NPORT-EX 2 BRNationalMuniFund.HTM EX-MUNIBOND-NAT

Schedule of Investments  (unaudited)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security       
Shares		     Value  

Investment Companies — 2.4%

 

iShares National Muni Bond ETF(n)

     2,550,000     $ 290,955,000  
   

 

 

  

Total Investment Companies — 2.4%
(Cost — $289,543,332)

 

     290,955,000  
   

 

 

  
     Par
(000)		         

Municipal Bonds — 88.1%

 

Alabama — 4.9%  

Black Belt Energy Gas District, RB, Project No. 4, Series A-1, 4.00%, 12/01/49(a)

   $ 235,160       262,873,606  

City of Homewood Alabama, GO, , Refunding, 5.25%, 09/01/46

     27,625       32,943,641  

County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A(b):

    

4.50%, 05/01/32

     7,045       7,855,245  

5.25%, 05/01/44

     8,980       10,328,527  

Prattville Alabama IDB, RB, Recovery Zone Facility, Series C, 6.25%, 11/01/33

     3,380       3,392,202  

Southeast Alabama Gas Supply District, RB, Project #2, Series A, 4.00%, 06/01/49(a)

     225,985       245,962,074  

State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(c)

     16,315       17,063,043  
   

 

 

  
      580,418,338  
Arizona — 1.2%  

Arizona Industrial Development Authority,
RB(b):

    

Leman Academy of Excellence — Parker Colorado Campus Project, 5.00%, 07/01/39(d)

     1,300       1,348,828  

Leman Academy Of Excellence- Parker Colorado Campus Project, 5.00%, 07/01/49(d)

     2,010       2,072,571  

Odyssey Preparatory Academy Project, 5.00%, 07/01/49

     8,120       8,524,376  

Odyssey Preparatory Academy Project, 5.00%, 07/01/54

     4,730       4,935,424  

Arizona Industrial Development Authority, Refunding RB, Odyssey Preparatory Academy Project, Series A(b):

    

5.25%, 07/01/37

     2,830       3,045,250  

5.50%, 07/01/52

     2,450       2,634,289  

Chandler IDA, RB, VRDN, Intel Corporation Project, AMT, 5.00%, 06/01/49(a)

     34,685       39,755,600  

City of Mesa Arizona Utility System, RB, Utility System, 5.00%, 07/01/35

     30,000       31,866,900  
Security   Par
(000)		     Value  
Arizona (continued)  

City of Phoenix Arizona IDA, RB:

    

Candeo School, Inc. Project, 6.88%, 07/01/44

   $ 3,440     $ 3,924,455  

Legacy Traditional Schools Projects, Series A, 6.50%, 07/01/34(b)

     2,000       2,287,500  

Legacy Traditional Schools Projects, Series A, 6.75%, 07/01/44(b)

     3,500       3,974,740  

City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45(b)

     2,280       2,427,721  

County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, 5.00%, 01/01/38

     27,000       32,207,490  

County of Pinal Arizona IDA, RB, San Manuel Facility Project, 6.25%, 06/01/26

     495       510,360  
   

 

 

  
      139,515,504  
Arkansas — 0.3%  

Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(b)

     37,250       39,853,775  
   

 

 

  
California — 6.8%  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(c)

     21,340       22,231,158  

California Statewide Communities Development Authority, RB:

    

Loma Linda University Medical Center, 5.25%, 12/01/48(b)

     2,000       2,332,440  

Sutter Health, Series A, 6.00%, 08/15/20(c)

     11,600       12,084,416  

City & County of San Francisco California Airports Commission, Refunding ARB, San Francisco International Airport, Series A, AMT,
5.00%, 05/01/41

     20,000       23,386,000  

City of Los Angeles California Department of Water & Power, Refunding RB, Water System, Series A, 5.25%, 07/01/39

     40,000       41,937,600  

City of Los Angeles California Wastewater System Revenue, Refunding RB, Green Bond, Sub-Series A, 5.25%, 06/01/47

     27,620       34,271,448  

City of Los Angeles Department of Airports, ARB, Subordinate, Series C, AMT, 5.00%, 05/15/37

     9,550       11,657,494  
 

 

 

          1  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT:

    

5.75%, 03/01/34

   $ 7,010     $ 7,412,514  

6.25%, 03/01/34

     5,250       5,589,780  

City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:

    

6.50%, 05/01/36

     1,510       1,626,376  

6.50%, 05/01/42

     5,130       5,513,981  

County of Alameda & City of Oakland California, GO, Election of 2012, 6.63%, 08/01/21(c)

     3,750       4,121,738  

County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(c)

     12,830       13,693,459  

Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33

     6,535       7,751,229  

Golden State Tobacco Securitization Corp., Refunding RB:

    

Series A-1, 5.00%, 06/01/47

     17,805       18,207,215  

Series A-1, 5.25%, 06/01/47

     9,535       9,816,473  

Series A-2, 5.00%, 06/01/47

     42,485       43,448,985  

Los Angeles Department of Water, Refunding RB, Series A, 5.25%, 07/01/44

     19,000       23,359,740  

Los Angeles Department of Water & Power, Refunding RB, Power System, Series B:

    

5.25%, 07/01/37

     13,500       16,675,470  

5.25%, 07/01/38

     15,000       18,504,600  

5.25%, 07/01/39

     7,000       8,624,070  

Palomar Community College District, GO, Election of 2006, Series D, 5.25%, 08/01/45

     24,540       30,913,283  

Port of Oakland California, Refunding RB, Senior Lien, Series P, AMT, 5.00%, 05/01/31

     13,010       14,116,891  

San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41

     35,000       42,301,700  

San Diego Public Facilities Financing Authority, Refunding RB, Series A:

    

5.00%, 05/15/39

     10,000       12,167,200  

Subordinated, 5.25%, 08/01/47

     13,645       17,162,954  

State of California, GO, Refunding:

    

5.00%, 04/01/21

     80,885       85,483,312  

4.00%, 10/01/37

     20,000       23,266,600  
Security   Par
(000)		     Value  
California (continued)  

Construction Bonds, 4.00%, 10/01/44

   $ 8,260     $ 9,471,246  

Various Purpose, 5.25%, 10/01/39

     20,100       24,447,228  

State of California, GO, Various Purposes, 6.00%, 11/01/39

     64,190       64,437,773  

State of California Public Works Board, LRB, Various Capital Projects(c):

