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

Schedule of Investments (unaudited)  September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 4.1%
Black Belt Energy Gas District, RB(a)
Series C-1, 5.25%, 02/01/53	$	13,790	$	13,948,420
Series F, 5.50%, 11/01/53		1,825		1,857,370
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a)		8,585		8,039,792
Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48		925		774,991
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)		5,620		5,933,787
MidCity Improvement District, SAB
3.88%, 11/01/27		130		122,371
4.25%, 11/01/32		350		300,663
4.50%, 11/01/42		745		570,473
4.75%, 11/01/49		795		596,858
Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53(a)		21,645		21,580,736
Stadium Trace Village Improvement District, RB, 3.63%, 03/01/36		3,670		3,046,012
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a)		4,830		3,347,968
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)		1,110		960,696
				61,080,137
Arizona — 2.3%
Arizona Industrial Development Authority, RB
5.00%, 07/01/45(b)		1,135		951,896
7.10%, 01/01/55(b)		4,540		4,534,189
5.00%, 07/01/55(b)		1,215		982,933
Series A, 5.00%, 12/15/39(b)		150		131,872
Series A, 5.00%, 07/01/49(b)		1,440		1,195,224
Series A, 5.00%, 07/15/49		675		582,913
Series A, 5.00%, 12/15/49(b)		345		285,791
Series A, 5.00%, 07/01/54(b)		1,110		904,523
Series B, 5.13%, 07/01/47(b)		420		367,594
Series B, 5.25%, 07/01/51(b)		570		501,480
Arizona Industrial Development Authority, Refunding RB(b)
Series A, 5.00%, 07/01/26		480		473,080
Series A, 5.50%, 07/01/52		2,970		2,533,178
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		1,365		1,083,330
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 6.75%, 07/01/44(b)		810		815,508
Industrial Development Authority of the County of Pima, RB
5.13%, 07/01/39		700		597,045
5.25%, 07/01/49		870		703,345
Industrial Development Authority of the County of Pima, Refunding RB(b)
4.00%, 06/15/51		6,995		4,884,133
5.00%, 07/01/56		1,270		1,022,424
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b)		1,340		1,168,430
Maricopa County Industrial Development Authority, RB
5.25%, 10/01/40(b)		1,255		1,197,092

Security	Par (000)		Value
Arizona (continued)
Maricopa County Industrial Development Authority, RB (continued)
5.50%, 10/01/51(b)	$	1,255	$	1,167,002
Series A, 3.00%, 09/01/51		2,995		1,975,074
AMT, 4.00%, 10/15/47(b)		7,175		5,758,038
				33,816,094
Arkansas — 2.4%
Arkansas Development Finance Authority, RB
12.00%, 07/01/48(b)		7,700		7,786,109
AMT, 6.88%, 07/01/48(b)		3,600		3,596,706
AMT, 5.70%, 05/01/53		2,040		1,951,523
Series A, AMT, 4.50%, 09/01/49(b)		7,990		7,269,494
Series A, AMT, 4.75%, 09/01/49(b)		17,005		15,739,488
				36,343,320
California — 3.3%
California Municipal Finance Authority, ARB, AMT,
Senior Lien, 4.00%, 12/31/47		2,560		2,043,328
California Municipal Finance Authority, RB
Series A, 5.50%, 08/01/34(b)		250		240,330
Series A, 6.00%, 08/01/44(b)		655		626,723
Series A, 3.00%, 02/01/46		1,200		790,901
Series A, 6.13%, 08/01/49(b)		570		550,973
California Municipal Finance Authority, Refunding RB, Series A, 3.00%, 11/01/48		2,000		1,285,020
California Statewide Communities Development Authority, SAB, Series 2021-A, 4.00%, 09/02/51		1,985		1,422,356
California Statewide Financing Authority, RB, Series L, 0.00%, 06/01/55(b)(c)		65,000		3,160,820
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.25%, 05/15/47		8,000		8,215,016
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b)		9,320		5,956,170
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)		2,225		1,326,055
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b)		1,845		1,359,918
CSCDA Community Improvement Authority, RB, M/F Housing(b)
2.80%, 03/01/47		1,435		974,341
3.13%, 07/01/56		3,670		2,182,729
4.00%, 07/01/56		1,660		1,071,168
4.00%, 10/01/56		1,230		935,120
4.00%, 07/01/58		1,405		886,229
Series A, 5.00%, 01/01/54		1,050		761,002
Series A, 3.00%, 09/01/56		5,550		3,347,488
Series B, 4.00%, 07/01/58		1,585		1,018,955
Mezzanine Lien, 4.00%, 03/01/57		2,465		1,606,334
Mezzanine Lien, 4.00%, 06/01/57		1,130		722,343
Series B, Mezzanine Lien, 4.00%, 12/01/59		4,645		2,724,850
Series B, Sub Lien, 4.00%, 12/01/59		2,380		1,443,856
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)		4,415		382,962
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b)(d)		4,420		1,661,774

1

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
San Francisco City & County Redevelopment Agency Successor Agency, ST, CAB, Series C, 0.00%, 08/01/43(c)	$	3,000	$	824,544
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(c)
Series D, 0.00%, 08/01/26		580		509,590
Series D, 0.00%, 08/01/31		1,155		794,505
				48,825,400
Colorado — 4.9%
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48		1,564		1,272,585
Aurora Crossroads Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/40		1,000		854,714
Series A, 5.00%, 12/01/50		500		397,433
Aviation Station North Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/39		750		659,962
Series A, 5.00%, 12/01/48		1,350		1,105,541
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b)		2,335		1,661,197
Bromley Park Metropolitan District No. 2, Refunding GO, Series B, Subordinate, 6.38%, 12/15/47		937		796,558
Cascade Ridge Metropolitan District, GO, 5.00%, 12/01/51		3,000		2,339,589
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)		820		676,404
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/47		5,875		5,038,253
Series A, AMT, 4.13%, 11/15/53		3,225		2,692,291
Clear Creek Transit Metropolitan District No. 2, GO
Series A, 5.00%, 12/01/41		575		501,250
Series A, 5.00%, 12/01/50		1,000		799,247
Colorado Health Facilities Authority, RB
5.50%, 11/01/47		780		791,903
5.25%, 11/01/52		1,630		1,593,108
Series A, 5.00%, 05/15/35		1,255		1,004,948
Series A, 5.00%, 05/15/44		1,415		979,155
Series A, 5.00%, 05/15/49		2,175		1,433,327
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		1,260		1,015,356
Eagle Brook Meadows Metropolitan District No. 3, GO, Series 2021, 5.00%, 12/01/51		1,600		1,284,628
Fitzsimons Village Metropolitan District No. 3, Refunding GO
Series A-1, 4.00%, 12/01/26		800		754,787
Series A-1, 4.00%, 12/01/41		1,500		1,071,739
Series A-1, 4.25%, 12/01/55		3,095		1,924,245
Four Corners Business Improvement District, GO,
6.00%, 12/01/52		2,000		1,667,256
Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50		2,615		2,348,393
Greenways Metropolitan District No. 1, GO, Series A, 4.63%, 12/01/51		1,580		1,046,169
Home Place Metropolitan District, GO, Series A,
5.75%, 12/01/50		2,345		1,900,951
Horizon Metropolitan District No. 2, GO, 4.50%, 12/01/51(b)		1,675		1,096,758

