| Schedule of Investments (unaudited) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
| |||||||
| Alabama — 3.3% |
||||||||
| Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46 |
$ | 60,000 | $ | 61,294,440 | ||||
| Black Belt Energy Gas District, RB(a) |
||||||||
| Series C-1, 5.25%, 02/01/53 |
62,425 | 65,749,443 | ||||||
| Series F, 5.50%, 11/01/53 |
11,170 | 11,798,771 | ||||||
| Southeast Energy Authority A Cooperative District, RB(a) |
||||||||
| Series A, 4.00%, 11/01/51 |
102,970 | 100,940,564 | ||||||
| Series A, 5.25%, 01/01/54 |
60,000 | 63,316,440 | ||||||
| Series B-1, 5.00%, 05/01/53 |
20,000 | 20,618,880 | ||||||
|
|
|
|||||||
| 323,718,538 | ||||||||
| Arizona — 2.0% | ||||||||
| Arizona Industrial Development Authority, RB(b) |
||||||||
| 5.00%, 07/01/49 |
1,695 | 1,584,259 | ||||||
| 5.00%, 07/01/54 |
10,655 | 9,841,960 | ||||||
| Series A, 5.00%, 07/01/39 |
1,300 | 1,244,346 | ||||||
| Series A, 5.00%, 07/01/49 |
2,010 | 1,822,256 | ||||||
| Arizona Industrial Development Authority, Refunding RB(b) |
||||||||
| Series A, 5.25%, 07/01/37 |
2,830 | 2,807,281 | ||||||
| Series A, 5.50%, 07/01/52 |
2,450 | 2,427,619 | ||||||
| City of Phoenix Civic Improvement Corp., RB |
||||||||
| Junior Lien, 5.00%, 07/01/44 |
42,815 | 47,024,014 | ||||||
| Series A, Junior Lien, 4.00%, 07/01/40 |
1,000 | 1,029,140 | ||||||
| Subordinate, 5.00%, 07/01/44 |
7,930 | 8,871,695 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, RB |
||||||||
| 6.88%, 07/01/23(c) |
3,440 | 3,473,736 | ||||||
| Series A, 6.75%, 07/01/44(b) |
2,190 | 2,261,024 | ||||||
| Maricopa County Industrial Development Authority, RB |
||||||||
| Series 2019F, 4.00%, 01/01/45 |
9,400 | 9,150,261 | ||||||
| Series A, 4.00%, 01/01/41 |
10,000 | 9,971,730 | ||||||
| Series A, 4.00%, 01/01/44 |
28,000 | 27,488,356 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 |
31,100 | 32,496,452 | ||||||
| Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 |
280 | 283,874 | ||||||
| Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39 |
30,280 | 31,360,724 | ||||||
| Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/45 |
7,115 | 7,217,235 | ||||||
|
|
|
|||||||
| 200,355,962 | ||||||||
| Arkansas(b) — 0.6% | ||||||||
| Arkansas Development Finance Authority, RB |
||||||||
| Series A, AMT, 4.50%, 09/01/49 |
15,325 | 13,694,619 | ||||||
| Series A, AMT, 4.75%, 09/01/49 |
50,925 | 47,314,876 | ||||||
|
|
|
|||||||
| 61,009,495 | ||||||||
| California — 13.3% | ||||||||
| California Community Choice Financing Authority, RB(a) |
||||||||
| 5.00%, 07/01/53 |
25,000 | 26,215,450 | ||||||
| Series B-1, 4.00%, 02/01/52 |
148,500 | 146,586,429 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) | ||||||||
| California Community Choice Financing Authority, RB(a) (continued) |
||||||||
| Series C, 5.25%, 01/01/54 |
$ | 25,000 | $ | 25,555,950 | ||||
| California Community Housing Agency, RB, M/F Housing(b) |
||||||||
| Series A-2, 4.00%, 02/01/50 |
6,840 | 5,354,311 | ||||||
| Series A-2, 4.00%, 08/01/51 |
7,940 | 5,711,655 | ||||||
| California Health Facilities Financing Authority, Refunding RB, (BAM-TCRS), 4.00%, 08/15/48 |
1,000 | 980,246 | ||||||
| California Housing Finance Agency, RB, M/F Housing, Series 2021-2, Class A, (FHLMC COLL), 3.75%, 03/25/35 |
10 | 10,366 | ||||||
| California Infrastructure & Economic Development Bank, RB, Series A, AMT, 3.65%, 01/01/50(a)(b) |
57,150 | 57,152,629 | ||||||
| California Infrastructure & Economic Development Bank, RB, CAB, Class B, 0.00%, 01/01/61(b)(d) |
48,025 | 2,578,606 | ||||||
| California Public Finance Authority, RB, Series A, 5.00%, 07/15/46 |
2,855 | 3,130,996 | ||||||
| California State Public Works Board, RB |
||||||||
| 4.00%, 11/01/46 |
12,765 | 12,710,647 | ||||||
| Series B, 4.00%, 05/01/40 |
10,000 | 10,268,820 | ||||||
| California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30 |
3,510 | 3,387,122 | ||||||
| Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45 |
4,700 | 4,739,170 | ||||||
| City & County of San Francisco California, GO, Series D-1, 4.00%, 06/15/43 |
2,065 | 2,123,660 | ||||||
| City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA COLL), 2.55%, 07/01/39 |
25,000 | 20,920,800 | ||||||
| City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 |
27,620 | 29,592,040 | ||||||
| City of Los Angeles Department of Airports, ARB |
||||||||
| AMT, 5.00%, 05/15/47 |
26,170 | 27,836,558 | ||||||
| Series A, AMT, 4.00%, 05/15/38 |
14,370 | 14,528,530 | ||||||
| Series A, AMT, 4.00%, 05/15/39 |
10,940 | 11,021,470 | ||||||
| Series A, AMT, 5.25%, 05/15/48 |
7,000 | 7,319,501 | ||||||
| Series C, AMT, 5.00%, 05/15/45 |
17,175 | 18,132,283 | ||||||
| Series C, AMT, Subordinate, 5.00%, 05/15/44 |
8,000 | 8,281,936 | ||||||
| City of Los Angeles Department of Airports, Refunding ARB |
||||||||
| AMT, 4.00%, 05/15/42 |
2,000 | 1,972,664 | ||||||
| AMT, 5.00%, 05/15/45 |
18,000 | 19,094,976 | ||||||
| AMT, Subordinate, 5.00%, 05/15/44 |
10,035 | 10,490,057 | ||||||
| CMFA Special Finance Agency VII, RB, M/F Housing, Series A1, 3.00%, 08/01/56(b) |
1,330 | 867,399 | ||||||
| CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) |
11,440 | 9,304,152 | ||||||
| CMFA Special Finance Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/45(b) |
1,365 | 1,139,453 | ||||||
| County of Sacramento California Airport System Revenue, Refunding RB, Sub-Series B, 5.00%, 07/01/41 |
8,200 | 8,477,390 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
| 3.13%, 07/01/56 |
23,665 | 16,537,481 | ||||||
| 4.00%, 07/01/56 |
33,920 | 25,343,847 | ||||||
| 3.13%, 08/01/56 |
9,025 | 6,498,514 | ||||||
| 1 |
|
| Schedule of Investments (unaudited) (continued) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| California (continued) |
||||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) |
||||||||
| 3.00%, 12/01/56 |
$ | 5,000 | $ | 3,292,570 | ||||
| 4.00%, 12/01/56 |
4,620 | 3,418,943 | ||||||
| 3.25%, 05/01/57 |
10,410 | 7,463,793 | ||||||
| 4.00%, 07/01/58 |
9,055 | 6,588,146 | ||||||
| Series A, 5.00%, 01/01/54 |
8,950 | 7,171,143 | ||||||
| Series B, 4.00%, 07/01/58 |
10,330 | 7,175,125 | ||||||
| Mezzanine Lien, 4.00%, 06/01/57 |
7,220 | 5,156,957 | ||||||
| Series B, Mezzanine Lien, 4.00%, 12/01/59 |
6,125 | 4,085,093 | ||||||
| Senior Lien, 3.13%, 06/01/57 |
13,670 | 9,448,349 | ||||||
| Series B, Sub Lien, 4.00%, 12/01/59 |
15,875 | 11,073,225 | ||||||
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB |
||||||||
| Series A, 5.00%, 07/01/43 |
19,635 | 22,152,718 | ||||||
| Series A, 5.00%, 07/01/45 |
15,060 | 16,846,206 | ||||||
| Los Angeles Department of Water & Power Water System Revenue, Refunding RB |
||||||||
| 5.00%, 07/01/52 |
5,110 | 5,654,706 | ||||||
| Series A, 5.25%, 07/01/44 |
24,365 | 25,984,639 | ||||||
| Los Angeles Department of Water & Power, RB, 5.00%, 07/01/51 |
22,500 | 24,667,133 | ||||||
