UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-02688
Name of Fund:
BlackRock Municipal Bond Fund, Inc.
BlackRock National Municipal Fund
BlackRock Short-Term Municipal Fund
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Municipal Bond Fund, Inc., 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
6/30/2025
Date of reporting period:
12/31/2024

Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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BlackRock National Municipal Fund
Institutional Shares | MANLX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $24 0.47%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 1.25 % 1.87 % 0.71 % 2.04 %
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Key Fund statistics
Net Assets $7,200,129,938
Number of Portfolio Holdings 409
Portfolio Turnover Rate 34%
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Transportation 29.0 %
Corporate 16.0 %
State 14.7 %
Utilities 11.0 %
Health 10.6 %
County/City/Special District/School District 9.1 %
Education 5.4 %
Housing 3.7 %
Tobacco 0.5 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 10.5 %
AA/Aa 54.6 %
A 27.1 %
BBB/Baa 3.3 %
BB/Ba 0.5 %
B — %(d)
N/R(e) 4.0 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
Rounds to less than 0.1%.
​(e)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock National Municipal Fund
Institutional Shares | MANLX
Semi-Annual Shareholder Report — December 31, 2024
MANLX-12/24-SAR
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BlackRock National Municipal Fund
Service Shares | BNMSX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Service Shares $37 0.72%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Service Shares 1.12 % 1.62 % 0.47 % 1.81 %
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Key Fund statistics
Net Assets $7,200,129,938
Number of Portfolio Holdings 409
Portfolio Turnover Rate 34%
Average annual total returns reflect reductions for service fees.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Transportation 29.0 %
Corporate 16.0 %
State 14.7 %
Utilities 11.0 %
Health 10.6 %
County/City/Special District/School District 9.1 %
Education 5.4 %
Housing 3.7 %
Tobacco 0.5 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 10.5 %
AA/Aa 54.6 %
A 27.1 %
BBB/Baa 3.3 %
BB/Ba 0.5 %
B — %(d)
N/R(e) 4.0 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
Rounds to less than 0.1%.
​(e)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock National Municipal Fund
Service Shares | BNMSX
Semi-Annual Shareholder Report — December 31, 2024
BNMSX-12/24-SAR
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BlackRock National Municipal Fund
Investor A Shares | MDNLX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $37 0.72%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 1.12 % 1.72 % 0.46 % 1.82 %
Investor A Shares (with sales charge) (3.18 ) (2.61 ) (0.41 ) 1.38
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Key Fund statistics
Net Assets $7,200,129,938
Number of Portfolio Holdings 409
Portfolio Turnover Rate 34%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Transportation 29.0 %
Corporate 16.0 %
State 14.7 %
Utilities 11.0 %
Health 10.6 %
County/City/Special District/School District 9.1 %
Education 5.4 %
Housing 3.7 %
Tobacco 0.5 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 10.5 %
AA/Aa 54.6 %
A 27.1 %
BBB/Baa 3.3 %
BB/Ba 0.5 %
B — %(d)
N/R(e) 4.0 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
Rounds to less than 0.1%.
​(e)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock National Municipal Fund
Investor A Shares | MDNLX
Semi-Annual Shareholder Report — December 31, 2024
MDNLX-12/24-SAR
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BlackRock National Municipal Fund
Investor C Shares | MFNLX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $74 1.47%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 0.74 % 0.96 % (0.29 )% 1.20 %
Investor C Shares (with sales charge) (0.26 ) (0.03 ) (0.29 ) 1.20
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Key Fund statistics
Net Assets $7,200,129,938
Number of Portfolio Holdings 409
Portfolio Turnover Rate 34%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Transportation 29.0 %
Corporate 16.0 %
State 14.7 %
Utilities 11.0 %
Health 10.6 %
County/City/Special District/School District 9.1 %
Education 5.4 %
Housing 3.7 %
Tobacco 0.5 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 10.5 %
AA/Aa 54.6 %
A 27.1 %
BBB/Baa 3.3 %
BB/Ba 0.5 %
B — %(d)
N/R(e) 4.0 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
Rounds to less than 0.1%.
​(e)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock National Municipal Fund
Investor C Shares | MFNLX
Semi-Annual Shareholder Report — December 31, 2024
MFNLX-12/24-SAR
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BlackRock National Municipal Fund
Class K Shares | BNMLX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $21 0.42%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 1.27 % 1.92 % 0.74 % 2.11 %
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Key Fund statistics
Net Assets $7,200,129,938
Number of Portfolio Holdings 409
Portfolio Turnover Rate 34%
On the close of business on August 15, 2016, all of the issued and outstanding BlackRock Shares of BlackRock National Municipal Fund were redesignated as Class K Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Transportation 29.0 %
Corporate 16.0 %
State 14.7 %
Utilities 11.0 %
Health 10.6 %
County/City/Special District/School District 9.1 %
Education 5.4 %
Housing 3.7 %
Tobacco 0.5 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 10.5 %
AA/Aa 54.6 %
A 27.1 %
BBB/Baa 3.3 %
BB/Ba 0.5 %
B — %(d)
N/R(e) 4.0 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
Rounds to less than 0.1%.
​(e)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock National Municipal Fund
Class K Shares | BNMLX
Semi-Annual Shareholder Report — December 31, 2024
BNMLX-12/24-SAR
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BlackRock Short-Term Municipal Fund
Institutional Shares | MALMX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock Short-Term Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $18 0.36%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 1.71 % 2.89 % 1.17 % 1.10 %
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Bloomberg Municipal 1-5 Year Index 1.91 2.07 1.10 1.38
Short-Term Customized Reference Benchmark 1.84 2.32 1.25 N/A
Key Fund statistics
Net Assets $447,312,288
Number of Portfolio Holdings 166
Portfolio Turnover Rate 34%
The Short-Term Customized Reference Benchmark (commenced on October 31, 2017) is comprised of the Bloomberg National Short 0-5 year maturities, excluding non-investment grade.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Corporate 33.3 %
Transportation 17.5 %
Health 14.2 %
County/City/Special District/School District 13.7 %
Utilities 7.7 %
State 6.7 %
Housing 4.7 %
Education 1.5 %
Tobacco 0.7 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 5.2 %
AA/Aa 26.4 %
A 49.1 %
BBB/Baa 15.0 %
N/R(d) 4.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Short-Term Municipal Fund
Institutional Shares | MALMX
Semi-Annual Shareholder Report — December 31, 2024
MALMX-12/24-SAR
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BlackRock Short-Term Municipal Fund
Investor A Shares | MELMX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock Short-Term Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $30 0.60%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 1.59 % 2.65 % 0.95 % 0.86 %
Investor A Shares (with sales charge) (1.46 ) (0.43 ) 0.34 0.56
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Bloomberg Municipal 1-5 Year Index 1.91 2.07 1.10 1.38
Short-Term Customized Reference Benchmark 1.84 2.32 1.25 N/A
Key Fund statistics
Net Assets $447,312,288
Number of Portfolio Holdings 166
Portfolio Turnover Rate 34%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Short-Term Customized Reference Benchmark (commenced on October 31, 2017) is comprised of the Bloomberg National Short 0-5 year maturities, excluding non-investment grade.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Corporate 33.3 %
Transportation 17.5 %
Health 14.2 %
County/City/Special District/School District 13.7 %
Utilities 7.7 %
State 6.7 %
Housing 4.7 %
Education 1.5 %
Tobacco 0.7 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 5.2 %
AA/Aa 26.4 %
A 49.1 %
BBB/Baa 15.0 %
N/R(d) 4.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Short-Term Municipal Fund
Investor A Shares | MELMX
Semi-Annual Shareholder Report — December 31, 2024
MELMX-12/24-SAR
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BlackRock Short-Term Municipal Fund
Investor A1 Shares | MDLMX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock Short-Term Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A1 Shares $23 0.46%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A1 Shares 1.66 % 2.79 % 1.07 % 1.00 %
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Bloomberg Municipal 1-5 Year Index 1.91 2.07 1.10 1.38
Short-Term Customized Reference Benchmark 1.84 2.32 1.25 N/A
Key Fund statistics
Net Assets $447,312,288
Number of Portfolio Holdings 166
Portfolio Turnover Rate 34%
Average annual total returns reflect reductions for service fees.
The Short-Term Customized Reference Benchmark (commenced on October 31, 2017) is comprised of the Bloomberg National Short 0-5 year maturities, excluding non-investment grade.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Corporate 33.3 %
Transportation 17.5 %
Health 14.2 %
County/City/Special District/School District 13.7 %
Utilities 7.7 %
State 6.7 %
Housing 4.7 %
Education 1.5 %
Tobacco 0.7 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 5.2 %
AA/Aa 26.4 %
A 49.1 %
BBB/Baa 15.0 %
N/R(d) 4.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Short-Term Municipal Fund
Investor A1 Shares | MDLMX
Semi-Annual Shareholder Report — December 31, 2024
MDLMX-12/24-SAR
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BlackRock Short-Term Municipal Fund
Investor C Shares | MFLMX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock Short-Term Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $69 1.36%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 1.20 % 1.85 % 0.16 % 0.25 %
Investor C Shares (with sales charge) 0.20 0.85 0.16 0.25
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Bloomberg Municipal 1-5 Year Index 1.91 2.07 1.10 1.38
Short-Term Customized Reference Benchmark 1.84 2.32 1.25 N/A
Key Fund statistics
Net Assets $447,312,288
Number of Portfolio Holdings 166
Portfolio Turnover Rate 34%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Short-Term Customized Reference Benchmark (commenced on October 31, 2017) is comprised of the Bloomberg National Short 0-5 year maturities, excluding non-investment grade.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Corporate 33.3 %
Transportation 17.5 %
Health 14.2 %
County/City/Special District/School District 13.7 %
Utilities 7.7 %
State 6.7 %
Housing 4.7 %
Education 1.5 %
Tobacco 0.7 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 5.2 %
AA/Aa 26.4 %
A 49.1 %
BBB/Baa 15.0 %
N/R(d) 4.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Short-Term Municipal Fund
Investor C Shares | MFLMX
Semi-Annual Shareholder Report — December 31, 2024
MFLMX-12/24-SAR
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BlackRock Short-Term Municipal Fund
Class K Shares | MPLMX
Semi-Annual Shareholder Report — December 31, 2024
This semi-annual shareholder report contains important information about BlackRock Short-Term Municipal Fund (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $16 0.31%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 1.84 % 2.94 % 1.24 % 1.15 %
Bloomberg Municipal Bond Index 1.46 1.05 0.99 2.25
Bloomberg Municipal 1-5 Year Index 1.91 2.07 1.10 1.38
Short-Term Customized Reference Benchmark 1.84 2.32 1.25 N/A
Key Fund statistics
Net Assets $447,312,288
Number of Portfolio Holdings 166
Portfolio Turnover Rate 34%
The Short-Term Customized Reference Benchmark (commenced on October 31, 2017) is comprised of the Bloomberg National Short 0-5 year maturities, excluding non-investment grade.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of Total
Investments(b)
Corporate 33.3 %
Transportation 17.5 %
Health 14.2 %
County/City/Special District/School District 13.7 %
Utilities 7.7 %
State 6.7 %
Housing 4.7 %
Education 1.5 %
Tobacco 0.7 %
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(b)
AAA/Aaa 5.2 %
AA/Aa 26.4 %
A 49.1 %
BBB/Baa 15.0 %
N/R(d) 4.3 %
​(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Short-Term Municipal Fund
Class K Shares | MPLMX
Semi-Annual Shareholder Report — December 31, 2024
MPLMX-12/24-SAR

(b) Not Applicable

 

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 Registrant – Not Applicable

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

 

 
December 31, 2024 
2024 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock Multi-State Municipal Series Trust
• BlackRock New York Municipal Opportunities Fund
BlackRock Municipal Bond Fund, Inc.
• BlackRock National Municipal Fund
• BlackRock Short-Term Municipal Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents 
Page
 
3
3
4
22
24
25
27
42
54
56
2
The Benefits and Risks of Leveraging
The Funds may utilize leverage to seek to enhance returns and net asset value (“NAV”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.
Each of BlackRock New York Municipal Opportunities Fund and BlackRock National Municipal Fund may leverage its assets through the use of proceeds received in tender option bond (“TOB”) transactions, as described in the Notes to Financial Statements. In a TOB Trust transaction, each Fund transfers municipal bonds or other municipal securities into a special purpose entity (a “TOB Trust”). TOB investments generally provide each Fund with economic benefits in periods of declining short-term interest rates but expose each Fund to risks during periods of rising short-term interest rates. Additionally, fluctuations in the market value of municipal bonds deposited into a TOB Trust may adversely affect each Fund’s NAV per share.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders benefit from the incremental net income.
The interest earned on securities purchased with the proceeds from leverage is distributed to each Fund’s shareholders, and the value of these portfolio holdings is reflected in each Fund’s per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage.  If interest and other ongoing costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage.
Furthermore, the value of each Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund’s NAV positively or negatively in addition to the impact on each Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund’s leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Fund’s NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the 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. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund’s shareholders and may reduce income.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
 
The Benefits and Risks of Leveraging / Derivative Financial Instruments
3
Schedule of Investments (unaudited)
December 31, 2024
BlackRock New York Municipal Opportunities Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Corporate Bonds
Commercial Services & Supplies — 0.9%
Cornell University, 4.84%, 06/15/34
$
7,880
$ 7,723,593
Trustees of Columbia University in the City of New
York, Series 2024, 4.36%, 10/01/35
 
2,835
2,674,359
Total Corporate Bonds — 0.9%
(Cost: $10,852,695)
10,397,952
Municipal Bonds
California — 0.9%
Corporate — 0.7%
California Community Choice Financing Authority, RB,
Series B, Sustainability Bonds, 5.00%, 01/01/55(a)
 
7,660
8,065,612
Transportation — 0.2%
California Infrastructure & Economic Development
Bank, RB, Series A-4, AMT, 8.00%, 01/01/50(b)
 
2,400
2,466,208
Total Municipal Bonds in California
10,531,820
Florida(b) — 0.7%
Transportation — 0.7%
Florida Development Finance Corp., RB, AMT, 10.00%,
07/15/59
 
3,760
3,866,444
Florida Development Finance Corp., Refunding RB,
AMT, 12.00%, 07/15/32
 
3,800
4,040,285
Total Municipal Bonds in Florida
7,906,729
Nevada — 0.0%
Transportation — 0.0%
State of Nevada Department of Business & Industry,
RB, Series A4, AMT, 8.13%, 01/01/50
 
100
104,008
New York — 83.4%
Corporate — 1.5%
Build NYC Resource Corp., Refunding RB(b)
 
4.50%, 01/01/25
 
100
100,000
AMT, 5.00%, 01/01/35
 
100
97,534
New York Liberty Development Corp., Refunding RB,
5.25%, 10/01/35
 
14,365
16,342,322
New York State Energy Research & Development
Authority, Refunding RB, Series C, 4.00%, 04/01/34
 
650
658,009
 
 
17,197,865
County/City/Special District/School District — 15.6%
Battery Park City Authority, Refunding RB
 
Series B, 5.00%, 11/01/38
 
3,750
4,036,363
Series B, 5.00%, 11/01/40
 
5,000
5,351,184
City of New York, GO
 
Series B, 5.25%, 10/01/43
 
1,500
1,645,277
Series B-1, 5.00%, 10/01/43
 
3,000
3,144,608
Series C, 5.25%, 03/01/49
 
5,000
5,469,095
Series D, 5.38%, 06/01/32
 
15
15,020
Series D, 5.50%, 04/01/48
 
8,000
8,968,926
Series D-1, 5.00%, 03/01/43
 
2,000
2,108,887
Series D-1, 5.50%, 05/01/44
 
2,500
2,772,820
Series E-1, 5.00%, 03/01/40
 
6,000
6,214,881
Sub-Series E-1, 4.00%, 04/01/45
 
2,425
2,364,392
Sub-Series E-1, 5.25%, 04/01/47
 
5,000
5,455,648
City of New York, Refunding GO, Series C-3, 2.46%,
08/01/33
 
2,145
1,761,534
County of Nassau New York, GOL
 
Series A, 4.00%, 04/01/39
 
1,000
1,022,176
Security
 
Par
(000)
Value
County/City/Special District/School District (continued)
County of Nassau New York, GOL (continued)
 
Series A, 4.00%, 04/01/42
$
3,145
$ 3,187,081
Series A, 5.00%, 04/01/45
 
5,000
5,471,407
Series A, 5.00%, 04/01/46
 
2,500
2,726,108
Series A, 5.00%, 04/01/47
 
3,925
4,265,632
Series B, (AGM), 5.00%, 07/01/42
 
4,190
4,358,747
Series B, (AGM), 5.00%, 07/01/45
 
4,960
5,126,372
County of Nassau New York, Refunding GOL
 
Series B, 5.00%, 04/01/41
 
1,250
1,382,456
Series B, 5.00%, 04/01/42
 
1,500
1,652,729
Hudson Yards Infrastructure Corp., Refunding RB,
Series 2022, Sustainability Bonds, 4.00%, 02/15/42
 
2,660
2,656,562
New York City Industrial Development Agency, RB(c)
 
(AGC), 0.00%, 03/01/41
 
4,155
1,936,559
(AGC), 0.00%, 03/01/42
 
5,500
2,424,242
(AGC), 0.00%, 03/01/43
 
2,000
828,722
(AGC), 0.00%, 03/01/45
 
2,450
898,330
New York City Transitional Finance Authority Building
Aid Revenue, RB, Series S-3, Subordinate, (SAW),
5.25%, 07/15/45
 
5,000
5,258,108
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
 
Series A, Subordinate, 5.00%, 05/01/45
 
6,700
7,203,752
Series A, Subordinate, 5.00%, 05/01/46
 
4,000
4,289,131
Series C-1, Subordinate, 4.00%, 02/01/42
 
6,000
5,973,386
Series C-3, Subordinate, 5.00%, 05/01/40
 
15,000
15,621,158
New York City Transitional Finance Authority, RB
 
Series D, 5.00%, 05/01/49
 
1,500
1,615,673
Series F-1, 5.25%, 02/01/53
 
5,960
6,482,901
Series C-S, Subordinate, 5.00%, 05/01/47
 
8,800
9,504,079
New York Convention Center Development Corp., RB,
CAB, Series B, Sub Lien, (AGM-CR), 0.00%,
11/15/55(c)
 
5,500
1,225,204
New York Liberty Development Corp., Refunding RB
 
Class 1, 5.00%, 11/15/44(b)
 
5,320
5,319,944
Series A, Sustainability Bonds, 2.75%, 11/15/41
 
17,000
13,207,223
New York State Dormitory Authority, RB, 5.00%,
07/01/26
 
1,015
1,016,161
New York State Dormitory Authority, Refunding RB,
Series B, 5.00%, 08/15/27(d)
 
5
5,263
Suffolk Regional Off-Track Betting Co, RB, 5.00%,
12/01/34
 
1,245
1,257,555
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB, Series A, 5.25%, 05/15/52
 
15,465
16,696,002
 
 
181,921,298
Education — 10.1%
Albany Capital Resource Corp., Refunding RB(e)(f)
 
4.00%, 07/01/41
 
1,650
765,600
4.00%, 07/01/51
 
1,705
791,120
Amherst Development Corp., Refunding RB
 
5.00%, 10/01/43
 
85
86,033
5.00%, 10/01/48
 
1,040
1,045,096
Buffalo & Erie County Industrial Land Development
Corp., Refunding RB, Series A, 5.00%, 06/01/35
 
655
670,658
Build NYC Resource Corp., RB(b)
 
5.00%, 02/01/33
 
705
684,644
5.63%, 02/01/39
 
1,285
1,285,280
5.00%, 09/01/39
 
900
902,430
5.00%, 09/01/44
 
725
708,032
5.75%, 02/01/49
 
1,145
1,121,452
5.00%, 09/01/49
 
1,255
1,210,252
Series A, 4.88%, 05/01/31
 
600
596,409
4
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock New York Municipal Opportunities Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Education (continued)
Build NYC Resource Corp., RB(b) (continued)
 
Series A, 5.13%, 05/01/38
$
140
$ 138,881
Series A, 5.50%, 05/01/48
 
2,175
2,158,280
Sustainability Bonds, 5.75%, 06/01/42
 
500
526,183
Build NYC Resource Corp., Refunding RB
 
5.00%, 08/01/33
 
275
278,703
5.00%, 06/01/35
 
250
250,859
5.00%, 08/01/35
 
740
748,261
5.00%, 06/01/40
 
310
310,995
5.00%, 08/01/47
 
725
725,522
5.00%, 11/01/47
 
2,900
3,188,071
Series A, 5.00%, 06/01/43
 
325
325,182
County of Cattaraugus New York, RB
 
5.00%, 05/01/34
 
130
130,044
5.00%, 05/01/39
 
225
225,077
Dobbs Ferry Local Development Corp., RB, 5.00%,
07/01/39
 
1,000
1,000,695
Dutchess County Local Development Corp., RB
 
5.00%, 07/01/43
 
1,910
1,970,174
5.00%, 07/01/48
 
480
492,369
5.00%, 07/01/52
 
9,145
9,664,047
Dutchess County Local Development Corp., Refunding
RB
 
5.00%, 07/01/42
 
1,980
2,034,449
5.00%, 07/01/45
 
8,710
9,195,950
Hempstead Town Local Development Corp., Refunding
RB
 
5.00%, 10/01/34
 
570
570,344
5.00%, 10/01/35
 
265
265,160
5.00%, 07/01/47
 
2,165
2,201,653
Monroe County Industrial Development Corp., RB
 
Series A, 5.00%, 07/01/53
 
3,230
3,430,963
Series B, 5.13%, 07/01/33
 
3,145
3,163,286
Monroe County Industrial Development Corp.,
Refunding RB, Series C, 4.00%, 07/01/37
 