    

Sub-Series A-1, 6.00%, 03/01/20

     14,125       14,406,511  

Sub-Series I-1, 6.13%, 11/01/19

     10,015       10,055,661  

Sub-Series I-1, 6.38%, 11/01/19

     11,680       11,728,822  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.00%, 06/01/37

     6,895       6,926,097  

University of California, RB, Series AV, 5.25%, 05/15/42

     58,825       73,419,483  

University of California, Refunding RB, General, Series AZ, 5.00%, 05/15/43

     31,465       38,999,609  
   

 

 

  
      811,550,556  
Colorado — 1.6%  

Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(b)

     6,930       7,379,064  

City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43

     10,000       12,100,500  

City & County of Denver Colorado, Refunding RB, United Airlines, Inc. Project, AMT, 5.00%, 10/01/32

     40,475       44,219,747  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT:

    

5.00%, 12/01/37

     32,000       38,840,320  

5.25%, 12/01/43

     22,620       27,837,755  

Colorado Health Facilities Authority, Refunding RB, Frasier Meadows Retirement Community Project, Series A, 5.25%, 05/15/47

     2,500       2,820,925  

Cottonwood Highlands Metropolitan District No. 1, GOL, Series A, 5.00%, 12/01/49

     900       950,922  

Metro Wastewater Reclamation District, RB, Series A, 4.00%, 04/01/31

     14,880       15,851,069  

State of Colorado, COP, Series J, 5.25%, 03/15/42

     30,000       36,770,100  
   

 

 

  
      186,770,402  
Connecticut — 0.8%  

Connecticut State Health & Educational Facilities Authority, RB, Yale University Issue, Series T-2, 1.65%, 07/01/29(a)

     13,985       13,999,684  
 

 

 

2        

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Connecticut (continued)  

Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)

   $ 2,000     $ 2,050,880  

State of Connecticut Health & Educational Facilities Authority, RB, Yale University, Series A, 1.30%, 07/01/48(a)

     83,500       83,482,465  
   

 

 

  
      99,533,029  
Delaware — 0.3%  

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40

     31,500       32,885,370  
   

 

 

  
District of Columbia — 2.9%  

District of Columbia, GO:

    

Series A, 5.00%, 06/01/41

     20,000       23,890,800  

Series D, 5.00%, 06/01/42

     40,000       48,614,800  

District of Columbia, RB, Series A, 5.50%, 12/01/30

     20,530       20,669,604  

District of Columbia Water & Sewer Authority, Refunding RB, Series B:

    

5.25%, 10/01/40

     48,060       57,386,524  

5.25%, 10/01/44

     63,075       75,142,509  

Metropolitan Washington Airports Authority, Refunding ARB, AMT, Series A, 5.00%, 10/01/36

     12,000       14,663,880  

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A, 5.25%, 10/01/44

     5,765       5,765,577  

Washington Metropolitan Area Transit Authority, RB:

    

5.00%, 07/01/43

     35,480       43,160,710  

Series B, 5.00%, 07/01/42

     50,000       60,908,000  
   

 

 

  
      350,202,404  
Florida — 6.2%  

Capital Trust Agency, Inc., RB(b):

    

Odyssey Charter School Project, 5.00%, 07/01/54

     2,095       2,292,663  

Renaissance Charter School, Inc., Series A, 5.00%, 06/15/49

     4,365       4,560,988  

City of Tampa Florida, Special Assessment Bonds, Green Bonds, Central and Lower Basis Stormwater Improvements:

    

5.25%, 05/01/43

     11,720       14,618,239  

5.25%, 05/01/46

     15,430       19,094,934  

County of Broward Florida Water & Sewer Utility, RB, Series A, 5.00%, 10/01/37

     17,000       18,736,040  

County of Escambia Florida, RB, International Paper Co. Projects, Series B, 6.25%, 11/01/33

     7,500       7,526,850  
Security   Par
(000)		     Value  
Florida (continued)  

County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group, 6.00%, 11/15/37

   $ 4,980     $ 5,006,942  

County of Hillsborough Florida District Port Authority, ARB, Series A, 5.25%, 06/01/48

     8,375       10,217,835  

County of Miami-Dade Florida, RB, Seaport Department:

    

Series A, 6.00%, 10/01/38

     6,325       7,354,520  

Series A, 5.50%, 10/01/42

     5,375       6,111,375  

Series B, AMT, 6.25%, 10/01/38

     5,000       5,805,500  

Series B, AMT, 6.00%, 10/01/42

     2,350       2,717,493  

County of Miami-Dade Florida, Refunding RB, 5.00%, 10/01/41

     7,010       8,336,362  

County of Miami-Dade Florida, Aviation, Refunding RB, Series B, AMT, 5.00%, 10/01/40

     90,000       107,100,000  

County of Palm Beach Florida, RB, Plam Beach Atlantic University Housing Project, 5.00%, 04/01/51(b)

     4,770       5,237,508  

County of Pasco Florida Water & Sewer Revenue, RB, Improvement, Series B, 4.00%, 10/01/44

     23,875       25,724,596  

Florida Development Finance Corp., RB, VRDN, Virgin Trains USA Passenger Rail Project, Series B, AMT, 1.90%, 01/01/49(a)

     66,190       66,228,986  

Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT, 5.13%, 06/01/27

     10,010       10,591,481  

Greater Orlando Aviation Authority, ARB, AMT:

    

Priority Sub-Series A, 5.00%, 10/01/42

     44,795       52,895,280  

Series A, 4.00%, 10/01/44(d)

     30,000       33,231,300  

Series A, 5.00%, 10/01/44(d)

     23,500       28,612,190  

Lakewood Ranch Stewardship District, Special Assessment Bonds:

    

4.70%, 05/01/39

     1,160       1,236,166  

4.88%, 05/01/49

     1,250       1,319,237  

Del Webb Project, 5.00%, 05/01/37(b)

     1,655       1,785,927  

Del Webb Project, 5.13%, 05/01/47(b)

     1,990       2,124,265  

Lakewood National & Polo Run Projects, 4.63%, 05/01/27

     1,745       1,863,276  

Lakewood National & Polo Run Projects, 5.25%, 05/01/37

     2,760       3,023,442  

Lakewood National & Polo Run Projects, 5.38%, 05/01/47

     4,785       5,185,169  
 

 

 

          3  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c)