| Los Angeles Department of Water & Power, Refunding RB |
||||||||
| Series B, 5.25%, 07/01/37 |
13,500 | 14,864,175 | ||||||
| Series B, 5.25%, 07/01/38 |
15,000 | 16,381,050 | ||||||
| Series B, 5.25%, 07/01/39 |
7,000 | 7,596,358 | ||||||
| Series B, 5.00%, 07/01/46 |
16,500 | 18,162,491 | ||||||
| Metropolitan Water District of Southern California, Refunding RB, Series C, 5.00%, 07/01/40 |
7,215 | 8,148,650 | ||||||
| Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47 |
20,000 | 21,892,580 | ||||||
| San Diego County Regional Airport Authority, Refunding ARB, Series B, AMT, Subordinate, 5.00%, 07/01/49 |
4,375 | 4,500,921 | ||||||
| San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41 |
35,000 | 37,155,125 | ||||||
| San Diego Public Facilities Financing Authority, Refunding RB, Series A, 5.25%, 08/01/48 |
6,660 | 7,674,318 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
| 2nd Series, AMT, 5.00%, 05/01/48 |
36,595 | 37,757,953 | ||||||
| Series A, AMT, 5.00%, 05/01/44 |
31,450 | 33,097,728 | ||||||
| Series A, AMT, 5.00%, 05/01/49 |
28,200 | 29,226,395 | ||||||
| Series B, AMT, 5.00%, 05/01/46 |
57,000 | 58,299,543 | ||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26 |
100,000 | 96,507,400 | ||||||
| State of California, GO, 4.00%, 03/01/46 |
14,000 | 14,191,660 | ||||||
| State of California, Refunding GO |
||||||||
| 4.00%, 11/01/37 |
16,170 | 16,967,488 | ||||||
| 4.00%, 03/01/38 |
5,000 | 5,185,775 | ||||||
| 5.25%, 10/01/39 |
20,100 | 21,708,020 | ||||||
| 4.00%, 03/01/46 |
15,000 | 15,208,605 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) |
||||||||
| University of California, RB, Series M, 5.00%, 05/15/42 |
$ | 100,000 | $ | 107,028,600 | ||||
| University of California, Refunding RB, Series BE, 5.00%, 05/15/43 |
23,275 | 25,852,357 | ||||||
|
|
|
|||||||
| 1,301,451,046 | ||||||||
| Colorado — 3.0% | ||||||||
| Brighton Crossing Metropolitan District No. 6, GO |
||||||||
| Series A, 5.00%, 12/01/35 |
525 | 503,506 | ||||||
| Series A, 5.00%, 12/01/40 |
515 | 469,656 | ||||||
| Broadway Station Metropolitan District No. 2, GO, Series A, 5.13%, 12/01/48 |
3,585 | 2,640,123 | ||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
| Series A, AMT, 5.00%, 12/01/37 |
25,015 | 26,375,841 | ||||||
| Series A, AMT, 5.00%, 12/01/43 |
13,860 | 14,367,567 | ||||||
| Series A, AMT, 5.25%, 12/01/43 |
51,045 | 53,531,351 | ||||||
| Series A, AMT, 5.00%, 11/15/47 |
27,440 | 29,147,701 | ||||||
| Series A, AMT, 5.00%, 12/01/48 |
4,120 | 4,252,479 | ||||||
| Series A, AMT, 5.25%, 12/01/48 |
11,575 | 12,012,072 | ||||||
| Series A, AMT, 5.50%, 11/15/53 |
3,750 | 4,105,103 | ||||||
| Series D, AMT, 5.75%, 11/15/45 |
3,290 | 3,734,472 | ||||||
| City & County of Denver Colorado Pledged Excise Tax Revenue, RB, Series A-1, 5.00%, 08/01/48 |
12,920 | 13,417,536 | ||||||
| City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43 |
10,000 | 10,495,000 | ||||||
| City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32 |
31,115 | 30,441,080 | ||||||
| City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 5.00%, 11/15/47 |
11,500 | 12,759,422 | ||||||
| City of Colorado Springs Colorado Utilities System Revenue, Refunding RB, Series A-2, 5.00%, 11/15/42 |
2,250 | 2,403,034 | ||||||
| Colorado Educational & Cultural Facilities Authority, Refunding RB(b) |
||||||||
| 4.00%, 07/01/31 |
500 | 499,098 | ||||||
| 5.00%, 12/01/40 |
990 | 927,600 | ||||||
| 4.00%, 07/01/41 |
750 | 674,180 | ||||||
| 5.00%, 12/01/50 |
1,320 | 1,163,708 | ||||||
| 4.00%, 07/01/51 |
755 | 624,411 | ||||||
| 5.00%, 12/01/55 |
1,540 | 1,335,662 | ||||||
| 4.00%, 07/01/61 |
1,225 | 973,120 | ||||||
| Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 |
4,390 | 4,686,685 | ||||||
| Colorado Health Facilities Authority, Refunding RB |
||||||||
| Series A, 5.00%, 08/01/44 |
5,855 | 6,056,453 | ||||||
| Series A, 5.00%, 05/15/47 |
26,070 | 28,305,998 | ||||||
| Cottonwood Highlands Metropolitan District No. 1, GO, Series A, 5.00%, 12/01/49 |
900 | 824,897 | ||||||
| Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 |
1,190 | 1,192,157 | ||||||
| Southlands Metropolitan District No. 1, Refunding GO, Series A-1, 5.00%, 12/01/47 |
3,000 | 2,823,519 | ||||||
| State of Colorado, COP, Series J, 5.25%, 03/15/42 |
20,000 | 21,322,800 | ||||||
| STC Metropolitan District No. 2, Refunding GO, Series A, 4.00%, 12/01/29 |
1,500 | 1,412,412 | ||||||
|
|
|
|||||||
| 293,478,643 | ||||||||
| 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) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Connecticut — 0.6% |
||||||||
| Connecticut State Health & Educational Facilities Authority, RB, 5.00%, 07/01/47 |
$ | 10,000 | $ | 10,615,480 | ||||
| Connecticut State Health & Educational Facilities Authority, Refunding RB |
||||||||
| Series 2015-A, 0.38%, 07/01/35(a) |
39,965 | 38,862,766 | ||||||
| Series G-1, 5.00%, 07/01/39(b) |
1,500 | 1,475,403 | ||||||
| Series G-1, 5.00%, 07/01/44(b) |
2,000 | 1,911,386 | ||||||
| Series G-1, 5.00%, 07/01/50(b) |
2,350 | 2,176,100 | ||||||
| Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) |
3,895 | 3,902,708 | ||||||
|
|
|
|||||||
| 58,943,843 | ||||||||
| Delaware — 0.2% | ||||||||
| Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(a) |
25,165 | 23,803,221 | ||||||
|
|
|
|||||||
| District of Columbia — 4.8% | ||||||||
| District of Columbia Water & Sewer Authority, Refunding RB |
||||||||
| 5.00%, 10/01/49 |
5,850 | 6,197,297 | ||||||
| Series B, Sub-Lien, 5.25%, 10/01/40 |
48,060 | 51,203,941 | ||||||
| Series B, Sub-Lien, 5.25%, 10/01/44 |
63,075 | 66,330,805 | ||||||
| District of Columbia, GO |
||||||||
| Series A, 5.00%, 06/01/41 |
5,000 | 5,262,670 | ||||||
| Series D, 5.00%, 06/01/42 |
34,680 | 36,944,881 | ||||||
| District of Columbia, RB |
||||||||
| Series A, 5.00%, 07/01/47 |
20,000 | 22,234,920 | ||||||
| Series A, 5.50%, 07/01/47 |
15,250 | 17,746,654 | ||||||
| Series C, 4.00%, 05/01/45 |
10,000 | 10,073,650 | ||||||
| Series C, 5.00%, 05/01/45 |
10,000 | 10,949,540 | ||||||
| District of Columbia, Refunding GO |
||||||||
| 5.25%, 01/01/48 |
18,355 | 20,970,000 | ||||||
| Series A, 4.00%, 10/15/39 |
5,000 | 5,136,145 | ||||||
| Series D, 4.00%, 02/01/46 |
7,000 | 7,041,090 | ||||||
| District of Columbia, Refunding RB, 4.00%, 03/01/44 |
11,000 | 11,149,336 | ||||||
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
||||||||
| Series A, AMT, 5.00%, 10/01/30 |
22,055 | 22,656,594 | ||||||
| Series A, AMT, 5.00%, 10/01/36 |
10,000 | 10,626,090 | ||||||
| Series A, AMT, 5.00%, 10/01/48 |
12,400 | 12,819,046 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
||||||||
| Series A, 4.00%, 07/15/43 |
28,200 | 28,485,299 | ||||||
| Series A, 4.00%, 07/15/46 |
35,055 | 34,688,500 | ||||||
| Washington Metropolitan Area Transit Authority, RB |
||||||||
| 5.00%, 07/01/43 |
35,480 | 37,450,666 | ||||||
| Series B, 5.00%, 07/01/42 |
