5.00%, 11/15/42		585		541,956
South Carolina Jobs-Economic Development Authority, Refunding RB
4.00%, 11/15/27		480		459,808
Series A, 5.00%, 05/01/48		3,315		3,410,240
				11,954,028

9

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tennessee — 2.3%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44	$	410	$	371,363
Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b)(g)(h)		4,060		1,219,795
Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36		560		577,568
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
Series A, 4.00%, 10/01/49		1,635		1,279,301
Series A, 5.25%, 10/01/58		7,565		7,565,446
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, 4.00%, 06/01/51(b)		2,350		1,808,656
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(d)		4,000		1,383,828
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.25%, 07/01/34		1,250		1,423,127
Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b)		500		490,404
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)		7,435		8,050,194
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)		16,360		16,869,189
				41,038,871
Texas — 6.0%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)		2,340		1,657,155
Arlington Higher Education Finance Corp., RB
5.00%, 06/15/51		2,045		1,698,548
5.63%, 08/15/54(b)		6,260		6,001,881
7.50%, 04/01/62(b)		1,970		2,099,076
7.88%, 11/01/62(b)		1,670		1,725,681
Series A, 5.88%, 03/01/24		120		120,690
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		1,610		1,445,194
Central Texas Regional Mobility Authority, Refunding RB(d)
0.00%, 01/01/28		3,000		2,586,375
0.00%, 01/01/29		500		416,933
0.00%, 01/01/30		1,330		1,072,709
0.00%, 01/01/31		4,000		3,112,032
City of Crandall Texas, SAB(b)
3.38%, 09/15/26		100		97,314
4.00%, 09/15/31		200		190,053
4.75%, 09/15/31		100		94,643
4.25%, 09/15/41		770		670,008
5.00%, 09/15/41		500		438,698
City of Houston Texas Airport System Revenue, ARB
AMT, 5.00%, 07/15/28		2,725		2,755,983
Series A, AMT, 6.63%, 07/15/38		1,110		1,110,458
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		615		615,761
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		3,925		3,932,289
City of Marble Falls Texas, SAB(b)
4.63%, 09/01/31		100		92,042
4.88%, 09/01/41		295		245,334
5.13%, 09/01/51		500		401,165

Security	Par (000)		Value
Texas (continued)
City of San Marcos Texas, SAB(b)
3.75%, 09/01/27	$	228	$	222,519
4.00%, 09/01/32		237		222,996
4.25%, 09/01/42		750		658,041
4.50%, 09/01/51		520		447,954
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42		3,380		3,158,215
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48		1,370		1,374,299
Harris County Cultural Education Facilities Finance Corp., Refunding RB
Series A, 5.00%, 01/01/38		510		464,846
Series A, 5.00%, 01/01/43		520		455,360
Series A, 5.13%, 01/01/48		1,535		1,309,306
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(d)		350		121,903
Hemphill County Hospital District, GO
4.63%, 02/01/39		1,500		1,390,234
4.75%, 02/01/45		2,500		2,253,475
Hidalgo County Regional Mobility Authority, Refunding RB
Series B, Junior Lien, 4.00%, 12/01/39		1,000		904,234
Series B, Junior Lien, 4.00%, 12/01/40		1,040		929,510
Series B, Junior Lien, 4.00%, 12/01/41		1,000		882,281
Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51		1,400		1,126,931
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)		1,385		1,358,037
New Hope Cultural Education Facilities Finance Corp., RB
Series A, 5.88%, 04/01/23(c)		890		890,000
Series A, 6.00%, 04/01/23(c)		1,355		1,355,000
Series A, 5.00%, 07/01/57		3,000		2,566,752
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52		5,000		4,537,460
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b)		5,580		5,102,190
Newark Higher Education Finance Corp., RB(b)
Series A, 5.50%, 08/15/35		375		386,580
Series A, 5.75%, 08/15/45		735		749,925
Port Beaumont Navigation District, RB(b)
AMT, 2.75%, 01/01/36		2,620		1,899,196
AMT, 2.88%, 01/01/41		4,100		2,704,508
AMT, 3.00%, 01/01/50		23,435		14,022,262
Port Beaumont Navigation District, Refunding RB(b)
Series A, AMT, 3.63%, 01/01/35		3,725		3,067,403
Series A, AMT, 4.00%, 01/01/50		5,585		4,065,288
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41		645		556,419
Series A, 5.00%, 10/01/51		885		700,382
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48		8,560		8,809,781
Texas Transportation Commission State Highway 249 System, RB, CAB(d)
0.00%, 08/01/46		2,580		677,286
0.00%, 08/01/47		3,850		945,214
0.00%, 08/01/48		4,070		933,418
0.00%, 08/01/49		3,825		821,075
0.00%, 08/01/50		5,485		1,104,377