   $ 11,125     $ 12,400,592  

State of Florida, GO, Board of Education, Series E, 5.00%, 06/01/37

     29,730       30,435,493  

State of Florida, GO, Refunding:

    

Capital Outlay, Series C, 4.00%, 06/01/29

     17,835       19,482,776  

Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, 4.00%, 07/01/30

     16,880       17,652,260  

Series A, 5.00%, 06/01/20

     57,365       58,753,807  

Series A, 5.00%, 06/01/22

     135,780       148,809,449  

Sterling Hill Community Development District, Refunding, Special Assessment Bonds, Series B, 5.50%, 11/01/10(e)(f)

     147       93,809  
   

 

 

  
      746,166,750  
Georgia — 1.2%  

City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 01/01/30

     30,000       31,711,500  

County of Barow Development Authority, Refunding RB, Georgia Power Company Plant Vogtle Project, 1.55%, 08/01/43(a)

     7,770       7,706,130  

County of Burke Georgia Development Authority, Refunding RB, Georgia Power Company Plant Bowen Project(a):

    

1.55%, 12/01/49

     6,755       6,695,894  

1.70%, 12/01/49

     26,000       25,676,560  

County of Richmond Georgia Development Authority, RB, Recovery Zone Facility, International Paper Co., Series B, 6.25%, 11/01/33

     3,625       3,638,195  

Metropolitan Atlanta Rapid Transit Authority, Refunding RB, 3rd Indenture, Series A, 4.00%, 07/01/44

     36,480       39,156,173  

Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 01/01/25

     20,000       24,923,200  
   

 

 

  
      139,507,652  
Illinois — 5.9%  

Chicago Board of Education, GO, Series H, Series D:

    

5.00%, 12/01/36

     4,620       5,255,666  

5.00%, 12/01/46

     4,475       5,033,928  
Security   Par
(000)		     Value  
Illinois (continued)  

Chicago Board of Education, GO, Refunding:

    

CAB, Series A, 0.00%, 12/01/26(g)

   $ 4,000     $ 3,235,800  

Dedicated Revenues, Series C, 5.00%, 12/01/25

     12,760       14,506,716  

Dedicated Revenues, Series F, 5.00%, 12/01/24

     9,585       10,735,392  

Dedicated Revenues, Series G, 5.00%, 12/01/34

     5,000       5,727,600  

Series A, 0.00%, 12/01/25(g)

     650       544,518  

Series A, 0.00%, 12/01/27(g)

     500       389,600  

Series A, 4.00%, 12/01/27

     5,000       5,417,500  

Series A, 5.00%, 12/01/28

     10,620       12,529,051  

Series A, 5.00%, 12/01/29

     1,580       1,884,987  

Series B, 5.00%, 12/01/26

     2,000       2,301,900  

Series B, 5.00%, 12/01/27

     1,635       1,911,806  

Series B, 5.00%, 12/01/28

     2,060       2,430,306  

Series B, 5.00%, 12/01/29

     2,000       2,386,060  

Series B, 5.00%, 12/01/30

     2,000       2,376,520  

Series B, 5.00%, 12/01/31

     1,600       1,895,152  

Series B, 5.00%, 12/01/32

     1,360       1,605,698  

Series B, 4.00%, 12/01/35

     11,640       11,810,992  

Series C, 5.00%, 12/01/23

     4,310       4,751,430  

Series C, 5.00%, 12/01/24

     4,445       4,978,489  

Series C, 5.00%, 12/01/26

     3,060       3,521,999  

Chicago Board of Education, GO:

    

Series A, 5.00%, 12/01/42

     15,895       16,727,580  

Series C, 5.25%, 12/01/39

     7,275       8,006,283  

5.00%, 12/01/46

     9,805       11,151,913  

5.00%, 12/01/46

     25,350       27,059,604  

Chicago O’Hare International Airport, Refunding RB, O’Hare International Airport, Senior Lien AMT, Series B, 5.00%, 01/01/31

     10,300       11,009,979  

City of Chicago Illinois O’Hare International Airport, GARB:

    

3rd Lien, Series C, 6.50%, 01/01/21(c)

     29,835       31,754,584  

Senior Lien, Series D, 5.25%, 01/01/42

     49,415       59,604,867  

City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series C, AMT, 5.50%, 01/01/34

     5,380       5,987,886  

City of Chicago Illinois O’Hare International Airport, Refunding RB, Senior Lien, Series B:

    

5.00%, 01/01/38

     30,000       35,772,900  

5.00%, 01/01/39

     59,885       71,309,860  

Illinois Finance Authority, RB, Series A:

    

Carle Foundation, 6.00%, 08/15/41

     6,500       6,999,460  

Carle Foundation (AGM), 6.00%, 08/15/41

     19,285       20,822,014  
 

 

 

4        

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

DePaul University, 6.13%, 04/01/21(c)

   $ 11,935     $ 12,782,504  

Memorial Health System, 5.25%, 07/01/44

     8,370       9,315,475  

Illinois Finance Authority, Refunding RB:

    

Central Dupage Health, Series B, 5.50%, 11/01/19(c)

     4,220       4,234,137  

Central Dupage Health, Series B, 5.75%, 11/01/19(c)

     6,000       6,021,240  

Northwestern Memorial Healthcare, Series A, 5.00%, 07/15/42

     23,695       28,634,223  

OSF Healthcare System, 6.00%, 05/15/20(c)

     7,875       8,097,390  

OSF Healthcare System, 6.00%, 05/15/39

     1,290       1,322,663  

Presence Health Network, Series C, 5.00%, 02/15/41

     28,920       34,421,162  

Railsplitter Tobacco Settlement Authority, RB:

    

6.00%, 06/01/21(c)

     18,485       19,903,724  

5.00%, 06/01/26

     15,000       18,135,150  

State of Illinois, GO, Series D, 5.00%, 11/01/27

     10,000       11,435,600  

State of Illinois Toll Highway Authority, RB:

    

Senior, Series B, 5.00%, 01/01/41

     30,000       35,206,800  

Series A, 5.00%, 01/01/42

     58,795       70,902,066  

Series B, 5.00%, 01/01/40

     23,520       27,409,032  

Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23

     7,045       7,067,614  
   

 

 

  
      706,326,820  
Indiana — 0.4%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

    

6.75%, 01/01/34

     3,870       4,501,778  

7.00%, 01/01/44

     7,330       8,458,893  

City of Whiting Indiana, Refunding RB, BP Products North America, Inc. Project, AMT, 5.00%, 12/01/44(a)