1,765
1,774,855
New York State Dormitory Authority, RB
 
Series 1, (BHAC-CR AMBAC), 5.50%, 07/01/31
 
475
522,758
Series 1, (AMBAC), 5.50%, 07/01/40
 
500
578,931
Series A, 5.00%, 07/01/43
 
7,715
7,888,592
Series A, 5.00%, 07/01/49
 
6,380
6,578,978
Series A, Sustainability Bonds, 5.00%, 07/01/48
 
735
768,805
New York State Dormitory Authority, Refunding RB
 
2.26%, 07/01/30
 
4,000
3,516,701
5.00%, 07/01/44
 
5,000
5,388,863
Series A, 2.58%, 07/01/33
 
2,190
1,822,404
Series A, 4.00%, 07/01/37
 
1,000
1,018,371
Series A, 5.00%, 07/01/37
 
350
351,557
Series A, 5.00%, 07/01/41
 
500
507,691
Series A, 4.00%, 07/01/46
 
8,180
7,900,289
Series A, 5.00%, 07/01/46
 
675
680,645
Series A, 5.00%, 07/01/51
 
3,000
3,141,147
Series A, 5.50%, 07/01/54
 
7,500
8,417,960
Series B, 3.78%, 07/01/34
 
2,100
1,903,822
Series B, 5.00%, 10/01/38
 
7,500
7,864,721
Onondaga County Trust for Cultural Resources,
Refunding RB
 
5.00%, 05/01/40
 
135
137,076
Security
 
Par
(000)
Value
Education (continued)
Onondaga County Trust for Cultural Resources,
Refunding RB (continued)
 
5.00%, 12/01/45
$
3,650
$ 3,828,448
Schenectady County Capital Resource Corp.,
Refunding RB, 5.25%, 07/01/52
 
285
304,184
 
 
117,758,952
Health — 1.5%
Genesee County Funding Corp., Refunding RB,
Series A, 5.25%, 12/01/52
 
4,345
4,486,632
Huntington Local Development Corp., RB, Series A,
5.25%, 07/01/56
 
355
303,371
Monroe County Industrial Development Corp., RB
 
4.00%, 12/01/41
 
100
92,776
Series A, 5.00%, 12/01/37
 
370
368,142
New York State Dormitory Authority, Refunding RB
 
5.00%, 05/01/38
 
1,705
1,856,476
4.00%, 07/01/38
 
110
95,558
4.00%, 07/01/39
 
140
120,685
4.00%, 07/01/40
 
325
277,876
4.00%, 07/01/45
 
460
379,354
5.00%, 05/01/52
 
4,000
4,193,939
Southold Local Development Corp., RB, 4.00%,
12/01/45
 
1,900
1,648,574
Suffolk County Economic Development Corp., RB,
Series C, 5.00%, 07/01/32
 
285
285,227
Tompkins County Development Corp., Refunding RB,
5.00%, 07/01/44
 
1,145
1,115,315
Westchester County Local Development Corp.,
Refunding RB(b)
 
5.00%, 07/01/41
 
1,150
1,162,058
5.00%, 07/01/56
 
1,270
1,255,199
 
 
17,641,182
Housing — 5.4%
New York City Housing Development Corp., RB,
Series A, Sustainability Bonds, 4.25%, 11/01/43
 
520
503,956
New York City Housing Development Corp., RB, M/F
Housing
 
Sustainability Bonds, 3.15%, 11/01/36
 
400
357,551
Sustainability Bonds, (HUD SECT 8), 4.80%,
02/01/53
 
2,000
2,016,207
Class F-1, Sustainability Bonds, 4.60%, 11/01/42
 
2,000
2,021,468
Class F-1, Sustainability Bonds, 4.75%, 11/01/47
 
1,500
1,513,317
Series A-1, Sustainability Bonds, 4.55%, 11/01/44
 
1,650
1,658,007
Series E-1, Sustainability Bonds, 4.55%, 11/01/43
 
5,000
5,031,660
Series F-1A, Sustainability Bonds, 4.45%, 11/01/49
 
5,315
5,143,780
Series F-1A, Sustainability Bonds, 4.55%, 11/01/54
 
4,800
4,772,365
Series G, Sustainability Bonds, 4.60%, 11/01/43
 
3,000
3,022,354
New York City Housing Development Corp., Refunding
RB, Sustainability Bonds, (HUD SECT 8), 3.76%,
01/01/29
 
3,000
2,874,097
New York City Housing Development Corp., Refunding
RB, M/F Housing, Series D, Sustainability Bonds,
4.10%, 11/01/38
 
2,500
2,161,948
New York State Housing Finance Agency, RB, M/F
Housing
 
Series A, (SONYMA), 4.90%, 02/15/38
 
645
628,650
Series A, (SONYMA), 5.10%, 02/15/38
 
875
875,171
Series C, (SONYMA, FHLMC, FNMA, GNMA),
2.75%, 11/01/31
 
1,000
922,531
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock New York Municipal Opportunities Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Housing (continued)
New York State Housing Finance Agency, RB, M/F
Housing (continued)
 
Series E, (SONYMA), 4.15%, 11/01/47
$
165
$ 155,302
Series J-1, Sustainability Bonds, (SONYMA), 2.80%,
11/01/51
 
4,500
3,140,677
Series L-2, Sustainability Bonds, (SONYMA),
0.75%, 11/01/25
 
4,010
3,872,735
Series M-2, Sustainability Bonds, (SONYMA),
0.75%, 11/01/25
 
170
164,738
State of New York Mortgage Agency Homeowner
Mortgage Revenue, RB, S/F Housing
 
Series 250, Sustainability Bonds, (SONYMA),
4.80%, 10/01/48
 
5,000
5,078,059
Series 261, Sustainability Bonds, (SONYMA),
4.40%, 10/01/44
 
5,000
4,929,677
State of New York Mortgage Agency Homeowner
Mortgage Revenue, Refunding RB, S/F Housing
 
AMT, Sustainability Bonds, 1.40%, 10/01/27
 
5,460
5,008,501
AMT, Sustainability Bonds, 1.50%, 04/01/28
 
5,475
4,959,782
Yonkers Industrial Development Agency, RB
 
Series A, (SONYMA), 4.80%, 10/01/26
 
180
180,099
Series A, (SONYMA), 5.00%, 10/01/37
 
1,640
1,640,192
 
 
62,632,824
State — 8.3%
Empire State Development Corp., RB, Series A,
5.00%, 03/15/45
 
7,500
8,085,028
Empire State Development Corp., Refunding RB,
Series B, 2.77%, 03/15/31
 
5,000
4,446,186
New York City Transitional Finance Authority Building
Aid Revenue, Refunding RB, Series S-1A, (SAW),
4.00%, 07/15/39
 
2,000
2,045,156
New York State Dormitory Authority, RB
 
Series A, 4.80%, 12/01/34
 
15,220
15,022,429
Series A, 5.00%, 03/15/42
 
3,945
4,090,453
Series A, 5.00%, 03/15/49
 
5,000
5,388,526
New York State Dormitory Authority, Refunding RB
 
Series A, 5.25%, 03/15/39
 
2,500
2,650,222
Series A, 5.00%, 03/15/41
 
10,000
10,523,077
Series A, 4.00%, 03/15/43
 
5,000
5,017,229
Series A, 5.00%, 03/15/44
 
5,050
5,524,380
Series A, 5.00%, 03/15/45
 
4,000
4,355,960
Series A-1, 5.00%, 03/15/42
 
3,105
3,387,821
Series B, 5.00%, 03/15/49
 
10,000
10,791,637
Series C, 2.15%, 03/15/31
 
2,000
1,699,366
Series C, 5.00%, 03/15/41
 
5,000
5,184,201
Series E, 5.00%, 03/15/40
 
5,165
5,406,429
Series E, 5.00%, 03/15/42
 
3,535
3,685,918
 
 
97,304,018
Tobacco — 3.3%
Chautauqua Tobacco Asset Securitization Corp.,
Refunding RB, 4.75%, 06/01/39
 
825
813,784
Erie Tobacco Asset Securitization Corp., Refunding
RB, Series A, 5.00%, 06/01/45
 
4,595
4,327,362
New York Counties Tobacco Trust IV, Refunding RB,
Series A, 5.00%, 06/01/42
 
3,775
3,571,663
New York Counties Tobacco Trust VI, Refunding RB
 
Series A-2B, 5.00%, 06/01/51
 
10,305
9,265,736
Series B, 5.00%, 06/01/28
 
90
91,871
Series B, 5.00%, 06/01/29
 
105
107,208
Series C, 4.00%, 06/01/51
 
4,055
3,095,616
Security
 
Par
(000)
Value
Tobacco (continued)
Niagara Tobacco Asset Securitization Corp., Refunding
RB, 5.25%, 05/15/40
$
1,250
$ 1,249,988
TSASC, Inc., Refunding RB
 
Series A, 5.00%, 06/01/30
 
775
800,620
Series A, 5.00%, 06/01/33
 
3,000
3,095,689
Series A, 5.00%, 06/01/36
 
5,835
5,981,182
Westchester Tobacco Asset Securitization Corp.,
Refunding RB
 
Sub-Series C, 4.00%, 06/01/42
 
4,275
3,997,263
Sub-Series C, 5.13%, 06/01/51
 
2,375
2,322,229
 
 
38,720,211
Transportation — 23.5%
Albany County Airport Authority, Refunding RB
 
Series B, AMT, 4.00%, 12/15/35
 
120
112,596
Series B, AMT, 4.00%, 12/15/34
 
235
221,045
Metropolitan Transportation Authority Dedicated Tax
Fund, Refunding RB, Series B-1, Sustainability
Bonds, 5.00%, 11/15/42
 
1,530
1,561,612
Metropolitan Transportation Authority, RB
 
Series A-2, 4.00%, 11/15/43
 
5,000
4,818,079
Sub-Series A-1, 5.00%, 11/15/40
 
645
645,863
Series A-1, Sustainability Bonds, 4.00%, 11/15/44
 
2,500
2,387,661
Series D-3, Sustainability Bonds, 4.00%, 11/15/47
 
8,800
8,194,212
Metropolitan Transportation Authority, Refunding RB
 
Series B, 5.00%, 11/15/37
 
1,500
1,522,651
Series A, Sustainability Bonds, 5.50%, 11/15/47
 
5,000
5,512,162
Series C, Sustainability Bonds, (AGM-CR), 5.00%,
11/15/38
 
3,385
3,563,269
Series C, Sustainability Bonds, (BAM-TCRS),
5.00%, 11/15/42
 
3,000
3,129,527
Series C, Sustainability Bonds, (BAM), 5.00%,
11/15/44
 
7,345
7,627,022
New York City Industrial Development Agency,
Refunding RB, Series A, 5.00%, 07/01/28
 
1,545
1,550,322
New York Liberty Development Corp., Refunding RB,
Series 1, 2.75%, 02/15/44
 
6,125
4,657,567
New York State Thruway Authority, RB, Series N,
4.00%, 01/01/45
 
940
918,660
New York State Thruway Authority, Refunding RB
 
5.00%, 03/15/42
 
4,000
4,358,531
Series O, 4.00%, 01/01/37
 
4,400
4,518,992
Series O, 4.00%, 01/01/45
 
1,550
1,519,394
Series O, 4.00%, 01/01/47
 
2,345
2,278,490
Series P, 5.00%, 01/01/49
 
6,250
6,699,004
Series P, 5.25%, 01/01/54
 
5,675
6,159,513
New York Transportation Development Corp., ARB
 
AMT, 5.00%, 12/01/33
 
4,645
4,933,498
AMT, 5.00%, 12/01/35
 
1,510
1,591,143
AMT, 5.00%, 12/01/37
 
5,310
5,556,452
AMT, 5.63%, 04/01/40
 
5,755
6,104,967
AMT, 5.00%, 12/01/41
 
4,565
4,684,266
AMT, 5.00%, 12/01/42
 
1,755
1,794,284
Series A, AMT, 5.00%, 07/01/34
 
250
250,121
Series A, AMT, 5.00%, 07/01/41
 
750
747,640
Series A, AMT, 5.25%, 01/01/50
 
10,190
10,131,061
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
3,245
3,377,079
AMT, 4.00%, 10/31/46
 
4,355
3,835,607
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49
 
13,175
13,556,871
AMT, Sustainability Bonds, 5.50%, 06/30/54
 
15,000
15,684,067
AMT, Sustainability Bonds, 6.00%, 06/30/54
 
19,465
20,759,372
6
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock New York Municipal Opportunities Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Transportation (continued)
New York Transportation Development Corp.,
Refunding RB
 
5.00%, 12/01/38
$
4,250
$ 4,474,268
Series A, AMT, Sustainability Bonds, (AGC), 5.25%,
12/31/54
 
10,000
10,499,213
Niagara Falls Bridge Commission, RB, (AGM), 4.16%,
10/01/33
 
1,650
1,543,153
Niagara Frontier Transportation Authority, Refunding
ARB
 
AMT, 5.00%, 04/01/32
 
400
410,435
AMT, 5.00%, 04/01/33
 
375
383,060
AMT, 5.00%, 04/01/34
 
225
229,216
AMT, 5.00%, 04/01/35
 
200
203,549
AMT, 5.00%, 04/01/36
 
210
214,162
AMT, 5.00%, 04/01/37
 
250
254,739
AMT, 5.00%, 04/01/38
 
250
254,907
AMT, 5.00%, 04/01/39
 
175
178,294
Port Authority of New York & New Jersey, ARB,
Series 218, AMT, 5.00%, 11/01/44
 
1,960
2,023,369
Port Authority of New York & New Jersey, Refunding
ARB
 
Series 23, 5.25%, 08/01/52
 
3,900
4,212,453
Series 244, 5.00%, 07/15/49
 
6,000
6,482,348
Series 197, AMT, 5.00%, 11/15/41
 
1,250
1,262,303
Series 202, AMT, 5.00%, 04/15/37
 
5,000
5,067,735
Series 206, AMT, 5.00%, 11/15/37
 
1,270
1,295,776
Series 223, AMT, 4.00%, 07/15/41
 
2,370
2,297,542
Series 231, AMT, 5.00%, 08/01/38
 
2,500
2,673,103
Series 231, AMT, 5.50%, 08/01/39
 
5,900
6,505,515
Series 234, AMT, 5.25%, 08/01/47
 
4,000
4,247,153
Series 238, AMT, 5.00%, 07/15/37
 
3,000
3,234,253
Series 238, AMT, 5.00%, 07/15/39
 
7,500
8,012,235
Triborough Bridge & Tunnel Authority, RB
 
Series A, 5.00%, 11/15/47
 
5,000
5,327,663
Series A, 5.00%, 11/15/49
 
4,630
4,839,234
Sub-Series B-1, 5.00%, 11/15/48
 
7,760
8,307,379
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series C-2, 5.00%, 11/15/42
 
10,000
10,279,557
Series B-1, Sustainability Bonds, 5.25%, 05/15/54
 
9,025
9,860,020
Series C, Sustainability Bonds, 5.25%, 11/15/42
 
4,200
4,688,192
 
 
274,223,426
Utilities — 14.2%
Long Island Power Authority, RB
 
5.00%, 09/01/39
 
9,875
10,341,329
5.00%, 09/01/42
 
1,000
1,028,962
5.00%, 09/01/47
 
2,225
2,269,052
Series C, (AGC), 5.25%, 09/01/29
 
3,500
3,817,726
Series E, Sustainability Bonds, 5.00%, 09/01/48
 
6,335
6,767,752
Long Island Power Authority, Refunding RB
 
Series A, 4.00%, 09/01/39
 
2,000
2,045,170
Series A, 4.00%, 09/01/41
 
2,030
2,077,591
Series A, 5.00%, 09/01/42
 
5,000
5,531,040
Series A, (AGC), 5.00%, 09/01/43
 
5,000
5,512,779
Series A, 5.00%, 09/01/43
 
3,170
3,430,873
New York City Municipal Water Finance Authority, RB
 
Series AA, 4.00%, 06/15/43
 
5,000
4,953,158
Series AA-1, 5.25%, 06/15/53
 
2,500
2,741,706
Sub-Series BB-1, 5.25%, 06/15/54
 
5,000
5,430,792
Sub-Series CC-1, 5.25%, 06/15/54
 
7,500
8,187,195
Security
 
Par
(000)
Value
Utilities (continued)
New York City Municipal Water Finance Authority,
Refunding RB
 
Series DD, 4.13%, 06/15/46
$
7,500
$ 7,393,542
Series DD, 5.25%, 06/15/46
 
7,500
8,209,580
Series EE, 4.00%, 06/15/39
 
2,500
2,538,267
Series FF, 5.00%, 06/15/40
 
2,500
2,606,041
Series BB-2, VRDN, 3.85%, 01/02/25(a)(g)
 
15,000
15,000,000
New York Power Authority, RB
 
Series A, (AGM), 5.75%, 11/15/33(h)
 
5,000
5,149,877
Sustainability Bonds, (AGM), 4.00%, 11/15/47
 
10,000
9,898,231
Series A, Sustainability Bonds, (AGM), 5.00%,
11/15/48
 
3,025
3,276,274
New York Power Authority, Refunding RB, Series A,
4.00%, 11/15/45
 
5,000
4,865,963
New York State Environmental Facilities Corp.,
Refunding RB
 
Series A, 5.25%, 06/15/45
 
1,750
1,969,911
Series A, 5.25%, 06/15/53
 
5,000
5,480,979
Utility Debt Securitization Authority, RB
 
Restructured, 5.00%, 12/15/38
 
2,875
3,002,235
Restructured, 5.00%, 12/15/40
 
14,695
15,268,390
Utility Debt Securitization Authority, Refunding RB
 
Series 1, 5.00%, 12/15/40
 
3,000
3,385,892
Series TE1, Restructured, 5.00%, 12/15/38
 
9,000
10,089,319
Series 2, Sustainability Bonds, 5.00%, 12/15/50
 
2,500
2,715,212
 
 
164,984,838
Total Municipal Bonds in New York
972,384,614
Puerto Rico — 5.7%
State — 3.7%
Commonwealth of Puerto Rico, GO
 
Series A-1, Restructured, 5.63%, 07/01/29
 
400
426,683
Series A-1, Restructured, 5.75%, 07/01/31
 
388
422,998
Series A-1, Restructured, 4.00%, 07/01/35
 
931
912,112
Series A-1, Restructured, 4.00%, 07/01/37
 
799
775,086
Series A-1, Restructured, 4.00%, 07/01/41
 
1,087
1,036,155
Series A-1, Restructured, 4.00%, 07/01/46
 
1,130
1,045,924
Commonwealth of Puerto Rico, GO, CAB, Series A,
Restructured, 0.00%, 07/01/33(c)
 
1,333
908,430
Commonwealth of Puerto Rico, RB, 0.00%,
11/01/51(a)(e)(f)
 
18,310
9,796,483
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
7,005
6,844,399
Series A-2, Restructured, 4.54%, 07/01/53
 
49
46,551
Series A-2, Restructured, 4.78%, 07/01/58
 
5,323
5,190,007
Series A-2, Restructured, 4.33%, 07/01/40
 
6,888
6,776,779
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB(c)
 
Series A-1, Restructured, 0.00%, 07/01/29
 
490
412,841
Series A-1, Restructured, 0.00%, 07/01/33
 
1,423
1,002,083
Series A-1, Restructured, 0.00%, 07/01/46
 
19,863
6,330,520
Series B-1, Restructured, 0.00%, 07/01/46
 
2,677
850,792
 
 
42,777,843
Utilities — 2.0%
Puerto Rico Electric Power Authority, RB(e)(f)
 
Series A, 5.00%, 07/01/29
 
1,860
846,809
Series A, 7.00%, 07/01/33
 
1,025
466,656
Series A, 6.75%, 07/01/36
 
3,560
1,620,774
Series A, 5.00%, 07/01/42
 
2,185
994,773
Series A, 7.00%, 07/01/43
 
410
186,662
Series A-3, 10.00%, 07/01/19
 
999
454,842
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock New York Municipal Opportunities Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Utilities (continued)
Puerto Rico Electric Power Authority,
RB(e)(f) (continued)
 
