Schedule of Investments (unaudited) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security |
Shares |
Value | ||||||
|
||||||||
Investment Companies |
||||||||
Equity Funds(a)(b) 3.5% | ||||||||
iShares National Muni Bond ETF |
3,353,862 | $ | 389,618,149 | |||||
iShares Short-Term National Muni Bond ETF |
1,170,000 | 125,856,900 | ||||||
|
|
|||||||
515,475,049 | ||||||||
|
|
|||||||
Total Investment Companies 3.5% |
515,475,049 | |||||||
|
|
|||||||
Par (000) |
||||||||
|
||||||||
Municipal Bonds |
||||||||
Alabama 4.5% | ||||||||
Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46 |
$ | 60,000 | 70,939,800 | |||||
Black Belt Energy Gas District, RB, Series A-1, 4.00%, 12/01/49(c) |
215,125 | 243,624,760 | ||||||
City of Homewood Albama, Refunding GO, 5.25%, 09/01/26(d) |
25,000 | 30,642,000 | ||||||
Southeast Alabama Gas Supply District, RB, Series A, 4.00%, 06/01/49(c) |
220,000 | 239,366,600 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series B, 4.00%, 12/01/51(c) |
51,250 | 62,069,387 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB(e) |
||||||||
Series A, 4.50%, 05/01/32 |
10,028 | 10,950,781 | ||||||
Series A, 5.25%, 05/01/44 |
7,780 | 8,982,944 | ||||||
|
|
|||||||
666,576,272 | ||||||||
Arizona 2.0% | ||||||||
Arizona Industrial Development Authority, RB(e) |
||||||||
5.00%, 07/01/39 |
1,000 | 1,164,960 | ||||||
5.00%, 07/01/49 |
3,305 | 3,708,379 | ||||||
5.00%, 07/01/54 |
10,655 | 11,705,690 | ||||||
Series A, 5.00%, 07/01/39 |
1,300 | 1,373,502 | ||||||
Series A, 5.00%, 07/01/49 |
2,010 | 2,106,761 | ||||||
Arizona Industrial Development Authority, Refunding RB(e) |
||||||||
Series A, 5.25%, 07/01/37 |
2,830 | 3,063,164 | ||||||
Series A, 5.50%, 07/01/52 |
2,450 | 2,642,742 | ||||||
City of Phoenix Civic Improvement Corp., RB, 5.00%, 07/01/44 |
40,000 | 51,180,000 | ||||||
Industrial Development Authority of the City of Phoenix, RB |
||||||||
6.88%, 07/01/23(d) |
3,440 | 3,837,595 | ||||||
Series A, 6.50%, 07/01/34(e) |
2,000 | 2,283,040 | ||||||
Series A, 6.75%, 07/01/44(e) |
2,190 | 2,529,187 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB, 5.00%, 07/01/45(e) |
2,280 | 2,517,325 | ||||||
Industrial Development Authority of the County of Pima, RB(e) |
||||||||
5.00%, 06/15/47 |
10,400 | 10,552,464 | ||||||
5.00%, 06/15/52 |
19,280 | 19,468,558 | ||||||
Maricopa County Industrial Development Authority, RB |
||||||||
Series 2019E, 4.00%, 01/01/45 |
21,350 | 24,907,977 | ||||||
Series 2019F, 4.00%, 01/01/45 |
35,220 | 41,090,822 |
Security | Par (000) |
Value | ||||||
|
||||||||
Arizona (continued) | ||||||||
Maricopa County Industrial Development Authority, RB (continued) |
||||||||
Series A, 4.00%, 01/01/41 |
$ | 5,150 | $ | 5,880,218 | ||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 |
27,000 | 32,535,000 | ||||||
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 |
340 | 361,998 | ||||||
Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39 |
24,180 | 28,646,046 | ||||||
Salt River Project Agricultural Improvement & |
||||||||
Power District, Refunding RB |
||||||||
Series A, 4.00%, 01/01/45 |
21,350 | 25,277,119 | ||||||
Series A, 5.00%, 12/01/45 |
15,000 | 17,140,500 | ||||||
|
|
|||||||
293,973,047 | ||||||||
Arkansas(e) 0.5% | ||||||||
Arkansas Development Finance Authority, RB |
||||||||
Series A, AMT, 4.50%, 09/01/49 |
40,990 | 44,759,440 | ||||||
Series A, AMT, 4.75%, 09/01/49 |
31,500 | 35,181,090 | ||||||
|
|
|||||||
79,940,530 | ||||||||
California 15.8% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 |
10,000 | 11,311,900 | ||||||
California Community Choice Financing Authority RB, Series B-1, 4.00%, 02/01/52(c) |
45,335 | 54,923,806 | ||||||
California Community Housing Agency RB(e)(f) |
||||||||
Series A-1, 4.00%, 08/01/50 |
6,860 | 7,108,744 | ||||||
Series A-1, 3.00%, 02/01/57 |
13,720 | 12,750,270 | ||||||
California Health Facilities Financing Authority, Refunding RB |
||||||||
Series A, 5.00%, 11/15/48 |
10,000 | 12,234,400 | ||||||
Series A, 4.00%, 08/15/50 |
20,000 | 23,035,600 | ||||||
California Infrastructure & Economic Development Bank, RB(e) |
||||||||
Series A-1, 5.00%, 01/01/56 |
2,200 | 2,486,110 | ||||||
Series A, AMT, 0.20%, 01/01/50(c) |
33,995 | 33,970,762 | ||||||
California Infrastructure & Economic Development Bank, RB, CAB, Class B, 0.00%, 01/01/61(e)(g) |
48,480 | 4,401,984 | ||||||
California State Public Works Board, RB |
||||||||
Series A, 5.00%, 09/01/39 |
5,000 | 5,617,900 | ||||||
Series B, 4.00%, 05/01/39 |
7,445 | 8,956,633 | ||||||
Series B, 4.00%, 05/01/46 |
17,500 | 20,609,750 | ||||||
California Statewide Communities Development Authority, RB, 5.25%, 12/01/48(e) |
2,000 | 2,399,840 | ||||||
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30 |
3,510 | 3,766,862 | ||||||
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA COLL), 2.55%, 07/01/39 |
25,000 | 25,980,250 | ||||||
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 |
27,620 | 33,819,585 | ||||||
City of Los Angeles California, RB, 4.00%, 06/23/22 |
500,000 | 513,810,000 |
1 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
California (continued) | ||||||||
City of Los Angeles Department of Airports Refunding RB, Series D, AMT, 5.00%, 05/15/46(f) |
$ | 70,000 | $ | 88,083,800 | ||||
City of Los Angeles Department of Airports, ARB, Series C, AMT, 5.00%, 05/15/45 |
16,260 | 20,152,644 | ||||||
City of Los Angeles Department of Airports, Refunding ARB |
||||||||
AMT, 5.00%, 05/15/48 |
20,520 | 24,827,353 | ||||||
AMT, Subordinate, 5.00%, 05/15/44 |
10,000 | 12,205,100 | ||||||
City of Los Angeles Department of Airports, Refunding RB |
||||||||
Series A, 5.00%, 05/15/38 |
19,000 | 24,296,250 | ||||||
Series A, 5.00%, 05/15/40 |
31,740 | 40,433,903 | ||||||
City of San Jose California Hotel Tax Revenue, RB |
||||||||
6.50%, 05/01/36 |
1,510 | 1,516,931 | ||||||
6.50%, 05/01/42 |
5,130 | 5,153,085 | ||||||
County of Los Angeles California, RB, 4.00%, 06/30/22 |
151,000 | 155,282,360 | ||||||
County of Riverside California, RB, 2.00%, 06/30/22 |
65,000 | 65,884,650 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(e) |
||||||||
Series A, 5.00%, 01/01/54 |
8,950 | 10,384,596 | ||||||
Series A-2, 4.00%, 10/01/56 |
36,750 | 39,378,727 | ||||||
Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33 |
6,535 | 7,297,177 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
Series A-1, 5.00%, 06/01/47 |
19,600 | 20,147,036 | ||||||
Series A-1, 5.25%, 06/01/47 |
9,535 | 9,820,573 | ||||||
Series A-2, 5.00%, 06/01/47 |
31,735 | 32,620,724 | ||||||
Los Angeles County Metropolitan Transportation Authority, RB |
||||||||
Series A, 5.00%, 07/01/42 |
18,700 | 24,676,333 | ||||||
Series A, 5.00%, 07/01/43 |
19,635 | 25,823,559 | ||||||
Series A, 5.00%, 07/01/44 |
15,060 | 19,739,142 | ||||||
Series A, 5.00%, 07/01/45 |
21,645 | 28,300,188 | ||||||
Los Angeles Department of Water & Power Power System Revenue, Refunding RB |
||||||||
Series B, 5.25%, 07/01/37 |
13,500 | 16,517,385 | ||||||
Series B, 5.25%, 07/01/38 |
15,000 | 18,332,400 | ||||||
Series B, 5.25%, 07/01/39 |
7,000 | 8,545,740 | ||||||
Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, 5.25%, 07/01/44 |
19,000 | 23,206,410 | ||||||
Los Angeles Department of Water & Power, Power Systems Refunding RB, Series B, 5.00%, 07/01/50 |
45,000 | 56,722,050 | ||||||
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45 |
24,540 | 30,893,897 | ||||||
Port of Oakland, Refunding RB, Series P, AMT, Senior Lien, 5.00%, 05/01/31(d) |
13,010 | 13,345,658 | ||||||
San Diego County Regional Transportation Commission, Refunding RB |
||||||||
Series A, 5.00%, 10/01/22 |
65,800 | 68,925,500 | ||||||
Series A, 5.00%, 04/01/41 |
35,000 | 41,411,300 | ||||||
San Diego County Water Authority Refunding RB Series B, 4.00%, 05/01/34 |
11,305 | 14,091,004 |
Security | Par (000) |
Value | ||||||
|
||||||||
California (continued) | ||||||||
San Diego County Water Authority Refunding RB (continued) |
||||||||
Series B, 4.00%, 05/01/35 |
$ | 10,000 | $ | 12,418,200 | ||||
San Diego County Water Authority, Refunding RB |
||||||||
Series B, 4.00%, 05/01/37 |
12,905 | 15,916,769 | ||||||
Series B, 4.00%, 05/01/38 |
10,215 | 12,575,380 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB |
||||||||
Series A, 5.00%, 05/15/39 |
10,000 | 11,902,100 | ||||||
Series A, Subordinate, 5.25%, 08/01/47 |
13,645 | 16,962,236 | ||||||
San Francisco Bay Area Rapid Transit District, GO, Series C-1, 4.00%, 08/01/45 |
35,295 | 41,971,402 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
Series A, AMT, 5.00%, 05/01/44 |
32,765 | 39,940,863 | ||||||
Series A, AMT, 5.00%, 05/01/49 |
67,700 | 82,324,554 | ||||||
Series B, AMT, 5.00%, 05/01/46 |
20,000 | 23,321,800 | ||||||
Series E, AMT, 5.00%, 05/01/45 |
24,750 | 30,116,790 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series B, AMT, 5.00%, 05/01/41 |
20,000 | 23,467,400 | ||||||
San Ramon Valley Unified School District, GO, 4.00%, 08/01/37 |
23,850 | 25,394,765 | ||||||
State of California, Refunding GO |
||||||||
5.00%, 03/01/35 |
26,565 | 34,142,666 | ||||||
4.00%, 10/01/37 |
18,360 | 21,934,325 | ||||||
5.25%, 10/01/39 |
20,100 | 23,950,155 | ||||||
University of California, RB, Series AV, 5.25%, 05/15/42 |
58,825 | 72,580,638 | ||||||
University of California, Refunding RB, Series Q, 5.00%, 05/15/46 |
93,725 | 120,738,419 | ||||||
2,334,858,333 | ||||||||
|
|
|||||||
Colorado 2.1% | ||||||||
Arista Metropolitan District, Refunding GO, Series A, 5.13%, 12/01/48 |
3,500 | 3,736,845 | ||||||
Brighton Crossing Metropolitan District No.6, GO |
||||||||
Series A, 5.00%, 12/01/35 |
525 | 585,522 | ||||||
Series A, 5.00%, 12/01/40 |
515 | 569,080 | ||||||
Series A, 5.00%, 12/01/50 |
1,500 | 1,640,070 | ||||||
Broadway Station Metropolitan District No.2, GO, Series A, 5.13%, 12/01/48 |
5,000 | 5,307,750 | ||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(e) |
6,930 | 7,271,995 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
Series A, AMT, 5.00%, 12/01/37 |
25,015 | 30,633,869 | ||||||
Series A, AMT, 5.00%, 12/01/38 |
5,250 | 6,423,638 | ||||||
Series A, AMT, 5.25%, 12/01/43 |
62,620 | 77,043,891 | ||||||
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43 |
10,000 | 11,952,100 | ||||||
City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32 |
36,115 | 37,984,674 | ||||||
Colorado Educational & Cultural Facilities Authority Refunding RB(e) |
||||||||
4.00%, 07/01/31 |
500 | 555,070 | ||||||
4.00%, 07/01/41 |
750 | 814,253 | ||||||
4.00%, 07/01/51 |
755 | 792,357 | ||||||
4.00%, 07/01/61 |
1,225 | 1,272,052 |
S C H E D U L E O F I N V E S T M E N T S | 2 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
Colorado (continued) | ||||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB(e) |
||||||||
5.00%, 12/01/40 |
$ | 990 | $ | 1,071,715 | ||||
5.00%, 12/01/50 |
1,320 | 1,407,094 | ||||||
5.00%, 12/01/55 |
1,540 | 1,636,281 | ||||||
Copperleaf Metropolitan District No.3, GO, Series A, 5.13%, 12/01/22(d) |
1,200 | 1,304,772 | ||||||
Cottonwood Highlands Metropolitan District No.1, GO, Series A, 5.00%, 12/01/49 |
900 | 965,124 | ||||||
Florida Development Finance Corp. RB(e)(f) |
||||||||
3.00%, 07/01/31 |
175 | 178,589 | ||||||
4.00%, 07/01/51 |
1,500 | 1,555,695 | ||||||
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 |
1,190 | 1,299,908 | ||||||
Regional Transportation District Sales Tax Revenue, Refunding RB, Series A, 3.50%, 11/01/22(d) |
75,000 | 77,687,250 | ||||||
Southlands Metropolitan District No.1, Refunding GO, Series A-1, 5.00%, 12/01/47 |
3,000 | 3,333,990 | ||||||
State of Colorado, COP, Series J, 5.25%, 03/15/42 |
30,000 | 36,452,400 | ||||||
STC Metropolitan District No.2, Refunding GO, Series A, 4.00%, 12/01/29 |
1,500 | 1,612,710 | ||||||
|
|
|||||||
315,088,694 | ||||||||
Connecticut 0.9% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB(c) |
||||||||
Series 2010-A, 0.25%, 07/01/49 |
15,000 | 14,968,800 | ||||||
Series X-2, 0.25%, 07/01/37 |
11,000 | 10,976,680 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB |
||||||||
Series 2015-A, 0.38%, 07/01/35(c) |
36,965 | 36,944,300 | ||||||
Series G-1, 5.00%, 07/01/39(e) |
1,500 | 1,772,055 | ||||||
Series G-1, 5.00%, 07/01/44(e) |
2,000 | 2,333,040 | ||||||
Series G-1, 5.00%, 07/01/50(e) |
2,350 | 2,712,393 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(e) |
3,945 | 4,155,308 | ||||||
State of Connecticut Special Tax Revenue, RB |
||||||||
Series A, 4.00%, 05/01/39 |
15,000 | 17,885,100 | ||||||
Series A, 4.00%, 05/01/40 |
