| Schedule of Investments (unaudited) March 31, 2024 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
| |||||||
| Alabama — 5.3% | ||||||||
| Black Belt Energy Gas District, RB(a) |
||||||||
| Series C, 5.50%, 10/01/54 |
$ | 56,470 | $ | 62,217,896 | ||||
| Series F, 5.50%, 11/01/53 |
11,170 | 11,835,721 | ||||||
| County of Jefferson Alabama Sewer Revenue, Refunding RB |
||||||||
| 5.00%, 10/01/38 |
3,810 | 4,214,978 | ||||||
| 5.00%, 10/01/39 |
4,080 | 4,473,364 | ||||||
| 5.25%, 10/01/40 |
3,400 | 3,792,536 | ||||||
| 5.25%, 10/01/41 |
4,900 | 5,431,213 | ||||||
| 5.25%, 10/01/42 |
7,455 | 8,222,381 | ||||||
| 5.25%, 10/01/43 |
6,250 | 6,856,326 | ||||||
| 5.25%, 10/01/44 |
6,500 | 7,113,142 | ||||||
| 5.25%, 10/01/45 |
9,000 | 9,795,590 | ||||||
| 5.25%, 10/01/49 |
17,865 | 19,184,780 | ||||||
| Energy Southeast A Cooperative District, RB(a) |
||||||||
| Series A-1, 5.50%, 11/01/53 |
95,715 | 103,859,356 | ||||||
| Series B-1, 5.75%, 04/01/54 |
25,150 | 28,040,120 | ||||||
| Southeast Energy Authority A Cooperative District, RB(a) |
||||||||
| Series A, 4.00%, 11/01/51 |
102,970 | 102,758,729 | ||||||
| Series A, 5.25%, 01/01/54 |
25,000 | 26,518,757 | ||||||
| Series B, 4.00%, 12/01/51 |
9,220 | 9,162,779 | ||||||
| Series B-1, 5.00%, 05/01/53 |
20,000 | 20,738,556 | ||||||
|
|
|
|||||||
| 434,216,224 | ||||||||
| Arizona — 1.5% | ||||||||
| Arizona Industrial Development Authority, Refunding RB(b) |
||||||||
| Series A, 5.25%, 07/01/37 |
1,230 | 1,230,611 | ||||||
| Series A, 5.50%, 07/01/52 |
2,450 | 2,285,360 | ||||||
| City of Phoenix Civic Improvement Corp., RB |
||||||||
| Junior Lien, 5.00%, 07/01/40 |
2,000 | 2,278,052 | ||||||
| Junior Lien, 5.00%, 07/01/42 |
7,815 | 8,801,456 | ||||||
| Junior Lien, Sustainability Bonds, 5.00%, 07/01/44 |
28,000 | 30,235,715 | ||||||
| Subordinate, 5.00%, 07/01/44 |
7,930 | 8,691,993 | ||||||
| Pinal County Industrial Development Authority, RB, |
215 | 218,830 | ||||||
| Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/38 |
57,660 | 58,322,963 | ||||||
| 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 | 6,618,922 | ||||||
|
|
|
|||||||
| 118,683,902 | ||||||||
| Arkansas(b) — 0.9% | ||||||||
| Arkansas Development Finance Authority, RB |
15,700 | 17,288,226 | ||||||
| AMT, 4.50%, 09/01/49 |
1,750 | 1,726,962 | ||||||
| AMT, 4.75%, 09/01/49 |
34,660 | 34,438,155 | ||||||
| Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48 |
18,200 | 19,573,293 | ||||||
|
|
|
|||||||
| 73,026,636 | ||||||||
| California — 9.9% | ||||||||
| California Community Choice Financing Authority, RB(a) |
||||||||
| Series G, 5.25%, 11/01/54 |
13,680 | 14,713,597 | ||||||
| Sustainability Bonds, 5.00%, 07/01/53 |
6,040 | 6,377,180 | ||||||
| Sustainability Bonds, 5.50%, 10/01/54 |
12,500 | 13,758,951 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) | ||||||||
| California Community Choice Financing
Authority, |
||||||||
| Series B-1, Sustainability Bonds, 4.00%, 02/01/52 |
$ | 7,000 | $ | 7,026,873 | ||||
| Series E-1, Sustainability Bonds, 5.00%, 02/01/54 |
31,825 | 34,024,796 | ||||||
| California Health Facilities Financing Authority, Refunding RB, Series A, 5.00%, 08/15/41 |
10,000 | 11,187,213 | ||||||
| California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30 |
3,115 | 2,946,556 | ||||||
| City of Los Angeles California Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 06/01/47 |
10,000 | 10,573,087 | ||||||
| City of Los Angeles Department of Airports, ARB |
||||||||
| Series A, AMT, 5.00%, 05/15/44 |
8,000 | 8,301,317 | ||||||
| Series A, AMT, 5.25%, 05/15/48 |
7,000 | 7,317,137 | ||||||
| Sub-Series A, AMT, 5.00%, 05/15/47 |
2,855 | 2,917,569 | ||||||
| AMT, Sustainability Bonds, 5.00%, 05/15/47 |
26,170 | 27,902,253 | ||||||
| City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/45 |
18,000 | 19,220,235 | ||||||
| CMFA Special Finance Agency XII, RB, M/F Housing, |
7,690 | 6,243,111 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
| Mezzanine Lien, Sustainability Bonds, 4.00%, 06/01/57 |
7,220 | 4,787,338 | ||||||
| Series B, Mezzanine Lien, Sustainability Bonds, |
6,125 | 3,524,370 | ||||||
| Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
10,000 | 6,059,523 | ||||||
| Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 |
15,875 | 10,385,540 | ||||||
| Series B, Sustainability Bonds, 4.00%, 07/01/58 |
10,330 | 6,897,390 | ||||||
| Los Angeles Community College District, GO, Series J, |
6,000 | 6,095,697 | ||||||
| Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, |
24,365 | 25,617,627 | ||||||
| Los Angeles Department of Water & Power, Refunding RB |
||||||||
| Series B, 5.25%, 07/01/37 |
13,500 | 14,505,478 | ||||||
| Series B, 5.25%, 07/01/38 |
15,000 | 16,117,005 | ||||||
| San Diego County Regional Transportation Commission, Refunding RB, Series A, |
35,000 | 36,735,567 | ||||||
| San Francisco City & County Airport Comm-San Francisco
International Airport, Refunding ARB |
50,915 | 52,325,483 | ||||||
| Series A, AMT, 5.00%, 05/01/39 |
14,500 | 15,340,205 | ||||||
| Series A, AMT, 5.00%, 05/01/49 |
26,000 | 26,988,245 | ||||||
| Series B, AMT, 5.00%, 05/01/46 |
57,000 | 58,079,730 | ||||||
| Series D, AMT, 5.00%, 05/01/43 |
17,735 | 18,438,162 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/38 |
10,000 | 11,043,591 | ||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B,
Sustainability Bonds, |
100,000 | 95,891,670 | ||||||
