Schedule of Investments (unaudited) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security |
Shares |
Value | ||||||
Investment Companies |
| |||||||
Fixed Income Funds 0.7% |
||||||||
iShares National Muni Bond ETF(a) |
625,000 | $ | 64,087,500 | |||||
|
|
|||||||
Total Investment Companies 0.7% |
64,087,500 | |||||||
|
|
|||||||
Par (000) |
||||||||
Municipal Bonds |
| |||||||
Alabama 4.3% |
||||||||
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46 |
$ | 60,000 | 60,419,067 | |||||
Black Belt Energy Gas District, RB(b) |
||||||||
Series A, 5.25%, 01/01/54 |
4,500 | 4,542,660 | ||||||
Series C-1, 5.25%, 02/01/53 |
62,425 | 63,142,139 | ||||||
Series F, 5.50%, 11/01/53 |
11,170 | 11,368,122 | ||||||
Black Belt Energy Gas District, Refunding RB, Series D-1, 5.50%, 06/01/49(b) |
29,795 | 30,359,764 | ||||||
Energy Southeast A Cooperative District, RB, Series A-1, 5.50%, 11/01/53(b) |
50,000 | 51,047,250 | ||||||
Southeast Energy Authority A Cooperative District, RB(b) |
||||||||
Series A, 4.00%, 11/01/51 |
102,970 | 98,036,810 | ||||||
Series A, 5.25%, 01/01/54 |
60,000 | 60,377,460 | ||||||
Series B, 5.00%, 01/01/54 |
11,945 | 12,059,111 | ||||||
Series B-1, 5.00%, 05/01/53 |
20,000 | 19,940,620 | ||||||
|
|
|||||||
411,293,003 | ||||||||
Arizona 1.6% | ||||||||
Arizona Industrial Development Authority, Refunding RB(c) |
||||||||
Series A, 5.25%, 07/01/37 |
1,230 | 1,097,047 | ||||||
Series A, 5.50%, 07/01/52 |
2,450 | 2,089,659 | ||||||
City of Phoenix Civic Improvement Corp., RB |
||||||||
Junior Lien, 5.00%, 07/01/44 |
42,605 | 43,738,719 | ||||||
Subordinate, 5.00%, 07/01/44 |
7,930 | 8,206,511 | ||||||
City of Phoenix Civic Improvement Corp., Refunding RB |
||||||||
Series A, 5.00%, 07/01/36 |
11,640 | 11,832,921 | ||||||
Series A, 5.00%, 07/01/37 |
4,875 | 4,944,776 | ||||||
Maricopa County Industrial Development Authority, RB, Series A-1, 5.00%, 01/01/53(b) |
3,865 | 3,980,919 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 |
36,100 | 36,556,376 | ||||||
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 |
215 | 219,835 | ||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB |
||||||||
Series A, 5.00%, 12/01/36 |
18,330 | 18,590,451 | ||||||
Series A, 5.00%, 01/01/38 |
11,015 | 11,272,388 | ||||||
Tucson Industrial Development Authority/Pima County Industrial Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 6.00%, 01/01/55 |
6,125 | 6,479,674 | ||||||
|
|
|||||||
149,009,276 | ||||||||
Arkansas 0.8% | ||||||||
Arkansas Development Finance Authority, |
15,700 | 15,875,573 |
Security | Par (000) |
Value | ||||||
Arkansas (continued) |
||||||||
Arkansas Development Finance Authority, RB(c) (continued) |
||||||||
AMT, 6.88%, 07/01/48 |
$ | 18,200 | $ | 18,183,347 | ||||
Series A, AMT, 4.50%, 09/01/49 |
4,750 | 4,321,664 | ||||||
Series A, AMT, 4.75%, 09/01/49 |
34,660 | 32,080,603 | ||||||
University of Arkansas, RB, Series A, 5.00%, 12/01/45 |
2,360 | 2,427,357 | ||||||
|
|
|||||||
72,888,544 | ||||||||
California 13.2% | ||||||||
California Community Choice Financing Authority,
RB(b) |
44,000 | 44,609,356 | ||||||
Series B-1, 4.00%, 02/01/52 |
148,500 | 139,928,432 | ||||||
Series C, 5.25%, 01/01/54 |
16,210 | 16,170,496 | ||||||
California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/51(c) |
7,940 | 4,809,004 | ||||||
California Infrastructure & Economic Development Bank, RB, Series A, AMT, 3.65%, 01/01/50(b)(c) |
49,190 | 48,804,006 | ||||||
California Pollution Control Financing Authority, Refunding RB, AMT, 4.25%, 07/01/43(b)(c) |
36,210 | 36,204,858 | ||||||
California State Public Works Board, RB, |
10,000 | 9,403,590 | ||||||
California State Public Works Board, Refunding RB, 5.00%, 09/01/38(d) |
5,000 | 5,356,835 | ||||||
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30 |
3,115 | 2,972,383 | ||||||
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 |
27,620 | 28,536,155 | ||||||
City of Los Angeles Department of Airports, ARB |
||||||||
AMT, 5.00%, 05/15/47 |
26,170 | 26,456,666 | ||||||
Series A, AMT, 5.25%, 05/15/48 |
7,000 | 7,042,280 | ||||||
Series C, AMT, 5.00%, 05/15/45 |
17,175 | 17,393,655 | ||||||
Series C, AMT, Subordinate, 5.00%, 05/15/44 |
8,000 | 8,033,072 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/45 |
18,000 | 18,330,210 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(c) |
8,940 | 6,589,522 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(c) |
||||||||
3.13%, 07/01/56 |
23,665 | 14,074,735 | ||||||
4.00%, 07/01/58 |
9,055 | 5,711,604 | ||||||
Series A, 5.00%, 01/01/54 |
8,950 | 6,486,638 | ||||||
Series B, 4.00%, 07/01/58 |
10,330 | 6,640,888 | ||||||
Mezzanine Lien, 4.00%, 06/01/57 |
7,220 | 4,615,327 | ||||||
Series B, Mezzanine Lien, 4.00%, 12/01/59 |
6,125 | 3,593,048 | ||||||
Senior Lien, 3.13%, 06/01/57 |
13,670 | 8,136,589 | ||||||
Series B, Sub Lien, 4.00%, 12/01/59 |
15,875 | 9,630,759 | ||||||
East Bay Municipal Utility District Water System Revenue, Refunding RB |
||||||||
Series A, 4.00%, 06/01/33 |
13,900 | 13,977,687 | ||||||
Series A, 4.00%, 06/01/34 |
14,000 | 14,084,042 | ||||||
Irvine Facilities Financing Authority, RB, 5.25%, 05/01/48 |
25,000 | 25,460,700 | ||||||
Long Beach Unified School District, GO, Series C, 5.00%, 08/01/44 |
9,900 | 10,501,653 | ||||||
Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, 5.25%, 07/01/44 |
24,365 | 25,147,506 | ||||||
Los Angeles Department of Water & Power, Refunding RB |
||||||||
Series B, 5.25%, 07/01/37 |
13,500 | 14,154,251 |
1 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
California (continued) |
||||||||
Los Angeles Department of Water & Power, Refunding RB (continued) |
||||||||
Series B, 5.25%, 07/01/38 |
$ | 15,000 | $ | 15,666,720 | ||||
Series B, 5.25%, 07/01/39 |
7,000 | 7,296,317 | ||||||
Port of Los Angeles, Refunding ARB, |
8,000 | 7,991,256 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47 |
20,000 | 20,663,040 | ||||||
San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41 |
35,000 | 35,933,380 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
Series 2, AMT, 5.00%, 05/01/48 |
36,595 | 36,160,947 | ||||||
Series A, AMT, 5.00%, 05/01/44 |
32,450 | 32,442,277 | ||||||
Series A, AMT, 5.00%, 05/01/49 |
28,200 | 27,921,638 | ||||||
Series B, AMT, 5.00%, 05/01/46 |
57,000 | 56,506,893 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26 |
100,000 | 93,277,000 | ||||||
San Mateo County Transit District, Refunding RB, Series A, 4.00%, 06/01/32 |
15,645 | 15,735,225 | ||||||
State of California, Refunding GO |
24,635 | 25,315,394 | ||||||
5.00%, 09/01/41 |
70,000 | 73,857,280 | ||||||
University of California, RB |
||||||||
Series AM, 5.00%, 05/15/44 |
26,780 | 26,902,090 | ||||||
