Schedule of Investments (unaudited) September 30, 2020 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
| Alabama — 4.9% | ||||||||
Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46 | $ | 73,875 | $ | 86,758,061 | ||||
Black Belt Energy Gas District, RB, Series A-1, 4.00%, 12/01/49(a) | 235,160 | 269,862,561 | ||||||
City of Homewood Albama, Refunding GO, 5.25%, 09/01/46 | 27,625 | 33,138,950 | ||||||
Southeast Alabama Gas Supply District, RB, Series A, 4.00%, 06/01/49(a) | 220,000 | 243,850,200 | ||||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(b) | 16,315 | 16,315,000 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB(c) | ||||||||
Series A, 4.50%, 05/01/32 | 7,045 | 7,532,585 | ||||||
Series A, 5.25%, 05/01/44 | 8,980 | 9,830,496 | ||||||
|
| |||||||
| 667,287,853 | ||||||||
| Arizona — 1.4% | ||||||||
Arizona Industrial Development Authority, RB(c) | ||||||||
5.00%, 07/01/39 | 1,000 | 1,081,760 | ||||||
5.00%, 07/01/49 | 3,305 | 3,472,375 | ||||||
5.00%, 07/01/54 | 13,655 | 14,310,613 | ||||||
Series A, 5.00%, 07/01/39 | 1,300 | 1,339,299 | ||||||
Series A, 5.00%, 07/01/49 | 2,010 | 2,030,864 | ||||||
Arizona Industrial Development Authority, Refunding RB(c) | ||||||||
Series A, 5.25%, 07/01/37 | 2,830 | 3,053,683 | ||||||
Series A, 5.50%, 07/01/52 | 2,450 | 2,620,520 | ||||||
City of Phoenix Civic Improvement Corp., RB, 5.00%, 07/01/44 | 35,000 | 45,388,000 | ||||||
Industrial Development Authority of the City of Phoenix, RB | ||||||||
6.88%, 07/01/23(b) | 3,440 | 4,068,075 | ||||||
Series A, 6.50%, 07/01/34(c) | 2,000 | 2,191,880 | ||||||
Series A, 6.75%, 07/01/44(c) | 3,500 | 3,800,125 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB, 5.00%, 07/01/45(c) | 2,280 | 2,369,969 | ||||||
Industrial Development Authority of the County of Pima, RB(c) | ||||||||
5.00%, 06/15/47 | 10,400 | 10,427,560 | ||||||
5.00%, 06/15/52 | 19,280 | 19,343,238 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 | 27,000 | 32,209,380 | ||||||
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 | 400 | 440,224 | ||||||
Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39 | 26,730 | 32,152,982 | ||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 12/01/45 | 15,000 | 17,664,600 | ||||||
|
| |||||||
| 197,965,147 | ||||||||
| Security | Par (000) | Value | ||||||
| Arkansas(c) — 0.5% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
AMT, 4.50%, 09/01/49 | $ | 35,365 | $ | 35,614,677 | ||||
AMT, 4.75%, 09/01/49 | 31,500 | 31,496,220 | ||||||
|
| |||||||
| 67,110,897 | ||||||||
| California — 9.4% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 | 10,000 | 11,223,600 | ||||||
California Health Facilities Financing Authority, Refunding RB, Series A, 5.00%, 11/15/48 | 10,000 | 11,956,500 | ||||||
California Infrastructure & Economic Development Bank, RB, Series A, AMT, 0.45%, 01/01/50(a)(c) | 24,000 | 23,998,080 | ||||||
California State Public Works Board, RB, Series A, 5.00%, 09/01/39 | 5,000 | 5,810,300 | ||||||
California Statewide Communities Development Authority, RB, 5.25%, 12/01/48(c) | 2,000 | 2,229,140 | ||||||
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 | 27,620 | 34,262,610 | ||||||
City of Los Angeles California, RB, 4.00%, 06/24/21 | 477,600 | 490,834,296 | ||||||
City of Los Angeles Department of Airports, ARB, Series C, AMT, 5.00%, 05/15/45 | 16,260 | 19,994,434 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/44 | 10,000 | 12,015,200 | ||||||
City of Los Angeles Department of Airports, Refunding RB | ||||||||
Series A, 5.00%, 05/15/38 | 19,000 | 24,016,380 | ||||||
Series A, 5.00%, 05/15/40 | 31,715 | 39,817,231 | ||||||
City of San Jose California Hotel Tax Revenue, RB | ||||||||
6.50%, 05/01/36 | 1,510 | 1,559,317 | ||||||
6.50%, 05/01/42 | 5,130 | 5,288,261 | ||||||
Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33 | 6,535 | 7,579,489 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB | ||||||||
Series A-1, 5.00%, 06/01/47 | 19,600 | 20,186,040 | ||||||
Series A-1, 5.25%, 06/01/47 | 9,535 | 9,864,053 | ||||||
Series A-2, 5.00%, 06/01/47 | 31,735 | 32,709,264 | ||||||
Los Angeles Department of Water & Power Power System Revenue, Refunding RB | ||||||||
Series B, 5.25%, 07/01/37 | 13,500 | 16,835,445 | ||||||
Series B, 5.25%, 07/01/38 | 15,000 | 18,654,150 | ||||||
Series B, 5.25%, 07/01/39 | 7,000 | 8,680,980 | ||||||
Los Angeles Department of Water, Refunding RB | ||||||||
Series A, 5.25%, 07/01/39 | 40,000 | 40,474,000 | ||||||
Series A, 5.00%, 07/01/41 | 25,000 | 25,275,750 | ||||||
Series A, 5.25%, 07/01/44 | 19,000 | 23,521,240 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB | ||||||||
Series A-1, AMT, 5.75%, 03/01/34 | 7,010 | 7,148,658 | ||||||
Series A-1, AMT, 6.25%, 03/01/34 | 5,250 | 5,364,660 | ||||||
Oakland Unified School District/Alameda County, GO, 6.63%, 08/01/21(b) | 3,750 | 3,951,188 | ||||||
| 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) September 30, 2020 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
Palomar Community College District, GO, Series D, 5.25%, 08/01/45 | $ | 24,540 | $ | 30,732,424 | ||||
Port of Oakland, Refunding RB, Series P, AMT, Senior Lien, 5.00%, 05/01/31 | 13,010 | 13,898,843 | ||||||
San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41 | 35,000 | 41,818,700 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/15/39 | 10,000 | 12,205,700 | ||||||