Series B-3, 10.00%, 07/01/19
$
999
$ 454,842
Series C-1, 5.40%, 01/01/18
 
2,745
1,249,653
Series C-2, 5.40%, 07/01/18
 
2,745
1,249,855
Series C-3, 5.40%, 01/01/20
 
277
126,340
Series C-4, 5.40%, 07/01/20
 
278
126,340
Series CCC, 5.25%, 07/01/26
 
770
350,561
Series CCC, 5.25%, 07/01/28
 
440
200,320
Series D-4, 7.50%, 07/01/20
 
1,726
785,837
Series TT, 5.00%, 07/01/25
 
210
95,607
Series TT, 5.00%, 07/01/26
 
565
257,230
Series WW, 5.50%, 07/01/17
 
610
277,717
Series WW, 5.50%, 07/01/18
 
535
243,571
Series WW, 5.50%, 07/01/19
 
435
198,044
Series WW, 5.38%, 07/01/24
 
385
175,280
Series WW, 5.25%, 07/01/33
 
420
191,215
Series WW, 5.50%, 07/01/38
 
520
236,742
Series XX, 5.25%, 07/01/17
 
285
129,753
Series XX, 5.25%, 07/01/35
 
185
84,226
Series XX, 5.75%, 07/01/36
 
260
118,371
Series XX, 5.25%, 07/01/40
 
5,345
2,433,438
Puerto Rico Electric Power Authority, Refunding RB
 
Series AAA, 5.25%, 07/01/22(e)(f)
 
990
450,721
Series AAA, 5.25%, 07/01/23
 
2,670
1,215,581
Series AAA, 5.25%, 07/01/28(e)(f)
 
5,655
2,574,572
Series AAA, 5.25%, 07/01/29(e)(f)
 
235
106,989
Series BBB, 5.40%, 07/01/28
 
1,240
564,539
Series UU, 0.00%, 07/01/17(a)(e)(f)
 
185
84,226
Series UU, 0.00%, 07/01/18(a)(e)(f)
 
165
75,120
Series UU, 0.00%, 07/01/20(a)(e)(f)
 
1,475
671,529
Series UU, 3.95%, 07/01/31(a)(e)(f)
 
1,755
799,005
Series ZZ, 5.25%, 07/01/19(e)(f)
 
1,370
623,725
Series ZZ, 5.00%, 07/01/20
 
2,220
1,010,708
Series ZZ, 5.25%, 07/01/24(e)(f)
 
875
398,364
Series ZZ, 5.00%, 07/01/28(e)(f)
 
435
198,044
Series ZZ, 5.00%, 12/29/49(e)(f)
 
430
195,768
Puerto Rico Electric Power Authority, Refunding RB,
BAB, Series YY, 6.13%, 07/01/40(e)(f)
 
1,860
846,809
 
 
23,371,158
Total Municipal Bonds in Puerto Rico
66,149,001
Total Municipal Bonds — 90.7%
(Cost: $1,076,709,342)
1,057,076,172
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
New York — 11.0%
County/City/Special District/School District — 5.8%
City of New York, GO, Series A-1, 5.25%, 09/01/43
 
10,000
10,965,613
Hudson Yards Infrastructure Corp., Refunding RB
 
Series A, 5.00%, 02/15/38
 
17,485
18,074,317
Series A, 5.00%, 02/15/39
 
9,005
9,242,867
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
 
Series D-1, 5.25%, 11/01/43
 
2,960
3,255,006
Series D-1, 5.50%, 11/01/45
 
5,910
6,564,135
Series D-1, 5.25%, 11/01/48
 
10,000
10,782,285
Triborough Bridge & Tunnel Authority, RB, Senior Lien,
Sustainability Bonds, Series D-2, 5.25%, 05/15/47
 
8,410
9,128,668
 
 
68,012,891
Security
 
Par
(000)
Value
State — 2.2%
Empire State Development Corp., Refunding RB
 
5.00%, 03/15/41
$
10,000
$ 10,918,186
5.00%, 03/15/44
 
4,220
4,560,715
New York State Dormitory Authority, Refunding RB,
Series E, 5.00%, 03/15/42
 
9,410
9,811,737
 
 
25,290,638
Transportation — 1.9%
Metropolitan Transportation Authority, Refunding RB,
Sustainability Bonds, Series C, 5.00%, 11/15/41
 
11,365
11,885,715
Triborough Bridge & Tunnel Authority, Refunding RB,
Series A, 5.00%, 11/15/45
 
10,000
10,291,235
 
 
22,176,950
Utilities — 1.1%
New York City Municipal Water Finance Authority,
Refunding RB, Series AA-3, 5.00%, 06/15/47
 
12,500
13,338,004
Total Municipal Bonds in New York
128,818,483
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 11.0%
(Cost: $125,446,597)
128,818,483
Total Long-Term Investments — 102.6%
(Cost: $1,213,008,634)
1,196,292,607
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.38%(j)(k)
 
21,669,265
21,671,432
Total Short-Term Securities — 1.9%
(Cost: $21,671,432)
21,671,432
Total Investments — 104.5%
(Cost: $1,234,680,066)
1,217,964,039
Other Assets Less Liabilities — 0.7%
9,007,212
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (5.2)%
(61,095,383
)
Net Assets — 100.0%
$ 1,165,875,868
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Zero-coupon bond.
(d)
U.S. Government securities held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(e)
Issuer filed for bankruptcy and/or is in default.
(f)
Non-income producing security.
(g)
Variable rate security. Rate as of period end and maturity is the date the principal owed
can be recovered through demand.
(h)
Security is collateralized by municipal bonds or U.S. Treasury obligations.
(i)
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4
of the Notes to Financial Statements for details.
(j)
Affiliate of the Fund.
(k)
Annualized 7-day yield as of period end.
8
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock New York Municipal Opportunities Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
06/30/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
12/31/24
Shares
Held at
12/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 9,233,820
$ 12,437,612
(a)
$ —
$ —
$ —
$ 21,671,432
21,669,265
$ 408,743
$ —
 
(a)
Represents net amount purchased (sold).
Derivative Financial Instruments Categorized by Risk Exposure
For the period ended December 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ —
$ —
$ 483,613
$ —
$ 483,613
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ —
$ —
$ (168,958
)
$ —
$ (168,958
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — short
$—
(a)
 
(a)
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Corporate Bonds
$ —
$ 10,397,952
$ —
$ 10,397,952
Municipal Bonds
—
1,057,076,172
—
1,057,076,172
Municipal Bonds Transferred to Tender Option Bond Trusts
—
128,818,483
—
128,818,483
Short-Term Securities 
Money Market Funds
21,671,432
—
—
21,671,432
Unfunded Commitments(a)
—
—
4,399,978
4,399,978
 
$21,671,432
$1,196,292,607
$4,399,978
$1,222,364,017
 
(a)
Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $60,639,997 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
Schedule of Investments
9
Schedule of Investments (unaudited)
December 31, 2024
BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 5.7%
Black Belt Energy Gas District, RB(a)
 
Series C, 5.50%, 10/01/54
$
52,000
$ 56,485,076
Series D, 5.00%, 03/01/55
 
43,035
45,655,564
Series F, 5.50%, 11/01/53
 
11,170
11,740,918
County of Jefferson Alabama Sewer Revenue,
Refunding RB
 
5.25%, 10/01/41
 
4,055
4,446,533
5.25%, 10/01/42
 
7,575
8,284,083
5.25%, 10/01/43
 
10,460
11,399,008
5.25%, 10/01/44
 
13,810
14,991,202
5.25%, 10/01/45
 
9,450
10,221,315
Energy Southeast A Cooperative District, RB(a)
 
Series A-1, 5.50%, 11/01/53
 
87,500
94,382,975
Series B-1, 5.75%, 04/01/54
 
22,590
24,877,072
Southeast Energy Authority A Cooperative District,
RB(a)
 
Series A, 4.00%, 11/01/51
 
100,000
99,787,468
Series B, 4.00%, 12/01/51
 
9,220
9,128,208
Series B-1, 5.00%, 05/01/53
 
20,000
20,638,312
 
 
412,037,734
Arizona — 0.7%
Arizona Industrial Development Authority, Refunding
RB(b)
 
Series A, 5.25%, 07/01/37
 
1,230
1,230,640
Series A, 5.50%, 07/01/52
 
2,450
2,377,692
City of Phoenix Civic Improvement Corp., RB
 
Junior Lien, 5.00%, 07/01/40
 
2,000
2,202,851
Junior Lien, 5.00%, 07/01/42
 
7,815
8,561,326
Junior Lien, Sustainability Bonds, 5.00%, 07/01/44
 
18,000
19,022,085
Subordinate, 5.00%, 07/01/44
 
5,000
5,382,628
Pinal County Industrial Development Authority, RB,
6.25%, 06/01/26
 
150
152,043
Salt River Project Agricultural Improvement & Power
District, RB
 
Series A, 5.00%, 01/01/47
 
2,175
2,327,650
Series A, 5.00%, 01/01/50
 
5,295
5,651,055
Tucson Industrial Development Authority/Pima County
Industrial Development Authority, RB, S/F Housing,
Series A, (FHLMC, FNMA, GNMA), 6.00%,
01/01/55
 
6,005
6,479,775
 
 
53,387,745
Arkansas — 0.5%
Arkansas Development Finance Authority, RB(b)
 
AMT, Sustainability Bonds, 7.38%, 07/01/48
 
14,700
16,669,177
Series A, AMT, Sustainability Bonds, 6.88%,
07/01/48
 
17,200
18,931,587
Pine Bluff School District No. 3, GOL, Series B,
(SAW), 4.00%, 02/01/43
 
3,150
3,145,639
 
 
38,746,403
California — 7.9%
California Community Choice Financing Authority,
RB(a)
 
Sustainability Bonds, 5.50%, 10/01/54
 
8,950
9,736,760
Series B, Sustainability Bonds, 5.00%, 01/01/55
 
90,255
95,034,180
Series F, Sustainability Bonds, 5.00%, 02/01/55
 
52,850
56,495,764
Series G, Sustainability Bonds, 5.00%, 11/01/55
 
37,500
39,437,751
California Statewide Communities Development
Authority, SAB, Series C, 3.00%, 09/02/30
 
2,710
2,653,525
Security
 
Par
(000)
Value
California (continued)
City of Los Angeles Department of Airports, ARB
 
Series A, AMT, 5.00%, 05/15/44
$
8,000
$ 8,209,676
Sub-Series A, AMT, 5.00%, 05/15/47
 
1,855
1,881,248
AMT, Sustainability Bonds, 5.00%, 05/15/47
 
33,170
34,805,506
City of Los Angeles Department of Airports, Refunding
ARB, Series A, AMT, 5.00%, 05/15/45
 
15,880
16,803,691
CSCDA Community Improvement Authority, RB, M/F
Housing(b)
 
Series B, Mezzanine Lien, Sustainability Bonds,
4.00%, 12/01/59
 
6,125
3,851,438
Series B, Sub Lien, Sustainability Bonds, 4.00%,
12/01/59
 
15,875
10,366,859
Series B, Sustainability Bonds, 4.00%, 07/01/58
 
5,330
3,372,493
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding ARB
 
Series 2, Class A, AMT, 5.25%, 05/01/42
 
10,000
10,791,613
Series 2, Class D, AMT, 5.00%, 05/01/48
 
51,990
52,713,173
Series A, AMT, 5.00%, 05/01/39
 
14,500
14,976,116
Series A, AMT, 5.00%, 05/01/49
 
34,000
34,692,843
Series B, AMT, 5.00%, 05/01/46
 
30,000
30,105,821
Series D, AMT, 5.00%, 05/01/43
 
17,735
18,090,588
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding RB,
Series 2, Class A, AMT, 5.00%, 05/01/38
 
10,000
10,757,212
San Francisco City & County Public Utilities
Commission Wastewater Revenue, RB, Series B,
Sustainability Bonds, 1.00%, 10/01/26(c)
 
100,000
95,610,634
University of California, RB, Series M, 5.00%,
05/15/37
 
15,410
16,080,841
 
 
566,467,732
Colorado — 2.2%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB
 
Series A, AMT, 5.00%, 12/01/36
 
7,360
7,599,124
Series A, AMT, 5.00%, 12/01/38
 
17,750
18,234,867
Series A, AMT, 5.00%, 12/01/43
 
14,860
15,142,548
Series A, AMT, 5.25%, 12/01/43
 
45,235
46,599,311
Series A, AMT, 5.25%, 12/01/48
 
41,110
42,285,752
Series D, AMT, 5.75%, 11/15/45
 
3,290
3,606,262
Colorado Health Facilities Authority, Refunding RB,
Series A, 5.00%, 05/15/47
 
25,000
26,454,126
Mayfield Metropolitan District, GOL, Series A, 5.75%,
12/01/50
 
1,178
1,201,951
 
 
161,123,941
Connecticut — 0.7%
Connecticut Housing Finance Authority, Refunding
RB, S/F Housing, Series A-2, Sustainability Bonds,
5.75%, 11/15/53
 
13,680
14,531,369
Mohegan Tribal Finance Authority, RB, 7.00%,
02/01/45(b)
 
1,150
1,149,816
State of Connecticut Special Tax Revenue, RB
 
Series A-2, 5.00%, 07/01/43
 
19,000
20,996,462
Series A-2, 5.00%, 07/01/44
 
14,000
15,422,349
 
 
52,099,996
Delaware — 0.1%
Delaware State Housing Authority, RB, S/F Housing,
Series B, (FHLMC, FNMA, GNMA), 6.00%,
01/01/55
 
7,480
8,089,641
District of Columbia — 2.8%
District of Columbia Water & Sewer Authority,
Refunding RB, Series B, 5.00%, 10/01/49
 
5,745
5,890,820
10
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
District of Columbia (continued)
District of Columbia, GO, Series A, 5.00%, 08/01/49
$
5,000
$ 5,397,566
District of Columbia, Refunding GO, Series A, 5.25%,
01/01/48
 
15,500
16,856,831
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB
 
Series A, AMT, 5.00%, 10/01/29
 
10,000
10,583,652
Series A, AMT, 5.00%, 10/01/30
 
16,500
17,718,812
Series A, AMT, 5.00%, 10/01/33
 
20,000
21,711,035
Series A, AMT, 5.00%, 10/01/48
 
12,400
12,627,687
Washington Metropolitan Area Transit Authority, RB
 
5.00%, 07/01/43
 
22,315
22,810,145
Series B, 5.00%, 07/01/42
 
81,415
83,390,055
Washington Metropolitan Area Transit Authority,
Refunding RB, Series A-1, 5.00%, 07/01/31
 
6,860
7,134,111
 
 
204,120,714
Florida — 2.4%
Florida Development Finance Corp., RB(b)
 
6.50%, 06/30/57(d)(e)
 
5,733
2,047,772
Series C, 5.75%, 12/15/56
 
6,295
5,183,205
AMT, 6.13%, 07/01/32(a)
 
11,725
11,978,693
Florida Development Finance Corp., Refunding RB,
Series A, 4.50%, 12/15/56(b)
 
18,065
13,390,390
Greater Orlando Aviation Authority, ARB
 
Series A, AMT, 5.00%, 10/01/44
 
28,000
28,922,219
Sub-Series A, AMT, 5.00%, 10/01/42
 
30,000
30,372,496
Sub-Series A, AMT, 5.00%, 10/01/47
 
17,500
17,665,404
Hillsborough County Industrial Development Authority,
Refunding RB, Series C, 5.25%, 11/15/49
 
48,000
52,301,774
Lakewood Ranch Stewardship District, SAB, 4.63%,
05/01/27
 
1,135
1,137,232
Miami-Dade County Industrial Development Authority,
RB, 5.10%, 11/01/43
 
8,370
7,707,287
River Landing Community Development District, SAB,
Series B, 4.25%, 11/01/35
 
155
154,922
Sterling Hill Community Development District,
Refunding SAB, Series B, 5.50%, 11/01/10(d)(e)
 
147
67,197
Windward Community Development District, SAB,
Series A-2, 4.40%, 11/01/35
 
80
80,002
 
 
171,008,593
Georgia — 3.3%
City of Atlanta Georgia Airport Passenger Facility
Charge, ARB, Series D, AMT, Subordinate, 4.00%,
07/01/34
 
20,615
20,495,805
East Point Business & Industrial Development
Authority, RB, Series A, 5.25%, 06/15/62(b)
 
5,030
4,829,880
Main Street Natural Gas, Inc., RB(a)
 
Series A, 5.00%, 05/01/54
 
30,000
31,731,603
Series B, 5.00%, 07/01/53
 
11,610
12,198,323
Series C, 4.00%, 03/01/50
 
20,710
20,776,291
Series C, 5.00%, 09/01/53
 
96,000
100,923,728
Main Street Natural Gas, Inc., Refunding RB,
Series E-1, 5.00%, 12/01/53(a)
 
43,000
45,359,069
 
 
236,314,699
Illinois — 6.6%
Chicago Board of Education, Refunding GO,
Series B, 4.00%, 12/01/35
 
11,640
11,069,522
Chicago O’Hare International Airport, ARB
 
Series A, AMT, Senior Lien, (AGM), 5.25%,
01/01/45
 
18,405
19,263,551
Series D, AMT, Senior Lien, 5.00%, 01/01/42
 
16,340
16,469,895
Series D, Senior Lien, 5.25%, 01/01/42
 
50,000
51,162,575
Security
 
Par
(000)
Value
Illinois (continued)
Chicago O’Hare International Airport, ARB (continued)
 
Series D, Senior Lien, 5.00%, 01/01/47
$
20,000
$ 20,234,934
Chicago O’Hare International Airport, Refunding ARB,
Series A, AMT, Senior Lien, 5.25%, 01/01/48
 
46,835
49,622,539
Chicago O’Hare International Airport, Refunding RB,
Series A, 5.00%, 01/01/33
 
5,600
5,600,000
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 5.00%, 12/01/49
 
55,505
58,610,150
Illinois Finance Authority, Refunding RB, Series A,
5.00%, 10/01/48
 
31,850
32,350,059
Illinois Housing Development Authority, Refunding
RB, S/F Housing, Series H, Sustainability Bonds,
(FHLMC, FNMA, GNMA), 5.75%, 10/01/53
 
8,785
9,331,722
Illinois Municipal Electric Agency, Refunding RB,
Series A, 4.00%, 02/01/35
 
11,000
10,818,675
Illinois State Toll Highway Authority, RB
 
Series A, 5.00%, 01/01/44
 
7,075
7,385,264
Series A, 5.25%, 01/01/45
 
30,000
32,966,245
State of Illinois, GO
 
5.50%, 05/01/39
 
9,040
9,732,813
Series A, 5.00%, 11/01/29
 
27,500
29,489,934
Series B, 5.00%, 11/01/32
 
14,000
14,885,741
Series C, 4.00%, 10/01/41
 
13,580
13,177,719
Series C, 4.00%, 10/01/42
 
20,000
19,281,381
Series C, 5.50%, 10/01/42
 
28,000
30,669,993
Series C, 4.00%, 10/01/43
 
12,560
12,014,399
State of Illinois, Refunding GO, Series A, 5.00%,
10/01/28
 
19,250
20,346,863
 
 
474,483,974
Indiana — 0.3%
Indiana Finance Authority, RB
 
Series B, Sustainability Bonds, 5.00%, 02/01/43
 
10,000
10,999,968
Series B, Sustainability Bonds, 5.00%, 02/01/45
 
10,000
10,883,392
 
 
21,883,360
Iowa — 0.0%
City of Des Moines Iowa, GO, Series A, 4.00%,
06/01/41
 
1,200
1,206,472
Kentucky — 0.4%
Kentucky Public Energy Authority, Refunding RB,
Series A-1, 5.25%, 04/01/54(a)
 
8,000
8,611,883
Louisville/Jefferson County Metropolitan Government,
RB, Series A, (AGM), 5.00%, 05/15/47
 
6,950
7,248,011
University of Kentucky, RB, Series B, 4.00%,
04/01/40
 
11,720
11,745,636
 
 
27,605,530
Louisiana — 0.8%
Louisiana Public Facilities Authority, RB
 
5.00%, 10/01/43(a)(b)
 
50,000
50,297,661
5.25%, 10/01/48
 
6,185
6,328,370
 
 
56,626,031
Maryland — 0.8%
City of Baltimore Maryland, Refunding RB, Series A,
4.50%, 09/01/33
 
2,735
2,688,424
County of Montgomery Maryland, RB
 
5.00%, 12/01/44
 
26,780
26,938,134
Series 2016, 5.00%, 12/01/45
 
13,955
14,051,709
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Maryland (continued)
County of Prince George’s Maryland, COP, 5.00%,
10/01/48
$
2,500
$ 2,570,673
State of Maryland Department of Transportation, ARB,
Series A, AMT, (AGC), 5.25%, 08/01/49
 
9,000
9,617,714
 
 
55,866,654
Massachusetts — 4.8%
Commonwealth of Massachusetts Transportation
Fund Revenue, RB, Series A, 5.00%, 06/01/42
 
14,000
14,395,429
Commonwealth of Massachusetts, GOL
 
Series A, 5.25%, 01/01/44
 
21,915
23,297,209
Series A, 5.25%, 04/01/47
 
20,000
20,544,589
Series A, 5.00%, 01/01/49
 
2,000
2,152,571
Series E, 5.25%, 09/01/43
 
55,000
58,275,423
Series F, 5.00%, 11/01/43
 
5,000
5,166,489
Massachusetts Bay Transportation Authority Sales
Tax Revenue, Refunding RB
 
Series A-2, 5.00%, 07/01/42
 
5,000
5,131,552
Sub-Series A-1, 5.25%, 07/01/48
 
57,645
63,301,385
Massachusetts Development Finance Agency, RB,
Series J2, 5.00%, 07/01/43
 