Security	Par (000)		Value
Colorado (continued)
Jefferson Center Metropolitan District No. 1, RB
Series A-2, 4.13%, 12/01/40	$	580	$	468,759
Series A-2, 4.38%, 12/01/47		1,000		778,447
Karl’s Farm Metropolitan District No. 2, GO(b)
Series A, 5.38%, 12/01/40		515		434,895
Series A, 5.63%, 12/01/50		1,350		1,070,388
Lanterns Metropolitan District No. 2, GO, Series A,
4.50%, 12/01/50		1,810		1,230,227
Longs Peak Metropolitan District, GO, 5.25%, 12/01/51(b)		5,000		3,973,953
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		2,640		1,919,529
North Holly Metropolitan District, GO, Series A,
5.50%, 12/01/48		760		662,893
North Range Metropolitan District No. 3, GO,
Series A, 5.25%, 12/01/50		1,000		833,761
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49		2,825		2,455,777
Palisade Park West Metropolitan District, GO,
Series A, 5.13%, 12/01/49		1,500		1,233,105
Pomponio Terrace Metropolitan District, GO, Series A, 5.00%, 12/01/49		1,450		1,177,873
Prairie Farm Metropolitan District, GO, Series A,
5.25%, 12/01/48		1,240		1,072,155
Pronghorn Valley Metropolitan District, GO, Series A, 4.00%, 12/01/51		1,300		868,416
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		1,024,817
Sky Ranch Community Authority Board, RB, Series A, 5.75%, 12/01/52		1,500		1,329,714
Southlands Metropolitan District No. 1, Refunding GO
Series A-1, 5.00%, 12/01/37		1,115		1,028,463
Series A-1, 5.00%, 12/01/47		3,085		2,651,909
Sterling Ranch Community Authority Board, RB,
Series B, Subordinate, 7.13%, 12/15/50		741		670,366
Thompson Crossing Metropolitan District No. 4, Refunding GO
5.00%, 12/01/39		1,400		1,241,783
5.00%, 12/01/49		1,480		1,224,696
Timberleaf Metropolitan District, GO, Series A, 5.75%, 12/01/50		1,730		1,402,407
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51		2,595		2,018,079
Westcreek Metropolitan District No. 2, GO, Series A, 5.38%, 12/01/48		800		685,524
Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/24(e)		595		602,793
				72,817,639
Connecticut(b) — 0.4%
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/45		2,045		1,638,945

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield 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	$	3,735	$	3,641,524
Mohegan Tribe of Indians of Connecticut, RB,
Series A, AMT, 6.75%, 02/01/45		963		891,840
				6,172,309
Delaware — 0.3%
Affordable Housing Opportunities Trust, RB,
Series AH-01, Class B, 6.88%, 05/01/39(b)(f)		3,634		3,185,299
County of Kent District of Columbia, RB, 5.00%, 07/01/53		1,000		876,168
				4,061,467
District of Columbia — 1.9%
District of Columbia Tobacco Settlement Financing Corp., RB(c)
Series A, 0.00%, 06/15/46		40,740		8,323,997
Series B, 0.00%, 06/15/46		43,620		7,988,305
Series C, 0.00%, 06/15/55		88,900		7,288,556
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		375		385,104
District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37		880		926,632
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(c)		3,005		2,285,110
Series B, Subordinate, 4.00%, 10/01/49		2,170		1,805,722
				29,003,426
Florida — 12.2%
Artisan Lakes East Community Development District, SAB
Series 2021-1, 3.13%, 05/01/41		475		331,857
Series 2021-1, 4.00%, 05/01/51		450		318,044
Series 2021-2, 3.13%, 05/01/41(b)		510		356,309
Series 2021-2, 4.00%, 05/01/52(b)		550		385,706
Avenir Community Development District, SAB, 5.63%, 05/01/54		1,940		1,801,740
Babcock Ranch Community Independent Special District, SAB
Series 2022, 5.00%, 05/01/42		1,570		1,440,169
Series 2022, 5.00%, 05/01/53		1,175		1,002,786
Boggy Branch Community Development District, SAB, 4.00%, 05/01/51		1,365		1,000,574
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43		1,135		1,044,601
Brevard County Health Facilities Authority, Refunding RB
4.00%, 11/15/45(b)		4,040		2,988,323
4.00%, 11/15/55(b)		5,960		4,069,321
Series A, 5.00%, 04/01/52		10,000		9,717,750
Buckhead Trails Community Development District, SAB
Series 2022, 5.63%, 05/01/42		740		727,568
Series 2022, 5.75%, 05/01/52		495		476,085
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39		2,275		2,114,624
Capital Trust Agency, Inc., RB
4.50%, 01/01/35(b)		2,250		1,895,233
5.00%, 01/01/55(b)		6,820		4,947,051
4.88%, 06/15/56(b)		6,670		4,782,824
Series A, 5.00%, 06/15/49(b)		500		390,615