Series A, Subordinate, 5.25%, 08/01/47 | 13,645 | 17,142,486 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 05/01/49 | 25,000 | 29,583,000 | ||||||
Series B, AMT, 5.00%, 05/01/41 | 20,000 | 22,995,400 | ||||||
Series B, AMT, 5.00%, 05/01/46 | 20,000 | 22,534,000 | ||||||
Series E, AMT, 5.00%, 05/01/45 | 19,700 | 23,379,960 | ||||||
San Joaquin County Transportation Authority, Refunding RB, Series A, 6.00%, 03/01/21(b) | 12,830 | 13,138,946 | ||||||
San Ramon Valley Unified School District, GO, 4.00%, 08/01/37 | 23,850 | 25,990,299 | ||||||
Santa Clara Unified School District, GO, 4.00%, 07/01/48 | 10,000 | 11,191,300 | ||||||
State of California, Refunding GO | ||||||||
4.00%, 03/01/36 | 15,000 | 18,003,000 | ||||||
5.25%, 10/01/39 | 20,100 | 24,470,946 | ||||||
University of California, RB, Series AV, 5.25%, 05/15/42 | 58,825 | 72,837,115 | ||||||
|
| |||||||
| 1,283,172,385 | ||||||||
| Colorado — 2.2% | ||||||||
Arista Metropolitan District, Refunding GO, Series A, 5.13%, 12/01/48 | 3,500 | 3,623,550 | ||||||
Broadway Station Metropolitan District No.2, GO, Series A, 5.13%, 12/01/48 | 5,000 | 4,931,550 | ||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(c) | 6,930 | 6,957,096 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 12/01/35 | 2,085 | 2,519,180 | ||||||
Series A, AMT, 5.00%, 12/01/37 | 25,015 | 30,032,759 | ||||||
Series A, AMT, 5.00%, 12/01/38 | 5,250 | 6,283,515 | ||||||
Series A, AMT, 5.25%, 12/01/43 | 62,620 | 75,444,576 | ||||||
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43 | 10,000 | 11,604,600 | ||||||
City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32 | 36,115 | 36,362,027 | ||||||
Copperleaf Metropolitan District No.3, GO, Series A, 5.13%, 12/01/47 | 1,200 | 1,220,292 | ||||||
Cottonwood Highlands Metropolitan District No.1, GO, Series A, 5.00%, 12/01/49 | 900 | 919,566 | ||||||
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 1,190 | 1,226,414 | ||||||
Regional Transportation District Sales Tax Revenue, RB, Series A, 3.50%, 11/01/37 | 75,000 | 77,723,250 | ||||||
Southlands Metropolitan District No.1, Refunding GO, Series A-1, 5.00%, 12/01/47 | 3,000 | 3,139,860 | ||||||
| Security | Par (000) | Value | ||||||
| Colorado (continued) | ||||||||
State of Colorado, COP, Series J, 5.25%, 03/15/42 | $ | 30,000 | $ | 36,455,100 | ||||
STC Metropolitan District No.2, Refunding GO, Series A, 4.00%, 12/01/29 | 1,500 | 1,466,895 | ||||||
|
| |||||||
| 299,910,230 | ||||||||
| Connecticut — 0.3% | ||||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB(c) | ||||||||
Series G-1, 5.00%, 07/01/39 | 1,500 | 1,624,275 | ||||||
Series G-1, 5.00%, 07/01/44 | 2,000 | 2,136,360 | ||||||
Series G-1, 5.00%, 07/01/50 | 2,350 | 2,498,591 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(c) | 3,965 | 3,763,618 | ||||||
State of Connecticut Special Tax Revenue, RB, Series A, 5.00%, 05/01/38 | 4,540 | 5,725,212 | ||||||
State of Connecticut, GO | ||||||||
Series A, 4.00%, 01/15/35 | 10,000 | 11,796,200 | ||||||
Series A, 4.00%, 01/15/38 | 10,000 | 11,632,400 | ||||||
|
| |||||||
| 39,176,656 | ||||||||
| Delaware — 0.2% | ||||||||
County of Sussex Delaware, RB, 6.00%, 10/01/40 | 33,000 | 33,274,560 | ||||||
|
| |||||||
| District of Columbia — 2.5% | ||||||||
District of Columbia Water & Sewer Authority, Refunding RB | ||||||||
Series B, Sub-Lien, 5.25%, 10/01/40 | 48,060 | 57,862,798 | ||||||
Series B, Sub-Lien, 5.25%, 10/01/44 | 63,075 | 75,360,748 | ||||||
District of Columbia, GO | ||||||||
Series A, 5.00%, 06/01/41 | 30,000 | 36,458,100 | ||||||
Series D, 5.00%, 06/01/42 | 40,000 | 49,606,800 | ||||||
Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/36 | 12,000 | 14,538,840 | ||||||
Washington Metropolitan Area Transit Authority, RB | ||||||||
5.00%, 07/01/43 | 35,480 | 42,675,699 | ||||||
Series B, 5.00%, 07/01/42 | 50,000 | 60,216,500 | ||||||
|
| |||||||
| 336,719,485 | ||||||||
| Florida — 2.6% | ||||||||
Capital Trust Agency, Inc., RB(c) | ||||||||
5.00%, 07/01/54 | 2,095 | 2,170,671 | ||||||
Series A, 5.00%, 06/15/49 | 4,365 | 4,640,170 | ||||||
Central Florida Expressway Authority, RB, Series A, Senior Lien, 5.00%, 07/01/44 | 10,000 | 12,401,700 | ||||||
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 | 12,910 | 15,111,155 | ||||||
City of Tampa Florida, SAB | ||||||||
5.25%, 05/01/43 | 11,720 | 14,702,037 | ||||||
5.25%, 05/01/46 | 15,430 | 19,148,630 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 | 8,000 | 9,557,680 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB | ||||||||
5.00%, 10/01/41 | 7,220 | 8,381,915 | ||||||
Series B, AMT, 5.00%, 10/01/40 | 100,075 | 116,748,496 | ||||||
County of Miami-Dade Seaport Department, ARB | ||||||||
Series A, 6.00%, 10/01/38 | 6,325 | 7,040,104 | ||||||
Series A, 5.50%, 10/01/42 | 5,375 | 5,857,352 | ||||||
| 2 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Florida (continued) | ||||||||
County of Miami-Dade Seaport Department, ARB (continued) | ||||||||
Series B, AMT, 6.25%, 10/01/38 | $ | 5,000 | $ | 5,562,900 | ||||
Series B, AMT, 6.00%, 10/01/42 | 2,350 | 2,604,529 | ||||||
County of Palm Beach Florida, RB, 5.00%, 04/01/51(c) | 4,770 | 4,759,840 | ||||||
Florida Ports Financing Commission, Refunding RB, Series B, AMT, 5.13%, 06/01/27 | 10,010 | 10,315,805 | ||||||
Greater Orlando Aviation Authority, ARB, Sub- Series A, AMT, 5.00%, 10/01/42 | 54,795 | 63,910,148 | ||||||
Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48 | 8,375 | 9,914,492 | ||||||
Lakewood Ranch Stewardship District, SAB | ||||||||
4.63%, 05/01/27 | 1,745 | 1,881,302 | ||||||
5.00%, 05/01/37(c) | 1,655 | 1,791,653 | ||||||
5.25%, 05/01/37 | 2,760 | 3,028,051 | ||||||
4.70%, 05/01/39 | 1,160 | 1,247,719 | ||||||
5.13%, 05/01/47(c) | 1,990 | 2,135,290 | ||||||
5.38%, 05/01/47 | 4,785 | 5,203,305 | ||||||
4.88%, 05/01/49 | 1,250 | 1,339,213 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 | 8,370 | 8,083,579 | ||||||
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(b) | 11,125 | 11,906,754 | ||||||
Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39(d) | 1,750 | 1,816,185 | ||||||
Sterling Hill Community Development District, Refunding SAB, Series B, | 147 | 93,809 | ||||||
|
| |||||||
| 351,354,484 | ||||||||
| Georgia — 0.8% | ||||||||
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, Subordinate, 4.00%, 07/01/35 | 10,850 | 12,557,899 | ||||||
City of Atlanta Georgia Department of Aviation, Refunding RB, Series C, 6.00%, 01/01/30 | 30,000 | 30,416,400 | ||||||
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, Series A, 4.00%, 07/01/44 | 36,480 | 38,852,294 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25 | 20,000 | 25,572,200 | ||||||
|
| |||||||
| 107,398,793 | ||||||||
| Illinois — 6.2% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/42 | 15,895 | 16,308,111 | ||||||
Series C, 5.25%, 12/01/39 | 7,275 | 7,724,231 | ||||||
Series D, 5.00%, 12/01/46 | 35,155 | 36,886,401 | ||||||
Series H, 5.00%, 12/01/36 | 4,620 | 4,995,005 | ||||||
Series H, 5.00%, 12/01/46 | 4,475 | 4,811,252 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series A, 0.00%, 12/01/25(g) | 650 | 559,579 | ||||||
Series A, 0.00%, 12/01/26(g) | 4,000 | 3,369,720 | ||||||
Series A, 0.00%, 12/01/27(g) | 500 | 396,045 | ||||||
Series A, 5.00%, 12/01/28 | 11,160 | 12,614,483 | ||||||
Series A, 5.00%, 12/01/30 | 365 | 410,581 | ||||||
Series B, 5.00%, 12/01/26 | 2,000 | 2,241,420 | ||||||
Series B, 5.00%, 12/01/28 | 2,060 | 2,328,480 | ||||||
Series B, 5.00%, 12/01/29 | 2,000 | 2,265,880 | ||||||
Series B, 5.00%, 12/01/30 | 2,000 | 2,249,760 | ||||||
Series B, 4.00%, 12/01/35 | 11,640 | 11,711,819 | ||||||
Series C, 5.00%, 12/01/23 | 4,310 | 4,623,251 | ||||||
Series C, 5.00%, 12/01/24 | 4,445 | 4,852,162 | ||||||
| Security | Par (000) | Value | ||||||
| Illinois (continued) | ||||||||
Chicago Board of Education, Refunding GO (continued) | ||||||||
Series C, 5.00%, 12/01/25 | $ | 12,760 | $ | 14,143,694 | ||||
Series C, 5.00%, 12/01/26 | 3,060 | 3,433,473 | ||||||
Series F, 5.00%, 12/01/24 | 9,585 | 10,462,986 | ||||||
Series G, 5.00%, 12/01/34 | 5,000 | 5,415,600 | ||||||
Chicago O’Hare International Airport, ARB | ||||||||
Series C, 3rd Lien, 6.50%, 01/01/21(b) | 29,835 | 30,301,918 | ||||||
Series D, Senior Lien, 5.25%, 01/01/42 | 49,415 | 57,704,860 | ||||||
Chicago O’Hare International Airport, Refunding ARB, Series C, AMT, Senior Lien, 5.50%, 01/01/34 | 5,380 | 5,894,167 | ||||||
Chicago O’Hare International Airport, Refunding RB | ||||||||
Series B, Senior Lien, 5.00%, 01/01/35 | 4,250 | 4,935,270 | ||||||
Series B, Senior Lien, 5.00%, 01/01/38 | 30,000 | 34,901,400 | ||||||
Series B, Senior Lien, 5.00%, 01/01/39 | 59,885 | 69,435,460 | ||||||
County of Cook Illinois, RB, | 5,955 | 5,961,390 | ||||||
Illinois Finance Authority, RB | ||||||||
4.00%, 12/01/36 | 10,810 | 12,865,521 | ||||||
6.75%, 10/15/40 | 7,795 | 7,803,434 | ||||||
Series A, 6.13%, 04/01/21(b) | 11,935 | 12,288,037 | ||||||
Series A, 5.25%, 07/01/23(b) | 8,370 | 9,525,479 | ||||||
Series A, (AGM), 6.00%, 08/15/41 | 19,285 | 20,119,076 | ||||||
Series A, 6.00%, 08/15/41 | 6,500 | 6,777,225 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series A, 4.00%, 10/01/38 | 24,500 | 26,837,055 | ||||||
Series A, 5.00%, 07/15/42 | 23,695 | 28,616,688 | ||||||
Series A, 4.00%, 10/01/49 | 30,000 | 31,608,000 | ||||||
Series C, 5.00%, 02/15/41 | 28,920 | 34,223,928 | ||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 5.00%, 01/01/38 | 4,000 | 4,347,640 | ||||||
Series A, 5.00%, 01/01/40 | 18,000 | 20,853,540 | ||||||
Series A, 5.00%, 01/01/42 | 53,255 | 64,130,736 | ||||||
Series B, 5.00%, 01/01/40 | 21,000 | 24,543,330 | ||||||
Series B, 5.00%, 01/01/41 | 28,000 | 33,120,080 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 5.00%, 06/15/42 | 5,000 | 5,700,050 | ||||||
Railsplitter Tobacco Settlement Authority, RB | ||||||||
6.00%, 06/01/21(b) | 18,485 | 19,200,924 | ||||||
5.00%, 06/01/26 | 15,000 | 18,320,700 | ||||||
State of Illinois, GO | ||||||||
5.50%, 05/01/39 | 9,040 | 10,003,845 | ||||||
Series A, 5.00%, 11/01/29 | 27,500 | 30,543,425 | ||||||
State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32 | 14,000 | 15,273,440 | ||||||
State of Illinois, Refunding GO | ||||||||
5.00%, 02/01/26 | 10,750 | 11,780,387 | ||||||
5.00%, 02/01/28 | 5,020 | 5,510,203 | ||||||
Series A, 5.00%, 10/01/28 | 19,250 | 21,331,310 | ||||||
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23 | 5,435 | 5,458,534 | ||||||
|
| |||||||
| 841,720,985 | ||||||||
| Indiana — 0.1% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 3,870 | 4,209,089 | ||||||
AMT, 7.00%, 01/01/44 | 7,330 | 8,070,990 | ||||||
|
| |||||||
| 12,280,079 | ||||||||
| Iowa — 2.0% | ||||||||