11,540
11,796,406
Massachusetts Port Authority, ARB, Series E, AMT,
5.00%, 07/01/46
 
21,640
22,428,463
Massachusetts Port Authority, Refunding ARB
 
Series A, AMT, 5.00%, 07/01/47
 
6,670
6,723,317
Series B, AMT, 5.00%, 07/01/43
 
36,725
36,944,162
Series C, AMT, 5.00%, 07/01/44
 
18,000
18,495,801
Series C, AMT, 5.00%, 07/01/49
 
20,000
20,372,539
Massachusetts Water Resources Authority, Refunding
RB, Series B, Sustainability Bonds, 5.00%,
08/01/49
 
1,500
1,619,495
University of Massachusetts Building Authority,
Refunding RB, Series 1, 5.25%, 11/01/42
 
30,000
31,304,750
 
 
341,949,580
Michigan — 2.4%
Great Lakes Water Authority Sewage Disposal
System Revenue, RB
 
Series A, Senior Lien, 5.00%, 07/01/40
 
1,040
1,146,035
Series C, Senior Lien, 5.00%, 07/01/40
 
1,165
1,283,729
Lansing Board of Water & Light, Refunding RB,
Series A, 5.00%, 07/01/49
 
10,000
10,753,786
Michigan Finance Authority, RB
 
5.00%, 11/01/44
 
10,000
10,040,319
Series A, 6.50%, 06/01/57(b)(d)(e)
 
5,980
2,603,692
Sustainability Bonds, 5.50%, 02/28/49
 
4,245
4,675,032
Michigan Finance Authority, Refunding RB
 
5.00%, 11/15/41
 
66,330
67,087,012
Series 2016, 5.25%, 12/01/41
 
25,630
25,992,367
Series A, 5.00%, 12/01/41
 
11,870
12,397,068
Series A, 5.00%, 12/01/42
 
10,150
10,371,397
Michigan State Hospital Finance Authority, Refunding
RB
 
5.00%, 11/15/26(f)
 
5,850
6,071,536
5.00%, 11/15/47
 
2,620
2,685,705
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43
 
16,470
16,674,072
 
 
171,781,750
Minnesota — 0.8%
City of Rochester Minnesota, Refunding RB, 4.00%,
11/15/39
 
5,940
6,011,040
Minnesota Agricultural & Economic Development
Board, RB
 
5.00%, 01/01/41
 
3,000
3,246,249
Security
 
Par
(000)
Value
Minnesota (continued)
Minnesota Agricultural & Economic Development
Board, RB (continued)
 
5.00%, 01/01/42
$
3,500
$ 3,775,437
5.25%, 01/01/47
 
16,025
17,399,434
Minnesota Housing Finance Agency, RB, S/F Housing
 
Series F, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.75%, 07/01/53
 
4,295
4,547,517
Series O, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.00%, 07/01/53
 
3,705
3,959,952
State of Minnesota, GO
 
Series A, 4.00%, 09/01/40
 
14,745
15,024,904
Series A, 4.00%, 09/01/41
 
4,000
4,065,590
 
 
58,030,123
Mississippi — 0.1%
Medical Center Educational Building Corp., Refunding
RB, 5.00%, 06/01/47
 
8,975
9,111,280
Missouri — 0.7%
Health & Educational Facilities Authority of the State
of Missouri, RB
 
4.50%, 01/01/39
 
15,085
15,084,407
Series A, 5.00%, 10/01/46
 
6,000
6,191,599
Missouri Housing Development Commission, RB, S/F
Housing
 
Series C, (FHLMC, FNMA, GNMA), 6.00%,
05/01/55
 
15,215
16,638,474
Series E, (FHLMC, FNMA, GNMA), 6.00%,
05/01/55
 
11,720
12,842,541
 
 
50,757,021
Montana — 0.1%
Montana Board of Housing, RB, S/F Housing,
Series A, 5.75%, 12/01/53
 
9,250
9,778,806
Nebraska — 0.1%
Omaha School District, GO, 4.00%, 12/15/42
 
6,725
6,616,699
Nevada — 0.0%
State of Nevada Department of Business & Industry,
RB
 
Series A, 4.50%, 12/15/29(b)
 
205
202,999
Series A, 5.00%, 07/15/37
 
875
865,249
 
 
1,068,248
New Jersey — 4.7%
New Jersey Economic Development Authority, RB,
5.00%, 06/15/43
 
7,550
7,804,799
New Jersey Health Care Facilities Financing
Authority, Refunding RB
 
Series A, 5.00%, 07/01/37
 
3,000
3,077,634
Series A, 5.00%, 07/01/38
 
10,000
10,249,640
Series A, 5.00%, 07/01/43
 
3,915
3,958,695
New Jersey Housing & Mortgage Finance Agency,
RB, S/F Housing, Series K, Sustainability Bonds,
6.00%, 10/01/55
 
6,520
7,033,810
New Jersey Transportation Trust Fund Authority, RB
 
5.25%, 06/15/43
 
9,000
9,819,720
5.00%, 06/15/46
 
8,030
8,228,979
Series C, 5.25%, 06/15/32
 
20,010
20,021,163
New Jersey Transportation Trust Fund Authority,
Refunding RB
 
Series A, 5.00%, 06/15/38
 
85,000
94,667,758
Series AA, 5.00%, 06/15/39
 
9,500
10,361,349
Series AA, 5.00%, 06/15/40
 
3,985
4,328,089
12
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Turnpike Authority, RB
 
Series B, 5.00%, 01/01/46
$
20,000
$ 21,701,036
Series B, 5.25%, 01/01/49
 
61,685
68,452,725
Series E, 5.00%, 01/01/32
 
4,425
4,425,000
New Jersey Turnpike Authority, Refunding RB,
Series C, 5.00%, 01/01/45
 
32,370
35,442,628
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
 
15,970
16,176,319
Series A, 5.25%, 06/01/46
 
13,355
13,632,605
 
 
339,381,949
New Mexico — 0.1%
County of Santa Fe New Mexico, RB, (AGM), 6.00%,
02/01/27
 
95
97,714
New Mexico Mortgage Finance Authority, RB, S/F
Housing, (FHLMC, FNMA, GNMA), 5.75%,
03/01/54
 
6,350
6,701,308
 
 
6,799,022
New York — 14.2%
City of New York, GO
 
Series C, 5.25%, 09/01/45
 
40,000
44,346,378
Series E-1, 5.00%, 03/01/39
 
10,375
10,772,250
Empire State Development Corp., RB
 
Series A, 5.00%, 03/15/44
 
14,075
15,251,983
Series A, 5.00%, 03/15/49
 
10,000
10,744,576
Empire State Development Corp., Refunding RB
 
5.00%, 03/15/47
 
10,000
10,546,722
Series A, 5.00%, 03/15/46
 
12,225
13,128,813
Series E, 4.00%, 03/15/41
 
24,000
24,093,525
New York City Municipal Water Finance Authority,
Refunding RB
 
5.00%, 06/15/40
 
3,325
3,541,265
Series DD, 5.25%, 06/15/46
 
1,000
1,094,611
Series EE, 5.00%, 06/15/45
 
7,000
7,206,729
Series EE2, 5.00%, 06/15/40
 
39,865
42,166,316
New York City Transitional Finance Authority Building
Aid Revenue, RB, Series S, Subordinate, (SAW),
5.00%, 07/15/41
 
3,675
3,703,762
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
 
Series A-1, 5.00%, 08/01/42
 
3,500
3,622,994
Series D-1, 5.50%, 11/01/45
 
19,690
21,869,343
Series E-1, 5.00%, 02/01/41
 
10,000
10,010,095
Sub-Series E-1, 5.00%, 02/01/39
 
2,525
2,588,801
Sub-Series F-1, 5.00%, 05/01/42
 
3,000
3,066,221
Series C-3, Subordinate, 5.00%, 05/01/39
 
2,600
2,712,726
Series F-1, Subordinate, 5.00%, 02/01/44
 
4,000
4,270,862
New York City Transitional Finance Authority, RB
 
Series C, 5.50%, 05/01/40
 
3,000
3,452,539
Series C, 5.50%, 05/01/41
 
10,000
11,473,677
Series C, 5.25%, 05/01/48
 
5,030
5,491,000
Series D, 5.25%, 05/01/48
 
24,280
26,716,653
Series G-1, 5.00%, 05/01/41
 
10,750
11,894,735
Series G-1, 5.00%, 05/01/42
 
10,000
11,010,740
Series C-S, Subordinate, 5.25%, 05/01/49
 
16,675
18,331,924
New York State Dormitory Authority, RB
 
Series A, 5.00%, 03/15/36
 
9,500
9,715,345
Series A, 5.00%, 03/15/40
 
3,495
3,590,345
Series A, 5.00%, 03/15/41
 
3,240
3,317,746
Series A, 5.00%, 03/15/43
 
30,000
33,204,874
Series A, 5.00%, 07/01/43
 
2,050
2,096,126
Series A, 5.00%, 03/15/45
 
42,310
46,130,802
Security
 
Par
(000)
Value
New York (continued)
New York State Dormitory Authority, RB (continued)
 
Series A, 5.00%, 03/15/46
$
4,975
$ 5,404,267
Series A, 5.00%, 03/15/47
 
15,010
16,256,022
Series A, 5.00%, 03/15/48
 
12,570
13,566,522
New York State Dormitory Authority, Refunding RB
 
Series A, 4.00%, 03/15/40
 
30,450
30,703,516
Series A, 5.00%, 03/15/40
 
5,500
5,762,652
Series A, 5.00%, 03/15/41
 
14,060
15,577,188
Series A, 5.00%, 03/15/42
 
11,585
12,794,147
Series A, 5.00%, 03/15/46
 
39,000
41,715,521
Series A, 5.25%, 03/15/49
 
11,610
12,728,166
Series B, 5.00%, 03/15/47
 
25,000
27,118,542
Series B, 5.00%, 03/15/49
 
30,225
32,617,724
Series E, 5.00%, 03/15/40
 
2,270
2,376,107
Series E, 5.00%, 03/15/42
 
36,535
38,094,773
New York State Housing Finance Agency, RB, M/F
Housing, Series J, Sustainability Bonds,
(SONYMA), 1.10%, 11/01/61(a)
 
30,000
28,066,505
New York Transportation Development Corp., ARB
 
AMT, 5.00%, 01/01/34
 
4,000
4,090,504
AMT, 6.00%, 04/01/35
 
14,215
15,822,842
AMT, 5.00%, 12/01/35
 
1,650
1,738,666
AMT, 5.00%, 12/01/38
 
10,000
10,488,388
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
25,020
26,038,371
AMT, Sustainability Bonds, (AGM), 5.00%,
06/30/49
 
9,630
9,944,788
AMT, Sustainability Bonds, 5.25%, 06/30/49
 
61,985
64,404,005
Port Authority of New York & New Jersey, ARB
 
AMT, 5.00%, 11/01/49
 
32,905
33,794,009
Series 221, AMT, 4.00%, 07/15/39
 
4,375
4,233,985
Port Authority of New York & New Jersey, Refunding
ARB
 
4.00%, 12/15/39
 
10,620
10,541,996
5.00%, 10/15/42
 
10,000
10,260,013
Series 205, 5.00%, 11/15/47
 
12,000
12,288,979
AMT, 5.00%, 01/15/47
 
12,550
13,121,721
Series 197, AMT, 5.00%, 11/15/41
 
17,450
17,621,754
Series 207, AMT, 5.00%, 09/15/31
 
14,950
15,440,800
Series 231, AMT, 5.50%, 08/01/39
 
5,710
6,296,015
Series 231, AMT, 5.50%, 08/01/47
 
40,000
43,272,470
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series A, 5.00%, 11/15/41
 
10,000
10,203,744
Series C, Sustainability Bonds, 5.25%, 11/15/40
 
5,335
6,015,885
Westchester Tobacco Asset Securitization Corp.,
Refunding RB, Sub-Series C, 5.13%, 06/01/51
 
2,500
2,444,452
 
 
1,022,009,517
North Carolina — 0.4%
Cumberland County Industrial Facilities & Pollution
Control Financing Authority, RB, AMT, 3.75%,
12/01/27(a)
 
18,870
18,841,066
North Carolina Housing Finance Agency, RB, S/F
Housing, Series 52A, Sustainability Bonds,
(FHLMC, FNMA, GNMA), 6.25%, 01/01/55
 
9,205
9,957,680
 
 
28,798,746
North Dakota — 0.0%
North Dakota Public Finance Authority, Refunding RB,
5.00%, 10/01/42
 
2,160
2,396,442
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ohio — 1.1%
County of Allen Ohio Hospital Facilities Revenue,
Refunding RB, Series A, 5.00%, 08/01/42
$
4,175
$ 4,261,271
Ohio Higher Educational Facility Commission, RB,
Series A, Sustainability Bonds, 5.00%, 10/01/48
 
1,265
1,346,598
Ohio University, Refunding RB
 
Series A, 5.00%, 12/01/44
 
16,500
16,875,973
Series A, 5.00%, 12/01/45
 
7,000
7,127,130
Ohio Water Development Authority Water Pollution
Control Loan Fund, RB
 
Series B, Sustainability Bonds, 5.00%, 12/01/39
 
10,000
11,097,852
Series B, Sustainability Bonds, 5.00%, 12/01/41
 
10,000
11,017,645
State of Ohio, RB, 4.00%, 01/01/40
 
4,190
4,152,850
University of Cincinnati, RB
 
Series A, 5.25%, 06/01/49
 
20,000
21,706,832
Series C, 5.00%, 06/01/41
 
2,600
2,638,973
 
 
80,225,124
Oklahoma — 0.2%
Oklahoma Development Finance Authority, RB,
7.25%, 09/01/51(b)
 
7,895
7,973,339
Oklahoma Industries Authority, RB, 5.00%, 04/01/32
 
5,000
5,554,370
 
 
13,527,709
Oregon — 0.3%
Port of Morrow Oregon, GOL, Series A, 5.15%,
10/01/26(b)
 
17,685
17,824,277
Pennsylvania — 2.2%
Allentown Neighborhood Improvement Zone
Development Authority, RB(b)
 
5.00%, 05/01/27
 
2,070
2,094,722
5.00%, 05/01/32
 
3,750
3,786,922
City of Philadelphia Pennsylvania Airport Revenue,
Refunding ARB, Series B, AMT, 5.00%, 07/01/33
 
3,000
3,054,017
City of Philadelphia Pennsylvania Water &
Wastewater Revenue, RB, Series C, (AGC),
5.25%, 09/01/49
 
15,875
17,469,269
Commonwealth of Pennsylvania, GO, Series B,
4.00%, 08/15/40
 
7,980
8,015,693
Northampton County Industrial Development
Authority, TA, 7.00%, 07/01/32
 
1,535
1,535,000
Pennsylvania Higher Educational Facilities Authority,
Refunding RB
 
Series B-1, 5.25%, 11/01/43
 
7,000
7,591,018
Series B-1, 5.25%, 11/01/44
 
6,000
6,488,710
Series B-1, (AGC), 5.25%, 11/01/48
 
16,840
18,211,728
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 143A, Sustainability Bonds,
6.25%, 10/01/53
 
11,860
12,833,298
Pennsylvania Turnpike Commission, RB
 
Series C, 5.00%, 12/01/47
 
2,750
2,962,555
Sub-Series A, 5.50%, 12/01/46
 
40,000
41,273,468
Series A, Subordinate, 5.00%, 12/01/44
 
5,000
5,217,136
Sub-Series A-1, Subordinate, 5.00%, 12/01/41
 
4,200
4,223,395
Pennsylvania Turnpike Commission, Refunding RB,
Series B, 5.25%, 12/01/52
 
2,520
2,702,981
Philadelphia Authority for Industrial Development, RB,
Series A, 5.25%, 07/01/49
 
10,365
11,271,840
Security
 
Par
(000)
Value
Pennsylvania (continued)
Philadelphia Gas Works Co., Refunding RB
 
Series A, 5.00%, 08/01/44
$
2,000
$ 2,135,902
Series A, 5.25%, 08/01/49
 
6,700
7,209,271
 
 
158,076,925
Puerto Rico — 0.9%
Commonwealth of Puerto Rico, GO
 
Series A-1, Restructured, 5.75%, 07/01/31
 
13,205
14,388,842
Series A-1, Restructured, 4.00%, 07/01/33
 
20,418
20,159,166
Series A-1, Restructured, 4.00%, 07/01/35
 
8,168
8,000,937
Series A-1, Restructured, 4.00%, 07/01/37
 
25,180
24,420,938
 
 
66,969,883
South Carolina — 3.6%
County of Dorchester South Carolina, SAB(b)
 
5.88%, 10/01/40
 
1,245
1,278,379
6.00%, 10/01/51
 
3,000
3,058,148
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(a)
 
48,600
52,063,496
Patriots Energy Group Financing Agency, Refunding
RB, Series B-1, 5.25%, 02/01/54(a)
 
96,375
103,307,314
South Carolina Jobs-Economic Development
Authority, RB
 
7.50%, 08/15/62(b)
 
10,135
9,793,304
Series A, 5.25%, 11/01/41
 
8,965
9,992,498
Series A, 5.25%, 11/01/43
 
24,385
26,961,739
Series A, 5.50%, 11/01/46
 
1,000
1,115,385
Series A, 5.50%, 11/01/48
 
9,355
10,361,409
Series A, 5.50%, 11/01/49
 
22,605
25,017,193
South Carolina Jobs-Economic Development
Authority, Refunding RB, 5.25%, 11/15/37
 
3,005
3,046,583
South Carolina State Housing Finance &
Development Authority, Refunding RB, S/F
Housing, Series B, 6.00%, 01/01/54
 
9,600
10,428,586
 
 
256,424,034
South Dakota — 0.0%
South Dakota State Building Authority, Refunding RB,
Series C, 4.00%, 06/01/40
 
1,000
1,003,883
Tennessee — 1.6%
Cleveland Health & Educational Facilities Board, RB,
Series A, 5.00%, 08/15/49
 
26,200
27,610,461
County of Knox Tennessee, GO
 
4.00%, 06/01/42
 
6,230
6,242,037
4.00%, 06/01/43
 
4,980
4,952,977
4.00%, 06/01/44
 
5,765
5,680,755
Tennessee Energy Acquisition Corp., Refunding RB,
Series A-1, 5.00%, 05/01/53(a)
 
48,225
49,743,554
Tennessee Housing Development Agency, RB, S/F
Housing, Series 2A, Sustainability Bonds, 5.75%,
01/01/54
 
12,245
12,983,055
Tennessee Housing Development Agency, Refunding
RB, S/F Housing, Series 3A, Sustainability Bonds,
6.25%, 01/01/54
 
5,345
5,778,762
 
 
112,991,601
Texas — 13.1%
Arlington Higher Education Finance Corp., RB(b)
 
7.88%, 11/01/62
 
9,425
9,769,234
Series A, 5.30%, 04/01/62
 
6,415
4,807,272
14
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
Austin Independent School District, GO
 
5.00%, 08/01/48
$
18,000
$ 18,613,010
(PSF), 5.00%, 08/01/49
 
10,000
10,755,956
(PSF), 5.25%, 08/01/49
 
12,395
13,612,610
Board of Regents of the University of Texas System,
Refunding RB
 
Series A, 5.00%, 08/15/43
 
11,035
11,965,052
Series B, 5.00%, 08/15/42
 
17,155
19,036,239
City of Dallas Texas Waterworks & Sewer System
Revenue, Refunding RB
 
4.00%, 10/01/40
 
4,535
4,536,048
Series C, 5.00%, 10/01/45
 
18,000
19,116,586
City of Houston Texas Airport System Revenue, ARB,
Series B, AMT, 5.50%, 07/15/39
 
5,000
5,305,212
City of Houston Texas, GOL, Series A, 5.25%,
03/01/49
 
21,575
23,483,877
City of Midland Texas, Refunding GOL, Series B,
5.00%, 03/01/47
 
9,000
9,555,709
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB
 
Series A, 5.25%, 02/01/40
 
10,000
11,125,004
Series A, 5.25%, 02/01/41
 
25,625
28,420,121
Series A, 5.25%, 02/01/42
 
9,150
10,108,712
Series A, 5.25%, 02/01/49
 
13,440
14,644,850
Series B, 5.25%, 02/01/49
 
10,000
10,896,468
Series D, 5.00%, 02/01/44
 
10,000
10,850,403
Series D, 5.25%, 02/01/49
 
35,000
38,328,768
County of Harris Toll Road Revenue, Refunding RB,
Series A, 1st Lien, 5.25%, 08/15/49
 
8,000
8,766,147
County of Harris Texas Toll Road Revenue, Refunding
RB, Series A, Senior Lien, 5.00%, 08/15/43
 
16,890
17,374,179
County of Harris Texas, Refunding GOL, Series A,
5.00%, 09/15/49
 
9,695
10,406,131
Dallas Fort Worth International Airport, Refunding
ARB, 5.25%, 11/01/48
 
10,000
11,036,016
Dallas Independent School District, Refunding GO,
(PSF), 5.00%, 02/15/48
 