     15,000       17,809,800  

Indiana Finance Authority, Refunding RB, Series A:

    

AMT, 1.40%, 05/01/34(a)

     12,000       12,000,000  
Security   Par
(000)		     Value  
Indiana (continued)  

Trinity Health, 5.63%, 12/01/19(c)

   $ 7,000     $ 7,048,930  
   

 

 

  
      49,819,401  
Iowa — 2.3%  

Iowa Finance Authority, RB, Iowa Health Care Facilities, Genesis Health System, 5.50%, 07/01/33

     18,750       20,985,750  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

    

Series B, 5.25%, 12/01/50(a)

     47,270       52,085,868  

Midwestern Disaster Area, 5.25%, 12/01/25

     2,500       2,741,400  

Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT:

    

5.40%, 12/01/24

     1,080       1,106,514  

5.50%, 12/01/25

     720       737,791  

Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46

     4,810       4,810,000  

PEFA, Inc., RB, 5.00%, 09/01/49(a)

     161,315       190,674,330  
   

 

 

  
      273,141,653  
Kansas — 0.3%  

County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47

     30,210       36,909,370  
   

 

 

  
Kentucky — 2.5%  

County of Carroll Kentucky, RB, Kentucky Utilities Company Project, AMT, 1.75%, 10/01/34(a)

     6,750       6,661,373  

County of Carroll Kentucky, Refunding RB, Kentucky Utilities Company Project(a):

    

1.55%, 09/01/42

     14,000       13,824,020  

AMT, 1.20%, 02/01/32(d)

     39,697       39,477,084  

AMT, 1.20%, 10/01/34(d)

     30,000       29,832,600  

Kentucky Asset Liability Commission, RB, Series A, 3.00%, 06/25/20

     55,000       55,681,450  

Kentucky Public Energy Authority, RB(a):

    

Gas Supply, Series C-1, 4.00%, 12/01/49

     85,000       93,619,850  

Series A-1, 4.00%, 12/01/49

     50,000       55,108,000  
   

 

 

  
      294,204,377  
Louisiana — 0.7%  

Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44(b)

     2,470       2,519,647  
 

 

 

          5  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Louisiana (continued)  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

   $ 17,185     $ 18,086,181  

Louisiana Public Facilities Authority, RB, Young Audiences Charter School Project, Series A(b):

    

5.00%, 04/01/39

     1,425       1,503,190  

5.00%, 04/01/49

     2,800       2,905,616  

State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A-1, 4.00%, 05/01/32

     50,000       53,065,500  
   

 

 

  
      78,080,134  
Maine — 0.0%  

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 07/01/32

     5,365       5,815,231  
   

 

 

  
Maryland — 0.4%  

City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A:

    

4.50%, 09/01/33

     2,735       2,924,070  

5.00%, 09/01/38

     1,400       1,539,580  

County of Montgomery Maryland, GO, Refunding, Series A:

    

Public Improvement, 4.00%, 11/01/28

     14,750       16,305,387  

4.00%, 11/01/31

     14,475       16,190,143  

Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System, Series B (NPFGC), 7.00%, 07/01/22(h)

     2,380       2,679,333  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(c)

     11,000       11,669,460  
   

 

 

  
      51,307,973  
Massachusetts — 3.3%  

Commonwealth of Massachusetts, GOL, Consolidated Loan:

    

Series A, 5.25%, 04/01/42

     42,000       51,515,100  

Series A, 5.25%, 04/01/47

     93,350       114,110,106  

Series E, 5.25%, 09/01/43

     23,640       29,554,019  

Massachusetts Development Finance Agency, RB, Series A:

    

Emerson College Issue, 5.25%, 01/01/42

     9,655       11,396,472  

Foxborough Regional Charter School, 7.00%, 07/01/20(c)

     1,375       1,432,819  
Security   Par
(000)		     Value  
Massachusetts (continued)  

Massachusetts Development Finance Agency, Refunding RB:

    

Harvard University, Series A, 4.00%, 07/15/36

   $ 48,910     $ 55,865,002  

Newbridge on the Charles, Inc., 5.00%, 10/01/37(b)

     1,000       1,109,120  

Newbridge on the Charles, Inc., 5.00%, 10/01/47(b)

     1,250       1,379,262  

Massachusetts School Building Authority, RB, Sub Series B:

    

4.00%, 02/15/41

     12,420       13,351,997  

4.00%, 02/15/42

     10,000       10,750,200  

Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Refunding RB, Series B, 5.00%, 01/01/30

     5,000       5,044,950  

University of Massachusetts Building Authority, Refunding RB, Senior:

    

Series A, 5.25%, 11/01/42

     58,840       73,211,082  

Series A, 5.25%, 11/01/47

     14,425       17,858,006  

Series 1, 5.00%, 11/01/44

     10,000       11,530,500  
   

 

 

  
      398,108,635  
Michigan — 1.3%  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41

     6,485       6,909,313  

Michigan Finance Authority, RB:

    

Series A-1, 4.00%, 08/20/20

     13,950       14,240,718  

Series A-2, 2.00%, 08/20/20

     21,500       21,617,605  

Michigan Finance Authority, Refunding RB:

    

Henry Ford Health System, 5.00%, 11/15/41

     39,010       46,069,250  

Trinity Health Credit Group, Series A, 5.00%, 12/01/37

     25,000       30,233,500  

Michigan Strategic Fund, RB, I-75 Improvement Project, AMT, 5.00%, 12/31/43

     16,470       19,973,169  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39

     10,010       11,235,024  
   

 

 

  
      150,278,579  
Mississippi — 0.5%  

State of Mississippi, GO, Series B(d):

    

4.00%, 10/01/36

     14,725       16,985,582  

4.00%, 10/01/37

     19,780       22,725,835  

4.00%, 10/01/38

     11,000       12,596,650  
 

 

 

6        

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Mississippi (continued)  

4.00%, 10/01/39

   $ 8,770     $ 10,016,042  
   

 

 

  
      62,324,109  
Montana — 0.0%  

City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A:

    

5.25%, 05/15/37

     405       448,655  

5.25%, 05/15/47

     1,500       1,637,790  

5.25%, 05/15/52

     1,500       1,633,170  
   

 

 