Iowa Finance Authority, RB, 5.50%, 07/01/33 | 18,750 | 21,033,750 | ||||||
| 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) September 30, 2020 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Iowa (continued) | ||||||||
Iowa Finance Authority, Refunding RB | ||||||||
5.25%, 12/01/25 | $ | 2,500 | $ | 2,625,275 | ||||
Series B, 5.25%, 12/01/50(a) | 47,270 | 49,616,483 | ||||||
Iowa Tobacco Settlement Authority, Refunding RB, Series C, 5.63%, 06/01/46 | 14,810 | 14,828,068 | ||||||
PEFA, Inc., RB, 5.00%, 09/01/49(a) | 155,000 | 188,394,750 | ||||||
|
| |||||||
| 276,498,326 | ||||||||
| Kentucky(a) — 1.6% | ||||||||
County of Carroll Kentucky, Refunding RB | ||||||||
AMT, 1.20%, 02/01/32 | 39,698 | 39,739,484 | ||||||
AMT, 1.20%, 10/01/34 | 30,000 | 30,027,300 | ||||||
Kentucky Public Energy Authority, RB | ||||||||
Series A-1, 4.00%, 12/01/49 | 45,000 | 50,965,650 | ||||||
Series C-1, 4.00%, 12/01/49 | 82,760 | 93,652,044 | ||||||
|
| |||||||
| 214,384,478 | ||||||||
| Louisiana — 0.4% | ||||||||
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(c) | 2,435 | 2,181,711 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, Series A-1, 6.50%, 11/01/35 | 17,185 | 17,256,146 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth, Refunding RB, 0.88%, 02/01/46(a) | 21,580 | 21,698,259 | ||||||
Louisiana Public Facilities Authority, RB(c) | ||||||||
Series A, 5.00%, 04/01/39 | 1,425 | 1,454,298 | ||||||
Series A, 5.00%, 06/01/39 | 1,300 | 1,308,177 | ||||||
Series A, 5.00%, 04/01/49 | 2,800 | 2,808,064 | ||||||
Series A, 5.00%, 06/01/49 | 3,000 | 2,890,200 | ||||||
Series A, 5.00%, 06/01/58 | 4,500 | 4,288,635 | ||||||
|
| |||||||
| 53,885,490 | ||||||||
| Maine — 0.0% | ||||||||
Maine Health & Higher Educational Facilities Authority, RB, 7.50%, 07/01/32 | 5,365 | 5,523,804 | ||||||
|
| |||||||
| Maryland — 0.1% | ||||||||
City of Baltimore Maryland, Refunding RB | ||||||||
Series A, 4.50%, 09/01/33 | 2,735 | 2,797,358 | ||||||
Series A, 5.00%, 09/01/38 | 1,400 | 1,450,106 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, (NPFGC), 7.00%, 07/01/22(h) | 2,035 | 2,248,919 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 6.25%, 01/01/21(b) | 11,000 | 11,165,330 | ||||||
|
| |||||||
| 17,661,713 | ||||||||
| Massachusetts — 4.0% | ||||||||
Commonwealth of Massachusetts, GO | ||||||||
Series A, 5.25%, 04/01/42 | 42,000 | 51,934,680 | ||||||
Series A, 5.25%, 04/01/47 | 93,350 | 114,651,536 | ||||||
Series E, 5.25%, 09/01/43 | 92,000 | 117,072,760 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42 | 9,655 | 10,909,764 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
5.00%, 10/01/37(c) | 1,000 | 1,062,160 | ||||||
5.00%, 10/01/47(c) | 1,250 | 1,309,425 | ||||||
Series A, 4.00%, 07/15/36 | 46,000 | 53,405,540 | ||||||
Massachusetts School Building Authority, RB Series B, 5.25%, 02/15/48 | 70,505 | 87,831,604 | ||||||
| Security | Par (000) | Value | ||||||
| Massachusetts (continued) | ||||||||
Massachusetts School Building Authority, RB (continued) | ||||||||
Sub-Series B, 4.00%, 02/15/41 | $ | 12,420 | $ | 13,497,187 | ||||
Sub-Series B, 4.00%, 02/15/42 | 10,000 | 10,847,800 | ||||||
University of Massachusetts Building Authority, Refunding RB | ||||||||
Series 1, 5.25%, 11/01/42 | 58,840 | 73,247,562 | ||||||
Series 1, 5.25%, 11/01/47 | 14,425 | 17,590,133 | ||||||
|
| |||||||
| 553,360,151 | ||||||||
| Michigan — 1.3% | ||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/44 | 60,000 | 67,575,000 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
5.00%, 11/15/41 | 40,000 | 47,024,800 | ||||||
Series A, 5.00%, 12/01/37 | 25,000 | 30,444,750 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 16,470 | 19,004,239 | ||||||
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39 | 10,010 | 11,205,194 | ||||||
|
| |||||||
| 175,253,983 | ||||||||
| Montana — 0.0% | ||||||||
City of Kalispell Montana, Refunding RB | ||||||||
Series A, 5.25%, 05/15/37 | 405 | 409,585 | ||||||
Series A, 5.25%, 05/15/47 | 1,500 | 1,465,860 | ||||||
Series A, 5.25%, 05/15/52 | 1,500 | 1,453,650 | ||||||
|
| |||||||
| �� | 3,329,095 | |||||||
| Nebraska — 0.2% | ||||||||
Omaha Public Power District Nebraska City | ||||||||
Station Unit 2, Refunding RB | ||||||||
Series A, 5.25%, 02/01/42 | 10,000 | 11,646,300 | ||||||
Series A, 5.25%, 02/01/46 | 10,000 | 11,603,200 | ||||||
|
| |||||||
| 23,249,500 | ||||||||
| Nevada(c) — 0.0% | ||||||||
Nevada Department of Business & Industry, RB | ||||||||
Series A, 5.00%, 07/15/37 | 875 | 926,336 | ||||||
Series A, 5.00%, 07/15/47 | 1,400 | 1,454,166 | ||||||
State of Nevada Department of Business & Industry, RB | ||||||||
Series A, 4.50%, 12/15/29 | 380 | 400,722 | ||||||
Series A, 5.00%, 12/15/38 | 1,080 | 1,110,780 | ||||||
|
| |||||||
| 3,892,004 | ||||||||
| New Hampshire(c) — 0.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 9,085 | 9,302,767 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 3,700 | 3,812,628 | ||||||
|
| |||||||
| 13,115,395 | ||||||||
| New Jersey — 2.9% | ||||||||
Cape May County Industrial Pollution Control Financing Authority, Refunding RB, Series A, (NPFGC), 6.80%, 03/01/21 | 5,000 | 5,130,300 | ||||||
New Jersey Economic Development Authority, RB | 14,145 | 15,600,803 | ||||||