25,560
27,052,179
Grand Parkway Transportation Corp., RB
 
Series A, 5.00%, 10/01/43
 
64,000
66,124,756
Series A, 5.00%, 10/01/48
 
7,300
7,495,555
Greater Texoma Utility Authority, RB, Series A, (BAM),
5.25%, 10/01/48
 
22,400
23,869,433
Harris County Cultural Education Facilities Finance
Corp., RB, Series B, 6.38%, 01/01/33
 
40
40,052
Lewisville Independent School District, GO, (PSF),
4.00%, 08/15/41
 
10,500
10,547,661
Lower Colorado River Authority, Refunding RB
 
5.00%, 05/15/44
 
5,050
5,134,998
5.25%, 05/15/48
 
32,005
34,548,349
(AGM), 5.50%, 05/15/48
 
17,850
19,465,311
(AGM), 5.00%, 05/15/49
 
16,260
17,267,647
5.00%, 05/15/50
 
10,310
10,599,075
Series A, 5.50%, 05/15/47
 
5,000
5,458,941
Midland Independent School District, GO, (PSF),
4.00%, 02/15/41
 
5,000
5,026,781
New Hope Cultural Education Facilities Finance
Corp., Refunding RB
 
Series A, 4.00%, 08/15/40
 
2,000
1,922,585
Series A, 6.75%, 10/01/52
 
580
558,567
Series B2, 4.50%, 10/01/26
 
2,970
2,945,034
North Texas Tollway Authority, Refunding RB
 
Series A, 5.00%, 01/01/40
 
20,000
21,619,530
Security
 
Par
(000)
Value
Texas (continued)
North Texas Tollway Authority, Refunding
RB (continued)
 
Series A, 5.00%, 01/01/43
$
10,845
$ 11,170,997
Series B, 5.00%, 01/01/43
 
10,000
10,159,551
Northwest Independent School District, GO
 
(PSF), 5.00%, 02/15/49
 
12,500
13,310,409
Series A, (PSF), 5.00%, 02/15/49
 
26,625
28,318,468
Pflugerville Independent School District, GO,
Series A, 5.00%, 02/15/41
 
7,225
7,834,187
Port Authority of Houston of Harris County Texas,
ARB, 1st Lien, 5.00%, 10/01/48
 
24,945
26,677,805
San Antonio Water System, Refunding RB, Series A,
Junior Lien, 5.25%, 05/15/48
 
12,500
13,539,351
Tarrant County Cultural Education Facilities Finance
Corp., RB
 
5.50%, 11/15/47
 
11,905
13,078,788
Series B, 5.00%, 07/01/43
 
35,000
36,272,502
Series B, 5.00%, 07/01/48
 
12,560
12,875,735
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB
 
Series A, 5.00%, 02/15/41
 
25,900
26,275,800
Series A, 5.00%, 11/15/45
 
9,990
10,060,755
Series A, 5.00%, 02/15/47
 
8,650
8,771,810
Tarrant County Hospital District, GOL, 5.25%,
08/15/48
 
12,010
12,876,956
Texas Department of Housing & Community Affairs,
RB, S/F Housing
 
Series A, (GNMA), 5.75%, 03/01/54
 
28,345
30,452,240
Series B, (GNMA), 6.00%, 03/01/53
 
11,365
12,245,611
Texas Municipal Gas Acquisition & Supply Corp., RB,
5.00%, 01/01/55(a)
 
40,525
43,051,910
Texas Water Development Board, RB
 
4.00%, 10/15/44
 
15,265
14,987,740
4.00%, 10/15/45
 
14,075
13,648,124
Series B, 4.00%, 10/15/43
 
11,720
11,585,800
 
 
939,384,597
Utah — 1.1%
County of Utah, Refunding RB, 5.00%, 05/15/41
 
40,000
40,494,726
Intermountain Power Agency, RB
 
Series A, 5.00%, 07/01/45
 
3,155
3,396,030
Series A, 5.25%, 07/01/45
 
25,585
27,865,708
Utah Charter School Finance Authority, RB, 5.63%,
06/15/54(b)
 
4,930
4,731,296
Utah Charter School Finance Authority, Refunding
RB, 5.25%, 06/15/37(b)
 
3,795
3,680,150
 
 
80,167,910
Vermont — 0.1%
East Central Vermont Telecommunications District,
RB(b)
 
Series A, 4.00%, 12/01/30
 
1,760
1,693,048
Series A, 4.25%, 12/01/40
 
4,030
3,381,695
Vermont Housing Finance Agency, RB, S/F Housing,
Series C, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.75%, 11/01/53
 
4,378
4,695,923
 
 
9,770,666
Virginia — 2.6%
Ballston Quarter Community Development Authority,
TA, Series A-1, 5.50%, 03/01/46
 
693
610,671
Prince William County Industrial Development
Authority, RB, Series A, 5.00%, 10/01/41
 
2,460
2,704,932
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Virginia (continued)
University of Virginia, Refunding RB
 
Series A, 5.00%, 04/01/42
$
24,825
$ 25,600,675
Series A, 5.00%, 04/01/47
 
9,630
9,887,701
Virginia Commonwealth Transportation Board, RB
 
4.00%, 05/15/41
 
10,000
10,002,213
5.00%, 05/15/42
 
5,000
5,457,258
Virginia Port Authority Commonwealth Port Fund,
ARB, Series A, 5.25%, 07/01/48
 
33,800
36,846,985
Virginia Public Building Authority, ARB
 
Series A, 4.00%, 08/01/38
 
10,310
10,403,727
Series B, AMT, 4.00%, 08/01/36
 
8,830
8,867,204
Virginia Public Building Authority, RB
 
Series A, 4.00%, 08/01/40
 
21,495
21,701,208
Series A, 4.00%, 08/01/41
 
29,800
30,009,818
Series A-2, 4.00%, 08/01/38
 
24,000
24,512,790
 
 
186,605,182
Washington — 1.2%
Port of Seattle Washington, ARB, Series C, AMT,
Intermediate Lien, 5.25%, 05/01/42
 
47,930
48,826,633
Port of Seattle Washington, Refunding ARB, Series B,
AMT, Intermediate Lien, 5.25%, 07/01/49
 
24,000
25,491,436
State of Washington, GO
 
Series 2020A, 5.00%, 08/01/40
 
5,000
5,295,503
Series C, 5.00%, 02/01/42
 
2,020
2,164,386
Series F, 5.00%, 06/01/45
 
3,795
4,032,152
 
 
85,810,110
Wisconsin — 0.6%
Milwaukee Metropolitan Sewerage District, GO,
Series D, Sustainability Bonds, 4.00%, 10/01/40
 
5,680
5,753,324
Public Finance Authority, RB(b)
 
6.25%, 10/01/31(d)(e)
 
1,715
145,775
7.00%, 10/01/47(d)(e)
 
1,715
145,775
Series A, 7.00%, 07/01/33
 
6,580
6,554,253
Series A, 7.00%, 11/01/46(d)(e)
 
6,385
3,088,744
Series A, 5.63%, 06/15/49
 
11,960
11,508,212
Series A, 4.75%, 06/15/56
 
7,745
5,718,941
Wisconsin Housing & Economic Development
Authority Home Ownership Revenue, RB, S/F
Housing, Series A, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 6.00%, 03/01/54
 
6,980
7,574,984
 
 
40,490,008
Total Municipal Bonds — 92.2%
(Cost: $6,616,626,407)
6,638,820,311
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
California — 0.6%
California State University, RB, Series A, 5.00%,
11/01/51
 
40,470
42,627,506
Security
 
Par
(000)
Value
District of Columbia — 0.7%
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB, Series A, 5.00%,
07/15/45
$
50,585
$ 53,037,241
Massachusetts — 0.8%
Commonwealth of Massachusetts, GO, Series C,
5.25%, 10/01/47
 
50,000
54,666,683
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 2.1%
(Cost: $154,207,101)
150,331,430
Total Long-Term Investments — 94.3%
(Cost: $6,770,833,508)
6,789,151,741
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 6.1%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.38%(h)(i)
 
442,237,885
442,282,109
Total Short-Term Securities — 6.1%
(Cost: $442,193,550)
442,282,109
Total Investments — 100.4%
(Cost: $7,213,027,058)
7,231,433,850
Other Assets Less Liabilities — 0.6%
39,918,365
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (1.0)%
(71,222,277
)
Net Assets — 100.0%
$ 7,200,129,938
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Security is collateralized by municipal bonds or U.S. Treasury obligations.
(d)
Issuer filed for bankruptcy and/or is in default.
(e)
Non-income producing security.
(f)
U.S. Government securities held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(g)
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4
of the Notes to Financial Statements for details.
(h)
Affiliate of the Fund.
(i)
Annualized 7-day yield as of period end.
16
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock National Municipal Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
06/30/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
12/31/24
Shares
Held at
12/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional
Shares
$ 388,553,485
$ 53,728,624
(a)
$ —
$ —
$ —
$ 442,282,109
442,237,885
$ 7,744,709
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 6,638,820,311
$ —
$ 6,638,820,311
Municipal Bonds Transferred to Tender Option Bond Trusts
—
150,331,430
—
150,331,430
Short-Term Securities 
Money Market Funds
442,282,109
—
—
442,282,109
 
$442,282,109
$6,789,151,741
$—
$7,231,433,850
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $70,530,007 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
Schedule of Investments
17
Schedule of Investments (unaudited)
December 31, 2024
BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 10.9%
Black Belt Energy Gas District, RB
 
Series A, 5.00%, 09/01/25
$
150
$ 150,758
Series A, 5.00%, 09/01/26
 
250
254,006
Series A, 5.00%, 09/01/27
 
225
230,821
Series A, 5.00%, 09/01/28
 
260
268,850
Series A, 5.00%, 09/01/29
 
250
260,283
Series A, 5.00%, 09/01/30
 
350
366,253
Series A, 5.25%, 01/01/54(a)
 
2,000
2,125,583
Series C, 5.00%, 05/01/55(a)
 
5,000
5,274,276
Series C-1, 5.25%, 02/01/53(a)
 
3,570
3,744,187
Series D, 5.00%, 11/01/30
 
400
418,856
Series D, 5.00%, 11/01/31
 
2,825
2,974,587
Series F, 5.25%, 12/01/26
 
5,140
5,266,911
Black Belt Energy Gas District, Refunding RB, Series D2,
4.39%, 07/01/52(a)
 
2,650
2,677,312
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.00%, 10/01/29
 
1,250
1,333,561
Energy Southeast A Cooperative District, RB
 
Series B, 5.00%, 12/01/26
 
100
102,083
Series B, 5.00%, 06/01/27
 
115
117,982
Series B, 5.00%, 12/01/27
 
100
103,054
Series B, 5.00%, 06/01/28
 
240
248,367
Series B, 5.00%, 12/01/28
 
250
259,733
Southeast Energy Authority A Cooperative District, RB
 
Series A, 5.25%, 01/01/54(a)
 
10,700
11,207,612
Series A-1, 5.00%, 12/01/26
 
1,000
1,018,357
Series B, 5.00%, 01/01/54(a)
 
10,000
10,497,170
 
 
48,900,602
Arizona — 3.0%
Arizona Health Facilities Authority, RB(a)
 
Series B, 3.87%, 11/04/25(b)
 
195
194,452
Series B, 3.87%, 01/01/46
 
4,780
4,771,503
Chandler Industrial Development Authority, RB(a)
 
AMT, 4.00%, 06/01/49
 
3,300
3,272,919
Series 2, AMT, 5.00%, 09/01/52
 
2,925
2,979,086
Salt Verde Financial Corp., RB, 5.50%, 12/01/29
 
1,475
1,581,676
Yuma Industrial Development Authority, Refunding RB,
Series A, 5.00%, 08/01/31
 
550
602,604
 
 
13,402,240
California — 2.1%
California Community Choice Financing Authority, RB
 
Sustainability Bonds, 4.99%, 12/01/53(a)
 
7,000
7,066,115
Series B, Sustainability Bonds, 5.00%, 12/01/29
 
1,000
1,055,464
Series B, Sustainability Bonds, 5.00%, 12/01/30
 
1,000
1,056,813
 
 
9,178,392
Colorado(a) — 2.3%
Colorado Health Facilities Authority, RB
 
Series A, 5.00%, 11/15/59
 
4,900
5,297,536
Series B-2, 5.00%, 08/01/49
 
4,715
4,801,351
 
 
10,098,887
Connecticut — 0.9%
State of Connecticut, GO, Series A, 4.61%, 03/01/25(a)
 
4,155
4,146,773
District of Columbia — 0.2%
District of Columbia, RB, Series A, AMT, Sustainability
Bonds, 5.00%, 02/28/27
 
865
887,558
Security
 
Par
(000)
Value
Florida — 2.1%
County of Broward Florida Airport System Revenue,
ARB, Series A, AMT, 5.00%, 10/01/28
$
3,000
$ 3,022,635
County of Broward Florida Port Facilities Revenue, ARB,
AMT, 5.00%, 09/01/26
 
500
512,274
County of Miami-Dade Florida Aviation Revenue,
Refunding RB, Series A, AMT, 5.00%, 10/01/29
 
1,255
1,322,205
Greater Orlando Aviation Authority, ARB, Series A, AMT,
5.00%, 10/01/30
 
1,335
1,410,312
Miami-Dade County Expressway Authority, Refunding
RB, Series B, 5.00%, 07/01/30
 
410
410,544
Mid-Bay Bridge Authority, Refunding RB, Series C,
5.00%, 10/01/30
 
665
670,207
School Board of Miami-Dade County, Refunding COP,
Series D, 5.00%, 11/01/27
 
2,110
2,111,927
 
 
9,460,104
Georgia — 5.0%
Gainesville & Hall County Hospital Authority, RB, 5.00%,
10/15/30
 
940
1,022,235
Main Street Natural Gas, Inc., RB
 
Series A, 5.00%, 06/01/53(a)
 
5,000
5,240,770
Series B, 5.00%, 07/01/53(a)
 
10,045
10,554,019
Series E, 5.00%, 12/01/30
 
590
619,445
Series E, 5.00%, 12/01/31
 
4,640
4,883,518
 
 
22,319,987
Guam — 0.6%
Guam Power Authority, Refunding RB, Series A, 5.00%,
10/01/25
 
2,500
2,524,485
Illinois — 2.2%
Chicago O’Hare International Airport, Refunding RB,
Series C, AMT, 5.00%, 01/01/31
 
2,100
2,227,061
City of Chicago Illinois, Refunding GO, Series A, 5.00%,
01/01/26
 
575
582,080
Illinois Finance Authority, Refunding RB, Series B,
4.32%, 05/01/42(a)
 
1,000
998,592
Illinois Housing Development Authority, RB, S/F Housing
 
Series G, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.50%, 04/01/28
 
300
318,206
Series G, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.50%, 10/01/28
 
250
266,846
Series G, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.50%, 04/01/29
 
355
381,046
Series G, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.50%, 10/01/29
 
375
404,477
State of Illinois, GO
 
Series B, 5.00%, 05/01/25
 
2,000
2,008,957
Series D, 5.00%, 11/01/28
 
2,380
2,474,561
 
 
9,661,826
Indiana(a) — 1.7%
City of Whiting Indiana, Refunding RB, AMT, 5.00%,
12/01/44
 
5,010
5,074,132
Indiana Finance Authority, Refunding RB, Series A, AMT,
4.20%, 05/01/28
 
2,650
2,631,717
 
 
7,705,849
Kansas — 4.0%
City of Burlington Kansas, Refunding RB, Series A,
VRDN, 4.43%, 01/07/25(a)(c)
 
18,000
18,000,000
Kentucky — 2.8%
Kentucky Public Energy Authority, Refunding RB
 
Series B, 5.00%, 02/01/28
 
575
592,915
18
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Kentucky (continued)
Kentucky Public Energy Authority, Refunding
RB (continued)
 
Series B, 5.00%, 02/01/29
$
650
$ 674,531
Series B, 5.00%, 02/01/30
 
550
574,374
Series B, 5.00%, 02/01/31
 
1,445
1,520,351
Kentucky State Property & Building Commission,
Refunding RB
 
Series B, 5.00%, 11/01/25
 
5,250
5,325,429
Series B, (SAP), 5.00%, 11/01/25
 
630
639,017
Louisville/Jefferson County Metropolitan Government,
Refunding RB, 5.00%, 10/01/30
 
3,340
3,407,479
 
 
12,734,096
Louisiana(a) — 7.8%
Louisiana Public Facilities Authority, RB, 5.00%,
10/01/43(d)
 
10,000
10,059,532
Parish of St. James Louisiana, RB, Series A-1, VRDN,
3.92%, 01/07/25(c)
 
24,700
24,700,000
 
 
34,759,532
Massachusetts — 0.9%
Massachusetts Educational Financing Authority, RB
 
AMT, 5.00%, 07/01/26
 
1,000
1,018,562
Series B, AMT, 5.00%, 07/01/26
 
1,250
1,273,366
Massachusetts Educational Financing Authority,
Refunding RB, Series B, AMT, 5.00%, 07/01/28
 
500
518,201
Massachusetts Housing Finance Agency, RB, M/F
Housing, Series C2, Sustainability Bonds, (HUD
SECT 8), 4.00%, 12/01/27
 
1,250
1,262,876
 
 
4,073,005
Michigan — 2.2%
Michigan Finance Authority, Refunding RB, 4.37%,
04/15/47(a)
 
3,150
3,133,148
Michigan State Housing Development Authority, RB, M/F
Housing, Series A, 0.55%, 04/01/25
 
640
633,032
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/29
 
6,015
6,171,121
 
 
9,937,301
Minnesota — 0.3%
Hastings Independent School District No. 200, GO, CAB,
Series A, 0.00%, 02/01/26(e)
 
220
212,836
Housing & Redevelopment Authority of The City of St.
Paul Minnesota, Refunding RB, Series A, 5.00%,
07/01/28
 
500
503,119
Minnesota Housing Finance Agency, RB, Series E,
0.70%, 01/01/25
 
800
800,000
 
 
1,515,955
Missouri — 1.0%
Kansas City Industrial Development Authority, ARB,
Series A, AMT, 5.00%, 03/01/30
 
4,200
4,373,926
Nevada(a) — 2.4%
County of Washoe Nevada, Refunding RB
 
Series B, 3.63%, 03/01/36
 
3,725
3,724,407
Series C3, 4.13%, 03/01/36
 
2,000
1,990,686
Series F, 4.13%, 03/01/36
 
5,015
5,061,741
 
 
10,776,834
New Jersey — 7.0%
Jersey City Municipal Utilities Authority, RB, Series A,
5.00%, 05/01/25
 
2,350
2,358,845
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Economic Development Authority, RB
 
5.00%, 06/15/29
$
1,000
$ 1,072,379
5.00%, 11/01/29
 
1,050
1,131,900
New Jersey Economic Development Authority, Refunding
RB
 
Series B, 5.00%, 11/01/26
 
10,620
10,955,152
Series RRR, 5.00%, 03/01/28
 
6,000
6,341,398
New Jersey Housing & Mortgage Finance Agency, RB,
M/F Housing, Series B, Sustainability Bonds, (HUD
SECT 8), 3.50%, 05/01/29
 
3,120
3,095,234
New Jersey Transportation Trust Fund Authority, RB
 
5.00%, 12/15/28(b)
 
1,425
1,534,747
Series BB, 5.00%, 06/15/29
 
1,570
1,670,262
New Jersey Transportation Trust Fund Authority,
Refunding RB, Series AA, 5.00%, 06/15/25
 
1,875
1,888,812
Tobacco Settlement Financing Corp., Refunding RB,
Series A, 5.00%, 06/01/30
 
1,330
1,390,051
 
 
31,438,780
New Mexico(a) — 1.4%
City of Farmington New Mexico, Refunding RB, Series C,
3.88%, 06/01/40
 
5,000
5,047,726
New Mexico Mortgage Finance Authority, RB, M/F
Housing, (HUD SECT 8), 5.00%, 02/01/42
 
1,030
1,033,496
 
 
6,081,222
New York — 7.5%
Genesee County Funding Corp., Refunding RB,
Series A, 5.00%, 12/01/25
 
200
201,663
Metropolitan Transportation Authority, Refunding RB,
Series D, 5.00%, 11/15/27
 
4,630
4,767,578
New York City Housing Development Corp., RB, M/F
Housing(a)
 
Seires A-2, Sustainability Bonds, 3.70%, 05/01/63
 
5,000
5,006,740
Series E-2, Sustainability Bonds, 3.80%, 11/01/63
 
1,000
1,003,502
New York State Housing Finance Agency, RB, M/F
Housing, Series A-2, Sustainability Bonds, 3.45%,
06/15/54(a)
 
4,000
3,952,270
New York Transportation Development Corp., ARB,
Series A, AMT, 5.00%, 07/01/30
 
995
995,327
New York Transportation Development Corp., RB, AMT,
4.00%, 10/01/30
 
3,750
3,720,003
New York Transportation Development Corp., Refunding
RB, Series A, AMT, 5.00%, 12/01/25
 
1,010
1,018,546
Port Authority of New York & New Jersey, Refunding
ARB, Series 207, AMT, 5.00%, 09/15/29
 
1,000
1,039,991
State of New York Mortgage Agency Homeowner
Mortgage Revenue, Refunding RB, S/F Housing, AMT,
Sustainability Bonds, 0.88%, 04/01/25
 