Security	Par (000)		Value
Florida (continued)
Capital Trust Agency, Inc., RB (continued)
Series A, 5.00%, 12/15/49	$	300	$	264,623
Series A, 5.75%, 06/01/54(b)		1,925		1,483,016
Series A, 5.00%, 12/15/54		260		225,180
Series B, 0.00%, 01/01/35(c)		3,260		1,446,084
Series B, 0.00%, 01/01/60(c)		64,500		3,580,975
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(c)		107,770		6,117,564
Celebration Pointe Community Development District No. 1, SAB
4.75%, 05/01/24		85		84,831
5.00%, 05/01/34		1,180		1,118,760
Charles Cove Community Development District, SAB
3.25%, 05/01/25		255		250,369
3.75%, 05/01/30		360		337,757
4.25%, 05/01/40		975		825,192
4.38%, 05/01/50		1,505		1,182,050
Charlotte County Industrial Development Authority, RB(b)
AMT, 5.00%, 10/01/49		3,040		2,674,680
AMT, 4.00%, 10/01/51		3,150		2,316,951
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(g)(h)		370		16,280
County of Lake Florida, RB(b)
5.00%, 01/15/39		550		485,689
5.00%, 01/15/49		825		684,286
County of Osceola Florida Transportation Revenue, Refunding RB, Series A-1, 4.00%, 10/01/54		2,500		2,038,415
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c)
Series A-2, 0.00%, 10/01/49		1,770		395,671
Series A-2, 0.00%, 10/01/51		5,125		1,160,930
Elevation Pointe Community Development District, SAB
Series A-1, 4.40%, 05/01/42		700		578,869
Series A-1, 4.60%, 05/01/52		1,090		850,938
Series A-2, 4.40%, 05/01/32		2,200		1,991,926
Escambia County Health Facilities Authority, Refunding RB
(AGM), 3.00%, 08/15/50		10,000		6,583,290
4.00%, 08/15/50		6,530		5,093,511
Florida Development Finance Corp., RB
5.00%, 06/15/41(b)		1,245		992,240
5.00%, 06/15/51(b)		1,190		881,794
5.25%, 06/01/55(b)		2,830		2,132,150
6.50%, 06/30/57(b)		1,515		1,343,434
Series A, 5.75%, 06/15/29(b)		695		684,766
Series A, 6.00%, 06/15/34(b)		835		826,130
Series A, 4.00%, 06/15/52		2,875		2,122,219
Series A, 5.00%, 06/15/56		1,525		1,292,131
Series A, 5.13%, 06/15/55(b)		10,455		7,791,798
Series B, 4.50%, 12/15/56(b)		5,945		3,971,004
Series C, 5.75%, 12/15/56(b)		2,030		1,524,981
AMT, 5.00%, 05/01/29(b)		3,550		3,249,723
AMT, 3.00%, 06/01/32		665		504,864
AMT, 6.13%, 07/01/32(a)(b)		5,000		4,955,055
Florida Development Finance Corp., Refunding RB(b)
4.00%, 06/01/46		1,700		1,084,439
Class A, 4.00%, 06/01/36		2,110		1,577,451
Class A, 4.00%, 06/01/55		2,750		1,602,926

3

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Gracewater Sarasota Community Development District, SAB, 4.00%, 05/01/52	$	1,000	$	701,275
Grand Oaks Community Development District, SAB
4.25%, 05/01/40		915		785,886
4.50%, 05/01/52		1,015		819,629
Hills of Minneola Community Development District, SAB(b)
4.00%, 05/01/40		1,025		834,171
4.00%, 05/01/50		1,500		1,089,956
Lakewood Ranch Stewardship District, SAB
4.25%, 05/01/25		55		54,503
4.25%, 05/01/26		110		108,549
4.95%, 05/01/29(b)		580		573,757
2.70%, 05/01/31		205		178,043
4.88%, 05/01/35		265		246,914
3.75%, 05/01/39(b)		570		457,777
5.50%, 05/01/39(b)		530		512,815
3.75%, 05/01/40		525		405,652
3.00%, 05/01/41		155		106,471
4.88%, 05/01/45		530		453,682
5.13%, 05/01/46		835		746,227
5.65%, 05/01/48(b)		875		818,002
4.00%, 05/01/49(b)		355		261,812
3.90%, 05/01/50		525		365,952
4.00%, 05/01/52		680		478,348
Series 1A, 4.25%, 05/01/28		535		521,964
Series 1A, 5.00%, 05/01/38		1,175		1,076,199
Series 1A, 5.10%, 05/01/48		2,545		2,180,016
Series 1B, 4.75%, 05/01/29		955		938,402
Series 1B, 5.30%, 05/01/39		1,090		1,032,525
Series 1B, 5.45%, 05/01/48		1,930		1,755,762
Laurel Road Community Development District, SAB
Series A-1, 2.60%, 05/01/26		185		177,966
Series A-1, 3.00%, 05/01/31		250		220,486
Series A-1, 3.25%, 05/01/41		1,010		719,326
Series A-1, 4.00%, 05/01/52		1,155		809,973
Series A-2, 3.13%, 05/01/31		1,525		1,288,009
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48		1,405		1,235,490
Midtown Miami Community Development District, Refunding SAB
Series A, 5.00%, 05/01/29		1,745		1,710,030
Series A, 5.00%, 05/01/37		890		829,411
Mirada II Community Development District, SAB
3.13%, 05/01/31		495		438,019
4.00%, 05/01/51		1,485		1,071,730
North River Ranch Community Development District, SAB
Series A-1, 4.00%, 05/01/40		845		692,695
Series A-1, 4.25%, 05/01/51		1,430		1,091,755
Series A-2, 4.20%, 05/01/35		700		599,073
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52		4,310		3,495,850
Poitras East Community Development District, SAB
5.00%, 05/01/43		460		407,456
5.25%, 05/01/52		1,650		1,430,047
Sandridge Community Development District, SAB
Series A1, 3.88%, 05/01/41		615		478,957

Security	Par (000)		Value
Florida (continued)
Sandridge Community Development District, SAB (continued)
Series A1, 4.00%, 05/01/51	$	600	$	425,960
Sawyers Landing Community Development District, SAB
4.13%, 05/01/41		530		408,735
4.25%, 05/01/53		3,520		2,466,932
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54		2,420		1,747,741
Somerset Community Development District, Refunding SAB
4.00%, 05/01/32		515		490,609
4.20%, 05/01/37		665		576,064
South Broward Hospital District, RB
(BAM-TCRS), 3.00%, 05/01/51		415		281,764
Series A, 3.00%, 05/01/51		4,205		2,669,035
Southern Groves Community Development District No. 5, SAB
3.38%, 05/01/25		100		97,904
4.00%, 05/01/30		175		163,211
4.30%, 05/01/40		825		670,661
4.50%, 05/01/46		600		462,785
Tolomato Community Development District, Refunding SAB
Series 2015-2, 6.61%, 05/01/40(d)		125		112,316
Series A-2, 4.25%, 05/01/37		910		782,443
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		648,752
5.50%, 05/01/49		1,695		1,571,136
V-Dana Community Development District, SAB(b)
3.00%, 05/01/25		155		151,592
3.50%, 05/01/31		525		479,718
4.00%, 05/01/40		750		603,476
4.00%, 05/01/51		1,200		848,118
Viera East Community Development District, Refunding SAB, 5.00%, 05/01/26		490		490,047
Viera Stewardship District, SAB, Series 2021, 4.00%, 05/01/53		1,710		1,210,102
Village Community Development District No. 14, SAB
5.38%, 05/01/42		3,365		3,372,686
5.50%, 05/01/53		2,510		2,456,826
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)		1,040		946,797
West Villages Improvement District, SAB
4.25%, 05/01/29		400		386,656
4.75%, 05/01/39		885		796,746
5.00%, 05/01/50		1,415		1,213,385
Windward at Lakewood Ranch Community Development District, SAB
3.25%, 05/01/27		495		476,526
3.63%, 05/01/32		775		693,629
4.00%, 05/01/42		680		532,003
4.25%, 05/01/52		800		587,487
				181,138,527