SCHEDULE   OF   INVESTMENTS 10

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Texas (continued)
Texas Transportation Commission State Highway 249 System, RB, CAB(d) (continued)
0.00%, 08/01/51	$	3,230		$	609,734
0.00%, 08/01/52		3,230			572,666
0.00%, 08/01/53		290			48,383
					106,985,462
Utah — 0.1%
County of Utah, RB, Series A, 3.00%, 05/15/50		940			733,741
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b)		1,320			1,158,450
					1,892,191
Vermont — 0.5%
East Central Vermont Telecommunications District, RB(b)
Series A, 4.75%, 12/01/40		2,850			2,555,923
Series A, 4.50%, 12/01/44		3,695			3,081,722
Series A, 4.50%, 12/01/50		3,000			2,380,929
Vermont Student Assistance Corp., RB, Class A, AMT, 2.38%, 06/15/39		2,170			1,622,438
					9,641,012
Virginia — 1.2%
Hampton Roads Transportation Accountability Commission, RB
Series A, 4.00%, 07/01/52		3,410			3,319,840
Series A, Senior Lien, 4.00%, 07/01/50		1,545			1,483,171
Series A, Senior Lien, 4.00%, 07/01/55		9,770			9,522,194
Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/40(b)		1,790			1,491,113
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50		1,250			1,128,707
Lower Magnolia Green Community Development Authority, SAB(b)
5.00%, 03/01/35		465			464,185
5.00%, 03/01/45		480			451,940
Norfolk Redevelopment & Housing Authority, RB, Series A, 5.00%, 01/01/49		1,250			1,021,705
Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45		830			757,288
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48		2,885			2,249,232
					21,889,375
Washington — 0.5%
Washington Economic Development Finance Authority, RB, Series A, AMT, 5.63%, 12/01/40(b)		3,470			3,485,500
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		885			795,757
Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/56(b)		1,400			1,212,310
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		—	(j)		257
Washington State Housing Finance Commission, Refunding RB(b)
5.75%, 01/01/35		355			324,747

