UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-04375
Name of Fund: | BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 06/30/2022
Date of reporting period: 12/31/2021
Item 1 – Reports to Stockholders
(a) The Report to Shareholders is attached herewith.
DECEMBER 31, 2021 |
2021 Semi-Annual Report (Unaudited)
|
BlackRock Multi-State Municipal Series Trust
· | BlackRock New York Municipal Opportunities Fund |
BlackRock Municipal Bond Fund, Inc.
· | BlackRock High Yield Municipal Fund |
· | BlackRock National Municipal Fund |
· | BlackRock Short-Term Municipal Fund |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Dear Shareholder,
The 12-month reporting period as of December 31, 2021 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.
Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of an additional fiscal stimulus package and infrastructure bill further boosted stocks. In the United States, both large- and small-capitalization stocks posted a strong advance, and many equity indices neared or surpassed all-time highs late in the reporting period. International equities from developed markets also gained, although emerging market stocks declined, pressured by a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds, which declined.
The Fed maintained accommodative monetary policy during the reporting period by maintaining near-zero interest rates and by asserting that inflation could exceed its 2% target for a sustained period without triggering a rate increase. However, the Fed’s tone shifted late in the year, as it reduced its bond-buying program and used its market guidance to raise the prospect of higher rates in 2022.
Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta and Omicron variants of the coronavirus remain a threat, particularly in emerging markets. While we expect inflation to abate somewhat as supply bottlenecks are resolved, we anticipate that inflation will remain higher than the pre-COVID norm. The Fed is poised to raise interest rates next year in response, but the Fed’s policy shift means that tightening is likely to be less aggressive than what we’ve seen in previous cycles.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of December 31, 2021 | ||||
6-Month | 12-Month | |||
U.S. large cap equities | 11.67% | 28.71% | ||
U.S. small cap equities | (2.31) | 14.82 | ||
International equities | 2.24 | 11.26 | ||
Emerging market equities | (9.30) | (2.54) | ||
3-month Treasury bills | 0.02 | 0.05 | ||
U.S. Treasury securities | 0.44 | (3.68) | ||
U.S. investment grade bonds | 0.06 | (1.54) | ||
Tax-exempt municipal bonds | 0.52 | 1.77 | ||
U.S. high yield bonds | 1.59 | 5.26 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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Fund Summary as of December 31, 2021 |
BlackRock New York Municipal Opportunities Fund |
Investment Objective
BlackRock New York Municipal Opportunities Fund’s (the “Fund”) investment objective is to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended December 31, 2021, all of the Fund’s share classes outperformed its new primary benchmark, the Bloomberg Municipal Bond Index and its new secondary benchmark, a customized weighted index comprised of 85% Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged USD/10% New York Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index New York Taxable Bonds Total Return Index Value (the “Customized Reference Benchmark”), except for Investor C Shares, which performed in line with both benchmarks. For the six-month period ended December 31, 2021, all of the Fund’s share classes outperformed its former primary benchmark, the S&P® Municipal Bond Index and its former secondary benchmark, the S&P® New York Municipal Bond Index, except for Investor C Shares, which underperformed its former primary benchmark and performed in line with its former secondary benchmark. The following discussion of relative performance pertains to the Customized Reference Benchmark.
What factors influenced performance?
Municipal bonds produced flat returns in the second half of 2021. The fixed-income market, in general, was pressured by rising inflation and expectations that the Fed will need to begin raising interest rates in 2022. Tax-exempt debt finished somewhat ahead of the taxable market, reflecting the combination of robust investor demand and a continued improvement in municipal finances. New York municipal bonds produced returns in line with the national market.
The Fund’s use of U.S. Treasury futures to manage interest-rate risk helped performance given that U.S. Treasury yields rose. Positions in lower-quality securities (those rated A and lower), which continued to outperform, also aided results. Holdings in Puerto Rico debt — primarily in the state tax-backed and utilities sectors — was particularly helpful.
The Fund also benefited from its positions in bonds with maturities of 15 years and above. The municipal yield curve flattened during the period, with short- to intermediate-term yields rising marginally and longer-term yields decreasing slightly. (Prices and yields move in opposite directions). In this environment, the Fund’s holdings in short- to intermediate-term bonds detracted slightly.
Describe recent portfolio activity.
The Fund’s activity was primarily driven by new issuance and the investment adviser’s efforts to diversify the portfolio. New issuance of New York municipal bonds was quite robust in first part of the period, leading to more attractive valuations. The Fund used these cheaper valuations to add to the longer parts of the yield curve, particularly the 15-to 20-year range. Toward the end of the year, valuations tightened as issuance slowed. Still, the investment adviser identified opportunities to add select new holdings to augment diversification. The Fund’s weightings in AA securities increased over the course of the full period, as did its allocations to the education and transportation sectors.
Describe portfolio positioning at period end.
The Fund ended 2021 with an overweight in longer-maturity bonds, largely those in the 15- to 20-year range. Additionally, it maintained an overweight in lower-quality issues (those rated A and below). The Fund’s duration was beneath that of the benchmark at the close of the year.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
4 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of December 31, 2021 (continued) |
BlackRock New York Municipal Opportunities Fund |
Performance
Average Annual Total Returns(a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||||||||||||||||||||
Standardized 30-Day Yields | Unsubsidized 30-Day Yields | 6-Month Total Returns | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | ||||||||||||||||||||||||||||||||||||||||
Institutional | 0.97 | % | 0.91 | % | 0.93 | % | 5.52 | % | N/A | 4.11 | % | N/A | 4.33 | % | N/A | |||||||||||||||||||||||||||||||||
Investor A | 0.69 | 0.64 | 0.89 | 5.26 | 0.78 | % | 3.87 | 2.97 | % | 4.08 | 3.63 | % | ||||||||||||||||||||||||||||||||||||
Investor A1 | 0.83 | 0.78 | 0.97 | 5.42 | N/A | 4.02 | N/A | 4.24 | N/A | |||||||||||||||||||||||||||||||||||||||
Investor C | (0.02 | ) | (0.08 | ) | 0.42 | 4.47 | 3.47 | 3.07 | 3.07 | 3.47 | 3.47 | |||||||||||||||||||||||||||||||||||||
Class K | 1.02 | 0.96 | 1.04 | 5.57 | N/A | 4.15 | N/A | 4.35 | N/A | |||||||||||||||||||||||||||||||||||||||
Bloomberg Municipal Bond Index(c)(d) | — | — | 0.45 | 1.52 | N/A | 4.17 | N/A | 3.72 | N/A | |||||||||||||||||||||||||||||||||||||||
Customized Reference Benchmark(c) | — | — | 0.42 | 2.40 | N/A | 4.40 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Municipal Bond Index(e) | — | — | 0.52 | 1.77 | N/A | 4.03 | N/A | 3.79 | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® New York Municipal Bond Index(f) | — | — | 0.46 | 2.10 | N/A | 3.82 | N/A | 3.62 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. |
(b) | Under normal circumstances, the Fund will invest at least 80% of its assets in investment grade New York municipal bonds. The Fund’s returns prior to February 18, 2015 are the returns of the Fund when it followed different investment strategies under the name BlackRock New York Municipal Bond Fund. |
(c) | Effective October 1, 2021, the Fund has changed the benchmarks against which it measures its performance from the S&P® Municipal Bond Index and the S&P® New York Municipal Bond Index to the Bloomberg Municipal Bond Index and a customized weighted index comprised of 85% Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged USD/10% New York Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index New York Taxable Bonds Total Return Index Value (the “Customized Reference Benchmark”). The Customized Reference Benchmark commenced in September 2016; therefore, it does not have a 10- year return. |
(d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
(e) | A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
(f) | The S&P® New York Municipal Bond Index includes all New York bonds in the S&P® Municipal Bond Index. |
N/A — Not applicable as the share class and index do not have a sales charge.
Past performance is not an indication of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Expenses Paid During the Period | Including Interest Expense and Fees | Excluding Interest Expense and Fees | Annualized Expense Ratio | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value (07/01/21) | Ending Account Value (12/31/21) | Including and Fees(b) | Excluding and Fees(b) | Beginning Account Value (07/01/21) | Ending Account Value (12/31/21) | Expenses Period(b) | Ending Account Value (06/30/22) | Expenses Period(b) | Including Interest Expense and Fees | Excluding Interest Expense and Fees | ||||||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,009.30 | $ | 2.73 | $ | 2.53 | $ | 1,000.00 | $ | 1,022.48 | $ | 2.75 | $ | 1,022.68 | $ | 2.55 | 0.54 | % | 0.50 | % | ||||||||||||||||||||||||||
Investor A | 1,000.00 | 1,008.90 | 4.00 | 3.80 | 1,000.00 | 1,021.22 | 4.02 | 1,021.42 | 3.82 | 0.79 | 0.75 | |||||||||||||||||||||||||||||||||||||
Investor A1 | 1,000.00 | 1,009.70 | 3.24 | 3.04 | 1,000.00 | 1,021.98 | 3.26 | 1,022.18 | 3.06 | 0.64 | 0.60 | |||||||||||||||||||||||||||||||||||||
Investor C | 1,000.00 | 1,004.20 | 7.78 | 7.58 | 1,000.00 | 1,017.44 | 7.83 | 1,017.64 | 7.63 | 1.54 | 1.50 | |||||||||||||||||||||||||||||||||||||
Class K | 1,000.00 | 1,010.40 | 2.48 | 2.28 | 1,000.00 | 1,022.74 | 2.50 | 1,022.94 | 2.29 | 0.49 | 0.45 |
(a) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
(b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
FUND SUMMARY | 5 |
Fund Summary as of December 31, 2021 (continued) |
BlackRock New York Municipal Opportunities Fund |
Portfolio Information
SECTOR ALLOCATION
Sector(a)(b) |
Percent of | |||
County/City/Special District/School District | 22 | % | ||
Transportation | 21 | |||
State | 18 | |||
Utilities | 14 | |||
Education | 9 | |||
Housing | 7 | |||
Corporate | 3 | |||
Tobacco | 3 | |||
Health | 3 | |||
Other* | — | (c) |
CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(a)(d) |
Percentage | |||
2022 | 10 | % | ||
2023 | 5 | |||
2024 | 6 | |||
2025 | 5 | |||
2026 | 11 |
CREDIT QUALITY ALLOCATION
Credit Rating(a)(e) |
Percent of | |||
AAA/Aaa | 11 | % | ||
AA/Aa | 48 | |||
A | 21 | |||
BBB/Baa | 4 | |||
BB/Ba | 2 | |||
B | 1 | |||
N/R(f) | 13 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Rounds to less than 1% of total investments. |
(d) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(e) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(f) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments. |
* | Includes one or more investment categories that individually represents less than 1% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
6 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of December 31, 2021 |
BlackRock High Yield Municipal Fund |
Investment Objective
BlackRock High Yield Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended December 31, 2021, all of the Fund’s share classes underperformed its new primary benchmark, the Bloomberg Municipal High Yield Bond Index, except for the Fund’s Institutional Shares, which performed in line with its new primary benchmark. For the same period, all of the Fund’s share classes outperformed its new secondary benchmark, a customized weighted index comprised of 20% Bloomberg Municipal Bond Rated Baa Index / 60% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index / 20% Bloomberg Municipal Investment Grade ex BBB (the “High Yield Customized Reference Benchmark”), except for the Fund’s Investor C Shares, which underperformed the High Yield Customized Reference Benchmark. For the six-month period ended December 31, 2021, all of the Fund’s share classes outperformed its former primary benchmark, the S&P® Municipal Bond Index. For the same period, all of the Fund’s share classes outperformed its former custom secondary benchmark, the Custom High Yield Index (as described below), except for Investor C Shares, which underperformed the former custom secondary benchmark. The following discussion of relative performance pertains to the High Yield Customized Reference Benchmark.
What factors influenced performance?
Municipal bonds produced flat returns in the second half of 2021. The fixed-income market, in general, was pressured by rising inflation and expectations that the Fed will need to begin raising interest rates in 2022. Tax-exempt debt finished somewhat ahead of the taxable market, reflecting the combination of robust investor demand and a continued improvement in municipal finances. Lower-quality, higher-yielding issues outperformed the broader tax-exempt market thanks to improving credit conditions and investors’ strong appetite for yield.
Investments in the distressed debt of various issuers in Puerto Rico, including general obligations of the Commonwealth and bonds issued on behalf of the electric power authority, were top contributors to Fund performance. Positions across a broad range of unrated securities issued on behalf of charter schools, utilities, residential development districts and stand-alone project financings helped results, as well. The Fund further benefited from its allocation to bonds with maturities of 20 years and above, which outperformed the broader market. An allocation to the state tax-backed sector also contributed positively.
The Fund’s elevated cash position was the largest detractor from performance. The large cash weighting reflected both the low level of yield spreads and the investment adviser’s desire to maintain a high level of liquidity. Although cash was a drag on performance, the portfolio remained aggressively enough positioned to offset the adverse effect. Investments in various local tax-backed credits that underperformed also detracted from results, as did a modest underweight in the transportation sector. The Fund sought to manage interest rate risk using U.S. Treasury futures, which was a very small detractor.
Describe recent portfolio activity.
The investment adviser modestly increased the portfolio’s weighting in speculative grade issues, reflecting its more constructive outlook on high-yield municipal credit fundamentals. New investments were concentrated in the health care, multi-family housing, electric utility and education sectors. On the other hand, the investment adviser reduced the Fund’s positions in the transportation and local tax-backed sectors.
Describe portfolio positioning at period end.
The portfolio was positioned for continued positive market performance. Portfolio duration (interest rate sensitivity) remained modestly higher than the benchmark due to an emphasis on longer-dated securities. With this said, the investment adviser believed caution was warranted given that valuations were somewhat stretched on both an absolute and relative basis at year end. The Fund therefore maintained substantial cash reserves to provide a cushion against market weakness and have the latitude to capitalize on potential volatility.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
FUND SUMMARY | 7 |
Fund Summary as of December 31, 2021 (continued) |
BlackRock High Yield Municipal Fund |
Performance
Average Annual Total Returns(a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||||||||||||||||||||
Standardized 30-Day Yields | Unsubsidized 30-Day Yields | 6-Month Total Returns | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | ||||||||||||||||||||||||||||||||||||||||
Institutional | 1.87 | % | 1.86 | % | 1.55 | % | 9.21 | % | N/A | 6.95 | % | N/A | 6.45 | % | N/A | |||||||||||||||||||||||||||||||||
Investor A | 1.55 | 1.54 | 1.33 | 8.85 | 4.23 | % | 6.69 | 5.76 | % | 6.18 | 5.72 | % | ||||||||||||||||||||||||||||||||||||
Investor C | 0.87 | 0.84 | 0.95 | 8.02 | 7.02 | 5.88 | 5.88 | 5.54 | 5.54 | |||||||||||||||||||||||||||||||||||||||
Class K | 1.92 | 1.91 | 1.48 | 9.16 | N/A | 6.96 | N/A | 6.46 | N/A | |||||||||||||||||||||||||||||||||||||||
Bloomberg Municipal High Yield Bond Index(c)(d) | — | — | 1.55 | 7.77 | N/A | 7.53 | N/A | 6.72 | N/A | |||||||||||||||||||||||||||||||||||||||
High Yield Customized Reference Benchmark(c) | — | — | 1.19 | 5.85 | N/A | 6.53 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Municipal Bond Index(e) | — | — | 0.52 | 1.77 | N/A | 4.03 | N/A | 3.79 | N/A | |||||||||||||||||||||||||||||||||||||||
Custom High Yield Index(f) | — | — | 1.21 | 6.81 | N/A | 7.42 | N/A | 7.08 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. |
(b) | Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund will usually invest in municipal bonds that have a maturity of five years or longer. |
(c) | Effective October 1, 2021, the Fund has changed the benchmarks against which it measures its performance from the S&P® Municipal Bond Index and the Custom High Yield Index to the Bloomberg Municipal High Yield Bond Index and a customized weighted index comprised of 20% Bloomberg Municipal Bond Rated Baa Index/60% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/20% Bloomberg Municipal Investment Grade ex BBB (the “High Yield Customized Reference Benchmark”). The High Yield Customized Reference Benchmark commenced in September 2016; therefore, it does not have a 10- year return. |
(d) | An index designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies. |
(e) | A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
(f) | The Custom High Yield Index is a customized benchmark that reflects the returns of the S&P® Customized High Yield Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P® Customized High Yield Municipal Bond Index that have maturities greater than five years for periods subsequent to January 1, 2013. |
N/A — Not applicable as the share class and index do not have a sales charge.
Past performance is not an indication of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Expenses Paid During the Period | Including Interest Expense and Fees | Excluding Interest Expense and Fees | Annualized Expense Ratio | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value (07/01/21) | Ending Account Value (12/31/21) | Including and Fees(b) | Excluding and Fees(b) | Beginning Account Value (07/01/21) | Ending Account Value (12/31/21) | Expenses the Period(b) | Ending (06/30/22) | Expenses the Period(b) | Including Interest Expense and Fees | Excluding Interest Expense and Fees | ||||||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,015.50 | $ | 2.95 | $ | 2.74 | $ | 1,000.00 | $ | 1,022.28 | $ | 2.96 | $ | 1,022.48 | $ | 2.75 | 0.58 | % | 0.54 | % | ||||||||||||||||||||||||||
Investor A | 1,000.00 | 1,013.30 | 4.16 | 3.96 | 1,000.00 | 1,021.07 | 4.18 | 1,021.27 | 3.97 | 0.82 | 0.78 | |||||||||||||||||||||||||||||||||||||
Investor C | 1,000.00 | 1,009.50 | 8.00 | 7.80 | 1,000.00 | 1,017.24 | 8.03 | 1,017.44 | 7.83 | 1.58 | 1.54 | |||||||||||||||||||||||||||||||||||||
Class K | 1,000.00 | 1,014.80 | 2.69 | 2.49 | 1,000.00 | 1,022.53 | 2.70 | 1,022.74 | 2.50 | 0.53 | 0.49 |
(a) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
(b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
8 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of December 31, 2021 (continued) |
BlackRock High Yield Municipal Fund |
Portfolio Information
SECTOR ALLOCATION
Sector(a)(b) |
Percent of | |||
State | 23 | % | ||
Education | 18 | |||
Health | 15 | |||
Corporate | 9 | |||
Utilities | 8 | |||
Housing | 7 | |||
Transportation | 7 | |||
Tobacco | 5 | |||
County/City/Special District/School District | 5 | |||
Other | 3 |
CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(a)(c) |
Percentage | |||
2022 | 11 | % | ||
2023 | 4 | |||
2024 | 6 | |||
2025 | 4 | |||
2026 | 7 |
CREDIT QUALITY ALLOCATION
Credit Rating(a)(d) |
Percent of | |||
AAA/Aaa | 1 | % | ||
AA/Aa | 12 | |||
A | 13 | |||
BBB/Baa | 16 | |||
BB/Ba | 9 | |||
B | 2 | |||
CCC/Caa | — | (e) | ||
N/R(f) | 47 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | Rounds to less than 1% of total investments. |
(f) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2% of the Fund’s total investments. |
FUND SUMMARY | 9 |
Fund Summary as of December 31, 2021 |
BlackRock National Municipal Fund |
Investment Objective
BlackRock National Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended December 31, 2021, the Fund’s Institutional and Class K Shares performed in line with its new primary benchmark, the Bloomberg Municipal Bond Index, while Fund’s Service, Investor A and Investor C Shares underperformed its new primary benchmark. For the same period, all of the Fund’s share classes underperformed its new secondary benchmark, a customized weighted index comprised of 90% Bloomberg Municipal Bond Index Total Return Index Value Unhedged /10% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the “National Customized Reference Benchmark”). For the six-month period ended December 31, 2021, the Fund’s Institutional and Class K Shares performed in line with its former primary benchmark, the S&P® Municipal Bond Index, while the Fund’s Service, Investor A and Investor C Shares underperformed its former primary benchmark. For the same period, all of the Fund’s share classes underperformed its former secondary benchmark, the Custom National Index (as described below). The following discussion of relative performance pertains to the National Customized Reference Benchmark.
What factors influenced performance?
Municipal bonds produced flat returns in the second half of 2021. The fixed-income market, in general, was pressured by rising inflation and expectations that the Fed will need to begin raising interest rates in 2022. Tax-exempt debt finished somewhat ahead of the taxable market, reflecting the combination of robust investor demand and a continued improvement in municipal finances.
In a flat market with little overall change in yields, income was a significant component of total return. At the sector level, positions in state-backed general obligation, transportation and utilities issues contributed positively. AA rated bonds delivered the strongest performance among the various credit tiers, and holdings in non-rated securities added value amid investors’ continued search for yield. Positions in bonds with maturities of 20 years and above also outperformed due to the combination of their higher yield and better price performance. In addition, the Fund’s use of U.S. Treasury futures to manage interest-rate risk was a small contributor given that Treasury yields rose.
On the other hand, positions in shorter-maturity debt and cash detracted from Fund performance. During a period in which income accrual accounted for a significant portion of total returns, securities with lower yields generally underperformed. Securities in the health care and corporate-backed sectors lagged as well.
Describe recent portfolio activity.
The investment adviser continued to focus on constructing a balanced, higher-quality and income-oriented portfolio. The Fund’s new purchases were concentrated in the primary (new-issue) market, where there tends to be more opportunity for yield concessions.
The Fund maintained a relatively large cash position to provide the liquidity to take advantage of potential market weakness. This opportunity did not present itself to any significant degree over the past six months, as strong investor demand precluded any meaningful cheapening of prices. The Fund’s cash position stood at about 11% of assets on December 31, 2021.
Describe portfolio positioning at period end.
The Fund had an average credit quality of AA-, and it held an 11% weighting in bonds subject to the alternative minimum tax. Duration stood at approximately 6.1 years on December 31, 2021, compared with 6.4 years for the benchmark. Leverage was 1.5% of assets, up only slightly from June 30, 2021. The portfolio was overweight in the corporate-backed and transportation sectors, while its largest underweight was in the state tax-backed category.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
10 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of December 31, 2021 (continued) |
BlackRock National Municipal Fund |
Performance
Average Annual Total Returns(a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||||||||||||||||||||
Standardized 30-Day Yields | Unsubsidized 30-Day Yields | 6-Month Total Returns | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | ||||||||||||||||||||||||||||||||||||||||
Institutional | 0.84 | % | 0.79 | % | 0.47 | % | 2.28 | % | N/A | 3.96 | % | N/A | 4.00 | % | N/A | |||||||||||||||||||||||||||||||||
Service | 0.61 | 0.58 | 0.34 | 2.03 | N/A | 3.69 | N/A | 3.72 | N/A | |||||||||||||||||||||||||||||||||||||||
Investor A | 0.57 | 0.51 | 0.34 | 1.94 | (2.40 | )% | 3.68 | 2.79 | % | 3.78 | 3.33 | % | ||||||||||||||||||||||||||||||||||||
Investor C | (0.15 | ) | (0.19 | ) | (0.04 | ) | 1.26 | 0.26 | 2.93 | 2.93 | 3.16 | 3.16 | ||||||||||||||||||||||||||||||||||||
Class K | 0.89 | 0.87 | 0.49 | 2.34 | N/A | 3.99 | N/A | 4.08 | N/A | |||||||||||||||||||||||||||||||||||||||
Bloomberg Municipal Bond Index(c)(d) | — | — | 0.45 | 1.52 | N/A | 4.17 | N/A | 3.72 | N/A | |||||||||||||||||||||||||||||||||||||||
National Customized Reference Benchmark(c) | — | — | 0.56 | 2.13 | N/A | 4.51 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Municipal Bond Index(e) | — | — | 0.52 | 1.77 | N/A | 4.03 | N/A | 3.79 | N/A | |||||||||||||||||||||||||||||||||||||||
Custom National Index(f) | — | — | 0.71 | 2.32 | N/A | 4.92 | N/A | 4.44 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. |
(b) | Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund will usually invest in municipal bonds that have a maturity of five years or longer. |
(c) | Effective October 1, 2021, the Fund has changed the benchmarks against which it measures its performance from the S&P® Municipal Bond Index and the Custom National Index to the Bloomberg Municipal Bond Index and a customized weighted index comprised of 90% Bloomberg Municipal Bond Index Total Return Index Value Unhedged/10% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the “National Customized Reference Benchmark”). The National Customized Reference Benchmark commenced in September 2016; therefore, it does not have a 10- year return. |
(d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
(e) | A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
(f) | The Custom National Index is a customized benchmark that reflects the returns of the S&P® Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P® Municipal Bond Index that have maturities greater than five years for periods subsequent to January 1, 2013. |
N/A — Not applicable as the share class and index do not have a sales charge.
Past performance is not an indication of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Expenses Paid During the Period | Including Interest Expense and Fees | Excluding Interest Expense and Fees | Annualized Expense Ratio | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value (07/01/21) | Ending Account Value (12/31/21) | Including and Fees(b) | Excluding and Fees(b) | Beginning Account Value (07/01/21) | Ending Account Value (12/31/21) | Expenses Period(b) | Ending Account Value (06/30/22) | Expenses Period(b) | Including Interest Expense and Fees | Excluding Interest Expense and Fees | ||||||||||||||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,004.70 | $ | 2.17 | $ | 2.17 | $ | 1,000.00 | $ | 1,023.04 | $ | 2.19 | $ | 1,023.04 | $ | 2.19 | 0.43 | % | 0.43 | % | ||||||||||||||||||||||||||
Service | 1,000.00 | 1,003.40 | 3.43 | 3.38 | 1,000.00 | 1,021.78 | 3.47 | 1,021.83 | 3.41 | 0.68 | 0.67 | |||||||||||||||||||||||||||||||||||||
Investor A | 1,000.00 | 1,003.40 | 3.43 | 3.43 | 1,000.00 | 1,021.78 | 3.47 | 1,021.78 | 3.47 | 0.68 | 0.68 | |||||||||||||||||||||||||||||||||||||
Investor C | 1,000.00 | 999.60 | 7.21 | 7.21 | 1,000.00 | 1,018.00 | 7.27 | 1,018.00 | 7.27 | 1.43 | 1.43 | |||||||||||||||||||||||||||||||||||||
Class K | 1,000.00 | 1,004.90 | 1.92 | 1.92 | 1,000.00 | 1,023.29 | 1.94 | 1,023.29 | 1.94 | 0.38 | 0.38 |
(a) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
(b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
FUND SUMMARY | 11 |
Fund Summary as of December 31, 2021 (continued) |
BlackRock National Municipal Fund |
Portfolio Information
SECTOR ALLOCATION
Sector(a)(b) |
Percent of | |||
Transportation | 18 | % | ||
State | 17 | |||
County/City/Special District/School District | 16 | |||
Utilities | 16 | |||
Corporate | 9 | |||
Education | 7 | |||
Health | 6 | |||
Equity Funds | 5 | |||
Housing | 3 | |||
Tobacco | 2 | |||
Other | 1 |
CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(a)(c) |
Percentage | |||
2022 | 12 | % | ||
2023 | 5 | |||
2024 | 5 | |||
2025 | 5 | |||
2026 | 9 |
CREDIT QUALITY ALLOCATION
Credit Rating(a)(d) |
Percent of | |||
AAA/Aaa | 15 | % | ||
AA/Aa | 41 | |||
A | 24 | |||
BBB/Baa | 4 | |||
BB/Ba | 3 | |||
B | 1 | |||
N/R(e) | 12 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments. |
12 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of December 31, 2021 |
BlackRock Short-Term Municipal Fund |
Investment Objective
BlackRock Short-Term Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.
Portfolio Management Commentary
How did the Fund perform?
For the six-month period ended December 30, 2021, the Fund underperformed both its new primary benchmark, the Bloomberg Municipal 1-5 Year Index and its new secondary benchmark, a customized index comprised of the Bloomberg National Short 0-3 Year Maturities, excluding non-investment grade (the “Short-Term Customized Reference Benchmark”). For the six-month period ended December 31, 2021, the Fund underperformed both its former primary benchmark, the S&P® Municipal Bond Index, and its secondary benchmark, the S&P® Limited Maturity Municipal Bond Index. The following discussion of relative performance pertains to the Fund’s secondary benchmark, the Short-Term Customized Reference Benchmark.
What factors influenced performance?
Municipal bonds produced flat returns in the second half of 2021. The fixed-income market, in general, was pressured by rising inflation and expectations that the Fed will need to begin raising interest rates in 2022. Short-term bonds—which are more sensitive to the outlook for Fed policy than the overall market—lagged.
The Fund’s underperformance stemmed, in part, from its above-benchmark duration (interest rate sensitivity), which hurt results at a time of rising yields. (Prices and yields move in opposite directions.) An overweight in bonds with maturities of four to seven years detracted, as did overweight positions in the corporate-backed and transportation sectors. Overweights in A and BBB debt also weighed on relative performance.
On the positive side, the Fund benefited from its underweight positions in one-to-three-year maturities and pre-refunded bonds. Overweights in the housing sector and bonds with maturities of one year and less also helped results.
Describe recent portfolio activity.
The Fund’s guidelines expanded during the period. Its maximum maturity moved from four years to seven years, and its weighted average maturity shifted from two years to three years. While these changes are modest, they afford the Fund a larger opportunity set and allow access to a steeper part of the yield curve.
As discussed, the Fund also changed its secondary benchmark. While the overall benchmark characteristics did not change much, the Fund’s relative positioning moved due to a structural portfolio shift. This mainly stemmed from the guideline expansion, since previously there had been little incentive to move out of cash given the flatness of the yield curve out to four years. The Fund has since shifted from a meaningful underweight to duration to a slight overweight.
The Fund also pared back its large position in variable rate demand notes (“VRDNs”) in favor of six- to seven-year issues and floating rate notes. As part of this process, the Fund’s weighting in securities subject to the alternative minimum tax (“AMT”) rose. The category offered an attractive yield, and the pool of investors subject to the AMT has been greatly reduced following the changes under the Tax Cuts and Jobs Act of 2017.
The Fund maintained a focus on A and BBB rated debt. While some parts of these categories lagged during the period, the investment adviser preferred lower-rated, investment-grade bonds. The investment adviser believes this market segment offered sound fundamentals, attractive yields and lower interest-rate sensitivity compared to higher-rated securities.
Describe portfolio positioning at period end.
The Fund had a slight duration overweight versus the benchmark. The Fund remained overweight in zero- to one-year and four- to seven-year bonds, and it was underweight in the one- to three-year maturity range. In terms of credit quality, the Fund was overweight in lower-rated investment-grade debt, and it was underweight in those rated AAA and AA. The Fund was overweight in the corporate-backed, transportation, housing and health care sectors, and it was underweight in general obligations, utilities and pre-refunded bonds.
Although the Fund was fully invested, it held a meaningful 18% position in short-term VRDNs. VRDNs allowed the investment adviser to maintain portfolio duration near that of the index while also holding positions in the longer-dated portion of the yield curve. The bonds have no price volatility, and their yields adjust higher with a benchmark that is sensitive to the federal funds rate.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
FUND SUMMARY | 13 |
Fund Summary as of December 31, 2021 (continued) |
BlackRock Short-Term Municipal Fund |
Performance
Average Annual Total Returns(a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||||||||||||||||||||
Standardized 30-Day Yields | Unsubsidized 30-Day Yields | 6-Month Total Returns | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | ||||||||||||||||||||||||||||||||||||||||
Institutional | 0.19 | % | 0.13 | % | (0.26 | )% | (0.13 | )% | N/A | 1.20 | % | N/A | 0.78 | % | N/A | |||||||||||||||||||||||||||||||||
Investor A | (0.03 | ) | (0.07 | ) | (0.37 | ) | (0.26 | ) | (3.25 | )% | 0.98 | 0.37 | % | 0.53 | 0.22 | % | ||||||||||||||||||||||||||||||||
Investor A1 | 0.09 | 0.05 | (0.31 | ) | (0.13 | ) | N/A | 1.12 | N/A | 0.68 | N/A | |||||||||||||||||||||||||||||||||||||
Investor C | (0.79 | ) | (0.85 | ) | (0.71 | ) | (1.01 | ) | (2.00 | ) | 0.22 | 0.22 | (0.09 | ) | (0.09 | ) | ||||||||||||||||||||||||||||||||
Class K | 0.24 | 0.20 | (0.24 | ) | (0.08 | ) | N/A | 1.27 | N/A | 0.80 | N/A | |||||||||||||||||||||||||||||||||||||
Bloomberg Municipal 1-5 Year Index(c)(d) | — | — | 0.03 | 0.36 | N/A | 2.04 | N/A | 1.56 | N/A | |||||||||||||||||||||||||||||||||||||||
Short-Term Customized Reference Benchmark(c) | — | — | (0.03 | ) | 0.32 | N/A | 1.63 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
S&P® Municipal Bond Index(e) | — | — | 0.52 | 1.77 | N/A | 4.03 | N/A | 3.79 | N/A | |||||||||||||||||||||||||||||||||||||||
S&P® Limited Maturity Municipal Bond Index(f) | — | — | 0.05 | 0.38 | N/A | 1.66 | N/A | 1.27 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees. |
(b) | Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds and invests primarily in investment grade municipal bonds or municipal notes, including variable rate demand obligations. The Fund will maintain a dollar weighted maturity of no more than three years. |
(c) | Effective October 1, 2021, the Fund has changed the benchmarks against which it measures its performance from the S&P® Municipal Bond Index and the S&P® Limited Maturity Municipal Bond Index to the Bloomberg Municipal 1-5 Year Index and a customized index comprised of the Bloomberg National Short 0-3 year maturities, excluding non-investment grade (the “Short-Term Customized Reference Benchmark”). The Short-term Customized Reference Benchmark commenced in September 2016; therefore, it does not have a 10- year return. |
(d) | An index that covers the long-term tax-exempt bond market. It includes general obligation and revenue bonds with maturities less than 5 years. |
(e) | A broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
(f) | The S&P® Limited Maturity Municipal Bond Index includes all bonds in the S&P® Municipal Bond Index with a remaining maturity of less than four years. |
N/A — Not applicable as the share class and index do not have a sales charge.
Past performance is not an indication of future results.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Expense Example
Actual | Hypothetical(a) | |||||||||||||||||||||||||||||||
Beginning Account Value (07/01/21) | Ending Account Value (12/31/21) | Expenses the Period(b) | Beginning Account Value (07/01/21) | Ending Account Value (12/31/21) | Expenses the Period(b) | Annualized Expense Ratio | ||||||||||||||||||||||||||
Institutional | $ | 1,000.00 | $ | 997.40 | $ | 1.81 | $ | 1,000.00 | $ | 1,023.39 | $ | 1.84 | 0.36 | % | ||||||||||||||||||
Investor A | 1,000.00 | 996.30 | 2.97 | 1,000.00 | 1,022.23 | 3.01 | 0.59 | |||||||||||||||||||||||||
Investor A1 | 1,000.00 | 996.90 | 2.32 | 1,000.00 | 1,022.89 | 2.35 | 0.46 | |||||||||||||||||||||||||
Investor C | 1,000.00 | 992.90 | 6.83 | 1,000.00 | 1,018.35 | 6.92 | 1.36 | |||||||||||||||||||||||||
Class K | 1,000.00 | 997.60 | 1.56 | 1,000.00 | 1,023.64 | 1.58 | 0.31 |
(a) | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
(b) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). |
14 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of December 31, 2021 (continued) |
BlackRock Short-Term Municipal Fund |
Portfolio Information
SECTOR ALLOCATION
Sector(a)(b) |
Percent of | |||
Corporate | 24 | % | ||
State | 19 | |||
Housing | 17 | |||
Transportation | 11 | |||
County/City/Special District/School District | 10 | |||
Health | 8 | |||
Utilities | 6 | |||
Education | 4 | |||
Tobacco | 1 |
CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(a)(c) |
Percentage | |||
2022 | 20 | % | ||
2023 | 20 | |||
2024 | 18 | |||
2025 | 9 | |||
2026 | 6 |
CREDIT QUALITY ALLOCATION
Credit Rating(a)(d) |
Percent of | |||
AAA/Aaa | 8 | % | ||
AA/Aa | 34 | |||
A | 47 | |||
BBB/Baa | 10 | |||
N/R(e) | 1 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments. |
FUND SUMMARY | 15 |
Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock High Yield Municipal Fund’s and BlackRock New York Municipal Opportunities Fund’s Class K Share performance shown prior to the Class K shares inception date of January 25, 2018 is that of the respective Fund’s Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares. On the close of business on August 15, 2016, all of the issued and outstanding BlackRock Shares of BlackRock National Municipal Fund were redesignated as Class K Shares.
Service Shares (available only in BlackRock National Municipal Fund) are not subject to any sales charge. These shares are subject to a service fee of 0.25% per year (but no distribution fee) and are only available to certain eligible investors.
Investor A Shares are subject to a maximum initial sales charge (front-end load) of 4.25% for all Funds except BlackRock Short-Term Municipal Fund, which incurs a 3.00% maximum initial sales charge, and all Funds incur a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.
Investor A1 Shares (available only in BlackRock Short-Term Municipal Fund and BlackRock New York Municipal Opportunities Fund) are subject to a maximum initial sales charge (front-end load) of 1.00% for BlackRock Short-Term Municipal Fund and 4.00% for BlackRock New York Municipal Opportunities Fund and a service fee of 0.10% per year (but no distribution fee). The maximum initial sales charge does not apply to current eligible investors of Investor A1 Shares of the Funds. These shares are only available for dividend and capital gain reinvestment by existing shareholders and for purchase by certain eligible employer-sponsored retirement plans. Certain redemptions of these shares may be subject to a CDSC where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.
Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.
BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.
The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.
Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a
16 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Disclosure of Expenses (continued)
hypothetical investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
DISCLOSURE OF EXPENSES | 17 |
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 High Yield Municipal Fund, 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, the Fund’s shareholders benefit from the incremental net income.
The interest earned on securities purchased with the proceeds from leverage is distributed to the Funds’ shareholders, and the value of these portfolio holdings is reflected in each Fund’s per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage.
Furthermore, the value of each Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund’s NAV positively or negatively in addition to the impact on each Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund’s leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Fund’s NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund’s shares than if the Fund was not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Funds to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund’s shareholders and may reduce income.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. 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.
