Blackrock California Municipal Series Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04264

Name of Fund: BlackRock California Municipal Bond Fund of BlackRock California Municipal Series Trust

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock California Municipal Bond Fund of BlackRock California Municipal Series Trust, 40 East 52^nd Street, New York, NY 10022

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

Date of fiscal year end: 05/31/2011

Date of reporting period: 11/30/2010

Item 1 – Report to Stockholders

November 30, 2010               

Semi-Annual Report (Unaudited)

BlackRock California Municipal Bond Fund | of BlackRock California Municipal Series Trust

BlackRock New Jersey Municipal Bond Fund | of BlackRock Multi-State Municipal Series Trust

BlackRock Pennsylvania Municipal Bond Fund | of BlackRock Multi-State Municipal Series Trust

BlackRock Intermediate Municipal Fund | of BlackRock Municipal Series Trust

Not FDIC Insured § No Bank Guarantee § May Lose Value

Table of Contents

	Page
Dear Shareholder	3
Semi-Annual Report:
Fund Summaries	4
Portfolio Information	12
About Fund Performance	13
Disclosure of Expenses	14
The Benefits and Risks of Leveraging	16
Derivative Financial Instruments	16
Financial Statements:
Schedules of Investments	17
Statements of Assets and Liabilities	33
Statements of Operations	35
Statements of Changes in Net Assets	36
Statement of Cash Flows	40
Financial Highlights	41
Notes to Financial Statements	68
Officers and Trustees	79
Additional Information	80
Mutual Fund Family	83

2 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Dear Shareholder

The global economic recovery that began in 2009 has continued this year and has accelerated as the period drew to a close. Although we remain mired in a slow-growth environment, recent economic data releases have been generally positive and the global economy as a whole appears to be on firmer footing. In the United States, the corporate sector has been an important area of strength and consumer spending has held up reasonably well; however weakness in the housing and labor markets continues to be a drag on the overall economy. Deflationary pressures and deleveraging risks continue to threaten the momentum of economic growth, but the Federal Reserve Board (the “Fed”) has responded by implementing an additional program of quantitative easing (known informally as “QE2”) with the primary purpose of combating these forces.

The high levels of volatility experienced in global equity markets throughout 2009 continued into 2010 as mixed economic data and lingering credit issues caused stocks to trade in both directions, but by the end of the first quarter, most markets had managed to post gains. The second quarter brought higher levels of volatility and a “flight to quality” as investor sentiment was dominated by fears of a double-dip recession. Global equity markets saw negative quarterly returns — and for many markets, the first significant downturn since the bull market began in March 2009. In the third quarter, improving economic data and strong corporate earnings reports fueled a rebound in equity markets. Stocks continued their rally into the fourth quarter and, despite a modest correction through November, closed out the period in positive territory. Although international equities posted only modest gains for the 12-month period, returns were strong for the second half. In the United States, equities posted robust gains on both a six- and 12-month basis.

In fixed income markets, yields declined significantly over most of the past year as weak economic data, lingering credit problems and the anticipation of additional quantitative easing drove interest rates lower and bond prices higher. Near the end of the period, Treasury yields began climbing amid improved economic data and, although fixed income markets lost some ground, overall performance was strong for the year.

The strong performance seen in the tax-exempt municipal market since the launch of the Build America Bonds program in early 2009 was met with a reversal at the start of the fourth quarter 2010, when Treasury yields began to rise and municipal supply flooded the market as issuers anticipated the expiration of the Build America Bonds program. Despite market weakness near the end of the annual period, tax-exempt municipal bonds delivered positive performance for both the six- and 12-month periods. Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Against this backdrop, the major market averages posted the following returns:

Total Returns as of November 30, 2010	6-month		12-month
US large cap equities (S&P 500 Index)	9.50	%	9.94	%
US small cap equities (Russell 2000 Index)	10.57		26.98
International equities (MSCI Europe, Australasia, Far East Index)	13.73		1.11
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.07		0.11
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	6.13		7.00
US investment grade bonds (Barclays Capital US Aggregate Bond Index)	3.85		6.02
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)	1.12		4.76
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	9.42		16.60

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

As global economic conditions continue to improve, investors across the world continue to face uncertainty about the future of economic growth. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder^® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of November 30, 2010 BlackRock California Municipal Bond Fund

Portfolio Management Commentary

	How did the Fund perform?
•	For the six-month period ended November 30, 2010, all of the Fund’s share classes underperformed the primary benchmark, the S&P/Investortools Main Municipal Bond Index, and the secondary benchmark, the S&P/Investortools California Municipal Bond Index. The following discussion of relative performance pertains to the S&P/Investortools California Municipal Bond Index.
	What factors influenced performance?
•	The strong performance seen in the tax-exempt municipal market since the launch of the Build America Bonds program in early 2009 continued into the start of the six-month reporting period, but was met with a quick reversal in October and November as yields began to rise. The municipal market weakened due to uncertainty as to whether the Build America Bonds program would be extended past its December 31, 2010 expiration and the continued flow of consistently negative reports on state and local budgetary conditions. The Fund underperformed relative to the S&P/Investortools California Municipal Bond Index as its longer duration posture was a detriment when long-term interest rates moved upward near the end of the period. Interest rate financial futures contracts used to hedge volatility risk had a negative impact on performance as interest rates declined over the period.
•	The Fund’s fully invested posture contributed positively to performance for the period. In the earlier part of the period, the Fund benefited from its longer duration stance and holdings of lower quality California bonds, as interest rates were declining and credit spreads were tightening during that time. In addition, the Fund benefited from its avoidance of local, generally smaller issuers, where credit concerns are greater and liquidity is less available. These issuers are particularly unattractive in light of the general expectation that as states continue to struggle with budgetary problems, they will push costs down to local authorities.
	Describe recent portfolio activity.
•	During the six-month period, the Fund’s trading activity was focused on the goal of generating income. Purchases made by the Fund were concentrated among bonds with higher coupon rates.
	Describe Fund positioning at period end.
•	The Fund was fully invested at period end with a long duration stance relative to the S&P/Investortools California Municipal Bond Index. It is our view that the market will stabilize as seasonal factors take effect in 2011 and that interest rates will eventually fall. The Fund was positioned with maximum exposure (as permitted under the Fund’s prospectus) to tender option bonds in order to increase income. Exposure to lower quality California bonds was minimal as we see less relative value in the sector given the recent tightening of credit spreads.

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

4 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Total Return Based on a $10,000 Investment

1	Assuming maximum sales charges, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do not have a sales charge.
2	The Fund invests primarily in a portfolio of long-term investment grade California municipal bonds.
3	The S&P/Investortools Main Municipal Bond Index (“Main Index”) is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the Main Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month.
4	The S&P/Investortools California Municipal Bond Index includes all California bonds in the Main Index.

Performance Summary for the Period Ended November 30, 2010

					Average Annual Total Returns5
					1 Year				5 Years				10 Years
	Standardized 30-Day Yields		6-Month Total Returns		w/o sales charge		w/sales charge		w/o sales charge		w/sales charge		w/o sales charge		w/sales charge
Institutional	4.35	%	0.51	%	5.70	%	N/A		4.20	%	N/A		4.81	%	N/A
Investor A	3.93		0.39		5.45		0.97	%	3.93		3.03	%	4.54		4.09	%
Investor A1	4.10		0.47		5.61		1.39		4.11		3.26		4.71		4.28
Investor B	3.84		0.26		5.26		1.26		3.69		3.35		4.29		4.29
Investor C	3.36		0.02		4.66		3.66		3.17		3.17		3.77		3.77
Investor C1	3.74		0.21		5.08		4.08		3.59		3.59		4.18		4.18
S&P/Investortools Main Municipal Bond Index	—		1.09		5.06		N/A		4.44		N/A		5.27		N/A
S&P/Investortools California Municipal Bond Index	—		0.90		5.62		N/A		4.10		N/A		5.03		N/A

5	Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 13 for a detailed description of share classes, including any related sales charges and fees.
	N/A — Not applicable as share class and index do not have a sales charge.
	Past performance is not indicative of future results.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 5

Fund Summary as of November 30, 2010	BlackRock New Jersey Municipal Bond Fund
Portfolio Management Commentary

	How did the Fund perform?
•	For the six-month period ended November 30, 2010, all of the Fund’s share classes underperformed the primary benchmark, the S&P/Investortools Main Municipal Bond Index. The Fund’s Institutional, Service, Investor A and Investor A1 Shares outperformed the secondary benchmark, the S&P/Investortools New Jersey Municipal Bond Index, while the Investor B, Investor B1, Investor C and Investor C1 Shares underperformed. The following discussion of relative performance pertains to the S&P/Investortools New Jersey Municipal Bond Index.
	What factors influenced performance?
•	The strong performance seen in the tax-exempt municipal market since the launch of the Build America Bonds program in early 2009 continued into the start of the six-month reporting period, but was met with a quick reversal in October and November as yields began to rise. The municipal market weakened due to uncertainty as to whether the Build America Bonds program would be extended past its December 31, 2010 expiration and the continued flow of consistently negative reports on state and local budgetary conditions.
•	In the earlier part of the period, the Fund benefited from its fully invested posture (low cash balance) and longer duration stance as investor demand for tax-exempt municipal bonds and declining interest rates drove prices upward during that time. In addition, the Fund’s exposure to housing and hospital credits had a positive impact as those sectors performed well during the period.
•	The Fund’s longer duration posture relative to the S&P/Investortools New Jersey Municipal Bond Index was a detriment when long-term interest rates moved upward near the end of the period. Exposure to shorter maturity, pre-refunded bonds also detracted from performance for the period.
	Describe recent portfolio activity.
•	There were no structural changes to the portfolio during the six-month period. We purchased securities with the goal of improving the Fund’s income generation or potential for capital appreciation. Although supply of New Jersey tax-exempt securities was limited, we continued to find favorable opportunities in the new-issue market. In addition, we made some opportunistic sales above market valuations and invested the proceeds in Puerto Rico credits.
	Describe Fund positioning at period end.
•	The Fund ended the period with a long duration bias relative to the S&P/Investortools New Jersey Municipal Bond Index.

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

6 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Total Return Based on a $10,000 Investment

1	Assuming maximum sales charges, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do not have a sales charge.
2	The Fund invests primarily in a portfolio of long-term investment grade New Jersey municipal bonds.
3	The S&P/Investortools Main Municipal Bond Index (“Main Index”) is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the Main Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month.
4	The S&P/Investortools New Jersey Municipal Bond Index includes all New Jersey bonds in the Main Index.

Performance Summary for the Period Ended November 30, 2010

					Average Annual Total Returns5
					1 Year				5 Years				10 Years
	Standardized 30-Day Yields		6-Month Total Returns		w/o sales charge		w/sales charge		w/o sales charge		w/sales charge		w/o sales charge		w/sales charge
Institutional	3.87	%	1.03	%	5.78	%	N/A		4.17	%	N/A		5.00	%	N/A
Service	3.62		0.91		5.61		N/A		3.97		N/A		4.77		N/A
Investor A	3.46		0.91		5.60		1.11	%	3.97		3.07	%	4.77		4.31	%
Investor A1	3.62		0.99		5.77		1.53		4.13		3.28		4.92		4.50
Investor B	2.87		0.54		4.81		0.31		3.20		2.85		3.99		3.99
Investor B1	3.36		0.79		5.35		1.35		3.71		3.37		4.50		4.50
Investor C	2.84		0.51		4.89		3.89		3.19		3.19		3.98		3.98
Investor C1	3.26		0.73		5.23		4.23		3.61		3.61		4.40		4.40
S&P/Investortools Main Municipal Bond Index	—		1.09		5.06		N/A		4.44		N/A		5.27		N/A
S&P/Investortools New Jersey Municipal Bond Index	—		0.82		4.41		N/A		4.57		N/A		5.39		N/A

5	Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 13 for a detailed description of share classes, including any related sales charges and fees.
	N/A — Not applicable as share class and index do not have a sales charge.
	Past performance is not indicative of future results.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 7

Fund Summary as of November 30, 2010	BlackRock Pennsylvania Municipal Bond Fund
Portfolio Management Commentary

	How did the Fund perform?
•	For the six-month period ended November 30, 2010, all of the Fund’s Share classes underperformed the primary benchmark, the S&P/Investortools Main Municipal Bond Index, and the secondary benchmark, the S&P/Investortools Pennsylvania Municipal Bond Index. The following discussion of relative performance pertains to the S&P/Investortools Pennsylvania Municipal Bond Index.
	What factors influenced performance?
•	The strong performance seen in the tax-exempt municipal market since the launch of the Build America Bonds program in early 2009 continued into the start of the six-month reporting period, but was met with a quick reversal in October and November as yields began to rise. The municipal market weakened due to uncertainty as to whether the Build America Bonds program would be extended past its December 31, 2010 expiration and the continued flow of consistently negative reports on state and local budgetary conditions. The Fund underperformed relative to its benchmark as its longer duration posture was a detriment when long-term interest rates moved upward near the end of the period. Interest rate financial futures contracts used to hedge volatility risk had a negative impact on performance as interest rates declined over the period.
•	The Fund benefited from its tactical sale of municipal bonds during the month of October, which generated a moderate amount of cash reserves and enabled the Fund to take advantage of opportunities in the market to purchase bonds of similar quality with higher yields.
	Describe recent portfolio activity.
•	During the six-month period, we maintained the Fund’s coupon income by using available cash to purchase new-issue bonds. In addition, we made some opportunistic sales in order to improve the Fund’s overall coupon structure. We employed leverage to enhance Fund performance while the slope of the yield curve was favorable.
	Describe Fund positioning at period end.
•	The Fund was fully invested at period end with a long duration stance relative to the S&P/Investortools Pennsylvania Municipal Bond Index. It is our view that the market will stabilize as seasonal factors take effect in 2011 and that interest rates will eventually fall.
		The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

8 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Total Return Based on a $10,000 Investment

1	Assuming maximum sales charges, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do not have a sales charge.
2	The Fund invests primarily in a portfolio of long-term investment grade Pennsylvania municipal bonds.
3	The S&P/Investortools Main Municipal Bond Index (“Main Index”) is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the Main Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month.
4	The S&P/Investortools Pennsylvania Municipal Bond Index includes all Pennsylvania bonds in the Main Index.

Performance Summary for the Period Ended November 30, 2010

					Average Annual Total Returns5
					1 Year				5 Years				10 Years
	Standardized 30-Day Yields		6-Month Total Returns		w/o sales charge		w/sales charge		w/o sales charge		w/sales charge		w/o sales charge		w/sales charge
Institutional	4.18	%	(0.07	)%	4.67	%	N/A		3.78	%	N/A		4.80	%	N/A
Service	3.90		(0.12	)	4.54		N/A		3.57		N/A		4.56		N/A
Investor A	3.74		(0.17	)	4.48		0.04	%	3.56		2.66	%	4.55		4.10	%
Investor A1	4.01		(0.07	)	4.66		0.48		3.71		2.87		4.71		4.29
Investor B	3.12		(0.41	)	3.84		(0.66	)	2.85		2.51		3.81		3.81
Investor B1	3.67		(0.23	)	4.29		0.29		3.30		2.97		4.29		4.29
Investor C	3.10		(0.58	)	3.64		2.64		2.78		2.78		3.78		3.78
Investor C1	3.53		(0.32	)	4.13		3.13		3.19		3.19		4.19		4.19
S&P/Investortools Main Municipal Bond Index	—		1.09		5.06		N/A		4.44		N/A		5.27		N/A
S&P/Investortools Pennsylvania Municipal Bond Index	—		1.05		4.82		N/A		4.53		N/A		5.35		N/A

5	Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 13 for a detailed description of share classes, including any related sales charges and fees.
	N/A — Not applicable as share class and index do not have a sales charge.
	Past performance is not indicative of future results.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 9

Fund Summary as of November 30, 2010	BlackRock Intermediate Municipal Fund
Portfolio Management Commentary

	How did the Fund perform?
•	For the six-month period ended November 30, 2010, all of the Fund’s share classes outperformed the primary benchmark, the S&P/Investortools Main Municipal Bond Index. With the exception of the Fund’s Institutional Shares, all share classes underperformed the secondary benchmark, the S&P/Investortools Intermediate Municipal Bond Index. The following discussion of relative performance pertains to the S&P/Investortools Intermediate Municipal Bond Index.
	What factors influenced performance?
•	The strong performance seen in the tax-exempt municipal market since the launch of the Build America Bonds program in early 2009 continued into the start of the six-month reporting period, but was met with a quick reversal in October and November as yields began to rise. The municipal market weakened due to uncertainty as to whether the Build America Bonds program would be extended past its December 31, 2010 expiration and the continued flow of consistently negative reports on state and local budgetary conditions.
•	In the earlier part of the period, the Fund benefited from its fully invested posture (low cash balance) and longer duration stance as investor demand for tax-exempt municipal bonds and declining interest rates drove prices upward during that time. Further boosting returns was the Fund’s concentration in five- to ten-year maturities, which were particularly strong points on the yield curve. In addition, the Fund’s exposure to housing and hospital credits had a positive impact as those sectors performed well during the period.
•	The Fund’s longer duration posture relative to the S&P/Investortools Intermediate Municipal Bond Index was a detriment when long term interest rates moved upward near the end of the period. Exposure to tobacco credits and shorter maturity, pre-refunded bonds also detracted from performance for the period.
	Describe recent portfolio activity.
•	The Fund was a net buyer during the six-month period due to a net inflow of shareholder subscriptions. Trading activity was focused on buying new-issue, specialty state bonds with average credit quality and low dollar prices. These purchases were concentrated in health care and in economically sensitive, corporate-backed credits with above-average yields, where we believe credit spreads are likely to narrow. The attributes of the newly purchased bonds improved the liquidity of the Fund’s holdings by making them more attractive to retail investors in the secondary market, where demand has been growing stronger. The newly purchased bonds generally outperformed the market, as their immediate supply contracted and discount coupons became more desirable to investors.
	Describe Fund positioning at period end.
•	The Fund ended the period with a neutral to slightly long duration bias relative to the S&P/Investortools Intermediate Municipal Bond Index.
		The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

10 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Total Return Based on a $10,000 Investment

1	Assuming maximum sales charges, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do not have a sales charge.
2	The Fund invests primarily in a portfolio of investment grade municipal bonds.
3	The S&P/Investortools Main Municipal Bond Index (“Main Index”) is composed of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily. Bonds in the Main Index must have an outstanding par value of at least $2 million and a remaining maturity of not less than one month.
4	The S&P/Investortools Intermediate Municipal Bond Index includes all bonds in the Main Index with a remaining maturity between 3 and 15 years.

Performance Summary for the Period Ended November 30, 2010

					Average Annual Total Returns5
					1 Year				5 Years				10 Years
	Standardized 30-Day Yields		6-Month Total Returns		w/o sales charge		w/sales charge		w/o sales charge		w/sales charge		w/o sales charge		w/sales charge
Institutional	3.14	%	1.97	%	5.82	%	N/A		4.51	%	N/A		4.72	%	N/A
Investor A	2.78		1.75		5.47		0.99	%	4.26		3.36	%	4.47		4.01	%
Investor A1	3.00		1.82		5.61		4.55		4.38		4.17		4.61		4.50
Investor B	2.80		1.80		5.47		4.47		4.17		4.17		4.39		4.39
Investor C	2.13		1.37		4.67		3.67		3.48		3.48		3.69		3.69
S&P/Investortools Main Municipal Bond Index	—		1.09		5.06		N/A		4.44		N/A		5.27		N/A
S&P/Investortools Intermediate Municipal Bond Index	—		1.94		5.10		N/A		5.28		N/A		5.46		N/A

5	Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on pages 13 for a detailed description of share classes, including any related sales charges and fees.
	N/A — Not applicable as share class and index do not have a sales charge.
	Past performance is not indicative of future results.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 11

Portfolio Information as of November 30, 2010

BlackRock California Municipal Bond Fund

Sector Allocation	Percent of Long-Term Investments
County/City/Special District/School District		35	%
Utilities		33
Health		9
State		9
Transportation		7
Education		5
Corporate		2

Credit Quality Allocations1	Percent of Long-Term Investments
AAA/Aaa		9	%
AA/Aa		58
A		32
BBB/Baa		1

BlackRock New Jersey Municipal Bond Fund

Sector Allocation	Percent of Long-Term Investments
State		23	%
Health		17
Transportation		16
Education		14
Housing		12
Utilities		7
Corporate		5
County/City/Special District/School District		5
Tobacco		1

Credit Quality Allocations1	Percent of Long-Term Investments
AAA/Aaa		12	%
AA/Aa		35
A		25
BBB/Baa		15
BB/Ba		3
B		2
CCC/Caa		1
Not Rated2		7

BlackRock Pennsylvania Municipal Bond Fund

Sector Allocation	Percent of Long-Term Investments
Health		22	%
Education		18
State		16
County/City/Special District/School District		15
Transportation		10
Housing		8
Corporate		6
Utilities		5

Credit Quality Allocations1	Percent of Long-Term Investments
AAA/Aaa		5	%
AA/Aa		58
A		25
BBB/Baa		8
BB/Ba		2
Not Rated3		2

BlackRock Intermediate Municipal Fund

Sector Allocation	Percent of Long-Term Investments
County/City/Special District/School District		20	%
Health		19
Transportation		15
State		13
Corporate		9
Education		8
Housing		7
Utilities		6
Tobacco		3

Credit Quality Allocations1	Percent of Long-Term Investments
AAA/Aaa		12	%
AA/Aa		41
A		28
BBB/Baa		12
Not Rated4		7

1	Using the higher of Standard and Poor’s or Moody’s ratings.
2	The investment advisor has deemed certain of these securities as investment grade quality. As of November 30, 2010, the market value of these securities was $8,854,773 representing 4% of the Fund’s long-term investments.
3	The investment advisor has deemed certain of these securities as investment grade quality. As of November 30, 2010, the market value of these securities was $9,113,719 representing 2% of the Fund’s long-term investments.
4	The investment advisor has deemed certain of these securities as investment grade quality. As of November 30, 2010, the market value of these securities was $8,273,987 representing 3% of the Fund’s long-term investments.

12 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

About Fund Performance

• Institutional Shares are not subject to any sales charge. Institutional Shares bear no ongoing distribution or service fees and are available only to eligible investors.

• Service Shares (available only in BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund) are not subject to any sales charge. Service Shares are subject to a service fee of 0.25% per year (but no distribution fee) and are available only to eligible investors. Prior to the Service Shares inception date of October 2, 2006, Service Share performance results are those of Institutional Shares (which have no distribution or service fees) restated to reflect Service Share fees.

• Investor A Shares incur a maximum initial sales charge (front-end load) of 4.25% and a service fee of 0.25% per year (but no distribution fee). Prior to the Investor A Shares inception date of October 2, 2006, Investor A Share performance results are those of Institutional Shares (which have no distribution or service fees) restated to reflect Investor A Share fees.

• Investor A1 Shares (for all Funds except the Intermediate Municipal Fund) incur a maximum initial sales charge (front-end load) of 4% and a service fee of 0.10% per year (but no distribution fee). BlackRock Intermediate Municipal Fund incurs a maximum initial sales charge (front-end load) of 1% and a service fee of 0.10% per year (but no distribution fee).

• Investor B Shares are subject to the following maximum contingent deferred sales charges:

	Maximum Contingent Deferred Sales Charges
BlackRock California Municipal Bond Fund	4%, declining to 0% after 6 years
BlackRock New Jersey Municipal Bond Fund	4.50%, declining to 0% after 6 years
BlackRock Pennsylvania Municipal Bond Fund	4.50%, declining to 0% after 6 years
BlackRock Intermediate Municipal Fund	1%, declining to 0% after 3 years

            In addition, Investor B Shares are subject to distribution and service fees per year as follows:

	Distribution Fee	Service Fee
BlackRock California Municipal Bond Fund	0.25%	0.25%
BlackRock New Jersey Municipal Bond Fund	0.75%	0.25%
BlackRock Pennsylvania Municipal Bond Fund	0.75%	0.25%
BlackRock Intermediate Municipal Fund	0.10%	0.20%

	For BlackRock California Municipal Bond Fund and BlackRock Intermediate Municipal Fund, the shares automatically convert to Investor A1 Shares after approximately 10 years. For BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund, the shares automatically convert to Investor A Shares after approximately seven years. (There is no initial sales charge for automatic sales conversions.) Prior to the Investor B Shares inception date of October 2, 2006 for BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund, Investor B Share performance results are those of Institutional Shares (which have no distribution or service fees) restated to reflect Investor B Share fees.
•	Investor B1 Shares (available only in BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund) are subject to a maximum contingent deferred sales charge of 4% declining to 0% after six years. In addition, Investor B1 Shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares automatically convert to Investor A1 Shares after approximately 10 years. (There is no initial sales charge for automatic share conversions.)
•	Investor C Shares are subject to a 1% contingent deferred sales charge if redeemed within one year of purchase. In addition, Investor C Shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. Prior to the Investor C Shares inception date of October 2, 2006, Investor C Share performance results are those of Institutional Shares (which have no distribution or service fees) restated to reflect Investor C Share fees.
•	Investor C1 Shares (available in all Funds except BlackRock Intermediate Municipal Fund) are subject to a 1% contingent deferred sales charge if redeemed within one year of purchase. In addition, Investor C1 Shares are subject to a distribution fee of 0.35% per year and a service fee of 0.25% per year.
	Investor A1, Investor B, Investor B1 and Investor C1 Shares are only available through exchanges and dividend reinvestments by existing shareholders or for purchase by certain qualified employee benefit plans.
	Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in each of the performance tables on the previous pages assume reinvestment of all dividends and capital gain distributions, if any, at net asset value on the payable date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original costs. Dividends paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders. The Funds’ investment advisor agreed to waive a portion of their fee. Without such waiver, the Funds’ performance would have been lower.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 13

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses, including advisory fees, distribution fees including 12b-1 fees, and other Fund expenses. The expense examples below (which are based on a hypothetical investment of $1,000 invested on June 1, 2010 and held through November 30, 2010) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Expense Example

	Actual			Hypothetical2
BlackRock California Municipal Bond Fund (Including Interest Expense and Fees)
	Beginning Account Value June 1, 2010	Ending Account Value November 30, 2010	Expenses Paid During the Period1	Beginning Account Value June 1, 2010	Ending Account Value November 30, 2010	Expenses Paid During the Period1	Annualized Expense Ratio
Institutional	$1,000.00	$1,005.10	$4.07	$1,000.00	$1,021.04	$4.10	0.81%
Investor A	$1,000.00	$1,003.90	$5.32	$1,000.00	$1,019.79	$5.37	1.06%
Investor A1	$1,000.00	$1,004.70	$4.57	$1,000.00	$1,020.54	$4.61	0.91%
Investor B	$1,000.00	$1,002.60	$6.68	$1,000.00	$1,018.43	$6.73	1.33%
Investor C	$1,000.00	$1,000.20	$9.03	$1,000.00	$1,016.08	$9.10	1.80%
Investor C1	$1,000.00	$1,002.10	$7.03	$1,000.00	$1,018.08	$7.08	1.40%
BlackRock California Municipal Bond Fund (Excluding Interest Expense and Fees)
Institutional	$1,000.00	$1,005.10	$3.42	$1,000.00	$1,021.69	$3.45	0.68%
Investor A	$1,000.00	$1,003.90	$4.67	$1,000.00	$1,020.44	$4.71	0.93%
Investor A1	$1,000.00	$1,004.70	$3.92	$1,000.00	$1,021.19	$3.95	0.78%
Investor B	$1,000.00	$1,002.60	$6.02	$1,000.00	$1,019.08	$6.07	1.20%
Investor C	$1,000.00	$1,000.20	$8.42	$1,000.00	$1,016.68	$8.49	1.68%
Investor C1	$1,000.00	$1,002.10	$6.42	$1,000.00	$1,018.68	$6.48	1.28%
BlackRock New Jersey Municipal Bond Fund
Institutional	$1,000.00	$1,010.30	$3.12	$1,000.00	$1,021.99	$3.14	0.62%
Service	$1,000.00	$1,009.10	$4.28	$1,000.00	$1,020.84	$4.31	0.85%
Investor A	$1,000.00	$1,009.10	$4.33	$1,000.00	$1,020.79	$4.36	0.86%
Investor A1	$1,000.00	$1,009.90	$3.53	$1,000.00	$1,021.59	$3.55	0.70%
Investor B	$1,000.00	$1,005.40	$7.99	$1,000.00	$1,017.13	$8.04	1.59%
Investor B1	$1,000.00	$1,007.90	$5.44	$1,000.00	$1,019.69	$5.47	1.08%
Investor C	$1,000.00	$1,005.10	$8.24	$1,000.00	$1,016.88	$8.29	1.64%
Investor C1	$1,000.00	$1,007.30	$6.04	$1,000.00	$1,019.08	$6.07	1.20%

1	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).
2	Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.