10,000 | 11,874,800 | ||||||
State of Connecticut, GO |
||||||||
Series 2021-A, 3.00%, 01/15/39 |
18,675 | 20,244,260 | ||||||
Series A, 4.00%, 01/15/38 |
5,000 | 5,887,450 | ||||||
|
|
|||||||
129,754,186 | ||||||||
Delaware 0.2% | ||||||||
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(c) |
25,165 | 25,570,156 | ||||||
|
|
|||||||
District of Columbia 3.1% | ||||||||
District of Columbia Water & Sewer Authority, Refunding RB |
||||||||
Series B, Sub-Lien, 5.25%, 10/01/40 |
48,060 | 56,735,791 | ||||||
Series B, Sub-Lien, 5.25%, 10/01/44 |
63,075 | 74,323,795 | ||||||
District of Columbia, GO |
||||||||
Series A, 5.00%, 06/01/41 |
30,000 | 35,370,300 | ||||||
Series D, 5.00%, 06/01/42 |
40,000 | 48,261,200 | ||||||
Metropolitan Washington Airports Authority |
||||||||
Aviation Revenue, Refunding RB |
||||||||
Series A, AMT, 5.00%, 10/01/36 |
10,000 | 12,290,400 | ||||||
Series A, AMT, 5.00%, 10/01/46 |
31,000 | 39,008,850 |
Security | Par (000) |
Value | ||||||
|
||||||||
District of Columbia (continued) | ||||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB (continued) |
$ | 41,900 | $ | 48,472,434 | ||||
Washington Metropolitan Area Transit Authority, RB |
||||||||
5.00%, 07/01/43 |
35,480 | 42,592,321 | ||||||
Series A, 5.00%, 07/15/45 |
35,000 | 44,046,450 | ||||||
Series B, 5.00%, 07/01/42 |
50,000 | 60,048,500 | ||||||
|
|
|||||||
461,150,041 | ||||||||
Florida 2.5% | ||||||||
Brevard County Health Facilities Authority, Refunding RB(e) |
||||||||
4.00%, 11/15/45 |
2,830 | 2,862,007 | ||||||
4.00%, 11/15/55 |
4,170 | 4,180,175 | ||||||
Capital Trust Agency, Inc., RB(e) |
||||||||
5.00%, 07/01/54 |
2,095 | 2,349,647 | ||||||
Series A, 5.00%, 06/15/49 |
4,365 | 4,648,812 | ||||||
Series A, 5.00%, 01/01/56 |
1,550 | 1,738,387 | ||||||
Series A-1, 5.00%, 07/01/56 |
13,030 | 15,243,276 | ||||||
Capital Trust Agency, Inc., RB, CAB, 0.00%, 01/01/61(e)(g) |
7,200 | 585,720 | ||||||
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 |
12,910 | 15,111,155 | ||||||
City of Tampa Florida, SAB |
||||||||
5.25%, 05/01/43 |
11,720 | 14,484,748 | ||||||
5.25%, 05/01/46 |
15,430 | 19,034,139 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 |
8,000 | 9,819,280 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB |
||||||||
5.00%, 10/01/41 |
7,220 | 8,567,324 | ||||||
Series B, AMT, 5.00%, 10/01/40 |
85,000 | 102,064,600 | ||||||
County of Miami-Dade Seaport Department, ARB(d) |
||||||||
Series A, 5.50%, 10/01/23 |
5,375 | 5,939,698 | ||||||
Series A, 6.00%, 10/01/23 |
6,325 | 7,052,375 | ||||||
Series B, AMT, 6.00%, 10/01/23 |
2,350 | 2,615,550 | ||||||
Series B, AMT, 6.25%, 10/01/23 |
5,000 | 5,591,300 | ||||||
County of Palm Beach Florida, RB, 5.00%, 04/01/51(e) |
4,770 | 5,358,713 | ||||||
Florida Development Finance Corp., RB, AMT, 3.00%, 06/01/32 |
6,760 | 7,075,760 | ||||||
Greater Orlando Aviation Authority, ARB, Sub- Series A, AMT, 5.00%, 10/01/42 |
49,795 | 59,946,707 | ||||||
Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48 |
8,375 | 10,180,566 | ||||||
Lakewood Ranch Stewardship District, Refunding SAB, 4.00%, 05/01/50(e) |
1,250 | 1,303,463 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
4.63%, 05/01/27 |
1,745 | 1,880,778 | ||||||
5.00%, 05/01/37(e) |
1,655 | 1,814,310 | ||||||
5.25%, 05/01/37 |
2,755 | 3,055,212 | ||||||
4.70%, 05/01/39 |
1,160 | 1,277,404 | ||||||
5.13%, 05/01/47(e) |
1,990 | 2,165,040 | ||||||
5.38%, 05/01/47 |
4,785 | 5,266,228 | ||||||
4.88%, 05/01/49 |
1,250 | 1,371,450 | ||||||
Live Oak Lake Community Development District, SAB 4.40%, 05/01/40 |
1,600 | 1,700,000 |
3 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
Florida (continued) | ||||||||
Live Oak Lake Community Development District, SAB (continued) |
||||||||
4.60%, 05/01/51 |
$ | 2,840 | $ | 3,008,668 | ||||
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 |
8,370 | 8,815,368 | ||||||
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(d) |
11,125 | 11,125,000 | ||||||
Orlando Utilities Commission, RB, Series B, 1.25%, 10/01/46(c) |
7,560 | 7,724,581 | ||||||
River Landing Community Development District, SAB |
||||||||
Series A, 4.13%, 05/01/40 |
860 | 896,395 | ||||||
Series A, 4.35%, 05/01/51 |
1,100 | 1,145,353 | ||||||
Series B, 4.25%, 11/01/35 |
1,195 | 1,271,133 | ||||||
Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39 |
1,750 | 1,880,253 | ||||||
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(h)(i) |
147 | 93,809 | ||||||
Windward Community Development District, SAB |
||||||||
Series A-1, 4.50%, 05/01/51 |
500 | 526,065 | ||||||
Series A-2, 4.40%, 11/01/35 |
2,000 | 2,160,180 | ||||||
|
|
|||||||
362,930,629 | ||||||||
Georgia 0.8% | ||||||||
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, 4.00%, 07/01/35 |
10,850 | 12,660,431 | ||||||
Main Street Natural Gas Inc RB, Series C, 4.00%, 05/01/52(c) |
50,000 | 59,111,500 | ||||||
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, Series A, 4.00%, 07/01/44 |
20,000 | 21,151,000 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25 |
20,000 | 24,246,600 | ||||||
|
|
|||||||
117,169,531 | ||||||||
Illinois 5.7% | ||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/42 |
15,895 | 16,483,592 | ||||||
Series C, 5.25%, 12/01/39 |
7,275 | 8,041,421 | ||||||
Series D, 5.00%, 12/01/46 |
33,615 | 36,747,724 | ||||||
Series H, 5.00%, 12/01/36 |
4,620 | 5,469,757 | ||||||
Series H, 5.00%, 12/01/46 |
4,475 | 5,224,876 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series A, 5.00%, 12/01/28 |
11,160 | 13,909,266 | ||||||
Series A, 5.00%, 12/01/30 |
365 | 459,553 | ||||||
Series B, 5.00%, 12/01/26 |
2,000 | 2,394,220 | ||||||
Series B, 5.00%, 12/01/28 |
2,060 | 2,567,460 | ||||||
Series B, 5.00%, 12/01/29 |
2,000 | 2,531,340 | ||||||
Series B, 5.00%, 12/01/30 |
2,000 | 2,523,200 | ||||||
Series B, 4.00%, 12/01/35 |
11,640 | 11,949,391 | ||||||
Series C, 5.00%, 12/01/23 |
4,310 | 4,712,123 | ||||||
Series C, 5.00%, 12/01/24 |
4,445 | 5,034,185 | ||||||
Series C, 5.00%, 12/01/25 |
12,760 | 14,894,748 | ||||||
Series C, 5.00%, 12/01/26 |
3,060 | 3,663,157 | ||||||
Series F, 5.00%, 12/01/24 |
9,585 | 10,855,492 | ||||||
Series G, 5.00%, 12/01/34 |
5,000 | 5,970,500 | ||||||
Chicago Board of Education, Refunding GO, CAB(g) |
||||||||