48,900 | 51,697,178 | ||||||
|
|
|
|||||||
| 469,664,302 | ||||||||
| Florida — 3.5% | ||||||||
| Brevard County Health Facilities Authority, Refunding RB(b) |
||||||||
| 4.00%, 11/15/45 |
2,830 | 2,353,145 | ||||||
| 4.00%, 11/15/55 |
4,170 | 3,222,226 | ||||||
| Capital Trust Agency, Inc., RB(b) |
||||||||
| Series A, 5.00%, 06/15/49 |
4,365 | 3,588,536 | ||||||
| Series A, 5.00%, 01/01/56 |
3,400 | 2,603,009 | ||||||
| Capital Trust Agency, Inc., RB, CAB, Subordinate, 0.00%, 01/01/61(b)(d) |
6,970 | 320,281 | ||||||
| Security | Par (000) |
Value | ||||||
| Florida (continued) |
||||||||
| City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 |
$ | 12,910 | $ | 13,094,716 | ||||
| City of Tampa Florida, SAB |
||||||||
| 5.25%, 05/01/43 |
11,720 | 12,745,769 | ||||||
| 5.25%, 05/01/46 |
15,430 | 16,703,700 | ||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 |
112,405 | 115,598,538 | ||||||
| County of Miami-Dade Seaport Department, ARB(c) |
||||||||
| Series A, 6.00%, 10/01/23 |
6,325 | 6,425,220 | ||||||
| Series B, AMT, 6.00%, 10/01/23 |
2,350 | 2,382,033 | ||||||
| Series B, AMT, 6.25%, 10/01/23 |
5,000 | 5,074,205 | ||||||
| County of Miami-Dade Seaport Department, Refunding RB, Series A, 5.00%, 10/01/47 |
19,050 | 19,759,155 | ||||||
| County of Palm Beach Florida, RB, 5.00%, 04/01/51(b) |
4,770 | 4,260,173 | ||||||
| Florida Development Finance Corp., RB |
||||||||
| 6.50%, 06/30/57(b) |
8,670 | 8,673,234 | ||||||
| Series C, 5.75%, 12/15/56(b) |
6,295 | 5,449,361 | ||||||
| AMT, 5.00%, 05/01/29(b) |
1,820 | 1,701,043 | ||||||
| AMT, 3.00%, 06/01/32 |
4,940 | 3,788,763 | ||||||
| Florida Development Finance Corp., Refunding RB, Series A, 4.50%, 12/15/56(b) |
18,065 | 14,128,853 | ||||||
| Greater Orlando Aviation Authority, ARB |
||||||||
| Series A, AMT, 5.00%, 10/01/44 |
15,000 | 15,710,370 | ||||||
| Sub-Series A, AMT, 5.00%, 10/01/42 |
22,310 | 23,014,037 | ||||||
| Sub-Series A, AMT, 5.00%, 10/01/47 |
32,485 | 33,201,229 | ||||||
| Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48 |
8,375 | 8,839,017 | ||||||
| Lakewood Ranch Stewardship District, Refunding SAB, 4.00%, 05/01/50(b) |
1,250 | 995,067 | ||||||
| Lakewood Ranch Stewardship District, SAB |
||||||||
| 4.63%, 05/01/27 |
1,395 | 1,403,828 | ||||||
| 5.00%, 05/01/37(b) |
1,655 | 1,650,426 | ||||||
| 4.70%, 05/01/39 |
1,160 | 1,102,328 | ||||||
| 5.13%, 05/01/47(b) |
1,985 | 1,909,236 | ||||||
| 4.88%, 05/01/49 |
1,250 | 1,138,771 | ||||||
| Live Oak Lake Community Development District, SAB |
||||||||
| 4.40%, 05/01/40 |
1,600 | 1,434,970 | ||||||
| 4.60%, 05/01/51 |
2,840 | 2,395,122 | ||||||
| Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 |
8,370 | 7,298,632 | ||||||
| River Landing Community Development District, SAB |
||||||||
| Series A, 4.13%, 05/01/40 |
860 | 795,112 | ||||||
| Series A, 4.35%, 05/01/51 |
1,100 | 986,828 | ||||||
| Series B, 4.25%, 11/01/35 |
965 | 950,727 | ||||||
| Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39 |
1,750 | 1,540,555 | ||||||
| Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(e)(f) |
147 | 93,809 | ||||||
| Windward Community Development District, SAB |
||||||||
| Series A-1, 4.50%, 05/01/51 |
500 | 414,736 | ||||||
| Series A-2, 4.40%, 11/01/35 |
1,050 | 948,943 | ||||||
|
|
|
|||||||
| 347,695,703 | ||||||||
| 3 |
|
| Schedule of Investments (unaudited) (continued) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Georgia — 2.4% |
||||||||
| City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, Subordinate, 4.00%, 07/01/34 |
$ | 20,615 | $ | 21,378,312 | ||||
| City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/47 |
3,000 | 3,155,610 | ||||||
| County of DeKalb Georgia Water & Sewerage Revenue, Refunding RB, 5.00%, 10/01/52 |
15,070 | 16,657,624 | ||||||
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
5,030 | 4,486,373 | ||||||
| Main Street Natural Gas, Inc., RB(a) |
||||||||
| Series A, 5.00%, 06/01/53 |
56,010 | 58,338,560 | ||||||
| Series B, 5.00%, 12/01/52 |
44,415 | 45,956,600 | ||||||
| Series B, 5.00%, 07/01/53 |
60,000 | 63,406,740 | ||||||
| Series C, 4.00%, 03/01/50 |
20,710 | 20,579,278 | ||||||
|
|
|
|||||||
| 233,959,097 | ||||||||
| Illinois — 6.4% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/42 |
2,200 | 2,183,251 | ||||||
| Series D, 5.00%, 12/01/46 |
25,350 | 24,854,889 | ||||||
| Series H, 5.00%, 12/01/36 |
4,620 | 4,684,260 | ||||||
| Series A, AMT, 5.00%, 12/01/33 |
1,000 | 1,047,777 | ||||||
| Chicago Board of Education, Refunding GO |
||||||||
| Series A, 5.00%, 12/01/28 |
4,000 | 4,198,580 | ||||||
| Series B, 5.00%, 12/01/31 |
1,000 | 1,054,987 | ||||||
| Series B, 4.00%, 12/01/35 |
11,640 | 11,065,531 | ||||||
| Series C, 5.00%, 12/01/24 |
4,445 | 4,510,742 | ||||||
| Series C, 5.00%, 12/01/25 |
12,760 | 13,086,937 | ||||||
| Series C, 5.00%, 12/01/26 |
3,060 | 3,170,099 | ||||||
| Series F, 5.00%, 12/01/24 |
9,585 | 9,727,031 | ||||||
| Series G, 5.00%, 12/01/34 |
5,000 | 5,131,010 | ||||||
| Chicago O’Hare International Airport, ARB |
||||||||
| Class A, AMT, Senior Lien, 5.00%, 01/01/48 |
16,065 | 16,664,482 | ||||||
| Series D, Senior Lien, 5.25%, 01/01/42 |
56,710 | 59,636,690 | ||||||
| Series D, Senior Lien, 5.00%, 01/01/47 |
20,000 | 20,654,000 | ||||||
| Chicago O’Hare International Airport, Refunding ARB |
||||||||
| Series A, AMT, Senior Lien, 5.00%, 01/01/39 |
4,000 | 4,197,096 | ||||||
| Series A, AMT, Senior Lien, 5.00%, 01/01/48 |
5,000 | 5,121,515 | ||||||
| Chicago O’Hare International Airport, Refunding RB |
||||||||
| Series B, Senior Lien, 5.00%, 01/01/38 |
30,000 | 31,563,780 | ||||||
| Series B, Senior Lien, 5.00%, 01/01/39 |
64,885 | 68,076,953 | ||||||
| Illinois Finance Authority, Refunding RB |
||||||||
| Series A, 5.00%, 07/15/42 |
23,695 | 24,805,134 | ||||||
| Series A, 5.25%, 05/15/48 |
6,670 | 7,515,402 | ||||||
| Series C, 5.00%, 02/15/41 |
37,295 | 38,760,171 | ||||||
| Illinois State Toll Highway Authority, RB |
||||||||
| Series A, 5.00%, 01/01/40 |
15,500 | 15,942,246 | ||||||
| Series A, 5.00%, 01/01/42 |
48,000 | 50,625,744 | ||||||
| Series A, 4.00%, 01/01/46 |
54,500 | 53,084,962 | ||||||
| Series B, 5.00%, 01/01/40 |
35,105 | 36,394,196 | ||||||
| State of Illinois, GO |
||||||||
| 5.50%, 05/01/30 |
1,500 | 1,689,996 | ||||||
| 5.50%, 05/01/39 |
9,040 | 9,861,627 | ||||||
| Series A, 5.00%, 11/01/29 |
27,500 | 30,565,067 | ||||||
| Series C, 5.50%, 10/01/42 |
28,000 | 30,942,212 | ||||||
| Security | Par (000) |
Value | ||||||
| Illinois (continued) |
||||||||
| State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32 |
$ | 14,000 | $ | 15,418,312 | ||||
| State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28 |
19,250 | 21,145,393 | ||||||
| Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23 |
1,920 | 1,922,815 | ||||||
|
|
|
|||||||
| 629,302,887 | ||||||||
| Indiana — 0.1% | ||||||||
| City of Valparaiso Indiana, RB |
||||||||