  
      3,719,615  
Nebraska — 0.3%  

Omaha Public Power District, Separate Electric System, Refunding RB, Series A:

    

5.25%, 02/01/42

     14,265       16,623,718  

5.25%, 02/01/46

     14,670       17,049,767  
   

 

 

  
      33,673,485  
Nevada — 1.1%  

County of Clark Nevada Airport System, ARB, Series B, 5.75%, 07/01/42

     57,700       58,287,963  

Las Vegas Convention & Visitors Authority, RB, Series B, 5.00%, 07/01/43

     55,000       66,162,250  

Nevada Department of Business & Industry, RB, Series A(b):

    

5.00%, 07/15/37

     875       953,041  

5.00%, 07/15/47

     1,400       1,499,960  

State of Nevada Department of Business & Industry, RB, Somerset Academy, Series A(b):

    

4.50%, 12/15/29

     400       431,388  

5.00%, 12/15/38

     685       745,136  

5.00%, 12/15/48

     810       866,935  
   

 

 

  
      128,946,673  
New Hampshire — 0.1%  

New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(b):

    

Series B, 4.63%, 11/01/42

     9,085       9,386,895  

Series C, AMT, 4.88%, 11/01/42

     3,700       3,831,646  
   

 

 

  
      13,218,541  
New Jersey — 3.5%  

County of Cape May New Jersey Industrial Pollution Control Financing Authority, Refunding RB, Atlantic City Electric Co., Series A (NPFGC), 6.80%, 03/01/21

     5,000       5,361,350  
Security   Par
(000)		     Value  
New Jersey (continued)  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(b)

   $ 5,180     $ 5,255,680  

New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23

     5,340       5,801,536  

New Jersey EDA, RB, Series WW, 5.25%, 06/15/40

     14,965       16,921,225  

New Jersey EDA, Refunding RB, Series B:

    

New Jersey American Water Co., Inc. Project, AMT, 5.60%, 11/01/34

     8,280       8,464,561  

5.50%, 06/15/30

     45,895       54,601,281  

New Jersey Health Care Facilities Financing Authority, Refunding RB:

    

AHS Hospital Corp., 6.00%, 07/01/21(c)

     33,185       35,881,281  

AHS Hospital Corp., 6.00%, 07/01/21(c)

     1,200       1,297,500  

Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/35

     7,375       8,933,780  

Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/38

     11,950       14,403,335  

Hackensack Meridian Health Obligated Group Issue, Series A, 5.00%, 07/01/39

     22,245       26,783,870  

RWJ Barnabas Health Obligated Group, Series A, 5.00%, 07/01/43

     10,000       11,808,400  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT:

    

5.75%, 12/01/27

     235       248,409  

5.75%, 12/01/28

     190       200,792  

New Jersey Transportation Trust Fund Authority, RB:

    

Series BB, 4.00%, 06/15/36(d)

     5,500       5,884,285  

Series BB, 4.00%, 06/15/37(d)

     6,500       6,927,310  

Series BB, 4.00%, 06/15/38(d)

     7,000       7,454,020  

Series BB, 4.00%, 06/15/44(d)

     53,090       55,372,870  

Series BB, 5.00%, 06/15/44(d)

     36,445       41,729,161  

Transportation System, Series A, 6.00%, 06/15/35

     2,155       2,291,713  

Transportation System, Series AA, 5.50%, 06/15/39

     39,890       44,345,713  

Transportation System, Series C, 5.25%, 06/15/32

     19,810       22,391,837  

New Jersey Transportation Trust Fund Authority, Refunding RB, Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30

     20,000       23,353,400  
 

 

 

          7  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46

   $ 10,350     $ 11,943,383  
   

 

 

  
      417,656,692  
New Mexico — 0.7%  

City of Farmington New Mexico, Refunding RB, Public Service Company of New Mexico San Juan and Four Corners Projects, 1.88%, 04/01/33(a)

     10,000       10,007,100  

County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27

     230       267,918  

New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 5.00%, 11/01/39(a)

     60,035       70,211,533  
   

 

 

  
      80,486,551  
New York — 14.5%  

City of New York, GO:

    

Series A-A-1, 4.00%, 08/01/37

     22,500       26,045,100  

Sub-Series D-1, 5.00%, 12/01/44

     17,915       22,107,647  

Sub-Series F-1, 5.00%, 04/01/43

     65,000       79,834,300  

City of New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution Subseries, 5.25%, 06/15/37

     40,000       49,153,200  

City of New York Transitional Finance Authority Building Aid Revenue, RB, Series S-3, 5.25%, 07/15/45

     31,165       38,753,677  

City of New York Transitional Finance Authority Future Tax Secured Revenue, RB:

    

Future Tax Secured, Sub Series A-1, 5.00%, 05/01/40

     19,970       23,782,273  

Future Tax Secured, Sub-Series E-1, 5.00%, 02/01/31

     25,000       27,108,000  

Subordinate, Series C-3, 5.00%, 05/01/40

     20,000       24,677,600  

City of New York Water & Sewer System, Refunding RB:

    

2nd Generation Resolution, Fiscal 2018, Series FF, 5.00%, 06/15/40

     29,790       36,707,536  

Series EE, 5.00%, 06/15/40

     39,240       48,094,114  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:

    

6.25%, 06/01/41(b)

     8,000       8,153,760  

5.00%, 06/01/45

     16,695       16,696,002  
Security   Par
(000)		     Value  
New York (continued)  

Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/51

   $ 4,325     $ 4,632,248  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012, 5.75%, 02/15/47

     3,435       3,622,895  

Hudson Yards Infrastructure Corp., Refunding RB, Series A:

    

5.00%, 02/15/37

     8,000       9,709,920  

5.00%, 02/15/42

     22,500       27,113,850  

Metropolitan Transportation Authority, RB:

    

Series A-1, 5.25%, 11/15/39

     30,000       34,107,600  

Series D1, 5.00%, 09/01/22

     108,370       118,682,489  

Sub-Series D-1, 5.25%, 11/15/44

     30,000       34,777,800  

Metropolitan Transportation Authority, Refunding RB:

    

Series B, 5.00%, 11/15/37

     10,000       11,952,300  

Series B-2, 4.00%, 05/15/20

     196,235       199,209,923  

Transportation, Series C, 5.00%, 11/15/29

     35,265       38,945,255  

New York City Housing Development Corp., Refunding RB, M/F Housing, Sustainable Neihborhood, 2.00%, 11/01/20