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia — 2.4%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b)	$	2,805	$	2,133,850
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		3,135		2,665,838
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)		875		722,656
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(e)		555		567,434
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a)		18,800		18,679,887
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		4,150		3,469,151
Series A, 5.00%, 01/01/49		5,235		5,063,255
Series A, 5.00%, 07/01/52		2,765		2,642,795
				35,944,866
Idaho — 0.4%
Idaho Health Facilities Authority, Refunding RB
3.50%, 09/01/33		375		303,566
5.00%, 09/01/37		1,000		921,665
Idaho Housing & Finance Association, RB(b)
Series A, 6.00%, 07/01/39		370		362,454
Series A, 6.00%, 07/01/49		595		567,284
Series A, 6.00%, 07/01/54		570		538,261
Series A, 6.95%, 06/15/55		1,540		1,543,088
Series C, 5.00%, 12/01/46		1,000		903,252
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32		265		265,295
				5,404,865
Illinois — 3.1%
Chicago Board of Education, GO, Series A, 5.00%, 12/01/40		3,015		2,826,131
Chicago Board of Education, Refunding GO
Series B, 4.00%, 12/01/35		655		589,686
Series B, 4.00%, 12/01/41		4,905		4,005,335
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57		5,550		5,396,298
City of Chicago Illinois, Refunding GO, Series B,
4.00%, 01/01/37		6,469		5,734,775
Illinois Finance Authority, Refunding RB
6.00%, 02/01/34		335		326,270
6.13%, 02/01/45		790		748,147
Series A, 3.00%, 08/15/48		6,350		4,231,621
Series A, 5.00%, 05/15/56		815		590,768
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46		4,640		4,711,786
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		9,695		7,928,668
State of Illinois, GO
5.50%, 05/01/30		1,235		1,327,348
5.50%, 05/01/39		2,460		2,537,399
Series A, 4.00%, 03/01/39		5,595		5,015,554
				45,969,786
Indiana — 0.4%
City of Valparaiso Indiana, RB AMT, 6.75%, 01/01/34		525		526,786

Security	Par (000)		Value
Indiana (continued)
City of Valparaiso Indiana, RB (continued) AMT, 7.00%, 01/01/44	$	1,270	$	1,274,555
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(g)(h)		2,325		1,923,008
Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39		2,785		2,965,100
				6,689,449
Iowa — 0.2%
Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48		2,360		1,691,377
Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51		1,000		844,229
				2,535,606
Kansas — 0.2%
City of Prairie Village Kansas, Refunding TA
2.88%, 04/01/30		565		485,800
3.13%, 04/01/36		1,000		778,664
City of Shawnee Kansas, RB(b)
5.00%, 08/01/41		770		665,844
5.00%, 08/01/56		1,900		1,464,978
				3,395,286
Kentucky — 1.4%
City of Hazard Kentucky, Refunding RB, 3.00%, 07/01/46		2,500		1,592,438
City of Henderson Kentucky, RB(b)
AMT, 4.45%, 01/01/42		2,540		2,302,675
Series A, AMT, 4.70%, 01/01/52		2,435		2,168,652
Series B, AMT, 4.70%, 01/01/52		6,000		5,343,702
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(c)		250		238,905
Kentucky Public Energy Authority, RB, Series C,
4.00%, 02/01/50(a)		9,000		8,670,393
				20,316,765
Louisiana(b) — 0.7%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54		1,990		1,468,019
Louisiana Public Facilities Authority, RB
Series A, 5.00%, 06/01/41		990		780,755
Series A, 5.25%, 06/01/51		1,830		1,386,285
Series A, 5.25%, 06/01/60		3,385		2,466,913
Series A, 6.50%, 06/01/62		855		754,876
Parish of St. James Louisiana, RB, Series 2, 6.35%, 07/01/40		3,160		3,291,810
				10,148,658
Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b)		4,600		2,791,846
Maryland — 1.9%
City of Baltimore Maryland, RB
4.88%, 06/01/42		260		228,978
5.00%, 06/01/51		780		668,755
City of Baltimore Maryland, Refunding RB
5.00%, 09/01/46		1,500		1,267,346
Series A, 4.00%, 09/01/27		325		311,479

5

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Maryland (continued)
Maryland Economic Development Corp., RB
5.00%, 07/01/56	$	985	$	893,831
Class B, AMT, 5.25%, 06/30/55		4,760		4,454,646
Maryland Economic Development Corp., TA, 4.00%, 09/01/50		4,805		3,648,744
Maryland Health & Higher Educational Facilities Authority, RB
Series A, 7.00%, 03/01/55(b)		8,165		8,236,068
Series B, 4.00%, 04/15/50		10,000		8,180,420
Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, 2.85%, 01/01/51		1,855		1,147,538
				29,037,805
Massachusetts — 0.9%
Massachusetts Development Finance Agency, RB, Series D, 4.00%, 07/01/45		715		580,967
Massachusetts Development Finance Agency, Refunding RB(b)
4.00%, 10/01/32		355		308,342
4.13%, 10/01/42		855		668,125
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51		11,915		11,702,270
				13,259,704
Michigan — 0.2%
Advanced Technology Academy, Refunding RB
3.50%, 11/01/24		65		63,970
5.00%, 11/01/44		160		136,604
Grand Traverse County Hospital Finance Authority, Refunding RB, 3.00%, 07/01/51		2,000		1,208,054
Michigan Strategic Fund, RB
5.00%, 11/15/42		280		242,256
AMT, 5.00%, 12/31/43		2,030		1,888,180
				3,539,064
Minnesota — 0.8%
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45		2,065		1,668,539
City of Minneapolis Minnesota, RB
Series A, 5.00%, 07/01/55		1,405		1,010,810
Series A, 5.75%, 07/01/55		3,435		3,113,202
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,925		1,617,296
Series A, 5.25%, 02/15/53		1,060		1,047,139
Series A, 5.25%, 02/15/58		2,790		2,742,880
				11,199,866
Mississippi — 0.3%
Mississippi Home Corp., Refunding RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 2.10%, 12/01/41		8,025		4,971,022
Missouri — 0.5%
Industrial Development Authority of the City of St Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		1,020		760,938
Series A, 4.75%, 11/15/47		1,135		774,650
Kansas City Industrial Development Authority, RB, Series C, 7.50%, 11/15/46		425		316,893