18 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) December 31, 2021 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds | ||||||||
Consumer Discretionary — 0.1% | ||||||||
YMCA of Greater New York, 2.30%, 08/01/26 | $ | 1,000 | $ | 990,968 | ||||
|
| |||||||
Diversified Financial Services — 0.1% | ||||||||
Citigroup, Inc., (SOFR + 1.18%), 2.52%, 11/03/32(a) | 1,238 | 1,236,534 | ||||||
|
| |||||||
Education — 0.6% | ||||||||
Grand Canyon University, 5.13%, 10/01/28 | 7,105 | 7,302,590 | ||||||
Rensselaer Polytechnic Institute, 5.25%, 09/01/48 | 1,910 | 2,367,814 | ||||||
|
| |||||||
9,670,404 | ||||||||
Health Care Providers & Services — 0.2% | ||||||||
Northwell Healthcare, Inc., 4.26%, 11/01/47 | 2,500 | 2,951,432 | ||||||
|
| |||||||
Pharmaceuticals — 0.1% | ||||||||
Merck & Co., Inc., 2.15%, 12/10/31 | 2,284 | 2,290,370 | ||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.4% | ||||||||
Community Preservation Corp., 2.87%, 02/01/30 | 5,760 | 5,951,345 | ||||||
|
| |||||||
Tobacco — 0.2% | ||||||||
Altria Group, Inc., 3.70%, 02/04/51 | 3,895 | 3,630,607 | ||||||
|
| |||||||
Total Corporate Bonds — 1.7% | 26,721,660 | |||||||
|
| |||||||
Municipal Bonds | ||||||||
Guam — 0.2% | ||||||||
State — 0.2% | ||||||||
Territory of Guam, Refunding RB | ||||||||
Series F, 4.00%, 01/01/36 | 1,225 | 1,410,917 | ||||||
Series F, 4.00%, 01/01/42 | 1,565 | 1,767,055 | ||||||
|
| |||||||
Total Municipal Bonds in Guam | 3,177,972 | |||||||
Illinois — 0.2% | ||||||||
County/City/Special District/School District — 0.2% | ||||||||
Chicago Board of Education, GO, BAB, 6.14%, 12/01/39 | 3,075 | 3,759,938 | ||||||
|
| |||||||
New York — 80.6% | ||||||||
Corporate — 3.5% | ||||||||
Build NYC Resource Corp., Refunding RB(c) | ||||||||
AMT, 4.50%, 01/01/25(b) | 310 | 331,765 | ||||||
AMT, 5.00%, 01/01/35 | 100 | 112,172 | ||||||
New York Liberty Development Corp., RB, 5.50%, 10/01/37 | 4,780 | 7,123,696 | ||||||
New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35 | 9,365 | 13,241,604 | ||||||
New York State Energy Research & Development Authority, Refunding RB, Series C, 2.63%, 04/01/34(a) | 20,000 | 20,541,900 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 01/01/33 | 1,000 | 1,196,595 | ||||||
AMT, 5.00%, 10/01/35 | 1,125 | 1,393,706 | ||||||
AMT, 5.00%, 10/01/40 | 3,040 | 3,702,295 | ||||||
Niagara Area Development Corp., Refunding RB(c) | ||||||||
Series B, 3.50%, 11/01/24 | 1,000 | 1,035,697 | ||||||
Series A, AMT, 4.75%, 11/01/42 | 7,990 | 8,342,846 | ||||||
|
| |||||||
57,022,276 | ||||||||
County/City/Special District/School District — 18.8% | ||||||||
Battery Park City Authority, Refunding RB | ||||||||
Series B, 5.00%, 11/01/39. | 6,600 | 8,496,015 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
Battery Park City Authority, Refunding RB (continued) Series B, 5.00%, 11/01/40 | $ | 8,500 | $ | 10,939,415 | ||||
City of New York, GO | ||||||||
Series B-1, 5.00%, 12/01/37 | 2,500 | 2,984,935 | ||||||
Series B-1, 5.00%, 10/01/39 | 5,845 | 7,070,264 | ||||||
Series D, 5.38%, 06/01/32 | 15 | 15,056 | ||||||
Series D, 5.00%, 12/01/42 | 2,490 | 3,090,112 | ||||||
Series E-1, 5.00%, 03/01/41 | 2,695 | 3,291,713 | ||||||
Series E-1, 5.00%, 03/01/44 | 2,140 | 2,607,376 | ||||||
Series F-1, 5.00%, 03/01/39 | 2,000 | 2,595,410 | ||||||
Sub-Series A-1, 5.00%, 08/01/33 | 700 | 750,497 | ||||||
Sub-Series D-1, 5.00%, 08/01/31 | 935 | 1,003,078 | ||||||
Sub-Series F-1, 5.00%, 04/01/39 | 3,000 | 3,675,381 | ||||||
Sub-Series F-2, 1.94%, 03/01/29 | 9,410 | 9,398,605 | ||||||
Sub-Series G-1, 5.00%, 04/01/22(d) | 1,000 | 1,011,648 | ||||||
City of New York, Refunding GO | ||||||||
Series C, 5.00%, 08/01/34 | 500 | 566,434 | ||||||
Series C-3, 2.46%, 08/01/33 | 2,145 | 2,144,837 | ||||||
Series D, 1.72%, 08/01/29 | 1,965 | 1,931,139 | ||||||
Series D, 1.92%, 08/01/31 | 2,500 | 2,435,985 | ||||||
Series E, 5.00%, 02/01/23(d) | 1,250 | 1,314,066 | ||||||
City of Yonkers, GO | ||||||||
Series A, (AGM), 5.00%, 02/15/34 | 300 | 389,154 | ||||||
Series A, (AGM), 4.00%, 02/15/35 | 350 | 418,483 | ||||||
Series A, (AGM), 4.00%, 02/15/36 | 350 | 416,456 | ||||||
County of Nassau New York, GO | ||||||||
Series B, (AGM), 5.00%, 07/01/37 | 1,145 | 1,403,721 | ||||||
Series B, (AGM), 5.00%, 07/01/45 | 4,960 | 6,056,160 | ||||||
Series C, 5.00%, 10/01/29 | 500 | 610,684 | ||||||
County of Nassau New York, Refunding GO, Series B, 5.00%, 04/01/35 | 3,600 | 4,315,183 | ||||||
Erie County Industrial Development Agency, Refunding RB, (SAW), 5.00%, 05/01/31 | 1,925 | 2,566,148 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB | ||||||||
Series A, 5.00%, 02/15/35 | 2,500 | 3,008,443 | ||||||
Series A, 5.00%, 02/15/36 | 2,000 | 2,404,048 | ||||||
Series A, 5.00%, 02/15/39 | 2,500 | 2,977,213 | ||||||
Series A, 5.00%, 02/15/42 | 27,495 | 32,634,063 | ||||||
Monroe County Industrial Development Corp., RB | ||||||||
(SAW), 5.00%, 05/01/33 | 2,885 | 3,561,997 | ||||||
(SAW), 5.00%, 05/01/34 | 2,375 | 2,925,520 | ||||||
Nassau County Interim Finance Authority, Refunding RB, Series B, 1.28%, 11/15/28 | 3,750 | 3,633,949 | ||||||
Nassau County, Refunding GO, Series A, (AGM), 4.00%, 04/01/38 | 2,635 | 3,154,063 | ||||||
New York City Industrial Development Agency, RB(e) | ||||||||
(AGC), 0.00%, 03/01/41 | 4,155 | 2,626,396 | ||||||
(AGC), 0.00%, 03/01/42 | 5,500 | 3,375,427 | ||||||
(AGC), 0.00%, 03/01/43 | 2,000 | 1,187,936 | ||||||
(AGC), 0.00%, 03/01/45 | 2,450 | 1,345,677 | ||||||
New York City Industrial Development Agency, Refunding RB | ||||||||
Class A, (AGM), 4.00%, 01/01/32 | 750 | 913,275 | ||||||
Series A, AMT, 5.00%, 07/01/28 | 2,210 | 2,254,741 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | 10,000 | 12,578,660 | ||||||
Series A-1, 5.00%, 11/01/38 | 1,000 | 1,080,211 | ||||||
Series A-2, 5.00%, 08/01/38 | 490 | 594,694 | ||||||
Series A-E1, 5.00%, 02/01/36 | 3,500 | 4,192,157 |
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued) | ||||||||
Series E-1, 5.00%, 02/01/39 | $ | 1,500 | $ | 1,749,578 | ||||
Series E-1, 5.00%, 02/01/41 | 3,000 | 3,390,612 | ||||||
Sub-Series A-1, 5.00%, 08/01/40 | 13,360 | 16,484,316 | ||||||
Sub-Series B-1, 5.00%, 11/01/35 | 200 | 220,458 | ||||||
Sub-Series B-1, 5.00%, 11/01/36 | 680 | 749,127 | ||||||
Sub-Series B-1, 5.00%, 11/01/38 | 5,000 | 5,788,130 | ||||||
Sub-Series E-1, 5.00%, 02/01/42 | 650 | 652,222 | ||||||
Series C-1, Subordinate, 4.00%, 11/01/42 | 2,500 | 2,925,360 | ||||||
Series C-3, Subordinate, 5.00%, 05/01/41 | 7,100 | 8,755,202 | ||||||
New York Convention Center Development Corp., RB, CAB, Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55(e) | 5,500 | 2,138,059 | ||||||
New York Convention Center Development Corp., Refunding RB | ||||||||
5.00%, 11/15/35 | 3,500 | 4,049,101 | ||||||
5.00%, 11/15/40 | 7,690 | 8,870,884 | ||||||
5.00%, 11/15/45 | 8,490 | 9,726,985 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
2.75%, 11/15/41 | 17,000 | 17,402,747 | ||||||
2.45%, 09/15/69 | 10,000 | 10,464,680 | ||||||
2.63%, 09/15/69 | 10,000 | 10,468,230 | ||||||
2.80%, 09/15/69 | 10,000 | 10,321,840 | ||||||
Class 1, 4.00%, 09/15/35 | 745 | 750,347 | ||||||
Class 2, 5.00%, 09/15/43 | 3,585 | 3,614,074 | ||||||
Class 3, 5.00%, 03/15/44 | 2,240 | 2,259,136 | ||||||
Series 1, Class 1, 5.00%, 11/15/44(c) | 12,570 | 13,778,304 | ||||||
Series 2, Class 2, 5.38%, 11/15/40(c) | 520 | 581,644 | ||||||
New York State Dormitory Authority, RB, 5.00%, 07/01/26 | 1,015 | 1,018,416 | ||||||
New York State Dormitory Authority, Refunding RB(d) | ||||||||
Series A, 5.00%, 07/01/22 | 895 | 916,155 | ||||||
Series B, 5.00%, 08/15/27 | 5 | 6,162 | ||||||
|
| |||||||
303,028,194 | ||||||||
Education — 8.3% | ||||||||
Albany Capital Resource Corp., Refunding RB | ||||||||
4.00%, 07/01/41 | 1,650 | 1,780,419 | ||||||
4.00%, 07/01/51 | 1,705 | 1,800,127 | ||||||
Amherst Development Corp., Refunding RB | ||||||||
5.00%, 10/01/43 | 85 | 95,441 | ||||||
5.00%, 10/01/48 | 1,040 | 1,158,489 | ||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB | ||||||||
Series A, 4.50%, 06/01/27 | 1,000 | 1,108,952 | ||||||
Series A, 5.00%, 06/01/35 | 655 | 730,688 | ||||||
Build NYC Resource Corp. RB(c) | ||||||||
5.00%, 06/01/36 | 525 | 600,700 | ||||||
5.00%, 06/01/41 | 550 | 622,481 | ||||||
5.00%, 06/01/51 | 1,500 | 1,677,030 | ||||||
5.00%, 06/01/56 | 1,250 | 1,393,730 | ||||||
Build NYC Resource Corp., RB | ||||||||
5.00%, 02/01/33(c) | 845 | 899,352 | ||||||
5.63%, 02/01/39(c) | 1,285 | 1,389,963 | ||||||
4.00%, 06/15/41 | 195 | 217,237 | ||||||
5.75%, 02/01/49(c) | 1,145 | 1,232,407 | ||||||
4.00%, 06/15/51 | 735 | 801,698 | ||||||
Class A, 5.00%, 12/01/41(c) | 1,350 | 1,562,028 | ||||||
Class A, 5.00%, 12/01/51(c) | 1,500 | 1,706,967 | ||||||
Class A, 5.00%, 12/01/55(c) | 1,000 | 1,133,976 |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
Build NYC Resource Corp., RB (continued) | ||||||||
Series A, 4.88%, 05/01/31(c) | $ | 750 | $ | 854,589 | ||||
Series A, 5.13%, 05/01/38(c) | 140 | 160,169 | ||||||
Series A, 5.50%, 05/01/48(c) | 2,175 | 2,494,020 | ||||||
Build NYC Resource Corp., Refunding RB | ||||||||
5.00%, 06/01/30 | 385 | 434,761 | ||||||
5.00%, 08/01/33 | 275 | 330,494 | ||||||
5.00%, 06/01/35 | 250 | 283,175 | ||||||
5.00%, 08/01/35 | 740 | 887,292 | ||||||
5.00%, 06/01/40 | 310 | 346,693 | ||||||
5.00%, 08/01/47 | 725 | 858,789 | ||||||
5.00%, 11/01/47 | 2,900 | 4,385,487 | ||||||
Series A, 5.00%, 06/01/43 | 325 | 356,685 | ||||||
County of Cattaraugus New York, RB | ||||||||
5.00%, 05/01/34 | 130 | 141,456 | ||||||
5.00%, 05/01/39 | 225 | 244,031 | ||||||
Dobbs Ferry Local Development Corp., RB | ||||||||
5.00%, 07/01/39 | 1,000 | 1,101,586 | ||||||
5.00%, 07/01/44 | 2,000 | 2,197,682 | ||||||
Dutchess County Local Development Corp., RB | ||||||||
5.00%, 07/01/43 | 955 | 1,168,045 | ||||||
5.00%, 07/01/48 | 1,435 | 1,750,978 | ||||||
Dutchess County Local Development Corp., Refunding RB, 5.00%, 07/01/42 | 1,980 | 2,361,059 | ||||||
Geneva Development Corp., RB, 5.25%, 09/01/23(d) | 160 | 173,148 | ||||||
Hempstead Town Local Development Corp., Refunding RB | ||||||||
5.00%, 10/01/34 | 570 | 632,133 | ||||||
5.00%, 10/01/35 | 265 | 293,680 | ||||||
5.00%, 07/01/47 | 2,165 | 2,592,070 | ||||||
Monroe County Industrial Development Corp., Refunding RB | ||||||||
Series A, 5.00%, 07/01/23(d) | 1,360 | 1,455,843 | ||||||
Series A, 5.00%, 07/01/32 | 300 | 366,012 | ||||||
Series A, 5.00%, 07/01/33 | 350 | 426,482 | ||||||
Series A, 5.00%, 07/01/34 | 350 | 425,952 | ||||||
Series A, 5.00%, 07/01/35 | 800 | 972,394 | ||||||
Series A, 5.00%, 07/01/36 | 1,000 | 1,213,977 | ||||||
Series A, 5.00%, 07/01/37 | 500 | 606,402 | ||||||
Series A, 4.00%, 07/01/50 | 5,000 | 5,796,640 | ||||||
Series C, 5.05%, 07/01/28 | 1,000 | 1,187,852 | ||||||
New York State Dormitory Authority, RB 5.00%, 01/01/42 | 5,000 | 5,805,495 | ||||||
1st Series, (AMBAC), 5.50%, 07/01/40 | 500 | 758,645 | ||||||
Series 1, (BHAC-CR AMBAC), 5.50%, 07/01/31 | 475 | 620,790 | ||||||
Series A, (NPFGC), 5.15%, 07/01/24 | 250 | 267,942 | ||||||
Series A, 4.13%, 01/01/30 | 1,600 | 1,713,810 | ||||||
Series A, 5.00%, 07/01/33 | 1,000 | 1,233,993 | ||||||
Series A, 5.25%, 01/01/34 | 250 | 273,889 | ||||||
Series A, 5.50%, 01/01/39 | 500 | 548,616 | ||||||
Series A, 5.00%, 07/01/43 | 8,065 | 9,841,574 | ||||||
Series A, 5.50%, 01/01/44 | 2,000 | 2,187,604 | ||||||
Series A, 4.00%, 07/01/44 | 2,010 | 2,325,070 | ||||||
Series B, 5.00%, 07/01/42 | 750 | 767,661 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
5.00%, 07/01/28 | 500 | 511,809 | ||||||
5.00%, 07/01/29 | 375 | 415,594 | ||||||
5.00%, 07/01/30 | 300 | 332,300 | ||||||
5.00%, 07/01/42 | 300 | 307,064 | ||||||
5.00%, 07/01/44 | 1,190 | 1,307,718 | ||||||
Series A, 5.00%, 07/01/22(d) | 1,000 | 1,023,676 |
20 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
New York State Dormitory Authority, Refunding RB (continued) | ||||||||
Series A, 5.25%, 07/01/23(d) | $ | 5,590 | $ | 6,004,733 | ||||
Series A, 5.00%, 07/01/24(d) | 1,000 | 1,113,201 | ||||||
Series A, 5.00%, 05/01/27 | 980 | 1,033,009 | ||||||
Series A, 4.00%, 07/01/33 | 1,000 | 1,212,258 | ||||||
Series A, 5.00%, 07/01/33 | 470 | 536,046 | ||||||
Series A, 4.00%, 07/01/34 | 2,000 | 2,410,662 | ||||||
Series A, 5.00%, 07/01/36 | 1,850 | 2,233,927 | ||||||
Series A, 5.00%, 07/01/37 | 350 | 396,992 | ||||||
Series A, 5.00%, 07/01/38 | 1,005 | 1,211,099 | ||||||
Series A, 5.00%, 07/01/41 | 500 | 581,077 | ||||||
Series A, 5.00%, 07/01/42(d) | 2,000 | 2,381,076 | ||||||
Series A, 5.00%, 07/01/43 | 1,000 | 1,132,203 | ||||||
Series B, 5.00%, 10/01/38 | 10,000 | 12,403,680 | ||||||
Series C, 4.00%, 07/01/49 | 2,500 | 2,934,745 | ||||||
Onondaga County Trust for Cultural Resources, Refunding RB, 5.00%, 05/01/40 | 135 | 154,075 | ||||||
Orange County Funding Corp., Refunding RB | ||||||||
Series A, 5.00%, 07/01/37 | 360 | 367,075 | ||||||
Series A, 5.00%, 07/01/42 | 220 | 224,178 | ||||||
Schenectady County Capital Resource Corp., Refunding RB, 5.00%, 07/01/32 | 500 | 511,165 | ||||||
St. Lawrence County Industrial Development Agency, Refunding RB, Series B, 4.43%, 07/01/56 | 1,500 | 1,788,063 | ||||||
Troy Capital Resource Corp., Refunding RB | ||||||||
5.00%, 08/01/28 | 2,690 | 3,124,623 | ||||||
5.00%, 08/01/32 | 1,000 | 1,156,992 | ||||||
4.00%, 08/01/35 | 1,110 | 1,226,991 | ||||||
4.00%, 09/01/40 | 160 | 187,016 | ||||||
Trust for Cultural Resources of The City of New York, Refunding RB | ||||||||
Series A, 5.00%, 07/01/32 | 500 | 553,997 | ||||||
Series A, 5.00%, 07/01/37 | 885 | 977,966 | ||||||
Yonkers Economic Development Corp., RB | ||||||||
Series A, 4.00%, 10/15/29 | 200 | 223,973 | ||||||
Series A, 5.00%, 10/15/39 | 580 | 687,758 | ||||||
Series A, 5.00%, 10/15/49 | 460 | 535,643 | ||||||
Series A, 5.00%, 10/15/54 | 300 | 348,062 | ||||||
|
| |||||||
134,306,796 | ||||||||
Health — 3.4% | ||||||||
Buffalo & Erie County Industrial Land Development Corp., RB, 5.25%, 07/01/35 | 1,000 | 1,109,147 | ||||||
Build NYC Resource Corp., Refunding RB, 5.00%, 07/01/24(d) | 1,100 | 1,226,096 | ||||||
Dutchess County Local Development Corp., RB, Series B, 4.00%, 07/01/41 | 10,050 | 11,198,464 | ||||||
Dutchess County Local Development Corp., Refunding RB, Series A, 5.00%, 07/01/24(d) | 750 | 835,975 | ||||||
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 | 525 | 574,866 | ||||||
Monroe County Industrial Development Corp., RB | ||||||||
5.00%, 12/01/29 | 660 | 783,981 | ||||||
4.00%, 12/01/41 | 100 | 111,070 | ||||||
5.00%, 12/01/46 | 4,960 | 5,786,286 | ||||||
Series A, 5.00%, 12/01/37 | 370 | 384,101 | ||||||
New York State Dormitory Authority, RB | ||||||||
5.00%, 12/01/40(c) | 1,300 | 1,467,229 | ||||||
5.00%, 12/01/45(c) | 1,700 | 1,896,221 | ||||||
Series C, 2.15%, 03/15/31 | 3,000 | 2,988,204 |
Security | Par (000) | Value | ||||||
Health (continued) | ||||||||
New York State Dormitory Authority, Refunding RB | ||||||||
5.00%, 12/01/27(c) | $ | 100 | $ | 120,491 | ||||
2.26%, 07/01/30 | 4,000 | 4,031,120 | ||||||
5.00%, 07/01/32 | 365 | 428,776 | ||||||
5.00%, 07/01/34 | 320 | 373,956 | ||||||
5.00%, 07/01/35 | 350 | 408,190 | ||||||
5.00%, 07/01/36 | 275 | 320,253 | ||||||
4.00%, 07/01/38 | 110 | 118,120 | ||||||
4.00%, 07/01/39 | 140 | 150,027 | ||||||
4.00%, 07/01/40 | 325 | 347,779 | ||||||
5.00%, 07/01/41 | 450 | 519,135 | ||||||
4.00%, 07/01/45 | 810 | 861,850 | ||||||
Series A, 5.00%, 05/01/32 | 1,270 | 1,445,938 | ||||||
Series A, 2.58%, 07/01/33 | 4,000 | 4,026,812 | ||||||
Series A, 5.00%, 05/01/43 | 1,570 | 1,773,375 | ||||||
Southold Local Development Corp., RB, 4.00%, 12/01/45 | 1,900 | 1,976,462 | ||||||
Suffolk County Economic Development Corp., RB, Series C, 5.00%, 07/01/32 | 385 | 426,170 | ||||||
Tompkins County Development Corp., Refunding RB | ||||||||
4.25%, 07/01/44 | 1,595 | 1,598,787 | ||||||
5.00%, 07/01/44 | 1,145 | 1,237,373 | ||||||
Westchester County Healthcare Corp., Refunding RB, Series B, Senior Lien, 6.00%, 11/01/30 | 110 | 110,418 | ||||||
Westchester County Local Development Corp., Refunding RB | ||||||||
4.00%, 01/01/23(b) | 85 | 87,565 | ||||||
5.00%, 01/01/28 | 1,805 | 1,876,427 | ||||||
5.00%, 01/01/34 | 1,375 | 1,428,222 | ||||||
5.00%, 11/01/34 | 500 | 572,489 | ||||||
5.00%, 07/01/46(c) | 2,545 | 2,726,973 | ||||||
|
| |||||||
55,328,348 | ||||||||
Housing — 7.2% | ||||||||
New York City Housing Development Corp., RB, M/F Housing | 2,805 | 2,986,495 | ||||||
1.75%, 05/01/59(a) | 11,000 | 11,055,704 | ||||||
Series B-1, 5.25%, 07/01/30 | 500 | 534,524 | ||||||
Series B-1, 5.25%, 07/01/32 | 2,755 | 2,929,477 | ||||||
Series B-1, 5.00%, 07/01/33 | 650 | 689,172 | ||||||
Series C-2A, 2.35%, 07/01/22 | 7,500 | 7,505,497 | ||||||
Series K, 3.85%, 11/01/38 | 4,000 | 4,312,724 | ||||||
Series K, 4.00%, 11/01/48 | 4,000 | 4,236,400 | ||||||
Series L, 2.75%, 05/01/50(a) | 6,500 | 6,639,743 | ||||||
New York City Housing Development Corp., Refunding RB, M/F Housing | ||||||||
Series B-1B, 2.10%, 11/01/58(a) | 3,655 | 3,659,401 | ||||||
Series D, 4.10%, 11/01/38 | 2,500 | 2,810,005 | ||||||
New York State Housing Finance Agency RB, (SONYMA), 2.80%, 11/01/51 | 4,500 | 4,521,645 | ||||||
New York State Housing Finance Agency, RB, M/F Housing | ||||||||
Series C, (FHLMC, FNMA, SONYMA GNMA), 2.75%, 11/01/31 | 1,000 | 1,030,780 | ||||||
Series D, (SONYMA), 2.05%, 05/01/23 | 4,155 | 4,158,050 | ||||||
Series E, (SONYMA), 2.13%, 11/01/23 | 2,500 | 2,512,438 | ||||||
Series E, (SONYMA), 4.15%, 11/01/47 | 165 | 175,281 | ||||||
Series I, (SONYMA FNMA), 1.75%, 05/01/24 | 3,000 | 3,002,682 | ||||||
Series P, 1.60%, 11/01/24 | 20,000 | 20,009,560 | ||||||
Series A, AMT, (SONYMA), 4.90%, 02/15/38 | 645 | 646,447 |
SCHEDULE OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | 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 A, AMT, (SONYMA), 5.10%, 02/15/38 | $ | 875 | $ | 877,259 | ||||
New York State Housing Finance Agency, Refunding RB, Series C, (SONYMA), 3.85%, 11/01/39 | 4,425 | 4,823,387 | ||||||
State of New York Mortgage Agency RB, (SONYMA), 3.25%, 10/01/51 | 5,000 | 5,559,840 | ||||||
State of New York Mortgage Agency, RB | ||||||||
AMT, 1.40%, 10/01/27 | 5,460 | 5,426,574 | ||||||
AMT, 1.50%, 04/01/28 | 5,475 | 5,436,193 | ||||||
State of New York Mortgage Agency, RB, S/F Housing, 49th Series, 3.25%, 10/01/28 | 5,000 | 5,084,010 | ||||||
State of New York Mortgage Agency, Refunding RB | ||||||||
218th Series, AMT, 3.25%, 04/01/30 | 1,380 | 1,477,830 | ||||||
Series 209, AMT, 3.35%, 04/01/29(b) | 435 | 466,948 | ||||||
Yonkers Industrial Development Agency, RB, AMT, (SONYMA), 5.25%, 04/01/37 | 585 | 586,744 | ||||||
Yonkers Industrial Development Corp., RB | ||||||||
Series A, AMT, (SONYMA), 4.80%, 10/01/26 | 415 | 416,224 | ||||||
Series A, AMT, (SONYMA), 5.00%, 10/01/37 | 1,640 | 1,644,033 | ||||||
|
| |||||||
115,215,067 | ||||||||
State — 8.5% | ||||||||
Hudson Yards Infrastructure Corp. Refunding RB, 4.00%, 02/15/40 | 3,500 | 4,238,920 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB | ||||||||
(SAW), 4.00%, 07/15/46 | 2,500 | 2,905,567 | ||||||
Series S-1, Subordinate, (SAW), 5.00%, 07/15/38 | 2,250 | 2,783,068 | ||||||
Series S-1, Subordinate, (SAW), 5.00%, 07/15/43 | 4,865 | 5,666,387 | ||||||
Series S-3, Subordinate, (SAW), 5.25%, 07/15/36 | 2,080 | 2,615,862 | ||||||
Series S-3, Subordinate, (SAW), 5.00%, 07/15/37 | 3,015 | 3,725,642 | ||||||
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 | 5,000 | 6,236,225 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, Refunding RB | ||||||||
(SAW), 4.00%, 07/15/36 | 2,865 | 3,478,540 | ||||||
(SAW), 4.00%, 07/15/37 | 855 | 1,035,066 | ||||||
Series S-3, Subordinate, (SAW), 5.00%, 07/15/37 | 7,000 | 8,664,320 | ||||||
Series S-4A, Subordinate, (SAW), 5.25%, 07/15/35 | 9,165 | 11,523,814 | ||||||
New York State Dormitory Authority, RB | ||||||||
Series A, 5.00%, 02/15/36 | 9,000 | 10,694,997 | ||||||
Series A, 5.00%, 02/15/38 | 5,000 | 5,929,570 | ||||||
Series A, 5.00%, 03/15/39 | 1,630 | 1,999,317 | ||||||
Series A, 5.00%, 03/15/40 | 2,500 | 2,979,222 | ||||||
Series A, 5.00%, 03/15/43 | 4,995 | 5,949,130 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
1.75%, 03/15/28 | 1,180 | 1,170,119 | ||||||
Series A, 5.25%, 03/15/39 | 7,250 | 9,133,086 | ||||||
Series E, 5.00%, 03/15/40 | 5,645 | 7,013,636 | ||||||
Series E, 5.00%, 03/15/41 | 3,615 | 4,489,953 | ||||||
New York State Thruway Authority Highway & Bridge Trust Fund, Refunding RB, Series A, 5.00%, 04/01/32 | 1,000 | 1,011,380 | ||||||
New York State Urban Development Corp., RB, Series C, 5.00%, 03/15/30 | 250 | 263,994 | ||||||
New York State Urban Development Corp., Refunding RB | ||||||||
4.00%, 03/15/45 | 7,500 | 8,925,300 | ||||||
Series A, 5.00%, 03/15/38 | 5,000 | 6,011,450 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
New York State Urban Development Corp., Refunding RB (continued) | ||||||||
Series B, 2.77%, 03/15/31 | $ | 7,500 | $ | 7,858,305 | ||||
Series C-3, 5.00%, 03/15/39 | 5,000 | 6,107,385 | ||||||
State of New York, Refunding GO, Series B, 1.74%, 03/15/29 | 5,000 | 4,959,765 | ||||||
|
| |||||||
137,370,020 | ||||||||
Tobacco — 3.2% | ||||||||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 06/01/39 | 825 | 854,042 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 4,595 | 4,636,180 | ||||||
New York Counties Tobacco Trust IV, Refunding RB | ||||||||
Series A, 6.25%, 06/01/41(c) | 2,200 | 2,245,030 | ||||||
Series A, 5.00%, 06/01/42 | 3,775 | 3,830,153 | ||||||
Series A, 5.00%, 06/01/45 | 895 | 908,074 | ||||||
New York Counties Tobacco Trust VI, Refunding RB | ||||||||
Series A-2-B, 5.00%, 06/01/45 | 6,350 | 7,043,623 | ||||||
Series A-2-B, 5.00%, 06/01/51 | 3,955 | 4,381,084 | ||||||
Series B, 5.00%, 06/01/28 | 90 | 105,211 | ||||||
Series B, 5.00%, 06/01/29 | 105 | 122,632 | ||||||
Series C, 4.00%, 06/01/51 | 4,055 | 4,124,028 | ||||||
Niagara Tobacco Asset Securitization Corp., Refunding RB | ||||||||
5.25%, 05/15/34 | 2,250 | 2,483,899 | ||||||
5.25%, 05/15/40 | 1,250 | 1,359,430 | ||||||
TSASC Inc., Refunding RB | ||||||||
Series A, 5.00%, 06/01/30 | 775 | 924,832 | ||||||
Series A, 5.00%, 06/01/33 | 3,000 | 3,543,081 | ||||||
Series A, 5.00%, 06/01/36 | 5,835 | 6,810,489 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB | ||||||||
Sub-Series C, 4.00%, 06/01/42 | 5,420 | 5,921,404 | ||||||
Sub-Series C, 5.13%, 06/01/51 | 2,375 | 2,704,028 | ||||||
|
| |||||||
51,997,220 | ||||||||
Transportation — 18.6% | ||||||||
Albany County Airport Authority, Refunding RB | ||||||||
Series B, AMT, 4.00%, 12/15/35 | 120 | 134,817 | ||||||
Series B, AMT, 4.00%, 12/15/34 | 235 | 264,417 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
4.00%, 11/15/44 | 2,500 | 2,873,712 | ||||||
4.00%, 11/15/46 | 2,000 | 2,289,780 | ||||||
Series A, 5.00%, 11/15/35 | 2,500 | 3,012,597 | ||||||
Series A, 5.00%, 11/15/42 | 5,000 | 5,996,475 | ||||||
Series A-1, 5.25%, 11/15/23(d) | 1,040 | 1,135,626 | ||||||
Series B, 5.25%, 11/15/33 | 500 | 551,669 | ||||||
Series B, 5.25%, 11/15/38 | 1,855 | 2,039,445 | ||||||
Series B, 5.25%, 11/15/39 | 5,795 | 6,366,520 | ||||||
Series B, 5.25%, 11/15/44 | 2,125 | 2,327,151 | ||||||
Series E, 5.00%, 11/15/38 | 2,350 | 2,527,636 | ||||||
Sub-Series A-1, 5.00%, 11/15/40 | 1,645 | 1,850,998 | ||||||
Sub-Series D-1, 5.00%, 11/15/39 | 4,250 | 4,717,309 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series A, 5.25%, 11/15/35 | 5,000 | 6,001,155 | ||||||
Series A, (AGM), 5.00%, 11/15/44 | 12,500 | 15,300,900 | ||||||
Series B, 5.00%, 11/15/35 | 1,750 | 2,055,524 | ||||||
Series B, 5.00%, 11/15/37 | 1,500 | 1,757,187 | ||||||
Series B-1, 5.00%, 11/15/36 | 13,500 | 16,020,490 | ||||||
Series C-1, 4.75%, 11/15/45 | 2,500 | 2,998,030 |
22 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
Metropolitan Transportation Authority, Refunding RB (continued) | ||||||||
Series D, 5.25%, 11/15/23(d) | $ | 670 | $ | 731,605 | ||||
Series D, 5.00%, 11/15/35 | 2,500 | 3,010,975 | ||||||
Series F, 5.00%, 11/15/30 | 1,500 | 1,557,305 | ||||||
MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56 | 7,985 | 8,526,607 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
4.00%, 02/15/43 | 7,485 | 8,732,428 | ||||||
2.75%, 02/15/44 | 3,125 | 3,146,578 | ||||||
New York State Bridge Authority, RB | ||||||||
Series A, 4.00%, 01/01/38 | 200 | 241,854 | ||||||
Series A, 4.00%, 01/01/39 | 275 | 332,153 | ||||||
Series A, 4.00%, 01/01/40 | 350 | 421,856 | ||||||
Series A, 4.00%, 01/01/41 | 165 | 198,396 | ||||||
Series A, 4.00%, 01/01/46 | 735 | 876,743 | ||||||
New York State Thruway Authority, RB | ||||||||
Series O, 4.00%, 01/01/38 | 9,000 | 10,845,162 | ||||||
Series O, 4.00%, 01/01/39 | 2,700 | 3,246,113 | ||||||
Series A, Junior Lien, 5.00%, 01/01/41 | 7,440 | 8,549,475 | ||||||
Series A, Junior Lien, 5.25%, 01/01/56 | 10,000 | 11,517,230 | ||||||
New York State Thruway Authority, Refunding RB | ||||||||
4.00%, 01/01/46 | 5,000 | 5,912,680 | ||||||
Series I, 5.00%, 01/01/22(d) | 940 | 940,000 | ||||||
Series J, 5.00%, 01/01/41 | 5,750 | 6,232,620 | ||||||
Series K, 5.00%, 01/01/29 | 5,000 | 5,653,025 | ||||||
Series K, 5.00%, 01/01/31 | 2,500 | 2,823,417 | ||||||
Series K, 5.00%, 01/01/32 | 1,500 | 1,692,728 | ||||||
Series L, 5.00%, 01/01/33 | 2,065 | 2,541,550 | ||||||
Series L, 5.00%, 01/01/34 | 910 | 1,114,274 | ||||||
Series L, 5.00%, 01/01/35 | 1,050 | 1,285,785 | ||||||
Series M, 2.90%, 01/01/35 | 4,000 | 4,178,172 | ||||||
Series B, Subordinate, 4.00%, 01/01/38 | 4,560 | 5,370,289 | ||||||
Series B, Subordinate, 4.00%, 01/01/39 | 1,165 | 1,366,363 | ||||||
Series B, Subordinate, 4.00%, 01/01/41 | 4,900 | 5,713,072 | ||||||
Series B, Subordinate, 4.00%, 01/01/45 | 1,500 | 1,728,734 | ||||||
New York Transportation Development Corp., ARB | ||||||||
Series A, AMT, 4.00%, 07/01/31 | 7,100 | 7,669,484 | ||||||
Series A, AMT, 5.00%, 07/01/34 | 250 | 275,596 | ||||||
Series A, AMT, 5.00%, 07/01/41 | 750 | 823,502 | ||||||
Series A, AMT, 5.00%, 07/01/46 | 1,500 | 1,643,909 | ||||||
Series A, AMT, 5.25%, 01/01/50 | 17,140 | 18,878,253 | ||||||
New York Transportation Development Corp., Refunding RB, 5.00%, 12/01/34 | 3,790 | 4,828,142 | ||||||
Niagara Falls Bridge Commission, RB, (AGM), 4.16%, 10/01/33 | 1,650 | 1,785,242 | ||||||
Niagara Frontier Transportation Authority, Refunding ARB | ||||||||
AMT, 5.00%, 04/01/32 | 400 | 495,427 | ||||||
AMT, 5.00%, 04/01/33 | 375 | 462,793 | ||||||
AMT, 5.00%, 04/01/34 | 225 | 277,022 | ||||||
AMT, 5.00%, 04/01/35 | 200 | 245,944 | ||||||
AMT, 5.00%, 04/01/36 | 210 | 257,798 | ||||||
AMT, 5.00%, 04/01/37 | 250 | 306,282 | ||||||
AMT, 5.00%, 04/01/38 | 250 | 305,884 | ||||||
AMT, 5.00%, 04/01/39 | 175 | 213,399 | ||||||
Port Authority of New York & New Jersey RB, AMT, 4.00%, 07/15/37 | 1,900 | 2,221,997 |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
Port Authority of New York & New Jersey, ARB, 218th Series, AMT, 4.00%, 11/01/41 | $ | 8,090 | $ | 9,414,616 | ||||
Port Authority of New York & New Jersey, Refunding ARB | ||||||||
Series 179, 5.00%, 12/01/38 | 150 | 162,446 | ||||||
178th Series, AMT, 5.00%, 12/01/32 | 2,270 | 2,460,294 | ||||||
178th Series, AMT, 5.00%, 12/01/43 | 285 | 307,255 | ||||||
193rd Series, AMT, 5.00%, 10/15/34 | 3,445 | 3,970,817 | ||||||
195th Series, AMT, 5.00%, 04/01/36 | 4,680 | 5,534,133 | ||||||
202nd Series, AMT, 5.00%, 04/15/37 | 5,000 | 5,988,460 | ||||||
206th Series, AMT, 5.00%, 11/15/37 | 1,525 | 1,840,664 | ||||||
Consolidated, 186th Series, AMT, 5.00%, 10/15/44 | 1,000 | 1,109,406 | ||||||
Series 197, AMT, 5.00%, 11/15/41 | 1,250 | 1,474,948 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
5.00%, 05/15/40 | 4,135 | 5,411,437 | ||||||
5.00%, 05/15/41 | 2,000 | 2,612,540 | ||||||
Series A, 5.00%, 11/15/51 | 2,500 | 3,237,210 | ||||||
Series B-3, 5.00%, 11/15/33 | 500 | 581,295 | ||||||
Series C- 2, 4.00%, 05/15/46 | 5,000 | 5,985,305 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB | ||||||||
Series A, 5.00%, 01/01/22(d) | 500 | 500,000 | ||||||
Series A, 5.00%, 11/15/50 | 1,000 | 1,130,464 | ||||||
Series B, 5.00%, 11/15/37 | 10,070 | 12,131,782 | ||||||
Series C, 5.00%, 11/15/37 | 6,000 | 7,549,734 | ||||||
|
| |||||||
300,802,107 | ||||||||
Utilities — 9.1% | ||||||||
Long Island Power Authority, RB | ||||||||
5.00%, 09/01/36 | 1,080 | 1,317,331 | ||||||
5.00%, 09/01/37 | 2,000 | 2,484,860 | ||||||
5.00%, 09/01/38 | 4,200 | 5,214,720 | ||||||
5.00%, 09/01/39 | 8,000 | 9,908,768 | ||||||
Series C, (AGC), 5.25%, 09/01/29 | 3,500 | 4,501,025 | ||||||
Long Island Power Authority, Refunding RB | ||||||||
Series A, 4.00%, 09/01/41 | 2,100 | 2,528,446 | ||||||
Series��B, 5.00%, 09/01/46 | 2,075 | 2,443,410 | ||||||
Series B, 1.50%, 09/01/51(a) | 2,500 | 2,576,973 | ||||||
New York City Water & Sewer System, RB | ||||||||
4.00%, 06/15/51 | 2,450 | 2,904,394 | ||||||
Series AA, 4.00%, 06/15/43 | 4,650 | 5,554,639 | ||||||
New York City Water & Sewer System, Refunding RB | ||||||||
4.00%, 06/15/40 | 5,000 | 5,967,720 | ||||||
4.00%, 06/15/45 | 7,500 | 9,035,880 | ||||||
Series BB, 5.00%, 06/15/47 | 2,000 | 2,081,886 | ||||||
Series BB-2, 0.02%, 06/15/49(a) | 15,000 | 15,000,000 | ||||||
Series DD, 5.25%, 06/15/47 | 2,455 | 2,952,447 | ||||||
Series DD-2, 5.00%, 06/15/40 | 4,850 | 5,954,321 | ||||||
Series EE, 5.00%, 06/15/37 | 2,735 | 3,326,501 | ||||||
Series EE, 5.25%, 06/15/37 | 1,075 | 1,321,737 | ||||||
Series EE, 5.00%, 06/15/40 | 8,355 | 10,257,392 | ||||||
Series FF, 5.00%, 06/15/40 | 11,500 | 14,261,253 | ||||||
Series HH, 5.00%, 06/15/39 | 1,000 | 1,144,448 | ||||||
Series CC-3, Subordinate, 5.00%, 06/15/32 | 5,000 | 6,717,215 | ||||||
Suffolk County Water Authority, Refunding RB, Series A, 3.75%, 06/01/36 | 5,815 | 6,070,482 | ||||||
Utility Debt Securitization Authority, Refunding RB 5.00%, 12/15/37 | 5,000 | 5,847,730 |
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
Utility Debt Securitization Authority, Refunding RB (continued) | ||||||||
Series TE, Restructured, 5.00%, 12/15/32 | $ | 1,000 | $ | 1,089,669 | ||||
Series TE, Restructured, 5.00%, 12/15/41 | 15,000 | 16,294,140 | ||||||
|
| |||||||
146,757,387 | ||||||||
|
| |||||||
Total Municipal Bonds in New York | 1,301,827,415 | |||||||
Puerto Rico — 8.4% | ||||||||
State — 5.1% | ||||||||
Commonwealth of Puerto Rico, GO(f)(g) | ||||||||
5.25%, 07/01/17 | 205 | 205,000 | ||||||
Series A, 5.25%, 07/01/22 | 440 | 436,700 | ||||||
Series A, 5.25%, 07/01/26 | 150 | 148,875 | ||||||
Series A, 5.13%, 07/01/31 | 1,560 | 1,548,300 | ||||||
Series A, 5.38%, 07/01/33 | 475 | 471,438 | ||||||
Series A, 6.00%, 07/01/38 | 1,885 | 1,896,465 | ||||||
Commonwealth of Puerto Rico, Refunding GO(f)(g) | ||||||||
5.50%, 07/01/32 | 545 | 540,913 | ||||||
6.00%, 07/01/34 | 445 | 447,706 | ||||||
6.00%, 07/01/39 | 220 | 221,338 | ||||||
Series A, 5.50%, 07/01/18 | 330 | 330,000 | ||||||
Series A, 8.00%, 07/01/35 | 13,150 | 11,670,625 | ||||||
Series A, 5.50%, 07/01/39 | 4,190 | 3,944,453 | ||||||
Series A, 5.00%, 07/01/41 | 6,765 | 6,080,044 | ||||||
Series A, 5.75%, 07/01/41 | 520 | 508,300 | ||||||
Series B, 6.00%, 07/01/39 | 750 | 754,561 | ||||||
Puerto Rico Public Buildings Authority, Refunding RB(f)(g) | ||||||||
Series F, (GTD), 5.25%, 07/01/24 | 260 | 287,864 | ||||||
Series M-2, (GTD), 10.00%, 07/01/34 | 490 | 556,150 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 16,715 | 19,063,123 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 7,337 | 8,492,064 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 10,560 | 11,919,917 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 | 49 | 55,317 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 7,067 | 8,060,479 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(e) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/29 | 490 | 440,833 | ||||||
Series A-1, Restructured, 0.00%, 07/01/31 | 582 | 480,916 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 | 841 | 647,952 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 4,317 | 1,456,431 | ||||||
Series A-1, Restructured, 0.00%, 07/01/51 | 4,193 | 1,027,314 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 2,677 | 904,716 | ||||||
|
| |||||||
82,597,794 | ||||||||
Tobacco — 0.0% | ||||||||
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43 | 225 | 229,505 | ||||||
|
| |||||||
Utilities — 3.3% | ||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB | ||||||||
Series A, Senior Lien, 5.00%, 07/01/33 | 355 | 363,358 | ||||||
Series A, Senior Lien, 5.13%, 07/01/37 | 100 | 102,415 | ||||||
Puerto Rico Electric Power Authority, RB | ||||||||
3rd Series, 5.40%, 01/01/22(a) | 278 | 284,441 | ||||||
Series A, 5.00%, 07/01/29(f)(g) | 1,860 | 1,860,634 | ||||||
Series A, 7.00%, 07/01/33(f)(g) | 1,025 | 1,091,625 | ||||||
Series A, 6.75%, 07/01/36(f)(g) | 3,560 | 3,791,400 |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
Puerto Rico Electric Power Authority, RB (continued) | ||||||||
Series A, 5.00%, 07/01/42(f)(g) | $ | 3,150 | $ | 3,151,074 | ||||
Series A, 7.00%, 07/01/43(f)(g) | 410 | 436,650 | ||||||
Series A-3, 10.00%, 07/01/19(f)(g) | 999 | 1,083,971 | ||||||
Series B-3, 10.00%, 07/01/19(f)(g) | 999 | 1,083,971 | ||||||
Series C-1, 5.40%, 01/01/18(f)(g) | 2,745 | 2,813,461 | ||||||
Series C-2, 5.40%, 07/01/18(f)(g) | 2,745 | 2,813,916 | ||||||
Series C-4, 5.40%, 07/01/20(f)(g) | 277 | 284,441 | ||||||
Series CCC, 5.25%, 07/01/26(f)(g) | 770 | 770,263 | ||||||
Series CCC, 5.25%, 07/01/28(f)(g) | 440 | 440,150 | ||||||
Series D-4, 7.50%, 07/01/20 | 762 | 811,530 | ||||||
Series TT, 5.00%, 07/01/25(f)(g) | 210 | 210,072 | ||||||
Series TT, 5.00%, 07/01/26(f)(g) | 565 | 565,193 | ||||||
Series WW, 5.50%, 07/01/17(f)(g) | 610 | 610,208 | ||||||
Series WW, 5.50%, 07/01/18(f)(g) | 535 | 535,182 | ||||||
Series WW, 5.50%, 07/01/19(f)(g) | 435 | 435,148 | ||||||
Series WW, 5.38%, 07/01/24(f)(g) | 385 | 385,131 | ||||||
Series WW, 5.25%, 07/01/33(f)(g) | 420 | 420,143 | ||||||
Series WW, 5.50%, 07/01/38(f)(g) | 520 | 520,177 | ||||||
Series XX, 5.25%, 07/01/27(f)(g) | 285 | 285,097 | ||||||
Series XX, 5.25%, 07/01/35(f)(g) | 185 | 185,063 | ||||||
Series XX, 5.75%, 07/01/36(f)(g) | 260 | 260,089 | ||||||
Series XX, 5.25%, 07/01/40(f)(g) | 5,345 | 5,346,823 | ||||||
Puerto Rico Electric Power Authority, Refunding RB | ||||||||
Series AAA, 5.25%, 07/01/22(f)(g) | 990 | 990,338 | ||||||
Series AAA, 5.25%, 07/01/23(f)(g) | 2,670 | 2,670,911 | ||||||
Series AAA, 5.25%, 07/01/28(f)(g) | 5,655 | 5,656,928 | ||||||
Series AAA, 5.25%, 07/01/29(f)(g) | 235 | 235,080 | ||||||
Series BBB, 5.40%, 07/01/28(f)(g) | 1,240 | 1,220,625 | ||||||
Series UU, 1.00%, 07/01/17(a)(f)(g) | 185 | 164,567 | ||||||
Series UU, 1.00%, 07/01/18(a)(f)(g) | 165 | 146,776 | ||||||
Series UU, 1.00%, 07/01/20(a)(f)(g) | 1,475 | 1,312,086 | ||||||
Series UU, 0.84%, 07/01/31(a)(f)(g) | 1,755 | 1,561,160 | ||||||
Series ZZ, 5.00%, 07/01/17(f)(g) | 430 | 430,147 | ||||||
Series ZZ, 5.25%, 07/01/19(f)(g) | 1,370 | 1,370,467 | ||||||
Series ZZ, 5.00%, 07/01/20 | 2,220 | 2,220,757 | ||||||
Series ZZ, 5.25%, 07/01/24(f)(g) | 875 | 875,298 | ||||||
Series ZZ, 5.00%, 07/01/28(f)(g) | 435 | 435,148 | ||||||
Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40(f)(g) | 1,860 | 1,830,938 | ||||||
|
| |||||||
52,062,852 | ||||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico | 134,890,151 | |||||||
|
| |||||||
Total Municipal Bonds — 89.4% | 1,443,655,476 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
| |||||||
New York — 12.2% | ||||||||
County/City/Special District/School District — 3.1% | ||||||||
City of New York, GO | ||||||||
Sub-Series 1-I, 5.00%, 03/01/32 | 991 | 1,087,530 | ||||||
Sub-Series F-1, 5.00%, 04/01/39 | 10,000 | 12,251,266 | ||||||
Sub-Series I-1, 5.00%, 03/01/36 | 1,750 | 1,917,411 | ||||||
Sub-Series-D1, Series D, 5.00%, 12/01/43(i) | 1,010 | 1,255,624 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
4.00%, 08/01/45 | 9,000 | 10,754,535 | ||||||
Sub-Series B-1, 5.00%, 08/01/36 | 3,001 | 3,560,720 |
24 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock New York Municipal Opportunities Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued) | ||||||||
Sub-Series B-1, 4.00%, 11/01/45 | $ | 10,000 | $ | 11,728,910 | ||||
Sub-Series F-1, 5.00%, 05/01/38 | 3,448 | 4,168,307 | ||||||
New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/32 | 3,540 | 4,101,982 | ||||||
|
| |||||||
50,826,285 | ||||||||
Housing — 0.0% | ||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.25%, 11/01/43 | 640 | 707,086 | ||||||
|
| |||||||
State — 4.5% | ||||||||
New York State Dormitory Authority, RB | ||||||||
Series A, 5.00%, 03/15/32 | 5,000 | 6,177,043 | ||||||
Series A, 5.00%, 02/15/34 | 10,000 | 11,906,764 | ||||||
Series A, 5.00%, 03/15/39 | 15,393 | 18,398,504 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 5.00%, 03/15/36(i) | 1,995 | 2,376,175 | ||||||
Series C, 5.00%, 03/15/39 | 9,000 | 11,039,000 | ||||||
New York State Urban Development Corp., RB | ||||||||
Series A, 4.00%, 03/15/47 | 1,497 | 1,710,703 | ||||||
Series A-1, 5.00%, 03/15/32 | 1,499 | 1,582,243 | ||||||
New York State Urban Development Corp., Refunding RB | ||||||||
Series A, 4.00%, 03/15/37 | 8,740 | 9,794,442 | ||||||
Series A, 5.00%, 03/15/45 | 6,004 | 6,887,829 | ||||||
Sales Tax Asset Receivable Corp., Refunding RB(d) | ||||||||
Series A, 4.00%, 10/15/24 | 1,440 | 1,582,710 | ||||||
Series A, 5.00%, 10/15/24 | 1,245 | 1,402,837 | ||||||
|
| |||||||
72,858,250 | ||||||||
Transportation — 2.8% | ||||||||
Metropolitan Transportation Authority, Refunding RB, Series B-1, 5.00%, 11/15/51 | 10,000 | 11,781,016 | ||||||
New York Liberty Development Corp., Refunding RB, Class 1, 5.00%, 09/15/40 | 1,050 | 1,059,446 | ||||||
New York State Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/53(i) | 1,156 | 1,325,222 | ||||||
Port Authority of New York & New Jersey, ARB, AMT, Series 221, 4.00%, 07/15/60 | 479 | 543,964 | ||||||
Port Authority of New York & New Jersey, Refunding ARB | ||||||||
178th Series, AMT, 5.00%, 12/01/32 | 991 | 1,074,066 | ||||||
194th Series, 5.25%, 10/15/55 | 2,310 | 2,662,679 | ||||||
Consolidated, Series 211, 5.00%, 09/01/48 | 960 | 1,179,444 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/54(i) | 1,606 | 1,881,459 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB | ||||||||
Series A, 5.00%, 11/15/41 | 10,000 | 11,664,820 | ||||||
Series A, 5.00%, 11/15/46 | 500 | 583,271 | ||||||
Series B, 5.00%, 11/15/38 | 9,000 | 10,843,349 | ||||||
|
| |||||||
44,598,736 | ||||||||
Utilities — 1.8% | ||||||||
New York City Water & Sewer System, Refunding RB, | ||||||||
5.00%, 06/15/38(i) | 7,504 | 9,119,190 |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 | $ | 872 | $ | 1,014,064 | ||||
Utility Debt Securitization Authority, Refunding RB | ||||||||
5.00%, 12/15/41 | 7,800 | 9,624,373 | ||||||
Series A, 5.00%, 12/15/34 | 5,000 | 5,953,790 | ||||||
Series A, Restructured, 5.00%, 12/15/35 | 1,000 | 1,189,885 | ||||||
Series B, 4.00%, 12/15/35 | 1,580 | 1,810,908 | ||||||
|
| |||||||
28,712,210 | ||||||||
|
| |||||||
Total Municipal Bonds in New York |
| 197,702,567 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 12.2% | 197,702,567 | |||||||
|
| |||||||
Total Long-Term Investments — 103.3% | 1,668,079,703 | |||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities |
| |||||||
Money Market Funds — 1.1% |
| |||||||
BlackRock Liquidity Funds New York Money Fund Portfolio, 0.00%(j)(k) | 18,633,653 | 18,633,653 | ||||||
|
| |||||||
Total Short-Term Securities — 1.1% | 18,633,653 | |||||||
|
| |||||||
Total Investments — 104.4% | 1,686,713,356 | |||||||
Other Assets Less Liabilities — 1.7% |
| 26,030,339 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.1)% | (97,825,491 | ) | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,614,918,204 | |||||