1,710
1,692,474
Suffolk Tobacco Asset Securitization Corp., Refunding
RB
 
5.00%, 06/01/30
 
475
509,995
5.00%, 06/01/31
 
975
1,054,561
Triborough Bridge & Tunnel Authority, Refunding RB,
Series E2A, Sustainability Bonds, 4.04%, 04/01/26(a)
 
7,500
7,498,675
Troy Capital Resource Corp., Refunding RB, 5.00%,
09/01/30
 
1,000
1,077,783
 
 
33,539,108
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
North Carolina — 1.3%
Cumberland County Industrial Facilities & Pollution
Control Financing Authority, RB, AMT, 3.75%,
12/01/27(a)
$
5,000
$ 4,992,333
North Carolina Housing Finance Agency, RB, S/F
Housing, (FHLMC, FNMA, GNMA), 3.38%,
07/01/48(a)
 
655
652,924
North Carolina Turnpike Authority, Refunding RB, Senior
Lien, 5.00%, 01/01/30
 
250
262,314
 
 
5,907,571
Ohio — 2.3%
Ohio Air Quality Development Authority, Refunding RB
 
4.00%, 09/01/30(a)
 
4,120
4,147,315
Series A, AMT, 3.75%, 01/01/29
 
3,000
2,946,589
Series A, AMT, 4.25%, 11/01/39(a)
 
3,385
3,408,902
 
 
10,502,806
Oklahoma — 0.1%
Oklahoma Housing Finance Agency, RB, S/F Housing,
Series D, (FHLMC, FNMA, GNMA), 3.55%, 03/01/30
 
465
461,524
Oregon — 1.4%
Oregon State Facilities Authority, Refunding RB,
Series B, 5.00%, 06/01/30
 
2,475
2,657,544
Port of Morrow Oregon, GOL, Series A, 5.15%,
10/01/26(d)
 
1,520
1,531,971
Port of Portland Oregon Airport Revenue, Refunding
ARB, Series 28, AMT, 5.00%, 07/01/30
 
1,580
1,667,384
State of Oregon Housing & Community Services
Department, Refunding RB, S/F Housing, (FHLMC,
FNMA, GNMA), 3.75%, 07/01/31
 
380
378,314
 
 
6,235,213
Pennsylvania — 3.6%
Allegheny County Hospital Development Authority, RB,
Series D2, 4.20%, 11/15/26(a)
 
3,850
3,840,814
City of Philadelphia Pennsylvania Airport Revenue,
Refunding RB, Series C, AMT, 5.00%, 07/01/28
 
1,000
1,043,555
Montgomery County Higher Education and Health
Authority, Refunding RB, 5.00%, 09/01/28
 
1,850
1,944,319
Pennsylvania Economic Development Financing
Authority, RB(a)
 
AMT, 4.25%, 08/01/45
 
2,290
2,287,380
Series B-1, AMT, 3.85%, 04/01/49
 
2,500
2,498,422
Pennsylvania Higher Education Assistance Agency, RB,
Series A, AMT, 5.00%, 06/01/28
 
1,925
1,998,246
School District of Philadelphia, GOL, Series A, (SAW),
5.00%, 09/01/29
 
1,350
1,460,097
State Public School Building Authority, Refunding RB,
Series B, (AGM SAW), 5.00%, 06/01/29
 
740
798,332
 
 
15,871,165
South Carolina — 0.5%
South Carolina Public Service Authority, RB
 
Series A, 5.00%, 12/01/29
 
525
567,073
Series A, 5.00%, 12/01/30
 
635
693,402
South Carolina Public Service Authority, Refunding RB,
Series A, 5.00%, 12/01/28
 
1,000
1,005,390
 
 
2,265,865
Security
 
Par
(000)
Value
Tennessee — 0.6%
Johnson City Health & Educational Facilities Board,
Refunding RB, Series A, 5.00%, 07/01/25
$
1,000
$ 1,005,301
Tennessee Housing Development Agency, Refunding
RB, S/F Housing, 3.50%, 01/01/56(a)
 
1,750
1,744,741
 
 
2,750,042
Texas — 9.6%
City of Galveston Texas Wharves & Terminal Revenue,
ARB
 
Series A, AMT, 1st Lien, 5.00%, 08/01/29
 
550
575,092
Series A, AMT, 1st Lien, 5.00%, 08/01/30
 
800
839,460
City of Houston Texas Airport System Revenue,
Refunding RB, Series C, AMT, 5.00%, 07/15/27
 
1,000
1,015,100
Goose Creek Consolidated Independent School District,
GO, (PSF), 2.00%, 02/15/25
 
1,085
1,083,067
Harris County Cultural Education Facilities Finance
Corp., Refunding RB(a)
 
Class B, 5.00%, 06/01/50
 
1,500
1,585,753
Class C, 5.00%, 07/01/54
 
5,000
5,335,110
Matagorda County Navigation District No. 1, Refunding
RB
 
Series B-1, 4.00%, 06/01/30
 
1,200
1,200,007
Series B-2, 4.00%, 06/01/30
 
1,825
1,821,481
AMT, 4.25%, 05/01/30
 
1,145
1,155,169
North Texas Tollway Authority, Refunding RB
 
(AGC), 0.00%, 01/01/31(e)
 
2,025
1,634,165
Series A, 5.00%, 01/01/27
 
6,000
6,214,534
Port Authority of Houston of Harris County Texas,
Refunding GO, Series A, AMT, 5.00%, 10/01/27
 
1,020
1,068,067
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB
 
5.00%, 10/01/28
 
430
452,803
5.00%, 10/01/29
 
450
478,765
5.00%, 10/01/30
 
950
1,019,377
Series B, 5.00%, 07/01/25
 
1,125
1,133,262
Series B, 5.00%, 07/01/27
 
555
579,586
Series B, 5.00%, 07/01/30
 
3,925
4,276,452
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB
 
5.00%, 12/15/28
 
5,130
5,333,010
5.00%, 12/15/29
 
3,785
3,960,449
Texas Municipal Gas Acquisition and Supply Corp. II, RB,
Series C, 3.74%, 09/15/27(a)
 
1,995
1,979,763
 
 
42,740,472
Virginia — 0.3%
Louisa Industrial Development Authority, RB, Series C,
3.80%, 11/01/35(a)
 
1,125
1,138,385
Washington — 1.8%
State of Washington, GO, Series A, 0.00%, 12/01/28(e)
 
1,000
886,019
Washington Health Care Facilities Authority, Refunding
RB
 
Series B, 5.00%, 08/15/25
 
990
997,798
Series B, 5.00%, 08/01/49(a)
 
2,255
2,258,333
Series B-3, 5.00%, 08/01/49(a)
 
3,730
3,799,635
 
 
7,941,785
Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, RB,
5.00%, 08/01/27(d)
 
1,000
1,012,060
Total Long-Term Investments — 90.0%
(Cost: $399,213,293)
402,343,350
20
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
December 31, 2024
BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Short-Term Securities
Commercial Paper — 6.7%
Board of Regents of the University of Texas System,
Refunding RB, 3.15%, 01/14/25
$
5,000
$ 4,999,851
El Paso Water & Sewer Revenue, 3.25%, 03/06/25 -
03/13/25
 
10,000
9,999,900
The Metropolitan Government of Nashville and Davidson
County, GO
 
3.40%, 01/15/25
 
5,000
4,999,665
3.30%, 02/05/25
 
10,000
9,999,924
 
29,999,340
 
 
 
 
Shares
 
Money Market Funds — 2.8%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.38%(f)(g)
 
12,616,821
12,618,083
Total Short-Term Securities — 9.5%
(Cost: $42,618,083)
42,617,423
Total Investments — 99.5%
(Cost: $441,831,376)
444,960,773
Other Assets Less Liabilities — 0.5%
2,351,515
Net Assets — 100.0%
$ 447,312,288
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
U.S. Government securities held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(c)
Variable rate security. Rate as of period end and maturity is the date the principal owed
can be recovered through demand.
(d)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(e)
Zero-coupon bond.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
06/30/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
12/31/24
Shares
Held at
12/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 84,866
$ 12,533,217
(a)
$ —
$ —
$ —
$ 12,618,083
12,616,821
$ 92,709
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 402,343,350
$ —
$ 402,343,350
Short-Term Securities 
Commercial Paper
—
29,999,340
—
29,999,340
Money Market Funds
12,618,083
—
—
12,618,083
 
$12,618,083
$432,342,690
$—
$444,960,773
See notes to financial statements.
Schedule of Investments
21
Statements of Assets and Liabilities (unaudited)
December 31, 2024
 
 
BlackRock
New York
Municipal
Opportunities
Fund
BlackRock
National
Municipal
Fund
BlackRock
Short-Term
Municipal Fund
ASSETS
Investments, at value — unaffiliated(a)
$ 1,196,292,607
$ 6,789,151,741
$ 432,342,690
Investments, at value — affiliated(b)
21,671,432
442,282,109
12,618,083
Cash
3,750
—
—
Receivables:
Investments sold
—
2,005,742
—
Capital shares sold
1,590,676
22,165,114
1,895,930
Dividends — unaffiliated
—
—
108,447
Dividends — affiliated
65,466
1,346,217
25,121
Interest — unaffiliated
12,461,721
86,128,761
3,494,814
Unrealized appreciation on unfunded commitments
4,399,978
—
—
Prepaid expenses
487,657
185,380
57,650
Total assets
1,236,973,287
7,343,265,064
450,542,735
ACCRUED LIABILITIES
Bank overdraft
—
266,875
—
Payables:
Investments purchased
—
22,112,377
—
Accounting services fees
68,164
311,732
41,223
Capital shares redeemed
8,481,717
41,697,681
2,468,544
Custodian fees
6,430
40,988
2,970
Income dividend distributions
706,257
3,847,801
502,087
Interest expense and fees
455,386
692,270
—
Investment advisory fees
420,104
2,278,358
91,468
Directors’ and Officer’s fees
12,701
246,070
658
Other accrued expenses
46,755
62,293
26,237
Professional fees
13,604
27,409
25,073
Service and distribution fees
129,601
456,126
42,996
Transfer agent fees
116,703
565,139
29,191
Total accrued liabilities
10,457,422
72,605,119
3,230,447
OTHER LIABILITIES
TOB Trust Certificates
60,639,997
70,530,007
—
Total liabilities
71,097,419
143,135,126
3,230,447
Commitments and contingent liabilities
NET ASSETS
$ 1,165,875,868
$ 7,200,129,938
$ 447,312,288
NET ASSETS CONSIST OF
Paid-in capital
$ 1,277,031,658
$ 8,140,232,904
$ 470,041,143
Accumulated loss
(111,155,790)
(940,102,966)
(22,728,855)
NET ASSETS
$ 1,165,875,868
$ 7,200,129,938
$ 447,312,288
(a) Investments, at cost—unaffiliated
$1,213,008,634
$6,770,833,508
$429,213,293
(b) Investments, at cost—affiliated
$21,671,432
$442,193,550
$12,618,083
22
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited) (continued)
December 31, 2024
 
 
BlackRock
New York
Municipal
Opportunities
Fund
BlackRock
National
Municipal
Fund
BlackRock
Short-Term
Municipal Fund
NET ASSET VALUE
Institutional
Net assets
$ 630,137,444
$ 3,863,644,157
$ 208,771,864
Shares outstanding
59,731,306
384,500,023
21,206,015
Net asset value
$ 10.55
$ 10.05
$ 9.84
Shares authorized
Unlimited
800 Million
150 Million
Par value
$0.10
$0.10
$0.10
Service
Net assets
N/A
$ 632,729
N/A
Shares outstanding
N/A
63,010
N/A
Net asset value
N/A
$ 10.04
N/A
Shares authorized
N/A
375 Million
N/A
Par value
N/A
$0.10
N/A
Investor A
Net assets
$ 439,813,997
$ 1,946,199,306
$ 193,036,477
Shares outstanding
41,663,249
193,546,644
19,593,119
Net asset value
$ 10.56
$ 10.06
$ 9.85
Shares authorized
Unlimited
800 Million
150 Million
Par value
$0.10
$0.10
$0.10
Investor A1
Net assets
$ 56,622,330
N/A
$ 8,383,226
Shares outstanding
5,364,219
N/A
850,712
Net asset value
$ 10.56
N/A
$ 9.85
Shares authorized
Unlimited
N/A
150 Million
Par value
$0.10
N/A
$0.10
Investor C
Net assets
$ 30,423,479
$ 38,754,306
$ 3,005,904
Shares outstanding
2,883,048
3,853,545
315,637
Net asset value
$ 10.55
$ 10.06
$ 9.52
Shares authorized
Unlimited
375 Million
150 Million
Par value
$0.10
$0.10
$0.10
Class K
Net assets
$ 8,878,618
$ 1,350,899,440
$ 34,114,817
Shares outstanding
841,797
134,383,170
3,464,751
Net asset value
$ 10.55
$ 10.05
$ 9.85
Shares authorized
Unlimited
1.35 Billion
150 Million
Par value
$0.10
$0.10
$0.10
See notes to financial statements.
Statements of Assets and Liabilities
23
Statements of Operations (unaudited)
Six Months Ended December 31, 2024
 
 
BlackRock
New York
Municipal
Opportunities
Fund
BlackRock
National
Municipal
Fund
BlackRock
Short-Term
Municipal Fund
INVESTMENT INCOME
Dividends — affiliated
$408,743
$7,744,709
$92,709
Interest — unaffiliated
24,706,015
138,663,863
8,476,516
Total investment income
25,114,758
146,408,572
8,569,225
EXPENSES
Investment advisory
2,832,708
14,407,817
673,676
Service and distribution — class specific
786,312
2,804,900
259,019
Transfer agent — class specific
423,761
2,605,256
165,606
Accounting services
82,069
315,708
43,547
Professional
53,090
58,924
36,398
Registration
42,933
113,597
50,375
Printing and postage
30,003
28,588
15,597
Directors and Officer
10,942
66,997
4,637
Custodian
6,680
40,081
3,297
Miscellaneous
21,263
72,832
14,064
Total expenses excluding interest expense
4,289,761
20,514,700
1,266,216
Interest expense and fees — unaffiliated(a)
1,147,154
1,331,544
—
Total expenses
5,436,915
21,846,244
1,266,216
Less:
Fees waived and/or reimbursed by the Manager
(337,002
)
(920,852
)
(130,593
)
Transfer agent fees waived and/or reimbursed by the Manager — class specific
(121,431
)
(1,085,614
)
(68,725
)
Total expenses after fees waived and/or reimbursed
4,978,482
19,839,778
1,066,898
Net investment income
20,136,276
126,568,794
7,502,327
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated
104,848
(14,251,651
)
(752,509
)
Futures contracts
483,613
—
—
 
588,461
(14,251,651
)
(752,509
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
(10,290,475
)
(22,183,035
)
1,193,544
Futures contracts
(168,958
)
—
—
Unfunded commitments
(2,954,544
)
—
—
 
(13,413,977
)
(22,183,035
)
1,193,544
Net realized and unrealized gain (loss)
(12,825,516
)
(36,434,686
)
441,035
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$7,310,760
$90,134,108
$7,943,362
(a) Related to TOB Trusts.
See notes to financial statements.
24
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
BlackRock New York
Municipal Opportunities Fund
BlackRock National
Municipal Fund
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$20,136,276
$38,827,449
$126,568,794
$293,142,231
Net realized gain (loss)
588,461
(10,585,129
)
(14,251,651
)
(173,390,000
)
Net change in unrealized appreciation (depreciation)
(13,413,977
)
39,227,860
(22,183,035
)
171,686,256
Net increase in net assets resulting from operations
7,310,760
67,470,180
90,134,108
291,438,487
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(10,940,586
)
(19,659,948
)
(68,560,259
)
(130,085,036
)
Service
—
—
(10,842
)
(29,441
)
Investor A
(7,387,004
)
(14,900,011
)
(33,224,142
)
(69,871,437
)
Investor A1
(1,012,747
)
(2,067,642
)
—
—
Investor C
(401,590
)
(927,270
)
(524,715
)
(1,259,326
)
Class K
(164,180
)
(288,766
)
(24,408,153
)
(89,195,679
)
Decrease in net assets resulting from distributions to shareholders
(19,906,107
)
(37,843,637
)
(126,728,111
)
(290,440,919
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(19,353,959
)
(105,804,189
)
(183,610,084
)
(2,502,014,385
)
NET ASSETS
Total decrease in net assets
(31,949,306
)
(76,177,646
)
(220,204,087
)
(2,501,016,817
)
Beginning of period
1,197,825,174
1,274,002,820
7,420,334,025
9,921,350,842
End of period
$1,165,875,868
$1,197,825,174
$7,200,129,938
$7,420,334,025
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
25
Statements of Changes in Net Assets (continued)
 
 
BlackRock Short-Term
Municipal Fund
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$7,502,327
$16,727,781
Net realized loss
(752,509
)
(3,740,780
)
Net change in unrealized appreciation (depreciation)
1,193,544
7,845,578
Net increase in net assets resulting from operations
7,943,362
20,832,579
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(3,756,435
)
(8,799,656
)
Investor A
(3,006,640
)
(6,174,204
)
Investor A1
(143,741
)
(297,368
)
Investor C
(37,830
)
(92,999
)
Class K
(583,724
)
(1,263,544
)
Decrease in net assets resulting from distributions to shareholders
(7,528,370
)
(16,627,771
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(23,520,651
)
(139,130,692
)
NET ASSETS
Total decrease in net assets
(23,105,659
)
(134,925,884
)
Beginning of period
470,417,947
605,343,831
End of period
$447,312,288
$470,417,947
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
26
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
BlackRock New York Municipal Opportunities Fund
 
Institutional
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.66
$10.38
$10.36
$11.59
$10.83
$11.38
Net investment income(a)
0.19
0.35
0.32
0.28
0.28
0.28
Net realized and unrealized gain (loss)
(0.12
)
0.27
0.01
(1.23
)
0.76
(0.55
)
Net increase (decrease) from investment operations
0.07
0.62
0.33
(0.95
)
1.04
(0.27
)
Distributions from net investment income(b)
(0.18
)
(0.34
)
(0.31
)
(0.28
)
(0.28
)
(0.28
)
Net asset value, end of period
$10.55
$10.66
$10.38
$10.36
$11.59
$10.83
Total Return(c)
Based on net asset value
0.67
%(d)
6.14
%
3.27
%(e)
(8.35
)%
9.71
%
(2.41
)%
Ratios to Average Net Assets(f)
Total expenses
0.77
%(g)
0.80
%
0.81
%
0.62
%
0.61
%
0.63
%
Total expenses after fees waived and/or reimbursed
0.69
%(g)
0.71
%
0.71
%
0.56
%
0.54
%
0.58
%
Total expenses after fees waived and/or reimbursed and excluding interest expense and
fees(h)
0.50
%(g)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net investment income
3.43
%(g)
3.36
%
3.06
%
2.49
%
2.49
%
2.52
%
Supplemental Data
Net assets, end of period (000)
$630,137
$616,001
$617,182
$646,500
$706,229
$702,632
Borrowings outstanding, end of period (000)
$60,640
$60,640
$69,968
$119,892
$104,930
$94,386
Portfolio turnover rate
10
%
31
%
38
%
32
%
15
%
43
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
Financial Highlights
27
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock New York Municipal Opportunities Fund (continued)
 
Investor A
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.67
$10.39
$10.36
$11.59
$10.84
$11.39
Net investment income(a)
0.17
0.32
0.29
0.25
0.25
0.25
Net realized and unrealized gain (loss)
(0.11
)
0.28
0.03
(1.23
)
0.75
(0.55
)
Net increase (decrease) from investment operations
0.06
0.60
0.32
(0.98
)
1.00
(0.30
)
Distributions from net investment income(b)
(0.17
)
(0.32
)
(0.29
)
(0.25
)
(0.25
)
(0.25
)
Net asset value, end of period
$10.56
$10.67
$10.39
$10.36
$11.59
$10.84
Total Return(c)
Based on net asset value
0.54
%(d)
5.87
%
3.11
%(e)
(8.58
)%
9.34
%
(2.65
)%
Ratios to Average Net Assets(f)
Total expenses
1.00
%(g)
1.03
%
1.05
%
0.86
%
0.85
%
0.88
%(h)
Total expenses after fees waived and/or reimbursed
0.94
%(g)
0.96
%
0.96
%
0.81
%
0.79
%
0.84
%
Total expenses after fees waived and/or reimbursed and excluding interest expense
and fees(i)
0.75
%(g)
0.75
%
0.75
%
0.75
%
0.75
%
0.75
%
Net investment income
3.18
%(g)
3.11
%
2.81
%
2.24
%
2.24
%
2.27
%
Supplemental Data
Net assets, end of period (000)
$439,814
$474,422
$533,682
$585,695
$697,842
$756,236
Borrowings outstanding, end of period (000)
$60,640
$60,640
$69,968
$119,892
$104,930
$94,386
Portfolio turnover rate
10
%
31
%
38
%
32
%
15
%
43
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.
(i)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
28
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock New York Municipal Opportunities Fund (continued)
 