14 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Disclosure of Expenses (concluded)

	Actual			Hypothetical2
BlackRock Pennsylvania Municipal Bond Fund (Including Interest Expense and Fees)
	Beginning Account Value June 1, 2010	Ending Account Value November 30, 2010	Expenses Paid During the Period1	Beginning Account Value June 1, 2010	Ending Account Value November 30, 2010	Expenses Paid During the Period1	Annualized Expense Ratio
Institutional	$1,000.00	$999.30	$3.51	$1,000.00	$1,021.59	$3.55	0.70%
Service	$1,000.00	$998.80	$4.01	$1,000.00	$1,021.09	$4.05	0.80%
Investor A	$1,000.00	$998.30	$4.51	$1,000.00	$1,020.59	$4.56	0.90%
Investor A1	$1,000.00	$999.30	$3.51	$1,000.00	$1,021.59	$3.55	0.70%
Investor B	$1,000.00	$995.90	$6.60	$1,000.00	$1,018.48	$6.68	1.32%
Investor B1	$1,000.00	$997.70	$5.01	$1,000.00	$1,020.09	$5.06	1.00%
Investor C	$1,000.00	$994.20	$8.65	$1,000.00	$1,016.43	$8.74	1.73%
Investor C1	$1,000.00	$996.80	$5.96	$1,000.00	$1,019.13	$6.02	1.19%
BlackRock Pennsylvania Municipal Bond Fund (Excluding Interest Expense and Fees)
Institutional	$1,000.00	$999.30	$3.11	$1,000.00	$1,021.99	$3.14	0.62%
Service	$1,000.00	$998.80	$3.61	$1,000.00	$1,021.49	$3.65	0.72%
Investor A	$1,000.00	$998.30	$4.06	$1,000.00	$1,021.04	$4.10	0.81%
Investor A1	$1,000.00	$999.30	$3.11	$1,000.00	$1,021.99	$3.14	0.62%
Investor B	$1,000.00	$995.90	$6.20	$1,000.00	$1,018.88	$6.28	1.24%
Investor B1	$1,000.00	$997.70	$4.56	$1,000.00	$1,020.54	$4.61	0.91%
Investor C	$1,000.00	$994.20	$8.25	$1,000.00	$1,016.83	$8.34	1.65%
Investor C1	$1,000.00	$996.80	$5.56	$1,000.00	$1,019.53	$5.62	1.11%
BlackRock Intermediate Municipal Fund (Including Interest Expense and Fees)
Institutional	$1,000.00	$1,019.70	$3.34	$1,000.00	$1,021.79	$3.35	0.66%
Investor A	$1,000.00	$1,017.50	$4.55	$1,000.00	$1,020.59	$4.56	0.90%
Investor A1	$1,000.00	$1,018.20	$3.90	$1,000.00	$1,021.24	$3.90	0.77%
Investor B	$1,000.00	$1,018.00	$5.11	$1,000.00	$1,020.04	$5.11	1.01%
Investor C	$1,000.00	$1,013.70	$8.38	$1,000.00	$1,016.78	$8.39	1.66%
BlackRock Intermediate Municipal Fund (Excluding Interest Expense and Fees)
Institutional	$1,000.00	$1,019.70	$3.34	$1,000.00	$1,021.79	$3.35	0.66%
Investor A	$1,000.00	$1,017.50	$4.50	$1,000.00	$1,020.64	$4.51	0.89%
Investor A1	$1,000.00	$1,018.20	$3.90	$1,000.00	$1,021.24	$3.90	0.77%
Investor B	$1,000.00	$1,018.00	$5.06	$1,000.00	$1,019.94	$5.22	1.00%
Investor C	$1,000.00	$1,013.70	$8.38	$1,000.00	$1,016.78	$8.39	1.66%

1	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).
2	Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 15

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the yield and net asset value (“NAV”). However, these objectives cannot be achieved in all interest rate environments.

The Funds may leverage their assets through the use of tender option bond (“TOB”) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Funds with economic benefits in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest rates. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Fund’s NAVs per share.

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

Furthermore, the value of the Funds’ investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. Changes in interest rates can influence the Funds’ NAV positively or negatively in addition to the impact on Fund performance from leverage.

The use of leverage may enhance opportunities for increased income to the Funds, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Funds’ NAV and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Fund’s net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Fund’s net income will be less than if leverage had not been used. A Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments which may cause a Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. A Fund will incur expenses in connection with the use of leverage, all of which are borne by Fund shareholders and may reduce income.

Derivative Financial Instruments

The Funds may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. A Fund’s ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require a Fund to sell or purchase portfolio securities at inopportune times or for distressed values, may limit the amount of appreciation a Fund can realize on an investment or may cause a Fund to hold a security that it might otherwise sell. The Funds’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

16 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Schedule of Investments November 30, 2010 (Unaudited)	BlackRock California Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
California — 81.6%
Corporate — 0.7%
City of Chula Vista California, Refunding RB, San Diego Gas, Series B, 5.88%, 2/15/34	$	2,600	$	2,834,936
County/City/Special District/School District — 24.7%
Cabrillo Community College District, GO, Election of 2004, Series B (NPFGC), 5.00%, 8/01/36		1,070		1,077,158
California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.63%, 11/01/34		7,775		8,390,391
Carson Redevelopment Agency, Tax Allocation Bonds, Project Area 1, Series A, 7.00%, 10/01/36		4,405		4,839,465
Central Unified School District, GO, Election of 2008, Series A (AGC), 5.50%, 8/01/29		1,000		1,078,510
City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31		4,000		4,042,400
City of Los Angeles California, GO, Series A (AGM), 5.00%, 9/01/25		6,340		6,560,822
City of Martinez California, GO, Election of 2008, Series A, 5.88%, 2/01/39		6,035		6,647,553
County of Ventura California, COP, Public Financing Authority III, 5.75%, 8/15/29		1,000		1,063,960
El Monte City School District California, GO, Election of 2004, Series B (AGM), 5.00%, 8/01/32		4,435		4,464,670
Lancaster Redevelopment Agency California, Tax Allocation Bonds, Combined Redevelopment Project Areas, 6.88%, 8/01/39		3,445		3,770,311
Los Angeles Community College District California, GO, Election of 2008, Series A, 6.00%, 8/01/33		4,675		5,110,289
Los Angeles Unified School District California, GO, Election of 2004, Series H (AGM), 5.00%, 7/01/32		4,135		4,157,867
Los Gatos Union School District California, GO, Election of 2001, Series C (NPFGC), 5.00%, 8/01/30		4,275		4,433,090
Los Rios Community College District, GO, Election of 2008, Series A, 5.00%, 8/01/35		5,340		5,400,876
Marysville Joint Unified School District California, GO, Election of 2008 (AGC), 5.25%, 8/01/29		1,690		1,751,787
Murrieta Valley Unified School District Public Financing Authority, Special Tax Bonds, Refunding, Series A (AGC), 5.13%, 9/01/26		5,500		5,723,025
Norco Redevelopment Agency California, Tax Allocation Bonds, Norco Redevelopment Project Area No. 1:
6.80%, 3/01/29		3,180		3,424,161
7.00%, 3/01/34		5,000		5,412,000
Pittsburg Unified School District, GO, Election of 2006, Series B (AGM), 5.63%, 8/01/39		5,000		5,261,700
Port of Oakland, Refunding RB, Series M, AMT (NPFGC), 5.38%, 11/01/27		2,000		2,009,480

Municipal Bonds	Par (000)		Value
California (continued)
County/City/Special District/School District (concluded)
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36	$	3,815	$	3,951,119
San Francisco City & County Redevelopment Agency, Tax Allocation Bonds, Mission Bay North Redevelopment, Series C:
6.38%, 8/01/32		1,025		1,076,004
6.50%, 8/01/39		2,000		2,117,880
San Mateo Joint Powers Financing Authority, Refunding RB, Capital Projects, Series A, 5.25%, 7/15/26		3,000		3,201,420
Santa Cruz County Redevelopment Agency California, Tax Allocation Bonds, Live Oak/Soquel Community Improvement, Series A, 7.00%, 9/01/36		1,200		1,317,468
Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39		4,110		4,565,511
				100,848,917
Education — 3.9%
California Educational Facilities Authority, RB, Pitzer College, 6.00%, 4/01/40		2,500		2,676,775
Peralta Community College District, GO, Refunding, 5.25%, 8/01/30		1,125		1,169,899
Pittsburg Unified School District, COP, 6.00%, 9/01/29		9,040		9,155,621
University of California, RB, Series O, 5.75%, 5/15/34		2,500		2,751,000
				15,753,295
Health — 10.3%
California Health Facilities Financing Authority, RB, Series A:
Adventist Health System-West, 5.75%, 9/01/39		4,650		4,713,333
Sutter Health, 6.25%, 8/15/35		2,080		2,092,771
California Health Facilities Financing Authority, Refunding RB:
Catholic Healthcare West, Series A, 6.00%, 7/01/29		975		1,031,180
Catholic Healthcare West, Series A, 6.00%, 7/01/39		5,000		5,207,150
Catholic Healthcare West, Series E, 5.63%, 7/01/25		3,000		3,161,550
Providence Health & Services, Series C, 6.50%, 10/01/33		3,720		4,186,339

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

ACA	ACA Financial Guaranty Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax (subject to)
ARB	Airport Revenue Bonds
BHAC	Berkshire Hathaway Assurance Corp.
BOCES	Board of Cooperative Educational Services
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
EDA	Economic Development Authority
EDC	Economic Development Corp.
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Administration
GARB	General Airport Revenue Bonds
GO	General Obligation Bonds
HUD	U.S. Department of Housing and Urban Development
HFA	Housing Finance Agency
IDA	Industrial Development Authority
LRB	Lease Revenue Bonds
MRB	Mortgage Revenue Bonds
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bonds
S/F	Single-Family

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	17

Schedule of Investments (continued)	BlackRock California Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
California (continued)
Health (concluded)
California Statewide Communities Development Authority, RB:
Health Facility, Memorial Health Services, Series A, 6.00%, 10/01/23	$	2,475	$	2,583,083
John Muir Health, Series A, 5.00%, 8/15/32		2,185		2,063,208
California Statewide Communities Development Authority, Refunding RB:
Catholic Healthcare West, Series A (BHAC), 5.50%, 7/01/30		1,190		1,230,401
Cottage Health Obligation Group, 5.25%, 11/01/30		3,350		3,378,207
Kaiser, Series C, 5.25%, 8/01/31		1,330		1,331,835
Senior Living, Southern California, 6.25%, 11/15/19		500		528,330
Senior Living, Southern California, 6.63%, 11/15/24		650		687,967
Senior Living, Southern California, 7.00%, 11/15/29		500		530,335
Senior Living, Southern California, 7.25%, 11/15/41		1,750		1,869,822
City of Corona California, COP, Refunding, Corona Community, 8.00%, 3/01/11 (a)		2,230		2,273,307
City of Torrance California, RB, Torrance Memorial Medical Center, Series A, 5.00%, 9/01/40		5,500		5,175,610
				42,044,428
State — 7.6%
California State Public Works Board, RB:
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34		10,000		10,633,100
Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/01/34		2,425		2,520,448
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34		1,725		1,818,374
State of California, GO, Various Purpose:
6.00%, 3/01/33		5,000		5,335,800
6.50%, 4/01/33		9,800		10,812,340
				31,120,062
Transportation — 6.6%
County of Orange California, RB, Series B, 5.75%, 7/01/34		3,000		3,197,490
County of Sacramento California, RB:
Senior Series B, 5.75%, 7/01/39		1,600		1,691,456
Senior Series B, AMT (AGM), 5.25%, 7/01/39		8,575		8,279,419
Subordinated and Passenger Facility Charges/ Grant, Series C (AGC), 5.75%, 7/01/39		3,000		3,175,380
Los Angeles Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, AMT, 5.38%, 5/15/38		285		288,044
Los Angeles Harbor Department, Refunding RB (NPFGC), 7.60%, 10/01/18 (b)		3,215		3,909,633
San Francisco City & County Airports Commission, RB:
Series E, 6.00%, 5/01/39		4,840		5,262,629
Special Facility Lease, SFO Fuel, Series A, AMT (AGM), 6.10%, 1/01/20		1,250		1,252,150
				27,056,201

Municipal Bonds	Par (000)		Value
California (concluded)
Utilities — 27.8%
California Infrastructure & Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/39	$	1,900	$	1,997,717
California Pollution Control Financing Authority, RB, American Water Capital Corp. Project, 5.25%, 8/01/40 (c)		2,000		1,901,880
City of Glendale California, RB (AGM), 5.00%, 2/01/32		6,825		7,031,729
City of Los Angeles California, Refunding RB:
Series A, 5.38%, 6/01/39		5,000		5,248,600
Series A (NPFGC), 5.00%, 6/01/32		4,000		4,070,920
Sub-Series A, 5.00%, 6/01/32		7,670		7,892,123
El Dorado Irrigation District & El Dorado Water Agency California, COP, Refunding, Series A, 5.75%, 3/01/24		5,065		5,600,725
Metropolitan Water District of Southern California, GO, Refunding, Waterworks, Series A, 5.00%, 3/01/37		3,065		3,199,462
Orange County Water District, COP, Refunding, 5.00%, 8/15/32		2,025		2,097,353
Sacramento Municipal Utility District, RB, Series N (NPFGC), 5.00%, 8/15/28		5,025		5,044,095
Sacramento Regional County Sanitation District, RB, Sacramento Regional County Sanitation (NPFGC), 5.00%, 12/01/36		7,000		7,080,500
San Diego Public Facilities Financing Authority, Refunding RB:
Senior Series A, 5.25%, 5/15/29		4,000		4,279,840
Senior Series A, 5.25%, 5/15/34		6,500		6,770,010
Senior Series A, 5.25%, 5/15/39		12,105		12,573,585
Series B, 5.75%, 8/01/35		5,000		5,384,700
San Francisco City & County Public Utilities Commission, RB, Series B, 5.00%, 11/01/29		2,000		2,086,160
San Juan Water District, COP, Series A, 6.00%, 2/01/39		5,700		6,173,328
Southern California Public Power Authority, RB, Canyon Power, Series A, 5.25%, 7/01/28		4,780		5,085,107
Southern California Public Power Authority, Refunding RB, Series A:
5.00%, 7/01/35		2,000		2,022,700
5.00%, 7/01/40		10,000		10,067,700
Tuolumne Wind Project Authority, RB, Tuolumne Co. Project, Series A, 5.88%, 1/01/29		7,395		8,004,570
				113,612,804
Total Municipal Bonds in California				333,270,643
Puerto Rico — 2.4%
County/City/Special District/School District — 1.3%
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44		5,000		5,555,400
State — 1.1%
Commonwealth of Puerto Rico, GO, Refunding, Public Improvement, Series B, 6.50%, 7/01/37		4,000		4,443,961
Total Municipal Bonds in Puerto Rico				9,999,361
Total Municipal Bonds — 84.0%				343,270,004

See Notes to Financial Statements.
18	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Schedule of Investments (concluded)	BlackRock California Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender Option Bond Trusts (d)	Par (000)		Value
California — 29.5%
Corporate — 1.3%
San Francisco Bay Area Rapid Transit District, Refunding RB, Series A (NPFGC), 5.00%, 7/01/30	$	5,270	$	5,397,639
County/City/Special District/School District — 13.2%
Orange County Water District, COP, Refunding, 5.25%, 8/15/34		12,200		12,785,234
Sacramento Unified School District California, GO, Election of 2002 (NPFGC), 5.00%, 7/01/30		7,000		7,053,830
San Diego County Water Authority, COP, Series A (AGM), 5.00%, 5/01/30		7,350		7,459,589
San Mateo County Community College District, GO, Election of 2005, Series B, 5.00%, 9/01/38		22,000		22,118,360
Vista Unified School District California, GO, Series A (AGM), 5.25%, 8/01/25		4,199		4,372,655
				53,789,668
Education — 1.4%
Grossmont Union High School District California, GO, Election of 2004, 5.00%, 8/01/33		5,610		5,609,607
State — 2.5%
California State University, Refunding RB, Systemwide, Series A (AGM), 5.00%, 11/01/32		10,000		10,098,000
Transportation — 1.7%
Los Angeles Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 5.00%, 5/15/40		7,310		7,177,104
Utilities — 9.4%
City of Bakersfield California, RB, Series A (AGM), 5.00%, 9/15/32		7,000		7,087,920
Eastern Municipal Water District California, COP, Series A (NPFGC), 5.00%, 7/01/32		7,880		8,006,238
Sacramento Regional County Sanitation District, RB, Sacramento Regional County Sanitation (NPFGC), 5.00%, 12/01/36		5,000		5,057,500
San Diego County Water Authority, COP, Refunding, Series 2008-A (AGM), 5.00%, 5/01/33		4,760		4,836,493
San Francisco City & County Public Utilities Commission, RB, Series B, 5.00%, 11/01/39		13,000		13,233,610
				38,221,761
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 29.5%				120,293,779
Total Long-Term Investments (Cost — $454,677,263) — 113.5%				463,563,783
Short-Term Securities	Shares		Value
BIF California Municipal Money Fund, 0.04% (e)(f)		558,612		558,612
Total Short-Term Securities (Cost — $558,612) — 0.1%				558,612
Total Investments (Cost — $455,235,875*) — 113.6%				464,122,395
Other Assets Less Liabilities — 1.4%				5,558,517
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (15.0)%				(61,254,667	)
Net Assets — 100.0%			$	408,426,245

* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	394,881,035
Gross unrealized appreciation	$	12,793,247
Gross unrealized depreciation		(4,765,410	)
Net unrealized appreciation	$	8,027,837

(a)	US 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.
(b)	Security is collateralized by Municipal or US Treasury obligations.
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(d)	Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
(e)	Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at May 31, 2010	Net Activity	Shares Held at November 30, 2010	Income
BIF California Municipal Money Fund	8,876,733	(8,318,121)	558,612	$	2,806

(f) Represents the current yield as of report date.

•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)
	The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
	The following table summarizes the inputs used as of November 30, 2010 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1		—	$	463,563,783		—	$	463,563,783
Short-Term Securities	$	558,612		—		—		558,612
Total	$	558,612	$	463,563,783		—	$	464,122,395

¹ See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	19

Schedule of Investments November 30, 2010 (Unaudited)	BlackRock New Jersey Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
New Jersey — 81.3%
Corporate — 3.7%
New Jersey EDA, RB, AMT:
American Airlines, Inc. Project, 7.10%, 11/01/31	$	1,075	$	997,890
Continental Airlines, Inc. Project, 6.25%, 9/15/19		3,000		2,887,920
Continental Airlines, Inc. Project, 6.40%, 9/15/23		500		480,965
Disposal, Waste Management of New Jersey, Series A, Mandatory Put Bonds, 5.30%, 6/01/15 (a)		2,000		2,125,500
New Jersey EDA, Refunding RB:
New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39		1,445		1,460,461
Newark Airport Marriott Hotel, 7.00%, 10/01/14		1,250		1,252,513
				9,205,249
County/City/Special District/School District — 4.1%
Borough of Cape May Point New Jersey, GO, 5.70%, 3/15/13		450		465,899
City of Perth Amboy New Jersey, GO, CAB (AGM) (b):
5.15%, 7/01/35		1,250		1,157,187
5.23%, 7/01/36		300		277,398
County of Middlesex New Jersey, COP, Refunding (NPFGC), 5.00%, 8/01/22		200		202,280
Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC), 5.50%, 10/01/29		1,500		1,642,860
Middlesex County Improvement Authority, RB:
Golf Course Projects, 5.25%, 6/01/26		1,705		1,796,814
Senior, Heldrich Center Hotel, Series A, 5.00%, 1/01/15		880		550,255
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 4.38%, 1/01/37		1,775		1,648,655
Salem County Improvement Authority, RB, Finlaw Street Office Building (AGM), 5.38%, 8/15/28		530		539,355
South Jersey Port Corp., Refunding RB, AMT, 5.20%, 1/01/23		1,500		1,502,565
Union County Improvement Authority, LRB, Madison Redevelopment Project (AGM), 5.00%, 3/01/25		500		522,305
				10,305,573
Education — 13.6%
New Jersey EDA, RB, Duke Farms Foundation Project, Series B, 5.00%, 7/01/48		1,500		1,535,685
New Jersey EDA, Refunding RB, Seeing Eye, Inc. Project (AMBAC), 5.00%, 12/01/24		5,500		5,423,770
New Jersey Educational Facilities Authority, RB:
Fairleigh Dickinson University, Series D (ACA), 5.25%, 7/01/32		1,500		1,359,705
Georgian Court College Project, Series C, 6.50%, 7/01/13 (c)		750		859,402
Kean University, Series D (FGIC), 5.25%, 7/01/13 (c)		250		277,873
Montclair State University, Series F (FGIC), 5.00%, 7/01/11 (c)		500		513,720
New Jersey Institute of Technology, Series G (NPFGC), 5.25%, 7/01/11 (c)		1,000		1,028,540
Princeton University, Series B, 4.25%, 7/01/40		1,750		1,678,775
Rider University, Series C (Radian), 5.00%, 7/01/37		2,400		2,186,544
Rowan University, Series C (NPFGC), 5.00%, 7/01/14 (c)		650		736,931
Rowan University, Series C (NPFGC), 5.13%, 7/01/14 (c)		715		813,749

Municipal Bonds		Par (000)	Value
New Jersey (continued)
Education (concluded)
New Jersey Educational Facilities Authority, Refunding RB:
College of New Jersey, Series D (AGM), 5.00%, 7/01/35	$	1,750	$	1,780,870
Georgian Court University, Series D, 5.00%, 7/01/33		500		464,210
New Jersey Institute of Technology, Series H, 5.00%, 7/01/31		800		809,688
Ramapo College, Series I (AMBAC), 4.25%, 7/01/36		295		263,677
Rowan University, Series B (AGC), 5.00%, 7/01/27		1,250		1,311,037
Rowan University, Series B (AGM), 3.00%, 7/01/27		220		182,171
Rowan University, Series B (AGM), 3.00%, 7/01/28		285		230,414
Stevens Institute of Technology, Series A, 5.00%, 7/01/34		1,400		1,323,952
University of Medicine & Dentistry, Series B, 7.50%, 12/01/32		2,500		2,810,675
William Paterson University, Series C (AGC), 5.00%, 7/01/38		3,200		3,238,144
New Jersey Higher Education Assistance Authority, Refunding RB, Series 1A:
5.00%, 12/01/25		100		99,791
5.00%, 12/01/26		650		646,458
New Jersey State Higher Education Assistance Authority, RB, Series A, AMT (AMBAC), 5.30%, 6/01/17		15		15,019
University of Medicine & Dentistry of New Jersey, COP:
(AMBAC), 5.00%, 4/15/22		250		251,870
(NPFGC), 5.00%, 6/15/29		1,000		967,120
University of Medicine & Dentistry of New Jersey, RB, Series A (AMBAC):
5.13%, 12/01/22		250		253,055
5.50%, 12/01/27		2,030		2,054,116
5.00%, 12/01/31		1,000		952,530
				34,069,491
Health — 16.6%
Burlington County Bridge Commission, Refunding RB, The Evergreens Project, 5.63%, 1/01/38		1,850		1,590,575
City of Newark New Jersey, Refunding RB, New Community Urban Renewal, Series A (Ginnie Mae), 5.20%, 6/01/30		895		903,771
New Jersey EDA, RB:
CAB, St. Barnabas Health, Series A (NPFGC), 5.63%, 7/01/23 (d)		4,000		1,701,120
First Mortgage, Lions Gate Project, Series A, 5.88%, 1/01/37		1,000		883,250
First Mortgage, Presbyterian Homes, Series A, 6.38%, 11/01/31		1,330		1,211,803
Masonic Charity Foundation of New Jersey, 5.25%, 6/01/24		875		878,824
Masonic Charity Foundation of New Jersey, 5.25%, 6/01/32		500		472,905
New Jersey EDA, Refunding RB:
First Mortgage, Winchester, Series A, 5.80%, 11/01/31		1,500		1,480,245
Seabrook Village Inc. Facility, 5.25%, 11/15/26		2,000		1,775,720
Seabrook Village Inc. Facility, 5.25%, 11/15/36		600		508,374

