Blackrock Municipal Bond Fund NPORT-P BlackRock National Municipal Fund (Sep 2021 report)

Schedule of Investments (unaudited) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Equity Funds(a)(b) — 3.5%
iShares National Muni Bond ETF		3,353,862	$	389,618,149
iShares Short-Term National Muni Bond ETF		1,170,000		125,856,900
				515,475,049
Total Investment Companies — 3.5% (Cost: $518,592,781)				515,475,049
	Par (000)
Municipal Bonds
Alabama — 4.5%
Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46	$	60,000		70,939,800
Black Belt Energy Gas District, RB, Series A-1, 4.00%, 12/01/49(c)		215,125		243,624,760
City of Homewood Albama, Refunding GO, 5.25%, 09/01/26(d)		25,000		30,642,000
Southeast Alabama Gas Supply District, RB, Series A, 4.00%, 06/01/49(c)		220,000		239,366,600
Southeast Energy Authority A Cooperative District, RB, Series B, 4.00%, 12/01/51(c)		51,250		62,069,387
Tuscaloosa County Industrial Development Authority, Refunding RB(e)
Series A, 4.50%, 05/01/32		10,028		10,950,781
Series A, 5.25%, 05/01/44		7,780		8,982,944
				666,576,272
Arizona — 2.0%
Arizona Industrial Development Authority, RB(e)
5.00%, 07/01/39		1,000		1,164,960
5.00%, 07/01/49		3,305		3,708,379
5.00%, 07/01/54		10,655		11,705,690
Series A, 5.00%, 07/01/39		1,300		1,373,502
Series A, 5.00%, 07/01/49		2,010		2,106,761
Arizona Industrial Development Authority, Refunding RB(e)
Series A, 5.25%, 07/01/37		2,830		3,063,164
Series A, 5.50%, 07/01/52		2,450		2,642,742
City of Phoenix Civic Improvement Corp., RB, 5.00%, 07/01/44		40,000		51,180,000
Industrial Development Authority of the City of Phoenix, RB
6.88%, 07/01/23(d)		3,440		3,837,595
Series A, 6.50%, 07/01/34(e)		2,000		2,283,040
Series A, 6.75%, 07/01/44(e)		2,190		2,529,187
Industrial Development Authority of the City of Phoenix, Refunding RB, 5.00%, 07/01/45(e)		2,280		2,517,325
Industrial Development Authority of the County of Pima, RB(e)
5.00%, 06/15/47		10,400		10,552,464
5.00%, 06/15/52		19,280		19,468,558
Maricopa County Industrial Development Authority, RB
Series 2019E, 4.00%, 01/01/45		21,350		24,907,977
Series 2019F, 4.00%, 01/01/45		35,220		41,090,822

Security	Par (000)		Value
Arizona (continued)
Maricopa County Industrial Development Authority, RB (continued)
Series A, 4.00%, 01/01/41	$	5,150	$	5,880,218
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38		27,000		32,535,000
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26		340		361,998
Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39		24,180		28,646,046
Salt River Project Agricultural Improvement &
Power District, Refunding RB
Series A, 4.00%, 01/01/45		21,350		25,277,119
Series A, 5.00%, 12/01/45		15,000		17,140,500
				293,973,047
Arkansas(e) — 0.5%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		40,990		44,759,440
Series A, AMT, 4.75%, 09/01/49		31,500		35,181,090
				79,940,530
California — 15.8%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47		10,000		11,311,900
California Community Choice Financing Authority RB, Series B-1, 4.00%, 02/01/52(c)		45,335		54,923,806
California Community Housing Agency RB(e)(f)
Series A-1, 4.00%, 08/01/50		6,860		7,108,744
Series A-1, 3.00%, 02/01/57		13,720		12,750,270
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 11/15/48		10,000		12,234,400
Series A, 4.00%, 08/15/50		20,000		23,035,600
California Infrastructure & Economic Development Bank, RB(e)
Series A-1, 5.00%, 01/01/56		2,200		2,486,110
Series A, AMT, 0.20%, 01/01/50(c)		33,995		33,970,762
California Infrastructure & Economic Development Bank, RB, CAB, Class B, 0.00%, 01/01/61(e)(g)		48,480		4,401,984
California State Public Works Board, RB
Series A, 5.00%, 09/01/39		5,000		5,617,900
Series B, 4.00%, 05/01/39		7,445		8,956,633
Series B, 4.00%, 05/01/46		17,500		20,609,750
California Statewide Communities Development Authority, RB, 5.25%, 12/01/48(e)		2,000		2,399,840
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30		3,510		3,766,862
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA COLL), 2.55%, 07/01/39		25,000		25,980,250
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47		27,620		33,819,585
City of Los Angeles California, RB, 4.00%, 06/23/22		500,000		513,810,000