| AMT, 6.75%, 01/01/34 |
3,870 | 3,943,913 | ||||||
| AMT, 7.00%, 01/01/44 |
7,330 | 7,453,005 | ||||||
|
|
|
|||||||
| 11,396,918 | ||||||||
| Iowa — 0.0% | ||||||||
| Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d) |
13,035 | 1,386,390 | ||||||
|
|
|
|||||||
| Kentucky — 0.1% | ||||||||
| City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
3,030 | 2,740,120 | ||||||
| Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a) |
12,350 | 12,052,241 | ||||||
|
|
|
|||||||
| 14,792,361 | ||||||||
| Louisiana — 2.3% | ||||||||
| Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b) |
2,325 | 2,145,324 | ||||||
| Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a) |
195,960 | 185,255,489 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(a) |
21,580 | 20,601,908 | ||||||
| Louisiana Public Facilities Authority, RB(b) |
||||||||
| Series A, 5.00%, 04/01/39 |
1,425 | 1,324,025 | ||||||
| Series A, 5.00%, 06/01/39 |
1,300 | 1,299,914 | ||||||
| Series A, 5.00%, 04/01/49 |
2,800 | 2,393,236 | ||||||
| Series A, 5.00%, 06/01/49 |
3,000 | 2,858,577 | ||||||
| Series A, 5.00%, 06/01/58 |
4,500 | 4,190,818 | ||||||
| Louisiana Public Facilities Authority, Refunding RB, 5.00%, 04/01/45 |
5,000 | 5,365,295 | ||||||
|
|
|
|||||||
| 225,434,586 | ||||||||
| Maryland — 0.4% | ||||||||
| City of Baltimore Maryland, Refunding RB |
||||||||
| Series A, 4.50%, 09/01/33 |
2,735 | 2,699,054 | ||||||
| Series A, 5.00%, 09/01/38 |
1,400 | 1,413,663 | ||||||
| County of Montgomery Maryland, RB, 5.00%, 12/01/44 |
9,795 | 10,013,193 | ||||||
| County of Prince George’s Maryland, COP, 5.00%, 10/01/48 |
6,175 | 6,545,549 | ||||||
| Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 |
12,285 | 12,633,390 | ||||||
| Maryland Economic Development Corp., TA, 4.00%, 09/01/50 |
5,145 | 4,216,261 | ||||||
|
|
|
|||||||
| 37,521,110 | ||||||||
| 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) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Massachusetts — 6.1% |
||||||||
| City of Lowell Massachusetts, Refunding GO, (SAW), 4.00%, 08/01/44 |
$ | 6,315 | $ | 6,359,975 | ||||
| Commonwealth of Massachusetts Transportation Fund Revenue, Refunding RB, Series A, 5.00%, 06/01/43 |
5,000 | 5,559,615 | ||||||
| Commonwealth of Massachusetts, GO |
||||||||
| Series 2020, 5.00%, 07/01/45 |
5,915 | 6,503,968 | ||||||
| Series A, 5.25%, 04/01/42 |
42,000 | 45,391,332 | ||||||
| Series A, 5.00%, 01/01/43 |
3,045 | 3,273,326 | ||||||
| Series A, 5.25%, 01/01/44 |
16,490 | 18,066,065 | ||||||
| Series A, 5.25%, 04/01/47 |
85,000 | 90,273,145 | ||||||
| Series B, 4.00%, 02/01/39 |
2,840 | 2,959,882 | ||||||
| Series C, 5.25%, 10/01/47 |
10,125 | 11,528,335 | ||||||
| Series E, 5.25%, 09/01/43 |
92,000 | 100,814,336 | ||||||
| Series E, 5.00%, 11/01/52 |
24,000 | 26,530,632 | ||||||
| Massachusetts Bay Transportation Authority Assessment Revenue, Refunding RB, Series A-1, 4.00%, 07/01/40 |
20,000 | 20,779,620 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB |
||||||||
| Sub-Series A-1, 5.00%, 07/01/43 |
9,100 | 10,290,853 | ||||||
| Sub-Series A-1, 5.25%, 07/01/48 |
16,240 | 18,599,282 | ||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42 |
9,655 | 9,915,811 | ||||||
| Massachusetts Development Finance Agency, Refunding RB(b) |
||||||||
| 5.00%, 10/01/37 |
1,000 | 1,012,232 | ||||||
| 5.00%, 10/01/47 |
1,250 | 1,242,553 | ||||||
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
21,640 | 23,001,784 | ||||||
| Massachusetts Port Authority, Refunding ARB |
||||||||
| Series A, AMT, 5.00%, 07/01/34 |
2,110 | 2,265,650 | ||||||
| Series C, AMT, 5.00%, 07/01/44 |
15,000 | 15,829,200 | ||||||
| Series C, AMT, 5.00%, 07/01/49 |
10,000 | 10,434,240 | ||||||
| Massachusetts Port Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/37 |
1,000 | 1,104,248 | ||||||
| Massachusetts School Building Authority, RB |
||||||||
| Series A, 4.00%, 08/15/40 |
2,500 | 2,525,503 | ||||||
| Series B, 5.25%, 02/15/48 |
70,505 | 75,651,795 | ||||||
| Town of Lexington Massachusetts, Refunding GO |
||||||||
| 4.00%, 02/01/40 |
1,200 | 1,238,185 | ||||||
| 4.00%, 02/01/41 |
1,370 | 1,410,077 | ||||||
| 4.00%, 02/01/42 |
1,295 | 1,326,721 | ||||||
| 4.00%, 02/01/43 |
1,370 | 1,400,880 | ||||||
| University of Massachusetts Building Authority, Refunding RB |
||||||||
| Series 1, 5.25%, 11/01/42 |
58,840 | 63,658,466 | ||||||
| Series 1, 5.25%, 11/01/47 |
14,425 | 15,365,149 | ||||||
|
|
|
|||||||
| 594,312,860 | ||||||||
| Michigan — 3.7% | ||||||||
| Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44 |
20,000 | 21,425,360 | ||||||
| Michigan Finance Authority, RB |
||||||||
| 4.00%, 02/15/47 |
17,220 | 16,052,122 | ||||||
| 4.00%, 02/15/44 |
65,965 | 62,699,337 | ||||||
| Series A, 6.50%, 06/01/57(b) |
5,980 | 5,744,226 | ||||||
| Series S, 5.00%, 11/01/44 |
4,665 | 4,747,855 | ||||||
| Michigan Finance Authority, Refunding RB |
||||||||
| 5.00%, 11/15/41 |
61,865 | 63,446,393 | ||||||
| 5.25%, 12/01/41 |
25,630 | 26,759,309 | ||||||
| Security | Par (000) |
Value | ||||||
| Michigan (continued) |
||||||||
| Michigan Finance Authority, Refunding RB (continued) |
||||||||
| Series A, 5.00%, 12/01/37 |
$ | 25,105 | $ | 26,604,748 | ||||
| Series A, 4.00%, 12/01/40 |
4,750 | 4,680,009 | ||||||
| Series A, 5.00%, 12/01/41 |
9,370 | 9,947,632 | ||||||
| Series A, 4.00%, 12/01/49 |
14,475 | 13,909,245 | ||||||
| Michigan State Building Authority, Refunding RB |
||||||||
| Series I, 4.00%, 10/15/41 |
2,000 | 2,031,126 | ||||||
| Series I, 5.25%, 10/15/57 |
7,205 | 8,044,116 | ||||||
| Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |
2,950 | 3,027,081 | ||||||
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
16,470 | 16,741,179 | ||||||
| State of Michigan Trunk Line Revenue, RB |
||||||||
| 4.00%, 11/15/44 |
15,000 | 15,121,350 | ||||||
| 4.00%, 11/15/46 |
25,000 | 24,732,925 | ||||||
| Series B, 4.00%, 11/15/39 |
23,600 | 24,143,838 | ||||||
| Series B, 4.00%, 11/15/45 |
10,000 | 10,009,750 | ||||||
|
|
|
|||||||
| 359,867,601 | ||||||||
| Minnesota — 0.1% | ||||||||
| City of Rochester Minnesota, Refunding RB, 4.00%, 11/15/39 |
10,000 | 10,408,570 | ||||||
|
|
|
|||||||
| Missouri — 0.2% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri, RB, 4.50%, 01/01/39 |
16,085 | 16,134,767 | ||||||
|
|
|
|||||||
| Montana — 0.0% | ||||||||
| City of Kalispell Montana, Refunding RB |
||||||||
| Series A, 5.25%, 05/15/37 |
405 | 357,795 | ||||||
| Series A, 5.25%, 05/15/47 |
1,500 | 1,205,849 | ||||||
| Series A, 5.25%, 05/15/52 |
1,500 | 1,160,016 | ||||||
|
|
|
|||||||
| 2,723,660 | ||||||||
| Nevada — 0.9% | ||||||||
| County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 |
74,740 | 80,334,438 | ||||||
| State of Nevada Department of Business & Industry, RB(b) |
||||||||
| Series A, 4.50%, 12/15/29 |
280 | 275,138 | ||||||
| Series A, 5.00%, 07/15/37 |
875 | 883,318 | ||||||
| Series A, 5.00%, 12/15/38 |