Series M, 5.00%, 05/15/42 |
100,000 | 102,574,300 | ||||||
University of California, Refunding RB, Series Q, 5.00%, 05/15/46 |
89,790 | 93,297,377 | ||||||
|
|
|||||||
1,254,397,081 | ||||||||
Colorado 3.0% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
Series B, 5.00%, 12/01/43 |
5,000 | 5,031,600 | ||||||
Series A, AMT, 5.00%, 12/01/37 |
25,110 | 25,388,872 | ||||||
Series A, AMT, 5.00%, 12/01/43 |
13,860 | 13,716,119 | ||||||
Series A, AMT, 5.25%, 12/01/43 |
40,000 | 40,345,760 | ||||||
Series A, AMT, 5.00%, 11/15/47 |
32,440 | 32,374,666 | ||||||
Series A, AMT, 5.00%, 12/01/48 |
4,120 | 3,849,382 | ||||||
Series A, AMT, 5.25%, 12/01/48 |
21,575 | 21,774,245 | ||||||
Series D, AMT, 5.75%, 11/15/45 |
3,290 | 3,492,476 | ||||||
City & County of Denver Colorado Pledged Excise Tax Revenue, RB |
||||||||
Series A-1, 5.00%, 08/01/41 |
7,915 | 8,022,248 | ||||||
Series A-1, 5.00%, 08/01/48 |
12,920 | 13,021,138 | ||||||
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43 |
10,000 | 10,204,320 | ||||||
City of Colorado Springs Colorado Utilities System Revenue, RB |
||||||||
Series A, 5.25%, 11/15/48 |
13,515 | 14,170,437 | ||||||
Series B, 5.00%, 11/15/47 |
11,500 | 11,787,489 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB(c) |
500 | 467,898 | ||||||
4.00%, 07/01/41 |
750 | 594,694 | ||||||
4.00%, 07/01/51 |
755 | 544,132 | ||||||
4.00%, 07/01/61 |
1,225 | 836,210 |
Security | Par (000) |
Value | ||||||
Colorado (continued) |
||||||||
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 |
$ | 4,390 | $ | 4,456,991 | ||||
Colorado Health Facilities Authority, Refunding RB 5.00%, 11/15/58(b) |
5,000 | 5,228,660 | ||||||
Series A, 5.00%, 08/01/44 |
11,550 | 11,179,106 | ||||||
Series A, 5.00%, 05/15/47 |
26,070 | 26,460,476 | ||||||
Cottonwood Highlands Metropolitan District No. 1, GO, Series A, 5.00%, 12/01/49 |
900 | 747,649 | ||||||
Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45 |
2,480 | 2,569,114 | ||||||
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 |
1,190 | 1,043,968 | ||||||
State of Colorado, COP, Series J, 5.25%, 03/15/42 |
20,000 | 20,551,660 | ||||||
University of Colorado, Refunding RB, |
7,545 | 7,111,253 | ||||||
|
|
|||||||
284,970,563 | ||||||||
Connecticut 0.8% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series B, 5.75%, 11/15/53 |
14,235 | 14,744,129 | ||||||
Connecticut State Health & Educational Facilities Authority, RB, Series Q-1, 5.00%, 07/01/46 |
5,570 | 5,577,108 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series 2015-A, 0.38%, 07/01/35(b) |
39,965 | 38,907,286 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(c) |
1,180 | 1,150,468 | ||||||
State of Connecticut Special Tax Revenue, RB |
||||||||
Series A, 4.00%, 05/01/39 |
2,840 | 2,741,188 | ||||||
Series A, 5.00%, 07/01/41 |
15,285 | 16,016,219 | ||||||
|
|
|||||||
79,136,398 | ||||||||
Delaware 0.3% | ||||||||
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(b) |
25,165 | 23,469,106 | ||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/45 |
6,680 | 6,713,306 | ||||||
|
|
|||||||
30,182,412 | ||||||||
District of Columbia 3.8% | ||||||||
District of Columbia Water & Sewer Authority, Refunding RB |
||||||||
Series B, Sub-Lien, 5.25%, 10/01/40 |
48,060 | 48,901,771 | ||||||
Series B, Sub-Lien, 5.25%, 10/01/44 |
63,075 | 63,938,055 | ||||||
District of Columbia, GO |
||||||||
Series A, 5.00%, 06/01/31 |
5,000 | 5,117,505 | ||||||
Series A, 5.00%, 06/01/36 |
7,275 | 7,403,586 | ||||||
Series A, 5.00%, 06/01/37 |
8,660 | 8,792,091 | ||||||
Series A, 5.00%, 06/01/38 |
4,500 | 4,561,412 | ||||||
Series A, 5.00%, 06/01/41 |
5,000 | 5,088,925 | ||||||
Series D, 5.00%, 06/01/42 |
34,680 | 35,389,206 | ||||||
District of Columbia, RB, Series C, 5.00%, 05/01/45 |
10,000 | 10,259,100 | ||||||
District of Columbia, Refunding GO, Series A, 5.25%, 01/01/48 |
18,355 | 19,410,743 | ||||||
District of Columbia, Refunding RB, Series C, 5.00%, 10/01/34 |
1,670 | 1,779,388 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
||||||||
Series A, AMT, 5.00%, 10/01/36 |
10,000 | 10,194,920 | ||||||
Series A, AMT, 5.00%, 10/01/48 |
12,400 | 12,151,826 |
S C H E D U L E O F I N V E S T M E N T S |
2 |
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
District of Columbia (continued) |
||||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
||||||||
5.00%, 07/15/48 |
$ | 26,600 | $ | 27,436,145 | ||||
Series A, 5.00%, 07/15/45 |
10,175 | 10,429,741 | ||||||
Washington Metropolitan Area Transit Authority, RB |
||||||||
5.00%, 07/01/43 |
35,480 | 35,819,437 | ||||||
Series B, 5.00%, 07/01/42 |
54,400 | 54,961,136 | ||||||
|
|
|||||||
361,634,987 | ||||||||
Florida 3.6% | ||||||||
Brevard County Health Facilities Authority, Refunding RB(c) |
||||||||
4.00%, 11/15/45 |
2,830 | 2,093,306 | ||||||
4.00%, 11/15/55 |
4,170 | 2,847,159 | ||||||
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49(c) |
4,365 | 3,410,069 | ||||||
Capital Trust Agency, Inc., RB, CAB, Subordinate, 0.00%, 01/01/61(c)(e) |
6,915 | 404,009 | ||||||
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 |
12,910 | 12,728,382 | ||||||
City of Tampa Florida, SAB |
||||||||
5.25%, 05/01/43 |
11,720 | 12,041,011 | ||||||
5.25%, 05/01/46 |
15,430 | 15,807,433 | ||||||
County of Broward Florida Port Facilities Revenue, ARB, Series A, 5.00%, 09/01/38 |
1,270 | 1,322,767 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 |
112,405 | 111,635,026 | ||||||
County of Miami-Dade Seaport Department, ARB(f) |
||||||||
Series A, 6.00%, 10/01/23 |
6,325 | 6,325,000 | ||||||
Series B, AMT, 6.00%, 10/01/23 |
2,350 | 2,350,000 | ||||||
Series B, AMT, 6.25%, 10/01/23 |
5,000 | 5,000,000 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.00%, 10/01/47 |
19,050 | 18,373,458 | ||||||
County of Palm Beach Florida, RB, 5.00%, 12/01/43 |
5,325 | 5,537,808 | ||||||
Florida Development Finance Corp., RB(c) |
||||||||
6.50%, 06/30/57 |
8,670 | 7,688,166 | ||||||
Series C, 5.75%, 12/15/56 |
6,295 | 4,728,943 | ||||||
AMT, 5.00%, 05/01/29 |
1,820 | 1,666,055 | ||||||
AMT, 6.13%, 07/01/32(b) |
11,725 | 11,619,604 | ||||||
Florida Development Finance Corp., Refunding RB, Series A, 4.50%, 12/15/56(c) |
18,065 | 12,066,643 | ||||||
Greater Orlando Aviation Authority, ARB |
||||||||
Series A, AMT, 5.00%, 10/01/44 |
28,000 | 27,619,144 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/42 |
22,310 | 22,057,161 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/47 |
32,485 | 31,594,229 | ||||||
Hillsborough County Port District, ARB, |
8,375 | 8,561,335 | ||||||
Lakewood Ranch Stewardship District, SAB, 4.63%, 05/01/27 |
1,395 | 1,380,819 | ||||||
Live Oak Lake Community Development District, SAB |