AMT, 5.13%, 09/15/23 | 4,125 | 4,252,586 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/30 | 45,895 | 54,425,045 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB 6.00%, 07/01/21(b) | 33,185 | 34,640,162 | ||||||
| 4 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB (continued) | ||||||||
Series A, 6.00%, 07/01/21(b) | $ | 1,200 | $ | 1,252,392 | ||||
Series A, 5.00%, 07/01/35 | 7,375 | 8,964,386 | ||||||
Series A, 5.00%, 07/01/38 | 11,950 | 14,392,699 | ||||||
Series A, 5.00%, 07/01/39 | 22,245 | 26,708,904 | ||||||
Series A, 5.00%, 07/01/43 | 10,000 | 11,578,600 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series 1, AMT, 5.75%, 12/01/27 | 215 | 224,000 | ||||||
Series 1, AMT, 5.75%, 12/01/28 | 175 | 182,266 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series A, 6.00%, 06/15/21(b) | 2,155 | 2,243,506 | ||||||
Series AA, 5.50%, 06/15/39 | 39,890 | 43,273,470 | ||||||
Series BB, 4.00%, 06/15/44 | 25,000 | 26,262,250 | ||||||
Series BB, 5.00%, 06/15/44 | 20,000 | 22,676,200 | ||||||
Series C, 5.25%, 06/15/32 | 19,810 | 22,198,492 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 06/15/30 | 20,000 | 23,019,800 | ||||||
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 15,000 | 16,548,900 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/46 | 18,260 | 21,219,216 | ||||||
Series A, 5.25%, 06/01/46 | 20,350 | 24,021,954 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 10,400 | 11,730,056 | ||||||
|
| |||||||
| 390,545,987 | ||||||||
| New Mexico — 0.5% | ||||||||
City of Farmington New Mexico, Refunding RB(a) | ||||||||
Series C, 1.15%, 06/01/40 | 12,000 | 12,086,280 | ||||||
Series D, 1.10%, 06/01/40 | 16,000 | 16,087,040 | ||||||
Series E, 1.15%, 06/01/40 | 9,335 | 9,402,959 | ||||||
Series F, AMT, 1.20%, 06/01/40 | 2,000 | 2,004,960 | ||||||
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 | 205 | 242,135 | ||||||
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 5.00%, 11/01/39(a) | 20,000 | 23,853,600 | ||||||
|
| |||||||
| 63,676,974 | ||||||||
| NewYork — 17.2% | ||||||||
Battery Park City Authority, Refunding RB, Series B, 5.00%, 11/01/38 | 3,265 | 4,251,389 | ||||||
City of New York, GO | ||||||||
Series D, 5.00%, 12/01/44 | 17,915 | 21,404,305 | ||||||
Sub-Series F-1, 5.00%, 04/01/43 | 65,000 | 77,506,000 | ||||||
Hudson Yards Infrastructure Corp., RB | ||||||||
5.25%, 02/15/47 | 13,645 | 13,860,045 | ||||||
5.75%, 02/15/47 | 3,435 | 3,495,490 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB | ||||||||
Series A, 5.00%, 02/15/37 | 10,420 | 12,305,395 | ||||||
Series A, 5.00%, 02/15/42 | 25,825 | 30,141,132 | ||||||
Long Island Power Authority, Refunding RB, Series B, 0.85%, 09/01/50(a) | 17,500 | 17,787,000 | ||||||
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39 | 10,000 | 10,321,400 | ||||||
Metropolitan Transportation Authority, Refunding RB Series C-1, | 74,930 | 80,889,183 | ||||||
| Security | Par (000) | Value | ||||||
| NewYork (continued) | ||||||||
Metropolitan Transportation Authority, Refunding RB (continued) | ||||||||
Series C-2A, 4.00%, 11/15/38 | $ | 1,500 | $ | 1,458,645 | ||||
New York City Transitional Finance Authority Building Aid Revenue, RB | ||||||||
Series S-1, 5.00%, 07/15/37 | 25,000 | 26,844,500 | ||||||
Series S-1B, 4.00%, 07/15/40 | 10,000 | 11,599,400 | ||||||
Series S-3, Subordinate, 5.25%, 07/15/45 | 31,165 | 38,432,678 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
4.00%, 05/01/45 | 15,000 | 17,359,800 | ||||||
Series B-1, 4.00%, 11/01/39 | 35,000 | 40,510,750 | ||||||
Series B-1, 4.00%, 08/01/42 | 10,350 | 11,609,802 | ||||||
Series B-1, 4.00%, 11/01/42 | 40,000 | 45,774,000 | ||||||
Series B-1, 4.00%, 11/01/43 | 24,335 | 27,803,711 | ||||||
Series A-3, Subordinate, 4.00%, 05/01/41 | 5,000 | 5,708,100 | ||||||
Series C-1, Subordinate, 4.00%, 11/01/42 | 20,925 | 23,797,375 | ||||||
Series C-3, Subordinate, 5.00%, 05/01/40 | 20,000 | 24,213,800 | ||||||
New York City Water & Sewer System, RB | ||||||||
Series AA, 4.00%, 06/15/42 | 25,500 | 29,917,110 | ||||||
Series AA, 4.00%, 06/15/43 | 33,500 | 39,310,575 | ||||||
New York City Water & Sewer System, Refunding RB | ||||||||
5.00%, 06/15/40 | 11,000 | 14,155,130 | ||||||
4.00%, 06/15/41 | 20,000 | 23,817,400 | ||||||
4.00%, 06/15/42 | 64,105 | 76,039,428 | ||||||
Series CC, 4.00%, 06/15/42 | 30,990 | 36,366,145 | ||||||
Series CC, 5.25%, 06/15/46 | 63,465 | 77,410,164 | ||||||
Series CC-1, 5.00%, 06/15/37 | 25,000 | 30,585,500 | ||||||
Series CC-1, 5.25%, 06/15/37 | 40,000 | 49,646,400 | ||||||
Series DD-2, 5.00%, 06/15/40 | 43,865 | 54,361,017 | ||||||
Series EE, 5.25%, 06/15/36 | 15,500 | 19,482,260 | ||||||
Series EE, 5.00%, 06/15/40 | 37,240 | 45,969,801 | ||||||
Series FF, 5.00%, 06/15/40 | 29,790 | 37,013,479 | ||||||
New York Counties Tobacco Trust IV, Refunding RB | ||||||||
Series A, 6.25%, 06/01/41(c) | 7,900 | 7,908,690 | ||||||
Series A, 5.00%, 06/01/45 | 16,695 | 16,694,332 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51 | 4,325 | 4,381,485 | ||||||
New York Liberty Development Corp., Refunding RB, Class 1, 5.00%, 11/15/44(c) | 27,050 | 27,748,702 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45 | 59,825 | 70,261,471 | ||||||
New York State Dormitory Authority, RB | ||||||||
Series A, 5.00%, 03/15/43 | 19,020 | 22,715,015 | ||||||
Series B, Subordinate, 5.00%, 03/31/21 | 129,950 | 133,038,912 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 5.25%, 03/15/39 | 5,000 | 6,215,500 | ||||||