1,080 | 1,031,438 | ||||||
| Series A, 5.00%, 07/15/47 |
1,400 | 1,394,935 | ||||||
|
|
|
|||||||
| 83,919,267 | ||||||||
| New Hampshire(b) — 0.1% | ||||||||
| New Hampshire Business Finance Authority, Refunding RB |
||||||||
| Series B, 4.63%, 11/01/42 |
9,085 | 8,323,268 | ||||||
| Series C, AMT, 4.88%, 11/01/42 |
3,700 | 3,378,726 | ||||||
|
|
|
|||||||
| 11,701,994 | ||||||||
| New Jersey — 4.1% | ||||||||
| New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23 |
1,460 | 1,449,021 | ||||||
| New Jersey Economic Development Authority, RB, Series WW, 5.25%, 06/15/25(c) |
14,145 | 14,980,743 | ||||||
| New Jersey Health Care Facilities Financing Authority, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/35 |
7,375 | 7,957,994 | ||||||
| Series A, 5.00%, 07/01/38 |
11,950 | 12,663,080 | ||||||
| Series A, 5.00%, 07/01/39 |
22,245 | 23,489,786 | ||||||
| Series A, 4.00%, 07/01/40 |
10,000 | 9,858,320 | ||||||
| 5 |
|
| Schedule of Investments (unaudited) (continued) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) |
||||||||
| New Jersey Health Care Facilities Financing Authority, Refunding RB (continued) |
||||||||
| Series A, 5.00%, 07/01/43 |
$ | 10,000 | $ | 10,299,430 | ||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| 5.25%, 06/15/43 |
9,000 | 9,843,039 | ||||||
| 5.50%, 06/15/50 |
6,225 | 6,832,106 | ||||||
| Series AA, 5.50%, 06/15/39 |
39,890 | 40,082,948 | ||||||
| Series AA, 4.00%, 06/15/45 |
22,000 | 21,224,038 | ||||||
| Series BB, 4.00%, 06/15/44 |
35,890 | 34,759,070 | ||||||
| Series BB, 4.00%, 06/15/46 |
15,000 | 14,311,080 | ||||||
| Series C, 5.25%, 06/15/32 |
20,010 | 20,756,133 | ||||||
| Series S, 5.00%, 06/15/46 |
12,350 | 12,840,999 | ||||||
| New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
| Series A, 4.00%, 06/15/39 |
8,500 | 8,541,982 | ||||||
| Series A, 4.00%, 06/15/41 |
7,000 | 6,926,913 | ||||||
| New Jersey Turnpike Authority, RB |
||||||||
| Series A, 4.00%, 01/01/48 |
13,920 | 13,848,354 | ||||||
| Series B, 5.00%, 01/01/46 |
26,315 | 28,968,868 | ||||||
| State of New Jersey, GO |
||||||||
| (BAM-TCRS), 2.00%, 06/01/36 |
6,055 | 5,064,668 | ||||||
| 2.00%, 06/01/37 |
10,000 | 8,129,320 | ||||||
| 5.00%, 06/01/40 |
12,500 | 13,365,187 | ||||||
| 5.00%, 06/01/41 |
11,500 | 12,270,684 | ||||||
| 5.00%, 06/01/42 |
10,500 | 11,182,279 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/46 |
20,760 | 21,427,911 | ||||||
| Series A, 5.25%, 06/01/46 |
20,350 | 21,280,463 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
6,960 | 6,989,288 | ||||||
|
|
|
|||||||
| 399,343,704 | ||||||||
| New Mexico — 0.0% | ||||||||
| County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 |
125 | 134,260 | ||||||
|
|
|
|||||||
| New York — 13.7% | ||||||||
| City of New York New York, GO |
||||||||
| Series A-1, 5.00%, 08/01/47 |
14,000 | 15,167,250 | ||||||
| Series B, 5.25%, 10/01/47 |
4,040 | 4,488,282 | ||||||
| Series C, 4.00%, 08/01/40 |
2,040 | 2,065,186 | ||||||
| Series C, 4.00%, 08/01/41 |
1,910 | 1,908,346 | ||||||
| Series D-1, 5.25%, 05/01/41 |
4,210 | 4,787,894 | ||||||
| Series D-1, 5.50%, 05/01/44 |
7,840 | 8,971,602 | ||||||
| Series D-1, 5.50%, 05/01/45 |
1,000 | 1,141,584 | ||||||
| Series D-1, 5.50%, 05/01/46 |
2,655 | 3,024,279 | ||||||
| Sub-Series E1, 5.25%, 04/01/47 |
19,000 | 21,160,072 | ||||||
| City of New York New York, Refunding GO, Series A, 5.00%, 08/01/31 |
3,235 | 3,345,155 | ||||||
| Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 |
33,825 | 35,676,919 | ||||||
| Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39 |
10,000 | 10,119,170 | ||||||
| New York City Municipal Water Finance Authority, RB |
||||||||
| Series AA, 4.00%, 06/15/43 |
16,040 | 16,157,942 | ||||||
| Series AA-1, 5.25%, 06/15/52 |
1,530 | 1,716,856 | ||||||
| New York City Municipal Water Finance Authority, Refunding RB |
||||||||
| Series BB-1, 5.00%, 06/15/44 |
2,460 | 2,720,352 | ||||||
| Security | Par (000) |
Value | ||||||
| New York (continued) |
||||||||
| New York City Municipal Water Finance Authority, Refunding RB (continued) |
||||||||
| Series BB-1, 4.00%, 06/15/45 |
$ | 66,140 | $ | 65,870,281 | ||||
| Series CC, 4.00%, 06/15/41 |
5,000 | 5,078,870 | ||||||
| Series CC1, 5.00%, 06/15/37 |
24,000 | 26,005,560 | ||||||
| Series CC1, 5.25%, 06/15/37 |
15,000 | 16,370,850 | ||||||
| Series DD, 5.25%, 06/15/47 |
25,000 | 28,166,400 | ||||||
| Series DD-2, 5.00%, 06/15/40 |
21,260 | 22,836,642 | ||||||
| Series DD-3, 4.00%, 06/15/42 |
10,000 | 10,050,700 | ||||||
| Series EE, 5.25%, 06/15/36 |
14,500 | 15,964,950 | ||||||
| Series EE, 5.00%, 06/15/40 |
34,240 | 36,816,594 | ||||||
| Series EE, 4.00%, 06/15/42 |
5,000 | 5,034,245 | ||||||
| Series EE, 4.00%, 06/15/45 |
16,755 | 16,737,541 | ||||||
| Series FF, 5.00%, 06/15/40 |
23,790 | 25,729,099 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 |
31,165 | 33,457,061 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
| Series B-1, 4.00%, 11/01/41 |
16,500 | 16,667,063 | ||||||
| Series D-1, 5.50%, 11/01/45 |
19,690 | 22,583,859 | ||||||
| Series D-1, 5.25%, 11/01/48 |
19,400 | 21,634,026 | ||||||
| Subordinate, 4.00%, 05/01/40 |
6,835 | 6,955,323 | ||||||
| Subordinate, 4.00%, 05/01/44 |
20,000 | 19,908,380 | ||||||
| Series C1, Subordinate, 4.00%, 11/01/42 |
20,925 | 21,016,233 | ||||||
| Series C-1, Subordinate, 4.00%, 02/01/41 |
10,000 | 10,062,110 | ||||||
| Series C-1, Subordinate, 5.00%, 02/01/47 |
17,220 | 18,718,794 | ||||||
| Series C-3, Subordinate, 5.00%, 05/01/40 |
5,000 | 5,368,460 | ||||||
| Series F-1, Subordinate, 5.00%, 02/01/43 |
14,280 | 15,777,244 | ||||||
| Series F-1, Subordinate, 5.00%, 02/01/44 |
4,000 | 4,397,744 | ||||||
| New York Liberty Development Corp., Refunding RB, Series A, 2.88%, 11/15/46 |
38,000 | 27,707,168 | ||||||
| New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45 |
61,980 | 62,428,177 | ||||||
| New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43 |
2,220 | 2,340,877 | ||||||
| New York State Dormitory Authority, Refunding RB |
||||||||
| Series A, 5.25%, 03/15/38 |
5,000 | 5,505,325 | ||||||
| Series A, 4.00%, 03/15/39 |
3,675 | 3,715,462 | ||||||
| Series A, 4.00%, 03/15/40 |
47,720 | 48,513,154 | ||||||
| Series A, 4.00%, 03/15/42 |
8,105 | 8,163,794 | ||||||
| Series A, 4.00%, 03/15/43 |
12,365 | 12,416,352 | ||||||
| Series C, 5.00%, 03/15/39 |
11,650 | 11,933,747 | ||||||
| Series E, 5.00%, 03/15/41 |
20,150 | 21,737,095 | ||||||
| Series E, 5.00%, 03/15/42 |
16,800 | 18,053,095 | ||||||
| Series E, 4.00%, 03/15/43 |
7,580 | 7,567,402 | ||||||
| Series E, 4.00%, 03/15/44 |
7,135 | 7,134,543 | ||||||
| New York State Housing Finance Agency, RB, M/F Housing, Series J, 1.10%, 11/01/61(a) |
36,070 | 33,461,165 | ||||||
| New York State Thruway Authority, RB, Series N, 4.00%, 01/01/45 |
4,060 | 3,978,000 | ||||||
| New York State Thruway Authority, Refunding RB |
||||||||
