NPORT-EX 2 NPORT_LCP8_68745249_0923.htm BlackRock National Municipal Fund

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%
(Cost: $65,623,028)

       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,
RB(c) 12.00%, 07/01/48

     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)
5.00%, 02/01/54

     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,
Series B, 4.00%, 05/01/40

     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,
Series A, AMT, 5.00%, 08/01/44

     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
5.25%, 10/01/39

     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)
4.00%, 07/01/31

     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,
Series A-2, 4.00%, 06/01/38

     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,
Series A, 5.25%, 06/01/48

     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
4.40%, 05/01/40

     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
Series A, 4.13%, 05/01/40

     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 O’Hare 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 O’Hare 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 O’Hare 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,
Series A-1, 4.00%, 08/01/52(b)

     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
5.00%, 12/01/44

       21,780       21,868,797  

Series 2016, 5.00%, 12/01/45

     13,955       14,022,221  

County of Prince George’s Maryland, COP, 5.00%, 10/01/48

     6,175       6,278,783  

County of Prince George’s 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,
Series A-1, 4.00%, 07/01/40

     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,
Series B, (AGM), 4.00%, 06/01/39

     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
4.50%, 01/01/39

       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
5.25%, 06/15/43

     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
4.00%, 07/15/40

     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,
Series A, 4.00%, 11/15/45

     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
5.00%, 07/01/44

     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
5.00%, 10/15/42

     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
5.00%, 09/01/42

     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,
Series B, 5.00%, 06/01/24

     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
5.00%, 05/15/40

     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)
5.00%, 05/01/27

     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)
5.88%, 10/01/40

     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
7.88%, 11/01/62(c)

     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
5.00%, 08/01/43

     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
5.00%, 11/15/48

     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
5.00%, 02/15/32

     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
5.00%, 05/15/42

     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
5.50%, 11/15/47

     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)
5.25%, 10/15/46

   $   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)
5.25%, 06/15/37

     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
5.00%, 05/15/40

     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
Series A, 4.00%, 08/01/41

     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
5.00%, 12/01/33

     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)
7.00%, 07/01/33

     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%
(Cost: $9,119,099,697)

         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,
Series A, 5.00%, 11/01/51

   $ 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%
(Cost: $248,175,758)

 

     233,320,137  
   

 

 

  

Total Long-Term Investments — 94.9%
(Cost: $9,432,898,483)

 

     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%
(Cost: $469,536,277)

       469,643,522  
   

 

 

  

Total Investments — 99.8%
(Cost: $9,902,434,760)

       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       —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
        $ 19,081     $ (1,557,514 )    $ 533,731,022       $ 5,073,404     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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 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

                  

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