Security	Par (000)		Value
Missouri (continued)
Kansas City Industrial Development Authority, Refunding RB
Class B, 5.00%, 11/15/46	$	772	$	549,250
Class D, 2.00%, 11/15/46		345		14,947
Kansas City Land Clearance Redevelopment Authority, TA(b)
Series B, 4.38%, 02/01/31		3,105		2,626,864
Series B, 5.00%, 02/01/40		1,240		964,228
Plaza at Noah’s Ark Community Improvement District, Refunding RB
3.00%, 05/01/25		350		338,048
3.00%, 05/01/26		275		259,849
3.00%, 05/01/30		225		197,725
3.13%, 05/01/35		750		590,051
				7,393,443
Nebraska — 0.6%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)		9,315		9,272,058
Nevada — 0.2%
City of Las Vegas Nevada Special Improvement District No. 815, SAB, 5.00%, 12/01/49		805		712,029
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		1,490		1,437,867
5.00%, 07/01/45		1,460		1,356,674
				3,506,570
New Hampshire — 0.5%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		1,435		1,127,204
Series A, 4.25%, 08/15/46		1,610		1,193,435
Series A, 4.50%, 08/15/55		3,350		2,447,041
New Hampshire Business Finance Authority, Refunding RB, Series C, AMT, 4.88%, 11/01/42(b)		2,515		2,120,329
				6,888,009
New Jersey — 1.9%
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(i)		480		479,842
New Jersey Economic Development Authority, RB
5.00%, 12/15/28(e)		2,060		2,210,467
5.00%, 06/15/43		3,490		3,521,717
6.00%, 10/01/43		970		970,517
Series A, 5.00%, 07/01/32		235		226,128
Series A, 5.00%, 07/01/37		375		351,568
Series A, 5.25%, 11/01/54(b)		3,955		3,115,939
Series B, AMT, 6.50%, 04/01/31		2,215		2,211,190
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		8,160		7,092,737
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 3.25%, 12/01/51		1,700		1,044,213
New Jersey Transportation Trust Fund Authority, RB
Series AA, 4.00%, 06/15/50		3,000		2,590,521
Series S, 5.25%, 06/15/43		4,095		4,183,399
				27,998,238
New York — 8.5%
Albany Capital Resource Corp., Refunding RB,
4.00%, 07/01/41		3,750		2,251,159

SCHEDULE   OF   INVESTMENTS 6

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
New York (continued)
Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32	$	2,255		$	2,050,073
Build NYC Resource Corp., Refunding RB, AMT,
5.00%, 01/01/35(b)		1,215			1,222,245
City of New York, GO, Series A-1, 4.00%, 09/01/46		3,825			3,393,525
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56		585			420,927
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/50		340			329,435
New York City Housing Development Corp., RB, M/F Housing
Series C-1A, 4.15%, 11/01/39		3,105			2,835,533
Series C-1A, 4.20%, 11/01/44		3,190			2,846,131
Series C-1A, 4.30%, 11/01/47		4,655			3,957,974
New York City Industrial Development Agency, Refunding RB, Series A, (AGM), 3.00%, 01/01/40		605			465,950
New York Liberty Development Corp., Refunding RB
3.25%, 09/15/52		4,045			2,748,695
Series 1, 2.75%, 02/15/44		14,320			10,048,888
Series A, 3.00%, 11/15/51		1,300			858,091
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55		3,425			2,955,395
New York State Dormitory Authority, Refunding RB
Series A, 4.00%, 03/15/48		3,700			3,223,943
Series A, 3.00%, 03/15/51		4,200			2,733,734
Series D, 4.00%, 02/15/47		22,925			20,227,576
New York State Housing Finance Agency, RB, M/F Housing, Series J-1, (SONYMA), 2.65%, 11/01/46		3,935			2,503,793
New York State Urban Development Corp., RB
Series A, 4.00%, 03/15/46		3,000			2,658,969
Series A, 4.00%, 03/15/49		4,955			4,286,412
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49		5,725			4,952,514
New York Transportation Development Corp., ARB
AMT, 5.00%, 12/01/35		10,000			9,971,180
AMT, 4.00%, 01/01/36		5,000			4,436,780
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		3,845			3,807,915
AMT, 4.00%, 04/30/53		3,365			2,602,474
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		3,665			3,589,567
New York Transportation Development Corp., Refunding RB, 4.00%, 12/01/40		3,000			2,628,705
Niagara Area Development Corp., Refunding RB,			��
Series A, AMT, 4.75%, 11/01/42(b)		530			441,220
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/61		15,000			11,758,455
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44		4,040			2,610,967
Westchester County Local Development Corp., Refunding RB
5.00%, 07/01/41(b)		3,300			2,711,788
5.00%, 07/01/46(b)		2,205			1,721,170
Series A, 5.13%, 07/01/55		1,100			792,761