1

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
City of Los Angeles Department of Airports Refunding RB, Series D, AMT, 5.00%, 05/15/46(f)	$	70,000	$	88,083,800
City of Los Angeles Department of Airports, ARB, Series C, AMT, 5.00%, 05/15/45		16,260		20,152,644
City of Los Angeles Department of Airports, Refunding ARB
AMT, 5.00%, 05/15/48		20,520		24,827,353
AMT, Subordinate, 5.00%, 05/15/44		10,000		12,205,100
City of Los Angeles Department of Airports, Refunding RB
Series A, 5.00%, 05/15/38		19,000		24,296,250
Series A, 5.00%, 05/15/40		31,740		40,433,903
City of San Jose California Hotel Tax Revenue, RB
6.50%, 05/01/36		1,510		1,516,931
6.50%, 05/01/42		5,130		5,153,085
County of Los Angeles California, RB, 4.00%, 06/30/22		151,000		155,282,360
County of Riverside California, RB, 2.00%, 06/30/22		65,000		65,884,650
CSCDA Community Improvement Authority, RB, M/F Housing(e)
Series A, 5.00%, 01/01/54		8,950		10,384,596
Series A-2, 4.00%, 10/01/56		36,750		39,378,727
Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33		6,535		7,297,177
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 5.00%, 06/01/47		19,600		20,147,036
Series A-1, 5.25%, 06/01/47		9,535		9,820,573
Series A-2, 5.00%, 06/01/47		31,735		32,620,724
Los Angeles County Metropolitan Transportation Authority, RB
Series A, 5.00%, 07/01/42		18,700		24,676,333
Series A, 5.00%, 07/01/43		19,635		25,823,559
Series A, 5.00%, 07/01/44		15,060		19,739,142
Series A, 5.00%, 07/01/45		21,645		28,300,188
Los Angeles Department of Water & Power Power System Revenue, Refunding RB
Series B, 5.25%, 07/01/37		13,500		16,517,385
Series B, 5.25%, 07/01/38		15,000		18,332,400
Series B, 5.25%, 07/01/39		7,000		8,545,740
Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, 5.25%, 07/01/44		19,000		23,206,410
Los Angeles Department of Water & Power, Power Systems Refunding RB, Series B, 5.00%, 07/01/50		45,000		56,722,050
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45		24,540		30,893,897
Port of Oakland, Refunding RB, Series P, AMT, Senior Lien, 5.00%, 05/01/31(d)		13,010		13,345,658
San Diego County Regional Transportation Commission, Refunding RB
Series A, 5.00%, 10/01/22		65,800		68,925,500
Series A, 5.00%, 04/01/41		35,000		41,411,300
San Diego County Water Authority Refunding RB Series B, 4.00%, 05/01/34		11,305		14,091,004