     7,200       7,203,456  

New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, 5.00%, 07/15/37

     33,885       37,042,065  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Subordinate, Series A-3:

    

4.00%, 05/01/42

     30,000       34,125,600  

4.00%, 05/01/43

     25,000       28,601,000  

New York City Water & Sewer System, Refunding RB:

    

2nd General Resolution Series CC, 5.25%, 06/15/46

     65,965       79,620,415  

2nd General Resolution Sub Series CC1, 5.00%, 06/15/37

     25,000       30,285,750  

Series DD-2, Block 5, 5.00%, 06/15/40

     43,865       53,762,699  

Series EE, 5.25%, 06/15/36

     15,500       19,238,290  

New York State Dormitory Authority, Refunding RB, Bid Group 4, Series E, 5.00%, 03/15/44

     10,000       12,197,000  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/41

     5,115       5,665,834  
 

 

 

8        

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:

    

5.00%, 08/01/26

   $ 6,000     $ 6,324,600  

5.00%, 08/01/31

     49,765       52,229,363  

Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT, 4.75%, 11/01/42(b)

     5,190       5,421,526  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

     30,000       35,743,200  

Port Authority of New York & New Jersey, Refunding RB, Consolidated Bonds, Series 225th, 4.00%, 09/01/38

     2,500       2,900,025  

State of New York Dormitory Authority, RB, Sales Tax, Series A-Group C, 5.00%, 03/15/43

     19,020       22,776,070  

State of New York Dormitory Authority, Refunding RB, Group 3, Series E, 5.00%, 03/15/41

     20,150       24,763,141  

State of New York Personal Income Tax Revenue, Refunding RB, Group 4,
Series A, 5.00%, 03/15/45

     38,820       47,937,653  

State of New York Thruway Authority, RB, Anticipation Notes, Series A, 4.00%, 02/01/20

     308,325       308,762,821  

Triborough Bridge & Tunnel Authority, Refunding RB, General, Series A, 5.25%, 11/15/45

     7,805       9,286,467  

Utility Debt Securitization Authority, Refunding RB, Restructuring, Series TE, 5.00%, 12/15/41

     20,000       22,766,600  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 06/01/51

     2,500       2,673,050  
   

 

 

  
      1,733,194,114  
North Carolina — 0.2%  

County of Columbus North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, International Paper Co. Projects, Series B, 6.25%, 11/01/33

     3,000       3,010,890  

State of North Carolina, GO, Refunding, Series A, 5.00%, 06/01/23

     19,135       21,683,973  
   

 

 

  
      24,694,863  
Ohio — 2.2%  

American Municipal Power, Inc., Refunding RB, Prairie State Energy Campus Project, Series B, 7.50%, 02/15/36(a)(i)

     40,000       40,527,840  
Security   Par
(000)		     Value  
Ohio (continued)  

Buckeye Tobacco Settlement Financing Authority, RB:

    

6.25%, 06/01/37

   $ 15,450     $ 15,865,914  

Asset-Backed, Senior Turbo Term, Series A-2, 5.13%, 06/01/24

     2,000       2,000,000  

Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/30

     14,695       14,811,091  

Asset-Backed, Senior Turbo Term, Series A-2, 5.75%, 06/01/34

     3,355       3,356,107  

Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47

     24,155       24,185,435  

Asset-Backed, Senior Turbo Term, Series A-2, 6.50%, 06/01/47

     8,080       8,295,251  

County of Butler Port Authority, RB, StoryPoint Fairfield Project, Series A-1(b):

    

6.38%, 01/15/43

     1,500       1,611,225  

6.50%, 01/15/52

     3,335       3,570,051  

County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A(c):

    

5.75%, 11/15/21

     500       546,555  

6.00%, 11/15/21

     4,415       4,849,083  

6.50%, 11/15/21

     12,690       14,069,149  

Lancaster Port Authority, Refunding RB, Series A, 5.00%, 08/01/49(a)

     25,000       28,944,750  

Ohio Air Quality Development Authority, RB:

    

American Electric Company Project, Series A, 2.40%, 12/01/38(a)(d)

     4,500       4,526,145  

AMG Vanadium Project, AMT, 5.00%, 07/01/49(b)

     16,560       18,264,686  

Ohio Valley Electric Corp., AMT,
2.60%, 06/01/41(a)(d)

     10,000       10,043,100  

Ohio Higher Educational Facility Commission, Refunding RB, Cleveland Clinic Health, 5.00%, 01/01/27

     11,770       12,689,237  

State of Ohio, GO, Infrastructure Improvement Obligation Bonds, Series A, 4.00%, 02/01/31

     7,000       7,512,750  

State of Ohio Turnpike Commission, RB, Junior Lien, Series A, 5.25%, 02/15/39

     7,500       8,344,125  
 

 

 

          9  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio (continued)  

State of Ohio University, RB, General Receipts Special Purpose, Series A, 4.00%, 06/01/43

   $ 35,000     $ 37,374,400  
   

 

 

  
      261,386,894  
Pennsylvania — 1.9%  

Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project(b):

    

5.00%, 05/01/27

     3,250       3,729,375  

5.00%, 05/01/32

     3,750       4,328,775  

5.00%, 05/01/42

     6,305       7,051,764  

City of Philadelphia Pennsylvania Gas Works, RB, 12th Series B (NPFGC),
7.00%, 05/15/20(h)

     600       620,334  

County of Northampton Pennsylvania IDA, Tax Allocation Bonds, Route 33 Project, 7.00%, 07/01/32

     2,160       2,474,367  

Pennsylvania Economic Development Financing Authority, RB, Waste Management, Inc. Project, AMT(a):

    

VRDN, 1.53%, 08/01/45

     30,000       29,983,380  

1.75%, 08/01/38

     10,500       10,416,525  

Pennsylvania Turnpike Commission, RB:

    

Series A, 5.25%, 12/01/44

     35,000       43,360,100  

Series B, 5.25%, 12/01/39

     3,560       4,080,009  

Sub-Series A, 5.50%, 12/01/46

     46,430       56,717,495  

Subordinate, Special Motor License Fund, 6.00%, 12/01/20(c)

     1,195       1,258,694  

Pennsylvania Turnpike Commission, Refunding RB, Sub-Series A-1, 5.25%, 12/01/45

     22,000       25,518,020  

University of Pittsburgh-of the Commonwealth System of Higher Education, RB, University Capital Project Bonds, Series A, 4.00%, 09/15/44