| San Mateo County Transit District, Refunding RB, |
15,645 | 15,916,986 | ||||||
| State of California, Refunding GO, 5.25%, 10/01/39 |
24,635 | 25,798,336 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 1 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| California (continued) | ||||||||
| University of California, RB |
||||||||
| Series M, 5.00%, 05/15/37 |
$ | 15,410 | $ | 16,505,480 | ||||
| Series M, 5.00%, 05/15/42 |
70,000 | 73,690,680 | ||||||
| University of California, Refunding RB, Series Q, 5.00%, 05/15/46 |
88,410 | 97,003,683 | ||||||
|
|
|
|||||||
| 810,257,661 | ||||||||
| Colorado — 3.0% | ||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
| Series A, AMT, 5.00%, 12/01/36 |
7,360 | 7,746,494 | ||||||
| Series A, AMT, 5.00%, 12/01/38 |
17,750 | 18,594,657 | ||||||
| Series A, AMT, 5.00%, 12/01/43 |
13,860 | 14,289,397 | ||||||
| Series A, AMT, 5.25%, 12/01/43 |
45,235 | 47,460,941 | ||||||
| Series A, AMT, 5.25%, 12/01/48 |
37,610 | 39,230,824 | ||||||
| Series D, AMT, 5.75%, 11/15/45 |
3,290 | 3,715,508 | ||||||
| City & County of Denver Colorado Pledged Excise Tax Revenue, RB, Series A-1, 5.00%, 08/01/41 |
7,915 | 8,154,249 | ||||||
| Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 07/01/31(b) |
500 | 473,662 | ||||||
| Colorado Health Facilities Authority, Refunding RB |
||||||||
| Series A, 5.00%, 12/01/34 |
57,000 | 67,053,173 | ||||||
| Series A, 5.00%, 12/01/39 |
10,000 | 11,372,561 | ||||||
| Series A, 5.00%, 05/15/47 |
25,000 | 26,766,376 | ||||||
| Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 |
1,189 | 1,145,983 | ||||||
|
|
|
|||||||
| 246,003,825 | ||||||||
| Connecticut — 0.9% | ||||||||
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series B, Sustainability Bonds, 5.75%, 11/15/53 |
14,180 | 15,117,363 | ||||||
| Connecticut State Health & Educational Facilities Authority, Refunding RB, Series 2015-A, 0.38%, 07/01/35(a) |
39,965 | 39,371,770 | ||||||
| Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) |
1,165 | 1,165,258 | ||||||
| State of Connecticut Special Tax Revenue, RB |
||||||||
| Series A, 4.00%, 05/01/40 |
2,335 | 2,397,135 | ||||||
| Series A, 5.00%, 07/01/41 |
15,285 | 17,140,277 | ||||||
| State of Connecticut, GO, Series A, 5.00%, 04/15/39 |
1,000 | 1,083,555 | ||||||
|
|
|
|||||||
| 76,275,358 | ||||||||
| Delaware — 0.3% | ||||||||
| Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(a) |
25,165 | 23,755,330 | ||||||
|
|
|
|||||||
| District of Columbia — 4.2% | ||||||||
| District of Columbia Income Tax Revenue, RB, Series C, 5.00%, 05/01/45 |
10,000 | 10,797,959 | ||||||
| District of Columbia Water & Sewer Authority, Refunding RB |
||||||||
| Series B, 5.00%, 10/01/49 |
5,745 | 5,994,084 | ||||||
| Series B, Sub-Lien, |
48,060 | 49,798,842 | ||||||
| Series B, Sub-Lien, |
63,075 | 64,941,389 | ||||||
| District of Columbia, GO |
||||||||
| Series A, 5.00%, 06/01/35 |
7,175 | 7,353,910 | ||||||
| Series A, 5.00%, 06/01/37 |
8,660 | 8,881,882 | ||||||
| Series A, 5.00%, 06/01/38 |
4,500 | 4,615,279 | ||||||
| Series D, 5.00%, 06/01/42 |
32,440 | 34,022,232 | ||||||
| Security | Par (000) |
Value | ||||||
| District of Columbia (continued) | ||||||||
| District of Columbia, Refunding GO, Series A, 5.25%, 01/01/48 |
$ | 18,355 | $ | 20,633,443 | ||||
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/48 |
12,400 | 12,744,501 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45 |
10,000 | 10,716,845 | ||||||
| Washington Metropolitan Area Transit Authority, RB |
22,315 | 23,173,125 | ||||||
| Series B, 5.00%, 07/01/42 |
81,415 | 84,663,948 | ||||||
| Washington Metropolitan Area Transit Authority, Refunding RB, Series A-1, 5.00%, 07/01/31 |
6,860 | 7,278,068 | ||||||
|
|
|
|||||||
| 345,615,507 | ||||||||
| Florida — 2.5% | ||||||||
| Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49(b) |
4,365 | 4,236,744 | ||||||
| Capital Trust Agency, Inc., RB, CAB, Subordinate, 0.00%, 01/01/61(b)(d) |
6,820 | 429,035 | ||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 |
50,000 | 51,399,437 | ||||||
| Florida Development Finance Corp., RB(b) |
8,670 | 8,197,547 | ||||||
| Series C, 5.75%, 12/15/56 |
6,295 | 5,190,709 | ||||||
| AMT, 5.00%, 05/01/29 |
1,820 | 1,815,405 | ||||||
| AMT, 6.13%, 07/01/32(a) |
11,725 | 11,967,721 | ||||||
| Florida Development Finance Corp., Refunding RB, |
18,065 | 13,398,714 | ||||||
| Greater Orlando Aviation Authority, ARB |
||||||||
| Series A, AMT, 5.00%, 10/01/44 |
28,000 | 29,220,268 | ||||||
| Sub-Series A, AMT, 5.00%, 10/01/42 |
43,040 | 44,438,143 | ||||||
| Sub-Series A, AMT, 5.00%, 10/01/47 |
17,500 | 17,842,412 | ||||||
| JEA Water & Sewer System Revenue, Refunding RB, Series A, 4.00%, 10/01/39 |
1,310 | 1,315,658 | ||||||
| Lakewood Ranch Stewardship District, SAB, 4.63%, 05/01/27 |
1,395 | 1,398,977 | ||||||
| Live Oak Lake Community Development District, SAB |
||||||||
| 4.40%, 05/01/40 |
1,600 | 1,478,482 | ||||||
| 4.60%, 05/01/51 |
2,840 | 2,532,395 | ||||||
| Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 |
8,370 | 7,028,747 | ||||||
| River Landing Community Development District, SAB |
||||||||
| Series A, 4.13%, 05/01/40 |
860 | 768,941 | ||||||
| Series B, 4.25%, 11/01/35 |
515 | 448,836 | ||||||
| Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(e)(f) |
147 | 70,702 | ||||||
| Windward Community Development District, SAB, Series A-2, 4.40%, 11/01/35 |