|
|
(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) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(c) | 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. |
(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) | Zero-coupon bond. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non-income producing security. |
(h) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(i) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between September 15, 2024 to May 15, 2028, is $ 7,757,377. 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. |
SCHEDULE OF INVESTMENTS | 25 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | 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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/21 | Shares Held at 12/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds New York Money Fund Portfolio | $ | 32,939,572 | $ | — | $ | (14,305,919) | (a) | $ | 2,106 | $ | (2,106 | ) | $ | 18,633,653 | 18,633,653 | $ | 772 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 2,022 | 03/22/22 | $ | 263,523 | $ | 73,359 | ||||||||||
U.S. Long Bond | 888 | 03/22/22 | 142,025 | 1,691,287 | ||||||||||||
5-Year U.S. Treasury Note | 829 | 03/31/22 | 100,212 | 354,149 | ||||||||||||
|
| |||||||||||||||
$ | 2,118,795 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 2,118,795 | $ | — | $ | 2,118,795 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended December 31, 2021, 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 | $ | — | $ | — | $ | — | $ | — | $ | (2,603,944 | ) | $ | — | $ | (2,603,944 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 6,414,330 | $ | — | $ | 6,414,330 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — short | $ | 397,283,785 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
26 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock New York Municipal Opportunities Fund
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Corporate Bonds | $ | — | $ | 26,721,660 | $ | — | $ | 26,721,660 | ||||||||
Municipal Bonds | — | 1,443,655,476 | — | 1,443,655,476 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 197,702,567 | — | 197,702,567 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 18,633,653 | — | — | 18,633,653 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 18,633,653 | $ | 1,668,079,703 | $ | — | $ | 1,686,713,356 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||
Interest Rate Contracts | $ | 2,118,795 | $ | — | $ | — | $ | 2,118,795 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $97,805,523 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 27 |
Schedule of Investments (unaudited) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds | ||||||||
Education — 0.4% | ||||||||
Capital Trust Agency, Inc., RB | ||||||||
8.25%, 01/01/44 | $ | 445 | $ | 8,900 | ||||
8.25%, 01/01/49 | 950 | 19,000 | ||||||
Grand Canyon University, 5.13%, 10/01/28 | 9,702 | 9,971,812 | ||||||
|
| |||||||
Total Corporate Bonds — 0.4% | 9,999,712 | |||||||
|
| |||||||
Municipal Bonds | ||||||||
Alabama — 1.5% | ||||||||
Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48 | 945 | 992,371 | ||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 365 | 396,346 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 2,355 | 2,689,521 | ||||||
Series D, Sub-Lien, 6.50%, 10/01/53 | 3,465 | 3,912,927 | ||||||
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) | 7,155 | 9,168,231 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series B, 4.00%, 12/01/51(a) | 7,590 | 9,205,645 | ||||||
Stadium Trace Village Improvement District, RB, 3.63%, 03/01/36 | 4,000 | 4,048,328 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB(b) | ||||||||
Series A, 4.50%, 05/01/32 | 1,161 | 1,227,910 | ||||||
Series A, 5.25%, 05/01/44 | 4,500 | 4,947,836 | ||||||
|
| |||||||
36,589,115 | ||||||||
American Samoa — 0.1% | ||||||||
American Samoa Economic Development Authority, RB, Series A, 5.00%, 09/01/38(b) | 1,235 | 1,539,555 | ||||||
|
| |||||||
Arizona — 2.8% | ||||||||
Arizona Industrial Development Authority, RB | ||||||||
5.00%, 07/01/45(b) | 1,135 | 1,243,066 | ||||||
7.10%, 01/01/55(b) | 4,540 | 4,621,829 | ||||||
5.00%, 07/01/55(b) | 1,215 | 1,319,491 | ||||||
Class B, 4.00%, 07/01/41 | 560 | 604,288 | ||||||
Class B, 4.00%, 07/01/51 | 1,555 | 1,650,161 | ||||||
Class B, 4.00%, 07/01/61 | 3,110 | 3,282,235 | ||||||
Series A, 5.00%, 07/01/39(b) | 1,270 | 1,338,901 | ||||||
Series A, 5.00%, 12/15/39(b) | 150 | 173,556 | ||||||
Series A, 5.00%, 07/01/49(b) | 2,790 | 2,921,063 | ||||||
Series A, 5.00%, 07/15/49(b) | 675 | 754,045 | ||||||
Series A, 5.00%, 12/15/49(b) | 345 | 392,409 | ||||||
Series A, 4.00%, 07/01/51 | 1,555 | 1,726,995 | ||||||
Series A, 5.00%, 07/01/54(b) | 1,110 | 1,160,405 | ||||||
Series A, 4.00%, 07/01/61 | 3,190 | 3,507,303 | ||||||
Series B, 5.13%, 07/01/47(b) | 420 | 470,235 | ||||||
Series B, 5.25%, 07/01/51(b) | 570 | 639,367 | ||||||
Arizona Industrial Development Authority, Refunding RB(b) | ||||||||
Series A, 5.00%, 07/01/26 | 760 | 839,845 | ||||||
Series A, 5.25%, 07/01/47 | 3,235 | 3,656,456 | ||||||
Series A, 5.50%, 07/01/52 | 2,970 | 3,195,860 | ||||||
Florence Town, Inc. Industrial Development Authority, RB, 6.00%, 07/01/23(c) | 1,375 | 1,492,898 | ||||||
Glendale Industrial Development Authority, RB 5.00%, 05/15/41 | 275 | 316,656 |
Security | Par (000) | Value | ||||||
Arizona (continued) | ||||||||
Glendale Industrial Development Authority, RB (continued) | ||||||||
5.00%, 05/15/56 | $ | 1,090 | $ | 1,230,663 | ||||
Industrial Development Authority of the City of Phoenix, RB | ||||||||
5.00%, 07/01/54 | 1,330 | 1,570,775 | ||||||
5.00%, 07/01/59 | 655 | 772,026 | ||||||
Series A, 5.00%, 07/01/34(b) | 250 | 254,948 | ||||||
Series A, 6.50%, 07/01/34(b) | 465 | 524,761 | ||||||
Series A, 5.00%, 07/01/36(b) | 1,225 | 1,364,340 | ||||||
Series A, 5.00%, 07/01/39(b) | 205 | 208,895 | ||||||
Series A, 5.00%, 07/01/41(b) | 1,685 | 1,860,326 | ||||||
Series A, 5.00%, 07/01/43 | 1,445 | 1,461,388 | ||||||
Series A, 6.75%, 07/01/44(b) | 810 | 925,444 | ||||||
Series A, 5.25%, 07/01/48(b) | 1,690 | 1,721,858 | ||||||
Series A, 5.00%, 07/01/49(b) | 320 | 325,613 | ||||||
Series A, 5.00%, 07/01/54(b) | 530 | 539,129 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB(b) | ||||||||
5.00%, 07/01/35 | 615 | 676,442 | ||||||
5.00%, 07/01/45 | 1,500 | 1,638,904 | ||||||
Series A, 5.00%, 07/01/35 | 295 | 327,320 | ||||||
Industrial Development Authority of the County of Pima, RB | ||||||||
5.13%, 07/01/39 | 700 | 734,583 | ||||||
5.25%, 07/01/49 | 870 | 906,948 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB(b) | ||||||||
4.00%, 06/15/51(d) | 3,995 | 4,128,577 | ||||||
5.00%, 07/01/56 | 1,300 | 1,443,036 | ||||||
4.00%, 06/15/57(d) | 3,070 | 3,160,307 | ||||||
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b) | 1,340 | 1,467,966 | ||||||
Maricopa County Industrial Development Authority, RB(b) | ||||||||
5.25%, 10/01/40 | 1,255 | 1,427,343 | ||||||
5.50%, 10/01/51 | 1,255 | 1,428,984 | ||||||
Tempe Industrial Development Authority RB, 4.00%, 12/01/56 | 1,260 | 1,360,194 | ||||||
|
| |||||||
66,767,834 | ||||||||
Arkansas(b) — 1.2% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
Series A, AMT, 4.50%, 09/01/49 | 17,755 | 19,592,714 | ||||||
Series A, AMT, 4.75%, 09/01/49 | 8,190 | 9,264,069 | ||||||
|
| |||||||
28,856,783 | ||||||||
California — 6.8% | ||||||||
California Community Choice Financing Authority, RB, Series A, 4.00%, 10/01/52(a) | 13,200 | 15,246,132 | ||||||
California Community Housing Agency, RB, M/F Housing(b) | ||||||||
3.00%, 08/01/56 | 2,415 | 2,200,901 | ||||||
Series A, 5.00%, 04/01/49 | 690 | 781,384 | ||||||
Series A-2, 4.00%, 08/01/47 | 4,430 | 4,465,865 | ||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 | 1,665 | 1,666,941 | ||||||
California Educational Facilities Authority, Refunding RB, 2.25%, 04/01/51 | 10,000 | 9,867,810 | ||||||
California Housing Finance Agency, RB, M/F Housing | ||||||||
Class A, 3.25%, 08/20/36 | 8,789 | 9,956,201 |
28 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
California Housing Finance Agency, RB, M/F Housing (continued) Series 2021-1, Class A, 3.50%, 11/20/35 | $ | 5,822 | $ | 6,711,905 | ||||
California Municipal Finance Authority RB | ||||||||
Series A, 3.00%, 02/01/46 | 1,200 | 1,250,408 | ||||||
Series A, 4.00%, 02/01/51 | 930 | 1,088,112 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 | 2,560 | 2,823,137 | ||||||
California Municipal Finance Authority, RB(b) | ||||||||
Series A, 5.50%, 08/01/34 | 290 | 311,423 | ||||||
Series A, 6.00%, 08/01/44 | 655 | 705,728 | ||||||
Series A, 6.13%, 08/01/49 | 570 | 614,290 | ||||||
California Municipal Finance Authority, Refunding RB | ||||||||
Series A, 5.00%, 02/01/42 | 345 | 406,590 | ||||||
Series A, 3.00%, 11/01/48 | 2,000 | 2,105,178 | ||||||
California Public Finance Authority, RB(b) | ||||||||
Series A, 6.25%, 07/01/54 | 5,270 | 6,041,923 | ||||||
Series B-3, 2.13%, 11/15/27 | 4,750 | 4,788,903 | ||||||
California School Finance Authority, RB | ||||||||
6.65%, 07/01/33 | 295 | 317,069 | ||||||
6.90%, 07/01/43 | 650 | 697,566 | ||||||
California Statewide Communities Development Authority, RB(b) | ||||||||
5.25%, 12/01/38 | 1,420 | 1,748,660 | ||||||
5.25%, 12/01/48 | 1,000 | 1,217,959 | ||||||
California Statewide Communities Development Authority, SAB, Series 2021-A, 4.00%, 09/02/51 | 2,000 | 2,273,754 | ||||||
City of San Jose California Hotel Tax Revenue, RB | ||||||||
6.50%, 05/01/36 | 310 | 311,256 | ||||||
6.50%, 05/01/42 | 760 | 763,026 | ||||||
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b) | 9,320 | 9,987,461 | ||||||
CMFA Special Finance Agency XII RB, 4.38%, 08/01/49(b)(d) | 1,845 | 1,713,306 | ||||||
CMFA Special Finance Agency, RB, M/F Housing, 3.00%, 12/01/56(b) | 3,425 | 3,072,735 | ||||||
CSCDA Community Improvement Authority RB(b) | ||||||||
3.13%, 07/01/56 | 3,670 | 3,369,343 | ||||||
4.00%, 06/01/57 | 1,445 | 1,257,507 | ||||||
4.00%, 07/01/58 | 1,405 | 1,261,981 | ||||||
4.00%, 12/01/59 | 7,025 | 5,789,074 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | ||||||||
2.65%, 12/01/46 | 3,500 | 3,245,200 | ||||||
3.25%, 07/01/56(d) | 1,225 | 1,149,672 | ||||||
3.13%, 08/01/56 | 5,550 | 5,238,839 | ||||||
4.00%, 08/01/56 | 5,000 | 5,280,020 | ||||||
4.00%, 12/01/56 | 4,355 | 4,157,762 | ||||||
4.00%, 03/01/57 | 2,465 | 2,524,130 | ||||||
3.25%, 05/01/57 | 1,740 | 1,605,348 | ||||||
4.00%, 07/01/58(d) | 1,585 | 1,492,392 | ||||||
Series A, 5.00%, 01/01/54 | 1,050 | 1,118,900 | ||||||
Series A-2, 4.00%, 10/01/56 | 8,600 | 9,013,436 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB(c) | ||||||||
Series A-1, 3.50%, 06/01/22 | 3,985 | 4,039,128 | ||||||
Series A-1, 5.00%, 06/01/22 | 5,195 | 5,297,560 | ||||||
Series A-1, 5.25%, 06/01/22 | 945 | 964,642 | ||||||
Series A-2, 5.00%, 06/01/22 | 3,950 | 4,028,095 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b) | $ | 4,420 | $ | 2,700,602 | ||||
Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23(c) | 2,115 | 2,278,919 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, ST, CAB, 0.00%, 08/01/43(e) | 3,000 | 874,332 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(e) | ||||||||
Series D, 0.00%, 08/01/23 | 1,000 | 935,369 | ||||||
Series D, 0.00%, 08/01/26 | 580 | 469,367 | ||||||
Series D, 0.00%, 08/01/31 | 1,155 | 730,307 | ||||||
|
| |||||||
161,957,548 | ||||||||
Colorado — 4.3% | ||||||||
9th Avenue Metropolitan District No.2, GO, 5.00%, 12/01/48 | 1,565 | 1,654,709 | ||||||
Aspen Street Metropolitan District, GO, Series A, 5.13%, 12/01/50 | 1,075 | 1,121,662 | ||||||
Aurora Crossroads Metropolitan District No.2, GO | ||||||||
Series A, 5.00%, 12/01/40 | 1,000 | 1,089,035 | ||||||
Series A, 5.00%, 12/01/50 | 500 | 539,777 | ||||||
Aviation Station North Metropolitan District No.2, GO | ||||||||
Series A, 5.00%, 12/01/39 | 750 | 801,061 | ||||||
Series A, 5.00%, 12/01/48 | 1,350 | 1,435,146 | ||||||
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b) | 2,335 | 2,314,982 | ||||||
Brighton Crossing Metropolitan District No.6, GO, Series A, 5.00%, 12/01/50 | 500 | 545,259 | ||||||
Broadway Station Metropolitan District No.2, GO | ||||||||
Series A, 5.00%, 12/01/35 | 735 | 793,091 | ||||||
Series A, 5.13%, 12/01/48 | 3,925 | 4,214,477 | ||||||
Bromley Park Metropolitan District No.2, Refunding GO, Sub-Series B, 6.38%, 12/15/47 | 937 | 984,260 | ||||||
Cascade Ridge Metropolitan District, GO, 5.00%, 12/01/51 | 3,000 | 3,026,685 | ||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(b) | 820 | 857,068 | ||||||
Clear Creek Transit Metropolitan District No. 2, GO | ||||||||
Series A, 5.00%, 12/01/41 | 575 | 628,785 | ||||||
Series A, 5.00%, 12/01/50 | 1,000 | 1,086,042 | ||||||
Colorado Educational & Cultural Facilities Authority, RB | ||||||||
5.00%, 12/01/33 | 450 | 461,019 | ||||||
5.00%, 12/01/42 | 545 | 556,643 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB(b) | ||||||||
5.00%, 12/01/40 | 115 | 125,974 | ||||||
5.00%, 12/01/50 | 155 | 166,428 | ||||||
5.00%, 12/01/55 | 180 | 192,466 | ||||||
Colorado Health Facilities Authority RB | ||||||||
Series A, 5.00%, 05/15/35 | 1,885 | 2,027,815 | ||||||
Series A, 5.00%, 05/15/44 | 1,415 | 1,498,805 | ||||||
Series A, 5.00%, 05/15/49 | 940 | 987,270 | ||||||
Series A, 5.00%, 05/15/58 | 1,980 | 2,058,873 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 4,620 | 5,306,333 | ||||||
Colorado High Performance Transportation Enterprise, RB, 5.00%, 12/31/56 | 2,500 | 2,766,097 | ||||||
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 | 1,260 | 1,356,938 |
SCHEDULE OF INVESTMENTS | 29 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Copperleaf Metropolitan District No.3, GO(c) | ||||||||
Series A, 5.00%, 12/01/22 | $ | 500 | $ | 536,578 | ||||
Series A, 5.13%, 12/01/22 | 1,200 | 1,289,147 | ||||||
E-470 Public Highway Authority, Refunding RB, Series B, 0.38%, 09/01/39(a) | 2,560 | 2,559,130 | ||||||
Eagle Brook Meadows Metropolitan District No. 3, GO, 5.00%, 12/01/51 | 1,600 | 1,664,928 | ||||||
Fitzsimons Village Metropolitan District No 3 Refunding GOL | ||||||||
4.00%, 12/01/26 | 800 | 817,287 | ||||||
4.00%, 12/01/41 | 1,500 | 1,484,943 | ||||||
4.25%, 12/01/55 | 3,095 | 3,072,165 | ||||||
Green Valley Ranch East Metropolitan District No.6, GO, Series A, 5.88%, 12/01/50 | 2,615 | 2,848,305 | ||||||
Greenways Metropolitan District No. 1, GO, Series A, 4.63%, 12/01/51 | 1,580 | 1,566,655 | ||||||
Home Place Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 2,345 | 2,480,607 | ||||||
Horizon Metropolitan District No. 2, GO | ||||||||
4.50%, 12/01/51(b) | 1,675 | 1,698,195 | ||||||
Series A, 4.50%, 12/01/50 | 1,810 | 1,762,292 | ||||||
Jefferson Center Metropolitan District No.1, RB | ||||||||
Series A-2, 4.13%, 12/01/40 | 580 | 605,644 | ||||||
Series A-2, 4.38%, 12/01/47 | 1,000 | 1,044,515 | ||||||
Karl’s Farm Metropolitan District No.2, GO(b) | ||||||||
Series A, 5.38%, 12/01/40 | 515 | 547,381 | ||||||
Series A, 5.63%, 12/01/50 | 1,350 | 1,421,339 | ||||||
Longs Peak Metropolitan District, GO, 5.25%, 12/01/51(b) | 5,000 | 5,031,120 | ||||||
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 | 2,640 | 2,692,729 | ||||||
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 | 760 | 810,438 | ||||||
Palisade Metropolitan District No.2, GO, Subordinate, 7.25%, 12/15/49 | 2,825 | 2,963,835 | ||||||
Palisade Park West Metropolitan District, GO, Series A, 5.13%, 12/01/49 | 1,500 | 1,567,471 | ||||||
Pomponio Terrace Metropolitan District, GO, Series A, 5.00%, 12/01/49 | 1,450 | 1,506,533 | ||||||
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 | 1,240 | 1,310,567 | ||||||
Pronghorn Valley Metropolitan District, GO, Series A, 4.00%, 12/01/51 | 1,300 | 1,323,594 | ||||||
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) | 3,900 | 4,399,165 | ||||||
Reunion Metropolitan District, RB, Series A, 3.63%, 12/01/44 | 1,045 | 1,063,208 | ||||||
Southlands Metropolitan District No.1, Refunding GO | ||||||||
Series A-1, 5.00%, 12/01/37 | 1,115 | 1,267,132 | ||||||
Series A-1, 5.00%, 12/01/47 | 3,990 | 4,458,621 | ||||||
Sterling Ranch Community Authority Board, RB, Series B, Subordinate, 7.13%, 12/15/50 | 750 | 812,454 | ||||||
Thompson Crossing Metropolitan District No.4, Refunding GO | ||||||||
5.00%, 12/01/39 | 1,400 | 1,511,702 | ||||||
5.00%, 12/01/49 | 1,480 | 1,586,822 | ||||||
Timberleaf Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 1,730 | 1,830,042 |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Waters’ Edge Metropolitan District No.2, GO, 5.00%, 12/01/51 | $ | 2,595 | $ | 2,618,477 | ||||
Westcreek Metropolitan District No.2, GO, Series A, 5.38%, 12/01/48 | 800 | 843,567 | ||||||
Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/49 | 595 | 636,877 | ||||||
|
| |||||||
102,230,165 | ||||||||
Connecticut — 0.5% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing | ||||||||
Series C-2, AMT, 2.00%, 05/15/30 | 175 | 177,134 | ||||||
Series C-2, AMT, 2.05%, 11/15/30 | 500 | 505,738 | ||||||
Series C-2, AMT, 2.15%, 11/15/31 | 400 | 405,115 | ||||||
Connecticut State Health & Educational Facilities Authority, RB(b) | ||||||||
Series A, 5.00%, 01/01/45 | 825 | 898,106 | ||||||
Series A, 5.00%, 01/01/55 | 1,100 | 1,190,808 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) | 3,765 | 3,934,173 | ||||||
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(b) | 971 | 1,007,242 | ||||||
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b) | 2,045 | 2,303,836 | ||||||
State of Connecticut, GO, Series A, 4.00%, 04/15/37 | 1,800 | 2,115,869 | ||||||
|
| |||||||
12,538,021 | ||||||||
Delaware — 0.1% | ||||||||
County of Kent, RB, Series A, 5.00%, 07/01/58 | 1,500 | 1,676,430 | ||||||
|
| |||||||
District of Columbia — 1.5% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., RB, Series B, 0.00%, 06/15/46(e) | 43,620 | 8,021,260 | ||||||
District of Columbia Tobacco Settlement Financing Corp., RB, CAB(e) | ||||||||
Series A, 0.00%, 06/15/46 | 40,740 | 9,075,894 | ||||||
Series C, 0.00%, 06/15/55 | 88,900 | 9,188,882 | ||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 385 | 395,632 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB | ||||||||
Series A, 5.00%, 10/01/53 | 3,830 | 3,867,373 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 | 2,170 | 2,452,736 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, CAB, Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(e) | 3,005 | 2,583,446 | ||||||
|
| |||||||
35,585,223 | ||||||||
Florida — 9.0% | ||||||||
Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44 | 1,720 | 1,912,712 | ||||||
Artisan Lakes East Community Development District, SAB | ||||||||
Series 2021-1, 3.13%, 05/01/41 | 475 | 471,675 | ||||||
Series 2021-1, 4.00%, 05/01/51 | 450 | 472,779 | ||||||
Series 2021-2, 3.13%, 05/01/41(b) | 510 | 506,431 | ||||||
Series 2021-2, 4.00%, 05/01/52(b) | 550 | 577,441 | ||||||
Boggy Branch Community Development District, SAB, 4.00%, 05/01/51 | 1,365 | 1,427,782 |
30 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 | $ | 1,220 | $ | 1,259,862 | ||||
Brevard County Health Facilities Authority, Refunding RB(b) | ||||||||
4.00%, 11/15/45 | 4,040 | 4,292,306 | ||||||
4.00%, 11/15/55 | 5,960 | 6,221,406 | ||||||
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 | 2,280 | 2,542,134 | ||||||
Capital Trust Agency, Inc., RB | ||||||||
4.50%, 01/01/35(b) | 2,250 | 2,589,017 | ||||||
5.00%, 06/01/41(b) | 220 | 243,621 | ||||||
5.00%, 07/01/49(b) | 1,270 | 1,428,970 | ||||||
5.00%, 01/01/55(b) | 4,350 | 4,900,962 | ||||||
5.00%, 06/01/56(b) | 740 | 798,919 | ||||||
4.88%, 06/15/56(b) | 6,670 | 6,893,272 | ||||||
Series A, 5.00%, 06/15/49(b) | 500 | 549,987 | ||||||
Series A, 5.00%, 12/15/49 | 300 | 328,126 | ||||||
Series A, 5.75%, 06/01/54(b) | 1,925 | 2,082,900 | ||||||
Series A, 5.00%, 12/15/54 | 260 | 282,091 | ||||||
Series B, 0.00%, 01/01/35(e) | 3,495 | 1,544,615 | ||||||
Series B, 0.00%, 01/01/60(e) | 64,500 | 5,655,166 | ||||||
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(e) | 166,025 | 18,699,396 | ||||||
Celebration Pointe Community Development District, SAB | ||||||||
4.00%, 05/01/22(b) | 75 | 75,428 | ||||||
4.75%, 05/01/24 | 240 | 250,008 | ||||||
5.00%, 05/01/34 | 1,180 | 1,252,172 | ||||||
Charles Cove Community Development District, SAB | ||||||||
3.25%, 05/01/25 | 300 | 305,435 | ||||||
3.75%, 05/01/30 | 360 | 383,579 | ||||||
4.25%, 05/01/40 | 975 | 1,055,723 | ||||||
4.38%, 05/01/50 | 1,505 | 1,617,953 | ||||||
Charlotte County Industrial Development Authority RB, AMT, 4.00%, 10/01/51(b) | 3,150 | 3,358,634 | ||||||
Charlotte County Industrial Development Authority, RB(b) | ||||||||
AMT, 5.00%, 10/01/34 | 530 | 598,337 | ||||||
AMT, 5.00%, 10/01/49 | 2,510 | 2,739,881 | ||||||
City of Tallahassee Florida, RB, Series A, 5.00%, 12/01/55 | 2,600 | 2,960,006 | ||||||
Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48 | 2,090 | 2,480,544 | ||||||
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(f)(g) | 370 | 257,150 | ||||||
County of Lake Florida, RB(b) | ||||||||
5.00%, 01/15/39 | 550 | 629,506 | ||||||
5.00%, 01/15/49 | 825 | 921,221 | ||||||
5.00%, 01/15/54 | 830 | 921,586 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, Sereis A-1, 4.00%, 10/01/54 | 2,500 | 2,819,408 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e) | ||||||||
Series A-2, 0.00%, 10/01/50 | 1,770 | 678,110 | ||||||
Series A-2, 0.00%, 10/01/51 | 2,125 | 781,528 | ||||||
Series A-2, 0.00%, 10/01/52 | 2,125 | 751,848 | ||||||
Series A-2, 0.00%, 10/01/53 | 5,675 | 1,930,879 | ||||||
Series A-2, 0.00%, 10/01/54 | 2,125 | 695,088 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
County of Palm Beach Florida, RB, 5.00%, 04/01/51(b) | $ | 540 | $ | 610,135 | ||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 | 6,530 | 7,333,072 | ||||||
Florida Development Finance Corp., RB | ||||||||
5.00%, 06/15/41(b) | 1,245 | 1,386,833 | ||||||
5.00%, 06/15/51(b) | 1,190 | 1,299,730 | ||||||
5.25%, 06/01/55(b) | 2,830 | 3,252,380 | ||||||
4.50%, 12/15/56(b) | 5,945 | 5,940,755 | ||||||
5.75%, 12/15/56(b) | 2,030 | 2,028,896 | ||||||
Series A, 5.75%, 06/15/29 | 695 | 759,315 | ||||||
Series A, 6.00%, 06/15/34 | 835 | 914,467 | ||||||
Series A, 6.13%, 06/15/44 | 3,185 | 3,461,353 | ||||||
Series A, 5.13%, 06/15/55(b) | 10,455 | 10,929,207 | ||||||
AMT, 5.00%, 05/01/29(b) | 3,300 | 3,494,452 | ||||||
AMT, 3.00%, 06/01/32 | 915 | 963,367 | ||||||
Series A, AMT, 5.00%, 08/01/29(a)(b) | 2,240 | 2,285,588 | ||||||
Florida Development Finance Corp., Refunding RB | ||||||||
1.75%, 06/01/26(b) | 485 | 485,600 | ||||||
2.38%, 06/01/27(b) | 395 | 398,596 | ||||||
5.00%, 06/01/51 | 1,135 | 1,303,115 | ||||||
4.00%, 06/01/55(b) | 1,450 | 1,589,950 | ||||||
Gracewater Sarasota Community Development District, SAB, 4.00%, 05/01/52 | 1,000 | 1,041,574 | ||||||
Grand Oaks Community Development District, SAB | ||||||||
4.25%, 05/01/40 | 915 | 971,048 | ||||||
4.50%, 05/01/52 | 1,015 | 1,076,231 | ||||||
Greater Orlando Aviation Authority, Refunding RB, AMT, 5.00%, 11/15/36 | 2,000 | 2,108,900 | ||||||
Greeneway Improvement District, SAB, 5.13%, 05/01/43 | 965 | 994,681 | ||||||
Hills Minneola Community Development District, SAB(b) | ||||||||
4.00%, 05/01/40 | 1,025 | 1,080,722 | ||||||
4.00%, 05/01/50 | 1,500 | 1,559,228 | ||||||
Lakewood Ranch Stewardship District Special Assessment | ||||||||
2.70%, 05/01/31 | 205 | 205,378 | ||||||
3.00%, 05/01/41 | 155 | 153,873 | ||||||
4.00%, 05/01/52 | 685 | 726,345 | ||||||
Lakewood Ranch Stewardship District, SAB | ||||||||
3.90%, 05/01/23 | 195 | 197,854 | ||||||
4.25%, 05/01/25 | 80 | 83,007 | ||||||
4.25%, 05/01/26 | 175 | 183,143 | ||||||
4.25%, 05/01/28 | 535 | 575,351 | ||||||
4.95%, 05/01/29(b) | 665 | 746,575 | ||||||
4.88%, 05/01/35 | 265 | 281,871 | ||||||
5.00%, 05/01/38 | 1,175 | 1,311,822 | ||||||
3.75%, 05/01/39(b) | 570 | 597,634 | ||||||
5.50%, 05/01/39(b) | 670 | 779,044 | ||||||
3.75%, 05/01/40 | 525 | 558,363 | ||||||
4.88%, 05/01/45 | 545 | 573,924 | ||||||
5.13%, 05/01/46 | 990 | 1,066,480 | ||||||
5.10%, 05/01/48 | 2,545 | 2,814,449 | ||||||
5.65%, 05/01/48(b) | 1,125 | 1,300,893 | ||||||
4.00%, 05/01/49(b) | 355 | 372,238 | ||||||
3.90%, 05/01/50 | 525 | 556,137 | ||||||
Series 1B, 4.75%, 05/01/29 | 955 | 1,062,578 |
SCHEDULE OF INVESTMENTS | 31 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Lakewood Ranch Stewardship District, SAB (continued) | ||||||||
Series 1B, 5.30%, 05/01/39 | $ | 1,090 | $ | 1,253,164 | ||||
Series 1B, 5.45%, 05/01/48 | 1,935 | 2,212,479 | ||||||
Laurel Road Community Development District Special Assessment | ||||||||
2.60%, 05/01/26 | 230 | 230,427 | ||||||
3.00%, 05/01/31 | 250 | 252,196 | ||||||
3.13%, 05/01/31 | 1,695 | 1,706,760 | ||||||
3.25%, 05/01/41 | 1,010 | 998,969 | ||||||
4.00%, 05/01/52 | 1,155 | 1,200,357 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48 | 1,405 | 1,619,833 | ||||||
Midtown Miami Community Development District, Refunding SAB | ||||||||
Series A, 5.00%, 05/01/29 | 1,745 | 1,796,033 | ||||||
Series A, 5.00%, 05/01/37 | 890 | 912,543 | ||||||
Mirada II Community Development District, SAB | ||||||||
3.13%, 05/01/31 | 500 | 512,848 | ||||||
4.00%, 05/01/51 | 1,500 | 1,575,930 | ||||||
North River Ranch Community Development District, SAB | ||||||||
Series A-1, 4.00%, 05/01/40 | 845 | 876,813 | ||||||
Series A-1, 4.25%, 05/01/51 | 1,430 | 1,484,005 | ||||||
Series A-2, 4.20%, 05/01/35 | 1,220 | 1,265,648 | ||||||
Series A-3, 4.75%, 05/01/40 | 1,615 | 1,615,510 | ||||||
Palm Beach County Health Facilities Authority, Refunding RB, Series A, 7.50%, 06/01/49 | 1,000 | 1,040,823 | ||||||
Pine Island Community Development District, RB, CAB, 0.00%, 11/01/24(e) | 725 | 663,674 | ||||||
Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/39 | 220 | 257,025 | ||||||
Sandridge Community Development District, SAB | ||||||||
Series A1, 3.88%, 05/01/41 | 615 | 644,251 | ||||||
Series A1, 4.00%, 05/01/51 | 600 | 625,789 | ||||||
Series A-2, 3.88%, 05/01/31 | 635 | 659,512 | ||||||
Santa Rosa Bay Bridge Authority, RB, 6.25%, 07/01/28(f)(g) | 339 | 308,078 | ||||||
Sawyers Landing Community Development District, SAB | ||||||||
4.13%, 05/01/41 | 530 | 572,371 | ||||||
4.25%, 05/01/53 | 3,520 | 3,778,196 | ||||||
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54 | 2,420 | 2,685,401 | ||||||
Southern Groves Community Development District No.5, SAB | ||||||||
3.38%, 05/01/25 | 290 | 296,665 | ||||||
4.00%, 05/01/30 | 185 | 201,370 | ||||||
4.30%, 05/01/40 | 860 | 933,912 | ||||||
4.50%, 05/01/46 | 605 | 654,847 | ||||||
Tolomato Community Development District, Refunding SAB | ||||||||
Series 2015-2, 6.61%, 05/01/40 | 125 | 103,912 | ||||||
Series A-2, 4.25%, 05/01/37 | 910 | 982,287 | ||||||
Tolomato Community Development District, Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40 | 50 | 49,304 | ||||||
Tolomato Community Development District, SAB(f)(g) | ||||||||
3rd Series, 6.65%, 05/01/40 | 105 | 1 | ||||||
Series 2015-1, 6.61%, 05/01/40 | 205 | 205,017 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Tolomato Community Development District, SAB(f)(g) (continued) | ||||||||
Series 2015-3, 6.61%, 05/01/40 | $ | 135 | $ | 1 | ||||
Trout Creek Community Development District, SAB | ||||||||
5.38%, 05/01/38 | 670 | 753,792 | ||||||
5.50%, 05/01/49 | 1,700 | 1,897,662 | ||||||
V-Dana Community Development District, SAB(b) | ||||||||
3.00%, 05/01/25 | 300 | 303,795 | ||||||
3.50%, 05/01/31 | 525 | 550,986 | ||||||
4.00%, 05/01/40 | 750 | 801,572 | ||||||
4.00%, 05/01/51 | 1,200 | 1,260,744 | ||||||
Viera East Community Development District, Refunding SAB, 5.00%, 05/01/26 | 640 | 648,726 | ||||||
Viera Stewardship District, SAB, 4.00%, 05/01/53 | 1,710 | 1,796,943 | ||||||
Village Community Development District No.10, SAB, 5.13%, 05/01/43 | 1,450 | 1,482,748 | ||||||
Village Community Development District No.9, SAB, 5.50%, 05/01/42 | 440 | 443,207 | ||||||
West Villages Improvement District, SAB 4.25%, 05/01/29 | 400 | 430,124 | ||||||
4.75%, 05/01/39 | 885 | 973,007 | ||||||
5.00%, 05/01/50 | 1,415 | 1,555,853 | ||||||
|
| |||||||
211,636,858 | ||||||||
Georgia — 1.7% | ||||||||
Atlanta Urban Redevelopment Agency RB, 3.88%, 07/01/51(b) | 2,805 | 2,870,971 | ||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(c) | 555 | 641,086 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 1,020 | 1,412,041 | ||||||
Series A, 5.00%, 05/15/36 | 1,020 | 1,432,107 | ||||||
Series A, 5.00%, 05/15/37 | 1,120 | 1,592,572 | ||||||
Series A, 5.00%, 05/15/38 | 615 | 885,618 | ||||||
Series A, 5.00%, 05/15/49 | 2,055 | 3,164,577 | ||||||
Series C, 4.00%, 05/01/52(a) | 8,210 | 9,648,400 | ||||||
Municipal Electric Authority of Georgia, RB | ||||||||
4.00%, 01/01/49 | 4,150 | 4,608,160 | ||||||
Series A, 5.00%, 01/01/49 | 3,235 | 3,875,970 | ||||||
Series A, 5.00%, 01/01/59 | 525 | 624,452 | ||||||
Municipal Electric Authority of Georgia, Refunding RB | ||||||||
Series A-R, Subordinate, 5.00%, 01/01/45 | 3,000 | 3,765,039 | ||||||
Series A-R, Subordinate, 5.00%, 01/01/50 | 4,000 | 4,993,816 | ||||||
Private Colleges & Universities Authority, Refunding RB, 4.00%, 10/01/50 | 1,155 | 1,333,565 | ||||||
|
| |||||||
40,848,374 | ||||||||
Guam — 0.3% | ||||||||
Territory of Guam, Refunding RB | ||||||||
Series A, 5.00%, 11/01/35 | 1,100 | 1,395,034 | ||||||
Series A, 5.00%, 11/01/40 | 1,545 | 1,916,058 | ||||||
Series F, 4.00%, 01/01/36 | 1,460 | 1,681,583 | ||||||
Series F, 4.00%, 01/01/42 | 1,870 | 2,111,434 | ||||||
|
| |||||||
7,104,109 | ||||||||
Idaho — 0.4% | ||||||||
Idaho Health Facilities Authority, Refunding RB | ||||||||
3.50%, 09/01/33 | 375 | 398,974 | ||||||
5.00%, 09/01/37 | 1,000 | 1,120,252 | ||||||
3.00%, 03/01/51(d) | 2,835 | 2,945,752 |
32 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Idaho (continued) | ||||||||
Idaho Housing & Finance Association, RB(b) | ||||||||
5.00%, 12/01/46 | $ | 1,000 | $ | 1,110,982 | ||||
Series A, 6.00%, 07/01/39 | 370 | 449,183 | ||||||
Series A, 6.00%, 07/01/49 | 595 | 708,818 | ||||||
Series A, 6.00%, 07/01/54 | 570 | 676,055 | ||||||
Series A, 6.95%, 06/15/55 | 1,540 | 1,684,105 | ||||||
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 | 265 | 266,083 | ||||||
|
| |||||||
9,360,204 | ||||||||
Illinois — 5.6% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/38 | 655 | 816,853 | ||||||
Series A, 5.00%, 12/01/39 | 2,095 | 2,605,066 | ||||||
Series A, 5.00%, 12/01/40 | 2,750 | 3,412,956 | ||||||
Series A, 5.00%, 12/01/42 | 1,570 | 1,620,981 | ||||||
Series C, 5.25%, 12/01/39 | 2,250 | 2,482,211 | ||||||
Series D, 5.00%, 12/01/46 | 3,620 | 3,945,054 | ||||||
Series H, 5.00%, 12/01/46 | 725 | 839,681 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series A, 5.00%, 12/01/28 | 530 | 653,140 | ||||||
Series A, 5.00%, 12/01/30 | 2,210 | 2,750,858 | ||||||
Series B, 4.00%, 12/01/35 | 1,155 | 1,182,119 | ||||||
Series C, 5.00%, 12/01/25 | 1,220 | 1,414,585 | ||||||
Series C, 5.00%, 12/01/30 | 1,370 | 1,637,564 | ||||||
Series D, 5.00%, 12/01/31 | 1,500 | 1,790,477 | ||||||
Series G, 5.00%, 12/01/44 | 3,700 | 4,288,763 | ||||||
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(e) | 590 | 563,048 | ||||||
City of Chicago Refunding GO, Series A, 4.00%, 01/01/36 | 6,335 | 7,333,979 | ||||||
Illinois Finance Authority, RB, Series A, 6.00%, 10/01/48 | 1,700 | 1,759,056 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
6.00%, 02/01/34 | 335 | 349,826 | ||||||
4.00%, 09/01/35 | 1,000 | 1,153,505 | ||||||
4.00%, 09/01/37 | 1,000 | 1,123,311 | ||||||
4.00%, 09/01/39 | 2,000 | 2,239,596 | ||||||
4.00%, 09/01/41 | 1,250 | 1,399,910 | ||||||
6.13%, 02/01/45 | 790 | 818,421 | ||||||
5.00%, 05/15/56 | 815 | 923,099 | ||||||
Series A, 3.00%, 08/15/48 | 11,350 | 12,134,705 | ||||||
Series C, 5.00%, 02/15/36 | 1,805 | 2,170,711 | ||||||
Series C, 5.00%, 02/15/41 | 3,000 | 3,568,542 | ||||||
Illinois State Toll Highway Authority RB | ||||||||
Series A, 4.00%, 01/01/46 | 2,490 | 2,950,600 | ||||||
Series A, 5.00%, 01/01/46 | 6,480 | 8,345,449 | ||||||
Metropolitan Pier & Exposition Authority, RB | ||||||||
Series A, 5.50%, 06/15/53 | 3,925 | 4,556,038 | ||||||
Series A, 5.00%, 06/15/57 | 4,555 | 5,309,909 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 12/15/47(d) | 6,325 | 7,133,632 | ||||||
Quad Cities Regional Economic Development Authority, Refunding RB, 4.75%, 10/01/32 | 675 | 694,121 | ||||||
Sales Tax Securitization Corp. Refunding RB, Series A, 5.00%, 01/01/33 | 2,775 | 3,723,820 | ||||||
State of Illinois, GO | ||||||||
5.50%, 05/01/30 | 1,235 | 1,609,710 | ||||||
5.00%, 02/01/39 | 510 | 552,703 | ||||||
5.50%, 05/01/39 | 2,460 | 3,159,432 | ||||||
Series A, 5.00%, 12/01/25 | 3,000 | 3,477,414 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, GO (continued) | ||||||||
Series A, 5.00%, 04/01/35 | $ | 1,460 | $ | 1,534,850 | ||||
Series A, 4.00%, 03/01/38 | 2,250 | 2,633,436 | ||||||
Series A, 5.00%, 04/01/38 | 2,190 | 2,302,275 | ||||||
Series A, 4.00%, 03/01/39 | 2,100 | 2,454,953 | ||||||
Series A, 4.00%, 03/01/40 | 2,300 | 2,683,150 | ||||||
Series D, 5.00%, 11/01/24 | 9,450 | 10,585,890 | ||||||
State of Illinois, Refunding GO, Series A, 5.00%, 10/01/25 | 3,000 | 3,460,566 | ||||||
|
| |||||||
132,145,965 | ||||||||
Indiana — 0.8% | ||||||||
City of Anderson Indiana, RB, 5.38%, 01/01/40 | 1,540 | 1,605,704 | ||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 525 | 580,466 | ||||||
AMT, 7.00%, 01/01/44 | 1,270 | 1,406,002 | ||||||
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b) | 2,325 | 2,328,415 | ||||||
Indiana Finance Authority, RB | ||||||||
Series A, AMT, 5.00%, 07/01/23(c) | 1,600 | 1,707,724 | ||||||
Series A, AMT, 5.25%, 07/01/23(c) | 2,500 | 2,677,130 | ||||||
Series A, AMT, 6.75%, 05/01/39 | 2,785 | 3,645,153 | ||||||
Indiana Finance Authority, Refunding RB, 5.00%, 03/01/22(c) | 725 | 730,383 | ||||||
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b) | 3,175 | 3,331,216 | ||||||
|
| |||||||
18,012,193 | ||||||||
Iowa — 0.3% | ||||||||
Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48 | 2,360 | 2,651,049 | ||||||
Iowa Finance Authority, Refunding RB, Series A, 5.25%, 12/01/50(a) | 595 | 631,298 | ||||||
Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51 | 3,000 | 3,330,306 | ||||||
|
| |||||||
6,612,653 | ||||||||
Kansas — 0.2% | ||||||||
City of Prairie Village Kansas, Refunding TA(d) | ||||||||
2.88%, 04/01/30 | 875 | 875,530 | ||||||
3.13%, 04/01/36 | 1,000 | 999,054 | ||||||
City of Shawnee Kansas, RB(b) | ||||||||
5.00%, 08/01/41 | 770 | 832,217 | ||||||
5.00%, 08/01/56 | 2,800 | 2,973,536 | ||||||
|
| |||||||
5,680,337 | ||||||||
Kentucky — 0.3% | ||||||||
City of Hazard, Refunding RB, 3.00%, 07/01/46 | 2,500 | 2,672,382 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24(e) | 250 | 242,451 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, Series A, 6.00%, 07/01/23(c) | 3,000 | 3,257,547 | ||||||
|
| |||||||
6,172,380 | ||||||||
Louisiana — 1.3% | ||||||||
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b) | 3,035 | 3,016,790 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b) | 1,990 | 2,202,168 | ||||||
Louisiana Public Facilities Authority, RB(b) | ||||||||
Series A, 5.00%, 06/01/41 | 990 | 1,089,221 | ||||||
Series A, 5.00%, 04/01/49 | 500 | 533,419 |
SCHEDULE OF INVESTMENTS | 33 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Louisiana (continued) | ||||||||
Louisiana Public Facilities Authority, RB(b) (continued) | ||||||||
Series A, 5.25%, 06/01/51 | $ | 1,830 | $ | 2,014,257 | ||||
Series A, 5.25%, 06/01/60 | 3,385 | 3,700,336 | ||||||
Louisiana Public Facilities Authority, Refunding RB, 4.00%, 04/01/50 | 12,320 | 14,170,538 | ||||||
Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40(b) | 3,160 | 4,198,092 | ||||||
|
| |||||||
30,924,821 | ||||||||
Maine — 0.1% | ||||||||
Finance Authority of Maine RB, AMT, 8.00%, 12/01/51(b) | 3,150 | 3,207,207 | ||||||
|
| |||||||
Maryland — 1.3% | ||||||||
City of Baltimore Maryland, Refunding RB 5.00%, 09/01/46. | 1,500 | 1,576,764 | ||||||
Series A, 4.00%, 09/01/27 | 325 | 356,188 | ||||||
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b) | 4,965 | 5,886,851 | ||||||
Maryland Economic Development Corp., RB, 5.00%, 07/01/56 | 985 | 1,191,511 | ||||||
Maryland Economic Development Corp., Refunding RB, 5.00%, 07/01/39 | 950 | 1,018,366 | ||||||
Maryland Economic Development Corp., TA, 4.00%, 09/01/50 | 605 | 685,184 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b) | 8,165 | 9,331,852 | ||||||
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47 | 2,750 | 2,779,568 | ||||||
Montgomery County Housing Opportunities Commission RB, Series C, (FHA 542(C)), 2.85%, 01/01/51 | 7,000 | 7,059,724 | ||||||
|
| |||||||
29,886,008 | ||||||||
Massachusetts — 0.7% | ||||||||
Massachusetts Development Finance Agency RB, 4.00%, 06/01/56 | 1,570 | 1,748,476 | ||||||
Massachusetts Development Finance Agency Refunding RB, Series B, 4.00%, 06/01/50 | 2,120 | 2,373,175 | ||||||
Massachusetts Development Finance Agency, RB | ||||||||
Series B, 0.00%, 11/15/56(e) | 94 | 69,972 | ||||||
Series D, 4.00%, 07/01/45 | 715 | 764,134 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
4.00%, 10/01/32(b) | 355 | 380,851 | ||||||
4.13%, 10/01/42(b) | 855 | 914,984 | ||||||
4.00%, 07/01/45 | 560 | 639,864 | ||||||
4.00%, 07/01/50 | 1,050 | 1,187,256 | ||||||
Series A, 5.00%, 07/01/38 | 1,200 | 1,464,874 | ||||||
Series A, 5.00%, 07/01/39 | 3,055 | 3,727,989 | ||||||
Series A, 5.00%, 07/01/44 | 2,000 | 2,419,780 | ||||||
|
| |||||||
15,691,355 | ||||||||
Michigan — 0.5% | ||||||||
Advanced Technology Academy, Refunding RB | ||||||||
3.50%, 11/01/24 | 190 | 195,073 | ||||||
3.88%, 11/01/29 | 150 | 161,614 | ||||||
5.00%, 11/01/34 | 400 | 450,696 | ||||||
5.00%, 11/01/44 | 160 | 176,979 | ||||||
City of Detroit Michigan, GO | ||||||||
5.00%, 04/01/34 | 485 | 570,824 | ||||||
5.00%, 04/01/35 | 485 | 569,698 |
Security | Par (000) | Value | ||||||
Michigan (continued) | ||||||||
City of Detroit Michigan, GO (continued) | ||||||||
5.00%, 04/01/36 | $ | 340 | $ | 398,373 | ||||
5.00%, 04/01/37 | 545 | 637,084 | ||||||
5.00%, 04/01/38 | 240 | 279,900 | ||||||
Grand Traverse County Hospital Finance Authority, Refunding RB, 3.00%, 07/01/51 | 2,000 | 2,121,112 | ||||||
Kentwood Economic Development Corp., Refunding RB, 5.63%, 11/15/41 | 1,000 | 1,019,587 | ||||||
Michigan Finance Authority, RB(c) | ||||||||
Series C-2, AMT, Senior Lien, 5.00%, 07/01/22 | 350 | 358,054 | ||||||
Series C-1, Senior Lien, 5.00%, 07/01/22 | 800 | 818,731 | ||||||
Michigan Strategic Fund, RB | ||||||||
AMT, 5.00%, 06/30/48 | 2,030 | 2,419,025 | ||||||
AMT, 4.00%, 10/01/61(a) | 1,355 | 1,513,009 | ||||||
|
| |||||||
11,689,759 | ||||||||
Minnesota — 0.7% | ||||||||
City of Cologne Minnesota,RB, Series A, 5.00%, 07/01/45 | 2,065 | 2,167,391 | ||||||
City of Deephaven Minnesota, Refunding RB, Series A, 5.25%, 07/01/40 | 500 | 538,993 | ||||||
City of Minneapolis Minnesota, RB | ||||||||
Series A, 5.00%, 07/01/55 | 1,405 | 1,520,248 | ||||||
Series A, 5.75%, 07/01/55 | 3,435 | 4,007,893 | ||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 1,925 | 2,143,528 | ||||||
Series A, 5.25%, 02/15/53 | 3,850 | 4,631,661 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, 5.00%, 07/01/55 | 870 | 976,146 | ||||||
|
| |||||||
15,985,860 | ||||||||
Mississippi — 0.4% | ||||||||
Mississippi Home Corp., Refunding RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 2.10%, 12/01/41 | 9,525 | 9,642,996 | ||||||
|
| |||||||
Missouri — 0.7% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 11/15/48 | 3,650 | 4,129,986 | ||||||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB | ||||||||
