| Schedule of Investments (unaudited) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| (a) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (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) | Issuer filed for bankruptcy and/or is in default. |
| (f) | Non-income producing security. |
| (g) | Zero-coupon bond. |
| (h) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (i) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
| (j) | Variable rate security. Rate shown is the rate in effect as of period end. |
| (k) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. |
| (l) | 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 February 15, 2026 to June 1, 2026, is $98,364,352. |
| (m) | Annualized 7-day yield as of period end. |
| (n) | During the period ended September 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended were as follows: |
| Affiliated Persons and/or Related Parties | Shares Held at 06/30/19 |
Shares Purchased |
Shares Sold |
Shares Held at 09/30/19 |
Value at 09/30/19 |
Income |
Net Realized Gain (Loss)(a) |
Change in Unrealized Appreciation (Depreciation) |
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| BlackRock Liquidity Funds, MuniCash, Institutional Class(b) |
594,051,433 | 220,093,694 | — | 814,145,127 | $ | 814,226,542 | $ | 1,730,545 | $ | (19,350 | ) | $ | 60,705 | |||||||||||||||||||
| iShares National Muni Bond ETF |
— | 3,955,000 | (1,405,000 | ) | 2,550,000 | 290,955,000 | 845,317 | 1,317,821 | 1,411,668 | |||||||||||||||||||||||
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| $ | 1,105,181,542 | $ | 2,575,862 | $ | 1,298,471 | $ | 1,472,373 | |||||||||||||||||||||||||
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| (a) | Includes net capital gain distributions, if applicable. |
| (b) | Represents net shares purchased (sold). |
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
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| Short Contracts |
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| 10-Year U.S. Treasury Note |
2,550 | 12/19/19 | $ | 332,297 | $ | 2,184,126 | ||||||||||
| Long U.S. Treasury Bond |
1,877 | 12/19/19 | 304,661 | 2,423,112 | ||||||||||||
| 5-Year U.S. Treasury Note |
1,617 | 12/31/19 | 192,663 | 436,438 | ||||||||||||
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| $ | 5,043,676 | |||||||||||||||
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| Schedule of Investments (unaudited) (continued) September 30, 2019 |
BlackRock National Municipal Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
| • | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs) |
| • | 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 investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: |
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| Investments: |
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| Long-Term Investments(a) |
$ | 290,955,000 | $ | 11,315,323,661 | $ | — | $ | 11,606,278,661 | ||||||||
| Short-Term Securities |
814,226,542 | — | — | 814,226,542 | ||||||||||||
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| $ | 1,105,181,542 | $ | 11,315,323,661 | $ | — | $ | 12,420,505,203 | |||||||||
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| Derivative Financial Instruments(b) |
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| Assets: |
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| Interest rate contracts |
$ | 5,043,676 | $ | — | $ | — | $ | 5,043,676 | ||||||||
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| (a) | See above Schedule of Investments for values in each state. Investments categorized as Level 1 and 2 are included in state. |
| (b) | 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 $324,359,972 are categorized as Level 2 within the discloser hierarchy.
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