See Notes to Financial Statements.
20	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Schedule of Investments (continued)	BlackRock New Jersey Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
New Jersey (continued)
Health (concluded)
New Jersey Health Care Facilities Financing Authority, RB:
Avalon at Hillsborough, Series A, AMT, 6.63%, 7/01/35	$	500	$	420,440
Children’s Specialized Hospital, Series A, 5.50%, 7/01/36		460		436,411
Hunterdon Medical Center, Series A, 5.25%, 7/01/25		750		754,650
Hunterdon Medical Center, Series A, 5.13%, 7/01/35		1,100		1,037,641
Kennedy Health System, 5.50%, 7/01/21		2,000		2,011,940
Meridian Health, Series I (AGC), 5.00%, 7/01/38		1,920		1,927,123
Pascack Valley Hospital Association, 6.00%, 7/01/13 (e)(f)		830		8
RWJ Health Care Corp., Series B (Radian), 5.00%, 7/01/25		250		232,343
South Jersey Hospital, 6.00%, 7/01/12 (c)		1,500		1,628,160
Virtua Health (AGC), 5.50%, 7/01/38		3,620		3,804,222
New Jersey Health Care Facilities Financing Authority, Refunding RB:
Atlantic City Medical System, 6.25%, 7/01/17		505		529,018
Bayshore Community Hospital (Radian), 5.13%, 7/01/32		1,500		1,204,695
CAB, St. Barnabas Health, Series B, 5.90%, 7/01/30 (d)		4,500		1,092,465
CAB, St. Barnabas Health, Series B, 5.68%, 7/01/36 (d)		7,360		1,062,342
CAB, St. Barnabas Health, Series B, 5.74%, 7/01/37 (d)		7,000		924,840
Capital Health System Obligation Group, Series A, 5.75%, /01/13 (c)		600		667,188
General Hospital Center at Passaic (AGM), 6.75%, 7/01/19 (g)		125		156,311
Hackensack University Medical Center (AGC), 5.25%, 1/01/36		3,600		3,640,140
Holy Name Medical Center, 5.00%, 7/01/25		500		478,990
Robert Wood Johnson, 5.00%, 7/01/31		1,500		1,479,075
South Jersey Hospital, 5.00%, 7/01/46		3,150		2,955,803
St. Barnabas Health Care System, Series A, 5.00%, 7/01/29		4,190		3,525,298
				41,375,690
Housing — 7.8%
Middlesex County Improvement Authority, RB, New Brunswick Apartments Rental Housing, AMT (Fannie Mae), 5.15%, 2/01/24		2,945		2,970,563
New Jersey State Housing & Mortgage Finance Agency, RB:
Capital Fund Program, Series A (AGM), 4.70%, 11/01/25		2,100		2,127,510
S/F Housing, Series U, AMT, 4.90%, 10/01/27		2,500		2,504,975
S/F Housing, Series U, AMT, 4.95%, 10/01/32		640		633,216
S/F Housing, Series X, AMT, 4.85%, 4/01/16		2,000		2,087,340
Series AA, 6.50%, 10/01/38		1,815		1,958,076
New Jersey State Housing & Mortgage Finance Agency, Refunding RB:
S/F Housing, Series T, AMT, 4.65%, 10/01/32		3,900		3,754,725
Series B (AGM), 6.15%, 11/01/20		195		195,300
Series B (AGM), 6.25%, 11/01/26		940		941,119
Newark Housing Authority, RB, South Ward Police Facility (AGC):
5.75%, 12/01/30		625		660,038
6.75%, 12/01/38		1,425		1,606,217
				19,439,079

Municipal Bonds		Par (000)		Value
New Jersey (continued)
State — 17.1%
Garden State Preservation Trust, RB (AGM):
CAB, Series B, 5.17%, 11/01/24 (d)	$	10,000	$	5,538,700
CAB, Series B, 5.24%, 11/01/27 (d)		4,135		1,899,784
Election of 2005, Series A, 5.80%, 11/01/22		1,640		1,899,727
Election of 2005, Series A, 5.75%, 11/01/28		2,080		2,421,494
New Jersey EDA, RB:
CAB, Motor Vehicle Surcharge, Series R (NPFGC), 4.95%, 7/01/21 (d)		1,675		988,953
Cigarette Tax, 5.63%, 6/15/19		520		520,109
Cigarette Tax, 5.75%, 6/15/29		5,790		5,523,428
Cigarette Tax (Radian), 5.50%, 6/15/31		125		117,560
Motor Vehicle Surcharge, Series A (NPFGC), 5.00%, 7/01/27		2,000		2,036,020
Motor Vehicle Surcharge, Series A (NPFGC), 5.00%, 7/01/29		1,100		1,112,903
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33		425		430,793
Newark Downtown District Management Corp., 5.13%, 6/15/37		350		307,479
School Facilities Construction, Series L (AGM), 5.00%, 3/01/30		1,700		1,737,740
School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34		1,500		1,606,935
School Facilities Construction, Series Z (AGC), 6.00%, 12/15/34		1,000		1,106,860
School Facilities, Series U (AMBAC), 5.00%, 9/01/37		500		506,825
New Jersey EDA, Refunding RB:
CAB, Economic Fund, Series A (NPFGC), 5.25%, 3/15/21 (d)		2,000		1,277,140
New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34		1,000		1,009,420
New Jersey EDA, Special Assessment Bonds, Refunding, Kapkowski Road Landfill Project, 6.50%, 4/01/28		2,500		2,618,425
New Jersey Educational Facilities Authority, RB, Public Library Project Grant Issue, Series A (AMBAC), 5.50%, 9/01/19		1,120		1,194,424
New Jersey Sports & Exposition Authority, Refunding RB (NPFGC), 5.50%, 3/01/21		805		873,852
New Jersey Transportation Trust Fund Authority, RB, CAB, Transportation System, Series C (AMBAC), 5.05%, 12/15/35 (d)		1,380		289,676
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series B (NPFGC), 5.50%, 12/15/21		1,800		2,014,146
State of New Jersey, COP, Equipment Lease Purchase, Series A:
5.25%, 6/15/29		1,000		1,028,380
5.25%, 6/15/30		1,110		1,135,264
State of New Jersey, GO, Refunding, Series N (NPFGC), 5.50%, 7/15/17		3,000		3,571,890
				42,767,927
Tobacco — 0.7%
Tobacco Settlement Financing Corp. New Jersey, RB, 7.00%, 6/01/13 (c)		1,445		1,666,822
Transportation — 14.8%
Delaware River Joint Toll Bridge Commission, Refunding RB, 5.00%, 7/01/24		2,450		2,511,348
Delaware River Port Authority, RB, Series D, 5.00%, 1/01/40		1,875		1,891,275
Delaware River Port Authority, Refunding RB, Port District Project, Series A (AGM), 5.20%, 1/01/27		350		353,822

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	21

Schedule of Investments (continued)	BlackRock New Jersey Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
New Jersey (concluded)
Transportation (concluded)
Hudson County Improvement Authority, RB, Harrison Parking Facility Project, Series C:
4.88%, 1/01/46	$	1,000	$	966,540
5.25%, 1/01/46		4,900		4,993,492
New Jersey State Turnpike Authority, RB:
Growth & Income Securities, Series B (AMBAC), 5.22%, 1/01/15 (d)		1,510		1,228,159
Series C (AGM), 5.00%, 1/01/30		2,500		2,577,125
Series I, 5.00%, 1/01/35		2,500		2,558,550
New Jersey State Turnpike Authority, Refunding RB:
Series C, 6.50%, 1/01/16		80		95,784
Series C, 6.50%, 1/01/16 (g)		30		36,872
Series C, 6.50%, 1/01/16 (g)		390		443,921
Series C (NPFGC), 6.50%, 1/01/16		545		652,529
Series C (NPFGC), 6.50%, 1/01/16 (g)		2,765		3,147,289
Series C-2005 (NPFGC), 6.50%, 1/01/16 (g)		190		235,404
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A (d):
6.23%, 12/15/32		10,000		2,631,200
CAB, 6.63%, 12/15/38		10,000		1,727,900
Port Authority of New York & New Jersey, RB:
Consolidated, 85th Series, 5.20%, 9/01/18		1,000		1,175,540
Consolidated, 93rd Series, 6.13%, 6/01/94		1,000		1,169,760
Special Project, JFK International Air Terminal, Series 6, AMT (NPFGC), 6.25%, 12/01/11		1,750		1,794,047
Special Project, JFK International Air Terminal, Series 6, AMT (NPFGC), 5.75%, 12/01/22		2,000		1,993,440
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 155th Series, AMT, 4.75%, 4/15/37		5,000		4,853,350
				37,037,347
Utilities — 2.9%
Cumberland County Improvement Authority, RB, Series A, 5.00%, 1/01/30		900		885,825
New Jersey EDA, RB, New Jersey American Water Co., Inc. Project, Series A, AMT (AMBAC), 5.25%, 11/01/32		1,250		1,233,925
New Jersey EDA, Refunding RB, New Jersey American Water Co., Series D, AMT, 4.88%, 11/01/29		1,000		930,370
North Hudson Sewerage Authority, Refunding RB, Series A (NPFGC), 5.41%, 8/01/21 (d)		5,000		2,937,700
Passaic Valley Water Commission, RB, Series A, 6.00%, 12/15/24		1,195		1,320,308
				7,308,128
Total Municipal Bonds in New Jersey				203,175,306
Guam — 0.8%
State — 0.4%
Territory of Guam, GO, Series A, 7.00%, 11/15/39		970		1,060,608
Utilities — 0.4%
Guam Government Waterworks Authority, Refunding RB, Water, 5.88%, 7/01/35		1,000		996,720
Total Municipal Bonds in Guam				2,057,328
Multi-State (h)(i) — 3.0%
Housing — 3.0%
Centerline Equity Issuer Trust, 7.60%, 12/15/50		4,000		4,008,000
MuniMae Tax-Exempt Bond Subsidiary LLC, 7.50%, 6/30/49 (a)		3,731		3,427,578
Total Municipal Bonds in Multi-State				7,435,578

Municipal Bonds	Par (000)		Value
Northern Mariana Islands — 0.3%
State — 0.3%
Commonwealth of the Northern Mariana Islands, GO, Series A:
6.75%, 10/01/13 (c)	$	600	$	698,058
6.75%, 10/01/33		150		143,471
Total Municipal Bonds in the Northern Mariana Islands				841,529
Puerto Rico — 10.8%
Corporate — 0.5%
Puerto Rico Industrial Medical & Environmental Pollution Control Facilities Financing Authority, RB, Special Facilities, American Airlines, Series A, 6.45%, 12/01/25		1,345		1,237,440
County/City/Special District/School District — 0.4%
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC), 5.76%, 8/01/41 (d)		7,750		1,117,550
Housing — 0.6%
Puerto Rico Housing Finance Authority, Refunding RB, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27		1,600		1,618,320
State — 4.7%
Commonwealth of Puerto Rico, GO, Public Improvement:
(AGM), 5.50%, 7/01/19		3,000		3,367,050
Series A, 5.25%, 7/01/16 (c)		310		372,248
Commonwealth of Puerto Rico, GO, Refunding, Public Improvement:
Series A (NPFGC), 5.50%, 7/01/21		1,000		1,058,370
Series A-4 (AGM), 5.25%, 7/01/30		725		739,761
Series C, 6.00%, 7/01/39		1,500		1,562,145
Puerto Rico Municipal Finance Agency, GO, Series A (AGM), 5.00%, 8/01/21		1,250		1,290,963
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 5.75%, 8/01/37		3,250		3,352,602
				11,743,139
Transportation — 0.8%
Puerto Rico Highway & Transportation Authority, Refunding RB:
Series AA-1 (AGM), 4.95%, 7/01/26		850		857,072
Series N (AGC), 5.25%, 7/01/34		1,000		1,012,150
				1,869,222
Utilities — 3.8%
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 6.00%, 7/01/38		1,000		1,028,740
Puerto Rico Electric Power Authority, RB:
Series TT, 5.00%, 7/01/37		1,250		1,189,962
Series WW, 5.50%, 7/01/38		2,000		2,019,640
Series XX, 5.25%, 7/01/40		4,000		3,940,720
Puerto Rico Electric Power Authority, Refunding RB, Series VV (NPFGC), 5.25%, 7/01/29		1,220		1,241,753
				9,420,815
Total Municipal Bonds in Puerto Rico				27,006,486

See Notes to Financial Statements.
22	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Schedule of Investments (concluded)	BlackRock New Jersey Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
U.S. Virgin Islands — 0.9%
Corporate — 0.9%
United States Virgin Islands, Refunding RB, Senior Secured, Hovensa Coker Project, AMT, 6.50%, 7/01/21	$	1,400	$	1,411,396
Virgin Islands Public Finance Authority, RB, Senior Secured, Hovensa Refinery, AMT, 5.88%, 7/01/22		750		744,052
Total Municipal Bonds in the U.S. Virgin Islands				2,155,448
Total Long-Term Investments (Cost — $241,459,161) — 97.1%				242,671,675
Short-Term Securities	Shares
BIF New Jersey Municipal Money Fund, 0.04% (j)(k)		4,192,095		4,192,095
Total Short-Term Securities (Cost — $4,192,095) — 1.7%				4,192,095
Total Investments (Cost — $245,651,256*) — 98.8%				246,863,770
Other Assets Less Liabilities — 1.2%				3,051,721
Net Assets — 100.0%			$	249,915,491

* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	244,996,911
Gross unrealized appreciation	$	8,387,019
Gross unrealized depreciation		(6,520,160	)
Net unrealized appreciation	$	1,866,859

(a)	Variable rate security. Rate shown is as of report date.
(b)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.
(c)	US 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)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(e)	Issuer filed for bankruptcy and/or is in default of interest payments.
(f)	Non-income producing security.
(g)	Security is collateralized by Municipal or US Treasury obligations.
(h)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(i)	Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.
(j)	Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at May 31, 2010		Net Activity		Shares Held at November 30, 2010		Income
BIF New Jersey Municipal Money Fund		796,049		3,396,046		4,192,095	$	585

(k)	Represents the current yield as of report date.
•	For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
	•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)
	The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
	The following tables summarizes the inputs used as of November 30, 2010 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1		—	$	242,671,675		—	$	242,671,675
Short-Term Securities	$	4,192,095		—		—		4,192,095
Total	$	4,192,095	$	242,671,675		—	$	246,863,770

¹ See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	23

Schedule of Investments November 30, 2010 (Unaudited)	BlackRock Pennsylvania Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Pennsylvania — 74.2%
Corporate — 5.8%
Beaver County IDA, Refunding RB, FirstEnergy, Mandatory Put Bonds, 3.38%, 1/01/35 (a)	$	2,800	$	2,758,392
Bradford County IDA, Refunding RB, International Paper Co. Project, Series B, AMT, 5.20%, 12/01/19		1,000		995,030
Delaware County IDA Pennsylvania, RB, Water Facilities, Aqua Pennsylvania Inc. Project, Series C, AMT (NPFGC), 5.00%, 2/01/35		5,670		5,522,183
Northumberland County IDA, Refunding RB, Aqua Pennsylvania Inc. Project, AMT (NPFGC), 5.05%, 10/01/39		2,500		2,429,575
Pennsylvania Economic Development Financing Authority, RB, Series A:
Aqua Pennsylvania Inc. Project, 5.00%, 10/01/39		3,000		3,004,050
Aqua Pennsylvania Inc. Project, AMT, 6.75%, 10/01/18		9,400		11,106,194
Waste Management Inc. Project, AMT, 5.10%, 10/01/27		300		292,698
Pennsylvania Economic Development Financing Authority, Refunding RB, Aqua Pennsylvania Inc. Project, Series A, AMT, 5.00%, 12/01/34		1,540		1,500,099
Washington County IDA Pennsylvania, Refunding RB, West Pennsylvania, Mitchell, Series G (AMBAC), 6.05%, 4/01/14		2,500		2,504,100
				30,112,321
County/City/Special District/School District — 15.2%
Coatesville School District, GO (AGM), 5.00%, 8/01/25		6,585		7,002,489
County of Allegheny Pennsylvania, GO, Refunding, Series C-57 (NPFGC), 5.00%, 11/01/21		5,775		5,927,864
Delaware Valley Regional Financial Authority, RB:
5.75%, 7/01/32		20,600		21,113,558
Series A (AMBAC), 5.50%, 8/01/28		15,500		15,638,570
Delaware Valley Regional Financial Authority, Refunding RB, Series A, 5.50%, 6/01/37		7,500		7,967,325
Philadelphia Redevelopment Authority, RB, Quality Redevelopment Neighborhood, Series B, AMT (NPFGC), 5.00%, 4/15/27		415		397,080
Philadelphia School District, GO, Series E, 6.00%, 9/01/38		8,600		9,117,978
Souderton Area School District Pennsylvania, GO (NPFGC), 5.00%, 11/15/22		4,290		4,539,549
West Chester Area School District Pennsylvania, GO, Series A (AGM), 5.00%, 5/15/22		7,450		7,980,515
				79,684,928
Education — 14.2%
Adams County IDA, Refunding RB, Gettysburg College:
5.00%, 8/15/24		950		996,882
5.00%, 8/15/25		980		1,020,484
5.00%, 8/15/26		810		835,086
4.50%, 8/15/27		2,360		2,308,316
Cumberland County Municipal Authority, RB, AICUP Financing Program, Dickinson College Project, 5.00%, 11/01/39		1,000		954,400
Delaware County Authority, RB, Haverford College:
5.00%, 11/15/35		6,070		6,207,607
5.00%, 11/15/40		3,700		3,769,745
Delaware County Authority Pennsylvania, RB, Villanova University, 5.25%, 12/01/31		600		627,582
Lancaster Higher Education Authority, RB, Franklin & Marshall College Project, 5.00%, 4/15/37		2,930		2,931,611
Municipal Bonds	Par (000)		Value
Pennsylvania (continued)
Education (concluded)
Pennsylvania Higher Educational Facilities Authority, RB:
Drexel University, Series A (NPFGC), 5.00%, 5/01/37	$	4,000	$	3,942,120
State System of Higher Education, Series A (NPFGC), 5.00%, 6/15/26		3,300		3,466,914
Thomas Jefferson University, 5.00%, 3/01/40		11,000		11,063,910
Pennsylvania Higher Educational Facilities Authority, Refunding RB:
Saint Joseph’s University, Series A, 5.00%, 11/01/40		3,600		3,544,920
University of the Sciences Philadelphia (AGC), 5.00%, 11/01/32		5,000		5,071,600
Pennsylvania State University, Refunding RB, Series A:
5.00%, 8/15/28		5,045		5,341,747
5.00%, 8/15/29		2,000		2,106,120
Philadelphia Authority for Industrial Development, RB, Amern College of Physicians:
5.50%, 6/15/20		6,370		6,389,874
5.50%, 6/15/25		8,315		8,340,943
Swarthmore Borough Authority, Refunding RB, Series A, 4.30%, 9/15/28		5,400		5,435,478
				74,355,339
Health — 17.3%
Allegheny County Hospital Development Authority, RB, Health Center, UPMC Health, Series B (NPFGC), 6.00%, 7/01/25		6,750		7,730,235
Allegheny County Hospital Development Authority, Refunding RB, Health System, West Penn, Series A:
5.00%, 11/15/28		4,750		3,457,952
5.38%, 11/15/40		5,870		4,127,373
Allegheny County IDA Pennsylvania, Refunding RB:
Commercial Development, MPB Associate Project (AGM), 7.70%, 12/01/13		1,955		2,120,823
Residential Resource Inc. Project, 5.13%, 9/01/31		885		748,223
Bucks County IDA, RB, Ann’s Choice Inc. Facility, Series A, 5.90%, 1/01/27		770		746,646
Cumberland County Municipal Authority, RB, Diakon Lutheran, 6.38%, 1/01/39		3,000		3,040,380
Dauphin County General Authority, Refunding RB, Pinnacle Health System Project, Series A, 6.00%, 6/01/29		5,000		5,212,750
Franklin County IDA Pennsylvania, RB, Chambersburg Hospital Project, 5.38%, 7/01/42		6,370		6,251,008
Fulton County IDA, RB, Fulton County Medical Center Project, 5.90%, 7/01/40		500		420,610
Lancaster County Hospital Authority, RB, Brethren Village Project, Series A, 6.50%, 7/01/40		1,750		1,672,633
Lebanon County Good Samaritan Hospital Authority, Refunding RB, Pleasant View Retirement, Series A, 5.30%, 12/15/26		1,000		923,650
Lycoming County Authority, Refunding RB, Susquehanna Health System Project, Series A, 5.75%, 7/01/39		3,080		3,115,174
Mifflin County Hospital Authority, Refunding RB (Radian) (b):
6.20%, 1/01/11		1,000		1,015,040
6.40%, 1/01/11		2,550		2,588,811
Monroe County Hospital Authority Pennsylvania, Refunding RB, Hospital, Pocono Medical Center, 5.13%, 1/01/37		4,140		3,797,581
Montgomery County Higher Education & Health Authority, Refunding RB, Series A:
Abington Memorial Hospital, 5.13%, 6/01/33		4,860		4,711,721
Health Care, Holy Redeemer Health, (AMBAC), 5.25%, 10/01/27		8,900		7,887,269

See Notes to Financial Statements.
24	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Schedule of Investments (continued)	BlackRock Pennsylvania Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Pennsylvania (continued)
Health (concluded)
Montgomery County IDA Pennsylvania, RB:
Acts Retirement Life Community, Series A, 4.50%, 11/15/36	$	4,870	$	3,845,060
Acts Retirement Life Community, Series A-1, 6.25%, 11/15/29		480		497,966
New Regional Medical Center Project (FHA), 5.38%, 8/01/38		5,300		5,373,405
Montgomery County IDA Pennsylvania, Refunding RB, Foulkeways at Gwynedd Project, Series A, 5.00%, 12/01/24		1,000		961,050
Pennsylvania Higher Educational Facilities Authority, RB, University of Pittsburgh Medical Center, Series E, 5.00%, 5/15/31		4,800		4,757,424
Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Presbyterian Medical Center, 6.65%, 12/01/19 (c)		3,000		3,714,810
Sayre Health Care Facilities Authority, Refunding RB, Guthrie Health, Series A, 5.88%, 12/01/31		320		323,514
South Fork Municipal Authority, Refunding RB, Series B:
Conemaugh Valley Memorial (AGC), 5.38%, 7/01/35		3,900		3,904,134
Good Samaritan Medical Center Project (NPFGC), 5.38%, 7/01/16		2,875		2,881,555
Southcentral General Authority, Refunding RB:
Wellspan Health, 5.63%, 5/15/26 (c)		315		324,545
Wellspan Health Obligor Group, Series A, 6.00%, 6/01/29		3,750		4,056,450
				90,207,792
Housing — 2.9%
Pennsylvania HFA, RB:
Series 94-A, AMT, 5.10%, 10/01/31		3,000		2,980,770
Series 103C, 5.40%, 10/01/33		115		119,245
Pennsylvania HFA, Refunding RB, AMT:
S/F Mortgage, Series 92-A, 4.75%, 4/01/31		2,280		2,193,519
S/F, Series 73A, 5.45%, 10/01/32		2,000		2,004,380
Series 99A, 5.25%, 10/01/32		4,800		4,818,768
Series 99A, 5.15%, 4/01/38		2,200		2,203,058
Philadelphia Authority for Industrial Development, RB:
Rieder House Project, Series A, 6.10%, 7/01/33		500		477,020
Saligman House Project, Series C (HUD), 6.10%, 7/01/33		500		477,020
				15,273,780
State — 7.2%
Commonwealth Financing Authority, RB, Series B (AGC), 5.00%, 6/01/31		3,420		3,479,234
Commonwealth of Pennsylvania, GO:
First Series, 5.00%, 10/01/26		2,800		2,953,916
First Series, 5.00%, 3/15/29		3,900		4,138,758
Second Series A, 5.00%, 8/01/24		6,000		6,490,860
Pennsylvania IDA, Refunding RB, Economic Development (AMBAC), 5.50%, 7/01/16		7,695		8,149,159
State Public School Building Authority, Refunding RB:
Harrisburg School District Project, Series A (AGC), 5.00%, 11/15/33		3,050		3,089,803
School District of Philadelphia Project, Series B (AGM), 5.00%, 6/01/24		9,000		9,349,470
				37,651,200