550 | 549,596 | ||||||
|
|
|
|||||||
| 203,728,469 | ||||||||
| Georgia — 3.6% | ||||||||
| City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, Subordinate, 4.00%, 07/01/34 |
20,615 | 21,367,223 | ||||||
| East Point Business & Industrial Development Authority, RB, Series A, |
5,030 | 4,477,020 | ||||||
| Main Street Natural Gas, Inc., RB(a) |
||||||||
| Series A, 5.00%, 05/01/54 |
55,775 | 59,716,624 | ||||||
| 2 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Georgia (continued) | ||||||||
| Main Street Natural Gas, Inc., RB(a) (continued) |
||||||||
| Series B, 5.00%, 07/01/53 |
$ | 11,610 | $ | 12,309,081 | ||||
| Series C, 4.00%, 03/01/50 |
20,710 | 20,786,858 | ||||||
| Series C, 5.00%, 09/01/53 |
100,335 | 106,718,787 | ||||||
| Series D, 5.00%, 05/01/54 |
18,000 | 19,060,567 | ||||||
| Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a) |
45,165 | 48,223,703 | ||||||
|
|
|
|||||||
| 292,659,863 | ||||||||
| Idaho — 0.1% | ||||||||
| Idaho Housing & Finance Association, RB, Series A, |
10,000 | 11,188,387 | ||||||
|
|
|
|||||||
| Illinois — 5.7% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/42 |
2,200 | 2,200,832 | ||||||
| Series H, 5.00%, 12/01/36 |
4,620 | 4,756,070 | ||||||
| Chicago Board of Education, Refunding GO |
||||||||
| Series A, 5.00%, 12/01/28 |
4,000 | 4,175,894 | ||||||
| Series B, 4.00%, 12/01/35 |
11,640 | 11,639,821 | ||||||
| Series C, 5.00%, 12/01/24 |
4,445 | 4,459,539 | ||||||
| Series C, 5.00%, 12/01/25 |
12,760 | 12,912,821 | ||||||
| Series C, 5.00%, 12/01/26 |
3,060 | 3,130,477 | ||||||
| Series F, 5.00%, 12/01/24 |
9,585 | 9,616,351 | ||||||
| Series G, 5.00%, 12/01/34 |
5,000 | 5,167,227 | ||||||
| Chicago O’Hare International Airport, ARB |
||||||||
| Series A, AMT, Senior Lien, (AGM), 5.25%, 01/01/45 |
3,030 | 3,258,564 | ||||||
| Series D, AMT, Senior Lien, 5.00%, 01/01/42 |
16,340 | 16,692,149 | ||||||
| Series D, Senior Lien, |
56,710 | 59,146,628 | ||||||
| Series D, Senior Lien, |
20,000 | 20,536,658 | ||||||
| Chicago O’Hare International Airport, Refunding RB, |
||||||||
| Series A, AMT, 5.00%, 01/01/33 |
5,600 | 5,642,057 | ||||||
| Illinois Finance Authority, Refunding RB |
||||||||
| Series A, 5.00%, 10/01/38 |
7,050 | 7,095,159 | ||||||
| Series A, 5.00%, 07/15/42 |
10,000 | 10,465,894 | ||||||
| Series A, 5.00%, 10/01/48 |
31,850 | 32,766,181 | ||||||
| Series C, 5.00%, 02/15/41 |
38,295 | 39,304,752 | ||||||
| Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC,
FNMA, GNMA), |
9,590 | 10,194,128 | ||||||
| Illinois State Toll Highway Authority, RB |
||||||||
| Series A, 5.00%, 01/01/42 |
20,000 | 20,998,608 | ||||||
| Series A, 5.00%, 01/01/44 |
7,075 | 7,520,117 | ||||||
| Series A, 5.00%, 01/01/45 |
10,740 | 11,548,896 | ||||||
| Series A, 5.25%, 01/01/45 |
37,315 | 41,878,148 | ||||||
| State of Illinois, GO |
9,040 | 9,943,236 | ||||||
| Series A, 5.00%, 11/01/29 |
27,500 | 30,196,717 | ||||||
| Series B, 5.00%, 11/01/32 |
14,000 | 15,302,512 | ||||||
| Series B, 5.50%, 05/01/47 |
10,000 | 11,160,909 | ||||||
| Series C, 5.50%, 10/01/42 |
28,000 | 31,518,363 | ||||||
| State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28 |
19,250 | 20,748,660 | ||||||
|
|
|
|||||||
| 463,977,368 | ||||||||
| Indiana — 0.2% | ||||||||
| City of Valparaiso Indiana, RB AMT, 6.75%, 01/01/34 |
3,870 | 3,873,279 | ||||||
| Security | Par (000) |
Value | ||||||
| Indiana (continued) | ||||||||
| City of Valparaiso Indiana, RB (continued) |
||||||||
| AMT, 7.00%, 01/01/44 |
$ | 7,330 | $ | 7,334,932 | ||||
| Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, |
6,490 | 6,856,321 | ||||||
|
|
|
|||||||
| 18,064,532 | ||||||||
| Kansas — 0.0% | ||||||||
| Wyandotte County-Kansas City Unified Government, GO, Series A, 4.00%, 08/01/41 |
2,290 | 2,335,113 | ||||||
|
|
|
|||||||
| Kentucky — 0.7% | ||||||||
| Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54(a) |
26,840 | 29,103,175 | ||||||
| Kentucky State Property & Building Commission, |
3,095 | 3,563,106 | ||||||
| University of Kentucky, RB |
||||||||
| Series B, 4.00%, 04/01/40 |
11,720 | 11,977,422 | ||||||
| Series B, 4.00%, 04/01/41 |
12,185 | 12,374,432 | ||||||
|
|
|
|||||||
| 57,018,135 | ||||||||
| Louisiana — 3.5% | ||||||||
| Lake Charles Harbor & Terminal District, RB, AMT, |
205,960 | 201,684,293 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(a) |
21,580 | 20,943,345 | ||||||
| Louisiana Public Facilities Authority, RB |
50,000 | 50,555,195 | ||||||
| 5.25%, 10/01/48 |
6,185 | 6,552,261 | ||||||
| Series A, 5.00%, 04/01/39(b) |
1,425 | 1,318,856 | ||||||
| Series A, 5.00%, 06/01/39(b) |
1,300 | 1,223,603 | ||||||
| Series A, 5.00%, 06/01/49(b) |
3,000 | 2,580,223 | ||||||
| Series A, 5.00%, 06/01/58(b) |
4,500 | 3,709,249 | ||||||
|
|
|
|||||||
| 288,567,025 | ||||||||
| Maryland — 1.2% | ||||||||
| City of Baltimore Maryland, Refunding RB |
||||||||
| Series A, 4.50%, 09/01/33 |
2,735 | 2,613,815 | ||||||
| Series A, 5.00%, 09/01/38 |
1,400 | 1,375,743 | ||||||
| County of Anne Arundel Maryland, GO |
11,255 | 11,790,125 | ||||||
| 5.00%, 10/01/48 |
19,925 | 21,357,064 | ||||||
| County of Montgomery Maryland, RB |
26,780 | 27,147,694 | ||||||
| Series 2016, 5.00%, 12/01/45 |
13,955 | 14,252,989 | ||||||
| County of Prince George’s Maryland, COP, |
6,175 | 6,442,112 | ||||||
| Washington Suburban Sanitary Commission, RB |
||||||||
| (GTD), 4.00%, 06/01/38 |
5,380 | 5,511,667 | ||||||