Security	Par (000)		Value
California (continued)
San Diego County Water Authority Refunding RB (continued)
Series B, 4.00%, 05/01/35	$	10,000	$	12,418,200
San Diego County Water Authority, Refunding RB
Series B, 4.00%, 05/01/37		12,905		15,916,769
Series B, 4.00%, 05/01/38		10,215		12,575,380
San Diego Public Facilities Financing Authority, Refunding RB
Series A, 5.00%, 05/15/39		10,000		11,902,100
Series A, Subordinate, 5.25%, 08/01/47		13,645		16,962,236
San Francisco Bay Area Rapid Transit District, GO, Series C-1, 4.00%, 08/01/45		35,295		41,971,402
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.00%, 05/01/44		32,765		39,940,863
Series A, AMT, 5.00%, 05/01/49		67,700		82,324,554
Series B, AMT, 5.00%, 05/01/46		20,000		23,321,800
Series E, AMT, 5.00%, 05/01/45		24,750		30,116,790
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series B, AMT, 5.00%, 05/01/41		20,000		23,467,400
San Ramon Valley Unified School District, GO, 4.00%, 08/01/37		23,850		25,394,765
State of California, Refunding GO
5.00%, 03/01/35		26,565		34,142,666
4.00%, 10/01/37		18,360		21,934,325
5.25%, 10/01/39		20,100		23,950,155
University of California, RB, Series AV, 5.25%, 05/15/42		58,825		72,580,638
University of California, Refunding RB, Series Q, 5.00%, 05/15/46		93,725		120,738,419
				2,334,858,333
Colorado — 2.1%
Arista Metropolitan District, Refunding GO, Series A, 5.13%, 12/01/48		3,500		3,736,845
Brighton Crossing Metropolitan District No.6, GO
Series A, 5.00%, 12/01/35		525		585,522
Series A, 5.00%, 12/01/40		515		569,080
Series A, 5.00%, 12/01/50		1,500		1,640,070
Broadway Station Metropolitan District No.2, GO, Series A, 5.13%, 12/01/48		5,000		5,307,750
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(e)		6,930		7,271,995
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 5.00%, 12/01/37		25,015		30,633,869
Series A, AMT, 5.00%, 12/01/38		5,250		6,423,638
Series A, AMT, 5.25%, 12/01/43		62,620		77,043,891
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43		10,000		11,952,100
City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32		36,115		37,984,674
Colorado Educational & Cultural Facilities Authority Refunding RB(e)
4.00%, 07/01/31		500		555,070
4.00%, 07/01/41		750		814,253
4.00%, 07/01/51		755		792,357
4.00%, 07/01/61		1,225		1,272,052

S C H E D U L E    O F   I N V E S T M E N  T S 2

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colorado (continued)
Colorado Educational & Cultural Facilities Authority, Refunding RB(e)
5.00%, 12/01/40	$	990	$	1,071,715
5.00%, 12/01/50		1,320		1,407,094
5.00%, 12/01/55		1,540		1,636,281
Copperleaf Metropolitan District No.3, GO, Series A, 5.13%, 12/01/22(d)		1,200		1,304,772
Cottonwood Highlands Metropolitan District No.1, GO, Series A, 5.00%, 12/01/49		900		965,124
Florida Development Finance Corp. RB(e)(f)
3.00%, 07/01/31		175		178,589
4.00%, 07/01/51		1,500		1,555,695
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50		1,190		1,299,908
Regional Transportation District Sales Tax Revenue, Refunding RB, Series A, 3.50%, 11/01/22(d)		75,000		77,687,250
Southlands Metropolitan District No.1, Refunding GO, Series A-1, 5.00%, 12/01/47		3,000		3,333,990
State of Colorado, COP, Series J, 5.25%, 03/15/42		30,000		36,452,400
STC Metropolitan District No.2, Refunding GO, Series A, 4.00%, 12/01/29		1,500		1,612,710
				315,088,694
Connecticut — 0.9%
Connecticut State Health & Educational Facilities Authority, RB(c)
Series 2010-A, 0.25%, 07/01/49		15,000		14,968,800
Series X-2, 0.25%, 07/01/37		11,000		10,976,680
Connecticut State Health & Educational Facilities Authority, Refunding RB
Series 2015-A, 0.38%, 07/01/35(c)		36,965		36,944,300
Series G-1, 5.00%, 07/01/39(e)		1,500		1,772,055
Series G-1, 5.00%, 07/01/44(e)		2,000		2,333,040
Series G-1, 5.00%, 07/01/50(e)		2,350		2,712,393
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(e)		3,945		4,155,308
State of Connecticut Special Tax Revenue, RB
Series A, 4.00%, 05/01/39		15,000		17,885,100
Series A, 4.00%, 05/01/40		10,000		11,874,800
State of Connecticut, GO
Series 2021-A, 3.00%, 01/15/39		18,675		20,244,260
Series A, 4.00%, 01/15/38		5,000		5,887,450
				129,754,186
Delaware — 0.2%
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(c)		25,165		25,570,156
District of Columbia — 3.1%
District of Columbia Water & Sewer Authority, Refunding RB
Series B, Sub-Lien, 5.25%, 10/01/40		48,060		56,735,791
Series B, Sub-Lien, 5.25%, 10/01/44		63,075		74,323,795
District of Columbia, GO
Series A, 5.00%, 06/01/41		30,000		35,370,300
Series D, 5.00%, 06/01/42		40,000		48,261,200
Metropolitan Washington Airports Authority
Aviation Revenue, Refunding RB
Series A, AMT, 5.00%, 10/01/36		10,000		12,290,400
Series A, AMT, 5.00%, 10/01/46		31,000		39,008,850