Series A, 5.00%, 03/15/41 | 10,000 | 12,280,700 | ||||||
Series E, 5.00%, 03/15/41 | 20,150 | 24,826,009 | ||||||
Series E, 5.00%, 03/15/44 | 10,000 | 12,212,300 | ||||||
New York State Environmental Facilities Corp., Refunding RB, 5.00%, 06/15/42 | 10,000 | 12,307,100 | ||||||
New York State Thruway Authority, Refunding RB | ||||||||
Series B, Subordinate, 4.00%, 01/01/38 | 26,485 | 30,504,099 | ||||||
Series B, Subordinate, 4.00%, 01/01/39 | 27,965 | 32,182,122 | ||||||
Series B, Subordinate, 4.00%, 01/01/41 | 29,505 | 33,730,706 | ||||||
| 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) September 30, 2020 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| NewYork (continued) | ||||||||
New York State Thruway Authority, Refunding RB (continued) | ||||||||
Series B, Subordinate, 4.00%, 01/01/45 | $ | 10,000 | $ | 11,275,100 | ||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45 | 53,295 | 61,072,339 | ||||||
New York State Urban Development Corp., Refunding RB | ||||||||
5.00%, 03/15/47 | 60,000 | 74,935,800 | ||||||
Series A, 4.00%, 03/15/42 | 12,000 | 13,872,720 | ||||||
Series A, 4.00%, 03/15/44 | 33,250 | 38,085,548 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 9,610 | 10,283,661 | ||||||
AMT, 5.00%, 10/01/40 | 27,095 | 28,789,250 | ||||||
AMT, 4.38%, 10/01/45 | 1,605 | 1,606,428 | ||||||
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(c) | 5,190 | 5,256,380 | ||||||
Port Authority of New York & New Jersey, ARB | ||||||||
217th Series, 4.00%, 11/01/41 | 12,390 | 14,262,501 | ||||||
217th Series, 5.00%, 11/01/44 | 25,000 | 31,131,250 | ||||||
218th Series, AMT, 5.00%, 11/01/32 | 12,415 | 15,631,230 | ||||||
218th Series, AMT, 4.00%, 11/01/41 | 17,705 | 19,912,282 | ||||||
218th Series, AMT, 5.00%, 11/01/44 | 50,000 | 60,811,500 | ||||||
Port Authority of New York & New Jersey, Refunding ARB | ||||||||
194th Series, 5.25%, 10/15/55 | 30,000 | 34,750,200 | ||||||
169th Series, AMT, 5.00%, 10/15/36 | 7,195 | 7,479,778 | ||||||
Port Authority of New York & New Jersey, Refunding RB, 213th Series, 5.00%, 09/01/37 | 21,320 | 26,596,060 | ||||||
Sales Tax Asset Receivable Corp., Refunding RB, Series A, 4.00%, 10/15/32 | 100,000 | 112,762,000 | ||||||
Suffolk County Water Authority, Refunding RB, Series A, 3.75%, 06/01/36 | 20,000 | 21,634,400 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series C, 4.00%, 11/15/40 | 15,000 | 17,447,550 | ||||||
Series C, 4.00%, 11/15/41 | 25,000 | 29,041,250 | ||||||
Series C, 3.00%, 11/15/46 | 23,995 | 25,210,107 | ||||||
Series C, 3.00%, 11/15/47 | 25,000 | 26,193,000 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB | ||||||||
Series A, 5.25%, 11/15/45 | 7,805 | 9,076,669 | ||||||
Series B, 5.00%, 11/15/38 | 9,800 | 11,745,496 | ||||||
Series C-2, 5.00%, 11/15/42 | 78,400 | 94,626,448 | ||||||
Utility Debt Securitization Authority, Refunding RB, Series TE, Restructured, 5.00%, 12/15/41 | 20,000 | 22,680,400 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 | 2,500 | 2,718,900 | ||||||
|
| |||||||
| 2,357,043,699 | ||||||||
| North Carolina — 0.2% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 04/01/22(b) | 23,570 | 25,258,555 | ||||||
North Carolina Medical Care Commission, RB | ||||||||
5.00%, 10/01/40 | 1,050 | 1,143,618 | ||||||
5.00%, 10/01/45 | 1,000 | 1,078,570 | ||||||
5.00%, 10/01/50 | 1,500 | 1,602,765 | ||||||
|
| |||||||
| 29,083,508 | ||||||||
| Security | Par (000) | Value | ||||||
| Ohio — 1.5% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | $ | 114,045 | $ | 120,881,998 | ||||
Butler County Port Authority, RB(c) | ||||||||
Series A-1, 6.38%, 01/15/43 | 1,500 | 1,408,305 | ||||||
Series A-1, 6.50%, 01/15/52 | 3,335 | 3,174,186 | ||||||
County of Lucas Ohio, Refunding RB(b) | ||||||||
Series A, 5.75%, 11/15/21 | 500 | 531,000 | ||||||
Series A, 6.00%, 11/15/21 | 4,415 | 4,701,490 | ||||||
Series A, 6.50%, 11/15/21 | 12,690 | 13,584,391 | ||||||
Ohio Air Quality Development Authority, | ||||||||
AMT, 4.50%, 01/15/48 | 1,480 | 1,577,532 | ||||||
AMT, 5.00%, 07/01/49 | 16,560 | 16,778,095 | ||||||
Ohio State University, RB, Series A, 4.00%, 06/01/43 | 35,185 | 37,501,932 | ||||||
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/39 | 7,500 | 8,285,775 | ||||||
|
| |||||||
| 208,424,704 | ||||||||
| Oregon — 0.3% | ||||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45 | 34,060 | 41,143,799 | ||||||
|
| |||||||
| Pennsylvania — 2.0% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB(c) | ||||||||
5.00%, 05/01/27 | 3,250 | 3,574,643 | ||||||
5.00%, 05/01/32 | 3,750 | 3,965,775 | ||||||
5.00%, 05/01/42 | 6,305 | 6,557,767 | ||||||
City of Philadelphia, RB, Series A, 4.00%, 06/30/21 | 11,350 | 11,664,395 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 2,055 | 2,198,480 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 0.45%, 08/01/45(a) | 18,625 | 18,620,549 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
6.00%, 12/01/20(b) | 1,195 | 1,206,448 | ||||||
Series A, 5.25%, 12/01/44 | 32,500 | 41,016,950 | ||||||
Series B, 5.25%, 12/01/39 | 3,560 | 4,062,565 | ||||||
Series B, 5.00%, 12/01/45(d) | 9,500 | 11,965,440 | ||||||
Sub-Series A, 5.50%, 12/01/46 | 46,430 | 56,177,514 | ||||||
School District of Philadelphia, RB, Series A, 4.00%, 06/30/21 | 114,705 | 117,873,152 | ||||||
|
| |||||||
| 278,883,678 | ||||||||
| Puerto Rico — 3.1% | ||||||||