Security	Par (000)		Value
New York (continued)
Westchester Tobacco Asset Securitization Corp., Refunding RB
Sub-Series C, 4.00%, 06/01/42	$	685	$	618,742
Sub-Series C, 5.13%, 06/01/51		2,000		1,857,134
				126,519,820
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series B, (AGM), 5.00%, 12/01/48		1,765		1,742,849
County of Cass North Dakota, Refunding RB,
Series B, 5.25%, 02/15/58		1,785		1,769,014
University of North Dakota, COP, Series A, (AGM),
2.50%, 06/01/54		6,200		3,171,126
				6,682,989
Ohio — 3.5%
American Municipal Power, Inc., Refunding RB,
4.00%, 02/15/37		2,750		2,562,370
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		23,550		20,281,731
Cleveland-Cuyahoga County Port Authority, Refunding TA(b)
Series A, 4.00%, 12/01/55		925		704,363
Series S, 4.50%, 12/01/55		1,190		896,769
County of Hamilton Ohio, Refunding RB, Series C,
5.00%, 01/01/46		1,435		1,216,543
County of Hardin Ohio, Refunding RB
5.00%, 05/01/30		620		569,872
5.25%, 05/01/40		615		513,627
5.50%, 05/01/50		2,895		2,273,374
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b)		4,990		4,211,036
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51(b)		4,125		2,609,533
Ohio Air Quality Development Authority, RB, AMT,
5.00%, 07/01/49(b)		9,700		8,131,607
Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47		3,500		2,716,938
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)		1,100		844,966
Southern Ohio Port Authority, RB, Series A, AMT,
7.00%, 12/01/42(b)		5,980		4,068,828
				51,601,557
Oklahoma — 1.8%
Norman Regional Hospital Authority, RB, 4.00%, 09/01/45		3,565		2,715,696
Oklahoma Development Finance Authority, RB
7.25%, 09/01/51(b)		14,390		14,201,448
Series A-2, 7.25%, 09/01/51(b)		1,920		1,894,842
Series B, 5.00%, 08/15/38		4,585		4,188,200
Series B, 5.50%, 08/15/52		2,415		2,160,766
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b)		1,165		987,869
Tulsa County Industrial Authority, Refunding RB,
5.25%, 11/15/37		1,050		1,003,704
				27,152,525

7

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Oregon(b) — 0.1%
Oregon State Facilities Authority, RB
Series A, 5.00%, 06/15/49	$	915		$	731,482
Series A, 5.25%, 06/15/55		505			408,518
					1,140,000
Pennsylvania — 1.9%
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46		475			336,857
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/24(e)		2,750			2,772,654
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		880			707,446
Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 12/01/46		1,470			1,319,462
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32		905			895,840
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 4.00%, 04/15/50		11,000			9,150,845
AMT, 5.75%, 06/30/48		2,890			2,993,231
AMT, 5.25%, 06/30/53		4,830			4,685,829
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		5,390			5,186,199
					28,048,363
Puerto Rico — 12.1%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c)		135,505			7,323,097
Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(c)		2,000			210,862
Commonwealth of Puerto Rico, GO
0.00%, 11/01/51(a)		80,172			37,405,752
Series A-1, 0.00%, 11/01/43(a)		14,814			7,666,867
Series A-1, Restructured, 5.38%, 07/01/25		—	(j)		3
Series A-1, Restructured, 5.63%, 07/01/29		11,002			11,360,486
Series A-1, Restructured, 5.75%, 07/01/31		5,352			5,587,078
Series A-1, Restructured, 4.00%, 07/01/33		1,849			1,655,519
Series A-1, Restructured, 4.00%, 07/01/35		2,010			1,744,997
Series A-1, Restructured, 4.00%, 07/01/37		4,281			3,609,563
Series A-1, Restructured, 4.00%, 07/01/41		4,939			3,976,743
Series A-1, Restructured, 4.00%, 07/01/46		2,017			1,551,442
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(c)		5,283			3,072,154
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a)		24,672			3,913,095
PRIFA Custodial Trust, RB, Series 2005, 0.00%, 03/15/49		3,300			985,951
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, AMT, 4.00%, 07/01/42(b)		1,075			884,557
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series B, 4.00%, 07/01/42(b)		5,000			4,114,220
Puerto Rico Electric Power Authority, RB
7.50%, 01/01/20		4,430			1,112,786
Series 3, 5.40%, 01/01/20(a)(g)(h)		208			52,168
Series A, 7.25%, 07/01/30		250			62,799
Series A, 7.00%, 07/01/33(g)(h)		8,735			2,194,206
Series A, 7.00%, 07/01/40		1,000			251,197
Series A, 5.00%, 07/01/42(g)(h)		1,605			403,171
Series A, 5.05%, 07/01/42(g)(h)		1,080			271,293

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Electric Power Authority, RB (continued)
Series A, 7.00%, 07/01/43(g)(h)	$	775	$	194,678
Series A-1, 10.00%, 07/01/19		230		57,829
Series A-2, 10.00%, 07/01/19(g)(h)		1,161		291,747
Series A-3, 10.00%, 07/01/19(g)(h)		748		187,812
Series B-3, 10.00%, 07/01/19(g)(h)		748		187,812
Series C-1, 5.40%, 01/01/18(g)(h)		2,054		516,003
Series C-2, 5.40%, 07/01/18(g)(h)		2,054		516,086
Series C-4, 5.40%, 07/01/20(g)(h)		208		52,168
Series CCC, 5.00%, 07/01/22		715		179,606
Series CCC, 5.00%, 07/01/25		620		155,742
Series CCC, 5.25%, 07/01/26(g)(h)		590		148,206
Series CCC, 5.25%, 07/01/28(g)(h)		1,945		488,578
Series D-1, 7.50%, 01/01/20(g)(h)		2,332		585,849
Series D-4, 7.50%, 07/01/20		709		178,163
Series TT, 5.00%, 07/01/18(g)(h)		900		226,077
Series TT, 5.00%, 07/01/25(g)(h)		3,270		821,414
Series TT, 5.00%, 07/01/26(g)(h)		455		114,295
Series WW, 5.50%, 07/01/17(g)(h)		475		119,319
Series WW, 5.50%, 07/01/18(g)(h)		415		104,247
Series WW, 5.50%, 07/01/19(g)(h)		335		84,151
Series WW, 5.38%, 07/01/22(g)(h)		4,500		1,130,386
Series WW, 5.38%, 07/01/24(g)(h)		815		204,726
Series WW, 5.25%, 07/01/25		1,940		487,322
Series WW, 5.25%, 07/01/33(g)(h)		315		79,127
Series WW, 5.50%, 07/01/38(g)(h)		415		104,247
Series XX, 5.25%, 07/01/27(g)(h)		230		57,775
Series XX, 5.25%, 07/01/35(g)(h)		705		177,094
Series XX, 5.75%, 07/01/36(g)(h)		2,870		720,935
Series XX, 5.25%, 07/01/40(g)(h)		8,385		2,106,287
Series A, AMT, 6.75%, 07/01/36(g)(h)		5,830		1,464,478
Puerto Rico Electric Power Authority, Refunding RB
Series AAA, 5.25%, 07/01/22(g)(h)		765		192,166
Series AAA, 5.25%, 07/01/25		3,560		894,261
Series AAA, 5.25%, 07/01/28(g)(h)		3,655		918,125
Series AAA, 5.25%, 07/01/29(g)(h)		190		47,727
Series UU, 0.00%, 07/01/17(a)(g)(h)		2,660		668,184
Series UU, 0.00%, 07/01/18(a)(g)(h)		125		31,400
Series UU, 1.32%, 07/01/20(a)(g)(h)		1,135		285,109
Series UU, 4.41%, 07/01/31(a)(g)(h)		1,345		337,860
Series ZZ, 5.00%, 07/01/17(g)(h)		330		82,895
Series ZZ, 5.25%, 07/01/19(g)(h)		1,050		263,757
Series ZZ, 5.25%, 07/01/23(g)(h)		370		92,943
Series ZZ, 5.25%, 07/01/24(g)(h)		5,050		1,268,545
Series ZZ, 5.25%, 07/01/25		265		66,567
Series ZZ, 5.00%, 07/01/28(g)(h)		345		86,663
Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32(c)		16,401		10,553,884
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, Convertible, Restructured, 4.33%, 07/01/40		10,453		9,315,661
Series A-2, Restructured, 4.54%, 07/01/53		1,564		1,311,319
Series A-2, Restructured, 4.78%, 07/01/58		7,333		6,361,018
Series A-2, Restructured, 4.33%, 07/01/40		14,090		12,573,071
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c)
Series A-1, Restructured, 0.00%, 07/01/29		2,914		2,245,237
Series A-1, Restructured, 0.00%, 07/01/33		2,574		1,629,013