Series A, 4.38%, 11/15/35 | 1,020 | 1,028,165 | ||||||
Series A, 4.75%, 11/15/47 | 1,135 | 1,128,586 | ||||||
Kansas City Industrial Development Authority, RB, Series C, 7.50%, 11/15/46 | 425 | 427,354 | ||||||
Kansas City Industrial Development Authority, Refunding RB | ||||||||
2.00%, 11/15/46 | 345 | 17,155 | ||||||
5.00%, 11/15/46 | 772 | 771,410 | ||||||
Kansas City Land Clearance Redevelopment Authority, TA(b) | ||||||||
Series B, 4.38%, 02/01/31 | 3,105 | 3,181,483 | ||||||
Series B, 5.00%, 02/01/40 | 1,240 | 1,275,272 | ||||||
Plaza at Noah’s Ark Community Improvement District, Refunding RB | ||||||||
3.00%, 05/01/25 | 350 | 359,589 | ||||||
3.00%, 05/01/26 | 275 | 283,500 | ||||||
3.00%, 05/01/30 | 475 | 484,405 |
34 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Missouri (continued) | ||||||||
Plaza at Noah’s Ark Community Improvement District, Refunding RB (continued) | ||||||||
3.13%, 05/01/35 | $ | 500 | $ | 505,186 | ||||
Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42 | 2,200 | 2,278,674 | ||||||
|
| |||||||
15,870,765 | ||||||||
Nebraska — 0.4% | ||||||||
Central Plains Energy Project, Refunding RB | ||||||||
5.00%, 09/01/42 | 780 | 802,010 | ||||||
Series A, 5.00%, 09/01/42 | 6,090 | 8,846,310 | ||||||
|
| |||||||
9,648,320 | ||||||||
Nevada — 0.2% | ||||||||
City of Las Vegas Nevada Special Improvement District No.815, SAB, 5.00%, 12/01/49 | 810 | 929,434 | ||||||
County of Clark Nevada, Refunding SAB | ||||||||
4.00%, 08/01/22 | 375 | 382,172 | ||||||
4.00%, 08/01/23 | 230 | 234,392 | ||||||
Tahoe-Douglas Visitors Authority, RB | ||||||||
5.00%, 07/01/40 | 825 | 967,936 | ||||||
5.00%, 07/01/45 | 1,025 | 1,185,782 | ||||||
5.00%, 07/01/51 | 1,100 | 1,258,733 | ||||||
|
| |||||||
4,958,449 | ||||||||
New Hampshire — 0.6% | ||||||||
New Hampshire Business Finance Authority, RB | ||||||||
Series A, 4.13%, 08/15/40 | 1,435 | 1,495,336 | ||||||
Series A, 4.25%, 08/15/46 | 1,610 | 1,666,482 | ||||||
Series A, 4.50%, 08/15/55 | 3,350 | 3,484,308 | ||||||
New Hampshire Business Finance Authority, Refunding RB(b) | ||||||||
Series B, 4.63%, 11/01/42 | 4,650 | 4,837,353 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 2,515 | 2,625,499 | ||||||
|
| |||||||
14,108,978 | ||||||||
New Jersey — 3.5% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44 | 5,750 | 6,245,017 | ||||||
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24 | 880 | 941,985 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
4.00%, 11/01/39 | 1,165 | 1,334,152 | ||||||
6.00%, 10/01/43 | 970 | 1,043,726 | ||||||
Series A, 5.00%, 07/01/32 | 235 | 256,825 | ||||||
Series A, 5.00%, 07/01/37 | 375 | 406,116 | ||||||
Series A, 5.00%, 01/01/48 | 1,110 | 1,155,719 | ||||||
Series A, 5.25%, 11/01/54(b) | 3,955 | 4,237,834 | ||||||
Series B, 5.00%, 06/15/43 | 3,755 | 4,543,253 | ||||||
Series EEE, 5.00%, 06/15/43 | 5,550 | 6,713,130 | ||||||
AMT, 5.13%, 09/15/23 | 1,045 | 1,079,391 | ||||||
AMT, 5.38%, 01/01/43 | 1,360 | 1,476,710 | ||||||
Series B, AMT, 6.50%, 04/01/31 | 2,585 | 2,927,944 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 07/01/32 | 1,140 | 1,350,567 | ||||||
5.00%, 07/01/33 | 1,450 | 1,716,345 | ||||||
New Jersey Higher Education Student Assistance Authority, RB | ||||||||
Series B, AMT, 2.50%, 12/01/40 | 3,660 | 3,865,590 | ||||||
Series C, AMT, 3.25%, 12/01/51 | 1,700 | 1,726,255 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
0.00%, 12/15/40(e) | $ | 7,560 | $ | 4,711,619 | ||||
Series AA, 5.25%, 06/15/41 | 1,265 | 1,442,235 | ||||||
Series AA, 5.00%, 06/15/44 | 1,005 | 1,093,273 | ||||||
Series BB, 4.00%, 06/15/50 | 10,940 | 12,276,584 | ||||||
Series BB, 5.00%, 06/15/50 | 8,560 | 10,255,197 | ||||||
Series S, 5.25%, 06/15/43 | 4,095 | 5,034,929 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36 | 1,195 | 1,462,986 | ||||||
South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/36 | 575 | 677,174 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.25%, 06/01/46 | 900 | 1,081,964 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 3,175 | 3,693,303 | ||||||
|
| |||||||
82,749,823 | ||||||||
New Mexico — 0.1% | ||||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, 5.50%, 07/01/42 | 2,030 | 2,077,656 | ||||||
|
| |||||||
New York — 5.9% | ||||||||
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/41 | 3,750 | 4,046,408 | ||||||
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b) | 1,215 | 1,362,889 | ||||||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48 | 4,475 | 4,619,055 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 3,210 | 3,238,768 | ||||||
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 | 585 | 640,564 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 4.75%, 11/15/45 | 4,115 | 4,934,757 | ||||||
Series C-1, 5.00%, 11/15/50 | 1,340 | 1,624,205 | ||||||
Series C-1, 5.25%, 11/15/55 | 1,980 | 2,436,519 | ||||||
Monroe County Industrial Development Corp., Refunding RB, 4.00%, 12/01/39 | 1,200 | 1,403,152 | ||||||
New York City Industrial Development Agency, Refunding RB | ||||||||
Series A, Class A, (AGM), 3.00%, 01/01/37 | 755 | 810,089 | ||||||
Series A, Class A, (AGM), 3.00%, 01/01/39 | 755 | 808,438 | ||||||
Series A, Class A, (AGM), 3.00%, 01/01/40 | 525 | 560,361 | ||||||
New York Counties Tobacco Trust IV, Refunding RB | ||||||||
Series A, 6.25%, 06/01/41(b) | 7,900 | 8,061,697 | ||||||
Series A, 5.00%, 06/01/42 | 4,520 | 4,586,037 | ||||||
Series A, 5.00%, 06/01/45 | 1,695 | 1,719,761 | ||||||
New York Counties Tobacco Trust VI, Refunding RB | ||||||||
Series A-2-B, 5.00%, 06/01/45 | 4,010 | 4,448,020 | ||||||
Series A-2-B, 5.00%, 06/01/51 | 6,865 | 7,604,587 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
2.88%, 11/15/46 | 14,320 | 14,564,528 | ||||||
3.00%, 11/15/51 | 4,025 | 4,213,805 | ||||||
Series 1, Class 1, 5.00%, 11/15/44(b) | 15,115 | 16,567,944 | ||||||
Series 2, Class 2, 5.15%, 11/15/34(b) | 450 | 502,428 | ||||||
Series 2, Class 2, 5.38%, 11/15/40(b) | 1,070 | 1,196,844 | ||||||
New York State Dormitory Authority, Refunding RB(b) | ||||||||
5.00%, 12/01/33 | 590 | 705,924 | ||||||
5.00%, 12/01/35 | 785 | 930,534 | ||||||
New York State Housing Finance Agency RB | ||||||||
(SONYMA), 2.45%, 11/01/41 | 2,950 | 2,943,304 | ||||||
(SONYMA), 2.65%, 11/01/46 | 3,935 | 3,932,682 |
SCHEDULE OF INVESTMENTS | 35 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 | $ | 3,000 | $ | 3,304,245 | ||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 1,295 | 1,604,311 | ||||||
AMT, 4.00%, 01/01/36 | 5,000 | 5,561,565 | ||||||
AMT, 5.00%, 10/01/40 | 3,650 | 4,445,189 | ||||||
AMT, 4.00%, 10/31/46 | 2,220 | 2,535,256 | ||||||
AMT, 4.00%, 04/30/53 | 1,145 | 1,308,666 | ||||||
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 | 3,665 | 4,579,513 | ||||||
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b) | 530 | 553,405 | ||||||
State of New York Mortgage Agency, RB, S/F Housing, (SONYMA), 2.60%, 10/01/44 | 4,040 | 4,063,755 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/54 | 670 | 785,000 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 | 1,290 | 1,405,523 | ||||||
Westchester County Local Development Corp., Refunding RB | ||||||||
5.00%, 07/01/46(b) | 530 | 567,896 | ||||||
5.00%, 07/01/56(b) | 5,000 | 5,267,840 | ||||||
Series A, 5.13%, 07/01/55 | 1,100 | 1,150,384 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB | ||||||||
Sub-Series C, 4.00%, 06/01/42 | 850 | 928,634 | ||||||
Sub-Series C, 5.13%, 06/01/51 | 2,000 | 2,277,076 | ||||||
|
| |||||||
138,801,558 | ||||||||
North Carolina — 0.1% | ||||||||
North Carolina Turnpike Authority, RB, Senior Lien, 4.00%, 01/01/55 | 3,000 | 3,382,713 | ||||||
|
| |||||||
North Dakota — 0.3% | ||||||||
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 | 1,785 | 2,155,594 | ||||||
University of North Dakota, COP, Series A, (AGM), 2.50%, 06/01/54 | 6,200 | 6,046,389 | ||||||
|
| |||||||
8,201,983 | ||||||||
Ohio — 2.2% | ||||||||
American Municipal Power Inc., Refunding RB | ||||||||
4.00%, 02/15/36 | 2,250 | 2,697,415 | ||||||
4.00%, 02/15/37 | 3,500 | 4,186,735 | ||||||
4.00%, 02/15/38 | 1,825 | 2,178,037 | ||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 5,490 | 6,366,835 | ||||||
Cleveland-Cuyahoga County Port Authority, RB | ||||||||
4.00%, 07/01/46 | 190 | 223,787 | ||||||
4.00%, 07/01/51 | 260 | 304,840 | ||||||
Cleveland-Cuyahoga County Port Authority, Refunding TA(b) | ||||||||
4.00%, 12/01/55 | 940 | 995,249 | ||||||
4.50%, 12/01/55 | 1,230 | 1,345,030 | ||||||
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46 | 1,435 | 1,569,445 | ||||||
County of Hardin Ohio, Refunding RB | ||||||||
5.00%, 05/01/30 | 620 | 679,043 | ||||||
5.25%, 05/01/40 | 1,235 | 1,330,731 | ||||||
5.50%, 05/01/50 | 2,895 | 3,097,282 |
Security | Par (000) | Value | ||||||
Ohio (continued) | ||||||||
Franklin County Convention Facilities Authority, RB | ||||||||
5.00%, 12/01/44 | $ | 1,800 | $ | 2,067,622 | ||||
5.00%, 12/01/51 | 4,000 | 4,595,056 | ||||||
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b) | 1,865 | 2,000,481 | ||||||
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51(b) | 4,125 | 4,199,658 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 5,000 | 5,826,425 | ||||||
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) | 1,100 | 1,115,799 | ||||||
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b) | 5,980 | 6,806,616 | ||||||
|
| |||||||
51,586,086 | ||||||||
Oklahoma — 1.5% | ||||||||
Norman Regional Hospital Authority, RB, 4.00%, 09/01/45 | 3,565 | 4,005,327 | ||||||
Oklahoma Development Finance Authority, RB | ||||||||
7.25%, 09/01/51(b) | 14,390 | 17,176,839 | ||||||
Series A-2, 7.25%, 09/01/51(b) | 1,920 | 2,291,837 | ||||||
Series B, 5.00%, 08/15/38 | 4,585 | 5,501,482 | ||||||
Series B, 5.25%, 08/15/43 | 4,130 | 5,010,945 | ||||||
Tulsa Authority for Economic Opportunity TA, 4.38%, 12/01/41(b) | 1,180 | 1,174,943 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 | 1,050 | 1,185,172 | ||||||
|
| |||||||
36,346,545 | ||||||||
Oregon — 0.9% | ||||||||
Medford Hospital Facilities Authority, Refunding RB | ||||||||
Series A, 4.00%, 08/15/50 | 4,845 | 5,627,240 | ||||||
Series A, 5.00%, 08/15/50 | 2,000 | 2,499,794 | ||||||
Oregon Health & Science University Refunding RB, Series A, 3.00%, 07/01/51 | 10,160 | 10,729,214 | ||||||
Oregon State Facilities Authority, RB(b) | ||||||||
Series A, 5.00%, 06/15/49 | 915 | 978,817 | ||||||
Series A, 5.25%, 06/15/55 | 505 | 544,037 | ||||||
|
| |||||||
20,379,102 | ||||||||
Pennsylvania — 1.1% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/01/35 | 1,185 | 1,201,998 | ||||||
Series A, 5.00%, 05/01/42 | 2,730 | 2,767,196 | ||||||
Bucks County Industrial Development Authority, RB | ||||||||
4.00%, 07/01/46 | 275 | 311,601 | ||||||
4.00%, 07/01/51 | 200 | 225,583 | ||||||
City of Philadelphia Water & Wastewater Revenue, RB, Series A, 5.00%, 11/01/50 | 6,000 | 7,547,976 | ||||||
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/24(c) | 2,750 | 3,061,088 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49 | 880 | 982,516 | ||||||
Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 12/01/46 | 1,470 | 1,644,987 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1,050 | 1,108,553 |
36 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | $ | 895 | $ | 1,018,583 | ||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 5,390 | 5,706,813 | ||||||
|
| |||||||
25,576,894 | ||||||||
Puerto Rico — 10.4% | ||||||||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(e) | 135,505 | 9,610,015 | ||||||
Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(e) | 2,000 | 186,496 | ||||||
Commonwealth of Puerto Rico, GO(f)(g) | ||||||||
5.25%, 07/01/17 | 1,060 | 1,060,000 | ||||||
Series A, 5.25%, 07/01/22 | 335 | 332,487 | ||||||
Series A, 5.00%, 07/01/23 | 1,250 | 1,240,625 | ||||||
Series A, 5.13%, 07/01/31 | 215 | 213,388 | ||||||
Series A, 6.00%, 07/01/38 | 1,210 | 1,217,359 | ||||||
Commonwealth of Puerto Rico, Refunding GO(f)(g) | ||||||||
6.00%, 07/01/39 | 165 | 166,004 | ||||||
6.50%, 07/01/40 | 400 | 402,433 | ||||||
Series A, 5.25%, 07/01/16 | 1,135 | 1,135,000 | ||||||
Series A, 5.50%, 07/01/18 | 200 | 200,000 | ||||||
Series A, 5.50%, 07/01/26 | 1,000 | 941,397 | ||||||
Series A, 8.00%, 07/01/35 | 22,191 | 19,694,513 | ||||||
Series A, 5.50%, 07/01/39 | 4,285 | 4,033,886 | ||||||
Series A, 6.50%, 07/01/40 | 2,610 | 2,625,874 | ||||||
Series A, 5.00%, 07/01/41 | 7,715 | 6,933,856 | ||||||
Series A, 5.75%, 07/01/41 | 385 | 376,337 | ||||||
Series C, 6.00%, 07/01/39 | 3 | 3,018 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(b) | ||||||||
Series B, 5.00%, 07/01/37 | 1,365 | 1,698,753 | ||||||
Series B, 4.00%, 07/01/42 | 4,660 | 5,292,218 | ||||||
Series A, Senior Lien, 5.00%, 07/01/35 | 4,890 | 5,977,864 | ||||||
Series A, Senior Lien, 5.00%, 07/01/47 | 8,605 | 10,278,802 | ||||||
Puerto Rico Electric Power Authority, RB | ||||||||
5.00%, 07/01/19 | 900 | 900,306 | ||||||
10.00%, 07/01/19 | 1,391 | 1,509,929 | ||||||
7.50%, 01/01/20 | 2,332 | 2,483,825 | ||||||
7.50%, 01/01/22 | 4,430 | 4,717,879 | ||||||
3rd Series, 5.40%, 01/01/22 | 208 | 212,869 | ||||||
Series A, 7.25%, 07/01/30(f)(g) | 250 | 266,250 | ||||||
Series A, 7.00%, 07/01/33(f)(g) | 8,735 | 9,302,775 | ||||||
Series A, 6.75%, 07/01/36(f)(g) | 5,830 | 6,208,950 | ||||||
Series A, 7.00%, 07/01/40(f)(g) | 1,000 | 1,065,000 | ||||||
Series A, 5.00%, 07/01/42(f)(g) | 2,315 | 2,315,789 | ||||||
Series A, 5.05%, 07/01/42(f)(g) | 1,080 | 1,080,368 | ||||||
Series A, 7.00%, 07/01/43(f)(g) | 775 | 825,375 | ||||||
Series A-3, 10.00%, 07/01/19(f)(g) | 748 | 811,220 | ||||||
Series B-3, 10.00%, 07/01/19(f)(g) | 748 | 811,220 | ||||||
Series C-1, 5.40%, 01/01/18(f)(g) | 2,054 | 2,105,530 | ||||||
Series C-2, 5.40%, 07/01/18(f)(g) | 2,054 | 2,105,871 | ||||||
Series C-4, 5.40%, 07/01/20(f)(g) | 208 | 212,869 | ||||||
Series CCC, 5.00%, 07/01/22(f)(g) | 715 | 715,244 | ||||||
Series CCC, 5.00%, 07/01/25(f)(g) | 620 | 620,211 | ||||||
Series CCC, 5.25%, 07/01/26(f)(g) | 590 | 590,201 | ||||||
Series CCC, 5.25%, 07/01/28(f)(g) | 1,945 | 1,985,241 | ||||||
Series TT, 5.00%, 07/01/25(f)(g) | 3,270 | 3,271,115 | ||||||
Series TT, 5.00%, 07/01/26(f)(g) | 455 | 455,155 | ||||||
Series WW, 5.50%, 07/01/17(f)(g) | 475 | 475,162 | ||||||
Series WW, 5.50%, 07/01/18(f)(g) | 415 | 415,142 | ||||||
Series WW, 5.50%, 07/01/19(f)(g) | 335 | 335,114 |
Security | Par (000) | Value | ||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Electric Power Authority, RB (continued) | ||||||||
Series WW, 5.38%, 07/01/22(f)(g) | $ | 4,500 | $ | 4,501,534 | ||||
Series WW, 5.38%, 07/01/24(f)(g) | 815 | 815,278 | ||||||
Series WW, 5.25%, 07/01/25(f)(g) | 1,940 | 1,940,662 | ||||||
Series WW, 5.25%, 07/01/33(f)(g) | 315 | 315,107 | ||||||
Series WW, 5.50%, 07/01/38(f)(g) | 415 | 415,142 | ||||||
Series XX, 5.25%, 07/01/27(f)(g) | 230 | 230,078 | ||||||
Series XX, 5.25%, 07/01/35(f)(g) | 705 | 705,240 | ||||||
Series XX, 5.75%, 07/01/36(f)(g) | 2,870 | 2,870,979 | ||||||
Series XX, 5.25%, 07/01/40(f)(g) | 8,385 | 8,387,859 | ||||||
Puerto Rico Electric Power Authority, Refunding RB | ||||||||
Series AAA, 5.25%, 07/01/22(f)(g) | 765 | 765,261 | ||||||
Series AAA, 5.25%, 07/01/25 | 1,865 | 1,911,625 | ||||||
Series AAA, 5.25%, 07/01/25(f)(g) | 1,695 | 1,695,578 | ||||||
Series AAA, 5.25%, 07/01/28 | 2,000 | 2,050,000 | ||||||
Series AAA, 5.25%, 07/01/28(f)(g) | 1,655 | 1,655,564 | ||||||
Series AAA, 5.25%, 07/01/29(f)(g) | 190 | 190,065 | ||||||
Series UU, 1.00%, 07/01/17(a)(f)(g) | 140 | 124,537 | ||||||
Series UU, 3.47%, 07/01/17(a) | 2,520 | 2,192,400 | ||||||
Series UU, 1.00%, 07/01/18(a)(f)(g) | 125 | 111,194 | ||||||
Series UU, 1.00%, 07/01/20(a)(f)(g) | 1,135 | 1,009,639 | ||||||
Series UU, 0.84%, 07/01/31(a)(f)(g) | 1,345 | 1,196,445 | ||||||
Series ZZ, 5.00%, 07/01/17(f)(g) | 330 | 330,113 | ||||||
Series ZZ, 5.25%, 07/01/19(f)(g) | 1,050 | 1,050,358 | ||||||
Series ZZ, 5.25%, 07/01/23(f)(g) | 370 | 379,250 | ||||||
Series ZZ, 5.25%, 07/01/24 | 4,345 | 4,453,625 | ||||||
Series ZZ, 5.25%, 07/01/24(f)(g) | 705 | 705,240 | ||||||
Series ZZ, 5.25%, 07/01/25(f)(g) | 265 | 265,090 | ||||||
Series ZZ, 5.00%, 07/01/28(f)(g) | 345 | 345,118 | ||||||
Puerto Rico Infrastructure Financing Authority, RB | ||||||||
Series B, 5.00%, 07/01/37 | 3,375 | 1,632,892 | ||||||
Series B, 5.00%, 07/01/41(f)(g) | 10,895 | 5,271,219 | ||||||
Series B, 5.00%, 07/01/46(f)(g) | 2,965 | 1,434,526 | ||||||
Puerto Rico Infrastructure Financing Authority, Refunding RB, Series C, (FGIC), 5.50%, 07/01/21 | 1,662 | 1,576,396 | ||||||
Puerto Rico Public Buildings Authority, Refunding RB(f)(g) | ||||||||
(GTD), 6.25%, 07/01/31 | 2,000 | 2,273,750 | ||||||
(GTD), 4.75%, 07/01/32 | 1,230 | 1,361,820 | ||||||
Series F, (GTD), 5.25%, 07/01/24 | 1,495 | 1,655,221 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 15,177 | 17,309,065 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 17,813 | 20,617,301 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 9,257 | 10,449,117 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 | 1,564 | 1,765,621 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 8,434 | 9,619,652 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(e) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/29 | 2,914 | 2,621,606 | ||||||
Series A-1, Restructured, 0.00%, 07/01/31 | 1,895 | 1,565,869 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 | 679 | 523,138 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 9,554 | 3,223,243 | ||||||
Series A-1, Restructured, 0.00%, 07/01/51 | 6,487 | 1,589,360 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 2,066 | 698,223 | ||||||
|
| |||||||
245,219,935 | ||||||||
Rhode Island — 0.9% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 1,005 | 1,124,673 | ||||||
Series A, 5.00%, 06/01/40 | 5,500 | 6,137,560 |
SCHEDULE OF INVESTMENTS | 37 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Rhode Island (continued) | ||||||||
Tobacco Settlement Financing Corp., Refunding RB (continued) | ||||||||
Series B, 4.50%, 06/01/45 | $ | 6,350 | $ | 6,900,469 | ||||
Series B, 5.00%, 06/01/50 | 5,650 | 6,256,759 | ||||||
|
| |||||||
20,419,461 | ||||||||
South Carolina — 0.7% | ||||||||
City of Hardeeville SC, SAB(b) | ||||||||
3.00%, 05/01/27 | 500 | 500,441 | ||||||
3.50%, 05/01/32 | 850 | 858,928 | ||||||
3.88%, 05/01/41 | 1,400 | 1,416,870 | ||||||
4.00%, 05/01/52 | 1,350 | 1,355,840 | ||||||
County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b) | 2,240 | 2,474,333 | ||||||
South Carolina Jobs-Economic Development Authority, RB | ||||||||
Series A, 5.00%, 11/15/42 | 585 | 649,312 | ||||||
Series A, 5.00%, 11/15/54 | 280 | 306,520 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
4.00%, 11/15/27 | 575 | 611,128 | ||||||
5.25%, 11/15/52 | 800 | 856,727 | ||||||
Series A, 5.00%, 05/01/48 | 5,825 | 6,944,652 | ||||||
|
| |||||||
15,974,751 | ||||||||
Tennessee — 1.6% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 | 410 | 472,223 | ||||||
Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b)(f)(g) | 4,060 | 1,219,795 | ||||||
Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36 | 560 | 660,215 | ||||||
Memphis-Shelby County Industrial Development Board, Refunding TA | ||||||||
Series A, 5.50%, 07/01/37 | 1,650 | 1,631,109 | ||||||
Series A, 5.63%, 01/01/46 | 1,875 | 1,796,269 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 | 925 | 1,077,027 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB | ||||||||
Series A, 4.00%, 10/01/49 | 1,635 | 1,820,610 | ||||||
Series A, 5.25%, 10/01/58 | 7,565 | 9,158,643 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, 4.00%, 06/01/51(b) | 2,350 | 2,424,650 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(e) | 4,000 | 1,542,548 | ||||||
Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b) | 500 | 569,369 | ||||||
Tennergy Corp., RB, Series A, 4.00%, 12/01/51(a) | 9,000 | 10,414,161 | ||||||
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) | 3,680 | 4,735,722 | ||||||
|
| |||||||
37,522,341 | ||||||||
Texas — 3.8% | ||||||||
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) | 2,340 | 2,343,096 | ||||||
Arlington Higher Education Finance Corp., RB 5.00%, 06/15/51 | 2,045 | 2,157,659 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Arlington Higher Education Finance Corp., RB (continued) | ||||||||
5.63%, 08/15/54(b) | $ | 6,260 | $ | 6,747,153 | ||||
Series A, 5.88%, 03/01/24 | 340 | 355,448 | ||||||
Arlington Higher Education Finance Corp., Refunding RB, 5.00%, 08/15/51 | 1,000 | 1,083,169 | ||||||
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 | 1,610 | 1,787,932 | ||||||
Central Texas Regional Mobility Authority, Refunding RB, 0.00%, 01/01/31(e) | 4,000 | 3,395,892 | ||||||
Central Texas Regional Mobility Authority, Refunding RB, CAB(e) | ||||||||
0.00%, 01/01/28 | 3,000 | 2,761,995 | ||||||
0.00%, 01/01/29 | 500 | 448,463 | ||||||
0.00%, 01/01/30 | 1,330 | 1,159,735 | ||||||
City of Crandall, SAB(b) | ||||||||
3.38%, 09/15/26 | 100 | 103,979 | ||||||
4.00%, 09/15/31 | 200 | 221,110 | ||||||
4.75%, 09/15/31 | 100 | 109,534 | ||||||
4.25%, 09/15/41 | 770 | 857,790 | ||||||
5.00%, 09/15/41 | 500 | 554,995 | ||||||
City of Houston Texas Airport System Revenue, RB | ||||||||
AMT, 5.00%, 07/15/28 | 2,725 | 3,229,457 | ||||||
Series A, AMT, 6.63%, 07/15/38 | 1,110 | 1,114,338 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 615 | 714,603 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27 | 3,925 | 4,555,587 | ||||||
City of Marble Falls, SAB(b) | ||||||||
4.63%, 09/01/31 | 100 | 99,726 | ||||||
4.88%, 09/01/41 | 295 | 292,371 | ||||||
5.13%, 09/01/51 | 500 | 495,903 | ||||||
City of San Marcos Special | ||||||||
3.75%, 09/01/27 | 228 | 228,441 | ||||||
4.00%, 09/01/32 | 237 | 237,533 | ||||||
4.25%, 09/01/42 | 750 | 743,308 | ||||||
4.50%, 09/01/51 | 520 | 520,229 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | 3,380 | 3,487,055 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB | ||||||||
Series A, 5.00%, 01/01/38 | 510 | 528,270 | ||||||
Series A, 5.00%, 01/01/43 | 520 | 538,081 | ||||||
Series A, 5.13%, 01/01/48 | 1,535 | 1,588,446 | ||||||
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(e) | 350 | 144,450 | ||||||
Hemphill County Hospital District, GO | ||||||||
4.63%, 02/01/39 | 1,500 | 1,576,049 | ||||||
4.75%, 02/01/45 | 2,500 | 2,607,987 | ||||||
Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51 | 1,400 | 1,566,463 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) | 1,385 | 1,456,093 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB | ||||||||
5.00%, 08/15/49(b) | 825 | 867,613 | ||||||
Series A, 5.88%, 04/01/23(c) | 890 | 951,417 | ||||||
Series A, 6.00%, 04/01/23(c) | 1,355 | 1,450,603 | ||||||
Series A, 10.00%, 12/01/25(b) | 3,165 | 3,163,968 |
38 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
New Hope Cultural Education Facilities Finance Corp., RB (continued) |
| |||||||
Series A, 5.00%, 07/01/57 | $ | 3,000 | $ | 3,421,587 | ||||
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b) | 5,580 | 5,603,933 | ||||||
Newark Higher Education Finance Corp., RB(b) | ||||||||
Series A, 5.50%, 08/15/35 | 375 | 427,517 | ||||||
Series A, 5.75%, 08/15/45 | 735 | 838,014 | ||||||
Port Beaumont Navigation District, Refunding RB, Series A, AMT, 4.00%, 01/01/50(b) | 3,600 | 3,677,555 | ||||||
Red River Health Facilities Development Corp., RB, 5.13%, 01/01/41 | 600 | 600,000 | ||||||
San Antonio Education Facilities Corp., RB | ||||||||
Series A, 5.00%, 10/01/41 | 645 | 680,672 | ||||||
Series A, 5.00%, 10/01/51 | 885 | 913,287 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48 | 8,560 | 10,418,898 | ||||||
Texas Transportation Commission, RB, CAB(e) | ||||||||
0.00%, 08/01/46 | 2,580 | 897,605 | ||||||
0.00%, 08/01/47 | 3,850 | 1,271,116 | ||||||
0.00%, 08/01/48 | 4,070 | 1,275,400 | ||||||
0.00%, 08/01/49 | 3,825 | 1,138,320 | ||||||
0.00%, 08/01/50 | 5,485 | 1,540,561 | ||||||
0.00%, 08/01/51 | 3,230 | 857,116 | ||||||
0.00%, 08/01/52 | 3,230 | 809,390 | ||||||
0.00%, 08/01/53 | 290 | 71,195 | ||||||
|
| |||||||
90,688,107 | ||||||||
Utah(b) — 0.1% | ||||||||
Utah Charter School Finance Authority, RB | ||||||||
Series A, 5.00%, 06/15/41 | 590 | 676,455 | ||||||
Series A, 5.00%, 06/15/52 | 750 | 844,380 | ||||||
|
| |||||||
1,520,835 | ||||||||
Vermont — 0.5% | ||||||||
East Central Vermont Telecommunications District, RB(b) | ||||||||
Series A, 4.75%, 12/01/40 | 2,850 | 2,894,489 | ||||||
Series A, 4.50%, 12/01/44 | 3,695 | 3,738,911 | ||||||
Series A, 4.50%, 12/01/50 | 3,000 | 3,007,227 | ||||||
Vermont Student Assistance Corp., RB, AMT, 2.38%, 06/15/39 | 3,015 | 2,991,579 | ||||||
|
| |||||||
12,632,206 | ||||||||
Virginia — 0.8% | ||||||||
Hanover County Economic Development Authority RB, 4.00%, 07/01/40(b)(d) | 1,790 | 1,882,783 | ||||||
Hanover County Economic Development Authority, Refunding RB, Series A, 5.00%, 07/01/47 | 1,015 | 1,026,804 | ||||||
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50 | 1,250 | 1,374,883 | ||||||
Lower Magnolia Green Community Development Authority, SAB(b) | ||||||||
5.00%, 03/01/35 | 490 | 518,770 | ||||||
5.00%, 03/01/45 | 505 | 529,131 | ||||||
Lynchburg Economic Development Authority, Refunding RB | ||||||||
3.00%, 01/01/51 | 4,710 | 4,924,018 | ||||||
4.00%, 01/01/55 | 670 | 779,674 | ||||||
Norfolk Redevelopment & Housing Authority, RB, Series A, 5.00%, 01/01/49 | 1,250 | 1,343,165 |
Security | Par (000) | Value | ||||||
Virginia (continued) | ||||||||
Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45 | $ | 830 | $ | 935,877 | ||||
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48 | 2,885 | 3,117,773 | ||||||
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37 | 3,360 | 3,447,209 | ||||||
|
| |||||||
19,880,087 | ||||||||
Washington — 2.7% | ||||||||
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 09/01/22(c) | 1,005 | 1,039,840 | ||||||
Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46 | 11,915 | 15,085,236 | ||||||
Washington Economic Development Finance Authority, RB, AMT, 5.63%, 12/01/40(b) | 3,470 | 4,148,156 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 885 | 1,015,951 | ||||||
Washington State Convention Center Public Facilities District, RB | ||||||||
4.00%, 07/01/31 | 3,750 | 4,356,833 | ||||||
3.00%, 07/01/58 | 5,365 | 5,384,480 | ||||||
Washington State Housing Finance Commission, RB(b) | ||||||||
Series A, 5.00%, 07/01/50 | 620 | 711,339 | ||||||
Series A, 5.00%, 07/01/56 | 700 | 796,404 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 | 23,902 | 27,904,753 | ||||||
Washington State Housing Finance Commission, Refunding RB(b) | ||||||||
5.75%, 01/01/35 | 355 | 388,393 | ||||||
6.00%, 01/01/45 | 940 | 1,024,314 | ||||||
5.00%, 01/01/48 | 2,410 | 2,772,876 | ||||||
|
| |||||||
64,628,575 | ||||||||
Wisconsin — 3.8% | ||||||||
Public Finance Authority, ARB |
| |||||||
4.00%, 07/01/41 | 530 | 558,039 | ||||||
4.25%, 07/01/54 | 3,690 | 3,864,991 | ||||||
Public Finance Authority, RB | ||||||||
4.25%, 06/15/31(b) | 170 | 175,548 | ||||||
5.00%, 12/01/35(b) | 200 | 229,274 | ||||||
5.00%, 06/15/39 | 310 | 371,026 | ||||||
5.00%, 06/15/41(b) | 1,435 | 1,522,550 | ||||||
5.00%, 01/01/42(b) | 1,555 | 1,685,595 | ||||||
5.00%, 12/01/45(b) | 280 | 314,931 | ||||||
6.85%, 11/01/46(b) | 1,325 | 1,400,220 | ||||||
7.00%, 11/01/46(b) | 805 | 855,756 | ||||||
5.00%, 06/15/49 | 955 | 1,118,181 | ||||||
5.63%, 06/15/49(b) | 6,000 | 6,361,974 | ||||||
5.00%, 04/01/50(b) | 315 | 367,889 | ||||||
5.00%, 06/15/51(b) | 1,060 | 1,089,991 | ||||||
5.25%, 12/01/51(b) | 5,280 | 4,859,649 | ||||||
5.00%, 06/15/53 | 645 | 751,417 | ||||||
5.00%, 06/15/55(b) | 2,405 | 2,499,894 | ||||||
5.00%, 12/01/55(b) | 955 | 1,064,337 | ||||||
5.00%, 01/01/56(b) | 3,790 | 4,044,411 | ||||||
4.75%, 06/15/56(b) | 2,415 | 2,415,795 | ||||||
Series A, 6.25%, 10/01/31(b) | 910 | 957,355 | ||||||
Series A, 5.00%, 06/01/40(b) | 750 | 818,438 | ||||||
Series A, 5.38%, 06/01/44(b) | 1,215 | 1,247,083 | ||||||
Series A, 5.38%, 07/15/47(b) | 1,595 | 1,801,844 |
SCHEDULE OF INVESTMENTS | 39 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, RB (continued) | ||||||||
Series A, 7.00%, 10/01/47(b) | $ | 910 | $ | 951,711 | ||||
Series A, 5.00%, 06/01/49(b) | 1,340 | 1,441,175 | ||||||
Series A, 5.63%, 06/15/49(b) | 8,105 | 8,762,696 | ||||||
Series A, 5.50%, 06/01/54(b) | 1,500 | 1,530,665 | ||||||
Series A, 5.00%, 06/15/55(b) | 11,540 | 11,882,438 | ||||||
Series A-1, 4.50%, 01/01/35(b) | 895 | 989,388 | ||||||
Series A-1, 5.50%, 12/01/48(b)(f)(g) | 38 | 12,653 | ||||||
Series A-1, 5.00%, 01/01/55(b) | 2,470 | 2,745,736 | ||||||
Series B, 0.00%, 01/01/35(b)(e) | 1,185 | 524,270 | ||||||
Series B, 0.00%, 01/01/60(b)(e) | 31,635 | 2,764,551 | ||||||
AMT, 4.00%, 09/30/51 | 3,370 | 3,732,754 | ||||||
AMT, 4.00%, 03/31/56 | 3,540 | 3,889,603 | ||||||
Public Finance Authority, Refunding RB | ||||||||
4.00%, 12/01/41 | 1,500 | 1,762,699 | ||||||
5.00%, 03/01/52(b) | 1,300 | 1,419,821 | �� | |||||
Series A, 5.00%, 10/01/34(b) | 280 | 339,508 | ||||||
Series A, 5.00%, 10/01/39(b) | 680 | 816,346 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB | ||||||||
5.00%, 11/01/46 | 130 | 144,721 | ||||||
4.00%, 01/01/47 | 1,950 | 2,088,668 | ||||||
4.00%, 01/01/57 | 3,000 | 3,171,765 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 | 740 | 785,429 | ||||||
|
| |||||||
90,132,785 | ||||||||
|
| |||||||
Total Municipal Bonds — 85.2% | 2,014,649,708 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
| |||||||
California — 0.7% | ||||||||
California Health Facilities Financing Authority, Refunding RB, 4.00%, 08/15/48 | 5,767 | 6,859,478 | ||||||
San Diego County Regional Airport Authority, ARB(i) | ||||||||
Series B, AMT, Subordinate, 4.00%, 07/01/56 | 2,507 | 2,882,692 | ||||||
Series B, AMT, Subordinate, 5.00%, 07/01/56 | 5,551 | 6,920,258 | ||||||
|
| |||||||
16,662,428 | ||||||||
Georgia — 0.2% | ||||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 | 3,140 | 3,560,825 | ||||||
|
| |||||||
Illinois — 0.6% | ||||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series C, 4.00%, 02/15/27(c) | 13 | 14,275 | ||||||
Series C, 4.00%, 02/15/41 | 6,497 | 7,380,050 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 | 5,011 | 5,727,098 | ||||||
|
| |||||||
13,121,423 | ||||||||
Maryland — 0.7% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 | 15,000 | 17,160,945 | ||||||
|
|
Security | Par (000) | Value | ||||||
Massachusetts — 0.2% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45 | $ | 3,463 | $ | 3,789,604 | ||||
|
| |||||||
New Jersey — 1.3% | ||||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 26,610 | 31,377,421 | ||||||
|
| |||||||
New York — 4.2% | ||||||||
New York City Housing Development Corp., RB, M/F Housing | ||||||||
Series C-1A, 4.15%, 11/01/39 | 3,107 | 3,192,892 | ||||||
Series C-1A, 4.20%, 11/01/44 | 5,695 | 5,852,460 | ||||||
Series C-1A, 4.30%, 11/01/47 | 4,660 | 4,789,269 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 | 3,421 | 3,977,443 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series D, 4.00%, 02/15/47 | 17,080 | 19,739,881 | ||||||
Series E, 5.00%, 03/15/36 | 21,670 | 25,034,918 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/46 | 13,005 | 14,931,513 | ||||||
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60 | 16,595 | 18,843,392 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 | 2,925 | 3,371,574 | ||||||
|
| |||||||
99,733,342 | ||||||||
North Carolina — 0.1% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(c) | 2,930 | 3,395,624 | ||||||
|
| |||||||
Ohio — 0.5% | ||||||||
Ohio State University, RB, 4.00%, 12/01/48 | 8,790 | 10,527,698 | ||||||
|
| |||||||
Pennsylvania — 0.7% | ||||||||
Pennsylvania Economic Development Financing Authority, RB, Series A-1, 4.00%, 04/15/50 | 11,000 | 12,648,963 | ||||||
Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/42 | 3,677 | 4,429,049 | ||||||
|
| |||||||
17,078,012 | ||||||||
Rhode Island — 0.1% | ||||||||
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22(c) | 2,641 | 2,707,463 | ||||||
|
| |||||||
Texas — 0.2% | ||||||||
Lower Colorado River Authority, Refunding, RB, 4.00%, 05/15/43 | 3,480 | 3,522,369 | ||||||
|
| |||||||
Virginia — 0.3% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60(i) | 6,249 | 7,298,976 | ||||||
|
| |||||||
Washington — 0.4% | ||||||||
Snohomish County Public Utility District No.1, RB, 5.00%, 12/01/45 | 8,664 | 9,978,450 | ||||||
|
|
40 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Wisconsin — 0.1% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 | $ | 1,773 | $ | 1,981,903 | ||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.3% |
| 241,896,483 | ||||||
|
| |||||||
Total Long-Term Investments — 95.9% |
| 2,266,545,903 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 9.7% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(j)(k) | 228,633,627 | 228,656,491 | ||||||
|
| |||||||
Total Short-Term Securities — 9.7% | 228,656,491 | |||||||
|
| |||||||
Total Investments — 105.6% | 2,495,202,394 | |||||||
Other Assets Less Liabilities — 0.2% | 6,814,943 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.8)% |
| (138,246,650 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 2,363,770,687 | ||||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | When-issued security. |
(e) | Zero-coupon bond. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non-income producing security. |
(h) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(i) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between July 1, 2028 to July 1, 2029, is $9,859,384. See Note 4 of the Notes to Financial Statements for details. |
(j) | Affiliate of the Fund. |
(k) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/21 | Shares Held at 12/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 156,292,907 | $ | 72,377,683 | (a) | $ | — | $ | (13,993 | ) | $ | (106 | ) | $ | 228,656,491 | 228,633,627 | $ | 16,734 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 551 | 03/22/22 | $ | 71,811 | $ | (181,668 | ) | |||||||||
U.S. Long Bond | 389 | 03/22/22 | 62,216 | 16,104 | ||||||||||||
5-Year U.S. Treasury Note | 330 | 03/31/22 | 39,891 | 6,395 | ||||||||||||
|
| |||||||||||||||
$ | (159,169 | ) | ||||||||||||||
|
|
SCHEDULE OF INVESTMENTS | 41 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 22,499 | $ | — | $ | 22,499 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 181,668 | $ | — | $ | 181,668 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended December 31, 2021, 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 | $ | — | $ | — | $ | — | $ | — | $ | (1,120,977) | $ | — | $ | (1,120,977) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 802,413 | $ | — | $ | 802,413 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 113,807,375 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Corporate Bonds | $ | — | $ | 9,999,712 | $ | — | $ | 9,999,712 | ||||||||
Municipal Bonds | — | 2,014,649,708 | — | 2,014,649,708 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 241,896,483 | — | 241,896,483 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 228,656,491 | — | — | 228,656,491 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 228,656,491 | $ | 2,266,545,903 | $ | — | $ | 2,495,202,394 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $ | 22,499 | $ | — | $ | — | $ | 22,499 | ||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | (181,668 | ) | — | — | (181,668 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (159,169 | ) | $ | — | $ | — | $ | (159,169 | ) | |||||||
|
|
|
|
|
|
|
|
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
42 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock High Yield Municipal Fund |
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 $138,216,081 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 43 |
Schedule of Investments (unaudited) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Equity Funds(a)(b) — 4.0% | ||||||||
iShares National Muni Bond ETF | 4,103,862 | $ | 477,197,073 | |||||
iShares Short-Term National Muni Bond ETF | 1,170,000 | 125,622,900 | ||||||
|
| |||||||
602,819,973 | ||||||||
|
| |||||||
Total Investment Companies — 4.0% |
| 602,819,973 | ||||||
|
| |||||||
Par (000) | ||||||||
Municipal Bonds | ||||||||
Alabama — 4.9% | ||||||||
Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46 | $ | 60,000 | 69,973,980 | |||||
Black Belt Energy Gas District, RB(c) | ||||||||
4.00%, 10/01/52 | 70,475 | 79,747,185 | ||||||
Series A-1, 4.00%, 12/01/49 | 215,275 | 239,066,332 | ||||||
City of Homewood Albama, Refunding GO, 5.25%, 09/01/26(d) | 25,000 | 30,244,525 | ||||||
Southeast Alabama Gas Supply District, RB, Series A, 4.00%, 06/01/49(c) | 220,000 | 235,981,020 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series B, 4.00%, 12/01/51(c) | 54,250 | 65,797,926 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB(e) | ||||||||
Series A, 4.50%, 05/01/32 | 10,029 | 10,604,234 | ||||||
Series A, 5.25%, 05/01/44 | 5,430 | 5,970,388 | ||||||
|
| |||||||
737,385,590 | ||||||||
Arizona — 1.8% | ||||||||
Arizona Industrial Development Authority, RB(e) | ||||||||
5.00%, 07/01/39 | 1,000 | 1,169,981 | ||||||
5.00%, 07/01/49 | 3,305 | 3,726,861 | ||||||
5.00%, 07/01/54 | 10,655 | 11,766,593 | ||||||
Series A, 5.00%, 07/01/39 | 1,300 | 1,370,529 | ||||||
Series A, 5.00%, 07/01/49 | 2,010 | 2,104,422 | ||||||
Arizona Industrial Development Authority, Refunding RB(e) | ||||||||
Series A, 5.25%, 07/01/37 | 2,830 | 3,052,503 | ||||||
Series A, 5.50%, 07/01/52 | 2,450 | 2,636,315 | ||||||
City of Phoenix Civic Improvement Corp., RB, 5.00%, 07/01/44 | 40,000 | 51,107,600 | ||||||
Industrial Development Authority of the City of Phoenix, RB | ||||||||
6.88%, 07/01/23(d) | 3,440 | 3,779,752 | ||||||
Series A, 6.50%, 07/01/34(e) | 2,000 | 2,257,038 | ||||||
Series A, 6.75%, 07/01/44(e) | 2,190 | 2,502,125 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB, 5.00%, 07/01/45(e) | 2,280 | 2,498,198 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB(e) | ||||||||
5.00%, 06/15/47 | 10,400 | 10,512,414 | ||||||
5.00%, 06/15/52 | 19,280 | 19,444,902 | ||||||
Maricopa County Industrial Development Authority, RB | ||||||||
Series 2019E, 4.00%, 01/01/45 | 21,350 | 25,027,239 | ||||||
Series 2019F, 4.00%, 01/01/45 | 35,220 | 41,286,152 |
Security | Par (000) | Value | ||||||
Arizona (continued) | ||||||||
Maricopa County Industrial Development Authority, RB (continued) | ||||||||
Series A, 4.00%, 01/01/41 | $ | 5,150 | $ | 5,899,814 | ||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 | 27,000 | 32,222,637 | ||||||
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 | 340 | 360,538 | ||||||
Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39 | 24,180 | 28,956,227 | ||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 12/01/45 | 15,000 | 17,018,385 | ||||||
|
| |||||||
268,700,225 | ||||||||
Arkansas(e) — 0.5% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
Series A, AMT, 4.50%, 09/01/49 | 40,990 | 45,232,629 | ||||||
Series A, AMT, 4.75%, 09/01/49 | 31,500 | 35,631,036 | ||||||
|
| |||||||
80,863,665 | ||||||||
California — 17.8% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 | 10,000 | 11,307,570 | ||||||
California Community Choice Financing Authority, RB(c) | ||||||||
Series A, 4.00%, 10/01/52 | 52,770 | 60,949,878 | ||||||
Series B-1, 4.00%, 02/01/52 | 47,835 | 57,985,874 | ||||||
California Community Housing Agency, RB, M/F Housing(e) | ||||||||
Series A-1, 4.00%, 08/01/50 | 6,860 | 6,569,582 | ||||||
Series A-1, 3.00%, 02/01/57 | 13,720 | 12,844,156 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
4.00%, 08/15/48 | 15,000 | 17,842,020 | ||||||