Security		Par (000)		Value
District of Columbia (continued)
Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB (continued) Series B, AMT, 5.00%, 10/01/35		$	41,900	$	48,472,434
Washington Metropolitan Area Transit Authority, RB
5.00%, 07/01/43			35,480		42,592,321
Series A, 5.00%, 07/15/45			35,000		44,046,450
Series B, 5.00%, 07/01/42			50,000		60,048,500
					461,150,041
Florida — 2.5%
Brevard County Health Facilities Authority, Refunding RB(e)
4.00%, 11/15/45			2,830		2,862,007
4.00%, 11/15/55			4,170		4,180,175
Capital Trust Agency, Inc., RB(e)
5.00%, 07/01/54			2,095		2,349,647
Series A, 5.00%, 06/15/49			4,365		4,648,812
Series A, 5.00%, 01/01/56			1,550		1,738,387
Series A-1, 5.00%, 07/01/56			13,030		15,243,276
Capital Trust Agency, Inc., RB, CAB, 0.00%, 01/01/61(e)(g)			7,200		585,720
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		14,484,748
5.25%, 05/01/46			15,430		19,034,139
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44			8,000		9,819,280
County of Miami-Dade Florida Aviation Revenue, Refunding RB
5.00%, 10/01/41			7,220		8,567,324
Series B, AMT, 5.00%, 10/01/40			85,000		102,064,600
County of Miami-Dade Seaport Department, ARB(d)	��
Series A, 5.50%, 10/01/23			5,375		5,939,698
Series A, 6.00%, 10/01/23			6,325		7,052,375
Series B, AMT, 6.00%, 10/01/23			2,350		2,615,550
Series B, AMT, 6.25%, 10/01/23			5,000		5,591,300
County of Palm Beach Florida, RB, 5.00%, 04/01/51(e)			4,770		5,358,713
Florida Development Finance Corp., RB, AMT, 3.00%, 06/01/32			6,760		7,075,760
Greater Orlando Aviation Authority, ARB, Sub- Series A, AMT, 5.00%, 10/01/42			49,795		59,946,707
Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48			8,375		10,180,566
Lakewood Ranch Stewardship District, Refunding SAB, 4.00%, 05/01/50(e)			1,250		1,303,463
Lakewood Ranch Stewardship District, SAB
4.63%, 05/01/27			1,745		1,880,778
5.00%, 05/01/37(e)			1,655		1,814,310
5.25%, 05/01/37			2,755		3,055,212
4.70%, 05/01/39			1,160		1,277,404
5.13%, 05/01/47(e)			1,990		2,165,040
5.38%, 05/01/47			4,785		5,266,228
4.88%, 05/01/49			1,250		1,371,450
Live Oak Lake Community Development District, SAB 4.40%, 05/01/40			1,600		1,700,000