Municipal Bonds	Par (000)		Value
Pennsylvania (concluded)
Transportation — 7.8%
City of Philadelphia Pennsylvania, RB, Series A:
5.00%, 6/15/40	$	4,600	$	4,585,786
AMT (AGM), 5.00%, 6/15/32		9,500		8,938,740
Delaware River Port Authority, RB, Port District Project, Series B (AGM), 5.70%, 1/01/22		8,930		8,942,502
Delaware River Port Authority, RB, Series D, 5.00%, 1/01/40		7,500		7,565,100
Pennsylvania Turnpike Commission, RB:
CAB, Sub-Series E, 6.48%, 12/01/38 (d)		3,350		2,402,285
Series A (AMBAC), 5.50%, 12/01/31		1,600		1,669,264
Sub-Series B, 5.25%, 6/01/39		6,400		6,452,352
				40,556,029
Utilities — 3.8%
City of Philadelphia Pennsylvania, RB:
9th Series, 5.25%, 8/01/40		3,300		3,153,744
12th Series B (NPFGC), 7.00%, 5/15/20 (c)		1,545		1,916,032
Series A, 5.25%, 1/01/36		1,450		1,478,638
Series C (AGM), 5.00%, 8/01/40		2,650		2,653,842
Montgomery County IDA Pennsylvania, RB, Aqua Pennsylvania Inc. Project, Series A, AMT, 5.25%, 7/01/42		3,900		3,777,150
Pennsylvania Economic Development Financing Authority, RB:
Philadelphia Biosolids Facility, 6.25%, 1/01/32		2,500		2,574,875
PPL Energy Supply, Series A, Mandatory Put Bonds, 3.00%, 12/01/38 (a)		4,500		4,460,490
				20,014,771
Total Municipal Bonds in Pennsylvania				387,856,160
Guam — 0.5%
Tobacco — 0.3%
Guam Economic Development & Commerce Authority, Refunding RB, Tobacco Settlement Asset-Backed, 5.63%, 6/01/47		1,750		1,561,578
Utilities — 0.2%
Guam Government Waterworks Authority, Refunding RB, Water, 6.00%, 7/01/25		1,000		1,010,490
Total Municipal Bonds in Guam				2,572,068
Multi-State (e)(f) — 2.6%
Housing — 2.6%
Centerline Equity Issuer Trust, 7.60%, 12/15/50		10,000		10,020,000
MuniMae Tax-Exempt Bond Subsidiary LLC, 7.50%, 6/30/49 (a)		3,731		3,427,578
Total Municipal Bonds in Multi-State				13,447,578
Puerto Rico — 7.7%
Corporate — 0.1%
Puerto Rico Ports Authority, RB, Special Facilities, American Airlines, Series A, AMT, 6.25%, 6/01/26		750		646,470
County/City/Special District/School District — 0.3%
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC), 5.70%, 8/01/41 (g)		10,000		1,442,000

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	25

Schedule of Investments (continued)	BlackRock Pennsylvania Municipal Bond Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Puerto Rico (concluded)
State — 5.4%
Commonwealth of Puerto Rico, GO, Refunding:
Public Improvement, Series A-4 (AGM), 5.25%, 7/01/30	$	1,425	$	1,454,013
Sub-Series C-7 (NPFGC), 6.00%, 7/01/27		3,000		3,166,020
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities:
Series D, 5.38%, 7/01/33		2,940		2,942,734
Series N, 5.25%, 7/01/17		2,375		2,518,640
Series N, 5.50%, 7/01/27		2,150		2,174,725
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.38%, 8/01/39		15,000		16,248,750
				28,504,882
Tobacco — 0.2%
Children’s Trust Fund, Refunding RB, Asset-Backed, 5.38%, 5/15/33		1,055		1,018,318
Transportation — 0.1%
Puerto Rico Highway & Transportation Authority, RB, Series G, 5.00%, 7/01/33		685		656,353
Utilities — 1.6%
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 6.00%, 7/01/38		3,600		3,703,464
Puerto Rico Electric Power Authority, RB, Series WW, 5.50%, 7/01/38		4,450		4,493,699
				8,197,163
Total Municipal Bonds in Puerto Rico				40,465,186
U.S. Virgin Islands — 0.5%
Corporate — 0.3%
United States Virgin Islands, Refunding RB, Senior Secured, Hovensa Coker Project, AMT, 6.50%, 7/01/21		1,000		1,008,140
Virgin Islands Public Finance Authority, RB, Senior Secured, Hovensa Refinery, AMT, 6.13%, 7/01/22		500		501,285
				1,509,425
State — 0.0%
Virgin Islands Public Finance Authority, RB, Senior Lien, Capital Projects, Series A-1, 5.00%, 10/01/39		300		284,214
Utilities — 0.2%
Virgin Islands Water & Power Authority, RB, Series A, 5.00%, 7/01/31		1,000		961,420
Total Municipal Bonds in the U.S. Virgin Islands				2,755,059
Total Municipal Bonds — 85.5%				447,096,051

Municipal Bonds Transferred to Tender Option Bond Trusts (h)	Par (000)		Value
Pennsylvania — 21.0%
Education — 5.1%
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Trustees of the University of Pennsylvania, Series C, 4.75%, 7/15/35	$	11,630	$	11,634,187
Pennsylvania State University, RB, 5.00%, 3/01/40		10,000		10,313,200
University of Pittsburgh Pennsylvania, RB, Capital Project, Series B, 5.00%, 9/15/28		4,448		4,759,804
				26,707,191
Health — 6.5%
Berks County Municipal Authority, Refunding RB, Reading Hospital & Medical Center Project, Series A-3, 5.50%, 11/01/31		10,000		10,377,700
Geisinger Authority, RB, Series A:
5.13%, 6/01/34		7,460		7,554,891
5.25%, 6/01/39		6,000		6,107,040
Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Jefferson Health System, Series B, 5.00%, 5/15/40		10,000		9,758,800
				33,798,431
Housing — 2.6%
Pennsylvania HFA, Refunding RB:
Series 96-A, AMT, 4.70%, 10/01/37		6,500		6,085,690
Series 105C, 5.00%, 10/01/39		7,500		7,622,175
				13,707,865
State — 4.3%
Commonwealth of Pennsylvania, GO, First Series, 5.00%, 3/15/28		10,797		11,551,673
Pennsylvania Turnpike Commission, RB, Series C of 2003 Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32		11,000		11,159,390
				22,711,063
Transportation — 2.5%
City of Philadelphia Pennsylvania, RB, Series A, AMT (AGM), 5.00%, 6/15/37		14,000		13,121,080
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 21.0%				110,045,630
Total Long-Term Investments (Cost — $552,520,602) — 106.5%				557,141,681

Short-Term Securities	Shares
BIF Pennsylvania Municipal Money Fund, 0.00% (i)(j)		15,784,219		15,784,219
Total Short-Term Securities (Cost — $15,784,219) — 3.0%				15,784,219
Total Investments (Cost — $568,304,821) — 109.5%				572,925,900
Other Assets Less Liabilities — 1.4%				7,463,737
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (10.9)%				(57,255,492	)
Net Assets — 100.0%			$	523,134,145

See Notes to Financial Statements.
26	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Schedule of Investments (concluded) BlackRock Pennsylvania Municipal Bond Fund

* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	510,879,700
Gross unrealized appreciation	$	13,308,180
Gross unrealized depreciation		(8,467,079	)
Net unrealized appreciation	$	4,841,101

(a)	Variable rate security. Rate shown is as of report date.
(b)	US 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.
(c)	Security is collateralized by Municipal or US Treasury obligations.
(d)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.
(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(f)	Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.
(g)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(h)	Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
(i)	Represents the current yield as of report date.
(j)	Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at May 31, 2010		Net Activity			Shares Held at November 30, 2010		Income
BIF Pennsylvania Municipal Money Fund		22,887,186		(7,102,967	)		15,784,219		—

•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)
	The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
	The following table summarizes the inputs used as of November 30, 2010 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1		—	$	557,141,681		—	$	557,141,681
Short-Term Securities	$	15,784,219		—		—		15,784,219
Total	$	15,784,219	$	557,141,681		—	$	572,925,900

¹ See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	27

Schedule of Investments November 30, 2010 (Unaudited)	BlackRock Intermediate Municipal Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 0.3%
Birmingham Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/34	$	750	$	807,893
Arizona — 4.0%
Arizona Health Facilities Authority, RB, Banner Health, Series A, 5.00%, 1/01/20		2,000		2,104,820
Arizona State Transportation Board, RB, Series B, 5.00%, 7/01/17		2,500		2,857,175
City of Tucson Arizona, COP, Refunding (AGC), 4.00%, 7/01/20		1,500		1,542,105
Phoenix Civic Improvement Corp., Refunding RB, Senior Lien, 5.50%, 7/01/18		1,000		1,201,210
Pima County IDA, Refunding RB, Tucson Electric Power Co., San Juan, Series A, 4.95%, 10/01/20		1,500		1,523,490
Salt Verde Financial Corp., RB, Senior, 5.25%, 12/01/19		2,000		2,088,200
State of Arizona, COP, Department of Administration, Series A (AGM), 4.25%, 10/01/23		1,000		976,730
				12,293,730
Arkansas — 0.3%
Benton County Public Facilities Board, Refunding RB, BCCSO Project, Series A, 5.00%, 6/01/22		785		793,996
California — 11.6%
Agua Caliente Band of Cahuilla Indians, RB, 5.60%, 7/01/13 (a)		555		546,148
Antelope Valley Healthcare District California, RB, Series A, 5.25%, 9/01/17		2,000		1,934,520
California County Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles, 6.55%, 6/01/21 (b)		5,225		4,753,757
California HFA, RB, AMT, Home Mortgage:
Series E, 4.70%, 8/01/24		1,200		1,095,132
Series I, 4.60%, 8/01/21		2,500		2,368,375
Series K, 4.55%, 8/01/21		2,715		2,545,231
California HFA, Refunding RB, Home Mortgage, Series M, AMT, 4.55%, 8/01/21		2,500		2,343,675
California Pollution Control Financing Authority, Refunding RB, AMT (FGIC), Pacific Gas:
Series A, 4.75%, 12/01/23		4,000		3,913,840
Series C, 4.75%, 12/01/23		1,000		978,460
Golden State Tobacco Securitization Corp. California, Refunding RB, Asset-Backed, Senior Series A-1, 5.00%, 6/01/16		3,000		3,044,640
Los Angeles Unified School District California, GO, Refunding, Series A-1 (NPFGC), 4.50%, 7/01/25		6,735		6,517,662
Palomar Community College District, GO, CAB, Election of 2006, Series B, 5.65%, 8/01/23 (c)		3,950		1,950,708
Southern California Public Power Authority, RB, Project No. 1, Series A, 5.25%, 11/01/19		2,445		2,552,115
State of California, GO, Various Purpose, 5.25%, 10/01/21		750		807,015
				35,351,278
Colorado — 1.2%
City & County of Denver Colorado, RB, Series D, AMT (AMBAC), 7.75%, 11/15/13		2,450		2,683,068
Regional Transportation District, COP, Series A, 5.00%, 6/01/25 (d)		875		876,313
				3,559,381
Municipal Bonds	Par (000)		Value
Florida — 3.5%
Broward County School Board Florida, COP, Series C (AGM), 5.25%, 7/01/17	$	3,410	$	3,729,653
County of Miami-Dade Florida, Refunding RB, System, Series B (AGM), 5.25%, 10/01/22		2,000		2,260,000
Miami-Dade County IDA, RB, Waste Management Inc. Project, Series 1, Mandatory Put Bonds, AMT, 7.00%, 12/01/18 (e)		1,300		1,300,000
Panther Trace II Community Development District, Special Assessment Bonds, Special Assessment:
5.00%, 11/01/10		280		279,916
5.13%, 11/01/13		800		705,768
Sterling Hill Community Development District, Special Assessment Bonds, Refunding, Series B, 5.50%, 11/01/10 (f)(g)		160		111,920
Tolomato Community Development District, Special Assessment Bonds, Special Assessment, 6.38%, 5/01/17		3,130		2,618,464
				11,005,721
Georgia — 2.0%
Fulton County Development Authority, Refunding RB, Robert Woodruff, Series B, 5.25%, 3/15/24		1,000		1,040,120
Fulton County Residential Care Facilities for the Elderly Authority, Refunding RB, Canterbury Court Project, Series A, 5.00%, 2/15/14		1,050		1,049,612
Medical Center Hospital Authority, Refunding RB, Columbus Regional Healthcare (AGM), 4.00%, 8/01/22		1,430		1,388,973
State of Georgia, GO, Series G, 5.00%, 12/01/17		2,250		2,693,430
				6,172,135
Guam — 0.4%
Territory of Guam, GO, Series A, 6.00%, 11/15/19		570		594,430
Territory of Guam, RB, Section 30, Series A, 5.38%, 12/01/24		655		664,098
				1,258,528
Idaho — 1.9%
Ada & Canyon Counties Joint School District No. 2 Meridian, GO, 5.00%, 8/15/17		5,000		5,723,700
Illinois — 3.6%
City of Chicago Illinois, Refunding ARB, General, Third Lien, Series A-2, AMT (AGM), 5.25%, 1/01/14		5,000		5,447,800
City of Chicago Illinois, Tax Allocation Bonds, Kingsbury Redevelopment Project, Series A, 6.57%, 2/15/13		675		674,905
Du Page County Forest Preservation District Illinois, GO, Refunding, Series A, 3.50%, 11/01/24		2,490		2,356,760
Illinois Finance Authority, Refunding RB, Primary Health Care Centers Program, 5.90%, 7/01/14		475		468,360
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (NPFGC), 5.45%, 6/15/17 (b)		3,000		2,155,020
				11,102,845
Indiana — 0.7%
Indiana Bond Bank, RB, Series A, 5.00%, 10/15/17		2,000		2,144,920
Iowa — 0.3%
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility, 5.00%, 9/01/20		1,000		996,870
Kansas — 1.3%
Kansas Development Finance Authority, Refunding RB:
Adventist Health, 5.00%, 11/15/23		500		540,845
Adventist/Sunbelt, Series D, 5.00%, 11/15/24		1,000		1,058,330
Sisters of Leavenworth, Series A, 4.00%, 1/01/22		1,425		1,404,879
Stormont, Vail Healthcare, Series F, 5.00%, 11/15/21		1,000		1,045,360
				4,049,414

See Notes to Financial Statements.
28	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Schedule of Investments (continued)	BlackRock Intermediate Municipal Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Kentucky — 2.1%
Kenton County Airport Board Kentucky, Refunding RB, Cincinnati/Northern Kentucky, Series A, AMT (NPFGC), 5.63%, 3/01/15	$	2,000	$	2,068,540
Kentucky Economic Development Finance Authority, Refunding RB, Owensboro Medical Health System, Series A, 5.25%, 6/01/23		2,350		2,310,708
Kentucky State Property & Buildings Commission, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/24		2,000		2,179,480
				6,558,728
Louisiana — 0.4%
New Orleans Aviation Board Louisiana, Refunding GARB, Restructuring, Series A-2 (AGC), 6.00%, 1/01/23		250		280,208
Parish of Morehouse Louisiana, Refunding RB, International Paper Co. Project, Series A, 5.25%, 11/15/13		1,000		1,046,180
				1,326,388
Maryland — 1.6%
County of Anne Arundel Maryland, GO, Refunding, Consolidated General Improvement, 5.00%, 3/01/15		1,455		1,679,230
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20		250		255,375
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		1,000		982,360
State of Maryland, GO, State & Local Facilities Loan, First Series, 5.00%, 3/01/15		1,745		2,015,475
				4,932,440
Massachusetts — 2.1%
Massachusetts Port Authority, RB, Delta Air Lines, Inc. Project, Series A, AMT (AMBAC):
5.50%, 1/01/14		2,500		2,424,850
5.50%, 1/01/15		4,000		3,837,760
				6,262,610
Michigan — 4.6%
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 4.25%, 5/15/25		2,000		1,839,700
Michigan State Building Authority, Refunding RB, Facilities Program, Series I (AGC), 5.00%, 10/15/23		5,000		5,266,300
Michigan State Hospital Finance Authority, Refunding RB:
Hospital, Henry Ford Health, 5.00%, 11/15/20		1,000		1,019,510
Hospital, Henry Ford Health, 5.25%, 11/15/24		2,600		2,589,756
McLaren Health Care, 5.25%, 5/15/16		1,000		1,114,360
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont, Series W, 6.25%, 8/01/23		2,000		2,078,360
				13,907,986
Minnesota — 1.1%
City of St. Cloud Minnesota, RB, CentraCare Health System, Series A, 4.25%, 5/01/21		1,225		1,223,947
Minnesota Higher Education Facilities Authority, RB:
Gustavus Adolphus Child & Family Services, Inc., Series 7-B, 5.00%, 10/01/23		1,545		1,636,541
St. Olaf College, Series 7-F, 3.50%, 10/01/25		500		468,845
				3,329,333
Mississippi — 0.6%
Mississippi Business Finance Corp., Refunding RB, System Energy Resource, Inc. Project, 5.90%, 5/01/22		1,000		995,190
Mississippi Hospital Equipment & Facilities Authority, Refunding RB, Baptist Memorial Healthcare, Series B2, 4.50%, 9/01/23		750		760,800
				1,755,990
Municipal Bonds	Par (000)		Value
Missouri — 0.9%
Missouri State Health & Educational Facilities Authority, RB, SSM Health Care, Series B, 4.25%, 6/01/25	$	2,850	$	2,751,133
Montana — 0.4%
Montana Facility Finance Authority, Refunding RB, Series B, 5.00%, 1/01/24		1,125		1,202,884
Nebraska — 1.2%
City of Omaha, RB, Series A, 3.50%, 12/01/24		2,750		2,564,925
Omaha Convention Hotel Corp., Refunding RB, Convention Center Project, First Tier (AMBAC), 5.00%, 2/01/19		1,110		1,209,201
				3,774,126
Nevada — 0.6%
County of Humboldt Nevada, Refunding RB, Idaho Power Co. Project, 5.15%, 12/01/24		1,700		1,759,024
New Jersey — 8.2%
City of Newark New Jersey, GO, Series A, 4.00%, 10/01/22		1,050		1,032,444
New Jersey EDA, Refunding RB:
New Jersey American Water Co., Inc. Project, Series C, AMT, 5.10%, 6/01/23		2,000		2,057,660
New Jersey American Water Co., Series E, AMT, 4.70%, 12/01/25		1,750		1,634,360
School Facilities Construction, Series AA, 4.25%, 12/15/24		1,000		995,800
School Facilities Construction, Series W, 5.00%, 9/01/15		2,500		2,809,000
New Jersey Educational Facilities Authority, Refunding RB:
New Jersey Institute of Technology, Series H, 3.75%, 7/01/24		2,470		2,287,912
New Jersey Institute of Technology, Series H, 4.00%, 7/01/25		2,260		2,126,163
University of Medicine & Dentistry, Series B, 6.50%, 12/01/20		2,000		2,273,220
New Jersey Health Care Facilities Financing Authority, Refunding RB, Holy Name Medical Center:
4.00%, 7/01/17		2,000		1,962,460
4.25%, 7/01/18		780		762,653
New Jersey Higher Education Assistance Authority, Refunding RB, Series 1A:
4.50%, 12/01/20		2,000		2,033,780
4.75%, 12/01/21		600		611,448
New Jersey Transportation Trust Fund Authority, RB, CAB, Transportation System, Series C (AMBAC) (c):
5.52%, 12/15/24		3,850		1,792,252
5.64%, 12/15/25		480		207,926
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.50%, 12/15/23		1,350		1,495,017
University of Medicine & Dentistry of New Jersey, RB, Series A (AMBAC), 5.50%, 12/01/23		800		813,928
				24,896,023
New Mexico — 0.6%
City of Farmington New Mexico, Refunding RB, Arizona Public Service, Series A, 4.70%, 5/01/24		2,000		1,880,220

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	29

Schedule of Investments (continued)	BlackRock Intermediate Municipal Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
New York — 15.9%
City of New York New York, GO:
Series A-1, 4.75%, 8/15/25	$	2,000	$	2,091,780
Sub-Series I-1, 5.50%, 4/01/21		2,000		2,300,680
Sub-Series I-1, 5.13%, 4/01/25		845		909,913
Dutchess County Local Development Corp., Refunding RB, Health Quest System, Inc., Series A (AGC) (d):
5.00%, 7/01/21		535		541,072
5.00%, 7/01/22		510		507,761
5.25%, 7/01/25		895		886,864
Long Island Power Authority, Refunding RB, Series A, 5.50%, 4/01/24		375		408,690
Metropolitan Transportation Authority, RB, Series A:
(NPFGC), 5.00%, 11/15/24		1,000		1,067,830
Transportation, 5.00%, 11/15/25		500		513,190
Metropolitan Transportation Authority, Refunding RB:
Series A, 5.13%, 1/01/29		2,000		2,017,560
Series B, 5.25%, 11/15/25		1,500		1,618,875
New York City Industrial Development Agency, Refunding RB:
New York Stock Exchange Project, Series A, 4.25%, 5/01/24		500		500,685
Terminal One Group Association Project, AMT, 5.50%, 1/01/21 (e)		1,500		1,540,695
New York City Transitional Finance Authority, RB, Fiscal 2009, Series S-3, 5.00%, 1/15/23		865		912,791
New York Mortgage Agency, Refunding MRB, 44th Series, AMT, 4.00%, 10/01/21		805		789,689
New York State Dormitory Authority, RB:
Interagency Council Pooled, Series A-1, 4.25%, 7/01/25		3,000		2,920,320
Master BOCES Program Lease (AGM), 3.50%, 8/15/25		3,950		3,583,835
Mount Sinai School of Medicine, Series A (NPFGC), 5.15%, 7/01/24		500		511,585
The New School, 5.25%, 7/01/25 (d)		1,000		1,041,230
New York State Association for Retarded Children, Inc., Series A, 5.30%, 7/01/23		550		580,426
University of Rochester, Series E, 4.00%, 7/01/24		1,015		1,023,425
New York State Dormitory Authority, Refunding RB:
Mount Sinai Hospital, Series A, 4.25%, 7/01/23		750		738,120
Mount Sinai Hospital, Series A, 5.00%, 7/01/26		750		765,720
North Shore-Long Island Jewish Health System, Series E, 5.00%, 5/01/22		1,000		1,041,300
NYU Hospital Center, Series A, 5.00%, 7/01/16		1,140		1,226,047
NYU Hospital Center, Series A, 5.00%, 7/01/20		1,000		1,030,390
New York State Energy Research & Development Authority, RB, Lilco Project, Series A (NPFGC), 5.15%, 3/01/16		1,000		1,017,430
New York State Thruway Authority, RB, Series G (AGM), 5.00%, 1/01/30		2,000		2,061,000
New York State Urban Development Corp., Refunding RB, Service Contract, Series B, 5.00%, 1/01/21		1,470		1,598,390
Port Authority of New York & New Jersey, RB, AMT:
Consolidated, 155th Series (AGM), 5.50%, 7/15/18		3,000		3,354,690
Special Project, JFK International Air Terminal, Series 6 (NPFGC), 6.25%, 12/01/13		2,000		2,115,700
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, AMT, 5.00%, 11/01/23		2,000		2,055,040
United Nations Development Corp. New York, Refunding RB, Series A, 4.25%, 7/01/24		1,200		1,195,056
Municipal Bonds	Par (000)		Value
New York (concluded)
Westchester County Industrial Development Agency New York, MRB, Kendal on Hudson Project, Series A, 5.63%, 1/01/13	$	1,000	$	997,360
Yonkers Economic Development Corp., Refunding RB, Riverview II (Freddie Mac), 4.50%, 5/01/25		3,000		2,977,890
				48,443,029
North Carolina — 0.7%
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/26		475		492,233
North Carolina Medical Care Commission, Refunding RB, First Mortgage, Galloway Ridge Project, Series A:
4.13%, 1/01/17		200		196,562
4.30%, 1/01/18		555		542,058
4.50%, 1/01/19		520		505,892
4.75%, 1/01/21		270		258,703
5.00%, 1/01/22		290		279,702
				2,275,150
Ohio — 1.6%
State of Ohio, GO:
Highway Capital Improvements, Buckeye Savers Program, Series L, 5.00%, 5/01/16		2,340		2,741,708
Natural Resources, Series L, 5.00%, 10/01/14		1,835		2,091,936
				4,833,644
Oregon — 3.1%
Oregon State Department of Transportation, RB, Series A, 5.00%, 11/15/16 (h)		5,000		5,925,900
Oregon State Housing & Community Services Department, RB, S/F Mortgage Program, Series B, AMT:
4.50%, 1/01/23		1,765		1,758,416
4.50%, 7/01/23		1,730		1,723,357
				9,407,673
Pennsylvania — 3.0%
Montgomery County IDA Pennsylvania, RB, New Regional Medical Center Project (FHA), 5.00%, 8/01/24		1,500		1,533,375
Pennsylvania HFA, RB, Series 103C, 4.38%, 4/01/18		1,160		1,230,609
Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%, 6/01/24		3,400		3,610,596
South Fork Municipal Authority, RB, Conemaugh Valley Memorial, Series A (AGC), 6.00%, 7/01/26		2,475		2,679,188
				9,053,768
Puerto Rico — 4.3%
Commonwealth of Puerto Rico, GO, Refunding, Public Improvement:
CAB, 74.40%, 7/01/17 (c)		3,000		2,232,120
Series A (NPFGC), 5.50%, 7/01/21		3,100		3,280,947
Series A-4 (AGM), 5.25%, 7/01/30		725		739,761
Government Development Bank for Puerto Rico, RB, Senior Series B, 5.00%, 12/01/17		1,500		1,560,345
Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax Bonds, Series B, 5.00%, 7/01/18		2,250		2,308,410
Puerto Rico Electric Power Authority, RB, Series CCC, 4.25%, 7/01/23		640		625,331
Puerto Rico Highway & Transportation Authority, RB, Series Y (AGM), 6.25%, 7/01/21		2,000		2,225,720
				12,972,634