SCHEDULE   OF   INVESTMENTS 8

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c) (continued)
Series A-1, Restructured, 0.00%, 07/01/46	$	58,822	$	15,200,193
Series A-1, Restructured, 0.00%, 07/01/51		18,000		3,334,680
Series B-1, Restructured, 0.00%, 07/01/46		2,066		515,787
				179,428,230
South Carolina — 0.7%
City of Hardeeville South Carolina, SAB(b)
3.00%, 05/01/27		300		281,411
3.50%, 05/01/32		670		573,542
3.88%, 05/01/41		1,195		936,519
4.00%, 05/01/52		1,155		815,416
County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b)		2,240		2,065,441
South Carolina Jobs-Economic Development Authority, RB
7.50%, 08/15/62(b)		1,935		1,646,076
Series A, 5.00%, 11/15/42		585		503,202
South Carolina Jobs-Economic Development Authority, Refunding RB
4.00%, 11/15/27		480		447,140
Series A, 5.00%, 05/01/48		3,315		3,108,210
				10,376,957
Tennessee — 1.9%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44		410		335,772
Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b)(g)(h)		4,060		974,400
Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36		560		552,497
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
Series A, 4.00%, 10/01/49		1,635		1,151,686
Series A, 5.25%, 10/01/58		7,565		6,477,985
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB,
4.00%, 06/01/51(b)		2,350		1,663,276
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(c)		4,000		1,328,496
Metropolitan Nashville Airport Authority, ARB,
Series B, AMT, 5.25%, 07/01/34		1,250		1,309,942
Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b)		500		489,692
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)		7,435		7,663,552
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)		6,360		6,346,383
				28,293,681
Texas — 6.5%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)		2,340		1,458,693
Arlington Higher Education Finance Corp., RB
5.00%, 06/15/51		2,045		1,614,601
5.63%, 08/15/54(b)		6,260		5,286,464
7.50%, 04/01/62(b)		1,970		1,769,436
7.88%, 11/01/62(b)		1,670		1,614,579
Series A, 5.88%, 03/01/24		120		118,883

Security	Par (000)		Value
Texas (continued)
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39	$	1,610	$	1,353,530
Central Texas Regional Mobility Authority, Refunding RB(c)
0.00%, 01/01/28		3,000		2,497,527
0.00%, 01/01/29		500		397,604
0.00%, 01/01/30		1,330		1,009,183
0.00%, 01/01/31		4,000		2,896,960
City of Crandall Texas, SAB(b)
3.38%, 09/15/26		100		95,862
4.00%, 09/15/31		200		180,020
4.75%, 09/15/31		100		94,010
4.25%, 09/15/41		770		605,232
5.00%, 09/15/41		500		429,175
City of Houston Texas Airport System Revenue, ARB
AMT, 5.00%, 07/15/28		2,725		2,698,687
AMT, 4.00%, 07/01/41		3,600		3,030,073
Series A, AMT, 6.63%, 07/15/38		1,110		1,110,317
Series B-1, AMT, 5.00%, 07/15/35		5,000		4,804,665
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		615		609,118
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		3,925		3,892,199
City of Marble Falls Texas, SAB(b)
4.63%, 09/01/31		100		93,444
4.88%, 09/01/41		295		249,386
5.13%, 09/01/51		500		401,795
City of San Marcos Texas, SAB(b)
3.75%, 09/01/27		228		220,697
4.00%, 09/01/32		237		215,976
4.25%, 09/01/42		750		611,335
4.50%, 09/01/51		520		404,075
Fort Worth Independent School District, GO, (PSF),
4.00%, 02/15/48		1,370		1,228,519
Harris County Cultural Education Facilities Finance Corp., Refunding RB
Series A, 5.00%, 01/01/38		510		425,637
Series A, 5.00%, 01/01/43		520		410,309
Series A, 5.13%, 01/01/48		1,535		1,170,204
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(c)		350		116,090
Hemphill County Hospital District, GO
4.63%, 02/01/39		1,500		1,294,158
4.75%, 02/01/45		2,500		2,057,202
Hidalgo County Regional Mobility Authority, Refunding RB
Series B, Junior Lien, 4.00%, 12/01/39		1,000		851,491
Series B, Junior Lien, 4.00%, 12/01/40		1,040		877,512
Series B, Junior Lien, 4.00%, 12/01/41		1,000		834,236
Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51		1,400		1,030,397
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)		1,385		1,315,217
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 07/01/57		3,000		2,290,155
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52		5,000		4,153,335
New Hope Higher Education Finance Corp., RB,
Series A, 5.75%, 06/15/51(b)		5,580		4,536,858