1,600 | 1,372,414 | ||||||
4.60%, 05/01/51 |
2,840 | 2,294,115 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 |
8,370 | 6,551,007 | ||||||
River Landing Community Development District, SAB |
860 | 705,263 |
Security | Par (000) |
Value | ||||||
Florida (continued) |
||||||||
River Landing Community Development District, SAB (continued) |
||||||||
Series B, 4.25%, 11/01/35 |
$ | 675 | $ | 596,134 | ||||
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(g)(h) |
147 | 70,702 | ||||||
Windward Community Development District, SAB, Series A-2, 4.40%, 11/01/35 |
840 | 742,372 | ||||||
|
|
|||||||
341,189,534 | ||||||||
Georgia 3.3% | ||||||||
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, Subordinate, 4.00%, 07/01/34 |
20,615 | 19,866,222 | ||||||
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40 |
30,000 | 30,215,910 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(c) |
5,030 | 4,154,237 | ||||||
Main Street Natural Gas, Inc., RB(b) |
||||||||
Series A, 5.00%, 06/01/53 |
56,135 | 55,563,770 | ||||||
Series B, 5.00%, 07/01/53 |
46,510 | 46,943,938 | ||||||
Series C, 4.00%, 03/01/50 |
20,710 | 20,188,129 | ||||||
Series C, 5.00%, 09/01/53 |
54,545 | 55,056,741 | ||||||
Series D, 5.00%, 12/01/54 |
20,000 | 19,955,460 | ||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(b) |
39,165 | 39,348,762 | ||||||
State of Georgia, GO, Series A, 4.00%, 02/01/32 |
20,400 | 20,482,131 | ||||||
|
|
|||||||
311,775,300 | ||||||||
Hawaii 0.1% | ||||||||
City & County of Honolulu Hawaii, RB, M/F Housing, 5.00%, 06/01/27(b) |
8,925 | 9,123,447 | ||||||
|
|
|||||||
Idaho 0.2% | ||||||||
Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48 |
18,000 | 18,886,824 | ||||||
|
|
|||||||
Illinois 6.7% | ||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/42 |
2,200 | 2,026,070 | ||||||
Series H, 5.00%, 12/01/36 |
4,620 | 4,510,123 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series A, 5.00%, 12/01/28 |
4,000 | 4,029,924 | ||||||
Series B, 4.00%, 12/01/35 |
11,640 | 10,479,306 | ||||||
Series C, 5.00%, 12/01/24 |
4,445 | 4,446,520 | ||||||
Series C, 5.00%, 12/01/25 |
12,760 | 12,768,715 | ||||||
Series C, 5.00%, 12/01/26 |
3,060 | 3,069,976 | ||||||
Series F, 5.00%, 12/01/24 |
9,585 | 9,588,278 | ||||||
Series G, 5.00%, 12/01/34 |
5,000 | 5,010,340 | ||||||
Chicago OHare International Airport, ARB |
||||||||
Series D, AMT, Senior Lien, 5.00%, 01/01/42 |
2,225 | 2,211,588 | ||||||
Series D, AMT, Senior Lien, 5.00%, 01/01/47 |
2,500 | 2,439,982 | ||||||
Series D, Senior Lien, 5.25%, 01/01/42 |
56,710 | 57,905,447 | ||||||
Series D, Senior Lien, 5.00%, 01/01/47 |
20,000 | 20,160,080 | ||||||
Chicago OHare International Airport, Refunding ARB |
||||||||
Series A, AMT, Senior Lien, 5.00%, 01/01/39 |
4,000 | 4,015,792 | ||||||
Series B, Senior Lien, 5.00%, 01/01/48 |
6,000 | 6,075,588 | ||||||
Chicago OHare International Airport, Refunding RB |
||||||||
Series A, AMT, 5.00%, 01/01/34 |
5,600 | 5,605,275 | ||||||
Series B, Senior Lien, 5.00%, 01/01/38 |
30,000 | 30,557,820 | ||||||
Series B, Senior Lien, 5.00%, 01/01/39 |
64,885 | 65,947,687 |
3 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Illinois (continued) |
||||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48 |
$ | 2,000 | $ | 2,061,508 | ||||
Illinois Finance Authority, Refunding RB 4.00%, 08/15/40 |
4,000 | 3,613,636 | ||||||
5.00%, 10/01/48 |
31,850 | 32,252,966 | ||||||
Series A, 5.00%, 07/15/42 |
23,695 | 24,091,370 | ||||||
Series C, 5.00%, 02/15/41 |
37,295 | 37,854,462 | ||||||
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, (FHLMC, FNMA, GNMA), 5.75%, 10/01/53 |
9,770 | 10,134,421 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/36 |
11,000 | 11,166,111 | ||||||
Series A, 5.00%, 01/01/40 |
20,500 | 20,509,348 | ||||||
Series A, 5.00%, 01/01/42 |
37,500 | 38,272,162 | ||||||
Series A, 5.00%, 01/01/45 |
10,785 | 10,958,768 | ||||||
Series A, 5.25%, 01/01/45 |
37,315 | 39,037,386 | ||||||
Series B, 5.00%, 01/01/40 |
35,105 | 35,189,287 | ||||||
Southwestern Illinois Development Authority, RB, (BAM), 5.50%, 12/01/40 |
2,600 | 2,772,804 | ||||||
State of Illinois, GO 5.50%, 05/01/39 |
9,040 | 9,324,425 | ||||||
Series A, 5.00%, 11/01/29 |
27,500 | 28,802,922 | ||||||
Series B, 5.50%, 05/01/47 |
10,000 | 10,411,780 | ||||||
Series C, 5.50%, 10/01/42 |
28,000 | 28,917,420 | ||||||
State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32 |
14,000 | 14,510,622 | ||||||
State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28 |
19,250 | 20,039,635 | ||||||
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23 |
1,920 | 1,920,396 | ||||||
|
|
|||||||
632,689,940 | ||||||||
Indiana 0.2% | ||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
3,870 | 3,883,162 | ||||||
AMT, 7.00%, 01/01/44 |
7,330 | 7,356,293 | ||||||
Indiana Finance Authority, Refunding RB, Series A, 4.00%, 12/01/40 |
3,870 | 3,500,949 | ||||||
|
|
|||||||
14,740,404 | ||||||||
Kentucky 0.1% | ||||||||
Kentucky Public Energy Authority, RB, |
12,350 | 11,613,248 | ||||||
|
|
|||||||
Louisiana 2.3% | ||||||||
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(b) |
195,960 | 186,503,950 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(b) |
21,580 | 20,541,182 | ||||||
Louisiana Public Facilities Authority, RB(c) |
||||||||
Series A, 5.00%, 04/01/39 |
1,425 | 1,175,524 | ||||||
Series A, 5.00%, 06/01/39 |
1,300 | 1,154,856 | ||||||
Series A, 5.00%, 06/01/49 |
3,000 | 2,511,915 | ||||||
Series A, 5.00%, 06/01/58 |
4,500 | 3,640,104 | ||||||
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 04/01/45 |
5,000 | 5,033,795 | ||||||
|
|
|||||||
220,561,326 | ||||||||
Maryland 1.1% | ||||||||
City of Baltimore Maryland, Refunding RB Series A, 4.50%, 09/01/33 |
2,735 | 2,495,266 |
Security | Par (000) |
Value | ||||||
Maryland (continued) |
||||||||
City of Baltimore Maryland, Refunding RB (continued) |
||||||||
Series A, 5.00%, 09/01/38 |
$ | 1,400 | $ | 1,306,188 | ||||
County of Anne Arundel Maryland, GO, 5.00%, 10/01/43 |
2,880 | 3,038,659 | ||||||
County of Frederick Maryland, GO, 5.00%, 04/01/41 |
6,035 | 6,421,657 | ||||||
County of Montgomery Maryland, RB |
21,780 | 21,868,797 | ||||||
Series 2016, 5.00%, 12/01/45 |
13,955 | 14,022,221 | ||||||
County of Prince Georges Maryland, COP, 5.00%, 10/01/48 |
6,175 | 6,278,783 | ||||||
County of Prince Georges Maryland, Refunding GO, Series A, 5.00%, 08/01/42 |
1,660 | 1,747,238 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 |
12,285 | 11,764,669 | ||||||
Maryland Stadium Authority, RB |
||||||||
Series A, 5.00%, 03/01/37 |
4,665 | 4,968,332 | ||||||
Series A, 5.00%, 09/01/37 |
5,000 | 5,301,305 | ||||||
State of Maryland, GO, Series 1, 4.00%, 06/01/29 |