See Notes to Financial Statements.
30	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Schedule of Investments (continued)	BlackRock Intermediate Municipal Fund
	(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Rhode Island — 1.0%
Rhode Island Health & Educational Building Corp., RB, University of Rhode Island, Series A (AGC), 4.75%, 9/15/24	$	500	$	518,895
Rhode Island Housing & Mortgage Finance Corp., RB, AMT, Homeownership Opportunity:
Series 55-B, 4.55%, 10/01/22		500		500,685
Series 57-B, 5.15%, 4/01/22		1,000		1,013,140
Rhode Island Turnpike & Bridge Authority, RB, Series A, 4.13%, 12/01/23		970		961,619
				2,994,339
South Carolina — 2.4%
County of Florence South Carolina, RB, McLeod Regional Medical Center, Series A, 4.00%, 11/01/23		3,500		3,280,165
County of Richland South Carolina, Refunding RB, International Paper Co. Project, AMT, 6.10%, 4/01/23		4,115		4,166,479
				7,446,644
Tennessee — 1.6%
Chattanooga-Hamilton County Hospital Authority Tennessee, Refunding RB, Erlanger Health (AGM):
5.00%, 10/01/21		1,450		1,519,528
5.00%, 10/01/22		1,620		1,680,215
Memphis-Shelby County Sports Authority Inc., Refunding RB, Memphis Arena Project, Series A:
5.25%, 11/01/25		890		939,235
5.25%, 11/01/27		750		774,225
				4,913,203
Texas — 2.6%
Alliance Airport Authority Texas, Refunding RB, FedEx Corp. Project, AMT, 4.85%, 4/01/21		3,730		3,684,419
City of San Antonio Texas, RB, AMT (AGM), 5.25%, 7/01/19		3,055		3,288,005
Red River Education Financing Corp., Refunding RB, Higher Education, Texas Christian University, 4.25%, 3/15/26		1,000		967,150
				7,939,574
Virginia — 1.5%
Fredericksburg EDA, Refunding RB, MediCorp Health System Obligation, 5.00%, 6/15/17		1,550		1,687,702
White Oak Village Shops Community Development Authority, Special Assessment Bonds, Special Assessment, 5.30%, 3/01/17		2,802		2,834,447
				4,522,149
Washington — 1.7%
Kitsap County School District No. 400 North Kitsap Washington, GO, Refunding (AGM), 5.13%, 12/01/16		4,650		5,327,784
West Virginia — 1.5%
West Virginia Hospital Finance Authority, Refunding RB, Charleston, Series A:
5.13%, 9/01/23		1,000		1,039,380
5.50%, 9/01/25		2,000		2,039,620
West Virginia Housing Development Fund, RB, Housing Finance, Series A, AMT, 4.45%, 11/01/22		1,400		1,411,704
				4,490,704
Wisconsin — 0.3%
Wisconsin Housing & EDA, RB, Series C, AMT, 4.85%, 9/01/26		1,000		1,000,050
Total Municipal Bonds — 96.7%				295,217,641
Municipal Bonds Transferred to Tender Option Bond Trusts (i)	Par (000)		Value
New York — 0.4%
City of New York New York, GO, Sub-Series B-1, 5.25%, 9/01/22	$	1,000	$	1,102,870
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 0.4%				1,102,870
Investment Companies	Shares
BlackRock Insured Municipal Term Trust, Inc. (j)		99,700		1,001,985
Total Investment Companies — 0.3%				1,001,985
Total Long-Term Investments (Cost — $291,862,281) — 97.4%				297,322,496
Short-Term Securities
FFI Institutional Tax-Exempt Fund, 0.15% (j)(k)		8,677,443		8,677,443
Total Short-Term Securities (Cost — $8,677,443) — 2.9%				8,677,443
Total Investments (Cost — $300,539,724*) — 100.3%				305,999,939
Liabilities in Excess of Other Assets — (0.2)%				(599,138	)
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (0.1)%				(500,347	)
Net Assets — 100.0%			$	304,900,454

* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	299,984,315
Gross unrealized appreciation	$	8,738,696
Gross unrealized depreciation		(3,223,072	)
Net unrealized appreciation	$	5,515,624

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(b)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.
(c)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(d)	When-issued security. Unsettled when-issued transactions were as follows:

Counterparty	Value		Unrealized Appreciation
JPMorgan Securities	$	1,041,230	$	30,030
Merrill Lynch Co.	$	1,935,697	$	12,850
Morgan Stanley Capital Services, Inc.	$	876,313	$	10,211

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	31

Schedule of Investments (concluded) BlackRock Intermediate Municipal Fund

(e)	Variable rate security. Rate shown is as of report date.
(f)	Non-income producing security.
(g)	Issuer filed for bankruptcy and/or is in default of interest payments.
(h)	US 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.
(i)	Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
(j)	Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at May 31, 2010		Shares Purchased			Shares Sold		Shares Held at November 30, 2010		Value at May 31, 2010		Realized Gain (Loss)		Income
BlackRock Insured Municipal Term Trust, Inc.		99,700		—			—		99,700	$	1,001,985		—	$	4,985
FFI Institutional Tax-Exempt Fund		4,191,720		4,485,723	*		—		8,677,443	$	8,677,443		—	$	5,969

* Represents net shares purchased.

(k) Represents the current yield as of report date.

•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)
	The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
	The following table summarizes the inputs used as of November 30, 2010 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Level 1		Level 2		Level 3	Total
Assets:
Investments in Securities:
Long-Term Investments1	$	1,001,985	$	296,320,511	—	$	297,322,496
Short-Term Securities		8,677,443		—	—		8,677,443
Total	$	9,679,428	$	296,320,511	—	$	305,999,939

¹ See above Schedule of Investments for values in the state or political subdivision excluding Level 1, Investment Companies, within the table.

See Notes to Financial Statements.
32	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Statements of Assets and Liabilities

November 30, 2010 (Unaudited)	BlackRock California Municipal Bond Fund			BlackRock New Jersey Municipal Bond Fund			BlackRock Pennsylvania Municipal Bond Fund			BlackRock Intermediate Municipal Fund
Assets
Investments at value — unaffiliated1	$	463,563,783		$	242,671,675		$	557,141,681		$	296,320,511
Investments at value — affiliated2		558,612			4,192,095			15,784,219			9,679,428
Cash		74,840			—			—			—
Interest receivable		6,177,817			4,088,684			8,848,524			4,030,416
Capital shares sold receivable		1,258,092			392,374			406,701			1,530,475
Investments sold receivable		—			10,000			560,000			—
Dividends receivable — affiliated		—			—			—			499
Prepaid expenses		25,897			17,634			19,766			27,110
Total assets		471,659,041			251,372,462			582,760,891			311,588,439
Accrued Liabilities
Bank overdraft		—			24,490			—			440,000
Income dividends payable		1,251,587			762,554			1,830,599			687,060
Capital shares redeemed payable		306,071			467,507			175,655			1,077,408
Investment advisory fees payable		186,062			84,463			162,367			98,741
Service and distribution fees payable		77,986			38,404			32,282			50,139
Investments purchased payable		74,840			—			—			3,800,149
Interest expense and fees payable		41,144			—			50,393			347
Other affiliates payable		4,848			3,111			4,737			2,805
Officer’s and Trustees’ fees payable		4,044			339			471			387
Other accrued expenses payable		72,691			76,103			165,143			30,949
Total accrued liabilities		2,019,273			1,456,971			2,421,647			6,187,985
Other Liabilities
Trust certificates3		61,213,523			—			57,205,099			500,000
Total liabilities		63,232,796			1,456,971			59,626,746			6,687,985
Net Assets	$	408,426,245		$	249,915,491		$	523,134,145		$	304,900,454
Net Assets Consist of
Paid-in capital	$	402,737,676		$	252,521,148		$	546,100,864		$	300,008,468
Undistributed net investment income		662,844			1,180,437			855,190			112,614
Accumulated net realized loss		(3,860,795	)		(4,998,608	)		(28,442,988	)		(680,843	)
Net unrealized appreciation/depreciation		8,886,520			1,212,514			4,621,079			5,460,215
Net Assets	$	408,426,245		$	249,915,491		$	523,134,145		$	304,900,454
1 Investments at cost — unaffiliated	$	454,677,263		$	241,459,161		$	552,520,602		$	290,797,192
2 Investments at cost — affiliated	$	558,612		$	4,192,095		$	15,784,219		$	9,742,532
3 Represents short-term floating rate certificates issued by tender option bond trusts

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	33

Statements of Assets and Liabilities (concluded)

November 30, 2010 (Unaudited)	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
Net Asset Value
Institutional:
Net assets	$	87,772,162	$	132,091,224	$	430,890,580	$	147,990,809
Shares outstanding, unlimited number of shares authorized, $0.10 par value		7,746,295		12,797,535		40,380,185		14,085,914
Net asset value	$	11.33	$	10.32	$	10.67	$	10.51
Service:
Net assets		—	$	11,434,424	$	1,758,197		—
Shares outstanding, unlimited number of shares authorized, $0.10 par value		—		1,107,930		164,731		—
Net asset value		—	$	10.32	$	10.67		—
Investor A:
Net assets	$	59,272,471	$	31,150,216	$	35,097,384	$	67,008,438
Shares outstanding, unlimited number of shares authorized, $0.10 par value		5,235,587		3,015,108		3,285,673		6,381,901
Net asset value	$	11.32	$	10.33	$	10.68	$	10.50
Investor A1:
Net assets	$	181,031,726	$	35,547,563	$	21,778,493	$	47,712,704
Shares outstanding, unlimited number of shares authorized, $0.10 par value		15,977,162		3,439,912		2,038,565		4,543,131
Net asset value	$	11.33	$	10.33	$	10.68	$	10.50
Investor B:
Net assets	$	17,123,173	$	974,924	$	446,483	$	3,143,929
Shares outstanding, unlimited number of shares authorized, $0.10 par value		1,510,305		94,472		41,842		299,248
Net asset value	$	11.34	$	10.32	$	10.67	$	10.51
Investor B1:
Net assets		—	$	4,929,969	$	4,533,497		—
Shares outstanding, unlimited number of shares authorized, $0.10 par value		—		477,561		424,890		—
Net asset value		—	$	10.32	$	10.67		—
Investor C:
Net assets	$	35,741,169	$	19,769,579	$	18,994,549	$	39,044,574
Shares outstanding, unlimited number of shares authorized, $0.10 par value		3,154,214		1,915,984		1,778,652		3,717,175
Net asset value	$	11.33	$	10.32	$	10.68	$	10.50
Investor C1:
Net assets	$	27,485,544	$	14,017,592	$	9,634,962		—
Shares outstanding, unlimited number of shares authorized, $0.10 par value		2,425,495		1,358,184		902,953		—
Net asset value	$	11.33	$	10.32	$	10.67		—

See Notes to Financial Statements.
34	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Statements of Operations

Six Months Ended November 30, 2010 (Unaudited)	BlackRock California Municipal Bond Fund			BlackRock New Jersey Municipal Bond Fund			BlackRock Pennsylvania Municipal Bond Fund			BlackRock Intermediate Municipal Fund
Interest Income
Interest	$	10,866,380		$	6,576,856		$	14,541,873		$	6,216,951
Income — affiliated		2,806			585			—			10,954
Total income		10,869,186			6,577,441			14,541,873			6,227,905
Expenses
Investment advisory		1,092,117			717,916			1,491,931			781,498
Service — Service		—			13,686			1,803			—
Service — Investor A		65,949			38,104			45,576			68,891
Service — Investor A1		94,128			18,381			11,359			24,434
Service and distribution — Investor B		47,675			7,166			2,946			5,137
Service and distribution — Investor B1		—			13,668			12,817			—
Service and distribution — Investor C		169,186			96,763			92,689			182,740
Service and distribution — Investor C1		86,163			44,797			31,729			—
Transfer agent — Institutional		15,720			113,406			431,920			25,565
Transfer agent — Service		—			5,254			886			—
Transfer agent — Investor A		9,976			5,592			8,252			5,542
Transfer agent — Investor A1	��	31,925			8,812			6,446			10,422
Transfer agent — Investor B		5,696			946			549			1,295
Transfer agent — Investor B1		—			1,944			1,724			—
Transfer agent — Investor C		5,108			4,107			5,102			5,899
Transfer agent — Investor C1		5,117			2,460			2,361			—
Accounting services		47,483			29,907			66,482			31,640
Registration		40,102			19,435			14,651			44,386
Professional		35,912			33,906			37,479			34,817
Printing		23,813			18,044			36,139			23,202
Custodian		17,884			9,697			17,567			9,615
Officer and Trustees		16,727			12,874			16,032			12,747
Miscellaneous		25,857			27,425			30,594			24,073
Total expenses excluding interest expense and fees		1,836,538			1,244,290			2,367,034			1,291,903
Interest expense and fees1		251,022			—			221,335			2,100
Total expenses		2,087,560			1,244,290			2,588,369			1,294,003
Less fees waived by advisor		(20,757	)		(60,135	)		(19,350	)		(72,627	)
Less transfer agent fees waived and/or reimbursed — class specific		—			(139,905	)		(454,754	)		—
Less service and distribution fees reimbursed — class specific		—			(8,378	)		(35,281	)		—
Total expenses after fees waived		2,066,803			1,035,872			2,078,984			1,221,376
Net investment income		8,802,383			5,541,569			12,462,889			5,006,529
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		1,287,877			(16,610	)		(508,655	)		1,261,495
Financial futures contracts		(339,167	)		(69,897	)		(453,094	)		—
		948,710			(86,507	)		(961,749	)		1,261,495
Net change in unrealized appreciation/depreciation on investments		(9,458,897	)		(3,011,943	)		(11,858,670	)		(1,893,179	)
Total realized and unrealized loss		(8,510,187	)		(3,098,450	)		(12,820,419	)		(631,684	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	292,196		$	2,443,119		$	(357,530	)	$	4,374,845

¹       Related to tender option bond trusts.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	35

Statements of Changes in Net Assets BlackRock California Municipal Bond Fund

Increase (Decrease) in Net Assets:	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31, 2010
Operations
Net investment income	$	8,802,383		$	15,446,508
Net realized gain (loss)		948,710			(18,043	)
Net change in unrealized appreciation/depreciation		(9,458,897	)		16,005,428
Net increase in net assets resulting from operations		292,196			31,433,893
Dividends to Shareholders From
Net investment income:
Institutional		(1,746,022	)		(2,245,520	)
Investor A		(1,171,842	)		(1,686,626	)
Investor A1		(4,329,684	)		(8,680,089	)
Investor B		(398,667	)		(922,417	)
Investor C		(625,246	)		(843,851	)
Investor C1		(584,462	)		(1,192,892	)
Decrease in net assets resulting from dividends to shareholders		(8,855,923	)		(15,571,395	)
Capital Share Transactions
Net increase in net assets derived from capital share transactions		43,699,972			33,424,660
Net Assets
Total increase in net assets		36,136,245			49,287,158
Beginning of period		373,290,000			324,002,842
End of period	$	408,426,245		$	373,290,000
Undistributed net investment income	$	662,844		$	716,384

See Notes to Financial Statements.
36	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Statements of Changes in Net Assets BlackRock New Jersey Municipal Bond Fund

Increase (Decrease) in Net Assets:	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31, 2010
Operations
Net investment income	$	5,541,569		$	12,097,979
Net realized gain (loss)		(86,507	)		714,437
Net change in unrealized appreciation/depreciation		(3,011,943	)		14,937,630
Net increase in net assets resulting from operations		2,443,119			27,750,046
Dividends to Shareholders From
Net investment income:
Institutional		(3,221,129	)		(7,054,802	)
Service		(236,228	)		(457,068	)
Investor A		(654,185	)		(1,070,533	)
Investor A1		(820,913	)		(1,628,872	)
Investor B		(25,831	)		(112,041	)
Investor B1		(111,633	)		(272,534	)
Investor C		(341,059	)		(616,792	)
Investor C1		(295,933	)		(595,457	)
Decrease in net assets resulting from dividends to shareholders		(5,706,911	)		(11,808,099	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(21,137,031	)		(7,248,030	)
Net Assets
Total increase (decrease) in net assets		(24,400,823	)		8,693,917
Beginning of period		274,316,314			265,622,397
End of period	$	249,915,491		$	274,316,314
Undistributed net investment income	$	1,180,437		$	1,345,779

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	37

Statements of Changes in Net Assets BlackRock Pennsylvania Municipal Bond Fund

Increase (Decrease) in Net Assets:	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31, 2010
Operations
Net investment income	$	12,462,889		$	23,695,330
Net realized loss		(961,749	)		(1,172,193	)
Net change in unrealized appreciation/depreciation		(11,858,670	)		30,336,769
Net increase (decrease) in net assets resulting from operations		(357,530	)		52,859,906
Dividends to Shareholders From
Net investment income:
Institutional		(10,460,032	)		(19,832,720	)
Service		(32,867	)		(60,789	)
Investor A		(813,913	)		(1,471,642	)
Investor A1		(528,976	)		(1,041,535	)
Investor B		(11,898	)		(34,859	)
Investor B1		(111,927	)		(239,381	)
Investor C		(336,553	)		(544,260	)
Investor C1		(220,456	)		(446,532	)
Decrease in net assets resulting from dividends to shareholders		(12,516,622	)		(23,671,718	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(3,075,186	)		7,105,341
Net Assets
Total increase (decrease) in net assets		(15,949,338	)		36,293,529
Beginning of period		539,083,483			502,789,954
End of period	$	523,134,145		$	539,083,483
Undistributed net investment income	$	855,190		$	908,923

See Notes to Financial Statements.
38	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Statements of Changes in Net Assets BlackRock Intermediate Municipal Fund

Increase (Decrease) in Net Assets:	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31, 2010
Operations
Net investment income	$	5,006,529		$	7,559,296
Net realized gain		1,261,495			663,722
Net change in unrealized appreciation/depreciation		(1,893,179	)		10,149,261
Net increase in net assets resulting from operations		4,374,845			18,372,279
Dividends to Shareholders From
Net investment income:
Institutional		(2,602,224	)		(3,998,674	)
Investor A		(953,271	)		(996,400	)
Investor A1		(880,017	)		(1,802,623	)
Investor B		(57,725	)		(128,375	)
Investor C		(493,947	)		(614,965	)
Decrease in net assets resulting from dividends to shareholders		(4,987,184	)		(7,541,037	)
Capital Share Transactions
Net increase in net assets derived from capital share transactions		50,522,380			74,268,750
Net Assets
Total increase in net assets		49,910,041			85,099,992
Beginning of period		254,990,413			169,890,421
End of period	$	304,900,454		$	254,990,413
Undistributed net investment income	$	112,614		$	93,269

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	39

Statement of Cash Flows BlackRock California Municipal Bond Fund

Six Months Ended November 30, 2010 (Unaudited)
Cash Used for Operating Activities
Net increase in net assets resulting from operations	$	292,196
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Increase in interest receivable		(866,697	)
Decrease in prepaid expenses		31
Increase in investment advisory fees payable		13,585
Increase in interest expense payable		13,011
Decrease in other affiliates payable		(1,150	)
Decrease in other accrued expenses payable		(13,660	)
Increase in Officer’s and Directors’ payable		3,869
Net realized and unrealized loss		8,170,303
Amortization of premium and discount on investments		567,851
Proceeds from sales and paydowns of long-term investments		93,310,596
Purchases of long-term investments		(148,706,211	)
Net proceeds from sales of short-term securities		8,318,121
Cash used for operating activities		(38,898,155	)
Cash Provided by Financing Activities
Proceeds from issuance of Common Stock		62,027,175
Cash Payments on Common Stock		(24,098,117	)
Cash receipts from borrowings		4,880,000
Cash dividends paid to Common Shareholders		(3,836,063	)
Cash provided by financing activities		38,972,995
Cash
Net increase in cash		74,840
Cash at beginning of period		—
Cash at end of period	$	74,840
Cash Flow Information
Cash paid for interest	$	238,011
Noncash Financing Activities
Capital shares issued in reinvestment of dividends paid to shareholders	$	4,955,557
A Statement of Cash Flows is presented when the Fund has a significant amount of borrowings during the period, based on the average borrowing outstanding in relation to total assets.

See Notes to Financial Statements.
40	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights BlackRock California Municipal Bond Fund

	Institutional
	Six Months Ending November 30, 2010			Year Ended May 31,						Period September 1, 2007 to May 31,			Year Ended August 31,
	(Unaudited)			2010			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	11.54		$	11.02		$	11.22		$	11.26		$	11.52		$	11.70		$	11.72
Net investment income1		0.27			0.53			0.47			0.36			0.48			0.51			0.54
Net realized and unrealized gain (loss)		(0.21	)		0.52			(0.20	)		(0.05	)		(0.25	)		(0.18	)		(0.02	)
Net increase from investment operations		0.06			1.05			0.27			0.31			0.23			0.33			0.52
Dividends and distributions from:
Net investment income		(0.27	)		(0.53	)		(0.47	)		(0.35	)		(0.49	)		(0.51	)		(0.54	)
Net realized gain		—			—			(0.00	)2		—			(0.00	)2		—			—
Total dividends and distributions		(0.27	)		(0.53	)		(0.47	)		(0.35	)		(0.49	)		(0.51	)		(0.54	)
Net asset value, end of period	$	11.33		$	11.54		$	11.02		$	11.22		$	11.26		$	11.52		$	11.70
Total Investment Return3
Based on net asset value		0.51	%4		9.72	%		2.63	%		2.84	%4		1.99	%		2.93	%		4.50	%
Ratios to Average Net Assets5
Total expenses		0.82	%6		0.79	%		0.82	%		0.87	%6		0.93	%		0.92	%		0.79	%
Total expenses after fees waived		0.81	%6		0.78	%		0.81	%		0.87	%6		0.93	%		0.91	%		0.78	%
Total expenses after fees waived and excluding interest expense and fees		0.68	%6		0.73	%		0.74	%		0.74	%6		0.71	%		0.68	%		0.68	%
Net investment income		4.65	%6		4.67	%		4.36	%		4.22	%6		4.11	%		4.45	%		4.60	%
Supplemental Data
Net assets, end of period (000)	$	87,772		$	59,097		$	39,135		$	44,782		$	46,481		$	42,053		$	36,105
Portfolio turnover		21	%		53	%		54	%		31	%		43	%		30	%		27	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	41

Financial Highlights (continued) BlackRock California Municipal Bond Fund

	Investor A
	Six Months Ended November 30, 2010			Year Ended May 31,						Period September 1, 2007 to May 31,			Period October 2, 20061 to August 31,
	(Unaudited)			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period	$	11.53		$	11.01		$	11.21		$	11.25		$	11.55
Net investment income2		0.26			0.50			0.45			0.33			0.37
Net realized and unrealized gain (loss)		(0.21	)		0.53			(0.21	)		(0.04	)		(0.25	)
Net increase from investment operations		0.05			1.03			0.24			0.29			0.12
Dividends and distributions from:
Net investment income		(0.26	)		(0.51	)		(0.44	)		(0.33	)		(0.42	)
Net realized gain		—			—			(0.00	)3		—			(0.00	)3
Total dividends and distributions		(0.26	)		(0.51	)		(0.44	)		(0.33	)		(0.42	)
Net asset value, end of period	$	11.32		$	11.53		$	11.01		$	11.21		$	11.25
Total Investment Return4
Based on net asset value		0.39	%5		9.47	%		2.40	%		2.65	%5		1.05	%5
Ratios to Average Net Assets6
Total expenses		1.07	%7		1.02	%		1.05	%		1.13	%7		1.19	%7
Total expenses after fees waived		1.06	%7		1.02	%		1.04	%		1.12	%7		1.18	%7
Total expenses after fees waived and excluding interest expense and fees		0.93	%7		0.97	%		0.97	%		0.99	%7		0.96	%7
Net investment income		4.42	%7		4.43	%		4.17	%		3.95	%7		3.89	%7
Supplemental Data
Net assets, end of period (000)	$	59,272		$	48,331		$	25,874		$	20,306		$	12,452
Portfolio turnover		21	%		53	%		54	%		31	%		43	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Amount is less than $(0.01) per share.
4	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
5	Aggregate total investment return.
6	Interest expense and fees relate to tender option trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
7	Annualized.