Series A, 0.00%, 12/01/25 |
650 | 618,696 | ||||||
Series A, 0.00%, 12/01/26 |
4,000 | 3,739,240 | ||||||
Series A, 0.00%, 12/01/27 |
500 | 457,860 |
Security | Par (000) |
Value | ||||||
|
||||||||
Illinois (continued) | ||||||||
Chicago OHare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42 |
$ | 49,415 | $ | 59,321,225 | ||||
Chicago OHare International Airport, Refunding ARB, Series C, AMT, Senior Lien, 5.50%, 01/01/34 |
5,380 | 5,710,601 | ||||||
Chicago OHare International Airport, Refunding RB |
||||||||
Series B, Senior Lien, 5.00%, 01/01/38 |
30,000 | 35,792,100 | ||||||
Series B, Senior Lien, 5.00%, 01/01/39 |
59,885 | 71,293,691 | ||||||
Illinois Finance Authority, RB, 5.00%, 07/01/36 |
29,530 | 38,479,362 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series A, 4.00%, 04/01/23(d) |
30,000 | 31,677,300 | ||||||
Series A, 4.00%, 10/01/38 |
24,500 | 26,886,055 | ||||||
Series A, 5.00%, 07/15/42 |
23,695 | 28,789,899 | ||||||
Series C, 5.00%, 02/15/41 |
28,920 | 34,468,880 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/38 |
4,000 | 4,223,320 | ||||||
Series A, 5.00%, 01/01/40 |
18,000 | 20,723,580 | ||||||
Series A, 5.00%, 01/01/42 |
48,000 | 58,342,560 | ||||||
Series A, 5.00%, 01/01/45 |
49,000 | 61,668,460 | ||||||
Series B, 5.00%, 01/01/40 |
21,105 | 24,662,248 | ||||||
Series B, 5.00%, 01/01/41 |
28,000 | 33,157,600 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
5.00%, 06/15/42 |
5,000 | 6,140,550 | ||||||
4.00%, 06/15/52(f) |
14,540 | 16,058,558 | ||||||
Railsplitter Tobacco Settlement Authority, RB, 5.00%, 06/01/26 |
15,000 | 17,922,600 | ||||||
State of Illinois, GO |
||||||||
5.50%, 05/01/39 |
9,040 | 11,438,222 | ||||||
Series A, 5.00%, 11/01/29 |
27,500 | 34,471,250 | ||||||
Series B, 5.00%, 11/01/32 |
14,000 | 17,243,380 | ||||||
State of Illinois, Refunding GO |
||||||||
5.00%, 02/01/26 |
10,750 | 12,627,487 | ||||||
Series A, 5.00%, 10/01/28 |
19,250 | 23,881,742 | ||||||
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23 |
3,730 | 3,745,927 | ||||||
|
|
|||||||
836,974,398 | ||||||||
Indiana 0.1% | ||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
3,870 | 4,227,936 | ||||||
AMT, 7.00%, 01/01/44 |
7,330 | 8,004,947 | ||||||
|
|
|||||||
12,232,883 | ||||||||
Iowa 0.5% | ||||||||
Iowa Finance Authority, RB, 5.50%, 07/01/23(d) |
18,750 | 20,449,313 | ||||||
Iowa Finance Authority, Refunding RB |
||||||||
5.25%, 12/01/25 |
2,500 | 2,732,700 | ||||||
Series B, 5.25%, 12/01/50(c) |
47,270 | 51,567,788 | ||||||
|
|
|||||||
74,749,801 | ||||||||
Kansas 0.5% | ||||||||
City of Olathe Kansas, Refunding, GO, |
32,595 | 33,616,527 | ||||||
County of Johnson Kansas, GO, Series A, 4.00%, 09/01/35 |
10,000 | 11,741,000 | ||||||
Kansas Development Finance Authority, Refunding RB, Series B, 5.00%, 11/15/54(c) |
25,290 | 33,993,807 | ||||||
|
|
|||||||
79,351,334 |
S C H E D U L E O F I N V E S T M E N T S | 4 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
Kentucky 0.6% | ||||||||
Kentucky Public Energy Authority, RB, |
$ | 79,760 | $ | 88,990,625 | ||||
|
|
|||||||
Louisiana 0.2% | ||||||||
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(e) |
2,395 | 2,317,570 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(c) |
21,580 | 21,607,191 | ||||||
Louisiana Public Facilities Authority, RB(e) |
||||||||
Series A, 5.00%, 04/01/39 |
1,425 | 1,531,162 | ||||||
Series A, 5.00%, 06/01/39 |
1,300 | 1,374,789 | ||||||
Series A, 5.00%, 04/01/49 |
2,800 | 2,966,040 | ||||||
Series A, 5.00%, 06/01/49 |
3,000 | 3,127,170 | ||||||
Series A, 5.00%, 06/01/58 |
4,500 | 4,668,930 | ||||||
|
|
|||||||
37,592,852 | ||||||||
Maryland 0.1% | ||||||||
City of Baltimore Maryland, Refunding RB |
||||||||
Series A, 4.50%, 09/01/33 |
2,735 | 3,017,744 | ||||||
Series A, 5.00%, 09/01/38 |
1,400 | 1,560,510 | ||||||
Maryland Economic Development Corp., TA, 4.00%, 09/01/50 |
5,145 | 5,796,666 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, (NPFGC), 7.00%, 07/01/22(j) |
1,665 | 1,748,333 | ||||||
|
|
|||||||
12,123,253 | ||||||||
Massachusetts 5.1% | ||||||||
City of Quincy Massachusetts, Refunding, GO, 2.00%, 07/08/22 |
50,001 | 50,703,852 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, 5.00%, 06/01/49 |
27,500 | 34,145,100 | ||||||
Commonwealth of Massachusetts, GO |
||||||||
Series A, 5.25%, 04/01/42 |
42,000 | 51,584,400 | ||||||
Series A, 5.25%, 01/01/44 |
6,660 | 8,437,887 | ||||||
Series A, 5.25%, 04/01/47 |
93,350 | 113,816,054 | ||||||
Series E, 5.00%, 05/01/30 |
23,300 | 26,052,895 | ||||||
Series E, 5.00%, 05/01/33 |
22,000 | 24,551,340 | ||||||
Series E, 5.25%, 09/01/43 |
92,000 | 116,026,720 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42 |
9,655 | 11,533,091 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
5.00%, 10/01/37(e) |
1,000 | 1,088,070 | ||||||
5.00%, 10/01/47(e) |
1,250 | 1,355,750 | ||||||
Series A, 4.00%, 07/15/36 |
46,000 | 52,748,660 | ||||||
Massachusetts Port Authority, ARB |
||||||||
Series E, AMT, 5.00%, 07/01/46 |
21,300 | 26,775,165 | ||||||
Series E, AMT, 5.00%, 07/01/51 |
30,000 | 37,506,600 | ||||||
Massachusetts School Building Authority, RB |
||||||||
Series B, 5.25%, 02/15/48 |
70,505 | 87,621,499 | ||||||
Sub-Series B, 4.00%, 02/15/41 |
12,420 | 13,384,910 | ||||||
Sub-Series B, 4.00%, 02/15/42 |
10,000 | 10,771,800 | ||||||
University of Massachusetts Building Authority, Refunding RB |
||||||||
Series 1, 5.25%, 11/01/42 |
58,840 | 73,476,450 | ||||||
Series 1, 5.25%, 11/01/47 |
14,425 | 17,964,606 | ||||||
|
|
|||||||
759,544,849 | ||||||||
Michigan 1.6% | ||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/44 |
60,000 | 69,147,000 |
Security | Par (000) |
Value | ||||||
|
||||||||
Michigan (continued) | ||||||||
Michigan Finance Authority, Refunding RB 5.00%, 11/15/41 |
$ | 40,000 | $ | 47,450,800 | ||||
Series A, 5.00%, 12/01/37 |
25,105 | 30,795,801 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
16,470 | 19,690,544 | ||||||
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39 |
10,010 | 11,046,335 | ||||||
State of Michigan Trunk Line Revenue RB |
||||||||
4.00%, 11/15/44 |
34,500 | 40,777,965 | ||||||
4.00%, 11/15/46 |
12,000 | 14,106,240 | ||||||
|
|
|||||||
233,014,685 | ||||||||
Montana 0.0% | ||||||||
City of Kalispell Montana, Refunding RB |