7,910 | 7,929,846 | ||||||
Washington Suburban Sanitary Commission, RB 4.00%, 06/01/38 |
8,725 | 8,314,864 | ||||||
(GTD), 4.00%, 06/01/41 |
9,750 | 9,148,932 | ||||||
|
|
|||||||
104,606,757 | ||||||||
Massachusetts 6.7% | ||||||||
City of Boston Massachusetts, GO, Series A, 5.00%, 11/01/41 |
19,315 | 20,796,074 | ||||||
Commonwealth of Massachusetts, GO |
||||||||
Series A, 5.00%, 03/01/41 |
4,050 | 4,062,466 | ||||||
Series A, 5.25%, 04/01/42 |
42,000 | 43,341,102 | ||||||
Series A, 5.25%, 01/01/44 |
16,490 | 17,216,929 | ||||||
Series A, 5.25%, 04/01/47 |
85,000 | 87,277,150 | ||||||
Series C, 5.00%, 07/01/40 |
5,000 | 5,066,930 | ||||||
Series C, 5.25%, 10/01/47 |
10,125 | 10,744,387 | ||||||
Series E, 5.25%, 09/01/43 |
92,000 | 95,859,308 | ||||||
Massachusetts Bay Transportation Authority Assessment Revenue, Refunding RB, |
10,000 | 9,505,730 | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue, RB, Series A, 5.00%, 07/01/40 |
9,145 | 9,256,057 | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB |
||||||||
Sub-Series A-1, 5.00%, 07/01/43 |
9,100 | 9,592,310 | ||||||
Sub-Series A-1, 5.25%, 07/01/48 |
57,645 | 61,292,026 | ||||||
Subordinate, 5.00%, 07/01/41 |
1,900 | 1,951,815 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42 |
9,655 | 9,463,145 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
21,640 | 21,616,196 | ||||||
Massachusetts Port Authority, Refunding ARB |
||||||||
Series A, 5.00%, 07/01/40 |
5,680 | 5,747,785 | ||||||
Series A, AMT, 5.00%, 07/01/34 |
2,110 | 2,153,504 | ||||||
Series A, AMT, 5.00%, 07/01/47 |
4,000 | 3,960,164 | ||||||
Series B, AMT, 5.00%, 07/01/43 |
18,805 | 18,488,004 | ||||||
Series C, AMT, 5.00%, 07/01/44 |
15,000 | 15,068,070 | ||||||
Series C, AMT, 5.00%, 07/01/49 |
10,000 | 9,873,490 | ||||||
Massachusetts Port Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/37 |
1,000 | 1,025,727 | ||||||
Massachusetts School Building Authority, RB, Series B, 5.25%, 02/15/48 |
70,505 | 72,532,442 | ||||||
Massachusetts School Building Authority, Refunding RB, Series D, 4.75%, 08/15/32 |
10,000 | 10,179,640 |
S C H E D U L E O F I N V E S T M E N T S |
4 |
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Massachusetts (continued) |
||||||||
University of Massachusetts Building Authority, Refunding RB |
||||||||
Series 1, 5.00%, 11/01/39 |
$ | 8,190 | $ | 8,238,395 | ||||
Series 1, 5.25%, 11/01/42 |
58,840 | 60,736,413 | ||||||
Series 1, 5.25%, 11/01/47 |
14,425 | 14,827,039 | ||||||
|
|
|||||||
629,872,298 | ||||||||
Michigan 2.7% | ||||||||
City of Grand Rapids Michigan Sanitary Sewer System Revenue, RB, 5.00%, 01/01/48 |
2,000 | 2,025,944 | ||||||
City of Lansing Michigan, Refunding GO, |
4,570 | 4,175,604 | ||||||
Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44 |
20,000 | 20,435,480 | ||||||
Michigan Finance Authority, RB |
||||||||
Series A, 5.00%, 11/15/48 |
5,000 | 4,877,160 | ||||||
Series A, 6.50%, 06/01/57(c) |
5,980 | 5,105,084 | ||||||
Series S, 5.00%, 11/01/44 |
12,810 | 12,655,550 | ||||||
Michigan Finance Authority, Refunding RB 5.00%, 11/15/41 |
63,865 | 63,739,122 | ||||||
Series 2016, 5.25%, 12/01/41 |
25,630 | 26,047,923 | ||||||
Series A, 5.00%, 12/01/37 |
25,105 | 25,642,122 | ||||||
Series A, 5.00%, 12/01/41 |
9,370 | 9,548,274 | ||||||
Series A, 5.00%, 12/01/42 |
10,150 | 10,254,768 | ||||||
Michigan State Building Authority, Refunding RB |
||||||||
Series I, 5.00%, 04/15/41 |
2,540 | 2,581,339 | ||||||
Series I, 5.00%, 10/15/45 |
3,750 | 3,777,675 | ||||||
Series I, 5.00%, 10/15/51 |
5,050 | 5,076,194 | ||||||
Series I, 5.25%, 10/15/57 |
7,205 | 7,524,873 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |
2,950 | 2,904,036 | ||||||
Michigan State University, Refunding RB |
||||||||
Series A, 4.00%, 08/15/34 |
3,900 | 3,880,773 | ||||||
Series A, 5.00%, 08/15/40 |
9,000 | 9,083,439 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
16,470 | 15,319,373 | ||||||
Plymouth-Canton Community School District, GO, 5.00%, 05/01/42 |
3,100 | 3,211,594 | ||||||
State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/38 |
10,000 | 9,494,340 | ||||||
Waterford School District, GO, (Q-SBLF), 5.00%, 05/01/42 |
1,225 | 1,264,550 | ||||||
West Bloomfield School District, GO |
||||||||
Series I, (Q-SBLF), 5.00%, 05/01/40 |
4,940 | 5,152,148 | ||||||
Series I, (Q-SBLF), 5.00%, 05/01/41 |
5,815 | 6,045,355 | ||||||
|
|
|||||||
259,822,720 | ||||||||
Minnesota 0.5% | ||||||||
Minnesota Housing Finance Agency, RB, S/F Housing |
||||||||
Series F, (FHLMC, FNMA, GNMA), 5.75%, 07/01/53 |
4,500 | 4,676,310 | ||||||
Series O, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53(d) |
3,795 | 3,992,260 | ||||||
Minnesota Public Facilities Authority State Revolving Fund, RB, Series A, 5.00%, 03/01/35 |
10,010 | 10,328,558 | ||||||
State of Minnesota, GO |
||||||||
Series A, 4.00%, 09/01/34 |
1,820 | 1,818,959 | ||||||
Series A, 4.00%, 09/01/40 |
14,745 | 13,924,146 |
Security | Par (000) |
Value | ||||||
Minnesota (continued) |
||||||||
State of Minnesota, GO (continued) |
||||||||
Series A, 5.00%, 08/01/41 |
$ | 2,990 | $ | 3,176,480 | ||||
Series A, 4.00%, 09/01/41 |
6,255 | 5,855,950 | ||||||
|
|
|||||||
43,772,663 | ||||||||
Mississippi 0.1% | ||||||||
Medical Center Educational Building Corp., Refunding RB, 5.00%, 06/01/47 |
8,975 | 9,058,602 | ||||||
|
|
|||||||
Missouri 0.4% | ||||||||
Curators of the University of Missouri, Refunding RB |
||||||||
Series A, 4.00%, 11/01/31 |
5,500 | 5,514,570 | ||||||
Series A, 4.00%, 11/01/33 |
5,000 | 4,949,320 | ||||||
Series A, 4.00%, 11/01/34 |
5,000 | 4,797,160 | ||||||
Health & Educational Facilities Authority of the State of Missouri, RB |
16,085 | 15,789,422 | ||||||
Series A, 5.00%, 10/01/46 |
6,000 | 6,027,126 | ||||||
Metropolitan St Louis Sewer District, Refunding RB, Series A, 5.00%, 05/01/39 |
4,925 | 5,219,106 | ||||||
|
|
|||||||
42,296,704 | ||||||||
Montana 0.1% | ||||||||
Montana Board of Housing, RB, S/F Housing, Series A, 5.75%, 12/01/53 |
9,350 | 9,685,955 | ||||||
|
|
|||||||
Nevada 0.7% | ||||||||
County of Clark Nevada Passenger Facility Charge Revenue, Refunding RB, 5.00%, 07/01/33 |
1,125 | 1,197,699 | ||||||
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 |
60,000 | 61,181,160 | ||||||
State of Nevada Department of Business & Industry, RB |
||||||||
Series A, 4.50%, 12/15/29(c) |
280 | 263,130 | ||||||
Series A, 5.00%, 07/15/37 |
875 | 814,273 | ||||||
Series A, 5.00%, 07/15/47 |
1,400 | 1,256,416 | ||||||
|
|
|||||||
64,712,678 | ||||||||
New Jersey 2.8% | ||||||||
Borough of Waldwick New Jersey, Refunding GO, 5.00%, 10/10/24(d) |
5,000 | 5,029,075 | ||||||
New Jersey Economic Development Authority, RB, 5.00%, 06/15/43 |