     29,375       32,143,006  
   

 

 

  
      221,681,844  
Puerto Rico — 2.5%  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

CAB, Series A-1, 0.00%, 07/01/46(g)

     97,980       25,990,175  

CAB, Series A-1, 0.00%, 07/01/51(g)

     9,416       1,825,292  

Series A-1, 4.75%, 07/01/53

     48,881       50,756,564  

Series A-1, 5.00%, 07/01/58

     108,970       114,889,250  

Series A-2, 4.33%, 07/01/40

     50,047       50,787,195  

Series A-2, 4.78%, 07/01/58

     50,843       52,817,234  
Security   Par
(000)		     Value  
Puerto Rico (continued)  

Series B-1, 0.00%, 07/01/46(g)

   $ 18,123     $ 4,809,844  
   

 

 

  
      301,875,554  
Rhode Island — 0.3%  

Rhode Island Student Loan Authority, RB, Senior, Series A, AMT, 2.88%, 12/01/35

     22,715       23,606,337  

Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50

     10,000       10,678,900  
   

 

 

  
      34,285,237  
South Carolina — 2.3%  

Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(a)

     140,880       153,149,239  

South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM)(c):

    

6.50%, 08/01/21

     4,455       4,867,132  

6.25%, 08/01/21

     1,525       1,659,215  

South Carolina Jobs-Economic Development Authority, Refunding RB, the Woodlands at Furman, 5.25%, 11/15/37

     6,005       6,664,289  

South Carolina Transportation Infrastructure Bank, Refunding RB, VRDN, Series 2003B, 1.81%, 10/01/31(j)

     99,530       99,632,616  

State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43

     12,000       14,136,360  
   

 

 

  
      280,108,851  
Tennessee — 1.1%  

County of Nashville & Davidson Metropolitan Government Water & Sewer Revenue, Refunding RB, 4.00%, 07/01/43

     49,005       52,635,290  

Tennergy Corp., RB, Series A, 5.00%, 02/01/50(a)

     70,000       80,716,300  
   

 

 

  
      133,351,590  
Texas — 8.9%  

City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc., Airport Improvement Projects, Series C, AMT, 5.00%, 07/15/20

     6,535       6,686,873  
 

 

 

10        

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

City of Houston Texas Combined Utility System Revenue, Refunding RB, 1st Lien, Series B, 5.00%, 11/15/42

   $ 30,000     $ 36,664,800  

City of San Antonio Texas Electric and Gas Systems, RB, VRDN, Junior Lien, Series C, 3.00%, 12/01/45(a)

     13,590       13,622,752  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:

    

7.00%, 01/01/23(c)

     1,075       1,265,501  

7.00%, 01/01/23(c)

     2,625       3,090,176  

6.38%, 01/01/33

     465       521,818  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:

    

Christus Health, Series B, 5.00%, 07/01/43

     35,000       42,308,700  

Scott & White Healthcare, 6.00%, 08/15/20(c)

     3,700       3,847,149  

Scott & White Healthcare, 6.00%, 08/15/20(c)

     46,300       48,141,351  

Cypress-Fairbanks Independent School District, GO(a):

    

Series B1 (PSF-GTD), 1.25%, 02/15/36

     5,500       5,487,295  

Series B3 (PSF-GTD), 1.25%, 02/15/40

     10,750       10,635,943  

Cypress-Fairbanks Independent School District, GO, VRDN, Series A2 (PSF-GTD), 1.25%, 02/15/36(a)

     8,750       8,729,788  

Frisco Independent School District, GO, (PSF-GTD), 4.00%, 08/15/44

     25,000       27,171,000  

Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/30

     6,085       6,921,018  

Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(b)

     14,625       15,859,789  

New Hope Cultural Education Facilities Corp., RB, Jubilee Academic Center Project, Series A, 5.00%, 08/15/37(b)

     2,000       2,051,260  

New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A, 5.13%, 08/15/47(b)

     3,085       3,154,166  

North Texas Tollway Authority, RB, Special Projects System, Series A, 6.00%, 09/01/21(c)

     4,815       5,231,738  

North Texas Tollway Authority, Refunding RB, 1st Tier System, 6.00%, 01/01/21(c)

     11,490       12,139,989  
Security   Par
(000)		     Value  
Texas (continued)  

Northside Independent School District, GO, Refunding, (PSF-GTD), 1.60%, 08/01/49(a)

   $ 23,500     $ 23,320,695  

Pasadena Independent School District, GO, Refunding, School Building (PSF-GTD), 5.00%, 02/15/43

     25,000       27,798,500  

State of Texas, GO, Transportation Commission, Highway Improvement:

    

5.00%, 04/01/39

     20,000       22,903,400  

Series A, 5.00%, 04/01/42

     65,000       70,425,550  

State of Texas, RB, 4.00%, 08/27/20

     358,000       366,477,440  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:

    

LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     52,215       54,418,473  

NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

     51,065       51,754,377  

Texas Water Development Board, RB:

    

Series A, 5.00%, 10/15/42

     10,000       12,219,100  

Series A, 4.00%, 10/15/44(d)

     37,000       41,892,140  

State Water Implementation Fund, Series A, 5.00%, 10/15/43

     49,190       60,160,846  

State Water Implementation Revenue, 5.25%, 10/15/46

     64,170       78,066,013  
   

 

 

  
      1,062,967,640  
Utah — 0.8%  

County of Utah, RB, IHC Health Services, Inc.:

    

Series B, 5.00%, 05/15/46

     30,000       35,629,200  

Series A, 5.00%, 05/15/41

     44,970       53,694,180  

State of Utah Charter School Finance Authority, Refunding RB, The Freedom Academy Foundation Project(b):

    

5.25%, 06/15/37

     3,795       4,028,924  

5.38%, 06/15/48

     4,740       4,999,610  
   

 

 

  
      98,351,914  
Virginia — 0.7%  

Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.50%, 03/01/46

     1,815       2,013,507  

County of Hanover Virginia EDA, Refunding RB, Covenant Woods:

    

5.00%, 07/01/38

     125       138,618  

5.00%, 07/01/48

     370       405,720  

5.00%, 07/01/51

     430       470,282  
 

 

 

          11  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Virginia (continued)  

Virginia Public School Authority, Refunding RB, Series B, 5.00%, 08/01/21

   $ 45,545     $ 48,565,089  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37