3

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Live Oak Lake Community Development District, SAB (continued)
4.60%, 05/01/51	$	2,840	$	3,008,668
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43		8,370		8,815,368
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(d)		11,125		11,125,000
Orlando Utilities Commission, RB, Series B, 1.25%, 10/01/46(c)		7,560		7,724,581
River Landing Community Development District, SAB
Series A, 4.13%, 05/01/40		860		896,395
Series A, 4.35%, 05/01/51		1,100		1,145,353
Series B, 4.25%, 11/01/35		1,195		1,271,133
Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39		1,750		1,880,253
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(h)(i)		147		93,809
Windward Community Development District, SAB
Series A-1, 4.50%, 05/01/51		500		526,065
Series A-2, 4.40%, 11/01/35		2,000		2,160,180
				362,930,629
Georgia — 0.8%
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, 4.00%, 07/01/35		10,850		12,660,431
Main Street Natural Gas Inc RB, Series C, 4.00%, 05/01/52(c)		50,000		59,111,500
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, Series A, 4.00%, 07/01/44		20,000		21,151,000
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25		20,000		24,246,600
				117,169,531
Illinois — 5.7%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		15,895		16,483,592
Series C, 5.25%, 12/01/39		7,275		8,041,421
Series D, 5.00%, 12/01/46		33,615		36,747,724
Series H, 5.00%, 12/01/36		4,620		5,469,757
Series H, 5.00%, 12/01/46		4,475		5,224,876
Chicago Board of Education, Refunding GO
Series A, 5.00%, 12/01/28		11,160		13,909,266
Series A, 5.00%, 12/01/30		365		459,553
Series B, 5.00%, 12/01/26		2,000		2,394,220
Series B, 5.00%, 12/01/28		2,060		2,567,460
Series B, 5.00%, 12/01/29		2,000		2,531,340
Series B, 5.00%, 12/01/30		2,000		2,523,200
Series B, 4.00%, 12/01/35		11,640		11,949,391
Series C, 5.00%, 12/01/23		4,310		4,712,123
Series C, 5.00%, 12/01/24		4,445		5,034,185
Series C, 5.00%, 12/01/25		12,760		14,894,748
Series C, 5.00%, 12/01/26		3,060		3,663,157
Series F, 5.00%, 12/01/24		9,585		10,855,492
Series G, 5.00%, 12/01/34		5,000		5,970,500
Chicago Board of Education, Refunding GO, CAB(g)
Series A, 0.00%, 12/01/25		650		618,696
Series A, 0.00%, 12/01/26		4,000		3,739,240
Series A, 0.00%, 12/01/27		500		457,860

