| Schedule of Investments (unaudited) September 30, 2020 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| S C H E D U L E O F I N V E S T M E N T S | 1 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| 2 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| S C H E D U L E O F I N V E S T M E N T S | 3 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| 4 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| S C H E D U L E O F I N V E S T M E N T S | 5 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| 6 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| S C H E D U L E O F I N V E S T M E N T S | 7 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 06/30/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 09/30/20 |
Shares Held at 09/30/20 |
Income |
Capital Gain Distributions from Underlying Funds |
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| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 2,578,972,237 | $ | — | $ | (483,971,293 | )(a) | $ | (51,672 | ) | $ | 51,671 | $ | 2,095,000,943 | 2,094,582,026 | $ | 118,171 | $ | — | |||||||||||||||||||||||
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| (a) | Represents net amount purchased (sold). |
| 8 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
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 |
4,975 | 12/21/20 | $ | 694,168 | $ | (2,593,956 | ) | |||||||||
| Long U.S. Treasury Bond |
1,564 | 12/21/20 | 275,704 | (7,406 | ) | |||||||||||
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| $ | (2,601,362 | ) | ||||||||||||||
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Fair Value Hierarchy as of Period End
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 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
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| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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| Assets |
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| Investments |
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| Long-Term Investments |
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| Municipal Bonds |
$ | — | $ | 11,341,380,898 | $ | — | $ | 11,341,380,898 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 310,780,181 | — | 310,780,181 | ||||||||||||
| Short-Term Securities |
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| Money Market Funds |
2,095,000,943 | — | — | 2,095,000,943 | ||||||||||||
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| $ | 2,095,000,943 | $ | 11,652,161,079 | $ | — | $ | 13,747,162,022 | |||||||||
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| Derivative Financial Instruments(a) |
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| Liabilities |
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| Interest Rate Contracts |
$ | (2,601,362 | ) | $ | — | $ | — | $ | (2,601,362 | ) | ||||||
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| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| S C H E D U L E O F I N V E S T M E N T S | 9 |
| Schedule of Investments (unaudited) (continued) September 30, 2020 |
BlackRock National Municipal Fund |
| Portfolio Abbreviation (continued) | ||
| SAB | Special Assessment Bonds | |
| TA | Tax Allocation | |
| 10 |