||||||||
Series A, 5.25%, 05/15/37 |
405 | 442,252 | ||||||
Series A, 5.25%, 05/15/47 |
1,500 | 1,621,245 | ||||||
Series A, 5.25%, 05/15/52 |
1,500 | 1,617,330 | ||||||
|
|
|||||||
3,680,827 | ||||||||
Nebraska 0.1% | ||||||||
Omaha Public Power District Nebraska City Station Unit 2, Refunding RB |
||||||||
Series A, 5.25%, 02/01/42 |
10,000 | 11,391,400 | ||||||
Series A, 5.25%, 02/01/46 |
10,000 | 11,356,700 | ||||||
|
|
|||||||
22,748,100 | ||||||||
Nevada(e) 0.0% | ||||||||
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37 |
875 | 952,779 | ||||||
State of Nevada Department of Business & Industry, RB |
||||||||
Series A, 4.50%, 12/15/29 |
345 | 378,917 | ||||||
Series A, 5.00%, 12/15/38 |
1,080 | 1,192,644 | ||||||
Series A, 5.00%, 07/15/47 |
1,400 | 1,508,248 | ||||||
|
|
|||||||
4,032,588 | ||||||||
New Hampshire(e) 0.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
Series B, 4.63%, 11/01/42 |
9,085 | 9,474,111 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
3,700 | 3,874,122 | ||||||
|
|
|||||||
13,348,233 | ||||||||
New Jersey 4.2% | ||||||||
New Jersey Economic Development Authority, RB |
||||||||
Series A, 5.00%, 01/01/48 |
9,250 | 9,643,310 | ||||||
Series WW, 5.25%, 06/15/40 |
14,145 | 16,198,713 | ||||||
AMT, 5.13%, 09/15/23 |
2,835 | 2,958,436 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/30 |
45,895 | 56,381,548 | ||||||
New Jersey Health Care Facilities Financing Authority RB, 4.00%, 07/01/45 |
19,000 | 22,194,470 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB |
||||||||
Series A, 5.00%, 07/01/35 |
7,375 | 8,988,134 | ||||||
Series A, 5.00%, 07/01/38 |
11,950 | 14,435,600 | ||||||
Series A, 5.00%, 07/01/39 |
22,245 | 26,801,888 | ||||||
Series A, 5.00%, 07/01/43 |
10,000 | 11,846,700 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
1st Series, AMT, 5.75%, 12/01/27 |
185 | 186,308 | ||||||
1st Series, AMT, 5.75%, 12/01/28 |
145 | 146,025 |
5 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series AA, 5.50%, 06/15/39 |
$ | 39,890 | $ | 43,116,702 | ||||
Series AA, 4.00%, 06/15/45 |
61,090 | 70,102,608 | ||||||
Series BB, 4.00%, 06/15/44 |
25,000 | 28,047,500 | ||||||
Series BB, 5.00%, 06/15/44 |
10,000 | 12,180,900 | ||||||
Series C, 5.25%, 06/15/32 |
20,010 | 22,867,028 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 06/15/30 |
20,110 | 23,860,917 | ||||||
New Jersey Turnpike Authority, RB |
||||||||
Series A, 4.00%, 01/01/42 |
63,630 | 74,973,956 | ||||||
Series A, 4.00%, 01/01/48 |
20,000 | 22,651,800 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB, Series B-1, 4.00%, 08/01/45 |
17,855 | 20,840,892 | ||||||
State of New Jersey, GO |
||||||||
2.00%, 06/01/37 |
10,000 | 9,630,900 | ||||||
5.00%, 06/01/38 |
12,000 | 15,119,520 | ||||||
5.00%, 06/01/39 |
13,165 | 16,558,015 | ||||||
5.00%, 06/01/40 |
18,310 | 22,959,641 | ||||||
5.00%, 06/01/41 |
15,940 | 19,965,488 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/46 |
18,260 | 21,605,415 | ||||||
Series A, 5.25%, 06/01/46 |
20,350 | 24,496,923 | ||||||
|
|
|||||||
618,759,337 | ||||||||
New Mexico 0.0% | ||||||||
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 |
180 | 207,706 | ||||||
|
|
|||||||
New York 16.2% | ||||||||
City of New York GO, Series A-1, 5.00%, 08/01/47 |
12,175 | 15,308,602 | ||||||
City of New York, GO, Sub-Series F-1, 5.00%, 04/01/43 |
54,000 | 66,044,160 | ||||||
Hudson Yards Infrastructure Corp., RB |
||||||||
5.25%, 02/15/47 |
13,165 | 13,211,472 | ||||||
5.75%, 02/15/47 |
2,925 | 2,936,963 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB |
||||||||
Series A, 5.00%, 02/15/37 |
10,420 | 12,517,025 | ||||||
Series A, 5.00%, 02/15/42 |
23,825 | 28,062,753 | ||||||
Long Island Power Authority, Refunding RB, Series B, 1.50%, 09/01/51(c) |
12,790 | 13,207,210 | ||||||
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39 |
10,000 | 10,824,300 | ||||||
New York City Transitional Finance Authority Building Aid Revenue Refunding RB, (SAW), 4.00%, 07/15/36 |
12,000 | 14,394,840 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB |
||||||||
Series S-1, (SAW), 5.00%, 07/15/37 |
25,000 | 25,905,000 | ||||||
Series S-1B, (SAW), 4.00%, 07/15/40 |
10,000 | 11,692,400 | ||||||
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 |
31,165 | 38,757,729 | ||||||
New York City Transitional Finance Authority |
||||||||
Future Tax Secured Revenue, RB |
||||||||
Series B-1, 4.00%, 11/01/39 |
22,500 | 26,278,200 | ||||||
Series B-1, 4.00%, 11/01/42 |
30,000 | 34,766,700 | ||||||
Series B-1, 4.00%, 11/01/43 |
25,000 | 29,031,250 | ||||||
Series E-1, 4.00%, 02/01/46 |
60,000 | 69,451,200 |
Security | Par (000) |
Value | ||||||
|
||||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued) |
||||||||
Subordinate, 4.00%, 05/01/45 |
$ | 10,000 | $ | 11,573,300 | ||||
Series C-1, Subordinate, 4.00%, 11/01/42 |
20,925 | 24,108,529 | ||||||
Series C-3, Subordinate, 5.00%, 05/01/40 |
20,000 | 24,449,200 | ||||||
New York City Water & Sewer System RB, 5.00%, 06/15/48 |
10,000 | 12,613,900 | ||||||
New York City Water & Sewer System Refunding RB, 4.00%, 06/15/42 |
2,000 | 2,336,340 | ||||||
New York City Water & Sewer System, RB |
||||||||
Series AA, 4.00%, 06/15/42 |
25,000 | 29,371,000 | ||||||
Series BB-1, 4.00%, 06/15/50 |
10,000 | 11,497,100 | ||||||
Series CC-1, Subordinate, 5.00%, 06/15/51 |
20,000 | 25,106,800 | ||||||
New York City Water & Sewer System, Refunding RB |
||||||||
5.00%, 06/15/40 |
10,000 | 12,799,300 | ||||||
4.00%, 06/15/41 |
14,500 | 17,050,405 | ||||||
4.00%, 06/15/45 |
41,265 | 48,644,833 | ||||||
4.00%, 06/15/51 |
28,090 | 32,422,602 | ||||||
Series AA, 4.00%, 06/15/43 |
23,500 | 27,524,375 | ||||||
Series CC, 4.00%, 06/15/42 |
29,000 | 33,796,020 | ||||||
Series CC, 5.25%, 06/15/46 |
61,465 | 73,334,506 | ||||||
Series CC-1, 5.00%, 06/15/37 |
24,000 | 28,926,240 | ||||||
Series CC-1, 5.25%, 06/15/37 |
39,000 | 47,650,200 | ||||||
Series DD-2, 5.00%, 06/15/40 |
39,865 | 48,905,585 | ||||||
Series DD-3, 4.00%, 06/15/42 |
64,105 | 74,975,926 | ||||||
Series EE, 5.25%, 06/15/36 |
14,500 | 17,985,510 | ||||||
Series EE, 5.00%, 06/15/40 |
34,240 | 41,844,019 | ||||||
Series EE, 4.00%, 06/15/42 |
33,340 | 38,993,797 | ||||||
Series FF, 5.00%, 06/15/40 |