7,550 | 7,618,614 | ||||||
New Jersey Economic Development Authority, Refunding RB, AMT, 3.75%, 11/01/34(b) |
7,135 | 6,817,200 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/40 |
3,855 | 3,547,641 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB |
||||||||
Series A, 5.00%, 07/01/35 |
7,375 | 7,605,469 | ||||||
Series A, 5.00%, 07/01/38 |
11,950 | 12,159,985 | ||||||
Series A, 5.00%, 07/01/39 |
22,245 | 22,593,646 | ||||||
Series A, 4.00%, 07/01/40 |
10,000 | 8,988,270 | ||||||
Series A, 5.00%, 07/01/43 |
12,385 | 12,478,618 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
9,000 | 9,303,012 | ||||||
Series C, 5.25%, 06/15/32 |
20,010 | 20,273,972 | ||||||
Series S, 5.00%, 06/15/46 |
12,350 | 12,433,894 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
Series AA, 5.00%, 06/15/38 |
2,955 | 3,051,386 | ||||||
Series AA, 5.00%, 06/15/39 |
8,500 | 8,737,940 |
5 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New Jersey (continued) |
||||||||
New Jersey Transportation Trust Fund Authority, Refunding RB (continued) |
||||||||
Series AA, 5.00%, 06/15/40 |
$ | 4,985 | $ | 5,103,020 | ||||
New Jersey Turnpike Authority, RB |
||||||||
Series B, 5.00%, 01/01/46 |
26,315 | 27,193,632 | ||||||
Series E, 5.00%, 01/01/34 |
4,425 | 4,490,455 | ||||||
South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/42 |
4,325 | 4,075,517 | ||||||
State of New Jersey, GO 2.00%, 06/01/37 |
9,900 | 6,852,374 | ||||||
5.00%, 06/01/40 |
12,500 | 12,825,075 | ||||||
5.00%, 06/01/41 |
11,500 | 11,778,564 | ||||||
5.00%, 06/01/42 |
10,500 | 10,733,793 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/46 |
17,500 | 17,551,887 | ||||||
Series A, 5.25%, 06/01/46 |
20,350 | 20,666,748 | ||||||
Wall Township School District, GO |
2,240 | 2,059,378 | ||||||
4.00%, 07/15/41 |
2,700 | 2,464,233 | ||||||
|
|
|||||||
266,433,398 | ||||||||
New Mexico 0.1% | ||||||||
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 |
125 | 129,130 | ||||||
New Mexico Mortgage Finance Authority, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.75%, 03/01/54 |
6,500 | 6,746,584 | ||||||
|
|
|||||||
6,875,714 | ||||||||
New York 10.3% | ||||||||
City of New York, GO |
||||||||
Series B, 5.25%, 10/01/47 |
4,040 | 4,208,779 | ||||||
Series D-1, 5.25%, 05/01/41 |
4,210 | 4,448,779 | ||||||
Series D-1, 5.50%, 05/01/44 |
7,840 | 8,366,668 | ||||||
Series D-1, 5.50%, 05/01/45 |
1,000 | 1,065,000 | ||||||
Series D-1, 5.50%, 05/01/46 |
2,655 | 2,826,574 | ||||||
Sub-Series E1, 5.25%, 04/01/47 |
10,000 | 10,434,980 | ||||||
Sub-Series F-1, 5.00%, 04/01/43 |
52,780 | 53,661,320 | ||||||
City of New York, Refunding GO, Series A, 5.00%, 08/01/31 |
3,235 | 3,268,715 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 |
41,825 | 42,565,386 | ||||||
Long Island Power Authority, RB, 5.00%, 09/01/39 |
2,170 | 2,228,486 | ||||||
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39 |
10,000 | 10,003,230 | ||||||
New York City Municipal Water Finance Authority, Refunding RB |
||||||||
5.00%, 06/15/40 |
3,920 | 4,034,327 | ||||||
Series BB-1, 5.00%, 06/15/44 |
2,460 | 2,540,361 | ||||||
Series BB-1, 4.00%, 06/15/45 |
25,000 | 22,562,325 | ||||||
Series CC, 5.25%, 06/15/46 |
61,465 | 62,585,753 | ||||||
Series CC1, 5.00%, 06/15/37 |
24,000 | 24,675,480 | ||||||
Series CC1, 5.25%, 06/15/37 |
15,000 | 15,569,415 | ||||||
Series DD-2, 5.00%, 06/15/40 |
21,260 | 21,814,652 | ||||||
Series EE, 5.25%, 06/15/36 |
14,500 | 15,216,271 | ||||||
Series EE, 5.00%, 06/15/40 |
34,240 | 35,140,170 | ||||||
Series EE, 4.00%, 06/15/45 |
11,555 | 10,437,169 | ||||||
Series FF, 5.00%, 06/15/40 |
23,790 | 24,482,884 |
Security | Par (000) |
Value | ||||||
New York (continued) |
||||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 |
$ | 31,165 | $ | 32,064,578 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Series D-1, 5.50%, 11/01/45 |
19,690 | 21,098,504 | ||||||
Series E-1, 5.00%, 02/01/41 |
10,500 | 10,568,029 | ||||||
Subordinate, 4.00%, 05/01/40 |
6,835 | 6,314,720 | ||||||
Series A, Subordinate, 5.00%, 05/01/43 |
7,500 | 7,735,530 | ||||||
Series C-3, Subordinate, 5.00%, 05/01/40 |
5,000 | 5,111,255 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/39 |
1,000 | 1,041,929 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/43 |
14,280 | 14,689,693 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/44 |
4,000 | 4,104,984 | ||||||
New York Power Authority, Refunding RB, |
15,000 | 13,680,450 | ||||||
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43 |
2,220 | 2,252,785 | ||||||
New York State Dormitory Authority, Refunding RB |
4,130 | 4,028,509 | ||||||
Series A, 5.25%, 03/15/38 |
5,000 | 5,219,795 | ||||||
Series A, 4.00%, 03/15/40 |
37,960 | 35,313,884 | ||||||
Series A, 4.00%, 03/15/42 |
6,105 | 5,583,554 | ||||||
Series A, 5.00%, 03/15/46 |
66,155 | 67,735,906 | ||||||
Series C, 5.00%, 03/15/39 |
11,650 | 11,681,665 | ||||||
Series E, 5.00%, 03/15/41 |
20,150 | 20,647,483 | ||||||
Series E, 5.00%, 03/15/42 |
16,800 | 17,174,825 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series J, (SONYMA), 1.10%, 11/01/61(b) |
36,070 | 31,747,624 | ||||||
New York State Thruway Authority, RB, Series A, Junior Lien, 5.00%, 01/01/46 |
5,000 | 4,989,230 | ||||||
New York State Urban Development Corp., Refunding RB |
||||||||
Series A, 5.00%, 03/15/46 |
12,225 | 12,531,138 | ||||||
Series E, 4.00%, 03/15/41 |
24,000 | 22,146,912 | ||||||
New York Transportation Development Corp., ARB |
||||||||
AMT, 5.00%, 12/01/35 |
1,650 | 1,645,245 | ||||||
AMT, 5.00%, 12/01/37 |
10 | 9,827 | ||||||
AMT, 5.00%, 12/01/38 |
12,150 | 11,908,628 | ||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
25,020 | 24,778,682 | ||||||
Port Authority of New York & New Jersey, ARB AMT, 5.00%, 11/01/49 |
8,465 | 8,269,052 | ||||||
Consolidated, 218th Series, AMT, 5.00%, 11/01/44 |
46,300 | 45,765,003 | ||||||
Port Authority of New York & New Jersey, Refunding ARB |
10,000 | 10,119,000 | ||||||
AMT, 5.00%, 09/01/30 |
5,000 | 5,030,225 | ||||||
AMT, 5.00%, 01/15/47 |
12,550 | 12,581,375 | ||||||
Series 207, AMT, 5.00%, 09/15/31 |
14,950 | 15,311,521 | ||||||
Series 231, AMT, 5.50%, 08/01/40 |
6,715 | 7,055,182 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB |
||||||||
Series A, 5.25%, 11/15/45 |
7,805 | 7,880,896 | ||||||
Series B, 5.00%, 11/15/35 |
10,895 | 11,284,856 | ||||||
Series C-2, 5.00%, 11/15/42 |
55,995 | 56,920,373 |
S C H E D U L E O F I N V E S T M E N T S |
6 |
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New York (continued) |
||||||||
Utility Debt Securitization Authority, Refunding RB, Restructured, 5.00%, 12/15/33 |
$ | 15,040 | $ | 15,509,474 | ||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