Security	Par (000)		Value
Washington (continued)
Washington State Housing Finance Commission, Refunding RB(b) (continued)
5.00%, 01/01/43	$	2,000	$	1,695,130
6.00%, 01/01/45		940		831,985
				8,345,686
Wisconsin — 3.7%
Public Finance Authority, ARB
AMT, 4.00%, 07/01/41		530		417,837
AMT, 4.25%, 07/01/54		3,690		2,668,826
Public Finance Authority, RB
5.00%, 06/15/39		310		315,023
5.00%, 06/15/41(b)		925		863,252
5.00%, 01/01/42(b)		1,555		1,449,122
5.00%, 06/15/49		955		939,449
5.63%, 06/15/49(b)		5,975		5,256,464
5.00%, 06/15/53		645		628,849
5.00%, 06/15/55(b)		2,405		2,088,598
5.00%, 01/01/56(b)		3,790		3,258,274
Series A, 4.25%, 06/15/31(b)		170		159,329
Series A, 6.25%, 10/01/31(b)		910		766,033
Series A, 5.00%, 06/01/40(b)		750		692,308
Series A, 5.00%, 06/15/41(b)		510		455,852
Series A, 6.85%, 11/01/46(b)(g)(h)		1,325		861,250
Series A, 7.00%, 11/01/46(b)(g)(h)		805		523,250
Series A, 5.38%, 07/15/47(b)		1,595		1,402,080
Series A, 7.00%, 10/01/47(b)		910		738,687
Series A, 5.00%, 06/01/49(b)		1,340		1,148,498
Series A, 5.63%, 06/15/49(b)		8,025		7,534,047
Series A, 5.00%, 06/15/51(b)		1,060		879,547
Series A, 5.25%, 12/01/51(b)		5,280		4,003,903
Series A, 5.00%, 06/15/55(b)		11,540		9,124,043
Series A, 4.75%, 06/15/56(b)		2,415		1,789,177
Series A-1, 4.50%, 01/01/35(b)		895		801,640
Series A-1, 5.50%, 12/01/48(b)(g)(h)		38		8,436
Series B, 0.00%, 01/01/35(b)(d)		1,135		505,901
Series B, 0.00%, 01/01/60(b)(d)		31,635		1,872,317
AMT, 4.00%, 09/30/51		4,000		3,311,856
AMT, 4.00%, 03/31/56		3,370		2,704,947
Public Finance Authority, Refunding RB(b)
5.00%, 03/01/52		1,300		1,085,512
5.25%, 05/15/52		1,135		994,228
Series A, 5.00%, 10/01/34		280		282,231
Series A, 5.00%, 10/01/39		680		651,870
Wisconsin Health & Educational Facilities Authority, Refunding RB
5.00%, 11/01/46		130		106,513
4.00%, 12/01/46		1,775		1,729,388
4.00%, 01/01/47		3,900		2,892,540
4.00%, 01/01/57		1,050		714,970
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47		740		746,771
				66,372,818
Total Municipal Bonds — 90.9% (Cost: $1,762,458,576)				1,633,380,884

11

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds Transferred to Tender Option Bond Trusts(a)(k)
NewYork — 1.8%
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47	$	32,925	$	32,159,795
North Carolina — 1.1%
North Carolina Medical Care Commission, RB, 4.00%, 11/01/49		21,050		21,069,619
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.9% (Cost: $50,656,106)				53,229,414
Total Long-Term Investments — 93.8% (Cost: $1,813,114,682)				1,686,610,298
	Shares
Short-Term Securities
Money Market Funds — 6.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.59%(l)(m)		118,244,807		118,232,982
Total Short-Term Securities — 6.6% (Cost: $118,233,178)				118,232,982
Total Investments — 100.4% (Cost: $1,931,347,860)				1,804,843,280
Other Assets Less Liabilities — 1.1%				20,004,021
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.5)%				(27,178,659	)
Net Assets — 100.0%			$	1,797,668,642

^(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)  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.

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

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

^(h)  Non-income producing security.

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

^(j)  Rounds to less than 1,000.

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

^(l)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 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 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	77,796,619	$	40,488,549	(a)	$	—	$	(38,299	)	$	(13,887	)	$	118,232,982		118,244,807	$	1,053,769	$	—

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		141		06/21/23	$	16,224	$	(478,813	)
U.S. Long Bond		203		06/21/23		26,663		(917,698	)
5-Year U.S. Treasury Note		99		06/30/23		10,855		(235,218	)
							$	(1,631,729	)

SCHEDULE   OF   INVESTMENTS 12

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock High Yield Municipal Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

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

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—		$	1,630,154,802	$	3,226,082	$	1,633,380,884
Municipal Bonds Transferred to Tender Option Bond Trusts		—			53,229,414		—		53,229,414
Short-Term Securities
Money Market Funds		118,232,982			—		—		118,232,982
	$	118,232,982		$	1,683,384,216	$	3,226,082	$	1,804,843,280
Derivative Financial Instruments(a)
Liabilities
Interest Rate Contracts	$	(1,631,729	)	$	—	$	—	$	(1,631,729	)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $26,989,987 are categorized as Level 2 within the fair value hierarchy.

Portfolio Abbreviation
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
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

Portfolio Abbreviation (continued)
NPFGC	National Public Finance Guarantee Corp.
PSF	Permanent School Fund
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
SONYMA	State of New York Mortgage Agency
ST	Special Tax
TA	Tax Allocation

13