Series A, 4.00%, 08/15/50 | 20,000 | 23,407,800 | ||||||
California Housing Finance Agency, RB, M/F Housing | ||||||||
Class A, 3.25%, 08/20/36 | 7,990 | 9,051,092 | ||||||
Class A, (FHLMC), 3.75%, 03/25/35 | 17,448 | 21,014,828 | ||||||
California Infrastructure & Economic Development Bank, RB(e) | ||||||||
Series A-1, 5.00%, 01/01/56 | 2,200 | 2,499,402 | ||||||
Series A, AMT, 0.20%, 01/01/50(c) | 33,995 | 33,989,561 | ||||||
California Infrastructure & Economic Development Bank, RB, CAB, Class B, 0.00%, 01/01/61(e)(f) | 48,320 | 3,947,744 | ||||||
California State Public Works Board, RB | ||||||||
5.00%, 11/01/46 | 12,070 | 15,731,471 | ||||||
Series A, 5.00%, 09/01/39 | 5,000 | 5,566,585 | ||||||
Series B, 4.00%, 05/01/46 | 31,000 | 36,685,152 | ||||||
California Statewide Communities Development Authority, RB, 5.25%, 12/01/48(e) | 2,000 | 2,435,918 | ||||||
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30 | 3,510 | 3,787,013 | ||||||
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA), 2.55%, 07/01/39 | 25,000 | 26,549,700 |
44 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 | $ | 27,620 | $ | 33,784,729 | ||||
City of Los Angeles California, RB, 4.00%, 06/23/22 | 500,000 | 508,965,500 | ||||||
City of Los Angeles Department of Airports Refunding RB, Series D, AMT, 4.00%, 05/15/51 | 5,000 | 5,835,435 | ||||||
City of Los Angeles Department of Airports, ARB, Series C, AMT, 5.00%, 05/15/45 | 16,260 | 20,305,813 | ||||||
City of Los Angeles Department of Airports, Refunding ARB | ||||||||
AMT, 5.00%, 05/15/48 | 20,520 | 25,202,808 | ||||||
Series D, AMT, 5.00%, 05/15/46 | 80,285 | 102,713,739 | ||||||
AMT, Subordinate, 5.00%, 05/15/44 | 10,000 | 12,378,360 | ||||||
City of Los Angeles Department of Airports, Refunding RB | ||||||||
Series A, 5.00%, 05/15/38 | 19,000 | 24,461,550 | ||||||
Series A, 5.00%, 05/15/40 | 31,740 | 40,709,407 | ||||||
City of San Jose California Hotel Tax Revenue, RB | ||||||||
6.50%, 05/01/36 | 1,510 | 1,516,119 | ||||||
6.50%, 05/01/42 | 5,130 | 5,150,423 | ||||||
CMFA Special Finance Agency VII, RB, M/F Housing, 4.00%, 08/01/47(e) | 4,550 | 4,457,676 | ||||||
CMFA Special Finance Agency XII RB, | ||||||||
4.38%, 08/01/49(e)(g) | 11,440 | 10,623,424 | ||||||
CMFA Special Finance Agency, RB, M/F Housing, 3.00%, 12/01/56(e) | 2,835 | 2,543,417 | ||||||
County of Los Angeles California, RB, 4.00%, 06/30/22 | 151,000 | 153,822,039 | ||||||
County of Riverside California, RB, 2.00%, 06/30/22 | 65,000 | 65,584,090 | ||||||
CSCDA Community Improvement Authority RB(e) | ||||||||
3.13%, 07/01/56 | 23,665 | 21,726,292 | ||||||
3.13%, 06/01/57 | 21,200 | 19,309,278 | ||||||
4.00%, 06/01/57 | 9,220 | 8,023,677 | ||||||
4.00%, 07/01/58 | 9,055 | 8,133,264 | ||||||
4.00%, 12/01/59 | 20,850 | 17,107,438 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(e) | ||||||||
3.25%, 07/01/56 | 7,980 | 7,489,294 | ||||||
3.25%, 04/01/57 | 6,060 | 5,833,053 | ||||||
3.25%, 05/01/57 | 21,420 | 19,911,022 | ||||||
4.00%, 07/01/58 | 10,330 | 9,726,439 | ||||||
3.25%, 10/01/58 | 2,120 | 1,906,681 | ||||||
Series A, 5.00%, 01/01/54 | 8,950 | 9,537,290 | ||||||
Series A-2, 4.00%, 10/01/56 | 36,750 | 38,516,720 | ||||||
Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33 | 6,535 | 7,192,767 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB(d) | ||||||||
Series A-1, 5.00%, 06/01/22 | 19,600 | 19,986,943 | ||||||
Series A-1, 5.25%, 06/01/22 | 1,745 | 1,781,270 | ||||||
Series A-2, 5.00%, 06/01/22 | 5,820 | 5,935,067 | ||||||
Los Angeles County Metropolitan Transportation Authority, RB | ||||||||
Series A, 5.00%, 07/01/42 | 18,700 | 24,762,297 | ||||||
Series A, 5.00%, 07/01/43 | 19,635 | 25,928,744 | ||||||
Series A, 5.00%, 07/01/44 | 15,060 | 19,832,514 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Los Angeles County Metropolitan Transportation Authority, RB (continued) | ||||||||
Series A, 5.00%, 07/01/45 | $ | 21,645 | $ | 28,444,842 | ||||
Los Angeles Department of Water & Power Power System Revenue, Refunding RB | ||||||||
Series B, 5.25%, 07/01/37 | 13,500 | 16,430,999 | ||||||
Series B, 5.25%, 07/01/38 | 15,000 | 18,240,225 | ||||||
Series B, 5.25%, 07/01/39 | 7,000 | 8,505,196 | ||||||
Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, 5.25%, 07/01/44 | 19,000 | 22,986,504 | ||||||
Los Angeles Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/50 | 45,000 | 57,358,485 | ||||||
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45 | 24,540 | 30,331,931 | ||||||
Port of Oakland, Refunding RB, Series P, AMT, Senior Lien, 5.00%, 05/01/31(d) | 13,010 | 13,200,466 | ||||||
San Diego County Regional Airport Authority, ARB | ||||||||
Series B, AMT, 5.00%, 07/01/46 | 5,000 | 6,322,165 | ||||||
Series B, AMT, 5.00%, 07/01/51 | 17,620 | 22,124,394 | ||||||
San Diego County Regional Transportation Commission, Refunding RB | ||||||||
Series A, 5.00%, 10/01/22 | 65,800 | 68,181,236 | ||||||
Series A, 5.00%, 04/01/41 | 35,000 | 40,954,550 | ||||||
San Diego County Water Authority, Refunding RB | ||||||||
Series B, 4.00%, 05/01/37 | 12,905 | 15,923,105 | ||||||
Series B, 4.00%, 05/01/38 | 10,215 | 12,566,656 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/15/39 | 10,000 | 11,771,600 | ||||||
Series A, Subordinate, 5.25%, 08/01/47 | 13,645 | 17,023,638 | ||||||
San Francisco Bay Area Rapid Transit District, GO, Series C-1, 4.00%, 08/01/45 | 35,295 | 41,669,418 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 05/01/44 | 25,000 | 30,767,375 | ||||||
Series A, AMT, 5.00%, 05/01/49 | 67,700 | 82,740,097 | ||||||
Series B, AMT, 5.00%, 05/01/41 | 25,000 | 29,031,550 | ||||||
Series B, AMT, 5.00%, 05/01/46 | 20,000 | 22,905,180 | ||||||
Series E, AMT, 5.00%, 05/01/45 | 24,750 | 30,494,500 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26 | 100,000 | 100,069,900 | ||||||
San Ramon Valley Unified School District, GO, 4.00%, 08/01/23(d) | 23,850 | 25,255,242 | ||||||
State of California, Refunding GO | ||||||||
5.00%, 03/01/35 | 26,565 | 34,557,957 | ||||||
4.00%, 10/01/37 | 18,360 | 22,092,404 | ||||||
5.25%, 10/01/39 | 20,100 | 23,791,244 | ||||||
University of California, RB, Series AV, 5.25%, 05/15/42 | 56,000 | 68,828,704 | ||||||
University of California, Refunding RB, Series Q, 5.00%, 05/15/46 | 93,495 | 121,397,367 | ||||||
|
| |||||||
2,666,826,855 | ||||||||
Colorado — 2.0% | ||||||||
Arista Metropolitan District, Refunding GO, Series A, 5.13%, 12/01/48 | 3,500 | 3,721,672 |
SCHEDULE OF INVESTMENTS | 45 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Brighton Crossing Metropolitan District No.6, GO | ||||||||
Series A, 5.00%, 12/01/35 | $ | 525 | $ | 580,672 | ||||
Series A, 5.00%, 12/01/40 | 515 | 565,899 | ||||||
Series A, 5.00%, 12/01/50 | 1,500 | 1,635,777 | ||||||
Broadway Station Metropolitan District No.2, GO, | 5,000 | 5,368,760 | ||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(e) | 6,930 | 7,243,271 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 12/01/37 | 25,015 | 30,737,381 | ||||||
Series A, AMT, 5.25%, 12/01/43 | 62,620 | 77,498,950 | ||||||
City & County of Denver Colorado, COP, | ||||||||
Series A, 5.38%, 06/01/43 | 10,000 | 11,889,350 | ||||||
City & County of Denver Colorado, Refunding | ||||||||
RB, AMT, 5.00%, 10/01/32 | 36,115 | 38,024,075 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB(e) | ||||||||
4.00%, 07/01/31 | 500 | 556,399 | ||||||
5.00%, 12/01/40 | 990 | 1,084,471 | ||||||
4.00%, 07/01/41 | 750 | 823,814 | ||||||
5.00%, 12/01/50 | 1,320 | 1,417,321 | ||||||
4.00%, 07/01/51 | 755 | 802,850 | ||||||
5.00%, 12/01/55 | 1,540 | 1,646,651 | ||||||
4.00%, 07/01/61 | 1,225 | 1,288,748 | ||||||
Copperleaf Metropolitan District No.3, GO, Series A, 5.13%, 12/01/22(d) | 1,200 | 1,289,147 | ||||||
Cottonwood Highlands Metropolitan District No.1, GO, Series A, 5.00%, 12/01/49 | 900 | 961,534 | ||||||
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 1,190 | 1,309,338 | ||||||
Regional Transportation District Sales Tax Revenue, RB, Series A, 3.50%, 11/01/22(d) | 75,000 | 77,020,275 | ||||||
Southlands Metropolitan District No.1, Refunding GO, Series A-1, 5.00%, 12/01/47 | 3,000 | 3,352,347 | ||||||
State of Colorado, COP, Series J, 5.25%, 03/15/42 | 30,000 | 36,397,320 | ||||||
STC Metropolitan District No.2, Refunding GO, Series A, 4.00%, 12/01/29 | 1,500 | 1,608,757 | ||||||
|
| |||||||
306,824,779 | ||||||||
Connecticut — 0.9% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB(c) | ||||||||
Series 2010-A, 0.25%, 07/01/49 | 15,970 | 15,908,084 | ||||||
Series X-2, 0.25%, 07/01/37 | 11,000 | 10,957,331 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB | ||||||||
Series 2015-A, 0.38%, 07/01/35(c) | 36,965 | 36,876,839 | ||||||
Series G-1, 5.00%, 07/01/39(e) | 1,500 | 1,779,444 | ||||||
Series G-1, 5.00%, 07/01/44(e) | 2,000 | 2,347,858 | ||||||
Series G-1, 5.00%, 07/01/50(e) | 2,350 | 2,741,202 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(e) | 3,930 | 4,106,587 | ||||||
State of Connecticut Special Tax Revenue, RB | ||||||||
Series A, 4.00%, 05/01/39 | 15,000 | 18,067,590 | ||||||
Series A, 4.00%, 05/01/40 | 10,000 | 12,024,810 |
Security | Par (000) | Value | ||||||
Connecticut (continued) | ||||||||
State of Connecticut, GO | ||||||||
Series 2021-A, 3.00%, 01/15/39 | $ | 10,000 | $ | 10,945,190 | ||||
Series A, 4.00%, 01/15/38 | 5,000 | 5,924,315 | ||||||
State of Connecticut, Special Tax Revenue RB, | ||||||||
4.00%, 11/01/38 | 10,375 | 12,612,939 | ||||||
|
| |||||||
134,292,189 | ||||||||
Delaware — 0.2% | ||||||||
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(c) | 25,165 | 25,562,632 | ||||||
|
| |||||||
District of Columbia — 3.3% | ||||||||
District of Columbia Water & Sewer Authority, Refunding RB | ||||||||
Series B, Sub-Lien, 5.25%, 10/01/40 | 48,060 | 55,955,537 | ||||||
Series B, Sub-Lien, 5.25%, 10/01/44 | 63,075 | 73,229,886 | ||||||
District of Columbia, GO | ||||||||
Series A, 5.00%, 06/01/41 | 30,000 | 35,329,950 | ||||||
Series D, 5.00%, 06/01/42 | 40,000 | 48,239,880 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 10/01/36 | 10,000 | 12,275,640 | ||||||
Series A, AMT, 5.00%, 10/01/46 | 40,520 | 51,547,964 | ||||||
Series B, AMT, 5.00%, 10/01/35 | 41,900 | 48,118,295 | ||||||
Washington Metropolitan Area Transit Authority, RB 5.00%, 07/01/43 | 35,480 | 42,525,192 | ||||||
Series A, 3.00%, 07/15/40 | 10,000 | 10,898,870 | ||||||
Series A, 5.00%, 07/15/45 | 45,000 | 57,194,145 | ||||||
Series B, 5.00%, 07/01/42 | 50,000 | 60,060,000 | ||||||
|
| |||||||
495,375,359 | ||||||||
Florida — 2.4% | ||||||||
Brevard County Health Facilities Authority, Refunding RB(e) | ||||||||
4.00%, 11/15/45 | 2,830 | 3,006,739 | ||||||
4.00%, 11/15/55 | 4,170 | 4,352,896 | ||||||
Capital Trust Agency, Inc., RB(e) | ||||||||
5.00%, 07/01/54 | 2,095 | 2,350,915 | ||||||
Series A, 5.00%, 06/15/49 | 4,365 | 4,801,387 | ||||||
Series A, 5.00%, 01/01/56 | 1,550 | 1,740,183 | ||||||
Series A-1, 5.00%, 07/01/56 | 13,030 | 15,310,563 | ||||||
Capital Trust Agency, Inc., RB, CAB, 0.00%, 01/01/61(e)(f) | 7,130 | 536,083 | ||||||
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 | 12,910 | 15,008,391 | ||||||
City of Tampa Florida, SAB | ||||||||
5.25%, 05/01/43 | 11,720 | 14,514,728 | ||||||
5.25%, 05/01/46 | 15,430 | 19,081,170 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 | 8,000 | 9,799,392 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 | 83,000 | 98,759,127 | ||||||
County of Miami-Dade Seaport Department, ARB(d) | ||||||||
Series A, 5.50%, 10/01/23 | 5,375 | 5,859,771 | ||||||
Series A, 6.00%, 10/01/23 | 6,325 | 6,950,340 | ||||||
Series B, AMT, 6.00%, 10/01/23 | 2,350 | 2,582,328 |
46 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
County of Miami-Dade Seaport Department, | ||||||||
ARB(d) (continued) | ||||||||
Series B, AMT, 6.25%, 10/01/23 | $ | 5,000 | $ | 5,508,630 | ||||
County of Palm Beach Florida, RB, 5.00%, 04/01/51(e) | 4,770 | 5,389,528 | ||||||
Florida Development Finance Corp. RB, 4.50%, 12/15/56(e) | 18,065 | 18,053,438 | ||||||
Florida Development Finance Corp., RB | ||||||||
3.00%, 07/01/31(e) | 175 | 181,750 | ||||||
4.00%, 07/01/51(e) | 1,500 | 1,597,269 | ||||||
5.75%, 12/15/56(e) | 6,295 | 6,291,576 | ||||||
AMT, 3.00%, 06/01/32 | 6,760 | 7,117,334 | ||||||
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/42 | 49,795 | 59,474,501 | ||||||
Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48 | 8,375 | 10,386,340 | ||||||
Lakewood Ranch Stewardship District, Refunding SAB, 4.00%, 05/01/50(e) | 1,250 | 1,316,687 | ||||||
Lakewood Ranch Stewardship District, SAB | ||||||||
4.63%, 05/01/27 | 1,745 | 1,874,413 | ||||||
5.00%, 05/01/37(e) | 1,655 | 1,822,739 | ||||||
5.25%, 05/01/37 | 2,755 | 3,067,954 | ||||||
4.70%, 05/01/39 | 1,160 | 1,288,196 | ||||||
5.13%, 05/01/47(e) | 1,985 | 2,168,974 | ||||||
5.38%, 05/01/47 | 4,780 | 5,281,068 | ||||||
4.88%, 05/01/49 | 1,250 | 1,381,474 | ||||||
Live Oak Lake Community Development District, SAB | ||||||||
4.40%, 05/01/40 | 1,600 | 1,706,154 | ||||||
4.60%, 05/01/51 | 2,840 | 3,017,858 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 | 8,370 | 8,952,803 | ||||||
River Landing Community Development District, SAB | ||||||||
Series A, 4.13%, 05/01/40 | 860 | 900,090 | ||||||
Series A, 4.35%, 05/01/51 | 1,100 | 1,149,356 | ||||||
Series B, 4.25%, 11/01/35 | 1,165 | 1,247,427 | ||||||
Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39 | 1,750 | 1,899,949 | ||||||
Sterling Hill Community Development District, Refunding SAB, Series B, | 147 | 93,809 | ||||||
Windward Community Development District, SAB | ||||||||
Series A-1, 4.50%, 05/01/51 | 500 | 527,761 | ||||||
Series A-2, 4.40%, 11/01/35 | 1,805 | 1,961,999 | ||||||
|
| |||||||
358,313,090 | ||||||||
Georgia — 0.7% | ||||||||
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, 4.00%, 07/01/35 | 10,850 | 12,695,477 | ||||||
Main Street Natural Gas, Inc., RB, Series C, 4.00%, 05/01/52(c) | 40,000 | 47,008,040 | ||||||
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, Series A, 4.00%, 07/01/23(d) | 20,000 | 20,979,040 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25 | 20,000 | 23,877,240 | ||||||
State of Georgia, Refunding GO, 4.00%, 07/01/38 | 1,000 | 1,232,449 | ||||||
|
| |||||||
105,792,246 |
Security | Par (000) | Value | ||||||
Illinois — 5.0% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/42 | $ | 15,895 | $ | 16,411,142 | ||||
Series C, 5.25%, 12/01/39 | 7,275 | 8,025,816 | ||||||
Series D, 5.00%, 12/01/46 | 33,615 | 36,489,354 | ||||||
Series H, 5.00%, 12/01/36 | 4,620 | 5,415,291 | ||||||
Series H, 5.00%, 12/01/46 | 4,475 | 5,182,860 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series A, 5.00%, 12/01/28 | 11,160 | 13,752,903 | ||||||
Series A, 5.00%, 12/01/30 | 365 | 454,327 | ||||||
Series B, 5.00%, 12/01/26 | 2,000 | 2,374,104 | ||||||
Series B, 5.00%, 12/01/28 | 2,060 | 2,538,618 | ||||||
Series B, 5.00%, 12/01/29 | 2,000 | 2,504,578 | ||||||
Series B, 5.00%, 12/01/30 | 2,000 | 2,488,106 | ||||||
Series B, 4.00%, 12/01/35 | 11,640 | 11,913,307 | ||||||
Series C, 5.00%, 12/01/23 | 4,310 | 4,685,242 | ||||||
Series C, 5.00%, 12/01/24 | 4,445 | 5,005,941 | ||||||
Series C, 5.00%, 12/01/25 | 12,760 | 14,795,156 | ||||||
Series C, 5.00%, 12/01/26 | 3,060 | 3,632,379 | ||||||
Series F, 5.00%, 12/01/24 | 9,585 | 10,794,589 | ||||||
Series G, 5.00%, 12/01/34 | 5,000 | 5,881,905 | ||||||
Chicago Board of Education, Refunding GO, CAB(f) | ||||||||
Series A, 0.00%, 12/01/25 | 650 | 620,307 | ||||||
Series A, 0.00%, 12/01/26 | 4,000 | 3,739,404 | ||||||
Series A, 0.00%, 12/01/27 | 500 | 457,012 | ||||||
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42 | 49,415 | 59,282,928 | ||||||
Chicago O’Hare International Airport, Refunding ARB, Series C, AMT, Senior Lien, 5.50%, 01/01/34 | 5,380 | 5,640,779 | ||||||
Chicago O’Hare International Airport, Refunding RB | ||||||||
Series B, Senior Lien, 5.00%, 01/01/38 | 30,000 | 35,676,120 | ||||||
Series B, Senior Lien, 5.00%, 01/01/39 | 59,885 | 71,194,582 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series A, 4.00%, 04/01/23(d) | 30,000 | 31,388,370 | ||||||
Series A, 4.00%, 10/01/38 | 24,500 | 26,583,064 | ||||||
Series A, 5.00%, 07/15/42 | 23,695 | 28,884,726 | ||||||
Series C, 5.00%, 02/15/41 | 28,920 | 34,400,745 | ||||||
Illinois State Toll Highway Authority RB | ||||||||
Series A, 4.00%, 01/01/46 | 5,000 | 5,924,900 | ||||||
Series A, 5.00%, 01/01/46 | 23,650 | 30,458,315 | ||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 5.00%, 01/01/38 | 4,000 | 4,174,052 | ||||||
Series A, 5.00%, 01/01/40 | 18,000 | 20,573,046 | ||||||
Series A, 5.00%, 01/01/42 | 48,000 | 58,239,792 | ||||||
Series B, 5.00%, 01/01/40 | 21,105 | 24,394,362 | ||||||
Series B, 5.00%, 01/01/41 | 28,000 | 32,859,316 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB | ||||||||
5.00%, 06/15/42 | 5,000 | 6,165,030 | ||||||
4.00%, 06/15/52(g) | 14,540 | 16,378,947 | ||||||
State of Illinois, GO | ||||||||
5.50%, 05/01/39 | 9,040 | 11,610,271 | ||||||
Series A, 5.00%, 11/01/29 | 27,500 | 34,469,820 | ||||||
Series B, 5.00%, 11/01/32 | 14,000 | 17,374,210 | ||||||
State of Illinois, Refunding GO | ||||||||
5.00%, 02/01/26 | 10,750 | 12,517,322 |
SCHEDULE OF INVESTMENTS | 47 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, Refunding GO (continued) | ||||||||
Series A, 5.00%, 10/01/28 | $ | 19,250 | $ | 23,705,644 | ||||
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23 | 3,730 | 3,744,096 | ||||||
|
| |||||||
752,802,778 | ||||||||
Indiana — 0.9% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 3,870 | 4,278,862 | ||||||
AMT, 7.00%, 01/01/44 | 7,330 | 8,114,955 | ||||||
Indiana Finance Authority, RB, AMT, 0.28%, 12/15/45(c) | 126,700 | 126,683,529 | ||||||
|
| |||||||
139,077,346 | ||||||||
Iowa — 0.5% | ||||||||
Iowa Finance Authority, RB, 5.50%, 07/01/23(d) | 18,750 | 20,196,750 | ||||||
Iowa Finance Authority, Refunding RB | ||||||||
5.25%, 12/01/25 | 2,500 | 2,689,113 | ||||||
Series B, 5.25%, 12/01/50(c) | 47,270 | 50,988,636 | ||||||
|
| |||||||
73,874,499 | ||||||||
Kansas — 0.5% | ||||||||
City of Olathe Kansas, Refunding, GO, Series A, 4.00%, 08/01/22 | 32,595 | 33,307,233 | ||||||
County of Johnson Kansas, GO, Series A, 4.00%, 09/01/35 | 10,000 | 11,617,010 | ||||||
Kansas Development Finance Authority, Refunding RB, Series B, 5.00%, 11/15/54(c) | 20,000 | 26,601,900 | ||||||
|
| |||||||
71,526,143 | ||||||||
Kentucky — 0.6% | ||||||||
Kentucky Public Energy Authority, RB, Series C-1, 4.00%, 12/01/49(c) | 79,760 | 87,315,824 | ||||||
|
| |||||||
Louisiana — 1.2% | ||||||||
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(e) | 2,395 | 2,380,630 | ||||||
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(c) | 135,160 | 135,169,461 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(c) | 21,580 | 21,587,380 | ||||||
Louisiana Public Facilities Authority, RB(e) | ||||||||
Series A, 5.00%, 04/01/39 | 1,425 | 1,542,286 | ||||||
Series A, 5.00%, 06/01/39 | 1,300 | 1,387,684 | ||||||
Series A, 5.00%, 04/01/49 | 2,800 | 2,987,146 | ||||||
Series A, 5.00%, 06/01/49 | 3,000 | 3,149,706 | ||||||
Series A, 5.00%, 06/01/58 | 4,500 | 4,697,483 | ||||||
|
| |||||||
172,901,776 | ||||||||
Maryland — 0.1% | ||||||||
City of Baltimore Maryland, Refunding RB | ||||||||
Series A, 4.50%, 09/01/33 | 2,735 | 3,037,302 | ||||||
Series A, 5.00%, 09/01/38 | 1,400 | 1,566,960 | ||||||
Maryland Economic Development Corp., TA, 4.00%, 09/01/50 | 5,145 | 5,826,898 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, (NPFGC), 7.00%, 07/01/22(j) | 1,665 | 1,720,278 | ||||||
|
| |||||||
12,151,438 |
Security | Par (000) | Value | ||||||
Massachusetts — 4.8% | ||||||||
City of Quincy Massachusetts, Refunding, GO, 2.00%, 07/08/22 | $ | 50,001 | $ | 50,469,848 | ||||
Commonwealth of Massachusetts, GO | ||||||||
Series A, 5.25%, 04/01/42 | 42,000 | 51,123,828 | ||||||
Series A, 5.25%, 04/01/47 | 85,000 | 103,109,335 | ||||||
Series E, 5.00%, 05/01/30 | 23,300 | 25,766,631 | ||||||
Series E, 5.00%, 05/01/33 | 22,000 | 24,296,844 | ||||||
Series E, 5.25%, 09/01/43 | 92,000 | 116,543,668 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42 | 9,655 | 11,440,287 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
5.00%, 10/01/37(e) | 1,000 | 1,079,742 | ||||||
5.00%, 10/01/47(e) | 1,250 | 1,345,853 | ||||||
Series A, 4.00%, 07/15/36 | 73,065 | 83,168,282 | ||||||
Massachusetts Port Authority, ARB | ||||||||
Series E, AMT, 5.00%, 07/01/46 | 21,300 | 27,087,593 | ||||||
Series E, AMT, 5.00%, 07/01/51 | 16,100 | 20,399,199 | ||||||
Massachusetts School Building Authority, RB | ||||||||
Series B, 5.25%, 02/15/48 | 70,505 | 87,542,604 | ||||||
Sub-Series B, 4.00%, 02/15/41 | 12,420 | 13,325,021 | ||||||
Sub-Series B, 4.00%, 02/15/42 | 10,000 | 10,723,490 | ||||||
University of Massachusetts Building Authority, Refunding RB | ||||||||
Series 1, 5.25%, 11/01/42 | 58,840 | 73,312,639 | ||||||
Series 1, 5.25%, 11/01/47 | 14,425 | 17,941,353 | ||||||
|
| |||||||
718,676,217 | ||||||||
Michigan — 1.2% | ||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/44 | 62,500 | 72,293,562 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
5.00%, 11/15/41 | 40,000 | 47,143,360 | ||||||
Series A, 5.00%, 12/01/37 | 25,105 | 30,640,728 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 16,470 | 19,738,192 | ||||||
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39 | 10,010 | 10,924,353 | ||||||
|
| |||||||
180,740,195 | ||||||||
Montana — 0.0% | ||||||||
City of Kalispell Montana, Refunding RB | ||||||||
Series A, 5.25%, 05/15/37 | 405 | 443,900 | ||||||
Series A, 5.25%, 05/15/47 | 1,500 | 1,623,715 | ||||||
Series A, 5.25%, 05/15/52 | 1,500 | 1,619,309 | ||||||
|
| |||||||
3,686,924 | ||||||||
Nebraska — 0.2% | ||||||||
Omaha Public Power District Nebraska City Station Unit 2, Refunding RB | ||||||||
Series A, 5.25%, 02/01/42 | 10,000 | 11,339,590 | ||||||
Series A, 5.25%, 02/01/46 | 10,000 | 11,307,800 | ||||||
|
| |||||||
22,647,390 | ||||||||
Nevada(e) — 0.0% | ||||||||
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37 | 875 | 952,189 | ||||||
State of Nevada Department of Business & Industry, RB | ||||||||
Series A, 4.50%, 12/15/29 | 315 | 346,128 |
48 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Nevada (continued) | ||||||||
State of Nevada Department of Business & Industry, RB (continued) | ||||||||
Series A, 5.00%, 12/15/38 | $ | 1,080 | $ | 1,192,149 | ||||
Series A, 5.00%, 07/15/47 | 1,400 | 1,506,560 | ||||||
|
| |||||||
3,997,026 | ||||||||
New Hampshire(e) — 0.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 9,085 | 9,451,044 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 3,700 | 3,862,563 | ||||||
|
| |||||||
13,313,607 | ||||||||
New Jersey — 4.3% | ||||||||
New Jersey Economic Development Authority, RB | ||||||||
Series A, 5.00%, 01/01/48 | 9,250 | 9,630,989 | ||||||
Series WW, 5.25%, 06/15/40 | 14,145 | 16,083,898 | ||||||
AMT, 5.13%, 09/15/23 | 2,835 | 2,928,300 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(d) | 55,895 | 67,904,264 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/45 | 19,000 | 22,601,640 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/35 | 7,375 | 8,972,432 | ||||||
Series A, 5.00%, 07/01/38 | 11,950 | 14,496,402 | ||||||
Series A, 5.00%, 07/01/39 | 22,245 | 26,779,465 | ||||||
Series A, 5.00%, 07/01/43 | 10,000 | 11,815,210 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
1st Series, AMT, 5.75%, 12/01/27 | 185 | 185,159 | ||||||
1st Series, AMT, 5.75%, 12/01/28 | 145 | 145,125 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.50%, 06/15/39 | 39,890 | 42,591,750 | ||||||
Series AA, 4.00%, 06/15/45 | 50,000 | 57,412,900 | ||||||
Series BB, 4.00%, 06/15/44 | 25,000 | 28,083,125 | ||||||
Series BB, 5.00%, 06/15/44 | 10,000 | 12,118,980 | ||||||
Series C, 5.25%, 06/15/32 | 20,010 | 22,593,251 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 06/15/30 | 20,110 | 23,461,513 | ||||||
New Jersey Turnpike Authority RB, 5.00%, 01/01/30 | 9,340 | 10,365,270 | ||||||
New Jersey Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/42 | 73,320 | 87,180,853 | ||||||
Series A, 4.00%, 01/01/48 | 20,000 | 22,973,220 | ||||||
State of New Jersey, GO | ||||||||
2.00%, 06/01/36 | 9,605 | 9,602,176 | ||||||
(BAM), 2.00%, 06/01/36 | 6,055 | 5,976,866 | ||||||
2.00%, 06/01/37 | 10,000 | 9,947,860 | ||||||
5.00%, 06/01/38 | 10,000 | 12,697,370 | ||||||
5.00%, 06/01/39 | 18,165 | 23,046,444 | ||||||
5.00%, 06/01/40 | 18,310 | 23,206,442 | ||||||
5.00%, 06/01/41 | 20,940 | 26,488,241 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/46 | $ | 18,260 | $ | 21,608,263 | ||||
Series A, 5.25%, 06/01/46 | 20,350 | 24,464,404 | ||||||
|
| |||||||
645,361,812 | ||||||||
New Mexico — 0.0% | ||||||||
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 | 180 | 205,282 | ||||||
|
| |||||||
New York — 16.2% | ||||||||
City of New York, GO, Sub-Series F-1, 5.00%, 04/01/43 | 53,000 | 64,860,446 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB | ||||||||
Series A, 5.00%, 02/15/37 | 10,420 | 12,510,794 | ||||||
Series A, 5.00%, 02/15/42 | 23,825 | 28,278,107 | ||||||
Long Island Power Authority, Refunding RB, Series B, 1.50%, 09/01/51(c) | 6,395 | 6,591,896 | ||||||
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39 | 10,000 | 10,750,950 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB | ||||||||
Series S-1, (SAW), 5.00%, 07/15/37 | 25,000 | 25,608,600 | ||||||
Series S-1B, (SAW), 4.00%, 07/15/40 | 10,000 | 11,718,170 | ||||||
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 | 31,165 | 38,870,390 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Series B-1, 4.00%, 11/01/39 | 15,000 | 17,799,570 | ||||||
Series B-1, 4.00%, 11/01/42 | 27,500 | 32,496,035 | ||||||
Series B-1, 4.00%, 11/01/43 | 25,000 | 29,481,300 | ||||||
Series B-1, 4.00%, 08/01/45 | 20,455 | 24,442,661 | ||||||
Series E-1, 4.00%, 02/01/46 | 50,000 | 59,039,750 | ||||||
Subordinate, 4.00%, 05/01/45 | 10,000 | 11,880,480 | ||||||
Series C-1, Subordinate, 4.00%, 11/01/42 | 20,925 | 24,485,263 | ||||||
Series C-3, Subordinate, 5.00%, 05/01/40 | 20,000 | 24,552,460 | ||||||
New York City Water & Sewer System, RB | ||||||||
5.00%, 06/15/48 | 10,000 | 12,934,320 | ||||||
4.00%, 06/15/51 | 28,090 | 33,299,768 | ||||||
Series AA, 4.00%, 06/15/42 | 20,000 | 23,976,880 | ||||||
Series AA, 4.00%, 06/15/43 | 21,850 | 26,100,830 | ||||||
Series CC-1, Subordinate, 5.00%, 06/15/51 | 15,000 | 19,371,090 | ||||||
New York City Water & Sewer System, Refunding RB | ||||||||
5.00%, 06/15/40 | 10,000 | 12,773,770 | ||||||
4.00%, 06/15/41 | 14,500 | 17,274,967 | ||||||
4.00%, 06/15/45 | 41,265 | 49,715,412 | ||||||
Series CC, 4.00%, 06/15/42 | 22,500 | 26,755,020 | ||||||
Series CC, 5.25%, 06/15/46 | 61,465 | 72,840,389 | ||||||
Series CC-1, 5.00%, 06/15/37 | 24,000 | 28,743,120 | ||||||
Series CC-1, 5.25%, 06/15/37 | 39,000 | 47,257,236 | ||||||
Series DD-2, 5.00%, 06/15/40 | 39,865 | 48,942,061 | ||||||
Series DD-3, 4.00%, 06/15/42 | 64,105 | 76,138,662 | ||||||
Series EE, 5.25%, 06/15/36 | 14,500 | 17,845,542 | ||||||
Series EE, 5.00%, 06/15/40 | 34,240 | 42,036,277 | ||||||
Series EE, 4.00%, 06/15/42 | 33,340 | 39,461,024 | ||||||
Series FF, 5.00%, 06/15/40 | 23,790 | 29,502,193 |
SCHEDULE OF INVESTMENTS | 49 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Counties Tobacco Trust IV, Refunding RB | ||||||||
Series A, 6.25%, 06/01/41(e) | $ | 7,800 | $ | 7,959,650 | ||||
Series A, 5.00%, 06/01/45 | 16,695 | 16,938,881 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51 | 4,325 | 4,790,945 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
2.88%, 11/15/46 | 53,000 | 53,905,028 | ||||||
Series 1, Class 1, 5.00%, 11/15/44(e) | 34,385 | 37,690,293 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45 | 60,000 | 70,715,280 | ||||||
New York State Dormitory Authority Refunding RB, Series E, 4.00%, 03/15/42 | 102,025 | 123,081,022 | ||||||
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43 | 19,020 | 22,653,143 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 5.25%, 03/15/39 | 5,000 | 6,298,680 | ||||||
Series A, 4.00%, 03/15/41 | 43,750 | 52,162,250 | ||||||
Series A, 4.00%, 03/15/45 | 75,000 | 87,746,550 | ||||||
Series E, 5.00%, 03/15/41 | 20,150 | 25,026,985 | ||||||
Series E, 5.00%, 03/15/44 | 10,000 | 12,394,280 | ||||||
New York State Environmental Facilities Corp., Refunding RB, 5.00%, 06/15/42 | 10,000 | 12,145,920 | ||||||
New York State Housing Finance Agency RB, Series J, (SONYMA), 1.10%, 11/01/61(c) | 36,070 | 36,012,937 | ||||||
New York State Housing Finance Agency, RB, M/F Housing | ||||||||
Series L-2, (SONYMA), 0.75%, 11/01/25 | 7,650 | 7,646,772 | ||||||
Series M-2, (SONYMA FHA), 0.75%, 11/01/25 | 4,380 | 4,380,044 | ||||||
New York State Thruway Authority, Refunding RB | ||||||||
4.00%, 01/01/45 | 25,640 | 30,360,606 | ||||||
4.00%, 01/01/46 | 21,670 | 25,625,555 | ||||||
Series I, 5.00%, 01/01/22(d) | 45,000 | 45,000,000 | ||||||
Series B, Subordinate, 4.00%, 01/01/38 | 17,020 | 20,044,369 | ||||||
Series B, Subordinate, 4.00%, 01/01/39 | 16,335 | 19,158,407 | ||||||
Series B, Subordinate, 4.00%, 01/01/41 | 29,505 | 34,400,853 | ||||||
Series B, Subordinate, 4.00%, 01/01/45 | 10,000 | 11,524,890 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45 | 23,295 | 27,254,078 | ||||||
New York State Urban Development Corp., Refunding RB | ||||||||
4.00%, 03/15/44 | 10,000 | 11,915,610 | ||||||
4.00%, 03/15/45 | 9,305 | 11,073,322 | ||||||
5.00%, 03/15/47 | 51,850 | 65,680,365 | ||||||
Series A, 4.00%, 03/15/37 | 12,000 | 14,605,908 | ||||||
Series A, 4.00%, 03/15/42 | 12,000 | 14,139,420 | ||||||
Series A, 4.00%, 03/15/44 | 27,500 | 32,198,072 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 9,610 | 11,905,349 | ||||||
AMT, 5.00%, 10/01/40 | 27,095 | 32,997,917 | ||||||
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(e) | 5,190 | 5,419,196 | ||||||
Port Authority of New York & New Jersey, ARB | ||||||||
217th Series, 5.00%, 11/01/44 | 21,500 | 27,088,086 | ||||||
218th Series, AMT, 4.00%, 11/01/41 | 15,000 | 17,456,025 | ||||||
Consolidated, 218th Series, AMT, 5.00%, 11/01/44 | 45,000 | 55,725,975 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Sales Tax Asset Receivable Corp., Refunding RB, Series A, 4.00%, 10/15/24(d) | $ | 90,000 | $ | 98,919,360 | ||||
Suffolk County Water Authority, Refunding RB, Series A, 3.75%, 06/01/36 | 20,000 | 20,878,700 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series C, 4.00%, 11/15/40 | 15,000 | 17,815,245 | ||||||
Series C, 4.00%, 11/15/41 | 22,500 | 26,703,157 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB | ||||||||
Series A, 5.25%, 11/15/45 | 7,805 | 8,914,918 | ||||||
Series B, 5.00%, 11/15/38 | 9,800 | 11,807,207 | ||||||
Series C-2, 5.00%, 11/15/42 | 66,250 | 81,099,672 | ||||||
Utility Debt Securitization Authority, Refunding RB, Series TE, Restructured, 5.00%, 12/15/41 | 20,000 | 21,725,520 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 | 2,500 | 2,846,345 | ||||||
|
| |||||||
2,434,168,220 | ||||||||
North Carolina — 0.2% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 04/01/22(d) | 23,570 | 23,833,395 | ||||||
North Carolina Medical Care Commission, RB | ||||||||
5.00%, 10/01/40 | 1,050 | 1,211,980 | ||||||
5.00%, 10/01/45 | 1,000 | 1,143,248 | ||||||
5.00%, 10/01/50 | 1,500 | 1,704,999 | ||||||
|
| |||||||
27,893,622 | ||||||||
Ohio — 0.7% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 73,050 | 84,717,181 | ||||||
Ohio Air Quality Development Authority, RB(e) | ||||||||
AMT, 4.50%, 01/15/48 | 1,480 | 1,679,178 | ||||||
AMT, 5.00%, 07/01/49 | 15,060 | 17,549,192 | ||||||
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/39 | 7,500 | 7,889,190 | ||||||
|
| |||||||
111,834,741 | ||||||||
Oklahoma — 0.1% | ||||||||
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(e) | 7,990 | 9,537,383 | ||||||
|
| |||||||
Pennsylvania — 0.8% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB(e) | ||||||||
5.00%, 05/01/27 | 3,250 | 3,738,787 | ||||||
5.00%, 05/01/32 | 3,750 | 4,376,655 | ||||||
5.00%, 05/01/42 | 6,305 | 7,204,944 | ||||||
Bucks County Industrial Development Authority, RB | ||||||||
4.00%, 07/01/46 | 2,205 | 2,498,474 | ||||||
4.00%, 07/01/51 | 1,500 | 1,691,871 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1,930 | 2,037,626 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.25%, 12/01/44 | 30,000 | 38,238,240 | ||||||
Series B, 5.25%, 12/01/39 | 3,560 | 4,005,036 | ||||||
Sub-Series A, 5.50%, 12/01/46 | 46,430 | 56,500,853 | ||||||
|
| |||||||
120,292,486 |
50 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Puerto Rico — 3.8% | ||||||||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(f) | $ | 300,000 | $ | 21,276,000 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(e) | ||||||||
Series A, Senior Lien, 5.00%, 07/01/35 | 40,935 | 50,041,687 | ||||||
Series A, Senior Lien, 5.00%, 07/01/47 | 72,080 | 86,100,641 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 96,014 | 109,502,047 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 108,096 | 125,113,553 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 48,060 | 54,249,167 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 59,265 | 67,596,474 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(f) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/24 | 3,582 | 3,440,830 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 89,802 | 30,296,590 | ||||||
Series A-1, Restructured, 0.00%, 07/01/51 | 78,857 | 19,320,517 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 18,123 | 6,124,831 | ||||||
|
| |||||||
573,062,337 | ||||||||
Rhode Island — 0.2% | ||||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 2.88%, 12/01/35 | 13,000 | 13,393,198 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50 | 10,000 | 11,073,910 | ||||||
|
| |||||||
24,467,108 | ||||||||
South Carolina — 0.7% | ||||||||
County of Dorchester South Carolina, SAB(e) | ||||||||
5.88%, 10/01/40 | 1,245 | 1,386,153 | ||||||
6.00%, 10/01/51 | 3,000 | 3,313,839 | ||||||
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(c) | 95,000 | 101,142,415 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37 | 6,005 | 6,511,216 | ||||||
|
| |||||||
112,353,623 | ||||||||
Tennessee — 0.3% | ||||||||
Metropolitan Government of Nashville & Davidson County Tennessee Water & Sewer Revenue, Refunding RB, 4.00%, 07/01/23(d) | 49,005 | 51,702,774 | ||||||
|
| |||||||
Texas — 3.2% | ||||||||
City of Houston Texas Airport System Revenue, RB | ||||||||
4.00%, 07/01/41 | 7,250 | 7,751,569 | ||||||
4.00%, 07/15/41 | 6,250 | 6,676,794 | ||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, 5.00%, 11/15/42 | 25,000 | 30,416,675 | ||||||
Dallas Area Rapid Transit, Refunding RB, Series A, 5.00%, 12/01/45 | 7,620 | 9,690,803 | ||||||
Dallas Fort Worth International Airport, Refunding RB | ||||||||
5.00%, 11/01/43 | 5,000 | 6,367,755 | ||||||
Series A, 4.00%, 11/01/46 | 20,000 | 23,444,920 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB | ||||||||
Series B, 7.00%, 01/01/23(d) | 3,700 | 3,948,756 | ||||||
Series B, 6.38%, 01/01/33 | 465 | 488,359 | ||||||
Harris County Flood Control District, Refunding GO, Series A, 4.00%, 10/01/46 | 59,390 | 70,938,682 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/30 | $ | 6,085 | $ | 6,484,894 | ||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(e) | 13,495 | 14,187,712 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 5.00%, 07/01/40 | 4,000 | 4,674,748 | ||||||
Series A, 5.00%, 07/01/57 | 7,000 | 7,983,703 | ||||||
Pasadena Independent School District, Refunding GO, (PSF-GTD), 5.00%, 02/15/43 | 20,000 | 20,980,040 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/43 | 35,000 | 42,867,545 | ||||||
Texas Water Development Board RB, 4.00%, 10/15/51 | 10,000 | 12,022,070 | ||||||
Texas Water Development Board, RB | ||||||||
4.00%, 10/15/45 | 90,150 | 107,204,397 | ||||||
5.25%, 10/15/46 | 60,000 | 72,395,340 | ||||||
Series A, 5.00%, 10/15/42 | 10,000 | 12,255,780 | ||||||
Series B, 4.00%, 10/15/43 | 20,000 | 23,503,440 | ||||||
|
| |||||||
484,283,982 | ||||||||
Utah — 0.7% | ||||||||
County of Utah, RB, Series B, 5.00%, 05/15/46 | 30,000 | 35,048,970 | ||||||
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41 | 44,970 | 52,695,082 | ||||||
Utah Charter School Finance Authority, RB, 5.63%, 06/15/54(e) | 4,940 | 5,063,080 | ||||||
Utah Charter School Finance Authority, Refunding RB(e) | ||||||||
5.25%, 06/15/37 | 3,795 | 4,214,814 | ||||||
5.38%, 06/15/48 | 4,740 | 5,211,284 | ||||||
|
| |||||||
102,233,230 | ||||||||
Vermont(e) — 0.1% | ||||||||
East Central Vermont Telecommunications District, RB | ||||||||
Series A, 4.00%, 12/01/30 | 2,010 | 2,065,096 | ||||||
Series A, 4.25%, 12/01/40 | 4,030 | 4,052,725 | ||||||
Series A, 4.50%, 12/01/50 | 2,960 | 2,967,131 | ||||||
|
| |||||||
9,084,952 | ||||||||
Virginia — 0.2% | ||||||||
Ballston Quarter Community Development Authority, TA, Series A, 5.50%, 03/01/46 | 1,815 | 1,821,623 | ||||||
Hanover County Economic Development Authority, Refunding RB 5.00%, 07/01/38 | 125 | 136,916 | ||||||
5.00%, 07/01/48 | 370 | 401,404 | ||||||
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37 | 25,515 | 26,177,242 | ||||||
|
| |||||||
28,537,185 | ||||||||
Washington — 2.8% | ||||||||
City of Tacoma Washington Electric System Revenue, Refunding RB, Series A, 4.00%, 01/01/42 | 32,415 | 34,006,803 | ||||||
City of Tacoma Washington Water Revenue, Refunding RB, 4.00%, 12/01/43 | 50,535 | 52,608,653 | ||||||
Energy Northwest, Refunding RB | ||||||||
5.00%, 07/01/22 | 55,000 | 56,283,700 | ||||||
5.00%, 07/01/23 | 40,000 | 42,797,480 | ||||||
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42 | 48,000 | 57,351,264 |
SCHEDULE OF INVESTMENTS | 51 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Washington (continued) | ||||||||
Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46 | $ | 33,730 | $ | 42,704,575 | ||||
State of Washington, GO, Series E, 4.00%, 02/01/43 | 23,000 | 23,775,905 | ||||||
University of Washington, Refunding RB, Series A, 5.25%, 12/01/46 | 23,385 | 28,240,732 | ||||||
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(d) | 21,355 | 22,518,912 | ||||||
Washington State Convention Center Public Facilities District, RB | ||||||||
4.00%, 07/01/31 | 17,475 | 20,302,839 | ||||||
3.00%, 07/01/58 | 10,745 | 10,784,015 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 | 24,448 | 28,541,583 | ||||||
|
| |||||||
419,916,461 | ||||||||
Wisconsin — 0.6% | ||||||||
Public Finance Authority, ARB | ||||||||
4.00%, 07/01/41 | 2,715 | 2,858,632 | ||||||
4.25%, 07/01/54 | 4,745 | 4,970,022 | ||||||
Public Finance Authority, RB(e) | ||||||||
5.00%, 12/01/35 | 1,690 | 1,937,367 | ||||||
4.00%, 06/15/40 | 2,020 | 2,115,009 | ||||||
5.00%, 12/01/45 | 2,370 | 2,665,662 | ||||||
7.00%, 11/01/46 | 6,385 | 6,787,581 | ||||||
4.00%, 06/15/50 | 2,995 | 3,080,942 | ||||||
5.00%, 12/01/55 | 8,045 | 8,966,064 | ||||||
4.00%, 06/15/56 | 2,445 | 2,503,484 | ||||||
4.75%, 06/15/56 | 7,815 | 7,817,571 | ||||||
Series A, 6.25%, 10/01/31 | 1,715 | 1,804,245 | ||||||
Series A, 5.00%, 06/15/41 | 1,215 | 1,335,191 | ||||||
Series A, 5.25%, 03/01/45 | 3,325 | 3,815,534 | ||||||
Series A, 7.00%, 10/01/47 | 1,715 | 1,793,609 | ||||||
Series A, 5.63%, 06/15/49 | 12,360 | 13,362,977 | ||||||
Series A, 5.00%, 06/15/51 | 1,365 | 1,478,487 | ||||||
Series A, 5.38%, 07/15/52 | 6,760 | 7,598,436 | ||||||
Series A, 5.25%, 03/01/55 | 9,500 | 10,760,089 | ||||||
Series A, 5.00%, 06/15/56 | 1,495 | 1,613,857 | ||||||
Series A-1, 5.00%, 01/01/56 | 2,505 | 2,804,438 | ||||||
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(e)(f) | 24,870 | 1,946,028 | ||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 03/01/37(e) | 760 | 849,064 | ||||||