2,500 | 2,321,418 | ||||||
|
|
|||||||
975,990,463 | ||||||||
North Carolina 0.3% | ||||||||
County of Union North Carolina, GO |
3,270 | 3,461,292 | ||||||
5.00%, 09/01/43 |
4,220 | 4,455,569 | ||||||
State of North Carolina, GO, Series A, 4.00%, 06/01/33 |
11,565 | 11,618,858 | ||||||
State of North Carolina, Refunding GO, |
10,000 | 10,082,800 | ||||||
|
|
|||||||
29,618,519 | ||||||||
North Dakota 0.1% | ||||||||
North Dakota Public Finance Authority, RB, Series C, 5.00%, 06/01/40 |
6,370 | 6,420,941 | ||||||
|
|
|||||||
Ohio 0.9% | ||||||||
City of Cleveland Ohio, GO, 5.00%, 12/01/43 |
4,625 | 4,692,761 | ||||||
County of Franklin Ohio, RB |
4,750 | 4,772,254 | ||||||
Series 2017, 5.00%, 12/01/46 |
2,000 | 2,000,044 | ||||||
Ohio Higher Educational Facility Commission, RB, 5.00%, 10/01/42 |
3,645 | 3,768,372 | ||||||
Ohio University, Refunding RB |
||||||||
Series A, 5.00%, 12/01/44 |
9,500 | 9,607,283 | ||||||
Series A, 5.00%, 12/01/45 |
14,000 | 14,136,752 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, RB |
||||||||
Series B, 5.00%, 12/01/39 |
10,000 | 10,659,110 | ||||||
Series B, 5.00%, 12/01/40 |
11,500 | 12,219,612 | ||||||
Series B, 5.00%, 12/01/41 |
10,000 | 10,577,080 | ||||||
State of Ohio, RB, 4.00%, 01/01/40 |
2,715 | 2,485,838 | ||||||
State of Ohio, Refunding RB, 5.00%, 01/01/39 |
875 | 912,013 | ||||||
University of Cincinnati, RB, Series A, 5.00%, 06/01/45 |
5,000 | 5,043,220 | ||||||
|
|
|||||||
80,874,339 | ||||||||
Oklahoma 0.2% | ||||||||
Grand River Dam Authority, RB, Series A, 5.00%, 06/01/39 |
5,400 | 5,395,194 | ||||||
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(c) |
7,990 | 7,885,307 | ||||||
Oklahoma Turnpike Authority, RB, Series C, 5.00%, 01/01/47 |
10,000 | 10,178,100 | ||||||
|
|
|||||||
23,458,601 | ||||||||
Oregon 0.1% | ||||||||
Oregon State Lottery, RB, Series A, 5.00%, 04/01/35 |
2,035 | 2,115,102 | ||||||
State of Oregon, GO, Series D, 5.00%, 05/01/41 |
3,670 | 3,738,159 | ||||||
|
|
|||||||
5,853,261 | ||||||||
Pennsylvania 1.1% | ||||||||
Allentown Neighborhood Improvement Zone |
||||||||
Development Authority, RB(c) |
2,680 | 2,698,570 | ||||||
5.00%, 05/01/32 |
3,750 | 3,709,496 | ||||||
Lancaster County Hospital Authority, Refunding RB, 5.00%, 08/15/42 |
4,500 | 4,539,528 |
Security | Par (000) |
Value | ||||||
Pennsylvania (continued) |
||||||||
Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/47 |
$ | 5,500 | $ | 5,546,580 | ||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |
1,670 | 1,653,096 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 5.00%, 02/15/47 |
10,160 | 10,261,143 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, AMT, 5.25%, 12/01/44 |
30,000 | 31,034,520 | ||||||
Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/46 |
46,430 | 47,472,353 | ||||||
|
|
|||||||
106,915,286 | ||||||||
Puerto Rico 1.0% | ||||||||
Commonwealth of Puerto Rico, GO |
||||||||
Series A-1, Restructured, 5.63%, 07/01/29 |
36,800 | 37,998,538 | ||||||
Series A-1, Restructured, 5.75%, 07/01/31 |
11,497 | 12,003,075 | ||||||
Series A-1, Restructured, 4.00%, 07/01/33 |
20,418 | 18,283,150 | ||||||
Series A-1, Restructured, 4.00%, 07/01/35 |
8,168 | 7,091,596 | ||||||
Series A-1, Restructured, 4.00%, 07/01/37 |
25,180 | 21,229,183 | ||||||
|
|
|||||||
96,605,542 | ||||||||
South Carolina 0.7% | ||||||||
County of Dorchester South Carolina, SAB(c) |
1,245 | 1,200,229 | ||||||
6.00%, 10/01/51 |
3,000 | 2,766,216 | ||||||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(b) |
25,600 | 25,727,795 | ||||||
Piedmont Municipal Power Agency, Refunding RB, Series C, 5.00%, 01/01/34 |
10,000 | 10,239,130 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(c) |
10,135 | 8,621,692 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37 |
3,005 | 2,758,154 | ||||||
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B, 6.00%, 01/01/54 |
10,000 | 10,544,730 | ||||||
|
|
|||||||
61,857,946 | ||||||||
Tennessee 1.5% | ||||||||
County of Shelby Tennessee, Refunding GO, 4.00%, 04/01/40 |
15,005 | 14,029,375 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/48 |
10,465 | 10,177,422 | ||||||
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.00%, 07/01/40 |
3,500 | 3,603,653 | ||||||
Metropolitan Nashville Airport Authority, ARB, Series A, Subordinate, 5.00%, 07/01/39 |
1,000 | 1,029,399 | ||||||
State of Tennessee, Refunding GO, Series A, 5.00%, 08/01/33 |
2,150 | 2,236,148 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(b) |
92,910 | 92,723,715 | ||||||
Tennessee Housing Development Agency, RB, S/F Housing, Series 2A, 5.75%, 01/01/54 |
13,000 | 13,477,971 | ||||||
|
|
|||||||
137,277,683 | ||||||||
Texas 10.8% | ||||||||
Arlington Higher Education Finance Corp., RB |
9,425 | 9,112,222 | ||||||
Series A, (PSF), 5.00%, 02/15/31 |
1,380 | 1,408,639 |
7 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas (continued) |
||||||||
Arlington Higher Education Finance Corp., RB (continued) |
||||||||
Series A, 5.30%, 04/01/62(c) |
$ | 6,415 | $ | 4,964,459 | ||||
Series A, 5.75%, 08/15/62 |
4,950 | 4,098,533 | ||||||
Austin Community College District, GO, 5.00%, 08/01/48 |
10,000 | 10,385,580 | ||||||
Austin Independent School District, GO |
12,250 | 12,665,998 | ||||||
5.00%, 08/01/48 |
9,615 | 9,743,254 | ||||||
Board of Regents of the University of Texas System, Refunding RB, Series A, 5.00%, 08/15/43 |
11,035 | 11,490,779 | ||||||
City of Austin Texas Electric Utility Revenue, Refunding RB |
23,000 | 23,487,554 | ||||||
Series A, 5.00%, 11/15/45 |
45,000 | 45,330,570 | ||||||
Series B, 5.00%, 11/15/44 |
5,375 | 5,498,512 | ||||||
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series C, 5.00%, 10/01/45 |
21,635 | 22,279,701 | ||||||
City of Dallas Texas, Refunding GO |
5,035 | 5,110,550 | ||||||
Series A, 5.00%, 02/15/40 |
1,485 | 1,547,317 | ||||||
Series A, 5.00%, 02/15/41 |
1,640 | 1,704,532 | ||||||
City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46 |
40,000 | 40,469,160 | ||||||
City of Fort Worth Texas, RB, Series A, 5.25%, 03/01/43 |
15,000 | 15,075,675 | ||||||
City of Garland Texas, Refunding GO, 4.00%, 02/15/40 |
10,430 | 9,634,212 | ||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB |
||||||||
Series B, 1st Lien, 5.00%, 11/15/42 |
25,000 | 25,488,625 | ||||||
Series D, 1st Lien, 5.00%, 11/15/44 |
20,000 | 19,972,800 | ||||||
City of Midland Texas, Refunding GO, Series B, 5.00%, 03/01/47 |
17,985 | 18,394,500 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB |
||||||||
Series A, 5.25%, 02/01/40 |
10,000 | 10,567,570 | ||||||
Series A, 5.25%, 02/01/41 |
25,625 | 26,975,386 | ||||||
Series A, 5.25%, 02/01/42 |
9,150 | 9,595,916 | ||||||