9

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Newark Higher Education Finance Corp., RB(b)
Series A, 5.50%, 08/15/35	$	375	$	360,087
Series A, 5.75%, 08/15/45		735		681,211
Port Beaumont Navigation District, RB(b)
AMT, 2.75%, 01/01/36		2,620		1,769,598
AMT, 2.88%, 01/01/41		4,100		2,456,499
AMT, 3.00%, 01/01/50		23,435		12,421,183
Port Beaumont Navigation District, Refunding RB(b)
Series A, AMT, 3.63%, 01/01/35		3,725		2,833,369
Series A, AMT, 4.00%, 01/01/50		8,435		5,532,348
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41		645		506,964
Series A, 5.00%, 10/01/51		885		626,647
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/31		1,500		1,478,278
Texas Transportation Commission State Highway 249 System, RB, CAB(c)
0.00%, 08/01/46		2,580		662,627
0.00%, 08/01/47		3,850		928,874
0.00%, 08/01/48		4,070		921,448
0.00%, 08/01/49		3,825		813,352
0.00%, 08/01/50		5,485		1,100,960
0.00%, 08/01/51		3,230		612,534
0.00%, 08/01/52		3,230		579,472
0.00%, 08/01/53		290		57,447
				96,697,744
Utah — 0.1%
County of Utah, RB, Series A, 3.00%, 05/15/50		940		638,552
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b)		1,320		1,023,978
				1,662,530
Vermont — 0.6%
East Central Vermont Telecommunications District, RB(b)
Series A, 4.75%, 12/01/40		2,850		2,367,259
Series A, 4.50%, 12/01/44		3,695		2,828,208
Series A, 4.50%, 12/01/50		3,000		2,163,693
Vermont Student Assistance Corp., RB, Class A, AMT, 2.38%, 06/15/39		1,915		1,499,577
				8,858,737
Virginia — 1.9%
Ballston Quarter Community Development Authority, TA, Series A, AMT, 5.50%, 03/01/46(g)(h)		2,900		1,973,946
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 4.00%, 07/01/50		1,545		1,332,559
Series A, Senior Lien, 4.00%, 07/01/55		9,770		8,310,372
Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/40(b)		1,790		1,285,761
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50		1,250		951,534
Lower Magnolia Green Community Development Authority, SAB(b)
5.00%, 03/01/35		460		435,886
5.00%, 03/01/45		475		416,175
Norfolk Economic Development Authority, Refunding RB, Series B, 4.00%, 11/01/48		10,745		9,304,536

Security	Par (000)		Value
Virginia (continued)
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/49	$	1,250	$	930,435
Series B, 4.00%, 01/01/25		910		884,304
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48		2,885		1,969,393
				27,794,901
Washington — 0.6%
Washington Economic Development Finance Authority, RB, Series A, AMT, 5.63%, 12/01/40(b)		3,470		3,239,908
Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/50(b)		1,240		1,043,358
Washington State Housing Finance Commission, Refunding RB
5.75%, 01/01/35(b)		355		316,271
5.00%, 01/01/43(b)		2,000		1,546,048
6.00%, 01/01/45(b)		940		795,249
Series A, 5.00%, 07/01/43		920		871,442
Series A, 5.00%, 07/01/48		620		571,256
				8,383,532
Wisconsin — 4.5%
Public Finance Authority, ARB
AMT, 4.00%, 07/01/41		530		381,189
AMT, 4.25%, 07/01/54		3,690		2,389,559
Public Finance Authority, RB
5.00%, 06/15/39		310		285,218
5.00%, 06/15/41(b)		925		791,203
5.00%, 01/01/42(b)		1,555		1,331,554
7.75%, 07/01/43(b)		9,100		8,637,884
5.63%, 06/15/49(b)		5,950		4,672,874
5.00%, 06/15/53		645		569,597
5.00%, 06/15/55(b)		2,405		1,910,607
5.00%, 01/01/56(b)		3,790		3,000,509
Series A, 4.25%, 06/15/31(b)		170		147,508
Series A, 6.25%, 10/01/31(b)		910		655,200
Series A, 5.00%, 06/01/40(b)		750		626,512
Series A, 5.00%, 06/15/41(b)		510		407,898
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		1,407,993
Series A, 7.00%, 10/01/47(b)		910		655,200
Series A, 5.00%, 06/01/49(b)		1,340		1,046,381
Series A, 5.63%, 06/15/49(b)		7,940		6,626,835
Series A, 5.00%, 06/15/51(b)		1,060		781,788
Series A, 5.25%, 12/01/51(b)		5,280		3,669,141
Series A, 5.00%, 06/15/55(b)		11,540		8,067,914
Series A, 4.75%, 06/15/56(b)		2,405		1,581,042
Series A-1, 4.50%, 01/01/35(b)		885		756,649
Series A-1, 5.50%, 12/01/48(b)(g)(h)		38		8,436
Series B, 0.00%, 01/01/35(b)(c)		1,110		492,890
Series B, 0.00%, 01/01/60(b)(c)		31,635		1,755,964
AMT, 4.00%, 09/30/51		4,000		2,948,256
AMT, 4.00%, 03/31/56		3,370		2,425,662
Public Finance Authority, Refunding RB(b)
5.00%, 05/15/32		980		918,654
5.00%, 03/01/52		1,300		982,914
5.25%, 05/15/52		1,135		942,333
Series A, 5.00%, 10/01/34		280		267,676

SCHEDULE   OF   INVESTMENTS 10

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, Refunding RB
4.00%, 01/01/47	$	3,900	$	2,561,711
4.00%, 01/01/57		1,050		622,884
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47		740		677,737
				66,389,872
Total Long-Term Investments — 93.7% (Cost: $1,644,514,633)				1,392,552,663
	Shares
Short-Term Securities
Money Market Funds — 4.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.95%(k)(l)		68,430,627		68,430,627
Total Short-Term Securities — 4.6% (Cost: $68,423,797)				68,430,627
Total Investments — 98.3% (Cost: $1,712,938,430)				1,460,983,290
Other Assets Less Liabilities — 1.7%				25,734,419
Net Assets — 100.0%			$	1,486,717,709

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

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

^(c)  Zero-coupon bond.

^(d)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

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

^(f)  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)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 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 06/30/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	79,899,513	$	—	$	(11,468,856	)(a)	$	2,349	$	(2,379	)	$	68,430,627		68,430,627	$	516,137	$	—

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

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

11

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock High Yield Municipal Fund

Fair Value Hierarchy as of Period End (continued)

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	$	—	$	1,389,367,364	$	3,185,299	$	1,392,552,663
Short-Term Securities
Money Market Funds		68,430,627		—		—		68,430,627
Unfunded Commitments(a)		—		—		9,148,935		9,148,935
	$	68,430,627	$	1,389,367,364	$	12,334,234	$	1,470,132,225

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

Portfolio Abbreviation
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAM-TCRS	Build America Mutual Assurance Co.-   Transferable Custodial Receipts
CAB	Capital Appreciation Bonds
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
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

SCHEDULE   OF   INVESTMENTS 12