Security	Par (000)		Value
Illinois (continued)
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42	$	49,415	$	59,321,225
Chicago O’Hare International Airport, Refunding ARB, Series C, AMT, Senior Lien, 5.50%, 01/01/34		5,380		5,710,601
Chicago O’Hare International Airport, Refunding RB
Series B, Senior Lien, 5.00%, 01/01/38		30,000		35,792,100
Series B, Senior Lien, 5.00%, 01/01/39		59,885		71,293,691
Illinois Finance Authority, RB, 5.00%, 07/01/36		29,530		38,479,362
Illinois Finance Authority, Refunding RB
Series A, 4.00%, 04/01/23(d)		30,000		31,677,300
Series A, 4.00%, 10/01/38		24,500		26,886,055
Series A, 5.00%, 07/15/42		23,695		28,789,899
Series C, 5.00%, 02/15/41		28,920		34,468,880
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/38		4,000		4,223,320
Series A, 5.00%, 01/01/40		18,000		20,723,580
Series A, 5.00%, 01/01/42		48,000		58,342,560
Series A, 5.00%, 01/01/45		49,000		61,668,460
Series B, 5.00%, 01/01/40		21,105		24,662,248
Series B, 5.00%, 01/01/41		28,000		33,157,600
Metropolitan Pier & Exposition Authority, Refunding RB
5.00%, 06/15/42		5,000		6,140,550
4.00%, 06/15/52(f)		14,540		16,058,558
Railsplitter Tobacco Settlement Authority, RB, 5.00%, 06/01/26		15,000		17,922,600
State of Illinois, GO
5.50%, 05/01/39		9,040		11,438,222
Series A, 5.00%, 11/01/29		27,500		34,471,250
Series B, 5.00%, 11/01/32		14,000		17,243,380
State of Illinois, Refunding GO
5.00%, 02/01/26		10,750		12,627,487
Series A, 5.00%, 10/01/28		19,250		23,881,742
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23		3,730		3,745,927
				836,974,398
Indiana — 0.1%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		3,870		4,227,936
AMT, 7.00%, 01/01/44		7,330		8,004,947
				12,232,883
Iowa — 0.5%
Iowa Finance Authority, RB, 5.50%, 07/01/23(d)		18,750		20,449,313
Iowa Finance Authority, Refunding RB
5.25%, 12/01/25		2,500		2,732,700
Series B, 5.25%, 12/01/50(c)		47,270		51,567,788
				74,749,801
Kansas — 0.5%
City of Olathe Kansas, Refunding, GO, Series A, 4.00%, 08/01/22		32,595		33,616,527
County of Johnson Kansas, GO, Series A, 4.00%, 09/01/35		10,000		11,741,000
Kansas Development Finance Authority, Refunding RB, Series B, 5.00%, 11/15/54(c)		25,290		33,993,807
				79,351,334

S C H E D U L E    O F   I N V E S T M E N  T S 4

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Kentucky — 0.6%
Kentucky Public Energy Authority, RB, Series C-1, 4.00%, 12/01/49(c)	$	79,760	$	88,990,625
Louisiana — 0.2%
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(e)		2,395		2,317,570
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(c)		21,580		21,607,191
Louisiana Public Facilities Authority, RB(e)
Series A, 5.00%, 04/01/39		1,425		1,531,162
Series A, 5.00%, 06/01/39		1,300		1,374,789
Series A, 5.00%, 04/01/49		2,800		2,966,040
Series A, 5.00%, 06/01/49		3,000		3,127,170
Series A, 5.00%, 06/01/58		4,500		4,668,930
				37,592,852
Maryland — 0.1%
City of Baltimore Maryland, Refunding RB
Series A, 4.50%, 09/01/33		2,735		3,017,744
Series A, 5.00%, 09/01/38		1,400		1,560,510
Maryland Economic Development Corp., TA, 4.00%, 09/01/50		5,145		5,796,666
Maryland Health & Higher Educational Facilities Authority, RB, Series B, (NPFGC), 7.00%, 07/01/22(j)		1,665		1,748,333
				12,123,253
Massachusetts — 5.1%
City of Quincy Massachusetts, Refunding, GO, 2.00%, 07/08/22		50,001		50,703,852
Commonwealth of Massachusetts Transportation Fund Revenue, RB, 5.00%, 06/01/49		27,500		34,145,100
Commonwealth of Massachusetts, GO
Series A, 5.25%, 04/01/42		42,000		51,584,400
Series A, 5.25%, 01/01/44		6,660		8,437,887
Series A, 5.25%, 04/01/47		93,350		113,816,054
Series E, 5.00%, 05/01/30		23,300		26,052,895
Series E, 5.00%, 05/01/33		22,000		24,551,340
Series E, 5.25%, 09/01/43		92,000		116,026,720
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42		9,655		11,533,091
Massachusetts Development Finance Agency, Refunding RB
5.00%, 10/01/37(e)		1,000		1,088,070
5.00%, 10/01/47(e)		1,250		1,355,750
Series A, 4.00%, 07/15/36		46,000		52,748,660
Massachusetts Port Authority, ARB
Series E, AMT, 5.00%, 07/01/46		21,300		26,775,165
Series E, AMT, 5.00%, 07/01/51		30,000		37,506,600
Massachusetts School Building Authority, RB
Series B, 5.25%, 02/15/48		70,505		87,621,499
Sub-Series B, 4.00%, 02/15/41		12,420		13,384,910
Sub-Series B, 4.00%, 02/15/42		10,000		10,771,800
University of Massachusetts Building Authority, Refunding RB
Series 1, 5.25%, 11/01/42		58,840		73,476,450
Series 1, 5.25%, 11/01/47		14,425		17,964,606
				759,544,849
Michigan — 1.6%
Michigan Finance Authority, RB, 4.00%, 02/15/44		60,000		69,147,000