Children’s Trust Fund, RB, Series B, 0.00%, 05/15/57(g) | 386,000 | 15,254,720 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 0.00%, 07/01/24(g) | 4,000 | 3,643,840 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46(g) | 264,048 | 74,546,031 | ||||||
Series A-1, Restructured, 0.00%, 07/01/51(g) | 203,131 | 41,436,693 | ||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 78,205 | 81,386,379 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 98,457 | 104,026,712 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 48,060 | 49,069,741 | ||||||
| 6 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Puerto Rico (continued) | ||||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB (continued) | ||||||||
Series A-2, Restructured, 4.78%, 07/01/58 | $ | 50,843 | $ | 52,956,544 | ||||
Series B-1, Restructured, 0.00%, 07/01/46(g) | 18,123 | 5,105,793 | ||||||
|
| |||||||
| 427,426,453 | ||||||||
| Rhode Island — 0.2% | ||||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 2.88%, 12/01/35 | 20,850 | 20,666,937 | ||||||
Tobacco Settlement Financing Corp, Refunding RB, Series B, 5.00%, 06/01/50 | 10,000 | 10,692,600 | ||||||
|
| |||||||
| 31,359,537 | ||||||||
| South Carolina — 1.3% | ||||||||
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(a) | 122,500 | 135,502,150 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
5.25%, 11/15/37 | 6,005 | 6,285,373 | ||||||
Series A, (AGM), 6.25%, 08/01/21(b) | 1,525 | 1,603,309 | ||||||
Series A, (AGM), 6.50%, 08/01/21(b) | 4,455 | 4,693,031 | ||||||
Series A, 5.00%, 05/01/43 | 10,000 | 11,615,300 | ||||||
South Carolina Transportation Infrastructure Bank, Refunding RB, Series 2003B, 0.55%, 10/01/31(i) | 16,000 | 15,921,504 | ||||||
|
| |||||||
| 175,620,667 | ||||||||
| Tennessee — 0.8% | ||||||||
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Refunding RB, 4.00%, 07/01/43 | 49,005 | 52,663,713 | ||||||
Tennergy Corp, RB, Series A, 5.00%, 02/01/50(a) | 47,500 | 55,503,750 | ||||||
|
| |||||||
| 108,167,463 | ||||||||
| Texas — 8.8% | ||||||||
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/39 | 25,000 | 32,103,250 | ||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, 5.00%, 11/15/42 | 25,000 | 30,922,250 | ||||||
Dallas Fort Worth International Airport, ARB, Series D, AMT, 5.00%, 11/01/21(b) | 29,555 | 31,048,414 | ||||||
Dallas Fort Worth International Airport, Refunding RB, 4.00%, 11/01/34 | 15,000 | 17,816,250 | ||||||
Fort Bend Independent School District, Refunding GO, Series B, (PSF-GTD), 0.88%, 08/01/50(a) | 5,625 | 5,761,800 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB | ||||||||
Series B, 7.00%, 01/01/23(b) | 3,700 | 4,262,437 | ||||||
Series B, 6.38%, 01/01/33 | 465 | 495,276 | ||||||
Harris County Flood Control District, Refunding GO, Series A, 4.00%, 10/01/45 | 15,000 | 17,775,750 | ||||||
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/30 | 6,085 | 6,880,188 | ||||||
Mission Economic Development Corp., RB, Series A, AMT, 0.50%, 05/01/50(a) | 9,545 | 9,542,929 | ||||||
Mission Economic Development Corp., Refunding RB | ||||||||
AMT, 0.50%, 01/01/26(a) | 5,395 | 5,393,829 | ||||||
AMT, Senior Lien, 4.63%, 10/01/31(c) | 13,495 | 14,176,902 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB(c) | ||||||||
Series A, 5.00%, 08/15/37 | 2,000 | 2,014,640 | ||||||
Series A, 5.13%, 08/15/47 | 3,085 | 3,100,178 | ||||||
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
North Texas Tollway Authority, RB, Series A, 6.00%, 09/01/21(b) | $ | 4,815 | $ | 5,070,003 | ||||
North Texas Tollway Authority, Refunding RB, 6.00%, 01/01/21(b) | 11,490 | 11,654,997 | ||||||
Pasadena Independent School District, Refunding GO, (PSF-GTD), 5.00%, 02/15/43 | 25,000 | 27,391,250 | ||||||
State of Texas, RB, 4.00%, 08/26/21 | 700,000 | 723,898,000 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/43 | 35,000 | 42,251,650 | ||||||
Texas Water Development Board, RB | ||||||||
4.00%, 10/15/45(d) | 91,285 | 108,992,464 | ||||||
5.25%, 10/15/46 | 62,000 | 77,140,400 | ||||||
Series A, 5.00%, 10/15/42 | 10,000 | 12,521,600 | ||||||
Series A, 4.00%, 10/15/49 | 10,000 | 11,693,300 | ||||||
|
| |||||||
| 1,201,907,757 | ||||||||
| Utah — 0.9% | ||||||||
County of Utah, RB | ||||||||
Series A, 4.00%, 05/15/43 | 7,275 | 8,532,556 | ||||||
Series A, 5.00%, 05/15/43 | 5,400 | 6,894,666 | ||||||
Series B, 5.00%, 05/15/46 | 30,000 | 35,193,300 | ||||||
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41 | 44,970 | 53,054,707 | ||||||
Utah Charter School Finance Authority, RB, 5.63%, 06/15/54(c) | 4,940 | 4,798,469 | ||||||
Utah Charter School Finance Authority, Refunding RB(c) | ||||||||
5.25%, 06/15/37 | 3,795 | 4,130,440 | ||||||
5.38%, 06/15/48 | 4,740 | 5,058,054 | ||||||
|
| |||||||
| 117,662,192 | ||||||||
| Virginia — 0.2% | ||||||||
Ballston Quarter Community Development Authority, TA, Series A, 5.50%, 03/01/46 | 1,815 | 1,731,347 | ||||||
Hanover County Economic Development Authority, Refunding RB | ||||||||
5.00%, 07/01/38 | 125 | 127,522 | ||||||
5.00%, 07/01/48 | 370 | 372,538 | ||||||
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37 | 25,515 | 27,327,586 | ||||||
|
| |||||||
| 29,558,993 | ||||||||
| Washington — 1.9% | ||||||||
City of Tacoma Washington Electric System Revenue, Refunding RB, Series A, 4.00%, 01/01/42 | 52,415 | 56,154,286 | ||||||