| Series A, 4.00%, 03/15/42 |
14,865 | 14,972,831 | ||||||
| Series A, 5.00%, 03/15/48 |
4,400 | 4,807,053 | ||||||
| Series O, 4.00%, 01/01/37 |
16,450 | 16,905,287 | ||||||
| Series O, 4.00%, 01/01/44 |
14,655 | 14,546,670 | ||||||
| Series O, 4.00%, 01/01/47 |
10,155 | 9,853,356 | ||||||
| Series B, Subordinate, 4.00%, 01/01/41 |
4,550 | 4,519,702 | ||||||
| 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) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) |
||||||||
| New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45 |
$ | 19,085 | $ | 18,850,121 | ||||
| New York State Urban Development Corp., Refunding RB |
||||||||
| 4.00%, 03/15/43 |
12,105 | 12,164,048 | ||||||
| 4.00%, 03/15/44 |
7,200 | 7,205,616 | ||||||
| Series A, 4.00%, 03/15/44 |
5,000 | 4,989,845 | ||||||
| Series A, 5.00%, 03/15/46 |
12,225 | 13,436,326 | ||||||
| Series A, 5.00%, 03/15/49 |
10,000 | 10,908,600 | ||||||
| Series E, 4.00%, 03/15/41 |
25,000 | 25,190,875 | ||||||
| Series E, 4.00%, 03/15/42 |
50,000 | 50,171,650 | ||||||
| New York Transportation Development Corp., ARB |
||||||||
| AMT, 5.00%, 12/01/35 |
1,650 | 1,781,035 | ||||||
| AMT, 5.00%, 12/01/37 |
10 | 10,666 | ||||||
| AMT, 5.00%, 12/01/38 |
12,150 | 12,973,819 | ||||||
| New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
25,020 | 25,788,564 | ||||||
| Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b) |
5,190 | 4,394,165 | ||||||
| Port Authority of New York & New Jersey, ARB |
||||||||
| AMT, 5.00%, 11/01/49 |
8,465 | 8,834,413 | ||||||
| Consolidated, 218th Series, AMT, 5.00%, 11/01/44 |
46,300 | 48,810,432 | ||||||
| Port Authority of New York & New Jersey, Refunding ARB |
||||||||
| 230th Series, 5.25%, 12/01/52 |
3,195 | 3,569,690 | ||||||
| AMT, 5.00%, 01/15/47 |
12,550 | 13,399,309 | ||||||
| AMT, 5.00%, 01/15/52 |
12,795 | 13,539,426 | ||||||
| 234th Series, AMT, 5.50%, 08/01/52 |
1,990 | 2,185,531 | ||||||
| Series 207, AMT, 5.00%, 09/15/31 |
14,950 | 16,192,255 | ||||||
| Series 223, AMT, 4.00%, 07/15/40 |
1,000 | 996,958 | ||||||
| Series 231, AMT, 5.50%, 08/01/40 |
5,515 | 6,253,624 | ||||||
| Triborough Bridge & Tunnel Authority, Refunding RB |
||||||||
| Series A, 5.25%, 11/15/45 |
7,805 | 8,078,323 | ||||||
| Series C, 5.00%, 05/15/47 |
12,000 | 13,217,880 | ||||||
| Series C, 5.25%, 05/15/52 |
17,150 | 19,016,435 | ||||||
| Series C-2, 5.00%, 11/15/42 |
55,995 | 59,631,875 | ||||||
| Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
2,500 | 2,512,980 | ||||||
|
|
|
|||||||
| 1,348,023,634 | ||||||||
| North Carolina — 0.0% | ||||||||
| North Carolina Medical Care Commission, RB |
||||||||
| 5.00%, 10/01/45 |
1,000 | 917,688 | ||||||
| 5.00%, 10/01/50 |
1,500 | 1,346,885 | ||||||
|
|
|
|||||||
| 2,264,573 | ||||||||
| North Dakota — 0.0% | ||||||||
| North Dakota Building Authority, RB, Series A, 5.00%, 12/01/24 |
1,655 | 1,719,105 | ||||||
|
|
|
|||||||
| Ohio — 0.6% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
29,000 | 26,118,966 | ||||||
| County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 |
5,000 | 5,146,835 | ||||||
| Ohio Air Quality Development Authority, RB(b) |
||||||||
| AMT, 4.50%, 01/15/48 |
1,480 | 1,386,547 | ||||||
| AMT, 5.00%, 07/01/49 |
8,460 | 7,592,825 | ||||||
| Security | Par (000) |
Value | ||||||
| Ohio (continued) |
||||||||
| State of Ohio, RB, 4.00%, 01/01/46 |
$ | 5,935 | $ | 5,833,072 | ||||
| State of Ohio, Refunding RB, 4.00%, 01/01/43 |
2,020 | 2,004,284 | ||||||
| Worthington City School District, GO, Series C, 5.00%, 12/01/48 |
10,000 | 11,054,840 | ||||||
|
|
|
|||||||
| 59,137,369 | ||||||||
| Oklahoma — 0.1% | ||||||||
| Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(b) |
7,990 | 8,393,183 | ||||||
|
|
|
|||||||
| Oregon — 0.1% | ||||||||
| Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48 |
10,000 | 11,052,050 | ||||||
|
|
|
|||||||
| Pennsylvania — 1.2% | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority, RB(b) |
||||||||
| 5.00%, 05/01/27 |
3,250 | 3,306,287 | ||||||
| 5.00%, 05/01/32 |
3,750 | 3,780,994 | ||||||
| Bucks County Industrial Development Authority, RB |
||||||||
| 4.00%, 07/01/46 |
2,205 | 1,751,577 | ||||||
| 4.00%, 07/01/51 |
1,500 | 1,148,063 | ||||||
| Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |
1,805 | 1,810,079 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB |
||||||||
| Series A, 4.00%, 02/15/41 |
7,550 | 7,379,181 | ||||||
| Series A, 4.00%, 02/15/42 |
8,430 | 8,185,901 | ||||||
| Series A, 5.00%, 02/15/47 |
7,500 | 7,868,332 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 4.00%, 08/15/43 |
5,375 | 5,393,920 | ||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, AMT, 5.25%, 12/01/44 |
30,000 | 32,468,070 | ||||||
| Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/46 |
46,430 | 48,670,340 | ||||||
|
|
|
|||||||
| 121,762,744 | ||||||||
| Puerto Rico — 3.0% | ||||||||
| Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(d) |
300,000 | 18,845,400 | ||||||
| Commonwealth of Puerto Rico, GO |
||||||||
| Series A1, Restructured, 5.63%, 07/01/29 |
36,800 | 38,271,186 | ||||||
| Series A1, Restructured, 5.75%, 07/01/31 |
11,497 | 12,077,541 | ||||||
| Series A1, Restructured, 4.00%, 07/01/33 |
20,418 | 18,325,946 | ||||||
| Series A1, Restructured, 4.00%, 07/01/35 |
8,168 | 7,107,802 | ||||||
| Series A1, Restructured, 4.00%, 07/01/37 |
30,445 | 25,782,774 | ||||||
| Series A1, Restructured, 4.00%, 07/01/41 |
7,600 | 6,160,621 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, AMT, 4.00%, 07/01/42(b) |
6,205 | 5,225,491 | ||||||
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53 |
78,205 | 70,879,225 | ||||||
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series B1, Restructured, 0.00%, 07/01/46(d) |
18,123 | 4,748,117 | ||||||
| 7 |
|
| Schedule of Investments (unaudited) (continued) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Puerto Rico (continued) |
||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
$ | 50,843 | $ | 45,726,211 | ||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
48,060 | 43,665,442 | ||||||
|
|
|
|||||||
| 296,815,756 | ||||||||
| South Carolina — 0.2% | ||||||||
| County of Dorchester South Carolina, SAB(b) |
||||||||
| 5.88%, 10/01/40 |
1,245 | 1,271,204 | ||||||
| 6.00%, 10/01/51 |
3,000 | 3,037,263 | ||||||
| South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b) |
10,135 | 9,922,165 | ||||||
| South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37 |
6,005 | 5,959,962 | ||||||
|
|
|
|||||||
| 20,190,594 | ||||||||
| Tennessee — 1.1% | ||||||||
| Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.25%, 07/01/47 |
13,000 | 13,958,711 | ||||||
| Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) |
92,910 | 95,801,731 | ||||||
|
|
|
|||||||
| 109,760,442 | ||||||||
| Texas — 7.8% | ||||||||
| Arlington Higher Education Finance Corp., RB |
||||||||
| 7.88%, 11/01/62(b) |
9,425 | 9,739,248 | ||||||