Security	Par (000)		Value
Michigan (continued)
Michigan Finance Authority, Refunding RB 5.00%, 11/15/41	$	40,000	$	47,450,800
Series A, 5.00%, 12/01/37		25,105		30,795,801
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		16,470		19,690,544
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39		10,010		11,046,335
State of Michigan Trunk Line Revenue RB
4.00%, 11/15/44		34,500		40,777,965
4.00%, 11/15/46		12,000		14,106,240
				233,014,685
Montana — 0.0%
City of Kalispell Montana, Refunding RB
Series A, 5.25%, 05/15/37		405		442,252
Series A, 5.25%, 05/15/47		1,500		1,621,245
Series A, 5.25%, 05/15/52		1,500		1,617,330
				3,680,827
Nebraska — 0.1%
Omaha Public Power District Nebraska City Station Unit 2, Refunding RB
Series A, 5.25%, 02/01/42		10,000		11,391,400
Series A, 5.25%, 02/01/46		10,000		11,356,700
				22,748,100
Nevada(e) — 0.0%
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37		875		952,779
State of Nevada Department of Business & Industry, RB
Series A, 4.50%, 12/15/29		345		378,917
Series A, 5.00%, 12/15/38		1,080		1,192,644
Series A, 5.00%, 07/15/47		1,400		1,508,248
				4,032,588
New Hampshire(e) — 0.1%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		9,085		9,474,111
Series C, AMT, 4.88%, 11/01/42		3,700		3,874,122
				13,348,233
New Jersey — 4.2%
New Jersey Economic Development Authority, RB
Series A, 5.00%, 01/01/48		9,250		9,643,310
Series WW, 5.25%, 06/15/40		14,145		16,198,713
AMT, 5.13%, 09/15/23		2,835		2,958,436
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/30		45,895		56,381,548
New Jersey Health Care Facilities Financing Authority RB, 4.00%, 07/01/45		19,000		22,194,470
New Jersey Health Care Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/35		7,375		8,988,134
Series A, 5.00%, 07/01/38		11,950		14,435,600
Series A, 5.00%, 07/01/39		22,245		26,801,888
Series A, 5.00%, 07/01/43		10,000		11,846,700
New Jersey Higher Education Student Assistance Authority, Refunding RB
1st Series, AMT, 5.75%, 12/01/27		185		186,308
1st Series, AMT, 5.75%, 12/01/28		145		146,025