City of Tacoma Washington Water Revenue, Refunding RB, 4.00%, 12/01/43 | 50,535 | 53,798,550 | ||||||
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42 | 48,000 | 56,306,400 | ||||||
State of Washington, GO, Series E, 4.00%, 02/01/43 | 23,000 | 24,564,000 | ||||||
University of Washington, Refunding RB, Series A, 5.25%, 12/01/46 | 23,385 | 28,617,160 | ||||||
Washington Health Care Facilities Authority, RB | ||||||||
Series A, 6.75%, 05/15/21(b) | 16,000 | 16,652,320 | ||||||
Series A, 5.75%, 01/01/45 | 21,355 | 23,885,995 | ||||||
|
| |||||||
| 259,978,711 | ||||||||
| Wisconsin(c) — 0.3% | ||||||||
Public Finance Authority, RB | ||||||||
7.00%, 11/01/46 | 6,385 | 6,761,970 | ||||||
Series A, 6.25%, 10/01/31 | 1,715 | 1,791,575 | ||||||
Series A, 5.25%, 03/01/45 | 3,325 | 3,497,335 | ||||||
| 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) September 30, 2020 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Wisconsin (continued) | ||||||||
Public Finance Authority, RB (continued) | ||||||||
Series A, 7.00%, 10/01/47 | $ | 1,715 | $ | 1,759,076 | ||||
Series A, 5.63%, 06/15/49 | 12,360 | 11,864,364 | ||||||
Series A, 5.38%, 07/15/52 | 6,760 | 7,018,097 | ||||||
Series A, 5.25%, 03/01/55 | 9,500 | 9,882,850 | ||||||
Public Finance Authority, Refunding RB, 5.00%, 03/01/37 | 760 | 796,016 | ||||||
|
| |||||||
| 43,371,283 | ||||||||
|
| |||||||
Total Municipal Bonds — 82.9% |
| 11,341,380,898 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(j) |
| |||||||
| California — 0.9% | ||||||||
University of California, RB, Series M, 5.00%, 05/15/42 | 100,000 | 121,678,000 | ||||||
|
| |||||||
| Nevada — 0.7% | ||||||||
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 | 74,740 | 90,560,216 | ||||||
|
| |||||||
| Texas — 0.7% | ||||||||
Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43(k) | 79,060 | 98,541,965 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.3% |
| 310,780,181 | ||||||
|
| |||||||
Total Long-Term Investments — 85.2% |
| 11,652,161,079 | ||||||
|
| |||||||
| Shares | ||||||||
Short-Term Securities |
| |||||||
| Money Market Funds — 15.3% | ||||||||
BlackRock Liquidity Funds, MuniCash, | 2,094,582,026 | 2,095,000,943 | ||||||
|
| |||||||
Total Short-Term Securities — 15.3% |
| 2,095,000,943 | ||||||
|
| |||||||
Total Investments — 100.5% |
| 13,747,162,022 | ||||||
Other Assets Less Liabilities — 0.4% |
| 64,989,511 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.9)% |
| (126,947,653 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 13,685,203,880 | |||||
|
| |||||||
| (a) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (b) | 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. |
| (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) | Issuer filed for bankruptcy and/or is in default. |
| (f) | Non-income producing security. |
| (g) | Zero-coupon bond. |
| (h) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (i) | Variable rate security. Rate shown is the rate in effect as of period end. |
| (j) | 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. |
| (k) | 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 April 1, 2026, is $41,561,403. |
| (l) | Affiliate of the Fund. |
| (m) | 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, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 06/30/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 09/30/20 | Shares Held at 09/30/20 | Income | Capital Gain Distributions from Underlying Funds |
| ||||||||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 2,578,972,237 | $ | — | $ | (483,971,293 | )(a) | $ | (51,672 | ) | $ | 51,671 | $ | 2,095,000,943 | 2,094,582,026 | $ | 118,171 | $ | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| 8 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | 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 | 4,975 | 12/21/20 | $ | 694,168 | $ | (2,593,956 | ) | |||||||||
Long U.S. Treasury Bond | 1,564 | 12/21/20 | 275,704 | (7,406 | ) | |||||||||||
|
| |||||||||||||||
| $ | (2,601,362 | ) | ||||||||||||||
|
| |||||||||||||||
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) |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments 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 | $ | — | $ | 11,341,380,898 | $ | — | $ | 11,341,380,898 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 310,780,181 | — | 310,780,181 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 2,095,000,943 | — | — | 2,095,000,943 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 2,095,000,943 | $ | 11,652,161,079 | $ | — | $ | 13,747,162,022 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (2,601,362 | ) | $ | — | $ | — | $ | (2,601,362 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| Portfolio Abbreviation | ||
| AGM | Assured Guaranty Municipal Corp. | |
| AMBAC | AMBAC Assurance Corp. | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| BAB | Build America Bond | |
| Portfolio Abbreviation (continued) | ||
| COP | Certificates of Participation | |
| GO | General Obligation Bonds | |
| NPFGC | National Public Finance Guarantee Corp. | |
| PSF-GTD | Permanent School Fund Guaranteed | |
| RB | Revenue Bond | |
| 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) September 30, 2020 | BlackRock National Municipal Fund |
| Portfolio Abbreviation (continued) | ||
| SAB | Special Assessment Bonds | |
| TA | Tax Allocation | |
| 10 |