| (GTD), 4.00%, 06/01/41 |
9,750 | 9,828,144 | ||||||
|
|
|
|||||||
| 100,319,353 | ||||||||
| Massachusetts — 7.1% | ||||||||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 5.00%, 06/01/42 |
14,000 | 14,670,889 | ||||||
| Commonwealth of Massachusetts, GO |
||||||||
| Series A, 5.00%, 01/01/41 |
8,750 | 9,980,971 | ||||||
| Series A, 5.00%, 01/01/42 |
12,280 | 13,894,477 | ||||||
| Series A, 5.25%, 01/01/44 |
21,915 | 23,620,946 | ||||||
| Series A, 5.25%, 04/01/47 |
85,000 | 88,776,875 | ||||||
| Series C, 5.25%, 10/01/47 |
7,500 | 8,364,220 | ||||||
| Series E, 5.25%, 09/01/43 |
105,000 | 112,711,017 | ||||||
| Series F, 5.00%, 11/01/43 |
5,000 | 5,229,731 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 3 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Massachusetts (continued) | ||||||||
| Commonwealth of Massachusetts, Refunding GO, Series B, 5.00%, 11/01/41 |
$ | 10,000 | $ | 11,389,437 | ||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB |
5,000 | 5,254,075 | ||||||
| Sub-Series A-1, 5.25%, 07/01/48 |
57,645 | 64,689,299 | ||||||
| Massachusetts Development Finance Agency, Refunding RB, Series D, 5.00%, 07/01/42 |
3,985 | 4,485,243 | ||||||
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
21,640 | 23,008,262 | ||||||
| Massachusetts Port Authority, Refunding ARB Series A, AMT, 5.00%, 07/01/47 |
5,670 | 5,827,237 | ||||||
| Series B, AMT, 5.00%, 07/01/43 |
22,430 | 22,982,767 | ||||||
| Series C, AMT, 5.00%, 07/01/44 |
15,000 | 15,821,237 | ||||||
| Series C, AMT, 5.00%, 07/01/49 |
20,000 | 20,823,085 | ||||||
| Massachusetts School Building Authority, RB, Series B, 5.25%, 02/15/48 |
65,000 | 68,274,786 | ||||||
| University of Massachusetts Building Authority, Refunding RB, Series 1, 5.25%, 11/01/42 |
58,240 | 61,782,041 | ||||||
|
|
|
|||||||
| 581,586,595 | ||||||||
| Michigan — 2.3% | ||||||||
| Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44 |
15,000 | 15,914,277 | ||||||
| Michigan Finance Authority, RB |
10,000 | 10,139,014 | ||||||
| Series A, 6.50%, 06/01/57(b)(e)(f) |
5,980 | 4,980,656 | ||||||
| Michigan Finance Authority, Refunding RB |
58,080 | 59,440,129 | ||||||
| Series 2016, 5.25%, 12/01/41 |
25,630 | 26,444,543 | ||||||
| Series A, 5.00%, 12/01/41 |
12,130 | 12,923,838 | ||||||
| Series A, 5.00%, 12/01/42 |
10,150 | 10,510,026 | ||||||
| Michigan State Hospital Finance Authority, |
5,850 | 5,967,894 | ||||||
| Michigan Strategic Fund, RB, AMT, |
16,470 | 16,575,609 | ||||||
| State of Michigan Trunk Line Revenue, RB |
13,000 | 13,755,537 | ||||||
| 4.00%, 11/15/38 |
10,000 | 10,508,173 | ||||||
|
|
|
|||||||
| 187,159,696 | ||||||||
| Minnesota — 0.8% | ||||||||
| Minnesota Agricultural & Economic Development Board, RB |
3,000 | 3,355,933 | ||||||
| 5.00%, 01/01/42 |
3,500 | 3,887,394 | ||||||
| 5.25%, 01/01/47 |
12,500 | 13,813,100 | ||||||
| Minnesota Housing Finance Agency, RB, S/F Housing |
||||||||
| Series F, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.75%, 07/01/53 |
4,455 | 4,765,670 | ||||||
| Series O, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 |
3,795 | 4,101,131 | ||||||
| Minnesota Public Facilities Authority State Revolving Fund, RB, Series A, 5.00%, 03/01/35 |
10,010 | 10,414,479 | ||||||
| State of Minnesota, GO |
14,745 | 15,206,240 | ||||||
| Series A, 4.00%, 09/01/41 |
6,255 | 6,435,161 | ||||||
|
|
|
|||||||
| 61,979,108 | ||||||||
| Security | Par (000) |
Value | ||||||
| Mississippi — 0.1% | ||||||||
| Medical Center Educational Building Corp., |
$ | 8,975 | $ | 9,237,261 | ||||
| State of Mississippi, GO |
1,865 | 1,886,343 | ||||||
| Series B, GO, 4.00%, 10/01/37 |
460 | 470,484 | ||||||
|
|
|
|||||||
| 11,594,088 | ||||||||
| Missouri — 0.3% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri, RB |
15,085 | 15,088,384 | ||||||
| Series A, 5.00%, 10/01/46 |
6,000 | 6,314,739 | ||||||
|
|
|
|||||||
| 21,403,123 | ||||||||
| Montana — 0.1% | ||||||||
| Montana Board of Housing, RB, S/F Housing, |
9,350 | 9,869,853 | ||||||
|
|
|
|||||||
| Nebraska — 0.1% | ||||||||
| Omaha School District, GO, 4.00%, 12/15/42 |
6,725 | 6,747,846 | ||||||
|
|
|
|||||||
| Nevada — 0.7% | ||||||||
| County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 |
50,000 | 52,761,398 | ||||||
| State of Nevada Department of Business & Industry, RB |
245 | 241,217 | ||||||
| Series A, 5.00%, 07/15/37 |
875 | 879,133 | ||||||
|
|
|
|||||||
| 53,881,748 | ||||||||
| New Jersey — 3.0% | ||||||||
| Borough of Tinton Falls New Jersey, GO, Series B, 5.00%, 04/25/24 |
9,500 | 9,509,642 | ||||||
| Borough of Waldwick New Jersey, Refunding GO, 5.00%, 10/10/24 |
5,000 | 5,027,623 | ||||||
| New Jersey Economic Development Authority, RB, 5.00%, 06/15/43 |
7,550 | 7,948,265 | ||||||
| New Jersey Health Care Facilities Financing Authority, Refunding RB |
3,000 | 3,153,792 | ||||||
| Series A, 5.00%, 07/01/38 |
29,350 | 30,766,013 | ||||||
| Series A, 4.00%, 07/01/40 |
10,000 | 10,036,909 | ||||||
| New Jersey Transportation Trust Fund Authority, RB 5.25%, 06/15/43 |
9,000 | 10,060,300 | ||||||
| Series C, 5.25%, 06/15/32 |
20,010 | 20,253,163 | ||||||
| Series S, 5.00%, 06/15/46 |
12,350 | 12,887,531 | ||||||
| New Jersey Transportation Trust Fund Authority, Refunding RB |
8,500 | 9,622,597 | ||||||
| Series AA, 5.00%, 06/15/40 |
3,985 | 4,468,455 | ||||||
| New Jersey Turnpike Authority, RB |
4,000 | 4,208,511 | ||||||
| Series B, 5.00%, 01/01/46 |