     25,515       28,123,143  
   

 

 

  
      79,716,359  
Washington — 3.0%  

City of Seattle Washington Municipal Light & Power Revenue, Refunding RB, 4.00%, 09/01/44

     28,300       30,696,161  

City of Tacoma Washington Electric System Revenue, Refunding RB, Series A, 4.00%, 01/01/42

     52,415       55,960,351  

City of Tacoma Washington Water Revenue, Refunding RB, 4.00%, 12/01/43

     50,535       53,704,555  

Grant County Public Utility District No. 2, Refunding RB, Series A, 4.00%, 01/01/44

     20,425       22,144,581  

Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT, 5.25%, 05/01/42

     48,000       58,027,200  

State of Washington, GO, Series E, 4.00%, 02/01/43

     23,000       24,360,220  

University of Washington, Refunding RB, Series A, 5.25%, 12/01/46

     23,385       28,713,974  

Washington Health Care Facilities Authority, RB, Series A:

    

Catholic Health Initiatives, 5.75%, 01/01/45

     21,355       24,084,596  

Swedish Health Services, 6.75%, 05/15/21(c)

     16,000       17,388,640  

Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health(a):

    

Series B-3, 5.00%, 08/01/49

     14,085       16,693,119  

Series B1, 5.00%, 08/01/49

     11,000       12,448,920  

Series B2, 5.00%, 08/01/49

     15,000       17,405,550  
   

 

 

  
      361,627,867  
Wisconsin — 0.2%  

Public Finance Authority, RB(b):

    

Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31

     1,715       1,924,984  

Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47

     1,715       1,934,314  

American Preparatory AcAdemy, 5.38%, 07/15/52

     6,760       7,357,584  

Delray Beach Radiation Therapy, 7.00%, 11/01/46

     6,385       7,245,826  
Security   Par
(000)		     Value  
Wisconsin (continued)  

Public Finance Authority, Refunding RB:

    

AMT, National Gypsum Co., 5.25%, 04/01/30

   $ 5,900     $ 6,480,973  

WhiteStone, Retirement Facilities First Mortgage Revenue, 5.00%, 03/01/37(b)

     760       840,150  
   

 

 

  
      25,783,831  
   

 

 

  

Total Municipal Bonds — 88.1%
(Cost — $10,072,027,356)

 

     10,529,448,177  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(k)

 

Alabama — 0.7%  

City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Senior Credit Group, Series C, 5.00%, 11/15/46

     73,875       87,094,171  
   

 

 

  
California — 1.0%  

University of California, RB, Limited Project, Series M, 5.00%, 05/15/42

     100,000       122,401,000  
   

 

 

  
Colorado — 0.4%  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Sub-System, Series A, AMT, 5.25%, 12/01/43(l)

     35,000       43,073,450  
   

 

 

  
Massachusetts — 1.5%  

Commonwealth of Massachusetts, GOL, Consolidated Loan, Series E, 5.25%, 09/01/43

     75,000       93,762,750  

Massachusetts School Building Authority, RB, Series B, 5.25%, 02/15/48(l)

     72,785       89,564,123  
   

 

 

  
      183,326,873  
Michigan — 0.6%  

Michigan Finance Authority, RB, Mclaren Health Care, Series A, 4.00%, 02/15/44

     60,000       66,369,600  
   

 

 

  
Nevada — 0.8%  

County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/43

     74,740       91,445,137  
   

 

 

  
New York — 0.8%  

Triborough Bridge & Tunnel Authority, Refunding RB, MTA Bridges & Tunnels, Series C-2, 5.00%, 11/15/42

     78,250       96,267,845  
   

 

 

  
 

 

 

12        

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas — 0.8%  

Grand Parkway Transportation Corp., RB, Subordinate Tire Tela Supported, Series A, 5.00%, 10/01/43(l)

   $ 79,060     $ 95,897,408  
   

 

 

  

Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 6.6%
(Cost — $731,659,963)

 

     785,875,484  
   

 

 

  

Total Long-Term Investments — 97.1%
(Cost — $11,093,230,651)

 

     11,606,278,661  
   

 

 

  
Security       
Shares		     Value  
Short-Term Securities — 6.8%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.00%(m)(n)

     814,145,127     $ 814,226,542  
   

 

 

  

Total Short-Term Securities — 6.8%
(Cost — $814,191,254)

 

     814,226,542  
   

 

 

  

Total Investments — 103.9%
(Cost — $11,907,421,905)

 

     12,420,505,203  

Liabilities in Excess of Other Assets — (1.2)%

 

     (144,957,449 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.7)%

 

     (325,309,658 ) 
   

 

 

  

Net Assets — 100.0%

 

   $ 11,950,238,096  
   

 

 

  

 

 
(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)		  

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  
              

 

 

     

 

 

     

 

 

     

 

 

  
   $ 1,105,181,542      $ 2,575,862      $ 1,298,471      $ 1,472,373  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)

Includes net capital gain distributions, if applicable.

 
  (b)

Represents net shares purchased (sold).

 

 

 

          13  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

    BlackRock National Municipal Fund

 

Portfolio Abbreviations

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

AMT — Alternative Minimum Tax (subject to)

ARB — Airport Revenue Bonds

CAB — Capital Appreciation Bonds

COP — Certificates of Participation

EDA — Economic Development Authority

EDC — Economic Development Corp.

ETF — Exchange-Traded Fund

GARB — General Airport Revenue Bonds

GO — General Obligation Bonds

GTD — Guaranteed

IDA — Industrial Development Authority

IDB — Industrial Development Board

LRB — Lease Revenue Bonds

M/F — Multi-Family

NPFGC — National Public Finance Guarantee Corp.

PSF — Permanent School Fund

PSF-GTD — Permanent School Fund Guaranteed

RB — Revenue Bonds

VRDN — Variable Rate Demand Notes

 

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

      2,550        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  
           

 

 

  
         $ 5,043,676  
        

 

 

  

 

 

14        

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:

 

Investments:

 

Long-Term Investments(a)

    $ 290,955,000        $ 11,315,323,661        $ —        $ 11,606,278,661  

Short-Term Securities

     814,226,542          —          —          814,226,542  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,105,181,542        $ 11,315,323,661        $ —        $ 12,420,505,203  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 5,043,676        $ —        $                     —        $ 5,043,676  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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.

 

 

          15