Series A, 5.25%, 02/01/43 |
6,520 | 6,807,597 | ||||||
County of Fort Bend Texas, Refunding GO, Series B, 5.00%, 03/01/29 |
8,205 | 8,332,817 | ||||||
County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 4.00%, 08/15/38 |
5,000 | 4,840,480 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series A, 5.00%, 11/01/33 |
5,675 | 6,036,356 | ||||||
Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48 |
32,525 | 33,479,284 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/43 |
11,500 | 12,086,155 | ||||||
Grand Parkway Transportation Corp., RB |
||||||||
Series A, 5.00%, 10/01/43 |
79,365 | 81,555,633 | ||||||
Series A, 5.00%, 10/01/48 |
1,535 | 1,566,738 | ||||||
Greater Texoma Utility Authority, RB |
||||||||
Series A, (BAM), 5.00%, 10/01/40 |
1,000 | 1,028,057 | ||||||
Series A, (BAM), 5.00%, 10/01/41 |
2,600 | 2,663,414 | ||||||
Series A, (BAM), 5.25%, 10/01/48 |
17,400 | 17,828,910 |
Security | Par (000) |
Value | ||||||
Texas (continued) |
||||||||
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33 |
$ | 40 | $ | 38,963 | ||||
Lamar Consolidated Independent School District, GO, Series A, (PSF), 5.00%, 02/15/39 |
3,070 | 3,219,009 | ||||||
Lower Colorado River Authority, Refunding RB |
850 | 859,511 | ||||||
5.00%, 05/15/45 |
2,000 | 2,004,618 | ||||||
5.25%, 05/15/48 |
33,840 | 34,727,995 | ||||||
(AGM), 5.50%, 05/15/48 |
15,000 | 15,674,895 | ||||||
5.00%, 05/15/50 |
10,310 | 10,316,970 | ||||||
Series A, 5.50%, 05/15/47 |
5,000 | 5,242,355 | ||||||
Mesquite Independent School District, GO, (PSF), 5.00%, 08/15/33 |
1,000 | 1,045,800 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(c) |
7,000 | 6,647,305 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB |
||||||||
Series A, 5.00%, 07/01/40 |
4,000 | 3,463,384 | ||||||
Series A, 5.00%, 07/01/57 |
7,000 | 5,343,695 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
Series A, 4.00%, 08/15/40 |
2,000 | 1,801,752 | ||||||
Series A, 6.63%, 10/01/43 |
3,685 | 3,166,299 | ||||||
Series A, 6.75%, 10/01/52 |
580 | 481,787 | ||||||
Series B2, 4.50%, 10/01/26 |
2,970 | 2,823,059 | ||||||
North Texas Tollway Authority, Refunding RB |
||||||||
Series A, 5.00%, 01/01/39 |
5,590 | 5,638,588 | ||||||
Series A, 5.00%, 01/01/40 |
22,070 | 22,740,906 | ||||||
Series A, 5.00%, 01/01/43 |
14,610 | 14,756,348 | ||||||
Pecos Barstow Toyah Independent School District, GO |
||||||||
(PSF), 5.00%, 02/15/42 |
4,500 | 4,549,167 | ||||||
(PSF), 5.00%, 02/15/43 |
4,000 | 4,040,328 | ||||||
Pflugerville Independent School District, GO |
||||||||
Series A, 5.00%, 02/15/40 |
8,345 | 8,705,145 | ||||||
Series A, 5.00%, 02/15/48 |
32,890 | 33,375,489 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/48 |
24,945 | 25,290,089 | ||||||
Sands Consolidated Independent School District, GO, (BAM), 5.00%, 02/15/43 |
1,780 | 1,814,956 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB |
11,905 | 12,564,287 | ||||||
Series B, 5.00%, 07/01/43 |
50,400 | 50,954,904 | ||||||
Series B, 5.00%, 07/01/48 |
11,560 | 11,576,346 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
Series A, 5.00%, 02/15/41 |
13,000 | 13,173,251 | ||||||
Series A, 5.00%, 11/15/45 |
7,300 | 7,337,515 | ||||||
Tarrant County Hospital District, GO, 5.25%, 08/15/48 |
20,500 | 21,319,426 | ||||||
Tarrant Regional Water District Water Supply System Revenue, RB, 5.00%, 03/01/48 |
8,945 | 9,173,679 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing |
||||||||
Series A, (GNMA), 5.75%, 03/01/54 |
29,420 | 30,664,231 | ||||||
Series B, (GNMA), 6.00%, 03/01/53 |
11,970 | 12,556,458 | ||||||
Texas Water Development Board, RB 4.00%, 10/15/37 |
5,220 | 4,990,210 |
S C H E D U L E O F I N V E S T M E N T S |
8 |
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Texas (continued) |
||||||||
Texas Water Development Board, RB (continued) |
$ | 60,000 | $ | 61,251,060 | ||||
Series B, 5.00%, 04/15/49 |
15,000 | 15,264,015 | ||||||
Weatherford Independent School District, GO |
||||||||
(PSF), 5.00%, 02/15/40 |
7,140 | 7,199,091 | ||||||
(PSF), 5.00%, 02/15/45 |
27,810 | 27,985,565 | ||||||
|
|
|||||||
1,025,005,936 | ||||||||
Utah 1.1% | ||||||||
County of Utah, RB, Series B, 5.00%, 05/15/46 |
23,590 | 23,727,836 | ||||||
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41 |
24,970 | 25,257,504 | ||||||
Intermountain Power Agency, RB |
||||||||
Series A, 5.00%, 07/01/41 |
5,000 | 5,211,985 | ||||||
Series A, 5.00%, 07/01/42 |
6,105 | 6,341,727 | ||||||
Series A, 5.25%, 07/01/43 |
8,935 | 9,440,471 | ||||||
Series A, 5.25%, 07/01/44 |
16,650 | 17,557,625 | ||||||
Utah Charter School Finance Authority, RB(c) 5.00%, 06/15/42 |
1,810 | 1,459,291 | ||||||
5.00%, 06/15/52 |
5,420 | 4,075,038 | ||||||
5.63%, 06/15/54 |
4,930 | 3,939,854 | ||||||
5.00%, 06/15/57 |
3,910 | 2,869,913 | ||||||
Utah Charter School Finance Authority, Refunding
RB(c) |
3,795 | 3,342,773 | ||||||
5.38%, 06/15/48 |
2,740 | 2,288,300 | ||||||
|
|
|||||||
105,512,317 | ||||||||
Vermont 0.1% | ||||||||
East Central Vermont Telecommunications District, RB(c) |
||||||||
Series A, 4.00%, 12/01/30 |
2,010 | 1,863,985 | ||||||
Series A, 4.25%, 12/01/40 |
4,030 | 3,139,209 | ||||||
Series A, 4.50%, 12/01/50 |
2,960 | 2,134,844 | ||||||
Vermont Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 5.75%, 11/01/53 |
4,500 | 4,691,110 | ||||||
|
|
|||||||
11,829,148 | ||||||||
Virginia 2.3% | ||||||||
Ballston Quarter Community Development Authority, TA, Series A, AMT, 5.50%, 03/01/46(g)(h) |
1,740 | 1,184,368 | ||||||
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47 |
14,750 | 14,927,207 | ||||||
Hanover County Economic Development Authority, Refunding RB, 5.00%, 07/01/38 |
125 | 104,256 | ||||||
University of Virginia, Refunding RB |
||||||||
Series A, 5.00%, 04/01/39 |
21,600 | 22,143,931 | ||||||
Series A, 5.00%, 04/01/42 |
24,825 | 25,394,635 | ||||||
Virginia College Building Authority, RB, 5.00%, 02/01/40 |
2,650 | 2,787,691 | ||||||
Virginia Commonwealth Transportation Board, RB |
8,470 | 8,982,172 | ||||||
4.00%, 05/15/41 |
10,000 | 9,242,100 | ||||||
5.00%, 05/15/42 |
7,000 | 7,349,531 | ||||||
Virginia Commonwealth University Health System Authority, RB, 5.00%, 07/01/34 |
2,370 | 2,454,434 | ||||||
Virginia Port Authority Commonwealth Port Fund, ARB, Series A, 5.25%, 07/01/48 |
35,000 | 37,443,105 | ||||||
Virginia Public Building Authority, RB |
29,800 | 27,736,082 |
Security | Par (000) |
Value | ||||||
Virginia (continued) |
||||||||
Virginia Public Building Authority, RB (continued) |
||||||||
Series A, 4.00%, 08/01/42 |
$ | 25,000 | $ | 23,005,700 | ||||
Series A-2, 4.00%, 08/01/38 |
25,465 | 24,328,013 | ||||||
Virginia Small Business Financing Authority, RB, 5.00%, 10/01/40 |