4.00%, 12/01/51 | 1,050 | 1,212,098 | ||||||
|
| |||||||
94,076,387 | ||||||||
|
| |||||||
Total Municipal Bonds — 84.5% | 12,681,659,378 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(k) |
| |||||||
California — 0.8% | ||||||||
University of California, RB, Series M, 5.00%, 05/15/42 | 100,000 | 120,755,950 | ||||||
|
|
Security | Par (000) | Value | ||||||
Nevada — 0.6% | ||||||||
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 | $ | 74,740 | $ | 91,657,661 | ||||
|
| |||||||
Texas — 0.7% | ||||||||
Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43(l) | 79,060 | 97,428,919 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.1% |
| 309,842,530 | ||||||
|
| |||||||
Total Long-Term Investments — 90.6% |
| 13,594,321,881 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 9.5% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(a)(b) | 1,426,550,884 | 1,426,693,540 | ||||||
|
| |||||||
Total Short-Term Securities — 9.5% |
| 1,426,693,540 | ||||||
|
| |||||||
Total Investments — 100.1% |
| 15,021,015,421 | ||||||
Other Assets Less Liabilities — 0.7% |
| 112,376,443 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.8)% |
| (126,919,242 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 15,006,472,622 | |||||
|
|
(a) | Affiliate of the Fund. |
(b) | Annualized 7-day yield as of period end. |
(c) | 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. |
(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) | 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. |
(f) | Zero-coupon bond. |
(g) | When-issued security. |
(h) | Issuer filed for bankruptcy and/or is in default. |
(i) | Non-income producing security. |
(j) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(k) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(l) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on April 1, 2026, is $41,561,403. See Note 4 of the Notes to Financial Statements for details. |
52 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/21 | Shares Held at 12/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 2,424,414,061 | $ | — | $ | (997,555,197 | )(a) | $ | 13,442 | $ | (178,766 | ) | $ | 1,426,693,540 | 1,426,550,884 | $ | 118,444 | $ | — | |||||||||||||||||
iShares National Muni Bond ETF | 202,812,373 | 277,950,610 | — | — | (3,565,910 | ) | 477,197,073 | 4,103,862 | 3,704,382 | — | ||||||||||||||||||||||||||
iShares Short-Term National Muni Bond ETF | 126,149,400 | — | — | — | (526,500 | ) | 125,622,900 | 1,170,000 | 427,850 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 13,442 | $ | (4,271,176 | ) | $ | 2,029,513,513 | $ | 4,250,676 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 3,213 | 03/22/22 | $ | 418,744 | $ | (383,408 | ) | |||||||||
U.S. Long Bond | 1,666 | 03/22/22 | 266,456 | 1,701,506 | ||||||||||||
5-Year U.S. Treasury Note | 2,838 | 03/31/22 | 343,065 | 434,279 | ||||||||||||
|
| |||||||||||||||
$ | 1,752,377 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 2,135,785 | $ | — | $ | 2,135,785 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 383,408 | $ | — | $ | 383,408 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
SCHEDULE OF INVESTMENTS | 53 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock National Municipal Fund |
For the period ended December 31, 2021, 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(a) | $ | — | $ | — | $ | — | $ | — | $ | (1,543,004 | ) | $ | — | $ | (1,543,004 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 9,064,373 | $ | — | $ | 9,064,373 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 862,593,820 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Investment Companies | $ | 602,819,973 | $ | — | $ | — | $ | 602,819,973 | ||||||||
Municipal Bonds | — | 12,681,659,378 | — | 12,681,659,378 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 309,842,530 | — | 309,842,530 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,426,693,540 | — | — | 1,426,693,540 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,029,513,513 | $ | 12,991,501,908 | $ | — | $ | 15,021,015,421 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $ | 2,135,785 | $ | — | $ | — | $ | 2,135,785 | ||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | (383,408 | ) | — | — | (383,408 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,752,377 | $ | — | $ | — | $ | 1,752,377 | |||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $126,900,000 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
54 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) December 31, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 6.0% | ||||||||
Birmingham Airport Authority, Refunding RB, (BAM), 5.00%, 07/01/23 | $ | 225 | $ | 240,156 | ||||
Black Belt Energy Gas District, RB | ||||||||
0.39%, 10/01/52(a) | 4,000 | 4,021,988 | ||||||
4.00%, 10/01/52(a) | 3,225 | 3,649,303 | ||||||
Series A-1, 4.00%, 06/01/22 | 825 | 836,066 | ||||||
Series B, 4.00%, 10/01/52(a) | 13,000 | 14,715,636 | ||||||
Black Belt Energy Gas District, Refunding RB | ||||||||
4.00%, 12/01/23 | 440 | 469,307 | ||||||
4.00%, 06/01/24 | 400 | 432,899 | ||||||
4.00%, 12/01/24 | 475 | 521,052 | ||||||
Lower Alabama Gas District, RB | ||||||||
4.00%, 12/01/22 | 640 | 660,077 | ||||||
4.00%, 12/01/23 | 375 | 399,010 | ||||||
Southeast Alabama Gas Supply District, RB | ||||||||
Series A, 4.00%, 06/01/22 | 1,760 | 1,783,628 | ||||||
Series A, 4.00%, 06/01/23 | 2,225 | 2,326,371 | ||||||
Series A, 4.00%, 04/01/49(a) | 1,600 | 1,705,694 | ||||||
Series A, 4.00%, 06/01/49(a) | 16,995 | 18,229,534 | ||||||
Southeast Energy Authority A Cooperative District, RB | ||||||||
Series A, 4.00%, 10/01/24 | 650 | 707,052 | ||||||
Series B, 4.00%, 06/01/25 | 1,750 | 1,945,687 | ||||||
|
| |||||||
52,643,460 | ||||||||
Alaska — 1.1% | ||||||||
Alaska Municipal Bond Bank Authority, RB, 5.00%, 12/01/24 | 645 | 727,126 | ||||||
Alaska Municipal Bond Bank Authority, Refunding RB | ||||||||
5.00%, 12/01/22 | 750 | 781,205 | ||||||
5.00%, 12/01/23 | 2,000 | 2,171,876 | ||||||
Northern Tobacco Securitization Corp., Refunding RB | ||||||||
5.00%, 06/01/24 | 1,000 | 1,104,822 | ||||||
5.00%, 06/01/25 | 1,000 | 1,144,457 | ||||||
State of Alaska International Airports System, Refunding RB, Series C, AMT, 5.00%, 10/01/27 | 3,030 | 3,679,644 | ||||||
|
| |||||||
9,609,130 | ||||||||
Arizona — 1.3% | ||||||||
Arizona Health Facilities Authority, RB, Series B, 0.29%, 01/01/46(a) | 5,900 | 5,877,663 | ||||||
Chandler Industrial Development Authority, RB, 2.40%, 12/01/35(a) | 485 | 499,495 | ||||||
Glendale Union High School District No.205, GO, Series C, 5.00%, 07/01/22 | 1,000 | 1,023,084 | ||||||
Industrial Development Authority of the County of Yavapai, RB, Series A, VRDN, 0.08%, 09/01/35(a) | 3,500 | 3,500,000 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 09/01/22 | 750 | 773,456 | ||||||
|
| |||||||
11,673,698 | ||||||||
California — 1.9% | ||||||||
California Community Choice Financing Authority, RB, Series A, 4.00%, 10/01/52(a) | 7,915 | 9,141,904 | ||||||
California County Tobacco Securitization Agency, Refunding RB | ||||||||
4.00%, 06/01/23 | 530 | 555,608 | ||||||
Series A, 4.00%, 06/01/23 | 450 | 471,889 | ||||||
Series A, 5.00%, 06/01/24 | 600 | 662,910 | ||||||
California Statewide Communities Development Authority, RB | ||||||||
Series A, 5.00%, 04/01/23 | 525 | 554,729 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
California Statewide Communities Development Authority, RB (continued) | ||||||||
Series A, 5.00%, 04/01/24 | $ | 485 | $ | 533,753 | ||||
City of Los Angeles Department of Airports, Refunding RB, Series D, AMT, 5.00%, 05/15/28 | 2,710 | 3,361,435 | ||||||
Northern California Energy Authority, RB, Series A, 4.00%, 07/01/49(a) | 1,765 | 1,912,169 | ||||||
|
| |||||||
17,194,397 | ||||||||
Colorado — 0.4% | ||||||||
Colorado Health Facilities Authority, Refunding RB | 1,000 | 1,257,295 | ||||||
Series A, 5.00%, 08/01/27 | 1,000 | 1,227,112 | ||||||
Regional Transportation District, Refunding RB 3.00%, 01/15/26 | 610 | 656,731 | ||||||
Series A, 5.00%, 01/15/24 | 350 | 378,894 | ||||||
Series A, 5.00%, 07/15/24 | 350 | 385,617 | ||||||
|
| |||||||
3,905,649 | ||||||||
Connecticut — 4.0% | ||||||||
Connecticut Housing Finance Authority Refunding RB | ||||||||
5.00%, 11/15/26 | 555 | 661,442 | ||||||
5.00%, 05/15/27 | 655 | 789,387 | ||||||
5.00%, 11/15/27 | 550 | 669,438 | ||||||
5.00%, 05/15/28 | 675 | 829,218 | ||||||
AMT, 5.00%, 05/15/28 | 1,400 | 1,694,076 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB | ||||||||
Series L-1, 4.00%, 07/01/23 | 550 | 576,409 | ||||||
Series L-1, 4.00%, 07/01/24 | 650 | 700,793 | ||||||
State of Connecticut Special Tax Revenue, RB Series A, 5.00%, 08/01/22 | 900 | 924,614 | ||||||
Series A, 5.00%, 10/01/22 | 340 | 351,977 | ||||||
Series A, 5.00%, 05/01/23 | 475 | 504,650 | ||||||
Series A, 5.00%, 05/01/24 | 865 | 957,727 | ||||||
Series B, 5.00%, 10/01/22 | 3,400 | 3,519,768 | ||||||
Series B, 5.00%, 10/01/23 | 225 | 243,320 | ||||||
State of Connecticut Special Tax Revenue, Refunding RB, Series B, 5.00%, 08/01/23 | 190 | 204,028 | ||||||
State of Connecticut, GO | ||||||||
Series A, 5.00%, 10/15/22 | 1,000 | 1,036,828 | ||||||
Series A, 5.00%, 03/15/23 | 695 | 734,030 | ||||||
Series C, 5.00%, 07/15/22 | 1,000 | 1,025,099 | ||||||
Series C, 3.00%, 06/01/23 | 650 | 674,520 | ||||||
Series C, 4.00%, 06/01/23 | 325 | 341,823 | ||||||
Series C, 3.00%, 06/01/24 | 1,065 | 1,131,212 | ||||||
Series C, 4.00%, 06/01/24 | 550 | 597,362 | ||||||
Series C, 4.00%, 06/15/24 | 750 | 815,543 | ||||||
State of Connecticut, Refunding GO | ||||||||
Series B, 5.00%, 05/15/22 | 4,955 | 5,040,409 | ||||||
Series B, 5.00%, 01/15/24 | 750 | 820,126 | ||||||
Series C, 5.00%, 06/01/22 | 600 | 611,602 | ||||||
Series C, 5.00%, 12/15/22 | 1,300 | 1,358,003 | ||||||
University of Connecticut, RB | ||||||||
Series A, 5.00%, 01/15/22 | 525 | 525,760 | ||||||
Series A, 5.00%, 03/15/22 | 1,550 | 1,564,489 | ||||||
Series A, 5.00%, 04/15/22 | 4,000 | 4,053,180 | ||||||
Series A, 5.00%, 04/15/24 | 650 | 718,008 |
SCHEDULE OF INVESTMENTS | 55 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Connecticut (continued) | ||||||||
University of Connecticut, RB (continued) | ||||||||
Series A, 5.00%, 01/15/25. | $ | 720 | $ | 817,927 | ||||
University of Connecticut, Refunding RB, Series A, 5.00%, 02/15/22 | 720 | 723,887 | ||||||
|
| |||||||
35,216,655 | ||||||||
District of Columbia — 0.7% | ||||||||
District of Columbia, RB, VRDN, 0.09%, 04/01/38(a) | 1,445 | 1,445,000 | ||||||
District of Columbia, Refunding RB, 5.00%, 10/01/22 | 325 | 335,739 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/26 | 3,380 | 4,030,217 | ||||||
|
| |||||||
5,810,956 | ||||||||
Florida — 2.7% | ||||||||
Alachua County Health Facilities Authority, Refunding RB, 5.00%, 12/01/22 | 515 | 536,139 | ||||||
Central Florida Expressway Authority, Refunding RB | ||||||||
Senior Lien, 5.00%, 07/01/22 | 1,550 | 1,585,568 | ||||||
Senior Lien, (AGM), 5.00%, 07/01/24 | 885 | 986,919 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB | ||||||||
Sereis A-1, 5.00%, 10/01/22 | 325 | 335,820 | ||||||
Sereis A-1, 5.00%, 10/01/23 | 400 | 430,850 | ||||||
Florida Development Finance Corp., RB, AMT, 0.30%, 12/01/56(a) | 10,000 | 9,995,720 | ||||||
Lee County FL Airport, Revenue RB, Series B, 5.00%, 10/01/28 | 4,060 | 5,029,459 | ||||||
Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 08/15/23 | 500 | 537,652 | ||||||
Pasco County School Board, RB, 5.00%, 10/01/22 | 1,525 | 1,578,491 | ||||||
School Board of Miami-Dade County, Refunding COP, Series D, 5.00%, 11/01/22 | 2,085 | 2,162,591 | ||||||
Tolomato Community Development District, Refunding SAB, Series A-1, (AGM), 2.00%, 05/01/22 | 605 | 607,652 | ||||||
|
| |||||||
23,786,861 | ||||||||
Georgia — 7.8% | ||||||||
Bartow County Development Authority, Refunding RB, 1.55%, 08/01/43(a) | 1,730 | 1,741,624 | ||||||
City of Atlanta GA Department of Aviation, Refunding RB, Series C, AMT, 5.00%, 07/01/28 | 665 | 827,009 | ||||||
City of Atlanta Georgia Department of Aviation, Refunding RB, Series A, 5.00%, 07/01/24 | 1,470 | 1,637,774 | ||||||
Development Authority of Burke County, Refunding RB, 1.55%, 12/01/49(a) | 3,245 | 3,266,806 | ||||||
Iowa Finance Authority, Refunding RB, VRDN, 0.08%, 12/01/41(a)(b) | 8,800 | 8,800,000 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/22 | 1,145 | 1,163,370 | ||||||
Series A, 5.00%, 05/15/23 | 2,450 | 2,595,523 | ||||||
Series A, 4.00%, 04/01/48(a) | 30,500 | 32,126,199 | ||||||
Series C, 5.00%, 09/01/22 | 500 | 514,479 | ||||||
Series C, 5.00%, 09/01/23 | 1,000 | 1,071,787 | ||||||
Sub-Series C, 4.00%, 08/01/48(a) | 2,200 | 2,333,111 | ||||||
Municipal Electric Authority of Georgia, Refunding RB | 3,000 | 3,294,522 | ||||||
Series A, 5.00%, 01/01/22 | 675 | 675,000 | ||||||
Series A, 5.00%, 01/01/23 | 900 | 940,434 |
Security | Par (000) | Value | ||||||
Georgia (continued) | ||||||||
Municipal Electric Authority of Georgia, Refunding RB (continued) | ||||||||
Series A-R, Subordinate, 5.00%, 01/01/23 | $ | 3,550 | $ | 3,709,491 | ||||
Series A-R, Subordinate, 5.00%, 01/01/24 | 2,500 | 2,719,988 | ||||||
Oconee County School District, GO, (SAW), 4.00%, 03/01/25 | 1,000 | 1,109,771 | ||||||
|
| |||||||
68,526,888 | ||||||||
Idaho — 0.1% | ||||||||
Idaho Housing & Finance Association, RB, S/F Housing, Series A-1, 2.95%, 07/01/23 | 835 | 863,548 | ||||||
|
| |||||||
Illinois — 0.9% | ||||||||
Chicago Housing Authority, RB, M/F Housing, Series A, (HUD SECT 8), 5.00%, 01/01/22 | 1,400 | 1,400,000 | ||||||
Chicago O’Hare International Airport, Refunding RB, Series B, Senior Lien, 5.00%, 01/01/24 | 500 | 545,279 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue Refunding RB, 5.00%, 06/01/23 | 2,160 | 2,297,359 | ||||||
Cook County Refunding GO, Series B, 4.00%, 11/15/28 | 1,755 | 2,080,514 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
5.00%, 08/15/22 | 750 | 772,090 | ||||||
5.00%, 08/15/23 | 1,000 | 1,076,404 | ||||||
|
| |||||||
8,171,646 | ||||||||
Indiana — 2.6% | ||||||||
City of Indianapolis Department of Public Utilities Gas Utility Revenue, Refunding RB, Series A, 2nd Lien, 5.00%, 08/15/23 | 2,000 | 2,150,452 | ||||||
City of Rockport Indiana, Refunding RB, Series A, 1.35%, 07/01/25(a) | 2,250 | 2,259,715 | ||||||
Indiana Finance Authority, RB | 225 | 230,954 | ||||||
AMT, 0.28%, 12/15/45(a) | 4,000 | 3,999,480 | ||||||
Indiana Finance Authority, Refunding RB | ||||||||
5.00%, 10/01/24 | 500 | 562,189 | ||||||
0.34%, 03/01/39(a) | 6,800 | 6,787,610 | ||||||
Series A, 5.00%, 05/01/23(c) | 1,400 | 1,485,662 | ||||||
Indiana Housing & Community Development Authority, RB, , VRDN, 0.02%, 07/01/47(a) | 1,865 | 1,865,000 | ||||||
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 06/01/24 | 2,000 | 2,214,228 | ||||||
Lawrence Township School Building Corp., RB, (NPFGC), 4.00%, 01/15/24 | 550 | 589,465 | ||||||
Southwest Allen Multi School Building Corp., RB, (NPFGC), 4.00%, 07/15/24 | 325 | 353,272 | ||||||
|
| |||||||
22,498,027 | ||||||||
Kansas — 3.1% | ||||||||
City of Burlington Kansas, Refunding RB(a) | ||||||||
Series A, VRDN, 0.12%, 09/01/35 | 18,000 | 18,000,000 | ||||||
Series B, VRDN, 0.12%, 09/01/35 | 6,000 | 6,000,000 | ||||||
City of Dodge City Kansas, GO | ||||||||
Series 2019-A, (BAM), 4.00%, 09/01/22 | 280 | 286,952 | ||||||
Series 2019-A, (BAM), 4.00%, 09/01/23 | 1,080 | 1,145,836 | ||||||
City of Goddard, GO, Series 2019-1, 3.00%, 12/01/22 | 1,465 | 1,467,905 | ||||||
|
| |||||||
26,900,693 |
56 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Kentucky — 8.0% | ||||||||
City of Owensboro Kentucky Electric Light & Power System Revenue, Refunding RB | ||||||||
Series B, 5.00%, 01/01/22 | $ | 2,700 | $ | 2,700,000 | ||||
Series B, 4.00%, 01/01/23 | 1,750 | 1,809,731 | ||||||
Kentucky Asset Liability Commission Refunding RB, Series A, 5.00%, 11/01/24 | 2,500 | 2,812,452 | ||||||
Kentucky Public Energy Authority, RB | ||||||||
Series A, 4.00%, 04/01/48(a) | 5,000 | 5,354,380 | ||||||
Series A-1, 4.00%, 12/01/22 | 1,000 | 1,029,126 | ||||||
Series A-1, 4.00%, 12/01/49(a) | 12,000 | 13,148,568 | ||||||
Series C, 4.00%, 08/01/22 | 615 | 626,381 | ||||||
Series C, 4.00%, 08/01/23 | 500 | 524,863 | ||||||
Series C-1, 4.00%, 06/01/22 | 1,750 | 1,773,037 | ||||||
Series C-1, 4.00%, 12/01/22 | 2,500 | 2,572,815 | ||||||
Kentucky State Property & Building Commission, RB | 1,540 | 1,703,794 | ||||||
Series A, 5.00%, 11/01/23 | 1,000 | 1,087,033 | ||||||
Kentucky State Property & Building Commission, Refunding RB, Series B, 5.00%, 08/01/24 | 2,790 | 3,116,592 | ||||||
Meade County, RB, VRDN, 0.07%, 08/01/61(a) | 32,600 | 32,600,000 | ||||||
|
| |||||||
70,858,772 | ||||||||
Louisiana — 3.9% | ||||||||
Ascension Parish School Board, GO, 4.00%, 03/01/24 | 570 | 614,696 | ||||||
Consolidated Govt. of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB | ||||||||
(AGM), 5.00%, 08/01/23 | 600 | 643,312 | ||||||
(AGM), 5.00%, 08/01/24 | 500 | 557,686 | ||||||
Greater Ouachita Water Co., Refunding RB | ||||||||
(BAM), 5.00%, 09/01/22 | 500 | 515,267 | ||||||
(BAM), 3.00%, 09/01/23 | 500 | 521,482 | ||||||
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a) | 13,515 | 13,515,946 | ||||||
Livingston Parish School Board, Refunding RB, Series A, 4.00%, 05/01/24 | 680 | 735,407 | ||||||
Parish of St. Charles Louisiana, RB, 4.00%, 12/01/40(a) | 6,725 | 6,817,361 | ||||||
Parish of St. John the Baptist Louisiana, Refunding RB, 2.00%, 06/01/37(a) | 10,315 | 10,479,431 | ||||||
|
| |||||||
34,400,588 | ||||||||
Maryland — 0.4% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||
Series B, 5.00%, 04/15/22 | 700 | 708,889 | ||||||
Series B, 5.00%, 04/15/23 | 675 | 713,693 | ||||||
Series B, 5.00%, 04/15/24 | 700 | 769,893 | ||||||
Maryland State Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/24 | 1,225 | 1,374,696 | ||||||
|
| |||||||
3,567,171 | ||||||||
Massachusetts — 1.8% | ||||||||
Massachusetts Development Finance Agency, Refunding RB, Series A, 5.00%, 07/01/22 | 525 | 535,966 | ||||||
Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27 | 3,000 | 3,342,684 | ||||||
Massachusetts Housing Finance Agency, RB | 650 | 650,000 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Housing Finance Agency, RB (continued) | $ | 1,500 | $ | 1,494,565 | ||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Refunding RB, Series A, 5.00%, 01/01/25 | 2,100 | 2,377,259 | ||||||
University of Massachusetts Building Authority, Refunding RB, Series 1, 5.00%, 11/01/24 | 6,600 | 7,460,402 | ||||||
|
| |||||||
15,860,876 | ||||||||
Michigan — 1.1% | ||||||||
Livonia Public Schools, GO, Series I, (BAM), 4.00%, 05/01/25 | 1,700 | 1,887,903 | ||||||
Michigan Finance Authority, RB, 2nd Lien, (NPFGC), 5.00%, 11/01/23 | 310 | 335,910 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
Series A, Class 1, 4.00%, 06/01/23 | 1,000 | 1,049,181 | ||||||
Series D-1, 0.55%, 10/15/24 | 1,300 | 1,304,854 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, 0.55%, 04/01/25. | 1,500 | 1,495,691 | ||||||
Series A-1, 0.65%, 10/01/24 | 960 | 960,013 | ||||||
Michigan Strategic Fund, RB, AMT, 0.58%, 08/01/27(a) | 1,600 | 1,587,656 | ||||||
Mona Shores Public Schools, GO, (Q-SBLF), 4.00%, 05/01/24 | 500 | 542,067 | ||||||
Wayne-Westland Community Schools, GO | ||||||||
(Q-SBLF), 4.00%, 05/01/22 | 150 | 151,814 | ||||||
(Q-SBLF), 5.00%, 11/01/22 | 290 | 301,237 | ||||||
|
| |||||||
9,616,326 | ||||||||
Minnesota — 0.4% | ||||||||
Hastings Independent School District No 200, GO, Series A, 0.00%, 02/01/26(d) | ||||||||
1,040 | 1,006,077 | |||||||
Minnesota Housing Finance Agency, RB | ||||||||
Series E, AMT, 0.70%, 01/01/25 | 810 | 804,403 | ||||||
Series E, AMT, 0.90%, 01/01/26 | 825 | 817,458 | ||||||
Series E, AMT, 1.10%, 01/01/27 | 595 | 586,998 | ||||||
|
| |||||||
3,214,936 | ||||||||
Mississippi — 2.7% | ||||||||
Jackson County, Refunding RB, 0.02%, 06/01/23(a) | 7,600 | 7,600,000 | ||||||
Mississippi Business Finance Corp., RB(a) 0.02%, 11/01/35 | 1,380 | 1,380,000 | ||||||
Series A, , VRDN, 0.01%, 12/01/30 | 12,000 | 12,000,000 | ||||||
Series B, , VRDN, 0.02%, 11/01/35 | 2,505 | 2,505,000 | ||||||
State of Mississippi, RB, Series A, 5.00%, 10/15/22 | 500 | 517,573 | ||||||
|
| |||||||
24,002,573 | ||||||||
Missouri — 0.3% | ||||||||
City of Kansas City Refunding RB, Series E, , VRDN, 0.04%, 04/15/34(a) | 1,200 | 1,200,000 | ||||||
City of St. Charles, Refunding COP, Series B, 4.00%, 02/01/24 | 140 | 150,520 | ||||||
City of Washington, Refunding COP, 5.00%, 03/01/23 | 370 | 389,262 | ||||||
County of Greene MO, COP | ||||||||
Series A, 4.00%, 03/01/24 | 275 | 296,437 | ||||||
Series A, 4.00%, 03/01/25 | 400 | 444,044 | ||||||
|
| |||||||
2,480,263 |
SCHEDULE OF INVESTMENTS | 57 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Nebraska — 2.3% | ||||||||
Central Plains Energy Project, RB, 5.00%, 03/01/50(a) | $ | 8,485 | $ | 9,162,536 | ||||
Central Plains Energy Project, Refunding RB | ||||||||
4.00%, 02/01/22 | 485 | 486,277 | ||||||
4.00%, 08/01/22 | 1,500 | 1,530,216 | ||||||
4.00%, 02/01/23 | 1,055 | 1,094,495 | ||||||
4.00%, 08/01/23 | 875 | 922,352 | ||||||
Series A, 5.00%, 09/01/27 | 1,000 | 1,202,283 | ||||||
Douglas County Hospital Authority No. 2, Refunding RB | ||||||||
5.00%, 11/15/22 | 135 | 140,462 | ||||||
5.00%, 11/15/23 | 110 | 119,422 | ||||||
Douglas County Refunding RB, 0.63%, 07/01/35(a) | 6,000 | 6,035,028 | ||||||
|
| |||||||
20,693,071 | ||||||||
Nevada — 0.6% | ||||||||
Clark County Department of Aviation Refunding RB, Series B, AMT, 5.00%, 07/01/24 | 1,000 | 1,110,410 | ||||||
Nevada Housing Division Revenue, RB, Series D, (GNMA/FNMA/FHLMC), 0.25%, 12/01/22 | 3,920 | 3,918,808 | ||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 06/01/23 | 195 | 207,497 | ||||||
5.00%, 06/01/24 | 200 | 221,372 | ||||||
|
| |||||||
5,458,087 | ||||||||
New Hampshire — 0.8% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, 0.42%, 10/01/33(a) | 4,800 | 4,860,624 | ||||||
New Hampshire State Turnpike System, Refunding RB, Series B, 5.00%, 02/01/24 | 1,775 | 1,781,248 | ||||||
|
| |||||||
6,641,872 | ||||||||
New Jersey — 9.9% | ||||||||
Jersey City Municipal Utilities Authority, RB, 3.00%, 07/01/22 | 2,000 | 2,026,902 | ||||||
New Jersey Building Authority, Refunding RB, Series A, 5.00%, 06/15/22 | 3,005 | 3,066,669 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
5.00%, 06/15/23 | 250 | 266,264 | ||||||
5.00%, 06/15/24 | 300 | 332,170 | ||||||
Series UU, 5.00%, 06/15/24 | 250 | 276,712 | ||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
Series A, 1.00%, 06/01/23 | 1,350 | 1,359,585 | ||||||
Series B, 5.00%, 11/01/23 | 1,010 | 1,092,236 | ||||||
Series II, 5.00%, 03/01/22 | 1,310 | 1,319,554 | ||||||
Series NN, 5.00%, 03/01/22 | 4,505 | 4,537,855 | ||||||
Series NN, 5.00%, 03/01/23 | 5,945 | 6,256,292 | ||||||
Series XX, 5.00%, 06/15/23 | 8,010 | 8,531,099 | ||||||
Series XX, 5.00%, 06/15/24 | 2,990 | 3,310,627 | ||||||
New Jersey Educational Facilities Authority, RB 5.00%, 06/15/22 | 2,100 | 2,143,096 | ||||||
(SAP), 5.00%, 06/01/24 | 280 | 309,585 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 10/01/23 | 3,500 | 3,772,408 | ||||||
Series A, 5.00%, 07/01/23 | 1,015 | 1,085,850 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 5.00%, 12/01/28 | 1,000 | 1,208,391 | ||||||
New Jersey Transportation Trust Fund Authority, RB | 1,500 | 1,597,143 | ||||||
Series A, (AMBAC), 5.25%, 12/15/22 | 650 | 679,483 | ||||||
Series AA, 5.00%, 06/15/22 | 500 | 510,261 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, RB (continued) | ||||||||
Series AA, 5.00%, 06/15/23 | $ | 175 | $ | 186,385 | ||||
New Jersey Transportation Trust Fund Authority, Refunding RB | ||||||||
Series A, 5.50%, 12/15/22 | 1,330 | 1,393,474 | ||||||
Series A, 5.25%, 12/15/23 | 2,000 | 2,183,004 | ||||||
Series A, 5.50%, 12/15/23 | 3,095 | 3,393,169 | ||||||
Series A, 5.00%, 06/15/24 | 5,820 | 6,441,919 | ||||||
Series B, (AMBAC), 5.25%, 12/15/23 | 1,130 | 1,233,397 | ||||||
Series D, 5.00%, 12/15/23 | 275 | 298,833 | ||||||
Series D, 5.25%, 12/15/23 | 7,690 | 8,393,535 | ||||||
New Jersey Turnpike Authority, Refunding RB, 5.00%, 01/01/23 | 615 | 643,291 | ||||||
South Orange & Maplewood School District, GO, 2.00%, 08/15/23 | 1,075 | 1,104,156 | ||||||
State of New Jersey, GO | 680 | 752,495 | ||||||
Series A, 5.00%, 06/01/24 | 8,330 | 9,218,045 | ||||||
Series A, 5.00%, 06/01/25 | 1,600 | 1,833,726 | ||||||
Series A, 5.00%, 06/01/27 | 5,000 | 6,076,885 | ||||||
|
| |||||||
86,834,496 | ||||||||
New Mexico — 0.6% | ||||||||
Albuquerque Municipal School District No.12, GO, Series A, (SAW), 5.00%, 08/01/24 | 250 | 279,085 | ||||||
Albuquerque Municipal School District No.12, Refunding GO, Series B, (SAW), 5.00%, 08/01/24 | 1,000 | 1,116,341 | ||||||
New Mexico Educational Assistance Foundation, Refunding RB, AMT, 5.00%, 09/01/28 | 2,000 | 2,481,996 | ||||||
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 4.00%, 05/01/23 | 1,200 | 1,254,566 | ||||||
|
| |||||||
5,131,988 | ||||||||
New York — 7.9% | ||||||||
County of Monroe New York, Refunding GO, (AGM), 4.00%, 06/01/23 | 775 | 815,559 | ||||||
Erie County Industrial Development Agency, Refunding RB, (SAW), 5.00%, 05/01/25 | 1,925 | 2,206,123 | ||||||
Long Island Power Authority, RB, (AGM), 0.00%, 06/01/26(d) | 500 | 478,459 | ||||||
Metropolitan Transportation Authority 5.00%, 11/15/22 | 500 | 520,041 | ||||||
RB, 5.00%, 09/01/22 | 900 | 927,660 | ||||||
Series A, RB, 5.00%, 03/01/22 | 1,585 | 1,596,937 | ||||||
Metropolitan Transportation Authority, RB, 5.00%, 02/01/23 | 1,800 | 1,887,923 | ||||||
Metropolitan Transportation Authority, Refunding RB | 1,865 | 1,939,734 | ||||||
Series D, 5.00%, 11/15/25 | 1,165 | 1,209,798 | ||||||
Monroe County Industrial Development Corp., Refunding RB | ||||||||
5.00%, 12/01/22 | 600 | 623,920 | ||||||
5.00%, 12/01/23 | 500 | 541,254 | ||||||
Nassau Health Care Corp., Refunding RB, (GTD), 5.00%, 08/01/24 | 2,215 | 2,468,843 | ||||||
New York City Housing Development Corp., Refunding RB, (FHA), 1.05%, 05/01/28 | 1,000 | 986,229 | ||||||
New York City Industrial Development Agency, Refunding RB, (AGM), 5.00%, 03/01/28 | 1,350 | 1,664,064 |
58 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB | ||||||||
5.00%, 11/01/24 | $ | 10,000 | $ | 11,300,780 | ||||
0.02%, 11/01/29(a) | 3,500 | 3,500,000 | ||||||
New York City Water & Sewer System, Refunding RB, , VRDN, 0.01%, 06/15/49(a) | 3,200 | 3,200,000 | ||||||
New York Convention Center Development Corp., RB, 5.00%, 11/15/23 | 1,915 | 2,077,147 | ||||||
New York Convention Center Development Corp., Refunding RB | ||||||||
5.00%, 11/15/23 | 350 | 379,211 | ||||||
5.00%, 11/15/25 | 1,600 | 1,863,134 | ||||||
New York Liberty Development Corp., Refunding RB, 0.95%, 11/15/27 | 3,000 | 2,962,905 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series P, 1.55%, 11/01/23 | 4,860 | 4,879,809 | ||||||
New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/24 | 3,000 | 3,308,334 | ||||||
New York Transportation Development Corp., Refunding RB | ||||||||
5.00%, 12/01/23 | 550 | 593,569 | ||||||
5.00%, 12/01/24 | 1,030 | 1,151,291 | ||||||
Series A, Class A, AMT, 5.00%, 12/01/24 | 1,250 | 1,394,013 | ||||||
Port Authority of New York & New Jersey, Refunding RB | 4,000 | 4,475,744 | ||||||
Series 226, AMT, 5.00%, 10/15/25 | 6,000 | 6,976,032 | ||||||
State of New York Mortgage Agency, RB | ||||||||
AMT, 0.65%, 04/01/24 | 705 | 703,343 | ||||||
AMT, 0.75%, 10/01/24 | 830 | 828,343 | ||||||
AMT, 0.88%, 04/01/25 | 1,710 | 1,708,370 | ||||||
Town of Oyster Bay, Refunding GO, 4.00%, 03/01/24 | 390 | 419,534 | ||||||
|
| |||||||
69,588,103 | ||||||||
North Carolina — 0.6% | ||||||||
North Carolina Turnpike Authority, RB, 5.00%, 02/01/24 | 4,495 | 4,899,564 | ||||||
|
| |||||||
Ohio — 1.1% | ||||||||
City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23 | 350 | 367,056 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB | ||||||||
5.00%, 12/01/22 | 800 | 834,090 | ||||||
5.00%, 12/01/23 | 1,100 | 1,196,581 | ||||||
Series A, 5.00%, 08/01/23 | 300 | 321,890 | ||||||
Lancaster Port Authority, Refunding RB | ||||||||
Series A, 5.00%, 08/01/22 | 235 | 241,072 | ||||||
Series A, 5.00%, 02/01/23 | 250 | 262,017 | ||||||
Ohio Higher Educational Facility Commission, Refunding RB, 0.27%, 12/01/42(a) | 5,335 | 5,349,340 | ||||||
State of Ohio, RB, 5.00%, 10/01/24 | 1,250 | 1,404,354 | ||||||
|
| |||||||
9,976,400 | ||||||||
Oklahoma — 0.0% | ||||||||
Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.00%, 01/01/25 | 390 | 442,242 | ||||||
|
| |||||||
Oregon — 0.6% | ||||||||
City of Hermiston Oregon, GO, 4.00%, 06/01/24 | 345 | 374,007 |
Security | Par (000) | Value | ||||||
Oregon (continued) | ||||||||
Oregon State Facilities Authority, Refunding RB, 0.02%, 08/01/34(a) | $ | 4,470 | $ | 4,470,000 | ||||
Port of Portland OR Airport, Revenue RB, AMT, 5.00%, 07/01/24 | 565 | 626,662 | ||||||
|
| |||||||
5,470,669 | ||||||||
Pennsylvania — 10.1% | ||||||||
Allegheny County Airport Authority RB | ||||||||
Series A, AMT, 5.00%, 01/01/27 | 1,205 | 1,438,978 | ||||||
Series A, AMT, 5.00%, 01/01/28 | 2,980 | 3,642,403 | ||||||
Allegheny County Hospital Development Authority, Refunding RB | ||||||||
Series A, 5.00%, 04/01/23 | 4,000 | 4,226,524 | ||||||
Series A, 5.00%, 04/01/24 | 2,400 | 2,639,990 | ||||||
Avon Grove School District Chester County, GO, (SAW), 4.00%, 11/15/22 | 425 | 438,448 | ||||||
Bethlehem Area School District, Refunding GO, (SAW), 5.00%, 11/15/24 | 3,620 | 4,084,236 | ||||||
Boyertown Area School District, Refunding GO, (SAW), 4.00%, 09/01/22 | 225 | 230,327 | ||||||
Butler County Industrial Development Authority/PA, 0.12%, 05/01/34(a) | 6,145 | 6,145,000 | ||||||
Chester County Health and Education Facilities Authority, RB, Series B, 5.00%, 06/01/24 | 1,250 | 1,385,071 | ||||||
City of Philadelphia PA Airport Revenue, Refunding RB | ||||||||
AMT, 5.00%, 07/01/26 | 1,000 | 1,178,677 | ||||||
AMT, 5.00%, 07/01/27 | 1,000 | 1,208,429 | ||||||
City of Philadelphia PA Water & Wastewater, Revenue RB, Series A, 5.00%, 01/01/23 | 500 | 523,579 | ||||||
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/24 | 735 | 815,064 | ||||||
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/22 | 1,000 | 1,035,341 | ||||||
City of Philadelphia, Refunding GO, Series A, 5.00%, 08/01/22 | 1,660 | 1,705,112 | ||||||
Commonwealth Financing Authority, RB | ||||||||
5.00%, 06/01/22 | 1,000 | 1,019,055 | ||||||
5.00%, 06/01/24 | 2,975 | 3,296,520 | ||||||
Commonwealth Financing Authority, Refunding RB, | ||||||||
Series B, 5.00%, 06/01/25 | 620 | 714,231 | ||||||
Commonwealth of Pennsylvania, GO | ||||||||
1st Series, 5.00%, 06/01/22(e) | 5,000 | 5,098,405 | ||||||
1st Series, 5.00%, 03/15/24 | 1,585 | 1,745,461 | ||||||
Commonwealth of Pennsylvania, Refunding GO | ||||||||
1st Series, 5.00%, 08/15/23 | 1,000 | 1,075,469 | ||||||
2nd Series, 5.00%, 01/15/22 | 1,000 | 1,001,470 | ||||||
County of Lehigh, Refunding RB | ||||||||
5.00%, 07/01/22 | 1,385 | 1,416,784 | ||||||
5.00%, 07/01/23 | 700 | 748,098 | ||||||
DuBois Area School District, Refunding GO | ||||||||
Series B, (BAM SAW), 4.00%, 11/01/22 | 225 | 231,765 | ||||||
Series B, (BAM SAW), 4.00%, 11/01/23 | 325 | 346,002 | ||||||
Easton Area School District, Refunding GO, Series A, (SAW), 4.00%, 04/01/23 | 375 | 391,916 | ||||||
Ephrata Area School District GOL, (SAW), 4.00%, 03/01/25 | 1,130 | 1,251,720 | ||||||
Geisinger Authority, Refunding RB, 5.00%, 04/01/22 | 4,000 | 4,045,212 | ||||||
Muhlenberg School District, Refunding GO | ||||||||
(SAW), 4.00%, 05/15/23 | 525 | 550,921 | ||||||
(SAW), 4.00%, 05/15/24 | 200 | 216,626 |
SCHEDULE OF INVESTMENTS | 59 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Palmyra Area School District, Refunding GO | ||||||||
(SAW), 4.00%, 04/01/22 | $ | 915 | $ | 923,203 | ||||
(SAW), 4.00%, 04/01/23 | 590 | 616,737 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
Series A-1, 5.00%, 04/15/22 | 545 | 552,172 | ||||||
Series A-1, 5.00%, 04/15/24 | 575 | 634,577 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB | ||||||||
0.40%, 10/01/23 | 5,000 | 4,989,215 | ||||||
Series A, 4.00%, 10/15/24 | 425 | 466,188 | ||||||
Pennsylvania Housing Finance Agency, RB | ||||||||
5.00%, 04/01/25 | 565 | 638,143 | ||||||
5.00%, 04/01/27 | 240 | 288,352 | ||||||
5.00%, 10/01/27 | 225 | 273,539 | ||||||
5.00%, 04/01/28 | 250 | 306,890 | ||||||
5.00%, 10/01/28 | 260 | 322,170 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 133, 5.00%, 10/01/23 | 400 | 430,898 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB | ||||||||
5.00%, 04/01/27 | 875 | 1,055,296 | ||||||
5.00%, 10/01/27 | 250 | 304,702 | ||||||
5.00%, 04/01/28 | 1,375 | 1,690,976 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.00%, 12/01/27 | 1,500 | 1,856,770 | ||||||
Perkasie Regional Authority, Refunding RB, (BAM), 4.00%, 02/01/23 | 230 | 238,748 | ||||||
Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/24 | 500 | 557,111 | ||||||
Philadelphia Gas Works Co., Refunding RB | ||||||||
Series B, 5.00%, 08/01/23 | 1,000 | 1,068,965 | ||||||
Series B, (AGM), 5.00%, 08/01/24 | 500 | 557,111 | ||||||
Pottstown School District, Refunding GO, (BAM SAW), 4.00%, 06/01/23 | 385 | 404,454 | ||||||
Public Parking Authority Of Pittsburgh, Refunding RB | ||||||||
Series A, 5.00%, 12/01/22 | 665 | 692,676 | ||||||
Series A, 5.00%, 12/01/22(e) | 345 | 359,674 | ||||||
School District of Philadelphia, GO | ||||||||
Series A, (SAW), 5.00%, 09/01/22 | 1,150 | 1,185,695 | ||||||
Series A, (SAW), 5.00%, 09/01/23 | 1,250 | 1,345,884 | ||||||
Series B, (SAW), 5.00%, 09/01/28 | 1,000 | 1,247,844 | ||||||
Series D, (SAW), 5.00%, 09/01/25 | 7,275 | 8,422,951 | ||||||
Southeastern Pennsylvania Transportation Authority, RB | ||||||||
5.00%, 06/01/23 | 1,000 | 1,064,381 | ||||||
5.00%, 06/01/24 | 900 | 997,145 | ||||||
Wilson Area School District, Refunding GO | ||||||||
(SAW), 4.00%, 03/15/22 | 285 | 287,085 | ||||||
(SAW), 4.00%, 03/15/23 | 900 | 939,374 | ||||||
|
| |||||||
88,565,760 | ||||||||
Puerto Rico — 0.6% | ||||||||
Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23 | 4,500 | 4,861,472 | ||||||
|
| |||||||
Rhode Island — 0.6% | ||||||||
Providence Public Building, Authority RB, Series A, (AGM), 4.00%, 09/15/22 | 3,240 | 3,314,371 |
Security | Par (000) | Value | ||||||
Rhode Island (continued) | ||||||||
Rhode Island Commerce Corp., Refunding RB, Series A, 5.00%, 06/15/23 | $ | 800 | $ | 852,747 | ||||
Rhode Island Health and Educational Building Corp., 5.00%, 11/01/22 | 650 | 674,483 | ||||||
Rhode Island Student Loan, Authority RB, Series A, AMT, 5.00%, 12/01/26 | 620 | 732,252 | ||||||
|
| |||||||
5,573,853 | ||||||||
South Carolina — 1.7% | ||||||||
College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24 | 1,640 | 1,808,995 | ||||||
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(a) | 9,255 | 9,853,401 | ||||||
Piedmont Municipal Power Agency, Refunding RB | ||||||||
Series A, 4.00%, 01/01/25 | 1,480 | 1,630,840 | ||||||
Series E, 5.00%, 01/01/23 | 500 | 523,322 | ||||||
South Carolina Jobs-Economic Development Authority, RB, VRDN, 0.06%, 12/01/38(a) | 1,005 | 1,005,000 | ||||||
|
| |||||||
14,821,558 | ||||||||
South Dakota — 0.1% | ||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB | ||||||||
Series A, 5.00%, 09/01/23 | 335 | 360,849 | ||||||
Series A, 5.00%, 09/01/24 | 350 | 392,165 | ||||||
|
| |||||||
753,014 | ||||||||
Tennessee — 0.4% | ||||||||
New Memphis Arena Public Building Authority, RB, CAB, 4.00%, 04/01/27(f) | 1,855 | 1,817,700 | ||||||
Tennergy Corp., RB, Series A, 4.00%, 03/01/24 | 350 | 373,562 | ||||||
Tennessee Energy Acquisition Corp., RB 5.00%, 11/01/24 | 250 | 279,854 | ||||||
Series A, 5.25%, 09/01/24 | 910 | 1,016,689 | ||||||
|
| |||||||
3,487,805 | ||||||||
Texas — 7.6% | ||||||||
Clear Creek Independent School District, GO, (PSF-GTD), 5.00%, 02/15/25 | 650 | 740,891 | ||||||
Dallas Fort Worth International Airport, Refunding RB | 2,500 | 2,713,533 | ||||||
Series A, 5.00%, 11/01/23 | 1,250 | 1,356,766 | ||||||
Fort Worth Independent School District GO, Series A, (PSF), 5.00%, 02/15/25 | 1,150 | 1,310,326 | ||||||
Goose Creek Consolidated Independent School District, GO, (PSF-GTD), 2.00%, 02/15/25 | 1,285 | 1,345,624 | ||||||
North Central Texas Housing Finance Corp. RB, 0.38%, 08/01/40(a) | 3,500 | 3,482,395 | ||||||
Port of Arthur Navigation District Industrial Development Corp., RB, VRDN, 0.07%, 06/01/41(a) | 10,000 | 10,000,000 | ||||||
Richardson Independent School District, GO, (PSF), 5.00%, 02/15/25 | 1,250 | 1,426,198 | ||||||
San Antonio Water System, RB, Series A, 5.00%, 05/15/25 | 1,950 | 2,244,432 | ||||||
State of Texas, GO(a) | ||||||||
Series A, VRDN, 0.05%, 06/01/41 | 3,870 | 3,870,000 | ||||||
Series A, VRDN, 0.05%, 06/01/43 | 3,350 | 3,350,000 | ||||||
Series A, VRDN, 0.05%, 06/01/45 | 3,935 | 3,935,000 | ||||||
Series B, VRDN, 0.05%, 12/01/41 | 9,250 | 9,249,651 | ||||||
Series B, VRDN, 0.05%, 12/01/42 | 5,330 | 5,330,000 |
60 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 07/01/22 | $ | 1,815 | $ | 1,857,244 | ||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB | ||||||||
5.00%, 12/15/23 | 1,000 | 1,080,340 | ||||||
5.00%, 12/15/24 | 3,900 | 4,369,911 | ||||||
5.00%, 12/15/27 | 7,200 | 8,739,274 | ||||||
Waco Educational Finance Corp., RB, 4.00%, 03/01/25 | 400 | 443,708 | ||||||
|
| |||||||
66,845,293 | ||||||||
Utah — 0.3% | ||||||||
City of Salt Lake City UT Airport Revenue RB, Series A, AMT, 5.00%, 07/01/27 | 2,500 | 3,026,168 | ||||||
|
| |||||||
Vermont — 0.1% | ||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 5.00%, 06/15/26 | 1,045 | 1,210,156 | ||||||
|
| |||||||
Virginia — 0.3% | ||||||||
Lynchburg Economic Development Authority, Refunding RB | ||||||||
4.00%, 01/01/27 | 425 | 486,471 | ||||||
5.00%, 01/01/28 | 500 | 611,458 | ||||||
Virginia College Building Authority, RB, Seties A, 5.00%, 02/01/25 | 1,300 | 1,481,655 | ||||||
|
| |||||||
2,579,584 | ||||||||
Washington — 2.0% | ||||||||
King County Housing Authority, Refunding RB | ||||||||
3.00%, 06/01/23 | 200 | 206,607 | ||||||
3.00%, 06/01/24 | 225 | 237,257 | ||||||
King County WA Sewer Revenue, Refunding RB, Series A, 0.27%, 01/01/40(a) | 9,700 | 9,714,308 | ||||||
Port of Seattle, Refunding ARB, Series B, 5.00%, 03/01/24 | 1,375 | 1,510,321 | ||||||
Seattle Housing Authority, RB, M/F Housing, Series A, 3.00%, 06/01/23 | 3,000 | 3,103,251 | ||||||
State of Washington, RB, Series F, 5.00%, 09/01/22 | 460 | 474,686 | ||||||
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 08/01/49(a) | 2,200 | 2,487,661 | ||||||
|
| |||||||
17,734,091 | ||||||||
Wisconsin — 0.5% | ||||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 01/01/23 | 300 | 313,411 |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Refunding RB (continued) | $ | 300 | $ | 326,436 | ||||
University of Wisconsin Hospitals & Clinics, Refunding RB, , VRDN, 0.01%, 04/01/48(a) | 3,700 | 3,700,000 | ||||||
|
| |||||||
4,339,847 | ||||||||
|
| |||||||
Total Long-Term Investments — 99.9% |
| 879,738,206 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(g)(h) | 39,328 | 39,332 | ||||||
|
| |||||||
Total Short-Term Securities — 0.0% |
| 39,332 | ||||||
|
| |||||||
Total Investments — 99.9% |
| 879,777,538 | ||||||
Other Assets Less Liabilities — 0.1% |
| 1,213,451 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 880,990,989 | ||||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | Zero-coupon bond. |
(e) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(f) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(g) Affiliate of the Fund.