23,790 | 29,447,024 | ||||||
New York Counties Tobacco Trust IV, Refunding RB |
||||||||
Series A, 6.25%, 06/01/41(e) |
7,800 | 7,919,652 | ||||||
Series A, 5.00%, 06/01/45 |
16,695 | 16,859,947 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51 |
4,325 | 4,568,325 | ||||||
New York Liberty Development Corp. Refunding RB, 2.88%, 11/15/46 |
53,000 | 53,413,930 | ||||||
New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(e) |
34,385 | 37,690,086 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45 |
60,000 | 70,184,400 | ||||||
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43 |
19,020 | 22,843,591 | ||||||
New York State Dormitory Authority, Refunding RB |
||||||||
Series A, 5.25%, 03/15/39 |
5,000 | 6,293,550 | ||||||
Series A, 4.00%, 03/15/41 |
43,750 | 51,334,937 | ||||||
Series A, 4.00%, 03/15/45 |
75,000 | 86,436,750 | ||||||
Series E, 5.00%, 03/15/41 |
20,150 | 25,092,190 | ||||||
Series E, 5.00%, 03/15/44 |
10,000 | 12,392,100 | ||||||
New York State Environmental Facilities Corp., Refunding RB, 5.00%, 06/15/42 |
10,000 | 12,188,400 | ||||||
New York State Housing Finance Agency, RB, M/F Housing |
||||||||
Series L-2, (SONYMA), 0.75%, 11/01/25 |
7,650 | 7,656,503 | ||||||
Series M-2, (SONYMA FHA 542(C)), 0.75%, 11/01/25 |
4,380 | 4,380,657 | ||||||
New York State Thruway Authority RB(f) 4.00%, 01/01/45 |
25,640 | 29,753,425 |
S C H E D U L E O F I N V E S T M E N T S | 6 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
New York (continued) | ||||||||
New York State Thruway Authority RB(f) (continued) |
||||||||
4.00%, 01/01/46 |
$ | 21,670 | $ | 25,149,985 | ||||
New York State Thruway Authority, Refunding RB |
||||||||
Series I, 5.00%, 01/01/22(d) |
45,000 | 45,522,900 | ||||||
Series B, Subordinate, 4.00%, 01/01/38 |
17,020 | 19,866,595 | ||||||
Series B, Subordinate, 4.00%, 01/01/39 |
16,335 | 19,060,168 | ||||||
Series B, Subordinate, 4.00%, 01/01/41 |
29,505 | 34,000,677 | ||||||
Series B, Subordinate, 4.00%, 01/01/45 |
10,000 | 11,417,100 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45 |
23,295 | 26,834,209 | ||||||
New York State Urban Development Corp., Refunding RB |
51,850 | 64,545,991 | ||||||
Series A, 4.00%, 03/15/42 |
12,000 | 13,961,520 | ||||||
Series A, 4.00%, 03/15/44 |
27,500 | 31,790,825 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
9,610 | 11,953,302 | ||||||
AMT, 5.00%, 10/01/40 |
27,095 | 33,174,576 | ||||||
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(e) |
5,190 | 5,442,182 | ||||||
Port Authority of New York & New Jersey, ARB |
||||||||
217th Series, 5.00%, 11/01/44 |
22,500 | 28,100,025 | ||||||
218th Series, AMT, 5.00%, 11/01/32 |
10,000 | 12,624,000 | ||||||
218th Series, AMT, 4.00%, 11/01/41 |
17,725 | 20,392,967 | ||||||
Consolidated, 218th Series, AMT, 5.00%, 11/01/44 |
45,000 | 55,103,400 | ||||||
Port Authority of New York & New Jersey, Refunding ARB |
||||||||
Series 224, 4.00%, 07/15/41 |
11,300 | 13,440,672 | ||||||
169th Series, AMT, 5.00%, 10/15/36 |
7,195 | 7,220,039 | ||||||
Sales Tax Asset Receivable Corp., Refunding RB, |
||||||||
Series A, 4.00%, 10/15/24(d) |
97,500 | 108,364,425 | ||||||
Suffolk County Water Authority, Refunding RB, Series A, 3.75%, 06/01/36 |
20,000 | 21,088,000 | ||||||
Triborough Bridge & Tunnel Authority, RB |
||||||||
Series C, 4.00%, 11/15/40 |
15,000 | 17,605,650 | ||||||
Series C, 4.00%, 11/15/41 |
25,000 | 29,227,000 | ||||||
Series C- 2, 4.00%, 05/15/46 |
25,190 | 29,479,353 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB |
||||||||
Series A, 5.25%, 11/15/45 |
7,805 | 9,010,248 | ||||||
Series B, 5.00%, 11/15/38 |
9,800 | 11,884,068 | ||||||
Series C-2, 5.00%, 11/15/42 |
70,000 | 85,131,900 | ||||||
Utility Debt Securitization Authority, Refunding RB, Series TE, Restructured, 5.00%, 12/15/41 |
20,000 | 21,989,400 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
2,500 | 2,831,100 | ||||||
|
|
|||||||
2,392,967,035 | ||||||||
North Carolina 0.2% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 04/01/22(d) |
23,570 | 24,131,673 | ||||||
North Carolina Medical Care Commission, RB 5.00%, 10/01/40 |
1,050 | 1,205,295 |
Security | Par (000) |
Value | ||||||
|
||||||||
North Carolina (continued) | ||||||||
North Carolina Medical Care Commission, RB (continued) |
||||||||
5.00%, 10/01/45 |
$ | 1,000 | $ | 1,138,100 | ||||
5.00%, 10/01/50 |
1,500 | 1,699,350 | ||||||
|
|
|||||||
28,174,418 | ||||||||
Ohio 0.8% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
67,225 | 76,147,102 | ||||||
County of Lucas Ohio, Refunding RB(d) |
||||||||
Series A, 5.75%, 11/15/21 |
500 | 503,195 | ||||||
Series A, 6.00%, 11/15/21 |
4,415 | 4,444,448 | ||||||
Series A, 6.50%, 11/15/21 |
12,690 | 12,781,876 | ||||||
Ohio Air Quality Development Authority, RB(e) |
||||||||
AMT, 4.50%, 01/15/48 |
1,480 | 1,671,986 | ||||||
AMT, 5.00%, 07/01/49 |
16,560 | 19,064,865 | ||||||
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/39 |
7,500 | 7,974,150 | ||||||
|
|
|||||||
122,587,622 | ||||||||
Oklahoma 0.1% | ||||||||
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(e) |
7,990 | 9,669,019 | ||||||
|
|
|||||||
Pennsylvania 1.1% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB(e) |
||||||||
5.00%, 05/01/27 |
3,250 | 3,776,955 | ||||||
5.00%, 05/01/32 |
3,750 | 4,392,450 | ||||||
5.00%, 05/01/42 |
6,305 | 7,221,873 | ||||||
Bucks County Industrial Development Authority, RB |
||||||||
4.00%, 07/01/46 |
2,205 | 2,453,217 | ||||||
4.00%, 07/01/51 |
1,500 | 1,653,810 | ||||||
City of Philadelphia PA Water & Wastewater Revenue, RB, Series C, 5.00%, 10/01/46 |
10,000 | 12,700,700 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |
1,930 | 2,050,297 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series A, 5.25%, 12/01/44 |
32,500 | 41,192,125 | ||||||
Series B, 5.25%, 12/01/39 |
3,560 | 4,045,549 | ||||||
Sub-Series A, 5.50%, 12/01/46 |
46,430 | 57,021,147 | ||||||
Swarthmore Borough Authority Refunding RB |
||||||||
Series B, 4.00%, 09/15/43 |
5,155 | 6,198,321 | ||||||
Series B, 4.00%, 09/15/45 |
6,585 | 7,862,819 | ||||||
Series B, 4.00%, 09/15/47 |
7,205 | 8,558,603 | ||||||
|
|
|||||||
159,127,866 | ||||||||
Puerto Rico 4.3% | ||||||||
Childrens Trust Fund, RB, Series A, 0.00%, 05/15/57(g) |