20,000 | 21,805,765 | ||||||
| Series B, 5.25%, 01/01/49(g) |
10,750 | 11,931,270 | ||||||
| Series E, 5.00%, 01/01/32 |
4,425 | 4,487,897 | ||||||
| South Jersey Port Corp., ARB, Series B, AMT, |
2,330 | 2,370,515 | ||||||
| State of New Jersey, GO |
12,500 | 13,161,578 | ||||||
| 5.00%, 06/01/41 |
11,500 | 12,087,167 | ||||||
| 5.00%, 06/01/42 |
10,500 | 11,021,396 | ||||||
| 4 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) | ||||||||
| Tobacco Settlement Financing Corp., Refunding RB |
$ | 17,250 | $ | 17,752,226 | ||||
| Series A, 5.25%, 06/01/46 |
10,000 | 10,416,102 | ||||||
| Township of Montville New Jersey, Refunding GO, |
5,300 | 5,339,566 | ||||||
| Wall Township School District, GO, |
2,700 | 2,753,488 | ||||||
|
|
|
|||||||
| 241,069,771 | ||||||||
| New Mexico — 0.1% | ||||||||
| County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 |
95 | 99,073 | ||||||
| New Mexico Mortgage Finance Authority, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.75%, 03/01/54 |
6,445 | 6,942,603 | ||||||
|
|
|
|||||||
| 7,041,676 | ||||||||
| New York — 11.0% | ||||||||
| City of New York, GO |
10,375 | 10,969,147 | ||||||
| Sub-Series F-1, 5.00%, 04/01/43 |
40,000 | 41,893,283 | ||||||
| Hudson Yards Infrastructure Corp., Refunding RB |
40,000 | 41,596,219 | ||||||
| Series A, 5.00%, 02/15/45 |
3,000 | 3,104,810 | ||||||
| New York City Municipal Water Finance Authority, Refunding RB |
43,190 | 46,738,278 | ||||||
| Series BB-1, 4.00%, 06/15/45 |
10,000 | 9,824,165 | ||||||
| Series CC, 5.25%, 06/15/46 |
7,870 | 8,140,568 | ||||||
| Series CC1, 5.00%, 06/15/37 |
24,000 | 25,382,510 | ||||||
| Series DD-2, 5.00%, 06/15/40 |
21,260 | 22,503,097 | ||||||
| Series EE, 5.25%, 06/15/36 |
14,500 | 15,551,152 | ||||||
| Series EE, 5.00%, 06/15/40 |
24,240 | 25,637,181 | ||||||
| Series EE, 5.00%, 06/15/45 |
7,000 | 7,315,874 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue, RB, Series S, Subordinate, (SAW), 5.00%, 07/15/41 |
3,675 | 3,753,051 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
7,590 | 7,593,034 | ||||||
| Series D-1, 5.50%, 11/01/45 |
19,690 | 22,569,810 | ||||||
| Series E-1, 5.00%, 02/01/41 |
20,000 | 20,206,380 | ||||||
| Sub-Series A-1, 5.00%, 08/01/37 |
8,015 | 8,018,768 | ||||||
| Sub-Series E-1, 5.00%, 02/01/39 |
2,525 | 2,632,670 | ||||||
| Sub-Series F-1, 5.00%, 05/01/42 |
3,000 | 3,116,880 | ||||||
| Subordinate, 4.00%, 05/01/40 |
6,835 | 6,909,100 | ||||||
| Series C-3, Subordinate, 5.00%, 05/01/39 |
2,600 | 2,759,022 | ||||||
| Series F-1, Subordinate, 5.00%, 02/01/43 |
10,000 | 11,045,493 | ||||||
| Series F-1, Subordinate, 5.00%, 02/01/44 |
4,000 | 4,375,429 | ||||||
| New York City Transitional Finance Authority, RB |
3,000 | 3,586,202 | ||||||
| 5.50%, 05/01/41 |
10,000 | 11,874,291 | ||||||
| New York Power Authority, Refunding RB, |
15,000 | 15,004,278 | ||||||
| New York State Dormitory Authority, RB |
3,495 | 3,664,269 | ||||||
| Series A, 5.00%, 03/15/41 |
3,240 | 3,391,232 | ||||||
| Series A, 5.00%, 07/01/43 |
2,050 | 2,157,508 | ||||||
| New York State Dormitory Authority, Refunding RB |
4,130 | 4,433,482 | ||||||
| Series A, 5.25%, 03/15/38 |
5,000 | 5,438,393 | ||||||
| Series A, 5.00%, 03/15/39 |
5,275 | 6,081,455 | ||||||
| Series A, 4.00%, 03/15/40 |
36,960 | 37,465,496 | ||||||
| Series A, 5.00%, 03/15/40 |
9,355 | 10,247,748 | ||||||
| Security | Par (000) |
Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, Refunding RB (continued) |
$ | 14,710 | $ | 16,608,792 | ||||
| Series A, 5.00%, 03/15/42 |
16,700 | 18,698,927 | ||||||
| Series A, 5.00%, 03/15/46 |
50,000 | 53,895,530 | ||||||
| Series E, 5.00%, 03/15/40 |
2,270 | 2,435,037 | ||||||
| Series E, 5.00%, 03/15/42 |
36,535 | 39,004,095 | ||||||
| New York State Housing Finance Agency, RB, M/F Housing, Series J, Sustainability Bonds, |
36,070 | 33,264,484 | ||||||
| New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/44 |
14,075 | 15,629,004 | ||||||
| New York State Urban Development Corp., |
10,000 | 10,632,705 | ||||||
| Series A, 5.00%, 03/15/46 |
12,225 | 13,298,325 | ||||||
| Series E, 4.00%, 03/15/41 |
24,000 | 24,110,792 | ||||||
| New York Transportation Development Corp., ARB |
14,215 | 15,920,805 | ||||||
| AMT, 5.00%, 12/01/35 |
1,650 | 1,800,005 | ||||||
| AMT, 5.00%, 12/01/38 |
10,000 | 10,791,038 | ||||||
| New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
25,020 | 26,344,356 | ||||||
| Port Authority of New York & New Jersey, ARB, AMT, 5.00%, 11/01/49 |
33,555 | 34,646,246 | ||||||
| Port Authority of New York & New Jersey, Refunding ARB |
10,000 | 10,409,523 | ||||||
| Series 205, 5.00%, 11/15/47 |
14,610 | 15,225,930 | ||||||
| Series 231, 0.00%, |
40,000 | 43,871,377 | ||||||
| AMT, 5.00%, 01/15/47 |
12,550 | 13,237,793 | ||||||
| Series 207, AMT, 5.00%, 09/15/31 |
14,950 | 15,847,585 | ||||||
| Series 207, AMT, 5.00%, 09/15/32 |
4,000 | 4,211,831 | ||||||
| Series 231, AMT, 5.50%, 08/01/39 |
5,710 | 6,480,399 | ||||||
| Triborough Bridge & Tunnel Authority, Refunding RB |
10,000 | 10,314,814 | ||||||
| Sustainability Bonds, 5.25%, 11/15/40 |
5,335 | 6,238,504 | ||||||
| Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
2,500 | 2,513,977 | ||||||
|
|
|
|||||||
| 900,412,149 | ||||||||
| North Carolina — 0.3% | ||||||||
| North Carolina Housing Finance Agency, RB, S/F Housing, Series 52A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 01/01/55 |