See Notes to Financial Statements.
42	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock California Municipal Bond Fund

	Investor A1
	Six Months Ending November 30, 2010			Year Ended May 31,						Period September 1, 2007 to May 31,			Year Ended August 31,
	(Unaudited)			2010			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	11.54		$	11.02		$	11.22		$	11.26		$	11.52		$	11.70		$	11.72
Net investment income1		0.27			0.52			0.46			0.35			0.47			0.50			0.53
Net realized and unrealized gain (loss)		(0.21	)		0.52			(0.20	)		(0.05	)		(0.25	)		(0.18	)		(0.03	)
Net increase from investment operations		0.06			1.04			0.26			0.30			0.22			0.32			0.50
Dividends and distributions from:
Net investment income		(0.27	)		(0.52	)		(0.46	)		(0.34	)		(0.48	)		(0.50	)		(0.52	)
Net realized gain		—			—			(0.00	)2		—			(0.00	)2		—			—
Total dividends and distributions		(0.27	)		(0.52	)		(0.46	)		(0.34	)		(0.48	)		(0.50	)		(0.52	)
Net asset value, end of period	$	11.33		$	11.54		$	11.02		$	11.22		$	11.26		$	11.52		$	11.70
Total Investment Return3
Based on net asset value		0.47	%4		9.63	%		2.56	%		2.78	%4		1.90	%		2.83	%		4.40	%
Ratios to Average Net Assets5
Total expenses		0.92	%6		0.87	%		0.89	%		0.95	%6		1.02	%		1.02	%		0.89	%
Total expenses after fees waived		0.91	%6		0.86	%		0.88	%		0.94	%6		1.02	%		1.01	%		0.88	%
Total expenses after fees waived and excluding interest expense and fees		0.78	%6		0.81	%		0.81	%		0.82	%6		0.80	%		0.78	%		0.78	%
Net investment income		4.57	%6		4.57	%		4.30	%		4.14	%6		4.02	%		4.35	%		4.50	%
Supplemental Data
Net assets, end of period (000)	$	181,032		$	187,784		$	190,693		$	220,470		$	239,346		$	258,492		$	264,482
Portfolio turnover		21	%		53	%		54	%		31	%		43	%		30	%		27	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	43

Financial Highlights (continued) BlackRock California Municipal Bond Fund

	Investor B
	Six Months Ending November 30, 2010 (Unaudited)			Year Ended May 31,						Period September 1, 2007 to May 31, 2008			Year Ended August 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	11.55		$	11.03		$	11.23		$	11.26		$	11.53		$	11.70		$	11.72
Net investment income1		0.24			0.47			0.42			0.31			0.42			0.46			0.48
Net realized and unrealized gain (loss)		(0.21	)		0.53			(0.20	)		(0.03	)		(0.26	)		(0.17	)		(0.02	)
Net increase from investment operations		0.03			1.00			0.22			0.28			0.16			0.29			0.46
Dividends and distributions from:
Net investment income		(0.24	)		(0.48	)		(0.42	)		(0.31	)		(0.43	)		(0.46	)		(0.48	)
Net realized gain		—			—			(0.00	)2		—			(0.00	)2		—			—
Total dividends and distributions		(0.24	)		(0.48	)		(0.42	)		(0.31	)		(0.43	)		(0.46	)		(0.48	)
Net asset value, end of period	$	11.34		$	11.55		$	11.03		$	11.23		$	11.26		$	11.53		$	11.70
Total Investment Return3
Based on net asset value		0.26	%4		9.17	%		2.13	%		2.55	%4		1.39	%		2.50	%		3.98	%
Ratios to Average Net Assets5
Total expenses		1.34	%6		1.29	%		1.31	%		1.36	%6		1.43	%		1.42	%		1.29	%
Total expenses after fees waived		1.33	%6		1.28	%		1.30	%		1.36	%6		1.43	%		1.42	%		1.29	%
Total expenses after fees waived and excluding interest expense and fees		1.20	%6		1.23	%		1.23	%		1.23	%6		1.21	%		1.18	%		1.19	%
Net investment income		4.15	%6		4.14	%		3.86	%		3.73	%6		3.61	%		3.95	%		4.10	%
Supplemental Data
Net assets, end of period (000)	$	17,123		$	19,989		$	24,705		$	37,540		$	47,753		$	69,647		$	96,650
Portfolio turnover		21	%		53	%		54	%		31	%		43	%		30	%		27	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.
44	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock California Municipal Bond Fund

	Investor C
	Six Months Ended November 30, 2010 (Unaudited)									Period September 1, 2007 to May 31, 2008			Period October 2, 20061 to August 31, 2007
				Year Ended May 31,
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	11.54		$	11.02		$	11.22		$	11.26		$	11.55
Net investment income2		0.21			0.42			0.36			0.27			0.30
Net realized and unrealized gain (loss)		(0.20	)		0.52			(0.20	)		(0.04	)		(0.25	)
Net increase from investment operations		0.01			0.94			0.16			0.23			0.05
Dividends and distributions from:
Net investment income		(0.22	)		(0.42	)		(0.36	)		(0.27	)		(0.34	)
Net realized gain		—			—			(0.00	)3		—			(0.00	)3
Total dividends and distributions		(0.22	)		(0.42	)		(0.36	)		(0.27	)		(0.34	)
Net asset value, end of period	$	11.33		$	11.54		$	11.02		$	11.22		$	11.26
Total Investment Return4
Based on net asset value		0.02	%5		8.65	%		1.64	%		2.08	%5		0.44	%5
Ratios to Average Net Assets6
Total expenses		1.81	%7		1.77	%		1.80	%		1.86	%7		1.95	%7
Total expenses after fees waived		1.80	%7		1.77	%		1.79	%		1.85	%7		1.94	%7
Total expenses after fees waived and excluding interest expense and fees		1.68	%7		1.72	%		1.72	%		1.72	%7		1.72	%7
Net investment income		3.67	%7		3.68	%		3.41	%		3.22	%7		3.13	%7
Supplemental Data
Net assets, end of period (000)	$	35,741		$	29,583		$	13,588		$	9,425		$	5,448
Portfolio turnover		21	%		53	%		54	%		31	%		43	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Amount is less than $(0.01) per share.
4	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
5	Aggregate total investment return.
6	Interest expense and fees relate to tender option trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
7	Annualized.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	45

Financial Highlights (concluded) BlackRock California Municipal Bond Fund

	Investor C1
	Six Months Ending November 30, 2010 (Unaudited)									Period September 1, 2007 to May 31, 2008
				Year Ended May 31,
													Year Ended August 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	11.54		$	11.02		$	11.22		$	11.26		$	11.52		$	11.70		$	11.72
Net investment income1		0.24			0.46			0.41			0.31			0.41			0.44			0.47
Net realized and unrealized gain (loss)		(0.21	)		0.53			(0.20	)		(0.05	)		(0.25	)		(0.18	)		(0.02	)
Net increase from investment operations		0.03			0.99			0.21			0.26			0.16			0.26			0.45
Dividends and distributions from:
Net investment income		(0.24	)		(0.47	)		(0.41	)		(0.30	)		(0.42	)		(0.44	)		(0.47	)
Net realized gain		—			—			(0.00	)2		—			(0.00	)2		—			—
Total dividends and distributions		(0.24	)		(0.47	)		(0.41	)		(0.30	)		(0.42	)		(0.44	)		(0.47	)
Net asset value, end of period	$	11.33		$	11.54		$	11.02		$	11.22		$	11.26		$	11.52		$	11.70
Total Investment Return3
Based on net asset value		0.21	%4		9.09	%		2.04	%		2.39	%4		1.39	%		2.31	%		3.88	%
Ratios to Average Net Assets5
Total expenses		1.41	%6		1.37	%		1.40	%		1.45	%6		1.52	%		1.52	%		1.39	%
Total expenses after fees waived		1.40	%6		1.36	%		1.38	%		1.44	%6		1.52	%		1.52	%		1.39	%
Total expenses after fees waived and excluding interest expense and fees		1.28	%6		1.31	%		1.32	%		1.31	%6		1.30	%		1.28	%		1.29	%
Net investment income		4.04	%6		4.07	%		3.79	%		3.64	%6		3.52	%		3.85	%		4.00	%
Supplemental Data
Net assets, end of period (000)	$	27,486		$	28,506		$	30,007		$	36,280		$	39,223		$	45,474		$	45,700
Portfolio turnover		21	%		53	%		54	%		31	%		43	%		30	%		27	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.
46	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights BlackRock New Jersey Municipal Bond Fund

	Institutional
	Six Months Ending November 30, 2010 (Unaudited)			Year Ended May 31,						Period August 1, 2007 to May 31, 2008
													Year Ended July 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.45		$	9.85		$	10.30		$	10.58		$	10.64		$	10.73		$	10.24
Net investment income1		0.23			0.47			0.46			0.39			0.51			0.45			0.48
Net realized and unrealized gain (loss)		(0.12	)		0.58			(0.45	)		(0.28	)		(0.11	)		(0.09	)		0.48
Net increase from investment operations		0.11			1.05			0.01			0.11			0.40			0.36			0.96
Dividends and distributions from:
Net investment income		(0.24	)		(0.45	)		(0.46	)		(0.39	)		(0.46	)		(0.45	)		(0.47	)
Net realized gain		—			—			—			—			—			(0.00	)2		—
Total dividends and distributions		(0.24	)		(0.45	)		(0.46	)		(0.39	)		(0.46	)		(0.45	)		(0.47	)
Net asset value, end of period	$	10.32		$	10.45		$	9.85		$	10.30		$	10.58		$	10.64		$	10.73
Total Investment Return3
Based on net asset value		1.03	%4		10.91	%		0.27	%		1.08	%4		3.80	%		3.46	%		9.60	%
Ratios to Average Net Assets
Total expenses		0.83	%5		0.82	%6		0.71	%6		0.86	%5,6		1.04	%6		0.93	%6		1.04	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		0.62	%5		0.77	%6		0.70	%6		0.84	%5,6		0.95	%6		0.93	%6		1.03	%6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		0.62	%5		0.77	%6		0.69	%6		0.66	%5,6		0.61	%6		0.81	%6		0.83	%6
Net investment income		4.42	%5		4.57	%6		4.78	%6		4.50	%5,6		4.60	%6		4.26	%6		4.54	%6
Supplemental Data
Net assets, end of period (000)	$	132,091		$	158,244		$	156,814		$	179,560		$	173,234		$	33,316		$	25,325
Portfolio turnover		7	%		18	%		17	%		11	%		15	%		16	%		48	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Annualized.
6	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	47

Financial Highlights (continued) BlackRock New Jersey Municipal Bond Fund

	Service
	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31,						Period August 1, 2007 to May 31, 2008			Period October 2, 20061 to July 31, 2007
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.45		$	9.85		$	10.30		$	10.58		$	10.84
Net investment income2		0.22			0.46			0.45			0.38			0.37
Net realized and unrealized gain (loss)		(0.12	)		0.58			(0.46	)		(0.28	)		(0.26	)
Net increase (decrease) from investment operations		0.10			1.04			(0.01	)		0.10			0.11
Dividends from net investment income		(0.23	)		(0.44	)		(0.44	)		(0.38	)		(0.37	)
Net asset value, end of period	$	10.32		$	10.45		$	9.85		$	10.30		$	10.58
Total Investment Return3
Based on net asset value		0.91	%4		10.80	%		0.10	%		0.92	%4		0.96	%4
Ratios to Average Net Assets
Total expenses		1.01	%5		1.03	%6		1.03	%6		1.17	%5,6		1.37	%5,6
Total expenses after fees waived and/or reimbursed and paid indirectly		0.85	%5		0.87	%6		0.87	%6		1.03	%5,6		1.19	%5,6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		0.85	%5		0.87	%6		0.85	%6		0.85	%5,6		0.85	%5,6
Net investment income		4.18	%5		4.47	%6		4.62	%6		4.32	%5,6		4.36	%5,6
Supplemental Data
Net assets, end of period (000)	$	11,434		$	10,521		$	10,178		$	11,569		$	12,849
Portfolio turnover		7	%		18	%		17	%		11	%		15	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Annualized.
6	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

See Notes to Financial Statements.
48	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock New Jersey Municipal Bond Fund

	Investor A
	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31,						Period August 1, 2007 to May 31, 2008			Period October 2, 20061 to July 31, 2007
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.46		$	9.86		$	10.31		$	10.59		$	10.85
Net investment income2		0.22			0.46			0.45			0.37			0.36
Net realized and unrealized gain (loss)		(0.12	)		0.58			(0.46	)		(0.27	)		(0.25	)
Net increase (decrease) from investment operations		0.10			1.04			(0.01	)		0.10			0.11
Dividends from net investment income		(0.23	)		(0.44	)		(0.44	)		(0.38	)		(0.37	)
Net asset value, end of period	$	10.33		$	10.46		$	9.86		$	10.31		$	10.59
Total Investment Return3
Based on net asset value		0.91	%4		10.79	%		0.11	%		0.93	%4		0.97	%4
Ratios to Average Net Assets
Total expenses		0.95	%5		0.97	%6		1.01	%6		1.13	%5,6		1.32	%5,6
Total expenses after fees waived and/or reimbursed and paid indirectly		0.86	%5		0.87	%6		0.87	%6		1.02	%5,6		1.19	%5,6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		0.86	%5		0.87	%6		0.85	%6		0.84	%5,6		0.85	%5,6
Net investment income		4.17	%5		4.46	%6		4.62	%6		4.32	%5,6		4.37	%5,6
Supplemental Data
Net assets, end of period (000)	$	31,150		$	27,210		$	21,227		$	21,564		$	15,693
Portfolio turnover		7	%		18	%		17	%		11	%		15	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Annualized.
6	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	49

Financial Highlights (continued) BlackRock New Jersey Municipal Bond Fund

	Investor A1
	Six Months Ending November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008
				Year Ended May 31,									Year Ended July 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.46		$	9.86		$	10.31		$	10.59		$	10.66		$	10.73		$	10.24
Net investment income1		0.23			0.47			0.46			0.39			0.48			0.44			0.47
Net realized and unrealized gain (loss)		(0.12	)		0.59			(0.45	)		(0.28	)		(0.10	)		(0.07	)		0.48
Net increase from investment operations		0.11			1.06			0.01			0.11			0.38			0.37			0.95
Dividends and distributions from:
Net investment income		(0.24	)		(0.46	)		(0.46	)		(0.39	)		(0.45	)		(0.44	)		(0.46	)
Net realized gain		—			—			—			—			—			(0.00	)2		—
Total dividends and distributions		(0.24	)		(0.46	)		(0.46	)		(0.39	)		(0.45	)		(0.44	)		(0.46	)
Net asset value, end of period	$	10.33		$	10.46		$	9.86		$	10.31		$	10.59		$	10.66		$	10.73
Total Investment Return3
Based on net asset value		0.99	%4		10.96	%		0.26	%		1.05	%4		3.60	%		3.55	%		9.49	%
Ratios to Average Net Assets
Total expenses		0.81	%5		0.83	%6		0.86	%6		1.01	%5,6		1.19	%6		1.03	%6		1.14	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		0.70	%5		0.72	%6		0.72	%6		0.88	%5,6		1.08	%6		1.03	%6		1.13	%6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		0.70	%5		0.72	%6		0.70	%6		0.70	%5,6		0.74	%6		0.91	%6		0.93	%6
Net investment income		4.34	%5		4.62	%6		4.77	%6		4.47	%5,6		4.46	%6		4.16	%6		4.45	%6
Supplemental Data
Net assets, end of period (000)	$	35,548		$	36,704		$	36,008		$	38,082		$	39,546		$	40,676		$	34,618
Portfolio turnover		7	%		18	%		17	%		11	%		15	%		16	%		48	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Annualized.
6	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

See Notes to Financial Statements.
50	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock New Jersey Municipal Bond Fund

	Investor B
	Six Months Ended November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008			Period October 2, 20061 to July 31, 2007
				Year Ended May 31,
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.45		$	9.85		$	10.30		$	10.58		$	10.84
Net investment income2		0.18			0.38			0.37			0.31			0.31
Net realized and unrealized gain (loss)		(0.12	)		0.59			(0.45	)		(0.28	)		(0.27	)
Net increase (decrease) from investment operations		0.06			0.97			(0.08	)		0.03			0.04
Dividends from net investment income (loss)		(0.19	)		(0.37	)		(0.37	)		(0.31	)		(0.30	)
Net asset value, end of period	$	10.32		$	10.45		$	9.85		$	10.30		$	10.58
Total Investment Return3
Based on net asset value		0.54	%4		9.96	%		(0.64	)%		0.31	%4		0.34	%4
Ratios to Average Net Assets
Total expenses		1.79	%5		1.76	%6		1.77	%6		1.89	%5,6		2.09	%5,6
Total expenses after fees waived and/or reimbursed and paid indirectly		1.59	%5		1.64	%6		1.62	%6		1.75	%5,6		1.94	%5,6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		1.59	%5		1.63	%6		1.60	%6		1.57	%5,6		1.60	%5,6
Net investment income		3.47	%5		3.73	%6		3.85	%6		3.59	%5,6		3.61	%5,6
Supplemental Data
Net assets, end of period (000)	$	975		$	2,028		$	4,159		$	6,869		$	8,622
Portfolio turnover		7	%		18	%		17	%		11	%		15	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Annualized.
6	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	51

Financial Highlights (continued) BlackRock New Jersey Municipal Bond Fund

	Investor B1
	Six Months Ending November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008
				Year Ended May 31,									Year Ended July 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.45		$	9.85		$	10.30		$	10.58		$	10.65		$	10.73		$	10.24
Net investment income1		0.21			0.43			0.42			0.36			0.44			0.40			0.43
Net realized and unrealized gain (loss)		(0.12	)		0.59			(0.45	)		(0.29	)		(0.10	)		(0.09	)		0.48
Net increase (decrease) from investment operations		0.09			1.02			(0.03	)		0.07			0.34			0.31			0.91
Dividends and distributions from:
Net investment income		(0.22	)		(0.42	)		(0.42	)		(0.35	)		(0.41	)		(0.39	)		(0.42	)
Net realized gain		—			—			—			—			—			(0.00	)2		—
Total dividends and distributions		(0.22	)		(0.42	)		(0.42	)		(0.35	)		(0.41	)		(0.39	)		(0.42	)
Net asset value, end of period	$	10.32		$	10.45		$	9.85		$	10.30		$	10.58		$	10.65		$	10.73
Total Investment Return3
Based on net asset value		0.79	%4		10.52	%		(0.14	)%		0.71	%4		3.19	%		3.03	%		9.04	%
Ratios to Average Net Assets
Total expenses		1.24	%5		1.25	%6		1.27	%6		1.41	%5,6		1.60	%6		1.44	%6		1.55	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		1.08	%5		1.13	%6		1.12	%6		1.28	%5,6		1.48	%6		1.44	%6		1.55	%6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		1.08	%5		1.13	%6		1.10	%6		1.10	%5,6		1.14	%6		1.33	%6		1.34	%6
Net investment income		3.96	%5		4.22	%6		4.36	%6		4.07	%5,6		4.05	%6		3.75	%6		4.06	%6
Supplemental Data
Net assets, end of period (000)	$	4,930		$	5,865		$	7,447		$	12,386		$	15,723		$	20,920		$	26,893
Portfolio turnover		7	%		18	%		17	%		11	%		15	%		16	%		48	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Annualized.
6	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

See Notes to Financial Statements.
52	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock New Jersey Municipal Bond Fund

	Investor C
	Six Months Ended November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008			Period October 2, 20061 to July 31, 2007
				Year Ended May 31,
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.45		$	9.84		$	10.30		$	10.57		$	10.84
Net investment income2		0.18			0.38			0.37			0.31			0.30
Net realized and unrealized gain (loss)		(0.12	)		0.60			(0.46	)		(0.27	)		(0.27	)
Net increase (decrease) from investment operations		0.06			0.98			(0.09	)		0.04			0.03
Dividends from net investment income		(0.19	)		(0.37	)		(0.37	)		(0.31	)		(0.30	)
Net asset value, end of period	$	10.32		$	10.45		$	9.84		$	10.30		$	10.57
Total Investment Return3
Based on net asset value		0.51	%4		10.07	%		(0.74	)%		0.40	%4		0.25	%4
Ratios to Average Net Assets
Total expenses		1.71	%5		1.73	%6		1.75	%6		1.89	%5,6		2.09	%5,6
Total expenses after fees waived and/or reimbursed and paid indirectly		1.64	%5		1.64	%6		1.62	%6		1.76	%5,6		1.94	%5,6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		1.64	%5		1.64	%6		1.60	%6		1.58	%5,6		1.60	%5,6
Net investment income		3.39	%5		3.69	%6		3.89	%6		3.57	%5,6		3.63	%5,6
Supplemental Data
Net assets, end of period (000)	$	19,770		$	18,802		$	14,969		$	10,480		$	7,253
Portfolio turnover		7	%		18	%		17	%		11	%		15	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Annualized.
6	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	53

Financial Highlights (concluded) BlackRock New Jersey Municipal Bond Fund

	Investor C1
	Six Months Ending November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008
				Year Ended May 31,									Year Ended July 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.45		$	9.85		$	10.30		$	10.58		$	10.64		$	10.73		$	10.24
Net investment income1		0.20			0.42			0.41			0.35			0.43			0.39			0.41
Net realized and unrealized gain (loss)		(0.12	)		0.59			(0.45	)		(0.28	)		(0.09	)		(0.10	)		0.49
Net increase (decrease) from investment operations		0.08			1.01			(0.04	)		0.07			0.34			0.29			0.90
Dividends and distributions from:
Net investment income		(0.21	)		(0.41	)		(0.41	)		(0.35	)		(0.40	)		(0.38	)		(0.41	)
Net realized gain		—			—			—			—			—			(0.00	)2		—
Total dividends and distributions		(0.21	)		(0.41	)		(0.41	)		(0.35	)		(0.40	)		(0.38	)		(0.41	)
Net asset value, end of period	$	10.32		$	10.45		$	9.85		$	10.30		$	10.58		$	10.64		$	10.73
Total Investment Return3
Based on net asset value		0.73	%4		10.41	%		(0.24	)%		0.63	%4		3.18	%		2.83	%		8.94	%
Ratios to Average Net Assets
Total expenses		1.30	%5		1.32	%6		1.34	%6		1.49	%5,6		1.68	%6		1.54	%6		1.65	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		1.20	%5		1.23	%6		1.22	%6		1.37	%5,6		1.58	%6		1.53	%6		1.64	%6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		1.20	%5		1.23	%6		1.20	%6		1.20	%5,6		1.24	%6		1.42	%6		1.44	%6
Net investment income		3.84	%5		4.11	%6		4.27	%6		3.97	%5,6		3.95	%6		3.65	%6		3.94	%6
Supplemental Data
Net assets, end of period (000)	$	14,018		$	14,942		$	14,821		$	16,232		$	18,648		$	19,634		$	16,040
Portfolio turnover		7	%		18	%		17	%		11	%		15	%		16	%		48	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Annualized.
6	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

See Notes to Financial Statements.
54	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights BlackRock Pennsylvania Municipal Bond Fund

	Institutional
	Six Months Ending November 30, 2010 (Unaudited)			Year Ended May 31,						Period August 1, 2007 to May 31, 2008			Year Ended July 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.93		$	10.34		$	10.79		$	11.13		$	11.18		$	11.39		$	11.12
Net investment income1		0.26			0.49			0.48			0.44			0.52			0.50			0.51
Net realized and unrealized gain (loss)		(0.26	)		0.59			(0.44	)		(0.31	)		(0.08	)		(0.21	)		0.27
Net increase from investment operations		—			1.08			0.04			0.13			0.44			0.29			0.78
Dividends and distributions from:
Net investment income		(0.26	)		(0.49	)		(0.49	)		(0.44	)		(0.49	)		(0.50	)		(0.51	)
Net realized gain		—			—			—			(0.03	)		—			—			—
Total dividends and distributions		(0.26	)		(0.49	)		(0.49	)		(0.47	)		(0.49	)		(0.50	)		(0.51	)
Net asset value, end of period	$	10.67		$	10.93		$	10.34		$	10.79		$	11.13		$	11.18		$	11.39
Total Investment Return2
Based on net asset value		(0.07	)%3		10.61	%		0.52	%		1.18	%3		4.01	%		2.59	%		7.17	%
Ratios to Average Net Assets4
Total expenses		0.90	%5		0.86	%		0.68	%		0.92	%5		1.09	%		1.23	%		1.14	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.70	%5		0.74	%		0.66	%		0.90	%5		1.05	%		1.22	%		1.13	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		0.62	%5		0.70	%		0.63	%		0.60	%5		0.60	%		0.88	%		0.91	%
Net investment income		4.64	%5		4.55	%		4.77	%		4.84	%5		4.51	%		4.44	%		4.55	%
Supplemental Data
Net assets, end of period (000)	$	430,891		$	445,217		$	416,433		$	484,861		$	486,395		$	11,410		$	9,939
Portfolio turnover		10	%		26	%		20	%		44	%		46	%		23	%		32	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
5	Annualized.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	55

Financial Highlights (continued) BlackRock Pennsylvania Municipal Bond Fund

	Service
	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31,						Period August 1, 2007 to May 31, 2008			Period October 2, 20061 to July 31, 2007
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.93		$	10.34		$	10.80		$	11.13		$	11.35
Net investment income2		0.25			0.46			0.45			0.42			0.38
Net realized and unrealized gain (loss)		(0.26	)		0.60			(0.45	)		(0.30	)		(0.21	)
Net increase (decrease) from investment operations		(0.01	)		1.06			—			0.12			0.17
Dividends and distributions from:
Net investment income		(0.25	)		(0.47	)		(0.46	)		(0.42	)		(0.39	)
Net realized gain		—			—			—			(0.03	)		—
Total dividends and distributions		(0.25	)		(0.47	)		(0.46	)		(0.45	)		(0.39	)
Net asset value, end of period	$	10.67		$	10.93		$	10.34		$	10.80		$	11.13
Total Investment Return3
Based on net asset value		(0.12	)%4		10.41	%		0.21	%		1.09	%4		1.48	%4
Ratios to Average Net Assets5
Total expenses		1.08	%6		1.07	%		0.95	%		1.17	%6		1.37	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		0.80	%6		0.92	%		0.88	%		1.12	%6		1.29	%6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expenses and fees		0.72	%6		0.88	%		0.85	%		0.82	%6		0.84	%6
Net investment income		4.55	%6		4.38	%		4.56	%		4.57	%6		4.27	%6
Supplemental Data
Net assets, end of period (000)	$	1,758		$	1,302		$	1,486		$	2,435		$	3,316
Portfolio turnover		10	%		26	%		20	%		44	%		46	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.
56	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock Pennsylvania Municipal Bond Fund

	Investor A
	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31,						Period August 1, 2007 to May 31, 2008			Period October 2, 20061 to July 31, 2007
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.94		$	10.35		$	10.81		$	11.14		$	11.36
Net investment income2		0.25			0.47			0.46			0.42			0.38
Net realized and unrealized gain (loss)		(0.26	)		0.59			(0.46	)		(0.30	)		(0.21	)
Net increase (decrease) from investment operations		(0.01	)		1.06			—			0.12			0.17
Dividends and distributions from:
Net investment income		(0.25	)		(0.47	)		(0.46	)		(0.42	)		(0.39	)
Net realized gain		—			—			—			(0.03	)		—
Total dividends and distributions		(0.25	)		(0.47	)		(0.46	)		(0.45	)		(0.39	)
Net asset value, end of period	$	10.68		$	10.94		$	10.35		$	10.81		$	11.14
Total Investment Return3
Based on net asset value		(0.17	)%4		10.40	%		0.21	%		1.07	%4		1.49	%4
Ratios to Average Net Assets5
Total expenses		1.01	%6		0.98	%		0.98	%		1.21	%6		1.39	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		0.90	%6		0.93	%		0.88	%		1.14	%6		1.28	%6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		0.81	%6		0.89	%		0.85	%		0.84	%6		0.83	%6
Net investment income		4.45	%6		4.37	%		4.56	%		4.59	%6		4.28	%6
Supplemental Data
Net assets, end of period (000)	$	35,097		$	35,515		$	30,849		$	28,827		$	27,782
Portfolio turnover		10	%		26	%		20	%		44	%		46	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	57

Financial Highlights (continued) BlackRock Pennsylvania Municipal Bond Fund

	Investor A1
	Six Months Ending November 30, 2010 (Unaudited)			Year Ended May 31,						Period August 1, 2007 to May 31, 2008			Year Ended July 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.94		$	10.35		$	10.81		$	11.14		$	11.20		$	11.41		$	11.13
Net investment income1		0.26			0.48			0.48			0.44			0.50			0.49			0.50
Net realized and unrealized gain (loss)		(0.26	)		0.59			(0.46	)		(0.31	)		(0.07	)		(0.26	)		0.28
Net increase from investment operations		—			1.07			0.02			0.13			0.43			0.23			0.78
Dividends and distributions from:
Net investment income		(0.26	)		(0.48	)		(0.48	)		(0.43	)		(0.49	)		(0.44	)		(0.50	)
Net realized gain		—			—			—			(0.03	)		—			—			—
Total dividends and distributions		(0.26	)		(0.48	)		(0.48	)		(0.46	)		(0.49	)		(0.44	)		(0.50	)
Net asset value, end of period	$	10.68		$	10.94		$	10.35		$	10.81		$	11.14		$	11.20		$	11.41
Total Investment Return2
Based on net asset value		(0.07	)%3		10.58	%		0.36	%		1.19	%3		3.81	%		2.49	%		7.16	%
Ratios to Average Net Assets4
Total expenses		0.87	%5		0.84	%		0.83	%		1.08	%5		1.28	%		1.33	%		1.24	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.70	%5		0.77	%		0.73	%		0.99	%5		1.21	%		1.32	%		1.23	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		0.62	%5		0.73	%		0.70	%		0.70	%5		0.76	%		0.98	%		1.01	%
Net investment income		4.64	%5		4.53	%		4.71	%		4.74	%5		4.40	%		4.34	%		4.45	%
Supplemental Data
Net assets, end of period (000)	$	21,778		$	22,892		$	22,855		$	25,560		$	27,931		$	26,987		$	26,024
Portfolio turnover		10	%		26	%		20	%		44	%		46	%		23	%		32	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
5	Annualized.