(h) 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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/21 | Shares Held at 12/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 8,173,013 | $ | — | $ | (8,131,661 | )(a) | $ | (2,020 | ) | $ | — | $ | 39,332 | 39,328 | $ | 252 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
SCHEDULE OF INVESTMENTS | 61 |
Schedule of Investments (unaudited) (continued) December 31, 2021 | BlackRock Short-Term Municipal Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 879,738,206 | $ | — | $ | 879,738,206 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 39,332 | — | — | 39,332 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 39,332 | $ | 879,738,206 | $ | — | $ | 879,777,538 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
62 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
December 31, 2021
BlackRock New York Municipal Opportunities Fund | BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a) | $ | 1,668,079,703 | $ | 2,266,545,903 | $ | 12,991,501,908 | $ | 879,738,206 | ||||||||
Investments, at value — affiliated(b) | 18,633,653 | 228,656,491 | 2,029,513,513 | 39,332 | ||||||||||||
Cash | — | — | 73,777 | — | ||||||||||||
Cash pledged for futures contracts | 6,977,000 | 2,519,000 | 13,409,000 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 4,119,184 | 16,333,957 | 88,789,889 | 70,000 | ||||||||||||
Capital shares sold | 2,572,663 | 7,710,904 | 30,677,305 | 1,924,659 | ||||||||||||
Dividends — affiliated | 109 | 1,162 | 7,443 | 23 | ||||||||||||
Interest — unaffiliated | 16,076,726 | 20,681,213 | 129,750,575 | 6,087,306 | ||||||||||||
Principal paydowns | — | — | — | 348 | ||||||||||||
Variation margin on futures contracts | 177,399 | 50,781 | 317,533 | — | ||||||||||||
Prepaid expenses | 60,945 | 143,801 | 340,225 | 83,749 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 1,716,697,382 | 2,542,643,212 | 15,284,381,168 | 887,943,623 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
ACCRUED LIABILITIES | ||||||||||||||||
Bank overdraft | — | 137,493 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | — | 31,879,683 | 109,025,770 | — | ||||||||||||
Accounting services fees | 62,258 | 52,384 | 349,863 | 36,026 | ||||||||||||
Capital shares redeemed | 2,049,623 | 5,777,384 | 30,184,985 | 6,436,509 | ||||||||||||
Custodian fees | 7,082 | 6,218 | 67,193 | 2,917 | ||||||||||||
Income dividend distributions | 807,435 | 1,484,055 | 4,315,208 | 136,637 | ||||||||||||
Interest expense and fees | 19,968 | 30,569 | 19,242 | — | ||||||||||||
Investment advisory fees | 557,503 | 864,663 | 4,607,350 | 180,305 | ||||||||||||
Directors’ and Officer’s fees | 17,491 | — | 115,341 | 526 | ||||||||||||
Other accrued expenses | 33,952 | 38,208 | 80,840 | 22,217 | ||||||||||||
Other affiliate fees | 4,174 | 2,370 | 31,628 | 1,290 | ||||||||||||
Professional fees | — | 51,391 | 98,107 | 17,400 | ||||||||||||
Service and distribution fees | 222,816 | 186,367 | 991,061 | 64,197 | ||||||||||||
Transfer agent fees | 135,830 | 121,357 | 1,017,807 | 54,610 | ||||||||||||
Variation margin on futures contracts | 55,523 | 24,302 | 104,151 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total accrued liabilities | 3,973,655 | 40,656,444 | 151,008,546 | 6,952,634 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
OTHER LIABILITIES | ||||||||||||||||
TOB Trust Certificates | 97,805,523 | 138,216,081 | 126,900,000 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 101,779,178 | 178,872,525 | 277,908,546 | 6,952,634 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,614,918,204 | $ | 2,363,770,687 | $ | 15,006,472,622 | $ | 880,990,989 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 1,576,047,009 | $ | 2,185,861,122 | $ | 14,240,191,846 | $ | 881,571,609 | ||||||||
Accumulated earnings (loss) | 38,871,195 | 177,909,565 | 766,280,776 | (580,620 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,614,918,204 | $ | 2,363,770,687 | $ | 15,006,472,622 | $ | 880,990,989 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 1,530,779,645 | $ | 2,089,037,662 | $ | 12,235,703,905 | $ | 878,232,715 | ||||||||
(b) Investments, at cost — affiliated | $ | 18,633,316 | $ | 228,656,177 | $ | 2,031,880,986 | $ | 39,332 |
FINANCIAL STATEMENTS | 63 |
Statements of Assets and Liabilities (unaudited) (continued)
December 31, 2021
BlackRock New York Municipal Opportunities Fund | BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | |||||||||||||
| ||||||||||||||||
NET ASSET VALUE | ||||||||||||||||
Institutional | ||||||||||||||||
Net assets | $ | 752,689,143 | $ | 1,325,187,278 | $ | 6,029,672,952 | $ | 544,611,831 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 65,114,079 | 124,247,241 | 530,532,146 | 53,797,372 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 11.56 | $ | 10.67 | $ | 11.37 | $ | 10.12 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | Unlimited | 350 Million | 800 Million | 150 Million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Net assets | N/A | N/A | $ | 3,884,059 | N/A | |||||||||||
|
| �� |
|
|
|
|
| |||||||||
Shares outstanding | N/A | N/A | 341,997 | N/A | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | N/A | N/A | $ | 11.36 | N/A | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | N/A | N/A | 375 Million | N/A | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | N/A | N/A | $ | 0.10 | N/A | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A | ||||||||||||||||
Net assets | $ | 688,397,846 | $ | 724,348,949 | $ | 4,240,485,336 | $ | 277,088,682 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 59,514,371 | 68,080,931 | 372,843,746 | 27,352,782 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 11.57 | $ | 10.64 | $ | 11.37 | $ | 10.13 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | Unlimited | 100 Million | 800 Million | 150 Million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A1 | ||||||||||||||||
Net assets | $ | 86,622,724 | N/A | N/A | $ | 12,620,990 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 7,489,273 | N/A | N/A | 1,245,602 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 11.57 | N/A | N/A | $ | 10.13 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | Unlimited | N/A | N/A | 150 Million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.10 | N/A | N/A | $ | 0.10 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor C | ||||||||||||||||
Net assets | $ | 81,200,479 | $ | 45,806,091 | $ | 118,048,766 | $ | 4,649,281 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 7,022,488 | 4,293,082 | 10,377,640 | 474,141 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 11.56 | $ | 10.67 | $ | 11.38 | $ | 9.81 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | Unlimited | 100 Million | 375 Million | 150 Million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class K | ||||||||||||||||
Net assets | $ | 6,008,012 | $ | 268,428,369 | $ | 4,614,381,509 | $ | 42,020,205 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 519,824 | 25,172,902 | 405,828,854 | 4,151,270 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 11.56 | $ | 10.66 | $ | 11.37 | $ | 10.12 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | Unlimited | 2 Billion | 1.35 Billion | 150 Million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
64 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended December 31, 2021
BlackRock New York Municipal Opportunities Fund | BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — affiliated | $ | 772 | $ | 16,734 | $ | 4,250,676 | $ | 252 | ||||||||
Interest — unaffiliated | 23,278,795 | 37,597,747 | 159,451,263 | 3,396,226 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 23,279,567 | 37,614,481 | 163,701,939 | 3,396,478 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 3,696,032 | 4,909,875 | 29,023,041 | 1,228,004 | ||||||||||||
Service and distribution — class specific | 1,344,786 | 1,079,794 | 6,085,783 | 396,834 | ||||||||||||
Transfer agent — class specific | 455,015 | 522,715 | 4,348,182 | 249,612 | ||||||||||||
Professional | 115,393 | 113,132 | 81,650 | 32,784 | ||||||||||||
Accounting services | 97,975 | 112,090 | 593,710 | 66,607 | ||||||||||||
Registration | 45,183 | 145,625 | 303,768 | 103,912 | ||||||||||||
Directors and Officer | 11,917 | 13,620 | 98,795 | 6,164 | ||||||||||||
Custodian | 10,266 | 10,068 | 57,878 | 6,770 | ||||||||||||
Miscellaneous | 56,902 | 53,873 | 132,534 | 32,995 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses excluding interest expense | 5,833,469 | 6,960,792 | 40,725,341 | 2,123,682 | ||||||||||||
Interest expense(a) | 333,420 | 389,627 | 370,802 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 6,166,889 | 7,350,419 | 41,096,143 | 2,123,682 | ||||||||||||
Less: | ||||||||||||||||
Fees waived and/or reimbursed by the Manager | (407,879 | ) | (70,849 | ) | (1,673,414 | ) | (172,899 | ) | ||||||||
Transfer agent fees waived and/or reimbursed — class specific | (57,348 | ) | (52,512 | ) | (1,730,439 | ) | (76,289 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived and/or reimbursed | 5,701,662 | 7,227,058 | 37,692,290 | 1,874,494 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 17,577,905 | 30,387,423 | 126,009,649 | 1,521,984 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated | 3,496,441 | 13,213,417 | 33,538,720 | (340,162 | ) | |||||||||||
Investments — affiliated | 2,106 | (13,993 | ) | 13,442 | (2,020 | ) | ||||||||||
Futures contracts | (2,603,944 | ) | (1,120,977 | ) | (1,543,004 | ) | — | |||||||||
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|
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| |||||||||
894,603 | 12,078,447 | 32,009,158 | (342,182 | ) | ||||||||||||
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|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated | (10,727,734 | ) | (13,067,254 | ) | (95,209,403 | ) | (3,728,073 | ) | ||||||||
Investments — affiliated | (2,106 | ) | (106 | ) | (4,271,176 | ) | — | |||||||||
Futures contracts | 6,414,330 | 802,413 | 9,064,373 | — | ||||||||||||
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|
|
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| |||||||||
(4,315,510 | ) | (12,264,947 | ) | (90,416,206 | ) | (3,728,073 | ) | |||||||||
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|
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|
|
|
|
| |||||||||
Net realized and unrealized loss | (3,420,907 | ) | (186,500 | ) | (58,407,048 | ) | (4,070,255 | ) | ||||||||
|
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|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 14,156,998 | $ | 30,200,923 | $ | 67,602,601 | $ | (2,548,271 | ) | |||||||
|
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|
|
|
|
|
|
(a) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
See notes to financial statements.
FINANCIAL STATEMENTS | 65 |
Statements of Changes in Net Assets
BlackRock New York Municipal Opportunities Fund | BlackRock High Yield Municipal Fund | |||||||||||||||
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| |||||||||||||
Six Months Ended 12/31/21 (unaudited) | Year Ended 06/30/21 | Six Months Ended 12/31/21 (unaudited) | Year Ended 06/30/21 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 17,577,905 | $ | 36,490,035 | $ | 30,387,423 | $ | 53,367,814 | ||||||||
Net realized gain | 894,603 | 41,585,368 | 12,078,447 | 30,212,248 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (4,315,510 | ) | 64,922,698 | (12,264,947 | ) | 153,072,066 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 14,156,998 | 142,998,101 | 30,200,923 | 236,652,128 | ||||||||||||
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| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Institutional | (8,662,057 | ) | (16,925,281 | ) | (21,287,393 | ) | (31,948,494 | ) | ||||||||
Investor A | (7,434,201 | ) | (15,856,840 | ) | (11,066,162 | ) | (16,231,308 | ) | ||||||||
Investor A1 | (1,005,834 | ) | (2,171,880 | ) | — | — | ||||||||||
Investor C | (574,453 | ) | (1,425,757 | ) | (558,531 | ) | (1,167,144 | ) | ||||||||
Class K | (65,227 | ) | (110,917 | ) | (3,849,165 | ) | (3,945,319 | ) | ||||||||
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| |||||||||
Decrease in net assets resulting from distributions to shareholders | (17,741,772 | ) | (36,490,675 | ) | (36,761,251 | ) | (53,292,265 | ) | ||||||||
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|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 32,264,823 | (186,279,396 | ) | 335,049,453 | 529,983,558 | |||||||||||
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|
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| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 28,680,049 | (79,771,970 | ) | 328,489,125 | 713,343,421 | |||||||||||
Beginning of period | 1,586,238,155 | 1,666,010,125 | 2,035,281,562 | 1,321,938,141 | ||||||||||||
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| |||||||||
End of period | $ | 1,614,918,204 | $ | 1,586,238,155 | $ | 2,363,770,687 | $ | 2,035,281,562 | ||||||||
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|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
66 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | |||||||||||||||
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| |||||||||||||
Six Months Ended 12/31/21 (unaudited) | Year Ended 06/30/21 | Six Months Ended 12/31/21 (unaudited) | Year Ended 06/30/21 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 126,009,649 | $ | 254,263,905 | $ | 1,521,984 | $ | 4,520,673 | ||||||||
Net realized gain (loss) | 32,009,158 | 194,399,769 | (342,182 | ) | (34,720 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (90,416,206 | ) | 280,129,266 | (3,728,073 | ) | 1,280,963 | ||||||||||
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|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 67,602,601 | 728,792,940 | (2,548,271 | ) | 5,766,916 | |||||||||||
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| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Institutional | (80,358,124 | ) | (96,342,920 | ) | (1,187,158 | ) | (3,176,503 | ) | ||||||||
Service | (46,086 | ) | (58,285 | ) | — | — | ||||||||||
Investor A | (52,479,723 | ) | (68,908,582 | ) | (345,458 | ) | (1,220,634 | ) | ||||||||
Investor A1 | — | — | (23,583 | ) | (81,573 | ) | ||||||||||
Investor C | (1,019,830 | ) | (1,413,914 | ) | — | — | ||||||||||
Class K | (62,663,614 | ) | (86,606,452 | ) | (58,975 | ) | (83,481 | ) | ||||||||
|
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|
|
|
|
|
| |||||||||
Decrease in net assets resulting from distributions to shareholders | (196,567,377 | ) | (253,330,153 | ) | (1,615,174 | ) | (4,562,191 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (58,138,099 | ) | 1,327,537,307 | 59,209,300 | 174,867,777 | |||||||||||
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|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (187,102,875 | ) | 1,803,000,094 | 55,045,855 | 176,072,502 | |||||||||||
Beginning of period | 15,193,575,497 | 13,390,575,403 | 825,945,134 | 649,872,632 | ||||||||||||
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|
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|
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| |||||||||
End of period | $ | 15,006,472,622 | $ | 15,193,575,497 | $ | 880,990,989 | $ | 825,945,134 | ||||||||
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|
|
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|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 67 |
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.59 | $ | 10.83 | $ | 11.38 | $ | 11.31 | $ | 11.21 | $ | 11.58 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.14 | 0.28 | 0.28 | 0.33 | 0.33 | 0.35 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.03 | ) | 0.76 | (0.55 | ) | 0.22 | 0.10 | (0.37 | ) | |||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | 0.11 | 1.04 | (0.27 | ) | 0.55 | 0.43 | (0.02 | ) | ||||||||||||||||||||
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| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.14 | ) | (0.28 | ) | (0.28 | ) | (0.36 | ) | (0.33 | ) | (0.35 | ) | ||||||||||||||||
From net realized gain | — | — | — | (0.12 | ) | — | — | |||||||||||||||||||||
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| |||||||||||||||||
Total distributions | (0.14 | ) | (0.28 | ) | (0.28 | ) | (0.48 | ) | (0.33 | ) | (0.35 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 11.56 | $ | 11.59 | $ | 10.83 | $ | 11.38 | $ | 11.31 | $ | 11.21 | ||||||||||||||||
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| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.93 | %(d) | 9.71 | % | (2.41 | )% | 4.96 | % | 3.93 | % | (0.09 | )% | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.61 | %(f) | 0.61 | % | 0.63 | % | 0.71 | % | 0.74 | % | 0.75 | % | ||||||||||||||||
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|
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| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.54 | %(f) | 0.54 | % | 0.58 | % | 0.65 | % | 0.63 | % | 0.63 | % | ||||||||||||||||
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|
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| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense(g) | 0.50 | %(f) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.52 | % | ||||||||||||||||
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|
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| |||||||||||||||||
Net investment income | 2.35 | %(f) | 2.49 | % | 2.52 | % | 2.99 | % | 2.96 | % | 3.17 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 752,689 | $ | 706,229 | $ | 702,632 | $ | 733,534 | $ | 455,378 | $ | 266,540 | ||||||||||||||||
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| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 97,806 | $ | 104,930 | $ | 94,386 | $ | 88,529 | $ | 67,389 | $ | 60,785 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate | 10 | % | 15 | % | 43 | % | 43 | % | 43 | % | 34 | % | ||||||||||||||||
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|
|
|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes 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.
68 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||||||||||||||||||
Investor A | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.59 | $ | 10.84 | $ | 11.39 | $ | 11.31 | $ | 11.21 | $ | 11.58 | ||||||||||||||||
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|
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| |||||||||||||||||
Net investment income(a) | 0.12 | 0.25 | 0.25 | 0.31 | 0.31 | 0.33 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.02 | ) | 0.75 | (0.55 | ) | 0.22 | 0.10 | (0.38 | ) | |||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | 0.10 | 1.00 | (0.30 | ) | 0.53 | 0.41 | (0.05 | ) | ||||||||||||||||||||
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| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.12 | ) | (0.25 | ) | (0.25 | ) | (0.33 | ) | (0.31 | ) | (0.32 | ) | ||||||||||||||||
From net realized gain | — | — | — | (0.12 | ) | — | — | |||||||||||||||||||||
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| |||||||||||||||||
Total distributions | (0.12 | ) | (0.25 | ) | (0.25 | ) | (0.45 | ) | (0.31 | ) | (0.32 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 11.57 | $ | 11.59 | $ | 10.84 | $ | 11.39 | $ | 11.31 | $ | 11.21 | ||||||||||||||||
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| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.89 | %(d) | 9.34 | % | (2.65 | )% | 4.79 | % | 3.67 | % | (0.34 | )% | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.84 | %(f) | 0.85 | % | 0.88 | %(g) | 0.97 | % | 0.96 | % | 0.96 | % | ||||||||||||||||
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| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.79 | %(f) | 0.79 | % | 0.84 | % | 0.90 | % | 0.88 | % | 0.88 | % | ||||||||||||||||
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| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense(h) | 0.75 | %(f) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.77 | % | ||||||||||||||||
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|
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| |||||||||||||||||
Net investment income | 2.10 | %(f) | 2.24 | % | 2.27 | % | 2.73 | % | 2.71 | % | 2.92 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 688,398 | $ | 697,842 | $ | 756,236 | $ | 609,557 | $ | 362,961 | $ | 260,308 | ||||||||||||||||
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| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 97,806 | $ | 104,930 | $ | 94,386 | $ | 88,529 | $ | 67,389 | $ | 60,785 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate | 10 | % | 15 | % | 43 | % | 43 | % | 43 | % | 34 | % | ||||||||||||||||
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|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(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 | 69 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||||||||||||||||||
Investor A1 | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.59 | $ | 10.84 | $ | 11.38 | $ | 11.31 | $ | 11.21 | $ | 11.58 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.13 | 0.27 | 0.27 | 0.32 | 0.32 | 0.34 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.02 | ) | 0.75 | (0.54 | ) | 0.21 | 0.10 | (0.37 | ) | |||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | 0.11 | 1.02 | (0.27 | ) | 0.53 | 0.42 | (0.03 | ) | ||||||||||||||||||||
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| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.13 | ) | (0.27 | ) | (0.27 | ) | (0.34 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||||||
From net realized gain | — | — | — | (0.12 | ) | — | — | |||||||||||||||||||||
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| |||||||||||||||||
Total distributions | (0.13 | ) | (0.27 | ) | (0.27 | ) | (0.46 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 11.57 | $ | 11.59 | $ | 10.84 | $ | 11.38 | $ | 11.31 | $ | 11.21 | ||||||||||||||||
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| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.97 | %(d) | 9.50 | % | (2.42 | )% | 4.85 | % | 3.83 | % | (0.19 | )% | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.69 | %(f) | 0.70 | % | 0.73 | %(g) | 0.81 | % | 0.81 | % | 0.81 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.64 | %(f) | 0.64 | % | 0.69 | % | 0.75 | % | 0.72 | % | 0.73 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense(h) | 0.60 | %(f) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.63 | % | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.25 | %(f) | 2.39 | % | 2.42 | % | 2.89 | % | 2.87 | % | 3.06 | % | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 86,623 | $ | 89,501 | $ | 91,458 | $ | 103,286 | $ | 107,538 | $ | 114,821 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 97,806 | $ | 104,930 | $ | 94,386 | $ | 88,529 | $ | 67,389 | $ | 60,785 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 10 | % | 15 | % | 43 | % | 43 | % | 43 | % | 34 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(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.
70 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||||||||||||||||||
Investor C | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.59 | $ | 10.83 | $ | 11.38 | $ | 11.31 | $ | 11.21 | $ | 11.58 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.08 | 0.17 | 0.17 | 0.22 | 0.22 | 0.24 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.03 | ) | 0.76 | (0.55 | ) | 0.21 | 0.10 | (0.37 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.05 | 0.93 | (0.38 | ) | 0.43 | 0.32 | (0.13 | ) | ||||||||||||||||||||
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|
|
|
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|
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|
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| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.08 | ) | (0.17 | ) | (0.17 | ) | (0.24 | ) | (0.22 | ) | (0.24 | ) | ||||||||||||||||
From net realized gain | — | — | — | (0.12 | ) | — | — | |||||||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.08 | ) | (0.17 | ) | (0.17 | ) | (0.36 | ) | (0.22 | ) | (0.24 | ) | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 11.56 | $ | 11.59 | $ | 10.83 | $ | 11.38 | $ | 11.31 | $ | 11.21 | ||||||||||||||||
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|
|
|
|
|
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|
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| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.42 | %(d) | 8.62 | % | (3.38 | )% | 3.92 | % | 2.89 | % | (1.08 | )% | ||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 1.60 | %(f) | 1.62 | % | 1.64 | % | 1.72 | % | 1.73 | % | 1.72 | % | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 1.54 | %(f) | 1.54 | % | 1.59 | % | 1.65 | % | 1.63 | % | 1.63 | % | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense(g) | 1.50 | %(f) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.52 | % | ||||||||||||||||
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|
|
|
|
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| |||||||||||||||||
Net investment income | 1.35 | %(f) | 1.49 | % | 1.52 | % | 1.99 | % | 1.96 | % | 2.17 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 81,200 | $ | 87,465 | $ | 111,588 | $ | 119,391 | $ | 98,722 | $ | 85,612 | ||||||||||||||||
|
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|
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|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 97,806 | $ | 104,930 | $ | 94,386 | $ | 88,529 | $ | 67,389 | $ | 60,785 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 10 | % | 15 | % | 43 | % | 43 | % | 43 | % | 34 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes 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 | 71 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock New York Municipal Opportunities Fund (continued) | ||||||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | Period from 01/25/18(a) to 06/30/18 | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.58 | $ | 10.83 | $ | 11.38 | $ | 11.31 | $ | 11.34 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(b) | 0.14 | 0.28 | 0.29 | 0.34 | 0.16 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.02 | ) | 0.75 | (0.55 | ) | 0.21 | (0.05 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) from investment operations | 0.12 | 1.03 | (0.26 | ) | 0.55 | 0.11 | ||||||||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.14 | ) | (0.28 | ) | (0.29 | ) | (0.36 | ) | (0.14 | ) | ||||||||||||||||||
From net realized gain | — | — | — | (0.12 | ) | — | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.14 | ) | (0.28 | ) | (0.29 | ) | (0.48 | ) | (0.14 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value, end of period | $ | 11.56 | $ | 11.58 | $ | 10.83 | $ | 11.38 | $ | 11.31 | ||||||||||||||||||
|
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|
|
|
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| |||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 1.04 | %(e) | 9.67 | % | (2.36 | )% | 5.01 | % | 1.02 | %(e) | ||||||||||||||||||
|
|
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|
|
|
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|
|
| |||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.55 | %(g) | 0.57 | % | 0.59 | % | 0.67 | % | 0.67 | %(g)(h) | ||||||||||||||||||
|
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|
|
|
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|
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.49 | %(g) | 0.49 | % | 0.54 | % | 0.60 | % | 0.58 | %(g) | ||||||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense(i) | 0.45 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %(g) | ||||||||||||||||||
|
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|
|
|
|
|
|
| |||||||||||||||||||
Net investment income | 2.40 | %(g) | 2.53 | % | 2.54 | % | 3.05 | % | 3.42 | %(g) | ||||||||||||||||||
|
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|
|
|
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|
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| |||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,008 | $ | 5,202 | $ | 4,097 | $ | 4,050 | $ | 2,611 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 97,806 | $ | 104,930 | $ | 94,386 | $ | 88,529 | $ | 67,389 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Portfolio turnover rate | 10 | % | 15 | % | 43 | % | 43 | % | 43 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.68%. |
(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.
72 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock High Yield Municipal Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.69 | $ | 9.54 | $ | 9.89 | $ | 9.59 | $ | 9.54 | $ | 9.99 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.16 | 0.35 | 0.36 | 0.39 | 0.40 | 0.41 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.01 | 1.15 | (0.35 | ) | 0.30 | 0.05 | (0.46 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.17 | 1.50 | 0.01 | 0.69 | 0.45 | (0.05 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.16 | ) | (0.35 | ) | (0.36 | ) | (0.39 | ) | (0.40 | ) | (0.40 | ) | ||||||||||||||||
From net realized gain | (0.03 | ) | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.19 | ) | (0.35 | ) | (0.36 | ) | (0.39 | ) | (0.40 | ) | (0.40 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.67 | $ | 10.69 | $ | 9.54 | $ | 9.89 | $ | 9.59 | $ | 9.54 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 1.55 | %(d) | 16.00 | % | 0.10 | % | 7.36 | % | 4.78 | % | (0.38 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.59 | %(f) | 0.61 | % | 0.66 | % | 0.71 | % | 0.70 | % | 0.71 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.58 | %(f) | 0.58 | % | 0.64 | % | 0.68 | % | 0.68 | % | 0.66 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense(g) | 0.54 | %(f) | 0.54 | % | 0.53 | % | 0.52 | % | 0.54 | % | 0.57 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.90 | %(f) | 3.44 | % | 3.71 | % | 4.03 | % | 4.14 | % | 4.24 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,325,187 | $ | 1,190,526 | $ | 757,746 | $ | 780,811 | $ | 549,217 | $ | 516,247 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 138,216 | $ | 114,824 | $ | 102,624 | $ | 75,301 | $ | 61,022 | $ | 60,043 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 9 | % | 23 | % | 31 | % | 14 | % | 25 | % | 36 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes 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 | 73 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock High Yield Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor A | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.67 | $ | 9.52 | $ | 9.87 | $ | 9.56 | $ | 9.52 | $ | 9.97 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.14 | 0.32 | 0.34 | 0.36 | 0.37 | 0.38 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | — | 1.15 | (0.35 | ) | 0.31 | 0.04 | (0.45 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.14 | 1.47 | (0.01 | ) | 0.67 | 0.41 | (0.07 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.14 | ) | (0.32 | ) | (0.34 | ) | (0.36 | ) | (0.37 | ) | (0.38 | ) | ||||||||||||||||
From net realized gain | (0.03 | ) | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.17 | ) | (0.32 | ) | (0.34 | ) | (0.36 | ) | (0.37 | ) | (0.38 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.64 | $ | 10.67 | $ | 9.52 | $ | 9.87 | $ | 9.56 | $ | 9.52 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 1.33 | %(d) | 15.73 | % | (0.16 | )% | 7.21 | % | 4.40 | % | (0.63 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.82 | %(f) | 0.85 | % | 0.92 | % | 0.98 | % | 0.96 | % | 0.94 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.82 | %(f) | 0.83 | % | 0.89 | % | 0.95 | % | 0.94 | % | 0.91 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense(g) | 0.78 | %(f) | 0.78 | % | 0.78 | % | 0.79 | % | 0.80 | % | 0.82 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.66 | %(f) | 3.20 | % | 3.46 | % | 3.76 | % | 3.88 | % | 4.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 724,349 | $ | 634,326 | $ | 422,270 | $ | 345,255 | $ | 220,992 | $ | 201,212 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 138,216 | $ | 114,824 | $ | 102,624 | $ | 75,301 | $ | 61,022 | $ | 60,043 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 9 | % | 23 | % | 31 | % | 14 | % | 25 | % | 36 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes 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.
74 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock High Yield Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor C | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.70 | $ | 9.55 | $ | 9.89 | $ | 9.59 | $ | 9.55 | $ | 9.99 | ||||||||||||||||
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Net investment income(a) | 0.10 | 0.25 | 0.26 | 0.29 | 0.30 | 0.31 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | — | 1.15 | (0.34 | ) | 0.30 | 0.04 | (0.44 | ) | ||||||||||||||||||||
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Net increase (decrease) from investment operations | 0.10 | 1.40 | (0.08 | ) | 0.59 | 0.34 | (0.13 | ) | ||||||||||||||||||||
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Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.10 | ) | (0.25 | ) | (0.26 | ) | (0.29 | ) | (0.30 | ) | (0.31 | ) | ||||||||||||||||
From net realized gain | (0.03 | ) | — | — | — | — | — | |||||||||||||||||||||
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Total distributions | (0.13 | ) | (0.25 | ) | (0.26 | ) | (0.29 | ) | (0.30 | ) | (0.31 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 10.67 | $ | 10.70 | $ | 9.55 | $ | 9.89 | $ | 9.59 | $ | 9.55 | ||||||||||||||||
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Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.95 | %(d) | 14.83 | % | (0.80 | )% | 6.28 | % | 3.62 | % | (1.26 | )% | ||||||||||||||||
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Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 1.60 | %(f) | 1.63 | % | 1.69 | % | 1.74 | % | 1.73 | % | 1.70 | % | ||||||||||||||||
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Total expenses after fees waived and/or reimbursed | 1.58 | %(f) | 1.59 | % | 1.65 | % | 1.70 | % | 1.69 | % | 1.66 | % | ||||||||||||||||
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Total expenses after fees waived and/or reimbursed and excluding interest expense(g) | 1.54 | %(f) | 1.54 | % | 1.54 | % | 1.54 | % | 1.56 | % | 1.57 | % | ||||||||||||||||
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Net investment income | 1.90 | %(f) | 2.49 | % | 2.70 | % | 3.02 | % | 3.13 | % | 3.25 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 45,806 | $ | 44,050 | $ | 58,114 | $ | 64,484 | $ | 60,065 | $ | 63,314 | ||||||||||||||||
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Borrowings outstanding, end of period (000) | $ | 138,216 | $ | 114,824 | $ | 102,624 | $ | 75,301 | $ | 61,022 | $ | 60,043 | ||||||||||||||||
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Portfolio turnover rate | 9 | % | 23 | % | 31 | % | 14 | % | 25 | % | 36 | % | ||||||||||||||||
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(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) | Aggregate total return. |
(e) | Excludes 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 | 75 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock High Yield Municipal Fund (continued) | ||||||||||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | Period from 01/25/18(a) to 06/30/18 | ||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.69 | $ | 9.54 | $ | 9.89 | $ | 9.59 | $ | 9.62 | ||||||||||||||||||||||
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Net investment income(b) | 0.16 | 0.35 | 0.36 | 0.39 | 0.18 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | — | 1.15 | (0.34 | ) | 0.30 | (0.04 | ) | |||||||||||||||||||||||||
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Net increase from investment operations | 0.16 | 1.50 | 0.02 | 0.69 | 0.14 | |||||||||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||||||
From net investment income | (0.16 | ) | (0.35 | ) | (0.37 | ) | (0.39 | ) | (0.17 | ) | ||||||||||||||||||||||
From net realized gain | (0.03 | ) | — | — | — | — | ||||||||||||||||||||||||||
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Total distributions | (0.19 | ) | (0.35 | ) | (0.37 | ) | (0.39 | ) | (0.17 | ) | ||||||||||||||||||||||
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Net asset value, end of period | $ | 10.66 | $ | 10.69 | $ | 9.54 | $ | 9.89 | $ | 9.59 | ||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 1.48 | %(e) | 16.05 | % | 0.14 | % | 7.40 | % | 1.50 | %(e) | ||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.54 | %(g) | 0.57 | % | 0.64 | % | 0.69 | % | 0.67 | %(g)(h) | ||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed | 0.53 | %(g) | 0.54 | % | 0.60 | % | 0.65 | % | 0.62 | %(g) | ||||||||||||||||||||||
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Total expenses after fees waived and/or reimbursed and excluding interest expense(i) | 0.49 | %(g) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | %(g) | ||||||||||||||||||||||
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Net investment income | 2.96 | %(g) | 3.47 | % | 3.77 | % | 4.04 | % | 4.48 | %(g) | ||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 268,428 | $ | 166,379 | $ | 83,809 | $ | 49,062 | $ | 11,712 | ||||||||||||||||||||||
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Borrowings outstanding, end of period (000) | $ | 138,216 | $ | 114,824 | $ | 102,624 | $ | 75,301 | $ | 61,022 | ||||||||||||||||||||||
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Portfolio turnover rate | 9 | % | 23 | % | 31 | % | 14 | % | 25 | % | ||||||||||||||||||||||
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|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.68%. |
(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.