| Series A, 5.30%, 04/01/62(b) |
6,415 | 5,676,024 | ||||||
| Series A, 5.75%, 08/15/62 |
4,950 | 4,610,534 | ||||||
| Austin Independent School District, GO, 5.00%, 08/01/48 |
9,615 | 10,367,221 | ||||||
| City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series C, 5.00%, 10/01/45 |
21,635 | 23,783,442 | ||||||
| City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46 |
45,000 | 48,590,370 | ||||||
| City of Garland Texas, Refunding GO, 4.00%, 02/15/40 |
10,430 | 10,677,504 | ||||||
| City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, 5.00%, 11/15/42 |
25,000 | 26,614,675 | ||||||
| City of Midland Texas, Refunding GO, Series B, 5.00%, 03/01/47 |
17,985 | 19,734,401 | ||||||
| Dallas Fort Worth International Airport, Refunding RB |
||||||||
| Series A, 4.00%, 11/01/38 |
9,060 | 9,228,561 | ||||||
| Series B, 4.00%, 11/01/45 |
30,000 | 29,713,770 | ||||||
| Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48 |
27,525 | 30,394,757 | ||||||
| Frisco Independent School District, Refunding GO, (PSF), 4.00%, 08/15/40 |
3,485 | 3,499,404 | ||||||
| Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43 |
79,060 | 84,009,235 | ||||||
| Harris County Cultural Education Facilities Finance Corp., RB |
||||||||
| 4.00%, 12/01/45 |
9,065 | 8,943,982 | ||||||
| Series B, 6.38%, 01/01/33 |
40 | 40,012 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
| 4.00%, 10/01/41 |
1,300 | 1,293,850 | ||||||
| 4.00%, 10/01/42 |
11,500 | 11,401,721 | ||||||
| 4.00%, 10/01/47 |
40,000 | 38,942,480 | ||||||
| Security | Par (000) |
Value | ||||||
| Texas (continued) |
||||||||
| Lower Colorado River Authority, (AGM), 5.50%, 05/15/48 |
$ | 15,000 | $ | 17,032,665 | ||||
| Lower Colorado River Authority, Refunding RB |
||||||||
| 5.00%, 05/15/45 |
2,000 | 2,043,366 | ||||||
| 5.00%, 05/15/50 |
10,310 | 10,789,157 | ||||||
| 5.00%, 05/15/51 |
3,750 | 4,013,685 | ||||||
| Series A, 5.50%, 05/15/47 |
5,000 | 5,594,330 | ||||||
| Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) |
13,495 | 13,232,279 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB |
||||||||
| Series A, 5.00%, 07/01/40 |
4,000 | 3,757,664 | ||||||
| Series A, 5.00%, 07/01/57 |
7,000 | 5,989,088 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
| Series A, 4.00%, 08/15/40 |
2,000 | 2,009,416 | ||||||
| Series A, 6.63%, 10/01/43 |
7,370 | 6,868,663 | ||||||
| Series A, 6.75%, 10/01/52 |
1,160 | 1,052,691 | ||||||
| Series B2, 4.50%, 10/01/26 |
2,970 | 2,875,129 | ||||||
| North Texas Tollway Authority, Refunding RB |
||||||||
| Series A, 5.00%, 01/01/40 |
22,070 | 24,357,489 | ||||||
| Series A, 5.00%, 01/01/43 |
5,610 | 5,903,818 | ||||||
| Northwest Independent School District, GO, Series A, (PSF), 5.00%, 02/15/48 |
2,145 | 2,360,971 | ||||||
| Pflugerville Independent School District, GO |
||||||||
| Series A, 5.00%, 02/15/40 |
8,345 | 9,585,985 | ||||||
| Series A, 5.00%, 02/15/48 |
32,890 | 35,266,039 | ||||||
| Pottsboro Independent School District, GO, (PSF), 5.00%, 02/15/47 |
6,000 | 6,634,110 | ||||||
| Sands Consolidated Independent School District, GO, (BAM), 5.00%, 02/15/43 |
1,780 | 1,941,998 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
| 4.00%, 10/01/41 |
5,710 | 5,742,541 | ||||||
| 5.50%, 11/15/47 |
11,905 | 13,333,779 | ||||||
| Series B, 5.00%, 07/01/43 |
50,400 | 52,498,706 | ||||||
| Series B, 5.00%, 07/01/48 |
1,000 | 1,029,180 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
| Series A, 5.00%, 02/15/41 |
13,000 | 13,529,685 | ||||||
| Series A, 4.00%, 11/15/42 |
20,000 | 19,820,620 | ||||||
| Series A, 5.00%, 11/15/45 |
5,000 | 5,148,235 | ||||||
| Texas Water Development Board, RB |
||||||||
| 4.75%, 10/15/42 |
7,345 | 7,991,162 | ||||||
| 5.25%, 10/15/46 |
60,000 | 63,715,380 | ||||||
| 5.00%, 10/15/47 |
15,000 | 16,660,980 | ||||||
| 4.80%, 10/15/52 |
8,740 | 9,323,378 | ||||||
| Series B, 5.00%, 04/15/49 |
15,000 | 15,932,220 | ||||||
|
|
|
|||||||
| 763,295,600 | ||||||||
| Utah — 0.7% | ||||||||
| County of Utah, RB |
||||||||
| Series A, 4.00%, 05/15/45 |
1,875 | 1,877,743 | ||||||
| Series B, 5.00%, 05/15/46 |
15,000 | 15,535,605 | ||||||
| County of Utah, Refunding RB, Series A, 5.00%, 05/15/41 |
24,970 | 25,861,978 | ||||||
| Utah Charter School Finance Authority, RB(b) |
||||||||
| 5.00%, 06/15/42 |
1,810 | 1,668,116 | ||||||
| 5.00%, 06/15/52 |
5,420 | 4,708,430 | ||||||
| 5.63%, 06/15/54 |
4,930 | 4,451,322 | ||||||
| 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) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Utah (continued) |
||||||||
| Utah Charter School Finance Authority, RB(b) (continued) |
||||||||
| 5.00%, 06/15/57 |
$ | 3,910 | $ | 3,350,717 | ||||
| Utah Charter School Finance Authority, Refunding RB(b) |
||||||||
| 5.25%, 06/15/37 |
3,795 | 3,708,709 | ||||||
| 5.38%, 06/15/48 |
4,740 | 4,458,160 | ||||||
|
|
|
|||||||
| 65,620,780 | ||||||||
| Vermont(b) — 0.1% | ||||||||
| East Central Vermont Telecommunications District, RB |
||||||||
| Series A, 4.00%, 12/01/30 |
2,010 | 1,905,432 | ||||||
| Series A, 4.25%, 12/01/40 |
4,030 | 3,391,435 | ||||||
| Series A, 4.50%, 12/01/50 |
2,960 | 2,349,183 | ||||||
|
|
|
|||||||
| 7,646,050 | ||||||||
| Virginia — 1.9% | ||||||||
| Ballston Quarter Community Development Authority, TA, Series A, AMT, 5.50%, 03/01/46 |
1,740 | 1,244,704 | ||||||
| Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47 |
14,750 | 15,371,049 | ||||||
| Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 |
35,065 | 34,573,599 | ||||||
| Hampton Roads Transportation Accountability Commission, RB, Senior Lien, 5.00%, 07/01/50 |
7,405 | 7,996,682 | ||||||
| Hanover County Economic Development Authority, Refunding RB |
||||||||
| 5.00%, 07/01/38 |
125 | 119,431 | ||||||
| 5.00%, 07/01/48 |
370 | 326,695 | ||||||
| Virginia College Building Authority, RB, 4.00%, 02/01/34 |
3,400 | 3,495,547 | ||||||
| Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax, RB, 5.00%, 05/15/51 |
9,870 | 10,840,093 | ||||||
| Virginia Commonwealth Transportation Board, RB, 4.00%, 05/15/41 |
12,675 | 12,813,614 | ||||||
| Virginia Public Building Authority, RB |
||||||||
| Series A, 4.00%, 08/01/41 |
31,165 | 32,143,955 | ||||||
| Series A, 4.00%, 08/01/42 |
32,440 | 33,182,357 | ||||||
| Series A-2, 4.00%, 08/01/38 |
30,465 | 31,673,607 | ||||||
|
|
|
|||||||
| 183,781,333 | ||||||||
| Washington — 0.3% | ||||||||
| University of Washington, Refunding RB, Series A, 5.25%, 12/01/46 |
23,385 | 24,949,574 | ||||||
|
|
|
|||||||
| Wisconsin — 0.8% | ||||||||
| Public Finance Authority, ARB |
||||||||
| AMT, 4.00%, 07/01/41 |
2,715 | 2,140,430 | ||||||
| AMT, 4.25%, 07/01/54 |
4,745 | 3,431,864 | ||||||
| Public Finance Authority, RB(b) |
||||||||
| 4.00%, 06/15/40 |
2,020 | 1,544,860 | ||||||
| 4.00%, 06/15/50 |
2,995 | 2,025,656 | ||||||
| 5.00%, 12/01/55 |
4,000 | 3,201,836 | ||||||
| 4.00%, 06/15/56 |
2,445 | 1,585,289 | ||||||