Investor A1
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.67
$10.39
$10.36
$11.59
$10.84
$11.38
Net investment income(a)
0.18
0.34
0.31
0.27
0.27
0.27
Net realized and unrealized gain (loss)
(0.11
)
0.27
0.02
(1.23
)
0.75
(0.54
)
Net increase (decrease) from investment operations
0.07
0.61
0.33
(0.96
)
1.02
(0.27
)
Distributions from net investment income(b)
(0.18
)
(0.33
)
(0.30
)
(0.27
)
(0.27
)
(0.27
)
Net asset value, end of period
$10.56
$10.67
$10.39
$10.36
$11.59
$10.84
Total Return(c)
Based on net asset value
0.62
%(d)
6.03
%
3.27
%(e)
(8.44
)%
9.50
%
(2.42
)%
Ratios to Average Net Assets(f)
Total expenses
0.85
%(g)
0.87
%
0.90
%
0.71
%
0.70
%
0.73
%(h)
Total expenses after fees waived and/or reimbursed
0.79
%(g)
0.81
%
0.81
%
0.66
%
0.64
%
0.69
%
Total expenses after fees waived and/or reimbursed and excluding interest expense
and fees(i)
0.60
%(g)
0.60
%
0.60
%
0.60
%
0.60
%
0.60
%
Net investment income
3.33
%(g)
3.26
%
2.96
%
2.39
%
2.39
%
2.42
%
Supplemental Data
Net assets, end of period (000)
$56,622
$62,655
$67,802
$74,808
$89,501
$91,458
Borrowings outstanding, end of period (000)
$60,640
$60,640
$69,968
$119,892
$104,930
$94,386
Portfolio turnover rate
10
%
31
%
38
%
32
%
15
%
43
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.
(i)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
Financial Highlights
29
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock New York Municipal Opportunities Fund (continued)
 
Investor C
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.66
$10.38
$10.36
$11.59
$10.83
$11.38
Net investment income(a)
0.13
0.25
0.21
0.17
0.17
0.17
Net realized and unrealized gain (loss)
(0.11
)
0.27
0.02
(1.23
)
0.76
(0.55
)
Net increase (decrease) from investment operations
0.02
0.52
0.23
(1.06
)
0.93
(0.38
)
Distributions from net investment income(b)
(0.13
)
(0.24
)
(0.21
)
(0.17
)
(0.17
)
(0.17
)
Net asset value, end of period
$10.55
$10.66
$10.38
$10.36
$11.59
$10.83
Total Return(c)
Based on net asset value
0.16
%(d)
5.08
%
2.24
%(e)
(9.27
)%
8.62
%
(3.38
)%
Ratios to Average Net Assets(f)
Total expenses
1.76
%(g)
1.79
%
1.81
%
1.62
%
1.62
%
1.64
%
Total expenses after fees waived and/or reimbursed
1.69
%(g)
1.71
%
1.71
%
1.56
%
1.54
%
1.59
%
Total expenses after fees waived and/or reimbursed and excluding interest expense and
fees(h)
1.50
%(g)
1.50
%
1.50
%
1.50
%
1.50
%
1.50
%
Net investment income
2.44
%(g)
2.35
%
2.06
%
1.48
%
1.49
%
1.52
%
Supplemental Data
Net assets, end of period (000)
$30,423
$35,098
$47,957
$62,566
$87,465
$111,588
Borrowings outstanding, end of period (000)
$60,640
$60,640
$69,968
$119,892
$104,930
$94,386
Portfolio turnover rate
10
%
31
%
38
%
32
%
15
%
43
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
30
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock New York Municipal Opportunities Fund (continued)
 
Class K
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.66
$10.38
$10.36
$11.58
$10.83
$11.38
Net investment income(a)
0.19
0.36
0.32
0.29
0.28
0.29
Net realized and unrealized gain (loss)
(0.12
)
0.27
0.02
(1.23
)
0.75
(0.55
)
Net increase (decrease) from investment operations
0.07
0.63
0.34
(0.94
)
1.03
(0.26
)
Distributions from net investment income(b)
(0.18
)
(0.35
)
(0.32
)
(0.28
)
(0.28
)
(0.29
)
Net asset value, end of period
$10.55
$10.66
$10.38
$10.36
$11.58
$10.83
Total Return(c)
Based on net asset value
0.69
%(d)
6.19
%
3.33
%
(8.23
)%
9.67
%
(2.36
)%
Ratios to Average Net Assets(e)
Total expenses
0.70
%(f)
0.72
%
0.76
%
0.57
%
0.57
%
0.59
%
Total expenses after fees waived and/or reimbursed
0.64
%(f)
0.66
%
0.66
%
0.51
%
0.49
%
0.54
%
Total expenses after fees waived and/or reimbursed and excluding interest expense and
fees(g)
0.45
%(f)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Net investment income
3.48
%(f)
3.41
%
3.12
%
2.55
%
2.53
%
2.54
%
Supplemental Data
Net assets, end of period (000)
$8,879
$9,649
$7,380
$5,139
$5,202
$4,097
Borrowings outstanding, end of period (000)
$60,640
$60,640
$69,968
$119,892
$104,930
$94,386
Portfolio turnover rate
10
%
31
%
38
%
32
%
15
%
43
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
Financial Highlights
31
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock National Municipal Fund
 
Institutional
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.10
$10.08
$10.08
$11.47
$11.07
$11.06
Net investment income(a)
0.18
0.34
0.32
0.22
0.21
0.26
Net realized and unrealized gain (loss)
(0.05
)
0.02
—
(1.34
)
0.40
0.02
Net increase (decrease) from investment operations
0.13
0.36
0.32
(1.12
)
0.61
0.28
Distributions(b)
From net investment income
(0.18
)
(0.34
)
(0.32
)
(0.22
)
(0.21
)
(0.26
)
From net realized gain
—
—
(0.00
)(c)
(0.05
)
—
(0.01
)
Total distributions
(0.18
)
(0.34
)
(0.32
)
(0.27
)
(0.21
)
(0.27
)
Net asset value, end of period
$10.05
$10.10
$10.08
$10.08
$11.47
$11.07
Total Return(d)
Based on net asset value
1.25
%(e)
3.62
%(f)
3.27
%(f)
(9.89
)%
5.59
%
2.62
%
Ratios to Average Net Assets(g)
Total expenses
0.53
%(h)
0.56
%
0.61
%
0.49
%
0.49
%
0.53
%
Total expenses after fees waived and/or reimbursed
0.47
%(h)
0.50
%
0.55
%
0.44
%
0.44
%
0.47
%
Total expenses after fees waived and/or reimbursed and excluding interest
expense and fees(i)
0.43
%(h)
0.43
%
0.43
%
0.43
%
0.43
%
0.43
%
Net investment income
3.46
%(h)
3.37
%
3.21
%
2.00
%
1.89
%
2.39
%
Supplemental Data
Net assets, end of period (000)
$3,863,644
$3,872,637
$4,030,551
$4,410,891
$5,801,296
$4,650,471
Borrowings outstanding, end of period (000)
$70,530
$70,530
$207,520
$343,430
$126,900
$126,900
Portfolio turnover rate
34
%
58
%
63
%
74
%
42
%
75
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.00005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
32
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock National Municipal Fund (continued)
 
Service
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.09
$10.07
$10.07
$11.46
$11.07
$11.06
Net investment income(a)
0.16
0.31
0.30
0.20
0.19
0.25
Net realized and unrealized gain (loss)
(0.05
)
0.02
—
(1.34
)
0.39
0.01
Net increase (decrease) from investment operations
0.11
0.33
0.30
(1.14
)
0.58
0.26
Distributions(b)
From net investment income
(0.16
)
(0.31
)
(0.30
)
(0.20
)
(0.19
)
(0.24
)
From net realized gain
—
—
(0.00
)(c)
(0.05
)
—
(0.01
)
Total distributions
(0.16
)
(0.31
)
(0.30
)
(0.25
)
(0.19
)
(0.25
)
Net asset value, end of period
$10.04
$10.09
$10.07
$10.07
$11.46
$11.07
Total Return(d)
Based on net asset value
1.12
%(e)
3.36
%(f)
3.01
%
(10.11
)%
5.24
%
2.37
%
Ratios to Average Net Assets(g)
Total expenses
0.80
%(h)
0.82
%
0.84
%
0.70
%
0.71
%
0.74
%
Total expenses after fees waived and/or reimbursed
0.72
%(h)
0.75
%
0.80
%
0.68
%
0.68
%
0.71
%
Total expenses after fees waived and/or reimbursed and excluding interest expense and
fees(i)
0.68
%(h)
0.68
%
0.68
%
0.67
%
0.67
%
0.67
%
Net investment income
3.20
%(h)
3.10
%
2.94
%
1.77
%
1.65
%
2.25
%
Supplemental Data
Net assets, end of period (000)
$633
$726
$1,348
$2,889
$3,564
$3,494
Borrowings outstanding, end of period (000)
$70,530
$70,530
$207,520
$343,430
$126,900
$126,900
Portfolio turnover rate
34
%
58
%
63
%
74
%
42
%
75
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.00005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
Financial Highlights
33
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock National Municipal Fund (continued)
 
Investor A
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.11
$10.08
$10.08
$11.47
$11.08
$11.07
Net investment income(a)
0.16
0.31
0.30
0.19
0.19
0.24
Net realized and unrealized gain (loss)
(0.05
)
0.03
—
(1.34
)
0.39
0.02
Net increase (decrease) from investment operations
0.11
0.34
0.30
(1.15
)
0.58
0.26
Distributions(b)
From net investment income
(0.16
)
(0.31
)
(0.30
)
(0.19
)
(0.19
)
(0.24
)
From net realized gain
—
—
(0.00
)(c)
(0.05
)
—
(0.01
)
Total distributions
(0.16
)
(0.31
)
(0.30
)
(0.24
)
(0.19
)
(0.25
)
Net asset value, end of period
$10.06
$10.11
$10.08
$10.08
$11.47
$11.08
Total Return(d)
Based on net asset value
1.12
%(e)
3.46
%(f)
3.01
%
(10.11
)%
5.23
%
2.36
%
Ratios to Average Net Assets(g)
Total expenses
0.77
%(h)
0.80
%
0.85
%
0.75
%
0.75
%
0.80
%
Total expenses after fees waived and/or reimbursed
0.72
%(h)
0.75
%
0.80
%
0.69
%
0.69
%
0.72
%
Total expenses after fees waived and/or reimbursed and excluding interest
expense and fees(i)
0.68
%(h)
0.68
%
0.68
%
0.68
%
0.68
%
0.68
%
Net investment income
3.20
%(h)
3.12
%
2.96
%
1.74
%
1.64
%
2.13
%
Supplemental Data
Net assets, end of period (000)
$1,946,199
$2,119,532
$2,415,682
$2,976,747
$4,427,191
$3,978,736
Borrowings outstanding, end of period (000)
$70,530
$70,530
$207,520
$343,430
$126,900
$126,900
Portfolio turnover rate
34
%
58
%
63
%
74
%
42
%
75
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.00005) per share.
(d)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
34
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock National Municipal Fund (continued)
 
Investor C
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.11
$10.09
$10.09
$11.48
$11.08
$11.07
Net investment income(a)
0.13
0.24
0.22
0.11
0.10
0.15
Net realized and unrealized gain (loss)
(0.05
)
0.02
—
(1.34
)
0.40
0.02
Net increase (decrease) from investment operations
0.08
0.26
0.22
(1.23
)
0.50
0.17
Distributions(b)
From net investment income
(0.13
)
(0.24
)
(0.22
)
(0.11
)
(0.10
)
(0.15
)
From net realized gain
—
—
(0.00
)(c)
(0.05
)
—
(0.01
)
Total distributions
(0.13
)
(0.24
)
(0.22
)
(0.16
)
(0.10
)
(0.16
)
Net asset value, end of period
$10.06
$10.11
$10.09
$10.09
$11.48
$11.08
Total Return(d)
Based on net asset value
0.74
%(e)
2.59
%(f)
2.24
%
(10.77
)%
4.53
%
1.60
%
Ratios to Average Net Assets(g)
Total expenses
1.52
%(h)
1.55
%
1.61
%
1.48
%
1.48
%
1.51
%
Total expenses after fees waived and/or reimbursed
1.47
%(h)
1.50
%
1.55
%
1.44
%
1.44
%
1.47
%
Total expenses after fees waived and/or reimbursed and excluding interest expense and
fees(i)
1.43
%(h)
1.43
%
1.43
%
1.43
%
1.43
%
1.43
%
Net investment income
2.45
%(h)
2.36
%
2.21
%
0.99
%
0.90
%
1.39
%
Supplemental Data
Net assets, end of period (000)
$38,754
$44,991
$64,495
$87,530
$129,601
$232,884
Borrowings outstanding, end of period (000)
$70,530
$70,530
$207,520
$343,430
$126,900
$126,900
Portfolio turnover rate
34
%
58
%
63
%
74
%
42
%
75
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.00005) per share.
(d)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
Financial Highlights
35
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock National Municipal Fund (continued)
 
Class K
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$10.10
$10.08
$10.08
$11.47
$11.08
$11.07
Net investment income(a)
0.18
0.34
0.33
0.23
0.22
0.27
Net realized and unrealized gain (loss)
(0.05
)
0.02
—
(1.34
)
0.39
0.02
Net increase (decrease) from investment operations
0.13
0.36
0.33
(1.11
)
0.61
0.29
Distributions(b)
From net investment income
(0.18
)
(0.34
)
(0.33
)
(0.23
)
(0.22
)
(0.27
)
From net realized gain
—
—
(0.00
)(c)
(0.05
)
—
(0.01
)
Total distributions
(0.18
)
(0.34
)
(0.33
)
(0.28
)
(0.22
)
(0.28
)
Net asset value, end of period
$10.05
$10.10
$10.08
$10.08
$11.47
$11.08
Total Return(d)
Based on net asset value
1.27
%(e)
3.67
%(f)
3.32
%(f)
(9.84
)%
5.54
%
2.67
%
Ratios to Average Net Assets(g)
Total expenses
0.45
%(h)
0.48
%
0.53
%
0.41
%
0.42
%
0.46
%
Total expenses after fees waived and/or reimbursed
0.42
%(h)
0.45
%
0.50
%
0.39
%
0.39
%
0.42
%
Total expenses after fees waived and/or reimbursed and excluding interest
expense and fees(i)
0.38
%(h)
0.38
%
0.38
%
0.38
%
0.38
%
0.38
%
Net investment income
3.51
%(h)
3.40
%
3.26
%
2.06
%
1.94
%
2.43
%
Supplemental Data
Net assets, end of period (000)
$1,350,899
$1,382,448
$3,409,276
$3,727,694
$4,831,923
$4,524,990
Borrowings outstanding, end of period (000)
$70,530
$70,530
$207,520
$343,430
$126,900
$126,900
Portfolio turnover rate
34
%
58
%
63
%
74
%
42
%
75
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.00005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.
See notes to financial statements.
36
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock Short-Term Municipal Fund
 
Institutional
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$9.84
$9.76
$9.80
$10.17
$10.15
$10.15
Net investment income(a)
0.17
0.32
0.20
0.06
0.07
0.15
Net realized and unrealized gain (loss)
—
0.08
(0.03
)
(0.37
)
0.02
—
Net increase (decrease) from investment operations
0.17
0.40
0.17
(0.31
)
0.09
0.15
Distributions from net investment income(b)
(0.17
)
(0.32
)
(0.21
)
(0.06
)
(0.07
)
(0.15
)
Net asset value, end of period
$9.84
$9.84
$9.76
$9.80
$10.17
$10.15
Total Return(c)
Based on net asset value
1.71
%(d)
4.13
%
1.72
%
(3.06
)%
0.90
%
1.47
%
Ratios to Average Net Assets(e)
Total expenses
0.48
%(f)
0.48
%
0.46
%
0.44
%
0.44
%
0.46
%
Total expenses after fees waived and/or reimbursed
0.36
%(f)
0.36
%
0.36
%
0.36
%
0.36
%
0.36
%
Net investment income
3.42
%(f)
3.22
%
2.09
%
0.59
%
0.70
%
1.46
%
Supplemental Data
Net assets, end of period (000)
$208,772
$231,142
$316,270
$499,800
$502,164
$418,338
Portfolio turnover rate
34
%
90
%
101
%
106
%
41
%
94
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
See notes to financial statements.
Financial Highlights
37
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock Short-Term Municipal Fund (continued)
 
Investor A
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$9.85
$9.77
$9.81
$10.18
$10.16
$10.15
Net investment income(a)
0.16
0.29
0.18
0.03
0.05
0.12
Net realized and unrealized gain (loss)
—
0.08
(0.04
)
(0.36
)
0.02
0.01
Net increase (decrease) from investment operations
0.16
0.37
0.14
(0.33
)
0.07
0.13
Distributions from net investment income(b)
(0.16
)
(0.29
)
(0.18
)
(0.04
)
(0.05
)
(0.12
)
Net asset value, end of period
$9.85
$9.85
$9.77
$9.81
$10.18
$10.16
Total Return(c)
Based on net asset value
1.59
%(d)
3.88
%
1.48
%
(3.28
)%
0.66
%
1.32
%
Ratios to Average Net Assets(e)
Total expenses
0.66
%(f)
0.65
%
0.65
%
0.63
%
0.64
%
0.65
%
Total expenses after fees waived and/or reimbursed
0.60
%(f)
0.60
%
0.59
%
0.59
%
0.59
%
0.60
%
Net investment income
3.13
%(f)
2.99
%
1.86
%
0.34
%
0.45
%
1.19
%
Supplemental Data
Net assets, end of period (000)
$193,036
$190,479
$227,368
$256,950
$287,551
$199,842
Portfolio turnover rate
34
%
90
%
101
%
106
%
41
%
94
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
See notes to financial statements.
38
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock Short-Term Municipal Fund (continued)
 
Investor A1
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$9.85
$9.77
$9.81
$10.18
$10.16
$10.16
Net investment income(a)
0.16
0.31
0.19
0.04
0.06
0.13
Net realized and unrealized gain (loss)
—
0.08
(0.03
)
(0.36
)
0.02
0.01
Net increase (decrease) from investment operations
0.16
0.39
0.16
(0.32
)
0.08
0.14
Distributions from net investment income(b)
(0.16
)
(0.31
)
(0.20
)
(0.05
)
(0.06
)
(0.14
)
Net asset value, end of period
$9.85
$9.85
$9.77
$9.81
$10.18
$10.16
Total Return(c)
Based on net asset value
1.66
%(d)
4.03
%
1.61
%
(3.15
)%
0.80
%
1.37
%
Ratios to Average Net Assets(e)
Total expenses
0.53
%(f)
0.53
%
0.53
%
0.51
%
0.51
%
0.51
%
Total expenses after fees waived and/or reimbursed
0.46
%(f)
0.46
%
0.46
%
0.46
%
0.46
%
0.46
%
Net investment income
3.18
%(f)
3.13
%
1.95
%
0.44
%
0.57
%
1.33
%
Supplemental Data
Net assets, end of period (000)
$8,383
$8,778
$10,266
$11,876
$12,930
$14,172
Portfolio turnover rate
34
%
90
%
101
%
106
%
41
%
94
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
See notes to financial statements.
Financial Highlights
39
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock Short-Term Municipal Fund (continued)
 
Investor C
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$9.52
$9.45
$9.48
$9.88
$9.89
$9.89
Net investment income (loss)(a)
0.07
0.21
0.08
(0.07
)
(0.05
)
0.03
Net realized and unrealized gain (loss)
0.04
0.07
(0.01
)
(0.33
)
0.04
0.02
Net increase (decrease) from investment operations
0.11
0.28
0.07
(0.40
)
(0.01
)
0.05
Distributions from net investment income(b)
(0.11
)
(0.21
)
(0.10
)
—
—
(0.05
)
Net asset value, end of period
$9.52
$9.52
$9.45
$9.48
$9.88
$9.89
Total Return(c)
Based on net asset value
1.20
%(d)
3.01
%
0.80
%
(4.05
)%
(0.10
)%
0.46
%
Ratios to Average Net Assets(e)
Total expenses
1.47
%(f)
1.47
%
1.44
%
1.42
%
1.43
%
1.43
%
Total expenses after fees waived and/or reimbursed
1.36
%(f)
1.36
%
1.36
%
1.36
%
1.36
%
1.36
%
Net investment income (loss)
1.41
%(f)
2.21
%
0.88
%
(0.76
)%
(0.53
)%
0.34
%
Supplemental Data
Net assets, end of period (000)
$3,006
$3,429
$5,411
$4,576
$5,123
$10,373
Portfolio turnover rate
34
%
90
%
101
%
106
%
41
%
94
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
See notes to financial statements.
40
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock Short-Term Municipal Fund (continued)
 
Class K
 
Six Months Ended
12/31/24
(unaudited)
Year Ended
06/30/24
Year Ended
06/30/23
Year Ended
06/30/22
Year Ended
06/30/21
Year Ended
06/30/20
 