9,360 | 10,246,496 | ||||||
| State of North Carolina, GO, Series A, 4.00%, 06/01/33 |
11,565 | 11,755,483 | ||||||
|
|
|
|||||||
| 22,001,979 | ||||||||
| North Dakota — 0.1% | ||||||||
| North Dakota Public Finance Authority, RB, |
6,370 | 6,485,305 | ||||||
|
|
|
|||||||
| Ohio — 1.0% | ||||||||
| County of Franklin Ohio, RB, |
4,750 | 4,829,032 | ||||||
| Ohio University, Refunding RB |
16,500 | 17,088,123 | ||||||
| Series A, 5.00%, 12/01/45 |
7,000 | 7,269,486 | ||||||
| Ohio Water Development Authority Water Pollution Control Loan Fund, RB |
||||||||
| Series B, Sustainability Bonds, 5.00%, 12/01/39 |
10,000 | 11,617,373 | ||||||
| Series B, Sustainability Bonds, 5.00%, 12/01/40 |
11,500 | 13,272,115 | ||||||
| Series B, Sustainability Bonds, 5.00%, 12/01/41 |
10,000 | 11,480,434 | ||||||
| State of Ohio, GO, Series A, 5.00%, 03/01/41 |
5,000 | 5,709,105 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 5 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Ohio (continued) | ||||||||
| State of Ohio, RB, 4.00%, 01/01/40 |
$ | 3,190 | $ | 3,221,777 | ||||
| University of Cincinnati, RB |
5,000 | 5,165,297 | ||||||
| Series C, 5.00%, 06/01/41 |
2,600 | 2,691,744 | ||||||
|
|
|
|||||||
| 82,344,486 | ||||||||
| Oklahoma — 0.2% | ||||||||
| Oklahoma County Finance Authority, RB |
2,000 | 2,242,852 | ||||||
| (BAM), 5.00%, 10/01/42 |
3,000 | 3,317,643 | ||||||
| (BAM), 5.00%, 10/01/43 |
2,500 | 2,745,233 | ||||||
| (BAM), 5.00%, 10/01/44 |
1,850 | 2,019,523 | ||||||
| Oklahoma Development Finance Authority, RB, |
7,990 | 8,383,578 | ||||||
|
|
|
|||||||
| 18,708,829 | ||||||||
| Pennsylvania — 1.4% | ||||||||
| Allentown Neighborhood Improvement Zone |
2,680 | 2,722,022 | ||||||
| 5.00%, 05/01/32 |
3,750 | 3,815,523 | ||||||
| Northampton County General Purpose Authority, |
5,500 | 5,721,535 | ||||||
| Northampton County Industrial Development |
1,670 | 1,671,689 | ||||||
| Pennsylvania Housing Finance Agency, RB, S/F |
11,975 | 13,064,762 | ||||||
| Pennsylvania Turnpike Commission Oil Franchise |
30,000 | 32,113,893 | ||||||
| Pennsylvania Turnpike Commission, RB |
46,430 | 48,383,410 | ||||||
| Sub-Series A-1, Subordinate, 5.00%, 12/01/41 |
4,200 | 4,259,085 | ||||||
|
|
|
|||||||
| 111,751,919 | ||||||||
| Puerto Rico — 0.8% | ||||||||
| Commonwealth of Puerto Rico, GO |
13,205 | 14,754,125 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/33 |
20,418 | 20,312,568 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/35 |
8,168 | 8,009,258 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/37 |
25,180 | 24,382,797 | ||||||
|
|
|
|||||||
| 67,458,748 | ||||||||
| South Carolina — 2.3% | ||||||||
| County of Dorchester South Carolina, SAB(b) |
1,245 | 1,285,866 | ||||||
| 6.00%, 10/01/51 |
3,000 | 3,069,612 | ||||||
| Patriots Energy Group Financing Agency, RB, |
50,600 | 54,170,043 | ||||||
| Patriots Energy Group Financing Agency, |
96,375 | 104,317,121 | ||||||
| South Carolina Jobs-Economic Development |
10,135 | 9,121,127 | ||||||
| South Carolina Jobs-Economic Development |
3,005 | 2,949,280 | ||||||
| South Carolina State Housing Finance & |
9,975 | 10,933,176 | ||||||
|
|
|
|||||||
| 185,846,225 | ||||||||
| Security | Par (000) |
Value | ||||||
| Tennessee — 1.3% | ||||||||
| Tennessee Energy Acquisition Corp., Refunding RB, |
$ | 85,000 | $ | 88,056,762 | ||||
| Tennessee Housing Development Agency, RB, S/F |
12,935 | 13,768,304 | ||||||
| Tennessee Housing Development Agency, Refunding RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 01/01/54 |
5,500 | 5,993,308 | ||||||
|
|
|
|||||||
| 107,818,374 | ||||||||
| Texas — 12.5% | ||||||||
| Arlington Higher Education Finance Corp., RB |
9,425 | 9,514,408 | ||||||
| Series A, 5.30%, 04/01/62(b) |
6,415 | 5,566,960 | ||||||
| Series A, 5.75%, 08/15/62 |
4,950 | 4,182,571 | ||||||
| Austin Independent School District, GO |
6,300 | 7,310,102 | ||||||
| (PSF), 5.00%, 08/01/40(g) |
4,775 | 5,376,631 | ||||||
| (PSF), 5.00%, 08/01/41(g) |
8,935 | 9,967,914 | ||||||
| (PSF), 5.00%, 08/01/42(g) |
7,255 | 8,052,011 | ||||||
| 5.00%, 08/01/48 |
24,000 | 25,296,513 | ||||||
| (PSF), 5.00%, 08/01/49(g) |
25,000 | 27,328,680 | ||||||
| Board of Regents of the University of Texas System, Refunding RB, Series A, 5.00%, 08/15/43 |
11,035 | 12,230,440 | ||||||
| City of Austin Texas Electric Utility Revenue, |
20,000 | 20,338,501 | ||||||
| City of Dallas Texas Waterworks & Sewer System |
4,535 | 4,541,621 | ||||||
| Series C, 5.00%, 10/01/45 |
21,635 | 23,496,615 | ||||||
| City of Dallas Texas, Refunding GO, Series A, |
4,080 | 4,209,894 | ||||||
| City of El Paso Texas Water & Sewer Revenue, |
18,000 | 19,275,540 | ||||||
| City of Fort Worth Texas, RB, Series A, |
15,000 | 15,082,838 | ||||||
| City of Houston Texas, Refunding GO |
1,375 | 1,568,539 | ||||||
| Series A, 5.25%, 03/01/43 |
1,380 | 1,566,217 | ||||||
| City of Midland Texas, Refunding GO, Series B, |
17,985 | 19,337,897 | ||||||
| City of San Antonio Texas Electric & Gas Systems |
10,000 | 11,517,364 | ||||||
| Series A, 5.25%, 02/01/41 |
25,625 | 29,287,446 | ||||||
| Series A, 5.25%, 02/01/42 |
9,150 | 10,403,582 | ||||||
| Conroe Independent School District, GO |
7,375 | 8,433,253 | ||||||
| (PSF), 5.00%, 02/15/41 |
3,360 | 3,822,483 | ||||||
| County of Harris Texas Toll Road Revenue, |
16,890 | 17,788,205 | ||||||
| County of Lubbock Texas, GO, 5.00%, 02/15/41 |