76 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.47 | $ | 11.07 | $ | 11.06 | $ | 10.79 | $ | 10.88 | $ | 11.22 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.10 | 0.21 | 0.26 | 0.33 | 0.33 | 0.34 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.05 | ) | 0.40 | 0.02 | 0.27 | (0.09 | ) | (0.34 | ) | |||||||||||||||||||
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Net increase from investment operations | 0.05 | 0.61 | 0.28 | 0.60 | 0.24 | 0.00 | ||||||||||||||||||||||
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| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.10 | ) | (0.21 | ) | (0.26 | ) | (0.33 | ) | (0.33 | ) | (0.34 | ) | ||||||||||||||||
From net realized gain | (0.05 | ) | — | (0.01 | ) | — | — | — | ||||||||||||||||||||
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Total distributions | (0.15 | ) | (0.21 | ) | (0.27 | ) | (0.33 | ) | (0.33 | ) | (0.34 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 11.37 | $ | 11.47 | $ | 11.07 | $ | 11.06 | $ | 10.79 | $ | 10.88 | ||||||||||||||||
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Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.47 | %(d) | 5.59 | % | 2.62 | % | 5.68 | % | 2.23 | % | 0.09 | % | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.49 | %(f) | 0.49 | % | 0.53 | % | 0.53 | % | 0.52 | % | 0.57 | % | ||||||||||||||||
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| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.43 | %(f) | 0.44 | % | 0.47 | % | 0.48 | % | 0.44 | % | 0.49 | % | ||||||||||||||||
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| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.43 | %(f)(g) | 0.43 | %(g) | 0.43 | %(g) | 0.43 | %(g) | 0.44 | % | 0.48 | %(g) | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 1.74 | %(f) | 1.89 | % | 2.39 | % | 3.04 | % | 3.04 | % | 3.15 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,029,673 | $ | 5,801,296 | $ | 4,650,471 | $ | 4,063,258 | $ | 3,028,849 | $ | 3,225,595 | ||||||||||||||||
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Borrowings outstanding, end of period (000) | $ | 126,900 | $ | 126,900 | $ | 126,900 | $ | 324,360 | $ | — | $ | — | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate | 23 | % | 42 | % | 75 | % | 77 | % | 51 | % | 83 | % | ||||||||||||||||
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|
|
(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) | Aggregate total return. |
(e) | Excludes 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 | 77 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.46 | $ | 11.07 | $ | 11.06 | $ | 10.78 | $ | 10.87 | $ | 11.21 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.09 | 0.19 | 0.25 | 0.31 | 0.31 | 0.33 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.05 | ) | 0.39 | 0.01 | 0.27 | (0.10 | ) | (0.35 | ) | |||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | 0.04 | 0.58 | 0.26 | 0.58 | 0.21 | (0.02 | ) | |||||||||||||||||||||
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Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.09 | ) | (0.19 | ) | (0.24 | ) | (0.30 | ) | (0.30 | ) | (0.32 | ) | ||||||||||||||||
From net realized gain | (0.05 | ) | — | (0.01 | ) | — | — | — | ||||||||||||||||||||
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Total distributions | (0.14 | ) | (0.19 | ) | (0.25 | ) | (0.30 | ) | (0.30 | ) | (0.32 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 11.36 | $ | 11.46 | $ | 11.07 | $ | 11.06 | $ | 10.78 | $ | 10.87 | ||||||||||||||||
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Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.34 | %(d) | 5.24 | % | 2.37 | % | 5.51 | % | 1.99 | % | (0.14 | )% | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.70 | %(f) | 0.71 | % | 0.74 | % | 0.76 | % | 0.71 | % | 0.76 | % | ||||||||||||||||
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| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.68 | %(f) | 0.68 | % | 0.71 | % | 0.73 | % | 0.67 | % | 0.71 | % | ||||||||||||||||
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| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.67 | %(f)(g) | 0.67 | %(g) | 0.67 | %(g) | 0.68 | %(g) | 0.67 | % | 0.71 | %(g) | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 1.50 | %(f) | 1.65 | % | 2.25 | % | 2.90 | % | 2.90 | % | 3.04 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,884 | $ | 3,564 | $ | 3,494 | $ | 3,318 | $ | 2,407 | $ | 3,150 | ||||||||||||||||
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| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 126,900 | $ | 126,900 | $ | 126,900 | $ | 324,360 | $ | — | $ | — | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate | 23 | % | 42 | % | 75 | % | 77 | % | 51 | % | 83 | % | ||||||||||||||||
|
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|
|
(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) | Aggregate total return. |
(e) | Excludes 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.
78 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor A | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.47 | $ | 11.08 | $ | 11.07 | $ | 10.80 | $ | 10.88 | $ | 11.23 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.09 | 0.19 | 0.24 | 0.30 | 0.30 | 0.32 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.06 | ) | 0.39 | 0.02 | 0.27 | (0.08 | ) | (0.35 | ) | |||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | 0.03 | 0.58 | 0.26 | 0.57 | 0.22 | (0.03 | ) | |||||||||||||||||||||
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| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.08 | ) | (0.19 | ) | (0.24 | ) | (0.30 | ) | (0.30 | ) | (0.32 | ) | ||||||||||||||||
From net realized gain | (0.05 | ) | — | (0.01 | ) | — | — | — | ||||||||||||||||||||
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|
| |||||||||||||||||
Total distributions | (0.13 | ) | (0.19 | ) | (0.25 | ) | (0.30 | ) | (0.30 | ) | (0.32 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 11.37 | $ | 11.47 | $ | 11.08 | $ | 11.07 | $ | 10.80 | $ | 10.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.34 | %(d) | 5.23 | % | 2.36 | % | 5.41 | % | 2.07 | % | (0.22 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.74 | %(f) | 0.75 | % | 0.80 | % | 0.82 | % | 0.77 | % | 0.81 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.68 | %(f) | 0.69 | % | 0.72 | % | 0.73 | % | 0.69 | % | 0.70 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.68 | %(f)(g) | 0.68 | %(g) | 0.68 | %(g) | 0.68 | %(g) | 0.69 | % | 0.70 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.49 | %(f) | 1.64 | % | 2.13 | % | 2.79 | % | 2.79 | % | 2.93 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,240,485 | $ | 4,427,191 | $ | 3,978,736 | $ | 3,227,894 | $ | 2,730,622 | $ | 2,342,752 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 126,900 | $ | 126,900 | $ | 126,900 | $ | 324,360 | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 23 | % | 42 | % | 75 | % | 77 | % | 51 | % | 83 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes 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 | 79 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor C | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.48 | $ | 11.08 | $ | 11.07 | $ | 10.80 | $ | 10.88 | $ | 11.23 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.04 | 0.10 | 0.15 | 0.22 | 0.22 | 0.24 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.05 | ) | 0.40 | 0.02 | 0.27 | (0.08 | ) | (0.35 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (0.01 | ) | 0.50 | 0.17 | 0.49 | 0.14 | (0.11 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.04 | ) | (0.10 | ) | (0.15 | ) | (0.22 | ) | (0.22 | ) | (0.24 | ) | ||||||||||||||||
From net realized gain | (0.05 | ) | — | (0.01 | ) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.09 | ) | (0.10 | ) | (0.16 | ) | (0.22 | ) | (0.22 | ) | (0.24 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 11.38 | $ | 11.48 | $ | 11.08 | $ | 11.07 | $ | 10.80 | $ | 10.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | (0.04 | )%(d) | 4.53 | % | 1.60 | % | 4.63 | % | 1.31 | % | (0.96 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 1.48 | %(f) | 1.48 | % | 1.51 | % | 1.51 | % | 1.47 | % | 1.51 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 1.43 | %(f) | 1.44 | % | 1.47 | % | 1.48 | % | 1.43 | % | 1.45 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.43 | %(f)(g) | 1.43 | %(g) | 1.43 | %(g) | 1.43 | %(g) | 1.43 | % | 1.44 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.74 | %(f) | 0.90 | % | 1.39 | % | 2.06 | % | 2.04 | % | 2.19 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 118,049 | $ | 129,601 | $ | 232,884 | $ | 270,445 | $ | 327,384 | $ | 382,703 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 126,900 | $ | 126,900 | $ | 126,900 | $ | 324,360 | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 23 | % | 42 | % | 75 | % | 77 | % | 51 | % | 83 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes 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.
80 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock National Municipal Fund (continued) | ||||||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.47 | $ | 11.08 | $ | 11.07 | $ | 10.79 | $ | 10.88 | $ | 11.22 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.10 | 0.22 | 0.27 | 0.33 | 0.33 | 0.35 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.05 | ) | 0.39 | 0.02 | 0.28 | (0.09 | ) | (0.34 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 0.05 | 0.61 | 0.29 | 0.61 | 0.24 | 0.01 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.10 | ) | (0.22 | ) | (0.27 | ) | (0.33 | ) | (0.33 | ) | (0.35 | ) | ||||||||||||||||
From net realized gain | (0.05 | ) | — | (0.01 | ) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.15 | ) | (0.22 | ) | (0.28 | ) | (0.33 | ) | (0.33 | ) | (0.35 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 11.37 | $ | 11.47 | $ | 11.08 | $ | 11.07 | $ | 10.79 | $ | 10.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(c) | ||||||||||||||||||||||||||||
Based on net asset value | 0.49 | %(d) | 5.54 | % | 2.67 | % | 5.82 | % | 2.28 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(e) | ||||||||||||||||||||||||||||
Total expenses | 0.41 | %(f) | 0.42 | % | 0.46 | % | 0.46 | % | 0.44 | % | 0.48 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.38 | %(f) | 0.39 | % | 0.42 | % | 0.43 | % | 0.39 | % | 0.41 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.38 | %(f)(g) | 0.38 | %(g) | 0.38 | %(g) | 0.38 | %(g) | 0.39 | % | 0.40 | %(g) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.79 | %(f) | 1.94 | % | 2.43 | % | 3.09 | % | 3.09 | % | 3.24 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,614,382 | $ | 4,831,923 | $ | 4,524,990 | $ | 3,736,686 | $ | 3,012,495 | $ | 1,847,397 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 126,900 | $ | 126,900 | $ | 126,900 | $ | 324,360 | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 23 | % | 42 | % | 75 | % | 77 | % | 51 | % | 83 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | Aggregate total return. |
(e) | Excludes 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 | 81 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund | ||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 10.15 | $ | 10.15 | $ | 10.08 | $ | 10.12 | $ | 10.18 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.02 | 0.07 | 0.15 | 0.16 | 0.11 | 0.07 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.05 | ) | 0.02 | — | 0.07 | (0.04 | ) | (0.06 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (0.03 | ) | 0.09 | 0.15 | 0.23 | 0.07 | 0.01 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.02 | ) | (0.07 | ) | (0.15 | ) | (0.16 | ) | (0.11 | ) | (0.07 | ) | ||||||||||||||||
From net realized gain | — | — | — | — | — | (0.00 | )(c) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.02 | ) | (0.07 | ) | (0.15 | ) | (0.16 | ) | (0.11 | ) | (0.07 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.12 | $ | 10.17 | $ | 10.15 | $ | 10.15 | $ | 10.08 | $ | 10.12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | (0.26 | )%(e) | 0.90 | % | 1.47 | % | 2.32 | % | 0.71 | % | 0.10 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.43 | %(g) | 0.44 | % | 0.46 | % | 0.46 | % | 0.49 | % | 0.52 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.36 | %(g) | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.37 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.47 | %(g) | 0.70 | % | 1.46 | % | 1.61 | % | 1.12 | % | 0.66 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 544,612 | $ | 502,164 | $ | 418,338 | $ | 350,720 | $ | 360,543 | $ | 357,427 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 47 | % | 41 | % | 94 | % | 129 | % | 153 | % | 88 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 $(0.005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
See notes to financial statements.
82 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor A | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.18 | $ | 10.16 | $ | 10.15 | $ | 10.08 | $ | 10.13 | $ | 10.18 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.01 | 0.05 | 0.12 | 0.14 | 0.09 | 0.04 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.05 | ) | 0.02 | 0.01 | 0.07 | (0.05 | ) | (0.05 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | (0.04 | ) | 0.07 | 0.13 | 0.21 | 0.04 | (0.01 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.01 | ) | (0.05 | ) | (0.12 | ) | (0.14 | ) | (0.09 | ) | (0.04 | ) | ||||||||||||||||
From net realized gain | — | — | — | — | — | (0.00 | )(c) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.01 | ) | (0.05 | ) | (0.12 | ) | (0.14 | ) | (0.09 | ) | (0.04 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 10.13 | $ | 10.18 | $ | 10.16 | $ | 10.15 | $ | 10.08 | $ | 10.13 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | (0.37 | )%(e) | 0.66 | % | 1.32 | % | 2.08 | % | 0.37 | % | (0.06 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.63 | %(g) | 0.64 | % | 0.65 | % | 0.67 | % | 0.68 | % | 0.72 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.59 | %(g) | 0.59 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.63 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 0.21 | %(g) | 0.45 | % | 1.19 | % | 1.39 | % | 0.85 | % | 0.40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 277,089 | $ | 287,551 | $ | 199,842 | $ | 109,462 | $ | 61,444 | $ | 67,193 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate | 47 | % | 41 | % | 94 | % | 129 | % | 153 | % | 88 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 $(0.005) per share. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 83 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor A1 | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.18 | $ | 10.16 | $ | 10.16 | $ | 10.08 | $ | 10.13 | $ | 10.19 | ||||||||||||||||
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Net investment income(a) | 0.01 | 0.06 | 0.13 | 0.15 | 0.10 | 0.06 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.04 | ) | 0.02 | 0.01 | 0.08 | (0.05 | ) | (0.06 | ) | |||||||||||||||||||
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Net increase (decrease) from investment operations | (0.03 | ) | 0.08 | 0.14 | 0.23 | 0.05 | 0.00 | |||||||||||||||||||||
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Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | (0.02 | ) | (0.06 | ) | (0.14 | ) | (0.15 | ) | (0.10 | ) | (0.06 | ) | ||||||||||||||||
From net realized gain | — | — | — | — | — | �� | (0.00 | )(c) | ||||||||||||||||||||
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Total distributions | (0.02 | ) | (0.06 | ) | (0.14 | ) | (0.15 | ) | (0.10 | ) | (0.06 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 10.13 | $ | 10.18 | $ | 10.16 | $ | 10.16 | $ | 10.08 | $ | 10.13 | ||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | (0.31 | )%(e) | 0.80 | % | 1.37 | % | 2.32 | % | 0.51 | % | (0.01 | )% | ||||||||||||||||
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Ratios to Average Net Assets(f) | �� | |||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.51 | % | 0.51 | % | 0.53 | % | 0.55 | % | 0.56 | % | ||||||||||||||||
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Total expenses after fees waived and/or reimbursed | 0.46 | %(g) | 0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.48 | % | ||||||||||||||||
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Net investment income | 0.28 | %(g) | 0.57 | % | 1.33 | % | 1.47 | % | 0.98 | % | 0.54 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 12,621 | $ | 12,930 | $ | 14,172 | $ | 15,570 | $ | 17,389 | $ | 19,724 | ||||||||||||||||
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Portfolio turnover rate | 47 | % | 41 | % | 94 | % | 129 | % | 153 | % | 88 | % | ||||||||||||||||
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(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 $(0.005) per share. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
See notes to financial statements.
84 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund (continued) | ||||||||||||||||||||||||||||
Investor C | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.88 | $ | 9.89 | $ | 9.89 | $ | 9.82 | $ | 9.86 | $ | 9.96 | ||||||||||||||||
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Net investment income (loss)(a) | (0.06 | ) | (0.05 | ) | 0.03 | 0.05 | — | (0.04 | ) | |||||||||||||||||||
Net realized and unrealized gain (loss) | (0.01 | ) | 0.04 | 0.02 | 0.08 | (0.03 | ) | (0.06 | ) | |||||||||||||||||||
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Net increase (decrease) from investment operations | (0.07 | ) | (0.01 | ) | 0.05 | 0.13 | (0.03 | ) | (0.10 | ) | ||||||||||||||||||
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Distributions(b) | ||||||||||||||||||||||||||||
From net investment income | — | — | (0.05 | ) | (0.06 | ) | (0.01 | ) | — | |||||||||||||||||||
From net realized gain | — | — | — | — | — | (0.00 | )(c) | |||||||||||||||||||||
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Total distributions | — | — | (0.05 | ) | (0.06 | ) | (0.01 | ) | — | |||||||||||||||||||
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Net asset value, end of period | $ | 9.81 | $ | 9.88 | $ | 9.89 | $ | 9.89 | $ | 9.82 | $ | 9.86 | ||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | (0.71 | )%(e) | (0.10 | )% | 0.46 | % | 1.33 | % | (0.26 | )% | (0.96 | )% | ||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 1.42 | %(g) | 1.43 | % | 1.43 | % | 1.45 | % | 1.46 | % | 1.48 | % | ||||||||||||||||
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Total expenses after fees waived and/or reimbursed | 1.36 | %(g) | 1.36 | % | 1.36 | % | 1.36 | % | 1.36 | % | 1.39 | % | ||||||||||||||||
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Net investment income (loss) | (1.20 | )%(g) | (0.53 | )% | 0.34 | % | 0.52 | % | 0.01 | % | (0.41 | )% | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,649 | $ | 5,123 | $ | 10,373 | $ | 15,434 | $ | 16,825 | $ | 22,859 | ||||||||||||||||
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Portfolio turnover rate | 47 | % | 41 | % | 94 | % | 129 | % | 153 | % | 88 | % | ||||||||||||||||
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(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 $(0.005) per share. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Aggregate total return. |
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 85 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
BlackRock Short-Term Municipal Fund (continued) | ||||||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 10.15 | $ | 10.15 | $ | 10.08 | $ | 10.12 | $ | 10.18 | ||||||||||||||||
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Net investment income(a) | 0.02 | 0.06 | 0.12 | 0.14 | 0.08 | 0.00 | (b) | |||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.04 | ) | 0.04 | 0.03 | 0.10 | — | 0.01 | |||||||||||||||||||||
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Net increase (decrease) from investment operations | (0.02 | ) | 0.10 | 0.15 | 0.24 | 0.08 | 0.01 | |||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.03 | ) | (0.08 | ) | (0.15 | ) | (0.17 | ) | (0.12 | ) | (0.07 | ) | ||||||||||||||||
From net realized gain | — | — | — | — | — | (0.00 | )(d) | |||||||||||||||||||||
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Total distributions | (0.03 | ) | (0.08 | ) | (0.15 | ) | (0.17 | ) | (0.12 | ) | (0.07 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 10.12 | $ | 10.17 | $ | 10.15 | $ | 10.15 | $ | 10.08 | $ | 10.12 | ||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||
Based on net asset value | (0.24 | )%(f) | 0.95 | % | 1.52 | % | 2.37 | % | 0.76 | % | 0.13 | % | ||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||
Total expenses | 0.35 | %(h) | 0.36 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.43 | % | ||||||||||||||||
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Total expenses after fees waived and/or reimbursed | 0.31 | %(h) | 0.31 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.34 | % | ||||||||||||||||
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Net investment income | 0.33 | %(h) | 0.57 | % | 1.23 | % | 1.43 | % | 0.75 | % | 0.02 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 42,020 | $ | 18,177 | $ | 7,148 | $ | 7,450 | $ | 6,719 | $ | 3,238 | ||||||||||||||||
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Portfolio turnover rate | 47 | % | 41 | % | 94 | % | 129 | % | 153 | % | 88 | % | ||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | Amount is less than $0.005 per share. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Amount is greater than $(0.005) per share. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Aggregate total return. |
(g) | Excludes expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Annualized. |
See notes to financial statements.
86 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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 High Yield Municipal Fund | High Yield Municipal | Diversified | |||
BlackRock National Municipal Fund | National Municipal | Diversified | ||||
BlackRock Short-Term Municipal Fund | Short-Term Municipal | Diversified |
Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A, Investor A1 and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Investor A1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).
Share Class | Initial Sales Charge | CDSC | Conversion Privilege | |||||||||
Institutional, Service and Class K Shares | No | No | None | |||||||||
Investor A Shares | Yes | No | (a) | None | ||||||||
Investor A1 Shares | No | (b) | No | (c) | None | |||||||
Investor C Shares | No | Yes | (d) | To Investor A Shares after approximately 8 years |
(a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. |
(b) | Investor A1 Shares are subject to a maximum sales charge on purchases of 1.00% for all Funds other than New York Municipal Opportunities, which is subject to a maximum sales charge of 4.00%. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A1 Shares. |
(c) | Investor A1 Shares may be subject to CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. |
(d) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. |
The Board of Trustees of BlackRock Multi-State Municipal Series Trust and Board of Directors of BlackRock Municipal Bond Fund, Inc. are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors”.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of open-end non-index fixed-income funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.
Prior Year Reorganization: The Board and shareholders of BlackRock New York Municipal Opportunities Fund (the “Acquiring Fund”) and the Board and shareholders of BlackRock New York Municipal Bond Trust (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued shares of the Acquiring Fund.
Each Common Shareholder of the Target Fund received shares of the Acquiring Fund in an amount equal to the aggregate net asset value (“NAV”) of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on October 23, 2020, less the costs of the Target Fund’s reorganization. Cash was distributed for any fractional shares.
The reorganization was accomplished by a tax-free exchange of Common shares of the Acquiring Fund in the following amounts and at the following conversion ratios:
Target Fund | Target Fund’s Share Class | Shares Prior to Reorganization | Conversion Ratio | Acquiring Fund’s Share Class | Shares of Acquiring Fund | |||||||||||||||
BlackRock New York Municipal Bond Trust | Common | 2,800,434 | 1.44320473 | Investor A | 4,041,600 |
The Target Fund’s net assets and composition of net assets on October 23, 2020, the valuation date of the reorganization were as follows:
Target Fund | ||||
Net assets | $ | 43,902,809 | ||
Paid-in-capital | 39,293,626 | |||
Accumulated earnings | 4,609,183 |
NOTES TO FINANCIAL STATEMENTS | 87 |
Notes to Financial Statements (unaudited) (continued)
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The net assets of the Acquiring Fund before the reorganization were $1,548,364,641. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $1,592,267,450. The Target Fund’s fair value and cost of financial instruments prior to the reorganization were as follows:
Target Fund | Fair Value of Investments | Cost of Investments | TOB Trust Certificates | |||||||||
BlackRock New York Municipal Bond Trust | $ | 53,220,158 | $ | 48,329,859 | $ | 10,600,472 |
The purpose of these transactions was to combine funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on October 23, 2020.
Assuming the reorganization had been completed on July 1, 2020, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended June 30, 2021, are as follows:
• | Net investment income: $ 36,735,555 |
• | Net realized and change in unrealized gain/loss on investments: $ 111,168,142 |
• | Net increase in net assets resulting from operations: $ 147,903,697 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statement of Operations since October 26, 2020.
Reorganization costs incurred by BlackRock New York Municipal Opportunities Fund in connection with the reorganization were expensed by BlackRock New York Municipal Opportunities Fund. The Manager reimbursed the Fund $86,834, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.
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. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts,) or certain borrowings (e.g., TOB Trust transactions) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investments or borrowings to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.
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.
88 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
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. |
• | Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
NOTES TO FINANCIAL STATEMENTS | 89 |
Notes to Financial Statements (unaudited) (continued)
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 Global 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 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.
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, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a Fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:
Fund Name | Interest Expense | Liquidity Fees | Other Expenses | Total | ||||||||||||
New York Municipal | $ | 42,275 | $ | 228,183 | $ | 62,962 | $ | 333,420 | ||||||||
High Yield Municipal | 50,117 | 270,044 | 69,466 | 389,627 |
90 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Fund Name | Interest Expense | Liquidity Fees | Other Expenses | Total | ||||||||||||
National Municipal | $ | 46,121 | $ | 250,746 | $ | 73,935 | $ | 370,802 |
For the six months ended December 31, 2021, 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. | $ | 197,702,567 | $ | 97,805,523 | 0.12% — 0.26% | $ | 105,826,324 | 0.63% | ||||||||||||
High Yield Municipal | 241,896,483 | 138,216,081 | 0.11 — 0.20 | 126,555,220 | 0.61 | |||||||||||||||
National Municipal | 309,842,530 | 126,900,000 | 0.13 — 0.14 | 126,900,000 | 0.58 |
(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, 2021, 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, 2021. |
For the six months ended December 31, 2021, the following table is a summary of each Fund’s Loan for TOB Trust Certificates:
Fund Name | Loans Outstanding at Period End | Range of Interest Rates on Loans at Period End | Average Loans Outstanding | Daily Weighted Average Rate of Interest and Other Expenses on Loans | ||||||||||||
New York Municipal | $ | — | — | % | $ | 10,640 | 0.78 | % |
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.
NOTES TO FINANCIAL STATEMENTS | 91 |
Notes to Financial Statements (unaudited) (continued)
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:
Investment Advisory Fees | ||||||||
Average Daily Net Assets | New York Municipal | High Yield Municipal | ||||||
First $1 billion | 0.47 | % | 0.47 | % | ||||
$1 billion — $3 billion | 0.44 | 0.44 | ||||||
$3 billion — $5 billion | 0.42 | 0.42 | ||||||
$5 billion — $10 billion | 0.41 | 0.41 | ||||||
Greater than $10 billion | 0.40 | 0.40 | ||||||
Investment Advisory Fees | ||||||||
Aggregate of Average Daily Net Assets of the Two Combined Funds(a) | National Municipal | Short-Term Municipal | ||||||
First $250 Million | 0.410 | % | 0.360 | % | ||||
$250 Million — $400 Million | 0.385 | 0.340 | ||||||
$400 Million — $550 Million | 0.385 | 0.320 | ||||||
Greater than $550 Million | 0.385 | 0.290 |
(a) | The portion of the assets of a Fund to which the rate of each breakpoint level applies will be determined on a “uniform percentage” basis. The uniform percentage applicable to a breakpoint level is determined by dividing the amount of the aggregate average daily net assets of National Municipal and Short-Term Municipal (the “two combined Funds”) that falls within that breakpoint level by the aggregate average daily net assets of the two combined Funds. The amount of the fee for a Fund at each breakpoint level is determined by multiplying the average daily net assets of that Fund by the uniform percentage applicable to that breakpoint level and multiplying the product by the advisory fee rate. |
Service and Distribution Fees: The Corporation and the Trust, on behalf of the applicable Funds, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:
New York Municipal | High Yield Municipal | National Municipal | Short-Term Municipal | |||||||||||||||||||||||||||||
Share Class | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees | ||||||||||||||||||||||||
Service | N/A | N/A | N/A | N/A | 0.25 | % | N/A | N/A | N/A | |||||||||||||||||||||||
Investor A | 0.25 | % | N/A | 0.25 | % | N/A | 0.25 | N/A | 0.25 | % | N/A | |||||||||||||||||||||
Investor A1 | 0.10 | N/A | N/A | N/A | N/A | N/A | 0.10 | N/A | ||||||||||||||||||||||||
Investor C | 0.25 | 0.75 | % | 0.25 | 0.75 | % | 0.25 | 0.75 | % | 0.25 | 0.75 | % |
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended December 31, 2021, the following table shows the class specific service fees borne directly by each share class of each Fund:
Fund Name | Service | Investor A | Investor A1 | Investor C | Total | |||||||||||||||
New York Municipal | $ | — | $ | 877,541 | $ | 44,301 | $ | 422,944 | $ | 1,344,786 | ||||||||||
High Yield Municipal | — | 851,979 | — | 227,815 | 1,079,794 | |||||||||||||||
National Municipal | 4,625 | 5,456,925 | — | 624,233 | 6,085,783 | |||||||||||||||
Short-Term Municipal | — | 366,189 | 6,448 | 24,197 | 396,834 |
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, 2021, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:
Fund Name | Institutional | |||
National Municipal | $ | 510,264 | ||
Short-Term Municipal | 78,913 |
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, 2021, 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 | $ | 736 | $ | — | $ | 2,024 | $ | 1,226 | $ | 490 | $ | 19 | $ | 4,495 | ||||||||||||||
High Yield Municipal | 920 | — | 1,596 | — | 552 | 129 | 3,197 | |||||||||||||||||||||
National Municipal | 25,268 | 86 | 10,672 | — | 1,104 | 9,200 | 46,330 | |||||||||||||||||||||
Short-Term Municipal | 920 | — | 552 | 70 | 74 | 6 | 1,622 |
92 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
For the six months ended December 31, 2021, 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 | $ | 234,331 | $ | — | $ | 172,642 | $ | 21,715 | $ | 26,142 | $ | 185 | $ | 455,015 | ||||||||||||||
High Yield Municipal | 357,165 | — | 144,595 | 0 | 16,321 | 4,634 | 522,715 | |||||||||||||||||||||
National Municipal | 2,372,692 | 779 | 1,892,615 | 0 | 44,730 | 37,366 | 4,348,182 | |||||||||||||||||||||
Short-Term Municipal | 202,219 | — | 41,866 | 3,480 | 1,697 | 350 | 249,612 |
Other Fees: For the six months ended December 31, 2021, 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 | $ | 4,403 | ||
High Yield Municipal | 19,574 | |||
National Municipal | 24,786 | |||
Short-Term Municipal | 1,887 |
For the six months ended December 31, 2021, affiliates received CDSCs as follows:
Fund Name | Investor A | Investor C | ||||||
New York Municipal | $ | 9,981 | $ | 2,140 | ||||
High Yield Municipal | 40,596 | 1,385 | ||||||
National Municipal | 92,238 | 4,347 | ||||||
Short-Term Municipal | 10,643 | 150 |
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, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“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, 2021, the amounts waived were as follows:
Fund Name | Fees Waived and/or Reimbursed by the Manager | |||
High Yield Municipal | $ | 21,246 | ||
National Municipal | 182,471 | |||
Short-Term Municipal | 981 |
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, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. With respect to National Municipal, for the six months ended December 31, 2021, the Manager waived $930,030 in investment advisory fees pursuant to this arrangement.
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | ||||||||||||||||||
New York Municipal | 0.50 | % | — | 0.75 | % | 0.60 | % | 1.50 | % | 0.45 | % | |||||||||||||
High Yield Municipal | 0.54 | — | 0.79 | — | 1.54 | 0.49 | ||||||||||||||||||
National Municipal | 0.43 | 0.68 | % | 0.68 | — | 1.43 | 0.38 | |||||||||||||||||
Short-Term Municipal | 0.36 | — | 0.61 | 0.46 | 1.36 | 0.31 |
The Manager has agreed not to reduce or discontinue this contractual expense limitation through June 30, 2023, 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 months ended December 31, 2021, 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 | $ | 407,879 | ||
High Yield Municipal | 49,603 | |||
National Municipal | 560,913 | |||
Short-Term Municipal | 171,918 |
NOTES TO FINANCIAL STATEMENTS | 93 |
Notes to Financial Statements (unaudited) (continued)
These amounts waived and/or reimbursed are included in transfer agent fees waived and/or reimbursed — class specific in the Statements of Operations. For the six months ended December 31, 2021, class specific expense waivers and/or reimbursements are as follows:
Transfer Agent Fees Waived and/or Reimbursed - Class Specific | ||||||||||||||||||||||||
Fund Name | Institutional | Investor A | Investor A1 | Investor C | Class K | Total | ||||||||||||||||||
New York Municipal | $ | 51,664 | $ | — | $ | 506 | $ | 4,995 | $ | 183 | $ | 57,348 | ||||||||||||
High Yield Municipal | 44,109 | — | — | 4,676 | 3,727 | 52,512 | ||||||||||||||||||
National Municipal | 878,096 | 801,452 | — | 13,525 | 37,366 | 1,730,439 | ||||||||||||||||||
Short-Term Municipal | 75,197 | — | 255 | 488 | 349 | 76,289 |
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. New York Municipal, National Municipal and Short-Term Municipal are currently permitted to borrow under the Interfund Lending Program. High Yield Municipal is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the six months ended December 31, 2021, 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.
7. | PURCHASES AND SALES |
For the six months ended December 31, 2021, purchases and sales of investments, excluding short-term investments, were as follows:
Fund Name | Purchases | Sales | ||||||
New York Municipal | $ | 209,253,515 | $ | 167,286,385 | ||||
High Yield Municipal | 463,415,488 | 193,788,973 | ||||||
National Municipal | 2,916,875,099 | 3,019,348,672 | ||||||
Short-Term Municipal | 455,398,679 | 392,376,166 |
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 fiscal 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, 2021, 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.
As of June 30, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
New York Municipal | High Yield Municipal | Short-Term Municipal | ||||||||||
Non-expiring capital loss carryforwards | $ | 105,991,077 | $ | 3,027,730 | $ | 2,065,781 |
As of December 31, 2021, 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 | $ | 1,451,582,509 | $ | 140,352,213 | $ | (908,094 | ) | $ | 139,444,119 | |||||||
High Yield Municipal | 2,182,785,175 | 183,233,720 | (9,191,752 | ) | 174,041,968 | |||||||||||
National Municipal | 14,147,187,337 | 769,173,054 | (20,511,835 | ) | 748,661,219 |
94 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Short-Term Municipal | $ | 878,398,924 | $ | 2,971,973 | $ | (1,593,359 | ) | $ | 1,378,614 |
9. | BANK BORROWINGS |
The Trust and the Corporation,, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 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) one-month London Interbank Offered Rate (“LIBOR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2022 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, 2021, 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.
Should 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 U.S. Securities and Exchange Commission (“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.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.
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
NOTES TO FINANCIAL STATEMENTS | 95 |
Notes to Financial Statements (unaudited) (continued)
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.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant amount of their assets in issuers located in a single state or limited number of states. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in 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.
Certain 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 increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates will cease to be published or no longer will be representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
11. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
| ||||||||||||||||
Six Months Ended 12/31/21 | Year Ended 06/30/21 | |||||||||||||||
|
|
|
| |||||||||||||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
New York Municipal | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 7,801,251 | $ | 90,009,549 | 13,848,197 | $ | 155,507,120 | ||||||||||
Shares issued in reinvestment of distributions | 666,109 | 7,678,461 | 1,348,863 | 15,110,397 | ||||||||||||
Shares redeemed | (4,308,538 | ) | (49,672,764 | ) | (19,121,397 | ) | (212,555,106 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
4,158,822 | $ | 48,015,246 | (3,924,337 | ) | $ | (41,937,589 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Investor A | ||||||||||||||||
Shares sold and automatic conversion of shares | 4,801,248 | $ | 55,434,322 | 10,562,487 | $ | 118,504,113 | ||||||||||
Shares issued in reinvestment of distributions | 584,801 | 6,746,245 | 1,315,719 | 14,744,743 | ||||||||||||
Shares issued in reorganization | — | — | 4,041,600 | 43,902,809 | ||||||||||||
Shares redeemed | (6,066,385 | ) | (70,015,459 | ) | (25,511,082 | ) | (283,643,088 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(680,336 | ) | $ | (7,834,892) | (9,591,276 | ) | $ | (106,491,423 | ) | ||||||||
|
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|
|
|
|
|
| |||||||||
Investor A1 | ||||||||||||||||
Shares sold | — | $ | — | 20 | $ | 230 | ||||||||||
Shares issued in reinvestment of distributions | 61,436 | 708,630 | 136,438 | 1,529,710 | ||||||||||||
Shares redeemed | (292,655 | ) | (3,372,665 | ) | (856,304 | ) | (9,612,927 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(231,219 | ) | $ | (2,664,035) | (719,846 | ) | $ | (8,082,987 | ) | ||||||||
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|
|
96 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
Six Months Ended 12/31/21 | Year Ended 06/30/21 | |||||||||||||||
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|
| |||||||||||||
Fund Name / Share Class (continued) | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
New York Municipal (continued) | ||||||||||||||||
Investor C | ||||||||||||||||
Shares sold | 308,695 | $ | 3,560,634 | 514,952 | $ | 5,811,463 | ||||||||||
Shares issued in reinvestment of distributions | 47,586 | 548,558 | 121,711 | 1,362,215 | ||||||||||||
Shares redeemed and automatic conversion of shares | (881,216 | ) | (10,174,374 | ) | (3,390,963) | (37,771,210 | ) | |||||||||
|
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|
|
|
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| |||||||||
(524,935 | ) | $ | (6,065,182 | ) | (2,754,300 | ) | $ | (30,597,532 | ) | |||||||
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| |||||||||
Class K | ||||||||||||||||
Shares sold | 96,419 | $ | 1,109,164 | 217,388 | $ | 2,442,555 | ||||||||||
Shares issued in reinvestment of distributions | 5,446 | 62,788 | 9,605 | 107,792 | ||||||||||||
Shares redeemed | (31,044 | ) | (358,266 | ) | (156,270) | (1,720,212 | ) | |||||||||
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| |||||||||
70,821 | $ | 813,686 | 70,723 | $ | 830,135 | |||||||||||
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| |||||||||
2,793,153 | $ | 32,264,823 | (16,919,036 | ) | $ | (186,279,396 | ) | |||||||||
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| |||||||||
| ||||||||||||||||
Six Months Ended 12/31/21 | Year Ended 06/30/21 | |||||||||||||||
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| |||||||||||||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
High Yield Municipal | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 43,671,084 | $ | 466,972,732 | 80,225,583 | $ | 812,822,260 | ||||||||||
Shares issued in reinvestment of distributions | 1,393,446 | 14,870,528 | 2,092,490 | 21,177,896 | ||||||||||||
Shares redeemed | (32,170,040 | ) | (343,144,191 | ) | (50,372,071 | ) | (507,813,592 | ) | ||||||||
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| |||||||||
12,894,490 | $ | 138,699,069 | 31,946,002 | $ | 326,186,564 | |||||||||||
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| |||||||||
Investor A | ||||||||||||||||
Shares sold and automatic conversion of shares | 17,218,143 | $ | 183,916,622 | 25,262,343 | $ | 255,762,012 | ||||||||||
Shares issued in reinvestment of distributions | 952,825 | 10,143,387 | 1,469,096 | 14,813,468 | ||||||||||||
Shares redeemed | (9,561,909 | ) | (102,159,448 | ) | (11,617,203 | ) | (116,675,561 | ) | ||||||||
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| |||||||||
8,609,059 | $ | 91,900,561 | 15,114,236 | $ | 153,899,919 | |||||||||||
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| |||||||||
Investor C | ||||||||||||||||
Shares sold | 548,976 | $ | 5,874,344 | 680,133 | $ | 6,912,015 | ||||||||||
Shares issued in reinvestment of distributions | 50,099 | 534,732 | 109,135 | 1,096,742 | ||||||||||||
Shares redeemed and automatic conversion of shares | (424,481 | ) | (4,537,530 | ) | (2,758,364 | ) | (27,477,684 | ) | ||||||||
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| |||||||||
174,594 | $ | 1,871,546 | (1,969,096 | ) | $ | (19,468,927) | ||||||||||
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Class K | ||||||||||||||||
Shares sold | 10,820,180 | $ | 115,493,909 | 8,312,590 | $ | 84,662,095 | ||||||||||
Shares issued in reinvestment of distributions | 345,478 | 3,683,744 | 365,163 | 3,702,154 | ||||||||||||
Shares redeemed | (1,556,560 | ) | (16,599,376 | ) | (1,897,492 | ) | (18,998,247 | ) | ||||||||
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| |||||||||
9,609,098 | $ | 102,578,277 | 6,780,261 | $ | 69,366,002 | |||||||||||
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| |||||||||
31,287,241 | $ | 335,049,453 | 51,871,403 | $ | 529,983,558 | |||||||||||
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| ||||||||||||||||
Six Months Ended 12/31/21 | Year Ended 06/30/21 | |||||||||||||||
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| |||||||||||||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
National Municipal | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 62,755,949 | $ | 716,733,501 | 160,105,364 | $ | 1,813,103,490 | ||||||||||
Shares issued in reinvestment of distributions | 5,779,310 | 65,851,385 | 6,828,180 | 77,211,863 | ||||||||||||
Shares redeemed | (43,922,915 | ) | (501,446,381 | ) | (80,951,041 | ) | (914,687,595 | ) | ||||||||
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| |||||||||
24,612,344 | $ | 281,138,505 | 85,982,503 | $ | 975,627,758 | |||||||||||
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| |||||||||
Service | ||||||||||||||||
Shares sold | 56,005 | $ | 636,598 | 57,239 | $ | 646,897 | ||||||||||
Shares issued in reinvestment of distributions | 3,223 | 36,695 | 4,034 | 45,536 | ||||||||||||
Shares redeemed | (28,239 | ) | (322,880 | ) | (66,051 | ) | (744,852 | ) | ||||||||
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| |||||||||
30,989 | $ | 350,413 | (4,778 | ) | $ | (52,419 | ) | |||||||||
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|
NOTES TO FINANCIAL STATEMENTS | 97 |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
Six Months Ended 12/31/21 | Year Ended 06/30/21 | |||||||||||||||
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| |||||||||||||
Fund Name / Share Class (continued) | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
National Municipal (continued) | ||||||||||||||||
Investor A | ||||||||||||||||
Shares sold and automatic conversion of shares | 40,763,743 | $ | 465,891,956 | 96,917,199 | $ | 1,095,484,079 | ||||||||||
Shares issued in reinvestment of distributions | 4,342,184 | 49,510,265 | 5,745,103 | 64,978,467 | ||||||||||||
Shares redeemed | (58,082,815 | ) | (663,917,447 | ) | (75,876,848) | (855,695,947 | ) | |||||||||
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| |||||||||
(12,976,888 | ) | $ | (148,515,226 | ) | 26,785,454 | $ | 304,766,599 | |||||||||
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| |||||||||
Investor C | ||||||||||||||||
Shares sold | 519,771 | $ | 5,944,320 | 1,672,543 | $ | 18,921,004 | ||||||||||
Shares issued in reinvestment of distributions | 85,364 | 972,813 | 115,070 | 1,299,773 | ||||||||||||
Shares redeemed and automatic conversion of shares | (1,520,741 | ) | (17,388,830 | ) | (11,506,688) | (129,731,912 | ) | |||||||||
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|
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| |||||||||
(915,606 | ) | $ | (10,471,697 | ) | (9,719,075 | ) | $ | (109,511,135 | ) | |||||||
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| |||||||||
Class K | ||||||||||||||||
Shares sold | 55,959,382 | $ | 640,064,156 | 116,520,193 | $ | 1,320,450,163 | ||||||||||
Shares issued in reinvestment of distributions | 5,222,196 | 59,533,808 | 7,268,952 | 82,176,284 | ||||||||||||
Shares redeemed | (76,549,197 | ) | (880,238,058 | ) | (111,027,917) | (1,245,919,943 | ) | |||||||||
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| |||||||||
(15,367,619 | ) | $ | (180,640,094 | ) | 12,761,228 | $ | 156,706,504 | |||||||||
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| |||||||||
(4,616,780 | ) | $ | (58,138,099 | ) | 115,805,332 | $ | 1,327,537,307 | |||||||||
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| |||||||||
| ||||||||||||||||
Six Months Ended 12/31/21 | Year Ended 06/30/21 | |||||||||||||||
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| |||||||||||||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts | ||||||||||||
| ||||||||||||||||
Short-Term Municipal | ||||||||||||||||
Institutional | ||||||||||||||||
Shares sold | 14,141,095 | $ | 143,525,242 | 34,089,781 | $ | 346,989,221 | ||||||||||
Shares issued in reinvestment of distributions | 66,052 | 670,409 | 202,156 | 2,057,745 | ||||||||||||
Shares redeemed | (9,772,965 | ) | (99,232,037 | ) | (26,132,269 | ) | (266,042,579 | ) | ||||||||
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| |||||||||
4,434,182 | $ | 44,963,614 | 8,159,668 | $ | 83,004,387 | |||||||||||
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| |||||||||
Investor A | ||||||||||||||||
Shares sold and automatic conversion of shares | 9,072,341 | $ | 92,242,592 | 22,160,804 | $ | 225,757,351 | ||||||||||
Shares issued in reinvestment of distributions | 31,500 | 319,909 | 112,679 | 1,147,978 | ||||||||||||
Shares redeemed | (9,998,665 | ) | (101,596,773 | ) | (13,697,234) | (139,540,505 | ) | |||||||||
|
|
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|
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| |||||||||
(894,824 | ) | $ | (9,034,272 | ) | 8,576,249 | $ | 87,364,824 | |||||||||
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| |||||||||
Investor A1 | ||||||||||||||||
Shares sold | — | $ | — | — | $ | — | ||||||||||
Shares issued in reinvestment of distributions | 1,273 | 12,931 | 4,872 | 49,638 | ||||||||||||
Shares redeemed | (25,581 | ) | (260,029 | ) | (129,712 | ) | (1,321,957 | ) | ||||||||
|
|
|
|
|
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|
| |||||||||
(24,308 | ) | $ | (247,098) | (124,840 | ) | $ | (1,272,319) | |||||||||
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| |||||||||
Investor C | ||||||||||||||||
Shares sold | 18,970 | $ | 186,703 | 171,961 | $ | 1,702,853 | ||||||||||
Shares issued in reinvestment of distributions | — | — | — | — | ||||||||||||
Shares redeemed and automatic conversion of shares | (63,300 | ) | (624,485 | ) | (702,262 | ) | (6,958,029 | ) | ||||||||
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| |||||||||
(44,330 | ) | $ | (437,782 | ) | (530,301 | ) | $ | (5,255,176) | ||||||||
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Class K | ||||||||||||||||
Shares sold | 2,886,759 | $ | 29,263,908 | 1,442,077 | $ | 14,683,695 | ||||||||||
Shares issued in reinvestment of distributions | 2,599 | 26,372 | 6,628 | 67,463 | ||||||||||||
Shares redeemed | (524,950 | ) | (5,325,442 | ) | (365,894 | ) | (3,725,097 | ) | ||||||||
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2,364,408 | $ | 23,964,838 | 1,082,811 | $ | 11,026,061 | |||||||||||
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5,835,128 | $ | 59,209,300 | 17,163,587 | $ | 174,867,777 | |||||||||||
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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.
98 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statement Regarding Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock Municipal Bond Fund, Inc. (the “Corporation”) and BlackRock Multi-State Municipal Series Trust (the “Trust”) have adopted and implemented a liquidity risk management program (the “Program”) for BlackRock High Yield Municipal Fund, BlackRock National Municipal Fund, BlackRock Short-Term Municipal Fund and BlackRock New York Municipal Opportunities Fund (the “Funds”), each a series of the Corporation or the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors of the Corporation and the Board of Trustees of the Trust (the “Board”), on behalf of the Funds, met on November 18-19, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. Derivative exposure was also considered in such calculation. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM | 99 |
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Dividend Policy
Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly/quarterly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by a Fund for any particular month/quarter may be more or less than the amount of net investment income earned by a Fund during such month/quarter. The portion of distributions that exceeds a Fund current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable 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, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
100 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Additional Information (continued)
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10022
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
ADDITIONAL INFORMATION | 101 |
Glossary of Terms Used in this Report
Portfolio Abbreviation
AGC | Assured Guaranty Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AGM-CR | AGM Insured Custodial Receipt | |
AMBAC | AMBAC Assurance Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAB | Build America Bond | |
BAM | Build America Mutual Assurance Co. | |
BHAC-CR | Berkshire Hathaway Assurance Corp. - Custodian Receipt | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
CR | Custodian Receipt | |
ETF | Exchange-Traded Fund | |
FGIC | Financial Guaranty Insurance Co. | |
FHA | Federal Housing Administration | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
GOL | General Obligation Ltd. | |
GTD | GTD Guaranteed | |
HUD SECT 8 | U.S. Department of Housing and Urban Development Section 8 | |
M/F | Multi-Family | |
MO | Moral Obligation | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
PSF-GTD | Permanent School Fund Guaranteed | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAN | State Aid Notes | |
SAP | Subject to Appropriations | |
SAW | State Aid Withholding | |
SOFR | Secured Overnight Financing Rate | |
SONYMA | State of New York Mortgage Agency | |
ST | Special Tax | |
TA | Tax Allocation | |
UT | Unlimited Tax | |
VRDN | Variable Rate Demand Note |
102 | 2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
MBNYMB-12/21-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 Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable |
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
Item 13 – | Exhibits attached hereto |
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust |
Date: February 23, 2022
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 New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust |
Date: February 23, 2022
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Municipal Series Trust |
Date: February 23, 2022