10,850 | 11,139,814 | ||||||
|
|
|||||||
218,223,039 | ||||||||
Washington 1.2% | ||||||||
Central Puget Sound Regional Transit Authority, RB, Series S-1, 5.00%, 11/01/41 |
8,990 | 9,107,571 | ||||||
City of Spokane Washington Water & Wastewater Revenue, RB, 4.00%, 12/01/32 |
11,405 | 11,417,591 | ||||||
King County School District No. 410 Snoqualmie Valley, Refunding GO |
5,000 | 5,115,805 | ||||||
5.00%, 12/01/34 |
5,000 | 5,108,400 | ||||||
Snohomish County Public Utility District No. 1 Electric System Revenue, RB, 5.00%, 12/01/37 |
15,470 | 15,740,292 | ||||||
State of Washington, GO |
||||||||
Series 2024-A, 5.00%, 08/01/44 |
15,000 | 15,633,450 | ||||||
Series A, 5.00%, 08/01/43 |
4,420 | 4,599,417 | ||||||
Series C, 5.00%, 02/01/40 |
2,535 | 2,634,940 | ||||||
Series C, 5.00%, 02/01/41 |
14,060 | 14,659,968 | ||||||
State of Washington, Refunding GO, Series R-2023B, 5.00%, 07/01/41 |
12,495 | 13,126,447 | ||||||
University of Washington, Refunding RB, Series B, 4.00%, 06/01/35 |
3,500 | 3,382,621 | ||||||
Washington Health Care Facilities Authority, RB, 5.00%, 10/01/47 |
13,000 | 13,090,207 | ||||||
|
|
|||||||
113,616,709 | ||||||||
Wisconsin 0.5% | ||||||||
Public Finance Authority, ARB |
||||||||
AMT, 4.00%, 07/01/41 |
2,715 | 1,952,693 | ||||||
AMT, 4.25%, 07/01/54 |
4,745 | 3,072,753 | ||||||
Public Finance Authority, RB(c) |
6,580 | 6,309,042 | ||||||
Series A, 6.25%, 10/01/31 |
1,715 | 1,234,800 | ||||||
Series A, 5.00%, 06/15/41 |
1,215 | 980,979 | ||||||
Series A, 5.25%, 03/01/45 |
4,000 | 3,302,712 | ||||||
Series A, 7.00%, 11/01/46(g)(h) |
6,385 | 4,150,250 | ||||||
Series A, 7.00%, 10/01/47 |
1,715 | 1,234,800 | ||||||
Series A, 5.63%, 06/15/49 |
12,100 | 10,098,829 | ||||||
Series A, 5.00%, 06/15/51 |
1,365 | 1,022,060 | ||||||
Series A, 4.75%, 06/15/56 |
7,780 | 5,114,557 | ||||||
Series A, 5.00%, 06/15/56 |
1,495 | 1,091,376 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/36 |
2,000 | 2,037,788 | ||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 6.00%, 03/01/54 |
7,145 | 7,533,802 | ||||||
|
|
|||||||
49,136,441 | ||||||||
|
|
|||||||
Total Municipal Bonds 91.7% |
8,689,425,947 | |||||||
|
|
9 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
| |||||||
California 0.4% | ||||||||
California State University, RB, |
$ | 40,470 | $ | 41,569,954 | ||||
|
|
|||||||
District of Columbia 0.6% | ||||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45 |
50,585 | 51,851,455 | ||||||
|
|
|||||||
Massachusetts 0.6% | ||||||||
Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47 |
50,000 | 53,058,700 | ||||||
|
|
|||||||
New York 0.4% | ||||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 231, AMT, 5.50%, 08/01/47(j) |
40,000 | 41,364,040 | ||||||
|
|
|||||||
Washington 0.5% | ||||||||
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42 |
45,000 | 45,475,988 | ||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 2.5% |
|
233,320,137 | ||||||
|
|
|||||||
Total Long-Term Investments 94.9% |
|
8,986,833,584 | ||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds 4.9% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.95%(a)(k) |
469,643,522 | 469,643,522 | ||||||
|
|
|||||||
Total Short-Term Securities 4.9% |
469,643,522 | |||||||
|
|
|||||||
Total Investments 99.8% |
9,456,477,106 | |||||||
Other Assets Less Liabilities 1.4% |
|
128,189,594 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (1.2)% |
|
(113,947,257 | ) | |||||
|
|
|||||||
Net Assets 100.0% |
$ | 9,470,719,443 | ||||||
|
|
(a) | Affiliate of the Fund. |
(b) | 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. |
(c) | 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. |
(d) | When-issued security. |
(e) | Zero-coupon bond. |
(f) | 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. |
(g) | Issuer filed for bankruptcy and/or is in default. |
(h) | Non-income producing security. |
(i) | 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. |
(j) | 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. |
(k) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/23 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 09/30/23 |
Shares Held at 09/30/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 623,096,181 | $ | | $ | (153,449,754 | )(a) | $ | 19,081 | $ | (21,986 | ) | $ | 469,643,522 | 469,643,522 | $ | 4,979,976 | $ | | |||||||||||||||||
iShares National Muni Bond ETF |
| 65,623,028 | | | (1,535,528 | ) | 64,087,500 | 625,000 | 93,428 | | ||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
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$ | 19,081 | $ | (1,557,514 | ) | $ | 533,731,022 | $ | 5,073,404 | $ | | ||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
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(a) | Represents net amount purchased (sold). |
S C H E D U L E O F I N V E S T M E N T S |
10 |
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
1,287 | 12/19/23 | $ | 139,016 | $ | 932,488 | ||||||||||
U.S. Long Bond |
1,314 | 12/19/23 | 149,591 | 2,741,976 | ||||||||||||
5-Year U.S. Treasury Note |
1,833 | 12/29/23 | 193,066 | 428,368 | ||||||||||||
|
|
|||||||||||||||
$ | 4,102,832 | |||||||||||||||
|
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| Level 1 Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
| Level 2 Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs); and |
| Level 3 Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committees assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Investment Companies |
$ | 64,087,500 | $ | | $ | | $ | 64,087,500 | ||||||||
Municipal Bonds |
| 8,689,425,947 | | 8,689,425,947 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
| 233,320,137 | | 233,320,137 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
469,643,522 | | | 469,643,522 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 533,731,022 | $ | 8,922,746,084 | $ | | $ | 9,456,477,106 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ | 4,102,832 | $ | | $ | | $ | 4,102,832 | ||||||||
|
|
|
|
|
|
|
|
(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 $113,030,007 are categorized as Level 2 within the fair value hierarchy.
11 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock National Municipal Fund |
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. | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
ETF | Exchange-Traded Fund | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
M/F | Multi-Family | |
PSF | Permanent School Fund | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAW | State Aid Withholding | |
SONYMA | State of New York Mortgage Agency | |
TA | Tax Allocation |
S C H E D U L E O F I N V E S T M E N T S |
12 |