| Series A, 6.25%, 10/01/31 |
1,715 | 1,443,678 | ||||||
| Series A, 5.00%, 06/15/41 |
1,215 | 1,106,337 | ||||||
| Series A, 5.25%, 03/01/45 |
3,325 | 3,000,613 | ||||||
| Series A, 7.00%, 11/01/46(e)(f) |
6,385 | 4,150,250 | ||||||
| Series A, 7.00%, 10/01/47 |
1,715 | 1,392,141 | ||||||
| Security | Par (000) |
Value | ||||||
| Wisconsin (continued) |
||||||||
| Public Finance Authority, RB(b) (continued) |
||||||||
| Series A, 5.63%, 06/15/49 |
$ | 12,235 | $ | 11,486,487 | ||||
| Series A, 5.00%, 06/15/51 |
1,365 | 1,155,183 | ||||||
| Series A, 5.38%, 07/15/52 |
6,760 | 5,800,208 | ||||||
| Series A, 5.25%, 03/01/55 |
9,500 | 8,170,238 | ||||||
| Series A, 4.75%, 06/15/56 |
7,815 | 5,789,821 | ||||||
| Series A, 5.00%, 06/15/56 |
1,495 | 1,239,110 | ||||||
| Series A-1, 5.00%, 01/01/56 |
2,515 | 1,921,998 | ||||||
| Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(b)(d) |
24,640 | 1,521,693 | ||||||
| Public Finance Authority, Refunding RB |
||||||||
| 5.00%, 03/01/37(b) |
760 | 699,639 | ||||||
| Series A, 4.00%, 12/01/51 |
1,050 | 820,807 | ||||||
| Wisconsin Health & Educational Facilities Authority, RB, 4.00%, 11/15/43 |
14,000 | 13,563,704 | ||||||
|
|
|
|||||||
| 77,191,842 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 89.8% |
8,814,065,414 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
| |||||||
| California — 2.2% | ||||||||
| California State University, RB, Series A, 5.00%, 11/01/51 |
40,470 | 43,666,077 | ||||||
| State of California, Refunding GO, 5.00%, 09/01/41 |
70,000 | 79,348,290 | ||||||
| University of California, Refunding RB, Series Q, 5.00%, 05/15/46 |
87,090 | 96,778,153 | ||||||
|
|
|
|||||||
| 219,792,520 | ||||||||
| District of Columbia — 0.6% | ||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45 |
50,585 | 55,116,647 | ||||||
|
|
|
|||||||
| Massachusetts — 0.6% | ||||||||
| Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47 |
50,000 | 56,930,050 | ||||||
|
|
|
|||||||
| New York — 2.4% | ||||||||
| City of New York New York, GO, Sub-Series F-1, 5.00%, 04/01/43 |
52,780 | 56,056,635 | ||||||
| New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.25%, 06/15/46 |
61,465 | 65,112,409 | ||||||
| New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/46 |
66,155 | 72,450,643 | ||||||
| Port Authority of New York & New Jersey, Refunding ARB, 231st Series, AMT, 5.50%, 08/01/47(h) |
40,000 | 44,726,860 | ||||||
|
|
|
|||||||
| 238,346,547 | ||||||||
| 9 |
|
| Schedule of Investments (unaudited) (continued) March 31, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Washington — 0.5% |
||||||||
| Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42 |
$ | 45,000 | $ | 46,924,133 | ||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.3% |
|
617,109,897 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 96.1% |
9,431,175,311 | |||||||
|
|
|
|||||||
| Shares | ||||||||
|
|
||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 6.1% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.59%(i)(j) |
600,617,577 | 600,557,515 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 6.1% |
600,557,515 | |||||||
|
|
|
|||||||
| Total Investments — 102.2% |
10,031,732,826 | |||||||
| Other Assets Less Liabilities — 0.7% |
71,773,761 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.9)% |
|
(284,116,144 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% |
$ | 9,819,390,443 | ||||||
|
|
|
|||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (d) | Zero-coupon bond. |
| (e) | Issuer filed for bankruptcy and/or is in default. |
| (f) | Non-income producing security. |
| (g) | 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. |
| (h) | 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 February 1, 2030, is $21,130,556. |
| (i) | Affiliate of the Fund. |
| (j) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 06/30/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 03/31/23 |
Shares Held at 03/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 432,921,461 | $ | 167,764,161 | (a) | $ | — | $ | 71,419 | $ | (199,526 | ) | $ | 600,557,515 | 600,617,577 | $ | 5,262,096 | $ | — |
| |||||||||||||||||||
| iShares National Muni Bond ETF(b) |
— | 74,730,875 | (73,095,986 | ) | (1,634,889 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| $ | (1,563,470 | ) | $ | (199,526 | ) | $ | 600,557,515 | $ | 5,262,096 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | As of period end, the entity is no longer held. |
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 |
1,294 | 06/21/23 | $ | 148,891 | $ | (1,154,231 | ) | |||||||||
| U.S. Long Bond |
1,767 | 06/21/23 | 232,084 | (3,529,748 | ) | |||||||||||
| 5-Year U.S. Treasury Note |
1,602 | 06/30/23 | 175,657 | (2,566,772 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (7,250,751 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| 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) March 31, 2023 |
BlackRock National Municipal Fund |
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); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 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 table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||||||
| Investments |
||||||||||||||||||||||||||||
| Long-Term Investments |
||||||||||||||||||||||||||||
| Municipal Bonds |
$ | — | $ | 8,814,065,414 | $ | — | $ | 8,814,065,414 | ||||||||||||||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 617,109,897 | — | 617,109,897 | ||||||||||||||||||||||||
| Short-Term Securities |
||||||||||||||||||||||||||||
| Money Market Funds |
600,557,515 | — | — | 600,557,515 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| $ | 600,557,515 | $ | 9,431,175,311 | $ | — | $ | 10,031,732,826 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Derivative Financial Instruments(a) |
||||||||||||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||||||
| Interest Rate Contracts |
$ | (7,250,751 | ) | $ | — | $ | — | $ | (7,250,751 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (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 reporting purposes. As of period end, TOB Trust Certificates of $281,824,988 are categorized as Level 2 within the fair value hierarchy.
| Portfolio Abbreviation | ||
| AGM | Assured Guaranty Municipal Corp. | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| BAB | Build America Bond | |
| BAM | Build America Mutual Assurance Co. | |
| BAM-TCRS | Build America Mutual Assurance Co.- Transferable Custodial Receipts | |
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| FHLMC | Federal Home Loan Mortgage Corp. | |
| FNMA | Federal National Mortgage Association | |
| GO | General Obligation Bonds | |
| Portfolio Abbreviation (continued) | ||
| M/F | Multi-Family | |
| PSF | Permanent School Fund | |
| RB | Revenue Bond | |
| SAB | Special Assessment Bonds | |
| SAW | State Aid Withholding | |
| TA | Tax Allocation | |
| 11 |
|