NPORT-EX 2 NPORT_A_LCP8_48654321_0323.htm BlackRock National Municipal Fund

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%
(Cost: $8,939,492,083)

         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%
(Cost: $634,033,872)

 

     617,109,897  
   

 

 

  

Total Long-Term Investments — 96.1%
(Cost: $9,573,525,955)

       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%
(Cost: $600,474,284)

       600,557,515  
   

 

 

  

Total Investments — 102.2%
(Cost: $10,174,000,239)

         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