Net asset value, beginning of period
$9.84
$9.77
$9.80
$10.17
$10.15
$10.15
Net investment income(a)
0.16
0.32
0.20
0.06
0.06
0.12
Net realized and unrealized gain (loss)
0.02
0.07
(0.02
)
(0.37
)
0.04
0.03
Net increase (decrease) from investment operations
0.18
0.39
0.18
(0.31
)
0.10
0.15
Distributions from net investment income(b)
(0.17
)
(0.32
)
(0.21
)
(0.06
)
(0.08
)
(0.15
)
Net asset value, end of period
$9.85
$9.84
$9.77
$9.80
$10.17
$10.15
Total Return(c)
Based on net asset value
1.84
%(d)
4.08
%
1.87
%
(3.01
)%
0.95
%
1.52
%
Ratios to Average Net Assets(e)
Total expenses
0.37
%(f)
0.37
%
0.37
%
0.35
%
0.36
%
0.37
%
Total expenses after fees waived and/or reimbursed
0.31
%(f)
0.31
%
0.31
%
0.31
%
0.31
%
0.31
%
Net investment income
3.30
%(f)
3.27
%
2.04
%
0.64
%
0.57
%
1.23
%
Supplemental Data
Net assets, end of period (000)
$34,115
$36,591
$46,029
$71,250
$18,177
$7,148
Portfolio turnover rate
34
%
90
%
101
%
106
%
41
%
94
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
See notes to financial statements.
Financial Highlights
41
Notes to Financial Statements (unaudited)
 
1.
ORGANIZATION
BlackRock Multi-State Municipal Series Trust (the “Trust”) and BlackRock Municipal Bond Fund, Inc. (the “Corporation”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. The Trust is organized as a Massachusetts business trust. The Corporation is organized as a Maryland corporation. The following are referred to herein collectively as the “Funds” or individually as a “Fund”: 
Registrant Name
Fund Name
Herein Referred To As
Diversification
Classification
BlackRock Multi-State Municipal Series Trust
BlackRock New York Municipal Opportunities Fund
New York Municipal
Diversified
BlackRock Municipal Bond Fund, Inc.
BlackRock National Municipal Fund
National Municipal
Diversified
 
BlackRock Short-Term Municipal Fund
Short-Term Municipal
Diversified
Each Fund offers multiple classes of shares.  All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares.  Institutional, Service and Class K Shares are sold only to certain eligible investors.  Service, Investor A, Investor A1 and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares.  Investor A and Investor C Shares are generally available through financial intermediaries.  Investor A1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans.  Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan). 
Share Class
Initial Sales Charge
CDSC
Conversion Privilege
Institutional, Service and Class K Shares.
No
No
None
Investor A Shares
Yes
No(a)
None
Investor A1 Shares
No(b)
No(c)
None
Investor C Shares
No
Yes(d)
To Investor A Shares after approximately 8 years
 
(a)
Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.
(b)
Investor A1 Shares are subject to a maximum sales charge on purchases of 1.00% for all Funds other than New York Municipal, which is subject to a maximum sales charge of 4.00%.
The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, which are
currently the only investors who may invest in Investor A1 Shares.
(c)
Investor A1 Shares may be subject to CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions
by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.
(d)
A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.
The Board of Trustees of BlackRock Multi-State Municipal Series Trust and Board of Directors of BlackRock Municipal Bond Fund, Inc. are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors”.
On November 22, 2024, the Board approved a proposal to change the name of BlackRock Short-Term Municipal Fund to BlackRock Short Duration Muni Fund. In connection with the Fund’s name change, the Fund’s investment strategy was changed to specify that, under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 4 years or less. These changes became effective on February 1, 2025.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex. 
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:  For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.  Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.  Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
42
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Fund’s Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other:  Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges.
Segment Reporting: The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or results of operations.
The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  Each Fund’s investments are valued at fair value (also referred to as “market value” within the  financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”).
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation
Notes to Financial Statements
43
Notes to Financial Statements (unaudited) (continued)
 
techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.  Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors.  The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Forward Commitments, When-Issued and 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, a fund 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
44
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.  As of period end, the Funds had the following unfunded commitments: 
Fund Name
Investment
Name
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
New York Municipal
Puerto Rico Electric Power Authority, Series B-1
$7,320,315
$ 7,320,315
$7,764,294
$ 443,979
 
Puerto Rico Electric Power Authority, Series B-2
35,435,528
35,435,528
39,391,527
3,955,999
 
 
 
$ 4,399,978
Municipal Bonds Transferred to TOB Trusts: Certain Funds leverage their assets through the use of “TOB Trust” transactions. The funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third-party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.
TOB Trusts are supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.
The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.
While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. Each Fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds.
Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a Fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Fund’s payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.
Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration,  trustee, liquidity and other services to a TOB Trust are shown as Interest expense and fees — unaffiliated in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to Interest expense and fees — unaffiliated in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a Fund incurred non-recurring, legal and restructuring fees, which are recorded as Interest expense and fees — unaffiliated in the Statements of Operations.  Amounts recorded within Interest expense and fees — unaffiliated in the Statements of Operations are: 
Fund Name
Interest Expense
Liquidity Fees
Other Expenses
Total
New York Municipal
$ 1,000,486
$ 115,487
$ 31,181
$ 1,147,154
National Municipal
1,331,544
—
—
1,331,544
For the six months ended December 31, 2024, the following table is a summary of each Fund’s TOB Trusts: 
Fund Name
Underlying
Municipal Bonds
Transferred to
TOB Trusts(a)
Liability for
TOB Trust
Certificates(b)
Range of
Interest Rates
on TOB Trust
Certificates at
Period End
Average
TOB Trust
Certificates
Outstanding
Daily Weighted
Average Rate
of Interest and
Other Expenses
on TOB Trusts
New York Municipal
$ 128,818,483
$ 60,639,997
3.64% — 3.74%
$ 60,639,997
3.76
% 
Notes to Financial Statements
45
Notes to Financial Statements (unaudited) (continued)
 
Fund Name
Underlying
Municipal Bonds
Transferred to
TOB Trusts(a)
Liability for
TOB Trust
Certificates(b)
Range of
Interest Rates
on TOB Trust
Certificates at
Period End
Average
TOB Trust
Certificates
Outstanding
Daily Weighted
Average Rate
of Interest and
Other Expenses
on TOB Trusts
National Municipal
$ 150,331,430
$ 70,530,007
3.52% — 3.65%
$ 70,530,007
3.75
% 
 
(a)
The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB
Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider
in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be
responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such
reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments.
(b)
TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a
payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB
Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity
Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”).
As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these
losses will be shared ratably, including the maximum potential amounts owed by a Fund at December 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB
Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at December 31, 2024.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”).  Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Corporation and the Trust, on behalf of the applicable Funds, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets: 
 
Investment Advisory Fees
Average Daily Net Assets
New York
Municipal
First $1 billion
0.47
% 
$1 billion — $3 billion
0.44
$3 billion — $5 billion
0.42
$5 billion — $10 billion
0.41
Greater than $10 billion
0.40
 
 
Investment Advisory Fees
Aggregate of Average Daily Net Assets of the Two Combined Funds(a)
National
Municipal
Short-Term
Municipal
First $250 Million
0.410
%
0.360
%
$250 Million — $400 Million
0.385
0.340
$400 Million — $550 Million
0.385
0.320
46
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
Investment Advisory Fees
Aggregate of Average Daily Net Assets of the Two Combined Funds(a)
National
Municipal
Short-Term
Municipal
Greater than $550 Million
0.385
0.290
(a) The portion of the assets of a Fund to which the rate of each breakpoint level applies will be determined on a “uniform percentage” basis. The uniform percentage applicable to a breakpoint level is determined by dividing the amount of the aggregate average daily net assets of National Municipal and Short-Term Municipal (the “two combined Funds”) that falls within that breakpoint level by the aggregate average daily net assets of the two combined Funds. The amount of the fee for a Fund at each breakpoint level is determined by multiplying the average daily net assets of that Fund by the uniform percentage applicable to that breakpoint level and multiplying the product by the advisory fee rate.
Service and Distribution Fees:  The Corporation and the Trust, on behalf of the applicable Funds, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows: 
 
New York Municipal
National Municipal
Short-Term Municipal
Share Class
Service Fees
Distribution Fees
Service Fees
Distribution Fees
Service Fees
Distribution Fees
Service
N/A
N/A
0.25
% 
N/A
N/A
N/A
Investor A
0.25
% 
N/A
0.25
N/A
0.25
% 
N/A
Investor A1
0.10
N/A
N/A
N/A
0.10
N/A
Investor C
0.25
0.75
% 
0.25
0.75
% 
0.25
0.75
% 
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended December 31, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund: 
Fund Name
Service
Investor A
Investor A1
Investor C
Total
New York Municipal
$ —
$ 587,450
$ 30,742
$ 168,120
$ 786,312
National Municipal
846
2,590,035
—
214,019
2,804,900
Short-Term Municipal
—
238,758
4,372
15,889
259,019
Transfer Agent:  Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.  For the six months ended December 31, 2024, the Funds did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended December 31, 2024, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations: 
Fund Name
Institutional
Service
Investor A
Investor A1
Investor C
Class K
Total
New York Municipal
$ 709
$ —
$ 1,322
$ 1,045
$ 152
$ 24
$ 3,252
National Municipal
19,986
87
6,934
—
488
6,667
34,162
Short-Term Municipal
645
—
645
39
30
18
1,377
For the six months ended December 31, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund: 
Fund Name
Institutional
Service
Investor A
Investor A1
Investor C
Class K
Total
New York Municipal
$ 255,234
$ —
$ 140,706
$ 16,121
$ 11,458
$ 242
$ 423,761
National Municipal
1,753,133
363
790,707
—
17,713
43,340
2,605,256
Short-Term Municipal
121,727
—
38,452
2,914
1,574
939
165,606
Other Fees:  For the six months ended December 31, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows: 
Fund Name
Investor A
New York Municipal
$ 1,081
National Municipal
6,282
Short-Term Municipal
948
Notes to Financial Statements
47
Notes to Financial Statements (unaudited) (continued)
 
For the six months ended December 31, 2024, affiliates received CDSCs as follows: 
Fund Name
Investor A
Investor C
New York Municipal
$ 5,332
$ 1,613
National Municipal
30,599
2,041
Short-Term Municipal
627
5
Expense Limitations, Waivers and Reimbursements:  With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended December 31, 2024, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
New York Municipal
$ 13,232
National Municipal
252,549
Short-Term Municipal
3,276
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.  This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.  For the six months ended December 31, 2024, there were no fees waived by the Manager to this arrangement.
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows: 
Fund Name
Institutional
Service
Investor A
Investor A1
Investor C
Class K
New York Municipal
0.50
% 
—
0.75
% 
0.60
% 
1.50
% 
0.45
% 
National Municipal
0.43
0.68
% 
0.68
—
1.43
0.38
Short-Term Municipal
0.36
—
0.61
0.46
1.36
0.31
The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.  For the six month ended December 31, 2024, the Manager waived and/or reimbursed the following amounts, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
New York Municipal
$ 323,770
National Municipal
668,303
Short-Term Municipal
127,317
In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager - class specific in the Statement of Operations.  For the six months ended December 31, 2024, class specific expense waivers and/or reimbursements were as follows: 
 
Transfer Agent Fees Waived and/or
Reimbursed by the Manager - Class Specific
Fund Name
Institutional
Service
Investor A
Investor A1
Investor C
Class K
Total
New York Municipal
$ 94,172
$ —
$ 23,216
$ 750
$ 3,052
$ 241
$ 121,431
National Municipal
762,413
193
272,700
—
7,012
43,296
1,085,614
Short-Term Municipal
66,279
—
—
728
779
939
68,725
Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
48
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
During the period ended December 31, 2024, the Funds did not participate in the Interfund Lending Program.
Directors and Officers:  Certain directors and/or officers of the Trust and the Corporation are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s and the  Corporation’s Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
Other Transactions:  The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended December 31, 2024, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows: 
Fund Name
Purchases
Sales
Net Realized
Gain (Loss)
Short-Term Municipal
$7,303,551
$5,702,197
$—
7.
 PURCHASES AND SALES
For the six months ended December 31, 2024, purchases and sales of investments, excluding short-term securities, were as follows: 
Fund Name
Purchases
Sales
New York Municipal
$ 130,024,513
$ 126,945,854
National Municipal
2,399,605,785
2,728,347,758
Short-Term Municipal
126,415,447
164,281,085
8.
INCOME TAX INFORMATION
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.
As of June 30, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards
New York Municipal
$ (102,166,051
)
National Municipal
(960,628,199
)
Short-Term Municipal
(25,546,426
)
As of December 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
New York Municipal
$ 1,172,963,080
$ 20,346,456
$ (35,985,494
)
$ (15,639,038
)
National Municipal
7,140,030,782
102,879,779
(82,006,718
)
20,873,061
Short-Term Municipal
441,823,912
3,901,118
(764,257
)
3,136,861
9.
BANK BORROWINGS
The Trust and the Corporation, on behalf of each Funds along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple
Notes to Financial Statements
49
Notes to Financial Statements (unaudited) (continued)
 
Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended December 31, 2024, the Funds did not borrow under the credit agreement.
10.
PRINCIPAL RISKS
In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.
As short-term interest rates rise, the Funds’ investments in the TOB Trusts may adversely affect the Funds’ net investment income and dividends to shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds’ NAVs per share.
The SEC and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.
Market Risk:  Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk: The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. 
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
50
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds’ performance.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares for each class were as follows: 
 
Six Months Ended
12/31/24
Year Ended
06/30/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
New York Municipal 
Institutional
Shares sold
9,517,100
$ 101,841,570
19,480,209
$ 202,353,204
Shares issued in reinvestment of distributions
908,512
9,709,126
1,682,698
17,525,548
Shares redeemed
(8,471,763)
(90,475,770)
(22,842,822)
(235,548,777)
 
1,953,849
$ 21,074,926
(1,679,915)
$ (15,670,025)
Investor A
Shares sold and automatic conversion of shares
2,702,231
$ 28,862,238
5,920,081
$ 62,009,868
Shares issued in reinvestment of distributions
638,442
6,830,239
1,345,005
14,009,786
Shares redeemed
(6,147,656)
(65,651,529)
(14,175,327)
(147,499,528)
 
(2,806,983)
$ (29,959,052)
(6,910,241)
$ (71,479,874)
Investor A1
Shares sold
100
$ 1,082
—
$ 1,547
Shares issued in reinvestment of distributions
65,040
695,788
139,511
1,452,871
Shares redeemed
(574,229)
(6,124,178)
(794,258)
(8,326,288)
 
(509,089)
$ (5,427,308)
(654,747)
$ (6,871,870)
Notes to Financial Statements
51
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
12/31/24
Year Ended
06/30/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
New York Municipal (continued)
Investor C
Shares sold
139,768
$ 1,498,470
255,783
$ 2,678,759
Shares issued in reinvestment of distributions
36,491
390,190
87,099
905,836
Shares redeemed and automatic conversion of shares
(584,401)
(6,257,723)
(1,670,416)
(17,389,168)
 
(408,142)
$ (4,369,063)
(1,327,534)
$ (13,804,573)
Class K
Shares sold
96,227
$ 1,027,971
401,689
$ 4,166,809
Shares issued in reinvestment of distributions
14,868
158,915
27,115
282,578
Shares redeemed
(174,570)
(1,860,348)
(234,588)
(2,427,234)
 
(63,475)
$ (673,462)
194,216
$ 2,022,153
 
(1,833,840)
$ (19,353,959)
(10,378,221)
$ (105,804,189)
 
 
Six Months Ended
12/31/24
Year Ended
06/30/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
National Municipal 
Institutional
Shares sold
66,365,771
$ 673,382,863
142,053,898
$ 1,420,084,013
Shares issued in reinvestment of distributions
5,798,263
58,835,628
11,085,079
111,012,888
Shares redeemed
(71,121,463)
(720,680,336)
(169,627,961)
(1,691,971,481)
 
1,042,571
$ 11,538,155
(16,488,984)
$ (160,874,580)
Service
Shares sold
812
$ 8,200
5,070
$ 51,631
Shares issued in reinvestment of distributions
947
9,603
2,771
27,660
Shares redeemed
(10,727)
(109,044)
(69,702)
(701,062)
 
(8,968)
$ (91,241)
(61,861)
$ (621,771)
Investor A
Shares sold and automatic conversion of shares
11,073,339
$ 112,404,258
94,811,708
$ 927,784,864
Shares issued in reinvestment of distributions
3,031,492
30,789,438
6,544,510
65,579,381
Shares redeemed
(30,285,074)
(307,509,271)
(131,165,404)
(1,293,036,469)
 
(16,180,243)
$ (164,315,575)
(29,809,186)
$ (299,672,224)
Investor C
Shares sold
306,998
$ 3,116,149
636,098
$ 6,354,684
Shares issued in reinvestment of distributions
49,661
504,491
122,754
1,229,477
Shares redeemed and automatic conversion of shares
(954,412)
(9,701,573)
(2,701,753)
(27,073,834)
 
(597,753)
$ (6,080,933)
(1,942,901)
$ (19,489,673)
Class K
Shares sold
16,411,423
$ 166,625,650
70,782,123
$ 707,883,514
Shares issued in reinvestment of distributions
2,174,403
22,071,856
8,533,339
85,297,598
Shares redeemed
(21,033,634)
(213,357,996)
(280,630,531)
(2,814,537,249)
 
(2,447,808)
$ (24,660,490)
(201,315,069)
$ (2,021,356,137)
 
(18,192,201)
$ (183,610,084)
(249,618,001)
$ (2,502,014,385)
 
 
Six Months Ended
12/31/24
Year Ended
06/30/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
Short-Term Municipal 
Institutional
Shares sold
3,525,783
$ 34,943,078
11,346,923
$ 110,743,284
Shares issued in reinvestment of distributions
234,821
2,326,963
578,182
5,664,165
Shares redeemed
(6,042,506)
(59,913,979)
(20,829,900)
(203,694,319)
 
(2,281,902)
$ (22,643,938)
(8,904,795)
$ (87,286,870)
52
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
12/31/24
Year Ended
06/30/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
Short-Term Municipal (continued)
Investor A
Shares sold and automatic conversion of shares
2,891,152
$ 28,654,177
5,499,237
$ 53,930,280
Shares issued in reinvestment of distributions
281,258
2,788,611
587,154
5,757,237
Shares redeemed
(2,920,087)
(28,971,992)
(10,015,567)
(98,197,985)
 
252,323
$ 2,470,796
(3,929,176)
$ (38,510,468)
Investor A1
Shares sold
14
$ 135
—
$ —
Shares issued in reinvestment of distributions
7,831
77,671
16,839
165,123
Shares redeemed
(48,219)
(478,683)
(176,274)
(1,728,490)
 
(40,374)
$ (400,877)
(159,435)
$ (1,563,367)
Investor C
Shares sold
50,137
$ 478,687
71,944
$ 682,284
Shares issued in reinvestment of distributions
3,827
36,683
9,704
91,904
Shares redeemed and automatic conversion of shares
(98,557)
(944,566)
(294,240)
(2,786,759)
 
(44,593)
$ (429,196)
(212,592)
$ (2,012,571)
Class K
Shares sold
637,438
$ 6,312,155
667,185
$ 6,539,336
Shares issued in reinvestment of distributions
20,598
204,091
41,024
401,868
Shares redeemed
(910,699)
(9,033,682)
(1,704,061)
(16,698,620)
 
(252,663)
$ (2,517,436)
(995,852)
$ (9,757,416)
 
(2,367,209)
$ (23,520,651)
(14,201,850)
$ (139,130,692)
12.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
Notes to Financial Statements
53
Additional Information
 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Compensation to the independent directors/trustees of the Corporation and the Trust is paid by the Corporation and the Trust, on behalf of the Funds.
Dividend Policy
Each Fund’s dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including return of capital.  The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
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 blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
54
2024 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information (continued)
 
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
55
Glossary of Terms Used in these Financial Statements
 
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
AGM
 Assured Guaranty Municipal Corp.
AGM-CR
 AGM Insured Custodial Receipt
AMBAC
 AMBAC Assurance Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAB
 Build America Bond
BAM
 Build America Mutual Assurance Co.
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
BHAC-CR
 Berkshire Hathaway Assurance Corp. - Custodian Receipt
CAB
 Capital Appreciation Bonds
COP
 Certificates of Participation
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
HUD SECT 8
 U.S. Department of Housing and Urban Development
Section 8
M/F
 Multi-Family
PSF
 Permanent School Fund
RB
 Revenue Bond
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAP
 Subject to Appropriations
SAW
 State Aid Withholding
SONYMA
 State of New York Mortgage Agency
TA
 Tax Allocation
VRDN
 Variable Rate Demand Note
56
2024 BlackRock Semi-Annual Financial Statements and Additional Information
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Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

 

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

 

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

 

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

 

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

 

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

 

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

 

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

 

Item 16 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940

Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

 

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

BlackRock Municipal Bond Fund, Inc.

 

 

 By:

     

/s/ John M. Perlowski       

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock Municipal Bond Fund, Inc.

Date: February 24, 2025

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 Municipal Bond Fund, Inc.

Date: February 24, 2025

 

 

 By:

     

/s/ Trent Walker         

      

Trent Walker

      

Chief Financial Officer (principal financial officer) of

      

BlackRock Municipal Bond Fund, Inc.

Date: February 24, 2025

 

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