See Notes to Financial Statements.
58	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock Pennsylvania Municipal Bond Fund

	Investor B
	Six Months Ended November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008			Period October 2, 20061 to July 31, 2007
				Year Ended May 31,
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.93		$	10.34		$	10.80		$	11.13		$	11.35
Net investment income2		0.22			0.38			0.39			0.37			0.33
Net realized and unrealized gain (loss)		(0.26	)		0.59			(0.46	)		(0.31	)		(0.22	)
Net increase (decrease) from investment operations		(0.04	)		0.97			(0.07	)		0.06			0.11
Dividends and distributions from:
Net investment income		(0.22	)		(0.38	)		(0.39	)		(0.36	)		(0.33	)
Net realized gain		—			—			—			(0.03	)		—
Total dividends and distributions		(0.22	)		(0.38	)		(0.39	)		(0.39	)		(0.33	)
Net asset value, end of period	$	10.67		$	10.93		$	10.34		$	10.80		$	11.13
Total Investment Return3
Based on net asset value		(0.41	)%4		9.56	%		(0.53	)%		0.57	%4		0.93	%4
Ratios to Average Net Assets5
Total expenses		1.90	%6		1.81	%		1.74	%		1.86	%6		2.19	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		1.32	%6		1.70	%		1.62	%		1.74	%6		1.96	%6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		1.24	%6		1.66	%		1.59	%		1.45	%6		1.51	%6
Net investment income		4.01	%6		3.62	%		3.77	%		3.99	%6		3.60	%6
Supplemental Data
Net assets, end of period (000)	$	446		$	671		$	1,382		$	3,447		$	5,206
Portfolio turnover		10	%		26	%		20	%		44	%		46	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 59

Financial Highlights (continued) BlackRock Pennsylvania Municipal Bond Fund

	Investor B1
	Six Months Ending November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008
				Year Ended May 31,									Year Ended July 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.93		$	10.34		$	10.79		$	11.13		$	11.18		$	11.39		$	11.12
Net investment income1		0.24			0.44			0.44			0.40			0.45			0.44			0.46
Net realized and unrealized gain (loss)		(0.26	)		0.59			(0.45	)		(0.32	)		(0.06	)		(0.21	)		0.27
Net increase (decrease) from investment operations		(0.02	)		1.03			(0.01	)		0.08			0.39			0.23			0.73
Dividends and distributions from:
Net investment income		(0.24	)		(0.44	)		(0.44	)		(0.39	)		(0.44	)		(0.44	)		(0.46	)
Net realized gain		—			—			—			(0.03	)		—			—			—
Total dividends and distributions		(0.24	)		(0.44	)		(0.44	)		(0.42	)		(0.44	)		(0.44	)		(0.46	)
Net asset value, end of period	$	10.67		$	10.93		$	10.34		$	10.79		$	11.13		$	11.18		$	11.39
Total Investment Return2
Based on net asset value		(0.23	)%3		10.12	%		0.05	%		0.76	%3		3.49	%		2.07	%		6.63	%
Ratios to Average Net Assets4
Total expenses		1.28	%5		1.24	%		1.24	%		1.47	%5		1.70	%		1.74	%		1.65	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.00	%5		1.18	%		1.13	%		1.39	%5		1.62	%		1.73	%		1.64	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		0.91	%5		1.14	%		1.10	%		1.10	%5		1.17	%		1.39	%		1.42	%
Net investment income		4.34	%5		4.12	%		4.29	%		4.34	%5		4.00	%		3.93	%		4.05	%
Supplemental Data
Net assets, end of period (000)	$	4,533		$	5,397		$	6,184		$	9,984		$	12,856		$	18,402		$	23,965
Portfolio turnover		10	%		26	%		20	%		44	%		46	%		23	%		32	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
5	Annualized.

See Notes to Financial Statements.

60 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock Pennsylvania Municipal Bond Fund

	Investor C
	Six Months Ended November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008			Period October 2, 20061 to July 31, 2007
				Year Ended May 31,
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.94		$	10.35		$	10.80		$	11.14		$	11.35
Net investment income2		0.20			0.38			0.38			0.35			0.30
Net realized and unrealized gain (loss)		(0.26	)		0.59			(0.44	)		(0.31	)		(0.19	)
Net increase (decrease) from investment operations		(0.06	)		0.97			(0.06	)		0.04			0.11
Dividends and distributions from:
Net investment income		(0.20	)		(0.38	)		(0.39	)		(0.35	)		(0.32	)
Net realized gain		—			—			—			(0.03	)		—
Total dividends and distributions		(0.20	)		(0.38	)		(0.39	)		(0.38	)		(0.32	)
Net asset value, end of period	$	10.68		$	10.94		$	10.35		$	10.80		$	11.14
Total Investment Return3
Based on net asset value		(0.58	)%4		9.54	%		(0.44	)%		0.34	%4		0.95	%4
Ratios to Average Net Assets5
Total expenses		1.77	%6		1.74	%		1.72	%		1.96	%6		2.15	%6
Total expenses after fees waived and/or reimbursed and paid indirectly		1.73	%6		1.71	%		1.63	%		1.89	%6		2.04	%6
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		1.65	%6		1.67	%		1.60	%		1.59	%6		1.60	%6
Net investment income		3.61	%6		3.58	%		3.83	%		3.83	%6		3.53	%6
Supplemental Data
Net assets, end of period (000)	$	18,995		$	17,283		$	12,278		$	7,166		$	4,160
Portfolio turnover		10	%		26	%		20	%		44	%		46	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 61

Financial Highlights (concluded) BlackRock Pennsylvania Municipal Bond Fund

	Investor C1
	Six Months Ending November 30, 2010 (Unaudited)									Period August 1, 2007 to May 31, 2008
				Year Ended May 31,									Year Ended July 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.93		$	10.34		$	10.79		$	11.13		$	11.19		$	11.39		$	11.12
Net investment income1		0.23			0.43			0.43			0.39			0.44			0.43			0.45
Net realized and unrealized gain (loss)		(0.26	)		0.59			(0.45	)		(0.32	)		(0.07	)		(0.20	)		0.26
Net increase (decrease) from investment operations		(0.03	)		1.02			(0.02	)		0.07			0.37			0.23			0.71
Dividends and distributions from:
Net investment income		(0.23	)		(0.43	)		(0.43	)		(0.38	)		(0.43	)		(0.43	)		(0.44	)
Net realized gain		—			—			—			(0.03	)		—			—			—
Total dividends and distributions		(0.23	)		(0.43	)		(0.43	)		(0.41	)		(0.43	)		(0.43	)		(0.44	)
Net asset value, end of period	$	10.67		$	10.93		$	10.34		$	10.79		$	11.13		$	11.19		$	11.39
Total Investment Return2
Based on net asset value		(0.32	)%3		10.01	%		(0.05	)%		0.68	%3		3.29	%		2.06	%		6.53	%
Ratios to Average Net Assets4
Total expenses		1.35	%5		1.33	%		1.32	%		1.56	%5		1.77	%		1.84	%		1.75	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.19	%5		1.29	%		1.23	%		1.49	%5		1.71	%		1.82	%		1.74	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees		1.11	%5		1.25	%		1.20	%		1.20	%5		1.26	%		1.48	%		1.52	%
Net investment income		4.15	%5		4.01	%		4.21	%		4.24	%5		3.90	%		3.83	%		3.94	%
Supplemental Data
Net assets, end of period (000)	$	9,635		$	10,805		$	11,324		$	12,736		$	15,327		$	15,642		$	13,626
Portfolio turnover		10	%		26	%		20	%		44	%		46	%		23	%		32	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
5	Annualized.

See Notes to Financial Statements.

62 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Financial Highlights BlackRock Intermediate Municipal Fund

	Institutional
	Six Months Ending November 30, 2010 (Unaudited)									Period November 1, 2007 to May 31, 2008
				Year Ended May 31,									Year Ended October 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.50		$	9.96		$	10.13		$	10.17		$	10.28		$	10.36		$	10.76
Net investment income1		0.20			0.39			0.37			0.23			0.39			0.37			0.38
Net realized and unrealized gain (loss)		0.01			0.54			(0.17	)		(0.04	)		(0.12	)		0.13			(0.34	)
Net increase from investment operations		0.21			0.93			0.20			0.19			0.27			0.50			0.04
Dividends and distributions from:
Net investment income		(0.20	)		(0.39	)		(0.37	)		(0.23	)		(0.38	)		(0.37	)		(0.38	)
Net realized gain		—			—			—			—			—			(0.21	)		(0.06	)
Total dividends and distributions		(0.20	)		(0.39	)		(0.37	)		(0.23	)		(0.38	)		(0.58	)		(0.44	)
Net asset value, end of period	$	10.51		$	10.50		$	9.96		$	10.13		$	10.17		$	10.28		$	10.36
Total Investment Return2
Based on net asset value		1.97	%3		9.46	%		2.13	%		1.85	%3		2.69	%		4.96	%		0.40	%
Ratios to Average Net Assets4
Total expenses		0.72	%5		0.78	%		0.85	%		0.89	%5		1.03	%		1.16	%		1.05	%
Total expenses after fees waived and paid indirectly		0.66	%5		0.72	%		0.80	%		0.84	%5		0.98	%		1.11	%		1.00	%
Total expenses after fees waived and paid indirectly and excluding interest expense and fees		0.66	%5		0.72	%		0.76	%		0.75	%5		0.75	%		0.73	%		0.74	%
Net investment income		3.72	%5		3.78	%		3.80	%		3.82	%5		3.81	%		3.61	%		3.63	%
Supplemental Data
Net assets, end of period (000)	$	147,991		$	129,811		$	88,941		$	114,012		$	120,499		$	99,678		$	100,831
Portfolio turnover		13	%		23	%		25	%		32	%		54	%		102	%		162	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
5	Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 63

Financial Highlights (continued) BlackRock Intermediate Municipal Fund

	Investor A
	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31,						Period November 1, 2007 to May 31, 2008			Year Ended October 31, 2007			Period October 2, 20061 to October 31, 2006
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.50		$	9.95		$	10.13		$	10.16		$	10.27		$	10.26
Net investment income2		0.18			0.37			0.34			0.22			0.36			0.02
Net realized and unrealized gain (loss)		0.01			0.54			(0.17	)		(0.04	)		(0.11	)		0.02
Net increase from investment operations		0.19			0.91			0.17			0.18			0.25			0.04
Dividends from net investment income		(0.19	)		(0.36	)		(0.35	)		(0.21	)		(0.36	)		(0.03	)
Net asset value, end of period	$	10.50		$	10.50		$	9.95		$	10.13		$	10.16		$	10.27
Total Investment Return3
Based on net asset value		1.75	%4		9.31	%		1.79	%		1.82	%4		2.43	%		0.36	%4
Ratios to Average Net Assets5
Total expenses		0.95	%6		1.01	%		1.11	%		1.11	%6		1.28	%		1.39	%6
Total expenses after fees waived and paid indirectly		0.90	%6		0.96	%		1.05	%		1.06	%6		1.23	%		1.34	%6
Total expenses after fees waived and paid indirectly and excluding interest expense and fees		0.89	%6		0.96	%		1.01	%		0.97	%6		1.01	%		0.97	%6
Net investment income		3.48	%6		3.54	%		3.56	%		3.60	%6		3.54	%		3.08	%6
Supplemental Data
Net assets, end of period (000)	$	67,008		$	42,294		$	11,563		$	5,585		$	2,786		$	160
Portfolio turnover		13	%		23	%		25	%		32	%		54	%		102	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.
64	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (continued) BlackRock Intermediate Municipal Fund

	Investor A1
	Six Months Ending November 30, 2010 (Unaudited)			Year Ended May 31,						Period November 1, 2007 to May 31, 2008
													Year Ended October 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.50		$	9.96		$	10.13		$	10.16		$	10.28		$	10.35		$	10.76
Net investment income1		0.19			0.38			0.36			0.22			0.38			0.35			0.38
Net realized and unrealized gain (loss)		—			0.54			(0.17	)		(0.03	)		(0.13	)		0.15			(0.36	)
Net increase from investment operations		0.19			0.92			0.19			0.19			0.25			0.50			0.02
Dividends and distributions from:
Net investment income		(0.19	)		(0.38	)		(0.36	)		(0.22	)		(0.37	)		(0.36	)		(0.37	)
Net realized gain		—			—			—			—			—			(0.21	)		(0.06	)
Total dividends and distributions		(0.19	)		(0.38	)		(0.36	)		(0.22	)		(0.37	)		(0.57	)		(0.43	)
Net asset value, end of period	$	10.50		$	10.50		$	9.96		$	10.13		$	10.16		$	10.28		$	10.35
Total Investment Return2
Based on net asset value		1.82	%3		9.35	%		2.04	%		1.89	%3		2.49	%		4.96	%		0.20	%
Ratios to Average Net Assets4
Total expenses		0.82	%5		0.88	%		0.95	%		0.99	%5		1.12	%		1.25	%		1.16	%
Total expenses after fees waived and paid indirectly		0.77	%5		0.82	%		0.89	%		0.94	%5		1.07	%		1.20	%		1.11	%
Total expenses after fees waived and paid indirectly and excluding interest expense and fees		0.77	%5		0.82	%		0.85	%		0.85	%5		0.84	%		0.83	%		0.84	%
Net investment income		3.61	%5		3.68	%		3.71	%		3.71	%5		3.71	%		3.50	%		3.54	%
Supplemental Data
Net assets, end of period (000)	$	47,713		$	48,372		$	50,184		$	56,928		$	60,208		$	71,327		$	48,524
Portfolio turnover		13	%		23	%		25	%		32	%		54	%		102	%		162	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
5	Annualized.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	65

Financial Highlights (continued) BlackRock Intermediate Municipal Fund

	Investor B
	Six Months Ending November 30, 2010 (Unaudited)			Year Ended May 31,						Period November 1, 2007 to May 31, 2008			Year Ended October 31,
				2010			2009						2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.50		$	9.96		$	10.13		$	10.17		$	10.28		$	10.36		$	10.76
Net investment income1		0.18			0.35			0.34			0.21			0.36			0.34			0.35
Net realized and unrealized gain (loss)		0.01			0.54			(0.17	)		(0.04	)		(0.12	)		0.15			(0.34	)
Net increase from investment operations		0.19			0.89			0.17			0.17			0.24			0.49			0.01
Dividends and distributions from:
Net investment income		(0.18	)		(0.35	)		(0.34	)		(0.21	)		(0.35	)		(0.36	)		(0.35	)
Net realized gain		—			—			—			—			—			(0.21	)		(0.06	)
Total dividends and distributions		(0.18	)		(0.35	)		(0.34	)		(0.21	)		(0.35	)		(0.57	)		(0.41	)
Net asset value, end of period	$	10.51		$	10.50		$	9.96		$	10.13		$	10.17		$	10.28		$	10.36
Total Investment Return2
Based on net asset value		1.80	%3		9.10	%		1.81	%		1.66	%3		2.36	%		4.64	%		0.08	%
Ratios to Average Net Assets4
Total expenses		1.06	%5		1.11	%		1.16	%		1.20	%5		1.34	%		1.47	%		1.37	%
Total expenses after fees waived and paid indirectly		1.01	%5		1.05	%		1.11	%		1.15	%5		1.29	%		1.42	%		1.32	%
Total expenses after fees waived and paid indirectly and excluding interest expense and fees		1.00	%5		1.05	%		1.07	%		1.06	%5		1.06	%		1.05	%		1.05	%
Net investment income		3.38	%5		3.45	%		3.50	%		3.50	%5		3.50	%		3.30	%		3.34	%
Supplemental Data
Net assets, end of period (000)	$	3,144		$	3,508		$	3,970		$	6,186		$	6,920		$	9,760		$	14,982
Portfolio turnover		13	%		23	%		25	%		32	%		54	%		102	%		162	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
5	Annualized.

See Notes to Financial Statements.
66	SEMI-ANNUAL REPORT	NOVEMBER 30, 2010

Financial Highlights (concluded) BlackRock Intermediate Municipal Fund

	Investor C
	Six Months Ended November 30, 2010 (Unaudited)			Year Ended May 31,						Period November 1, 2007 to May 31, 2008			Year Ended October 31, 2007			Period October 2, 20061 to October 31, 2006
				2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.50		$	9.96		$	10.13		$	10.17		$	10.28		$	10.26
Net investment income2		0.15			0.28			0.27			0.17			0.28			0.01
Net realized and unrealized gain (loss)		(0.01	)		0.54			(0.17	)		(0.04	)		(0.11	)		0.03
Net increase from investment operations		0.14			0.82			0.10			0.13			0.17			0.04
Dividends from net investment income		(0.14	)		(0.28	)		(0.27	)		(0.17	)		(0.28	)		(0.02	)
Net asset value, end of period	$	10.50		$	10.50		$	9.96		$	10.13		$	10.17		$	10.28
Total Investment Return3
Based on net asset value		1.37	%4		8.38	%		1.13	%		1.27	%4		1.67	%		0.40	%4
Ratios to Average Net Assets5
Total expenses		1.71	%6		1.77	%		1.87	%		1.88	%6		2.03	%		2.14	%6
Total expenses after fees waived and paid indirectly		1.66	%6		1.72	%		1.82	%		1.83	%6		1.98	%		2.09	%6
Total expenses after fees waived and paid indirectly and excluding interest expense and fees		1.66	%6		1.72	%		1.77	%		1.75	%6		1.75	%		1.73	%6
Net investment income		2.72	%6		2.78	%		2.82	%		2.82	%6		2.79	%		2.36	%6
Supplemental Data
Net assets, end of period (000)	$	39,045		$	31,006		$	15,233		$	4,341		$	2,074		$	207
Portfolio turnover		13	%		23	%		25	%		32	%		54	%		102	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns exclude the effect of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.
6	Annualized.

See Notes to Financial Statements.
SEMI-ANNUAL REPORT	NOVEMBER 30, 2010	67

Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock California Municipal Bond Fund of BlackRock California Municipal Series Trust, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund, each a series of BlackRock Multi-State Municipal Series Trust, and BlackRock Intermediate Municipal Fund, which is presently the only series of BlackRock Municipal Series Trust (each a “Fund” or collectively, the “Funds”), are registered under the Investment Company Act of 1940, as amended (the “1940 Act”). BlackRock California Municipal Bond Fund and BlackRock Intermediate Municipal Fund are registered as diversified, open-end management investment companies. BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund are registered as non-diversified, open-end management investment companies. BlackRock California Municipal Series Trust, BlackRock Multi-State Municipal Series Trust and BlackRock Municipal Series Trust are organized as Massachusetts business trusts. The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund offers multiple classes of shares. Institutional Shares are sold without a sales charge and only to certain eligible investors. Service Shares are sold without a sales charge. Investor A Shares are generally sold with a front-end sales charge. Shares of Investor B, Investor B1, Investor C and Investor C1 may be subject to a contingent deferred sales charge. All classes of shares have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Service, Investor A, Investor A1, Investor B, Investor B1, Investor C and Investor C1 Shares bear certain expenses related to the shareholder servicing of such shares, and Investor B, Investor B1, Investor C and Investor C1 Shares also bear certain expenses related to the distribution of such shares. Investor B Shares automatically convert to Investor A1 Shares after approximately ten years for BlackRock California Municipal Bond Fund and BlackRock Intermediate Municipal Fund. Investor B Shares automatically convert to Investor A Shares after approximately seven years for BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund. Investor B1 Shares automatically convert to Investor A1 Shares after approximately ten years for BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund. Investor A1, Investor B, Investor B1 and Investor C1 Shares are only available through exchanges, dividend reinvestment by existing shareholders or for purchase by certain qualified employee benefit plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor B and Investor B1 shareholders may vote on material changes to the Investor A and Investor A1 distribution plans).

The following is a summary of significant accounting policies followed by the Funds:

Valuation: The Funds’ fair value their financial instruments at market value using independent dealers or pricing services under policies approved by the Board of Trustees (the “Board”). Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

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

Municipal Bonds Transferred to Tender Option Bond Trusts: The Funds leverage their assets through the use of tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the funds, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which a Fund has contributed bonds. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (“TOB Residuals”), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by a Fund include the right of a Fund (1) to cause the holders of a proportional share of the short-term floating rate certificates to tender their certificates at par, including during instances of a rise in short-term interest rates, and (2) to transfer, within seven days, a corresponding share of the municipal bonds from the TOB to a Fund. The TOB may also be terminated without the consent of a Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal

68 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Notes to Financial Statements (continued)

bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors. During the six months ended November 30, 2010, no TOBs have been terminated without the consent of the Funds.

The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to a Fund, which typically invests the cash in additional municipal bonds. Each Fund’s transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Funds’ Schedules of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown as trust certificates in the Statements of Assets and Liabilities.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds are recorded by the Funds on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are shown as interest expense and fees in the Statements of Operations. The short-term floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At November 30, 2010, the aggregate value of the underlying municipal bonds transferred to TOBs, the related liability for trust certificates and the range of interest rates on the liability for trust certificates were as follows:

	Underlying Municipal Bonds Transferred to TOBs		Liability for Trust Certificates		Range of Interest Rates
BlackRock California Municipal Bond Fund	$	120,293,779	$	61,213,523	0.30% – 0.35%
BlackRock Pennsylvania Municipal Bond Fund	$	110,045,630	$	57,205,099	0.30% – 0.50%
BlackRock Intermediate Municipal Fund	$	1,102,870	$	500,000	0.30%

For the six months ended November 30, 2010, the Funds’ average trust certificates outstanding and the daily weighted average interest rate, including fees, were as follows:

	Average Trust Certificates Outstanding		Daily Weighted Average Interest Rate
BlackRock California Municipal Bond Fund	$	60,866,856	0.82%
BlackRock Pennsylvania Municipal Bond Fund	$	50,976,957	0.87%
BlackRock Intermediate Municipal Fund	$	500,000	0.84%

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

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

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that the Funds either deliver collateral or segregate assets in connection with certain investments (e.g., financial futures contracts), the Funds will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on their books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis. Income and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Dividends and Distributions: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend date. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

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

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 69

Notes to Financial Statements (continued)

The Funds file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ US federal tax returns remains open for each of the four periods ended:

	Year Ended	Year Ended	Period Ended	Year Ended
BlackRock California Municipal Bond Fund	May 31, 2010	May 31, 2009	May 31, 2008	August 31, 2007
BlackRock New Jersey Municipal Bond Fund	May 31, 2010	May 31, 2009	May 31, 2008	July 31, 2007
BlackRock Pennsylvania Municipal Bond Fund	May 31, 2010	May 31, 2009	May 31, 2008	July 31, 2007
BlackRock Intermediate Municipal Fund	May 31, 2010	May 31, 2009	May 31, 2008	October 31, 2007

The statutes of limitations on the Funds’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or class. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Other expenses of the Fund are allocated daily to each class based on its relative net assets. The Funds have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and to economically hedge, or protect, their exposure to certain risks such as interest rate risk. These contracts may be transacted on an exchange.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange-traded financial futures contracts is minimal because the protection against defaults by the exchange on which these contracts trade.

Financial Futures Contracts: The Funds purchase or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk). Financial futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or yield. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Funds as unrealized gains or losses. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:

The Effect of Derivative Instruments on the Statements of Operations Six Months Ended November 30, 2010*
	Net Realized Loss from
	BlackRock California Municipal Bond Fund			BlackRock New Jersey Municipal Bond Fund			BlackRock Pennsylvania Municipal Bond Fund
Interest rate contracts:
Financial futures contracts	$	(339,167	)	$	(69,897	)	$	(453,094	)

* As of November 30, 2010, there were no financial futures contracts outstanding.

For the six months ended November 30, 2010, the average quarterly balance of outstanding derivative financial instruments was as follows:

	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund
Financial futures contracts:
Average number of contracts sold		65		18		101
Average notional value of contracts sold	$	7,787,897	$	2,205,523	$	12,134,107

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but BAC and Barclays are not.

Each Fund entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Funds’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Fund’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, BlackRock California Municipal Bond Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund pays the Manager a monthly fee at the following annual rates of each Fund’s average daily net assets as follows:

Not exceeding $500 million	0.55	%
In excess of $500 million but not exceeding $1 billion	0.525	%
In excess of $1 billion	0.50	%

BlackRock Intermediate Municipal Fund pays the Manager a monthly fee at an annual rate of 0.55% of the average daily value of its net assets.

70 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Notes to Financial Statements (continued)

The Manager, with respect to BlackRock Intermediate Municipal Fund, contractually agreed to waive 0.05% of the Fund’s investment advisory fee until October 1, 2011. For the six months ended November 30, 2010, the Manager waived $71,045, which is included in fees waived by advisor in the Statements of Operations.

The Manager entered into a sub-advisory agreement with BlackRock Investment Management, LLC (“BIM”), an affiliate of the Manager. The Manager pays BIM for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Fund to the Manager.