2,215 | 2,489,425 | ||||||
| Dallas Independent School District, Refunding GO, |
30,980 | 33,485,487 | ||||||
| Del Mar College District, GO, 4.00%, 08/15/36 |
10,050 | 10,050,615 | ||||||
| Grand Parkway Transportation Corp., RB |
77,000 | 81,186,611 | ||||||
| Series A, 5.00%, 10/01/48 |
7,305 | 7,602,085 | ||||||
| 6 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| Greater Texoma Utility Authority, RB |
$ | 22,400 | $ | 24,564,335 | ||||
| Series R, (BAM), 5.00%, 10/01/42 |
5,770 | 6,399,806 | ||||||
| Series R, (BAM), 5.00%, 10/01/43 |
5,045 | 5,561,207 | ||||||
| Harris County Cultural Education Facilities Finance |
40 | 40,012 | ||||||
| Houston Independent School District, Refunding GO, |
4,375 | 4,318,669 | ||||||
| Lewisville Independent School District, GO |
9,000 | 10,253,509 | ||||||
| (PSF), 4.00%, 08/15/41 |
10,500 | 10,655,029 | ||||||
| Lower Colorado River Authority, Refunding RB |
5,050 | 5,218,108 | ||||||
| 5.25%, 05/15/48 |
30,000 | 33,009,350 | ||||||
| (AGM), 5.50%, 05/15/48 |
17,850 | 19,966,675 | ||||||
| (AGM), 5.00%, 05/15/49 |
16,260 | 17,529,651 | ||||||
| 5.00%, 05/15/50 |
10,310 | 10,725,656 | ||||||
| Series A, 5.50%, 05/15/47 |
5,000 | 5,585,414 | ||||||
| Midland Independent School District, GO(g) |
2,450 | 2,521,296 | ||||||
| (PSF), 4.00%, 02/15/41 |
5,000 | 5,058,743 | ||||||
| Mission Economic Development Corp., Refunding |
7,000 | 6,862,566 | ||||||
| New Hope Cultural Education Facilities Finance |
4,000 | 3,569,341 | ||||||
| Series A, 5.00%, 07/01/57 |
7,000 | 5,573,888 | ||||||
| New Hope Cultural Education Facilities Finance |
2,000 | 1,958,662 | ||||||
| Series A, 6.75%, 10/01/52 |
580 | 539,964 | ||||||
| Series B2, 4.50%, 10/01/26 |
2,970 | 2,913,155 | ||||||
| North Fort Bend Water Authority, Refunding RB, |
2,055 | 2,064,121 | ||||||
| North Texas Tollway Authority, Refunding RB |
20,000 | 22,231,158 | ||||||
| Series A, 5.00%, 01/01/43 |
10,845 | 11,324,070 | ||||||
| Series B, 5.00%, 01/01/43 |
10,000 | 10,316,266 | ||||||
| Northwest Independent School District, GO, (PSF), |
24,250 | 26,276,956 | ||||||
| Pasadena Independent School District, Refunding |
5,000 | 5,151,579 | ||||||
| Pecos Barstow Toyah Independent School District, |
4,500 | 4,613,389 | ||||||
| (PSF), 5.00%, 02/15/43 |
4,000 | 4,097,430 | ||||||
| Pflugerville Independent School District, GO, |
7,225 | 8,040,242 | ||||||
| Port Authority of Houston of Harris County Texas, |
24,945 | 27,068,876 | ||||||
| Tarrant County Cultural Education Facilities Finance |
11,905 | 13,338,657 | ||||||
| Series B, 5.00%, 07/01/38 |
19,115 | 20,302,674 | ||||||
| Series B, 5.00%, 07/01/43 |
48,000 | 50,192,238 | ||||||
| Series B, 5.00%, 07/01/48 |
11,560 | 11,886,563 | ||||||
| Tarrant County Cultural Education Facilities Finance |
15,900 | 16,339,276 | ||||||
| Series A, 5.00%, 11/15/45 |
7,300 | 7,435,361 | ||||||
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| Tarrant County Cultural Education Facilities Finance |
$ | 8,650 | $ | 8,809,574 | ||||
| Texas Department of Housing & Community Affairs, RB, S/F Housing Series A, (GNMA), 5.75%, 03/01/54 |
29,170 | 31,698,823 | ||||||
| Series B, (GNMA), 6.00%, 03/01/53 |
11,830 | 12,857,699 | ||||||
| Texas Water Development Board, RB |
7,100 | 7,113,404 | ||||||
| 4.00%, 10/15/45 |
14,075 | 13,978,430 | ||||||
| Series B, 4.00%, 10/15/43 |
11,100 | 11,125,183 | ||||||
| Series B, 5.00%, 04/15/49 |
44,000 | 46,176,555 | ||||||
| Weatherford Independent School District, GO, |
27,810 | 28,089,059 | ||||||
|
|
|
|||||||
| 1,023,663,067 | ||||||||
| Utah — 1.1% | ||||||||
| County of Utah, Refunding RB, Series A, 5.00%, 05/15/41 |
40,000 | 41,101,871 | ||||||
| Intermountain Power Agency, RB, Series A, |
25,585 | 28,622,446 | ||||||
| Utah Charter School Finance Authority, RB(b) |
1,810 | 1,664,581 | ||||||
| 5.00%, 06/15/52 |
5,420 | 4,687,835 | ||||||
| 5.63%, 06/15/54 |
4,930 | 4,209,118 | ||||||
| 5.00%, 06/15/57 |
3,910 | 3,318,816 | ||||||
| Utah Charter School Finance Authority, Refunding
RB(b) |
3,795 | 3,645,380 | ||||||
| 5.38%, 06/15/48 |
2,740 | 2,420,043 | ||||||
|
|
|
|||||||
| 89,670,090 | ||||||||
| Vermont — 0.1% | ||||||||
| East Central Vermont Telecommunications District,
RB(b) |
2,010 | 1,840,534 | ||||||
| Series A, 4.25%, 12/01/40 |
4,030 | 2,934,812 | ||||||
| Series A, 4.50%, 12/01/50 |
2,960 | 2,028,521 | ||||||
| Vermont Housing Finance Agency, RB, S/F Housing, Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.75%, 11/01/53 |
4,500 | 4,871,966 | ||||||
|
|
|
|||||||
| 11,675,833 | ||||||||
| Virginia — 2.9% | ||||||||
| Ballston Quarter Community Development Authority, TA |
693 | 657,668 | ||||||
| Series A-2, 7.13%, 03/01/59(h) |
1,662 | 1,229,266 | ||||||
| Fairfax County Economic Development Authority, |
3,900 | 4,014,185 | ||||||
| Hanover County Economic Development |
125 | 112,830 | ||||||
| Prince William County Industrial Development |
2,460 | 2,781,233 | ||||||
| University of Virginia, Refunding RB |
21,600 | 22,845,409 | ||||||
| Series A, 5.00%, 04/01/42 |
24,825 | 25,987,511 | ||||||
| Series A, 5.00%, 04/01/47 |
9,630 | 9,955,409 | ||||||
| Virginia Commonwealth Transportation Board, RB |
8,470 | 9,537,471 | ||||||
| 4.00%, 05/15/41 |
10,000 | 10,117,940 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 7 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Virginia (continued) | ||||||||
| Virginia Commonwealth Transportation Board, |