300,000 | 20,013,000 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB(e)(f) |
||||||||
Series A, 5.00%, 07/01/24 |
2,980 | 3,165,505 | ||||||
Series A, 5.00%, 07/01/25 |
3,970 | 4,300,780 | ||||||
Series A, 5.00%, 07/01/28 |
4,125 | 4,682,659 | ||||||
Series A, 5.00%, 07/01/29 |
5,905 | 6,782,188 | ||||||
Series A, 5.00%, 07/01/33 |
12,160 | 14,867,667 |
7 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB(e)(f) (continued) |
||||||||
Series A, 5.00%, 07/01/37 |
$ | 13,895 | $ | 16,788,217 | ||||
Series A, 4.00%, 07/01/42 |
14,765 | 15,758,389 | ||||||
Series A, 4.00%, 07/01/47 |
2,805 | 2,966,708 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(e) |
||||||||
Series A, Senior Lien, 5.00%, 07/01/35 |
40,935 | 49,598,483 | ||||||
Series A, Senior Lien, 5.00%, 07/01/47 |
72,080 | 85,767,992 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
96,014 | 109,618,224 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
105,076 | 120,582,065 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
48,060 | 53,294,695 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
59,265 | 67,271,701 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(g) |
||||||||
Series A-1, Restructured, 0.00%, 07/01/24 |
3,582 | 3,422,852 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 |
89,802 | 29,494,569 | ||||||
Series A-1, Restructured, 0.00%, 07/01/51 |
78,857 | 18,719,075 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 |
18,123 | 5,955,943 | ||||||
|
|
|||||||
633,050,712 | ||||||||
Rhode Island 0.2% | ||||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 2.88%, 12/01/35 |
14,165 | 14,631,028 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50 |
10,000 | 11,049,100 | ||||||
|
|
|||||||
25,680,128 | ||||||||
South Carolina 0.8% | ||||||||
County of Dorchester South Carolina, SAB(e) |
||||||||
5.88%, 10/01/40 |
1,245 | 1,377,842 | ||||||
6.00%, 10/01/51 |
3,000 | 3,297,660 | ||||||
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(c) |
95,000 | 102,312,150 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37 |
6,005 | 6,508,639 | ||||||
|
|
|||||||
113,496,291 | ||||||||
Tennessee 0.5% | ||||||||
Metropolitan Government of Nashville & |
||||||||
Davidson County Tennessee Water & Sewer Revenue, Refunding RB, 4.00%, 07/01/43 |
49,005 | 51,755,651 | ||||||
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(c) |
18,000 | 23,485,860 | ||||||
|
|
|||||||
75,241,511 | ||||||||
Texas 3.2% | ||||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, 5.00%, 11/15/42 |
25,000 | 30,371,750 | ||||||
City of Houston TX Airport System Revenue RB |
||||||||
4.00%, 07/01/41 |
7,250 | 7,701,095 | ||||||
4.00%, 07/15/41 |
8,250 | 8,764,305 | ||||||
Dallas Fort Worth International Airport, ARB, Series D, AMT, 5.00%, 11/01/21(d) |
29,555 | 29,659,920 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB |
||||||||
Series B, 7.00%, 01/01/23(d) |
3,700 | 4,009,285 | ||||||
Series B, 6.38%, 01/01/33 |
465 | 493,760 | ||||||
Harris County Flood Control District Refunding GOL, Series A, 4.00%, 10/01/46 |
59,390 | 70,073,073 |
Security | Par (000) |
Value | ||||||
|
||||||||
Texas (continued) | ||||||||
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/30 |
$ | 6,085 | $ | 6,588,838 | ||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(e) |
13,495 | 14,187,968 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB |
||||||||
Series A, 5.00%, 08/15/37(e) |
2,000 | 2,003,280 | ||||||
Series A, 5.00%, 07/01/40 |
4,000 | 4,622,760 | ||||||
Series A, 5.13%, 08/15/47(e) |
3,085 | 3,089,628 | ||||||
Series A, 5.00%, 07/01/57 |
7,000 | 7,910,910 | ||||||
Pasadena Independent School District, Refunding GO, (PSF), 5.00%, 02/15/43 |
20,000 | 21,193,000 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/43 |
35,000 | 42,729,750 | ||||||
Texas Water Development Board, RB |
||||||||
4.00%, 10/15/45 |
89,200 | 105,724,300 | ||||||
5.25%, 10/15/46 |
60,000 | 73,306,800 | ||||||
Series A, 5.00%, 10/15/42 |
10,000 | 12,212,100 | ||||||
Series B, 4.00%, 10/15/43 |
20,000 | 23,175,200 | ||||||
|
|
|||||||
467,817,722 | ||||||||
Utah 0.7% | ||||||||
County of Utah, RB, Series B, 5.00%, 05/15/46 |
30,000 | 35,241,000 | ||||||
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41 |
44,970 | 53,056,056 | ||||||
Utah Charter School Finance Authority, RB, 5.63%, 06/15/54(e) |
4,940 | 5,021,559 | ||||||
Utah Charter School Finance Authority, Refunding RB(e) |
||||||||
5.25%, 06/15/37 |
3,795 | 4,224,898 | ||||||
5.38%, 06/15/48 |
4,740 | 5,222,010 | ||||||
|
|
|||||||
102,765,523 | ||||||||
Vermont(e) 0.1% | ||||||||
East Central Vermont Telecommunications District, RB |
||||||||
Series A, 4.00%, 12/01/30 |
2,010 | 2,081,094 | ||||||
Series A, 4.25%, 12/01/40 |
4,030 | 4,085,775 | ||||||
Series A, 4.50%, 12/01/50 |
2,960 | 2,987,972 | ||||||
|
|
|||||||
9,154,841 | ||||||||
Virginia 0.3% | ||||||||
Ballston Quarter Community Development Authority, TA, Series A, 5.50%, 03/01/46 |
1,815 | 1,797,122 | ||||||
Hanover County Economic Development Authority, Refunding RB |
||||||||
5.00%, 07/01/38 |
125 | 136,874 | ||||||
5.00%, 07/01/48 |
370 | 401,987 | ||||||
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37 |
25,515 | 26,614,441 | ||||||
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 01/01/45 |
15,000 | 16,958,400 | ||||||
|
|
|||||||
45,908,824 | ||||||||
Washington 3.2% | ||||||||
City of Tacoma Washington Electric System Revenue, Refunding RB, Series A, 4.00%, 01/01/42 |
32,415 | 33,963,789 | ||||||
City of Tacoma Washington Water Revenue, Refunding RB, 4.00%, 12/01/43 |
50,535 | 52,901,049 | ||||||
Energy Northwest, Refunding RB |
||||||||
5.00%, 07/01/22 |
55,000 | 56,970,100 | ||||||
5.00%, 07/01/23 |
63,500 | 68,811,775 |
S C H E D U L E O F I N V E S T M E N T S | 8 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
Washington (continued) |
||||||||
Energy Northwest, Refunding RB (continued) 4.00%, 07/01/42 |
$ | 20,000 | $ | 23,825,800 | ||||
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42 |
48,000 | 57,250,560 | ||||||
Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46 |
33,730 | 42,326,428 | ||||||
State of Washington, GO, Series E, 4.00%, 02/01/43 |
23,000 | 23,940,010 | ||||||
University of Washington, Refunding RB, Series A, 5.25%, 12/01/46 |