The Manager, with respect to BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund, voluntarily agreed to waive and/or reimburse fees or expenses, excluding interest expense, acquired fund fees and expenses and certain other fund expenses in order to limit expenses. These voluntary waivers or reimbursements may be reduced or discontinued at any time without notice. The expense limitation as a percentage of net assets are as follows:

	BlackRock New Jersey Municipal Bond Fund	BlackRock Pennsylvania Municipal Bond Fund
Institutional	0.78%	0.71%
Service	0.87%	0.89%
Investor A	0.87%	0.89%
Investor A1	0.72%	0.73%
Investor B	1.64%	1.68%
Investor B1	1.13%	1.15%
Investor C	1.64%	1.68%
Investor C1	1.23%	1.26%

As a result, the Manager waived or reimbursed the following amounts, which are shown as transfer agent fees waived and/or reimbursed — class specific in the Statements of Operations.

	BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund
Institutional	$	112,672	$	431,918
Service	$	5,254	$	886
Investor A	$	5,592	$	8,252
Investor A1	$	8,812	$	6,446
Investor B	$	946	$	549
Investor B1	$	1,944	$	1,724
Investor C	$	2,225	$	2,618
Investor C1	$	2,460	$	2,361

In addition, for BlackRock New Jersey Municipal Bond Fund, the Manager waived $55,305, which is included in fees waived by the advisor in the Statements of Operations.

The Manager may, in its discretion, reimburse additional amounts. For BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund, the Manager reimbursed the following amounts, which are shown as service and distribution fees reimbursed — class specific in the Statements of Operations.

	BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund
Service	$	1,079	$	1,116
Investor A	$	1,048	$	10,500
Investor A1	$	3,789	$	11,295
Investor B	$	208	$	1,116
Investor B1	$	961	$	5,314
Investor C1	$	1,293	$	5,940

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds, however, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid through each Fund’s investment in other affiliated investment companies, if any. These amounts are included in fees waived by advisor in the Statements of Operations. For the six months ended November 30, 2010, the amounts waived were as follows:

BlackRock California Municipal Bond Fund	$	20,757
BlackRock New Jersey Municipal Bond Fund	$	4,830
BlackRock Pennsylvania Municipal Bond Fund	$	19,350
BlackRock Intermediate Municipal Fund	$	1,582

For the six months ended November 30, 2010, the Funds reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:

BlackRock California Municipal Bond Fund	$	4,438
BlackRock New Jersey Municipal Bond Fund	$	2,790
BlackRock Pennsylvania Municipal Bond Fund	$	5,268
BlackRock Intermediate Municipal Fund	$	2,471

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

	Service Fees
	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
Service	—		0.25	%	0.25	%	—
Investor A	0.25	%	0.25	%	0.25	%	0.25	%
Investor A1	0.10	%	0.10	%	0.10	%	0.10	%
Investor B	0.25	%	0.25	%	0.25	%	0.20	%
Investor B1	—		0.25	%	0.25	%	—
Investor C	0.25	%	0.25	%	0.25	%	0.25	%
Investor C1	0.25	%	0.25	%	0.25	%	—

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 71

Notes to Financial Statements (continued)

	Distribution Fees
	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
Investor B	0.25	%	0.75	%	0.75	%	0.10	%
Investor B1	—		0.25	%	0.25	%	—
Investor C	0.75	%	0.75	%	0.75	%	0.75	%
Investor C1	0.35	%	0.35	%	0.35	%	—

Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Service, Investor A, Investor A1, Investor B, Investor B1, Investor C and Investor C1 shareholders.

For the six months ended November 30, 2010, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Funds’ Investor A Shares as follows:

	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
Investor A	$	7,189	$	5,787	$	27,976	$	13,427

For the six months ended November 30, 2010, affiliates received the following contingent deferred sales charges relating to transactions in Investor B, Investor B1, Investor C and Investor C1 Shares:

	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
Investor B	$	504	$	75	$	200	$	48
Investor B1		—	$	434		—		—
Investor C	$	1,714	$	1,429	$	1,629	$	7,117
Investor C1		—	$	206		—		—

Furthermore, affiliates received contingent deferred sale charges relating to transactions subject to front-end sales charge waivers on Investor A Shares as follows:

	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
Investor A		—		—		—	$	3,570

BNY Mellon Investment Servicing (US) Inc. (formerly PNC Global Investment Servicing (U.S.) Inc. (“PNCGIS”)), serves as transfer agent and dividend disbursing agent. On July 1, 2010, the Bank of New York Mellon Corporation purchased PNCGIS, which prior to this date was an indirect, wholly owned subsidiary of PNC and an affiliate of the Manager. Transfer agency fees borne by each Fund are comprised of those fees charged for all shareholder communications including mailing of shareholder reports, dividend and distribution notices, and proxy materials for shareholder meetings, as well as per account and per transaction fees related to servicing and maintenance of shareholder accounts, including the issuing, redeeming and transferring of shares, check writing, anti-money laundering services, and customer identification services. Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an annual fee per shareholder account, which will vary depending on share class. For the six months ended November 30, 2010, the Funds paid the following to affiliates in return for these services, which is included in transfer agent in the Statements of Operations:

BlackRock California Municipal Bond Fund	$	561
BlackRock New Jersey Municipal Bond Fund	$	9,858
BlackRock Pennsylvania Municipal Bond Fund	$	34,260
BlackRock Intermediate Municipal Fund	$	404

The Manager maintains a call center, which is responsible for providing certain shareholder services to the Funds, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the six months ended November 30, 2010, the Funds reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
Institutional	$	160	$	303	$	786	$	269
Service		—	$	168	$	12		—
Investor A	$	270	$	203	$	255	$	263
Investor A1	$	1,057	$	238	$	183	$	264
Investor B	$	105	$	32	$	15	$	22
Investor B1		—	$	37	$	34		—
Investor C	$	156	$	125	$	112	$	208
Investor C1	$	128	$	71	$	50		—

Certain officers and/or directors of the Funds are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for compensation paid to the Funds’ Chief Compliance Officer.

4. Capital Loss Carryforwards:

As of May 31, 2010, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

Expires May 31,	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
2011		—	$	2,693,662		—		—
2012		—		724,595	$	10,121,753		—
2014		—		127,616		—	$	985,935
2017		—		1,037,279		9,367,197		287,416
2018	$	3,881,964		260,363		6,928,880		558,659
Total	$	3,881,964	$	4,843,515	$	26,417,830	$	1,832,010

72 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Notes to Financial Statements (continued)

5. Investments:

Purchases and sales of investments excluding short-term securities for the six months ended November 30, 2010, were as follows:

	Purchases		Sales
BlackRock California Municipal Bond Fund	$	148,781,051	$	93,310,596
BlackRock New Jersey Municipal Bond Fund	$	17,000,641	$	41,886,467
BlackRock Pennsylvania Municipal Bond Fund	$	79,927,004	$	60,363,002	��
BlackRock Intermediate Municipal Fund	$	85,287,690	$	36,751,257

6. Borrowings:

The Funds, along with certain other funds managed by the Manager and its affiliates, was a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. The Funds may borrow under the credit agreement to fund shareholder redemptions. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Funds based on their net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Funds’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Funds paid administration and arrangement fees, which were allocated to the Funds based on their net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Funds’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Funds paid administration and arrangement fees which were allocated to the Funds based on their net assets as of October 31, 2010. The Funds did not borrow under the credit agreement during the year ended November 30, 2010.

7. Concentration, Market and Credit Risk:

Each Fund, except BlackRock Intermediate Municipal Fund, invests a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.

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

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with coun-terparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Funds’ Statements of Assets and Liabilities, less any collateral held by the Funds.

As of November 30, 2010, BlackRock California Municipal Bond Fund invested a significant portion of its assets in the County/City/Special District/School District and Utilities sectors. BlackRock New Jersey Municipal Bond Fund invested a significant portion of its assets in the State sector. BlackRock Pennsylvania Municipal Bond Fund invested a significant portion of its assets in the Health sector. BlackRock Intermediate Municipal Fund invested a significant portion of its assets in the County/City/Special District/School District sector. Changes in economic conditions affecting the County/City/Special District/School District, Utilities, State and Health sectors would have a greater impact on the Funds and could affect the value, income and/or liquidity of positions in such securities.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 73

Notes to Financial Statements (continued)

8. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Six Months Ended November 30, 2010						Year Ended May 31, 2010
BlackRock California
Municipal Bond Fund	Shares			Amount			Shares			Amount
Institutional
Shares sold		3,151,036		$	37,113,021			2,265,942		$	25,694,855
Shares issued to shareholders in reinvestment of dividends and distributions		102,750			1,194,944			118,104			1,336,303
Total issued		3,253,786			38,307,965			2,384,046			27,031,158
Shares redeemed		(627,317	)		(7,203,367	)		(814,309	)		(9,175,305	)
Net increase		2,626,469		$	31,104,598			1,569,737		$	17,855,853
Investor A
Shares sold		1,371,181		$	15,929,667			2,413,905		$	27,209,651
Shares issued to shareholders in reinvestment of dividends and distributions		55,570			644,847			73,544			831,660
Total issued		1,426,751			16,574,514			2,487,449			28,041,311
Shares redeemed		(381,888	)		(4,437,611	)		(645,784	)		(7,303,404	)
Net increase		1,044,863		$	12,136,903			1,841,665		$	20,737,907
Investor A1
Shares sold and automatic conversion of shares		138,943		$	1,631,629			239,256		$	2,684,874
Shares issued to shareholders in reinvestment of dividends and distributions		190,529			2,216,124			383,784			4,332,125
Total issued		329,472			3,847,753			623,040			7,016,999
Shares redeemed		(621,129	)		(7,203,314	)		(1,653,324	)		(18,565,928	)
Net decrease		(291,657	)	$	(3,355,561	)		(1,030,284	)	$	(11,548,929	)
Investor B
Shares sold		13		$	153			19,019		$	214,960
Shares issued to shareholders in reinvestment of dividends and distributions		14,185			165,115			32,917			371,435
Total issued		14,198			165,268			51,936			586,395
Shares redeemed and automatic conversion of shares		(234,622	)		(2,747,591	)		(561,100	)		(6,290,237	)
Net decrease		(220,424	)	$	(2,582,323	)		(509,164	)	$	(5,703,842	)
Investor C
Shares sold		688,809		$	8,031,375			1,537,051		$	17,214,580
Shares issued to shareholders in reinvestment of dividends and distributions		37,859			440,359			50,690			574,175
Total issued		726,668			8,471,734			1,587,741			17,788,755
Shares redeemed		(135,247	)		(1,566,419	)		(257,546	)		(2,885,767	)
Net increase		591,421		$	6,905,315			1,330,195		$	14,902,988
Investor C1
Shares sold		66		$	768			135		$	1,511
Shares issued to shareholders in reinvestment of dividends and distributions		25,292			294,168			52,326			590,632
Total issued		25,358			294,936			52,461			592,143
Shares redeemed		(69,275	)		(803,896	)		(304,930	)		(3,411,460	)
Net decrease		(43,917	)	$	(508,960	)		(252,469	)	$	(2,819,317	)

74 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Notes to Financial Statements (continued)

	Six Months Ended November 30, 2010						Year Ended May 31, 2010
BlackRock New Jersey
Municipal Bond Fund	Shares			Amount			Shares			Amount
Institutional
Shares sold		538,958		$	5,671,611			1,534,082		$	15,626,351
Shares issued to shareholders in reinvestment of dividends		42,445			447,844			77,075			787,087
Total issued		581,403			6,119,455			1,611,157			16,413,438
Shares redeemed		(2,926,319	)		(30,650,918	)		(2,391,795	)		(24,340,120	)
Net decrease		(2,344,916	)	$	(24,531,463	)		(780,638	)	$	(7,926,682	)
Service
Shares sold		117,729		$	1,243,265			15,147		$	152,257
Shares issued to shareholders in reinvestment of dividends		15,081			159,080			28,903			295,046
Total issued		132,810			1,402,345			44,050			447,303
Shares redeemed		(31,740	)		(332,665	)		(70,824	)		(726,773	)
Net increase (decrease)		101,070		$	1,069,680			(26,774	)	$	(279,470	)
Investor A
Shares sold and automatic conversion of shares		750,258		$	7,982,787			901,520		$	9,255,584
Shares issued to shareholders in reinvestment of dividends		37,277			393,674			58,171			595,383
Total issued		787,535			8,376,461			959,691			9,850,967
Shares redeemed		(373,872	)		(3,897,642	)		(511,690	)		(5,245,220	)
Net increase		413,663		$	4,478,819			448,001		$	4,605,747
Investor A1
Shares sold and automatic conversion of shares		16,629		$	175,442			96,573		$	985,077
Shares issued to shareholders in reinvestment of dividends		42,725			451,245			85,540			874,165
Total issued		59,354			626,687			182,113			1,859,242
Shares redeemed		(127,704	)		(1,353,335	)		(325,923	)		(3,293,704	)
Net decrease		(68,350	)	$	(726,648	)		(143,810	)	$	(1,434,462	)
Investor B
Shares sold		2,539		$	26,575			5,925		$	59,831
Shares issued to shareholders in reinvestment of dividends		1,845			19,438			8,939			90,819
Total issued		4,384			46,013			14,864			150,650
Shares redeemed and automatic conversion of shares		(104,024	)		(1,095,307	)		(243,037	)		(2,477,695	)
Net decrease		(99,640	)	$	(1,049,294	)		(228,173	)	$	(2,327,045	)
Investor B1
Shares sold		22		$	233			18		$	180
Shares issued to shareholders in reinvestment of dividends		5,315			56,077			12,334			125,859
Total issued		5,337			56,310			12,352			126,039
Shares redeemed and automatic conversion of shares		(88,969	)		(929,436	)		(207,272	)		(2,102,370	)
Net decrease		(83,632	)	$	(873,126	)		(194,920	)	$	(1,976,331	)
Investor C
Shares sold		225,115		$	2,394,650			573,651		$	5,835,823
Shares issued to shareholders in reinvestment of dividends		23,426			246,989			42,390			433,369
Total issued		248,541			2,641,639			616,041			6,269,192
Shares redeemed		(132,347	)		(1,389,963	)		(336,722	)		(3,423,341	)
Net increase		116,194		$	1,251,676			279,319		$	2,845,851
Investor C1
Shares sold		47		$	493			436		$	4,505
Shares issued to shareholders in reinvestment of dividends		18,631			196,547			38,506			392,980
Total issued		18,678			197,040			38,942			397,485
Shares redeemed		(90,468	)		(953,715	)		(114,133	)		(1,153,123	)
Net decrease		(71,790	)	$	(756,675	)		(75,191	)	$	(755,638	)

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 75

Notes to Financial Statements (continued)

	Six Months Ended November 30, 2010						Year Ended May 31, 2010
BlackRock Pennsylvania
Municipal Bond Fund	Shares			Amount			Shares			Amount
Institutional
Shares sold		2,201,139		$	24,206,869			6,469,736		$	68,816,228
Shares issued to shareholders in reinvestment of dividends		67,138			737,363			90,970			974,167
Total issued		2,268,277			24,944,232			6,560,706			69,790,395
Shares redeemed		(2,623,319	)		(28,702,156	)		(6,099,318	)		(65,146,534	)
Net increase (decrease)		(355,042	)	$	(3,757,924	)		461,388		$	4,643,861
Service
Shares sold		51,584		$	569,256			2,935		$	31,684
Shares issued to shareholders in reinvestment of dividends		1,609			17,657			2,752			29,360
Total issued		53,193			586,913			5,687			61,044
Shares redeemed		(7,582	)		(81,286	)		(30,234	)		(324,481	)
Net increase (decrease)		45,611		$	505,627			(24,547	)	$	(263,437	)
Investor A
Shares sold and automatic conversion of shares		291,131		$	3,209,120			772,868		$	8,235,184
Shares issued to shareholders in reinvestment of dividends		59,842			657,813			109,621			1,172,442
Total issued		350,973			3,866,933			882,489			9,407,626
Shares redeemed		(311,426	)		(3,363,969	)		(616,725	)		(6,605,808	)
Net increase		39,547		$	502,964			265,764		$	2,801,818
Investor A1
Shares sold and automatic conversion of shares		46,273		$	508,844			46,035		$	487,357
Shares issued to shareholders in reinvestment of dividends		24,173			265,909			48,366			517,225
Total issued		70,446			774,753			94,401			1,004,582
Shares redeemed		(123,955	)		(1,358,425	)		(210,122	)		(2,239,886	)
Net decrease		(53,509	)	$	(583,672	)		(115,721	)	$	(1,235,304	)
Investor B
Shares sold		3,272		$	35,508			1,346		$	14,454
Shares issued to shareholders in reinvestment of dividends		843			9,259			2,486			26,445
Total issued		4,115			44,767			3,832			40,899
Shares redeemed and automatic conversion of shares		(23,692	)		(261,099	)		(76,029	)		(810,423	)
Net decrease		(19,577	)	$	(216,332	)		(72,197	)	$	(769,524	)
Investor B1
Shares sold		6		$	71			33		$	354
Shares issued to shareholders in reinvestment of dividends		5,270			57,877			11,683			124,694
Total issued		5,276			57,948			11,716			125,048
Shares redeemed and automatic conversion of shares		(74,247	)		(816,780	)		(115,943	)		(1,236,176	)
Net decrease		(68,971	)	$	(758,832	)		(104,227	)	$	(1,111,128	)
Investor C
Shares sold		299,740		$	3,290,712			627,432		$	6,684,492
Shares issued to shareholders in reinvestment of dividends		24,547			269,830			39,309			420,758
Total issued		324,287			3,560,542			666,741			7,105,250
Shares redeemed		(125,693	)		(1,378,503	)		(273,010	)		(2,930,658	)
Net increase		198,594		$	2,182,039			393,731		$	4,174,592
Investor C1
Shares sold		48		$	518			4,296		$	46,235
Shares issued to shareholders in reinvestment of dividends		13,097			143,853			27,123			289,579
Total issued		13,145			144,371			31,419			335,814
Shares redeemed		(98,829	)		(1,093,427	)		(137,953	)		(1,471,351	)
Net decrease		(85,684	)	$	(949,056	)		(106,534	)	$	(1,135,537	)

76 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Notes to Financial Statements (continued)

	Six Months Ended November 30, 2010						Year Ended May 31, 2010
BlackRock Intermediate
Municipal Fund	Shares			Amount			Shares			Amount
Institutional
Shares sold		3,330,091		$	35,525,580			6,228,338		$	64,105,460
Shares issued to shareholders in reinvestment of dividends		69,042			737,500			78,279			807,171
Total issued		3,399,133			36,263,080			6,306,617			64,912,631
Shares redeemed		(1,671,566	)		(17,934,049	)		(2,877,658	)		(29,606,873	)
Net increase		1,727,567		$	18,329,031			3,428,959		$	35,305,758
Investor A
Shares sold		2,628,407		$	28,016,604			3,393,280		$	34,824,033
Shares issued to shareholders in reinvestment of dividends		67,453			719,814			79,575			822,283
Total issued		2,695,860			28,736,418			3,472,855			35,646,316
Shares redeemed		(343,019	)		(3,640,878	)		(605,374	)		(6,243,921	)
Net increase		2,352,841		$	25,095,540			2,867,481		$	29,402,395
Investor A1
Shares sold and automatic conversion of shares		34,161		$	363,821			57,645		$	595,495
Shares issued to shareholders in reinvestment of dividends		51,606			550,830			108,366			1,113,047
Total issued		85,767			914,651			166,011			1,708,542
Shares redeemed		(149,667	)		(1,585,867	)		(599,341	)		(6,140,174	)
Net decrease		(63,900	)	$	(671,216	)		(433,330	)	$	(4,431,632	)
Investor B
Shares sold		20,454		$	219,740			59,100		$	607,948
Shares issued to shareholders in reinvestment of dividends		2,622			27,996			6,390			65,556
Total issued		23,076			247,736			65,490			673,504
Shares redeemed and automatic conversion of shares		(57,802	)		(618,716	)		(130,072	)		(1,336,620	)
Net decrease		(34,726	)	$	(370,980	)		(64,582	)	$	(663,116	)
Investor C
Shares sold		1,113,877		$	11,865,917			1,872,485		$	19,266,259
Shares issued to shareholders in reinvestment of dividends		33,823			361,184			45,209			465,920
Total issued		1,147,700			12,227,101			1,917,694			19,732,179
Shares redeemed		(383,183	)		(4,087,096	)		(494,852	)		(5,076,834	)
Net increase		764,517		$	8,140,005			1,422,842		$	14,655,345

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 77

Notes to Financial Statements (concluded)

9. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

Each Fund paid an ordinary income dividend on December 21, 2010 to Common Shareholders of record on December 17, 2010 as follows:

	Dividend Per Share
	BlackRock California Municipal Bond Fund		BlackRock New Jersey Municipal Bond Fund		BlackRock Pennsylvania Municipal Bond Fund		BlackRock Intermediate Municipal Fund
Institutional	$	0.000183	$	0.000614	$	0.000028	$	0.000197
Service		—	$	0.000614	$	0.000028		—
Class A	$	0.000183	$	0.000614	$	0.000028	$	0.000197
Class A1	$	0.000183	$	0.000614	$	0.000028	$	0.000197
Class B	$	0.000183	$	0.000614	$	0.000028	$	0.000197
Class B1		—	$	0.000614	$	0.000028		—
Class C	$	0.000183	$	0.000614	$	0.000028	$	0.000197
Class C1	$	0.000183	$	0.000614	$	0.000028		—

78 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Officers and Trustees

Robert M. Hernandez, Chairman of the Board, Trustee and

Member of the Audit Committee

Fred G. Weiss, Vice Chairman of the Board,

Chairman of the Audit Committee and Trustee

James H. Bodurtha, Trustee

Bruce R. Bond, Trustee

Donald W. Burton, Trustee

Richard S. Davis, President and Trustee

Stuart E. Eizenstat, Trustee

Laurence D. Fink, Trustee

Kenneth A. Froot, Trustee

Henry Gabbay, Trustee

John F. O’Brien, Trustee

Roberta Cooper Ramo, Trustee

David H. Walsh, Trustee

Richard R. West, Trustee and Member of the Audit Committee

John M. Perlowski, Chief Executive Officer

Brendan Kyne, Vice President

Brian Schmidt, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer

Ira Shapiro, Secretary

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC

Plainsboro, NJ 08536

Custodians

State Street Bank and Trust Company¹

Boston, MA 02111

The Bank of New York Mellon²

New York, NY 10286

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Accounting Agent

State Street Bank and Trust Company

Princeton, NJ 08540

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

Effective September 15, 2010, John M. Perlowski became Chief Executive Officer of the Trusts.

Effective November 10, 2010, Ira Shapiro became Secretary of the Trusts.

1	For all Funds except BlackRock California Municipal Bond Fund.
2	For BlackRock California Municipal Bond Fund.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 79

Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available on the Funds’ website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Funds’ electronic delivery program.

To enroll:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1)	Access the BlackRock website at http://www.blackrock.com/edelivery
2)	Select “eDelivery” under the “More Information” section
3)	Log into your account

Householding

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

Availability of Quarterly Portfolio Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (202) 551-8090. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

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

Availability of Proxy Voting Record

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

80 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

Additional Information (continued)

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at www.blackrock.com/funds.

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 81

Additional Information (concluded)

BlackRock Privacy Principles

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

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

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

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

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

82 SEMI-ANNUAL REPORT NOVEMBER 30, 2010

A World-Class Mutual Fund Family

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

Equity Funds

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Asset Allocation Portfolio†

BlackRock Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Fund

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value Fund

BlackRock Global Allocation Fund†

BlackRock Global Dynamic Equity Fund

BlackRock Global Emerging Markets Fund

BlackRock Global Financial Services Fund

BlackRock Global Growth Fund

BlackRock Global Opportunities Portfolio

BlackRock Global SmallCap Fund

BlackRock Health Sciences Opportunities Portfolio

BlackRock Healthcare Fund

BlackRock Index Equity Portfolio*

BlackRock International Fund

BlackRock International Index Fund

BlackRock International Opportunities Portfolio

BlackRock International Value Fund

BlackRock Large Cap Core Fund

BlackRock Large Cap Core Plus Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

BlackRock Latin America Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Mid-Cap Value Equity Portfolio

BlackRock Mid Cap Value Opportunities Fund

BlackRock Natural Resources Trust

BlackRock Pacific Fund

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Core Equity Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock Small/Mid-Cap Growth Portfolio

BlackRock S&P 500 Index Fund

BlackRock S&P 500 Stock Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Index Fund

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Global Dividend Income Portfolio†

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio†

BlackRock Inflation Protected Bond Portfolio

BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio

BlackRock Multi-Sector Bond Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Opportunities Portfolio

BlackRock Total Return Fund

BlackRock Total Return Portfolio II

BlackRock World Income Fund

Municipal Bond Funds

BlackRock AMT-Free Municipal Bond Portfolio

BlackRock California Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock Intermediate Municipal Fund

BlackRock Kentucky Municipal Bond Portfolio

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Ohio Municipal Bond Portfolio

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

Target Risk & Target Date Funds†

BlackRock Prepared Portfolios

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Lifecycle Prepared Portfolios

2015

2020

2025

2030

2035

2040

2045

2050

BlackRock LifePath Portfolios

Retirement

2020

2025

2030

2035

2040

2045

2050

2055

*	See the prospectus for information on specific limitations on investments in the fund.
†	Mixed asset fund.

BlackRock mutual funds are currently distributed by BlackRock Investments, LLC. You should consider the investment objectives, risks, charges and expenses of the funds under consideration carefully before investing. Each fund’s prospectus contains this and other information and is available at www.blackrock.com or by calling (800) 441-7762 or from your financial advisor. The prospectus should be read carefully before investing.

SEMI-ANNUAL REPORT NOVEMBER 30, 2010 83

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

#MUNI4-11/10

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

12(a)(3) –	Not Applicable
12(b) –	Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock California Municipal Bond Fund of BlackRock California Municipal Series Trust
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock California Municipal Bond Fund of BlackRock California Municipal Series Trust
Date: February 2, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock California Municipal Bond Fund of BlackRock California Municipal Series Trust
Date: February 2, 2011
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock California Municipal Bond Fund of BlackRock California Municipal Series Trust
Date: February 2, 2011