$ | 7,000 | $ | 7,773,970 | ||||
| Virginia Commonwealth University Health System Authority, RB, 5.00%, 07/01/34 |
2,370 | 2,518,905 | ||||||
| Virginia Port Authority Commonwealth Port Fund, |
33,000 | 37,006,968 | ||||||
| Virginia Public Building Authority, ARB |
5,690 | 5,974,668 | ||||||
| Series A, 4.00%, 08/01/38 |
10,310 | 10,646,536 | ||||||
| Series B, AMT, 4.00%, 08/01/36 |
8,830 | 9,050,775 | ||||||
| Virginia Public Building Authority, RB |
29,800 | 30,664,648 | ||||||
| Series A, 4.00%, 08/01/42 |
20,000 | 20,469,879 | ||||||
| Series A-2, 4.00%, 08/01/38 |
24,000 | 25,064,533 | ||||||
|
|
|
|||||||
| 236,409,804 | ||||||||
| Washington — 1.2% | ||||||||
| King County School District No. 405 Bellevue, GO, |
5,580 | 5,781,725 | ||||||
| Port of Seattle Washington, ARB |
2,000 | 2,054,028 | ||||||
| Series C, AMT, Intermediate Lien, 5.25%, |
47,930 | 49,486,416 | ||||||
| Snohomish County Public Utility District No. |
15,470 | 15,988,828 | ||||||
| State of Washington, GO |
5,000 | 5,409,842 | ||||||
| Series C, 5.00%, 02/01/42 |
2,020 | 2,217,531 | ||||||
| Series F, 5.00%, 06/01/45 |
3,795 | 4,127,462 | ||||||
| State of Washington, Refunding GO |
5,000 | 5,238,064 | ||||||
| Series R, 5.00%, 08/01/40 |
3,910 | 4,495,268 | ||||||
|
|
|
|||||||
| 94,799,164 | ||||||||
| West Virginia — 0.1% | ||||||||
| West Virginia University, RB, 5.00%, 10/01/49 |
5,000 | 5,276,635 | ||||||
|
|
|
|||||||
| Wisconsin — 0.5% | ||||||||
| Public Finance Authority, ARB |
2,715 | 2,097,337 | ||||||
| AMT, 4.25%, 07/01/54 |
4,745 | 3,368,950 | ||||||
| Public Finance Authority, RB(b) |
1,715 | 240,100 | ||||||
| 7.00%, 07/01/33 |
6,580 | 6,606,182 | ||||||
| 7.00%, 10/01/47(e)(f) |
1,715 | 240,100 | ||||||
| Series A, 5.25%, 03/01/45 |
4,000 | 3,661,943 | ||||||
| Series A, 7.00%, 11/01/46(e)(f) |
6,385 | 3,192,500 | ||||||
| Series A, 5.63%, 06/15/49 |
12,100 | 11,443,849 | ||||||
| Series A, 4.75%, 06/15/56 |
7,780 | 5,327,269 | ||||||
| Wisconsin Housing & Economic Development |
7,100 | 7,813,861 | ||||||
|
|
|
|||||||
| 43,992,091 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 94.9% |
7,756,340,890 | |||||||
|
|
|
|||||||
| Security | Par (000) |
Value | ||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
| |||||||
| California — 0.5% | ||||||||
| California State University, RB, Series A, 5.00%, 11/01/51 |
$ | 40,470 | $ | 43,290,735 | ||||
|
|
|
|||||||
| District of Columbia — 0.7% | ||||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45 |
50,585 | 54,211,168 | ||||||
|
|
|
|||||||
| Massachusetts — 0.7% | ||||||||
| Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47 |
50,000 | 55,761,467 | ||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.9% (Cost: $155,619,807) |
153,263,370 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 96.8% (Cost: $7,840,067,402) |
7,909,604,260 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 4.0% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.48%(j)(k) |
325,964,680 | 325,997,276 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 4.0% (Cost: $325,908,717) |
325,997,276 | |||||||
|
|
|
|||||||
| Total Investments — 100.8% (Cost: $8,165,976,119) |
8,235,601,536 | |||||||
| Other Assets Less Liabilities — 0.1% |
5,199,988 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and |
(71,437,563 | ) | ||||||
|
|
|
|||||||
| Net Assets — 100.0% |
$ | 8,169,363,961 | ||||||
|
|
|
|||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (d) | Zero-coupon bond. |
| (e) | Issuer filed for bankruptcy and/or is in default. |
| (f) | Non-income producing security. |
| (g) | When-issued security. |
| (h) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (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) | Affiliate of the Fund. |
| (k) | Annualized 7-day yield as of period end. |
| 8 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2024 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 03/31/24 |
Shares Held at 03/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 623,096,181 | $ | — | $ | (297,126,385 | )(a) | $ | 68,152 | $ | (40,672 | ) | $ | 325,997,276 | 325,964,680 | $ | 10,875,164 | $ | — | |||||||||||||||||
| iShares National Muni Bond ETF(b) |
— | 246,484,948 | (245,759,758 | ) | (725,190 | ) | — | — | — | 759,194 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (657,038 | ) | $ | (40,672 | ) | $ | 325,997,276 | $ | 11,634,358 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 7,756,340,890 | $ | — | $ | 7,756,340,890 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 153,263,370 | — | 153,263,370 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
325,997,276 | — | — | 325,997,276 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 325,997,276 | $ | 7,909,604,260 | $ | — | $ | 8,235,601,536 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 $70,530,007 are categorized as Level 2 within the fair value hierarchy.
| S C H E D U L E O F I N V E S T M E N T S | 9 |
| Schedule of Investments (unaudited) (continued) March 31, 2024 |
BlackRock National Municipal Fund |
Portfolio Abbreviation
| AGM | Assured Guaranty Municipal Corp. | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| BAM | Build America Mutual Assurance Co. | |
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| 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 | |
| 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 | |
| 10 |