23,385 | 28,300,293 | ||||||
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(d) |
21,355 | 22,829,135 | ||||||
Washington State Convention Center Public Facilities District RB, 3.00%, 07/01/58 |
10,745 | 10,316,489 | ||||||
Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/31 |
17,475 | 20,466,895 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 |
24,536 | 28,207,858 | ||||||
|
|
|||||||
470,110,181 | ||||||||
Wisconsin 0.6% |
||||||||
Public Finance Authority RB |
||||||||
4.00%, 07/01/41 |
2,715 | 2,796,287 | ||||||
4.25%, 07/01/54 |
4,745 | 4,868,228 | ||||||
Series A, 5.00%, 06/15/41(f) |
1,215 | 1,323,730 | ||||||
Series A, 5.00%, 06/15/51(f) |
1,365 | 1,468,344 | ||||||
Series A, 5.00%, 06/15/56(f) |
1,495 | 1,603,103 | ||||||
Public Finance Authority, RB(e) |
||||||||
5.00%, 12/01/35 |
1,690 | 1,927,530 | ||||||
4.00%, 06/15/40 |
2,020 | 2,094,922 | ||||||
5.00%, 12/01/45 |
2,370 | 2,650,442 | ||||||
7.00%, 11/01/46 |
6,385 | 6,760,630 | ||||||
4.00%, 06/15/50 |
2,995 | 3,055,110 | ||||||
5.00%, 12/01/55 |
8,045 | 8,916,032 | ||||||
4.00%, 06/15/56 |
2,445 | 2,483,240 | ||||||
Series A, 6.25%, 10/01/31 |
1,715 | 1,818,860 | ||||||
Series A, 5.25%, 03/01/45 |
3,325 | 3,783,451 | ||||||
Series A, 7.00%, 10/01/47 |
1,715 | 1,801,162 | ||||||
Series A, 5.63%, 06/15/49 |
12,360 | 13,292,315 | ||||||
Series A, 5.38%, 07/15/52 |
6,760 | 7,574,445 | ||||||
Series A, 5.25%, 03/01/55 |
9,500 | 10,672,680 | ||||||
Series A-1, 5.00%, 01/01/56 |
2,515 | 2,852,412 | ||||||
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(e)(g) |
25,000 | 2,199,000 | ||||||
Public Finance Authority, Refunding RB |
||||||||
5.00%, 03/01/37(e) |
760 | 845,112 | ||||||
4.00%, 12/01/51 |
1,050 | 1,192,380 | ||||||
|
|
|||||||
85,979,415 | ||||||||
|
|
|||||||
Total Municipal Bonds 83.5% |
12,326,093,998 | |||||||
|
|
|||||||
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 | 120,988,000 | ||||||
|
|
Security | Par (000) |
Value | ||||||
|
||||||||
Nevada 0.6% |
||||||||
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 |
$ | 74,740 | $ | 91,336,764 | ||||
|
|
|||||||
Texas 0.7% | ||||||||
Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43(l) |
79,060 | 96,757,581 | ||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 2.1% |
|
309,082,345 | ||||||
|
|
|||||||
Total Long-Term Investments 89.1% |
|
13,150,651,392 | ||||||
|
|
|||||||
Shares |
||||||||
|
||||||||
Short-Term Securities |
||||||||
Money Market Funds 12.5% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(a)(b) |
1,842,102,219 | 1,842,286,429 | ||||||
|
|
|||||||
Total Short-Term Securities 12.5% |
1,842,286,429 | |||||||
|
|
|||||||
Total Investments 101.6% |
14,992,937,821 | |||||||
Liabilities in Excess of Other Assets (0.7)% |
|
(103,253,593 | ) | |||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (0.9)% |
(126,917,309 | ) | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 14,762,766,919 | ||||||
|
|
(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) | When-issued security. |
(g) | Zero-coupon bond. |
(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. |
(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. |
9 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 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 09/30/21 |
Shares Held at |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 2,424,414,061 | $ | | $ | (581,940,436) | (a) | $ | 51,232 | $ | (238,428 | ) | $ | 1,842,286,429 | 1,842,102,219 | $ | 21,325 | $ | | |||||||||||||||||||||||
iShares National Muni Bond ETF |
202,812,373 | 190,838,271 | | | (4,032,495 | ) | 389,618,149 | 3,353,862 | 1,294,211 | | ||||||||||||||||||||||||||||||||
iShares Short-Term National Muni Bond ETF |
126,149,400 | | | | (292,500 | ) | 125,856,900 | 1,170,000 | 209,767 | | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 51,232 | $ | (4,563,423 | ) | $ | 2,357,761,478 | $ | 1,525,303 | $ | | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
2,201 | 12/21/21 | $ | 289,913 | $ | 2,478,047 | ||||||||||
U.S. Long Bond |
1,273 | 12/21/21 | 203,044 | 3,434,265 | ||||||||||||
5-Year U.S. Treasury Note |
1,661 | 12/31/21 | 203,966 | 827,669 | ||||||||||||
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|
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$ | 6,739,981 | |||||||||||||||
|
|
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 marketcorroborated 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 BlackRock Global Valuation Methodologies Committees (the Global Valuation Committees) 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 Funds policy regarding valuation of financial instruments, refer to its most recent financial statements.
S C H E D U L E O F I N V E S T M E N T S | 10 |
Schedule of Investments (unaudited) (continued) September 30, 2021 |
BlackRock National Municipal Fund |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments 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 |
||||||||||||||||
Investment Companies |
$ | 515,475,049 | $ | | $ | | $ | 515,475,049 | ||||||||
Municipal Bonds |
| 12,326,093,998 | | 12,326,093,998 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
| 309,082,345 | | 309,082,345 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
1,842,286,429 | | | 1,842,286,429 | ||||||||||||
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|
|
|
|
|
|
|
|||||||||
$ | 2,357,761,478 | $ | 12,635,176,343 | $ | | $ | 14,992,937,821 | |||||||||
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|
|
|
|
|
|
|
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Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ | 6,739,981 | $ | | $ | | $ | 6,739,981 | ||||||||
|
|
|
|
|
|
|
|
(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.
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | AMBAC Assurance Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
ETF | Exchange-Traded Fund | |
FHA | Federal Housing Administration | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation Bonds | |
GOL | General Obligation Ltd. | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
RB | Revenue Bond | |
SAB | Special Assessment Bonds | |
SAW | State Aid Withholding | |
SONYMA | State of New York Mortgage Agency | |
TA | Tax Allocation |
11 |