5

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.50%, 06/15/39	$	39,890	$	43,116,702
Series AA, 4.00%, 06/15/45		61,090		70,102,608
Series BB, 4.00%, 06/15/44		25,000		28,047,500
Series BB, 5.00%, 06/15/44		10,000		12,180,900
Series C, 5.25%, 06/15/32		20,010		22,867,028
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 06/15/30		20,110		23,860,917
New Jersey Turnpike Authority, RB
Series A, 4.00%, 01/01/42		63,630		74,973,956
Series A, 4.00%, 01/01/48		20,000		22,651,800
New York City Transitional Finance Authority Future Tax Secured Revenue RB, Series B-1, 4.00%, 08/01/45		17,855		20,840,892
State of New Jersey, GO
2.00%, 06/01/37		10,000		9,630,900
5.00%, 06/01/38		12,000		15,119,520
5.00%, 06/01/39		13,165		16,558,015
5.00%, 06/01/40		18,310		22,959,641
5.00%, 06/01/41		15,940		19,965,488
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		18,260		21,605,415
Series A, 5.25%, 06/01/46		20,350		24,496,923
				618,759,337
New Mexico — 0.0%
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27		180		207,706
New York — 16.2%
City of New York GO, Series A-1, 5.00%, 08/01/47		12,175		15,308,602
City of New York, GO, Sub-Series F-1, 5.00%, 04/01/43		54,000		66,044,160
Hudson Yards Infrastructure Corp., RB
5.25%, 02/15/47		13,165		13,211,472
5.75%, 02/15/47		2,925		2,936,963
Hudson Yards Infrastructure Corp., Refunding RB
Series A, 5.00%, 02/15/37		10,420		12,517,025
Series A, 5.00%, 02/15/42		23,825		28,062,753
Long Island Power Authority, Refunding RB, Series B, 1.50%, 09/01/51(c)		12,790		13,207,210
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39		10,000		10,824,300
New York City Transitional Finance Authority Building Aid Revenue Refunding RB, (SAW), 4.00%, 07/15/36		12,000		14,394,840
New York City Transitional Finance Authority Building Aid Revenue, RB
Series S-1, (SAW), 5.00%, 07/15/37		25,000		25,905,000
Series S-1B, (SAW), 4.00%, 07/15/40		10,000		11,692,400
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45		31,165		38,757,729
New York City Transitional Finance Authority
Future Tax Secured Revenue, RB
Series B-1, 4.00%, 11/01/39		22,500		26,278,200
Series B-1, 4.00%, 11/01/42		30,000		34,766,700
Series B-1, 4.00%, 11/01/43		25,000		29,031,250
Series E-1, 4.00%, 02/01/46		60,000		69,451,200

Security	Par (000)		Value
New York (continued)
New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued)
Subordinate, 4.00%, 05/01/45	$	10,000	$	11,573,300
Series C-1, Subordinate, 4.00%, 11/01/42		20,925		24,108,529
Series C-3, Subordinate, 5.00%, 05/01/40		20,000		24,449,200
New York City Water & Sewer System RB, 5.00%, 06/15/48		10,000		12,613,900
New York City Water & Sewer System Refunding RB, 4.00%, 06/15/42		2,000		2,336,340
New York City Water & Sewer System, RB
Series AA, 4.00%, 06/15/42		25,000		29,371,000
Series BB-1, 4.00%, 06/15/50		10,000		11,497,100
Series CC-1, Subordinate, 5.00%, 06/15/51		20,000		25,106,800
New York City Water & Sewer System, Refunding RB
5.00%, 06/15/40		10,000		12,799,300
4.00%, 06/15/41		14,500		17,050,405
4.00%, 06/15/45		41,265		48,644,833
4.00%, 06/15/51		28,090		32,422,602
Series AA, 4.00%, 06/15/43		23,500		27,524,375
Series CC, 4.00%, 06/15/42		29,000		33,796,020
Series CC, 5.25%, 06/15/46		61,465		73,334,506
Series CC-1, 5.00%, 06/15/37		24,000		28,926,240
Series CC-1, 5.25%, 06/15/37		39,000		47,650,200
Series DD-2, 5.00%, 06/15/40		39,865		48,905,585
Series DD-3, 4.00%, 06/15/42		64,105		74,975,926
Series EE, 5.25%, 06/15/36		14,500		17,985,510
Series EE, 5.00%, 06/15/40		34,240		41,844,019
Series EE, 4.00%, 06/15/42		33,340		38,993,797
Series FF, 5.00%, 06/15/40		23,790		29,447,024
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41(e)		7,800		7,919,652
Series A, 5.00%, 06/01/45		16,695		16,859,947
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51		4,325		4,568,325
New York Liberty Development Corp. Refunding RB, 2.88%, 11/15/46		53,000		53,413,930
New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(e)		34,385		37,690,086
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45		60,000		70,184,400
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43		19,020		22,843,591
New York State Dormitory Authority, Refunding RB
Series A, 5.25%, 03/15/39		5,000		6,293,550
Series A, 4.00%, 03/15/41		43,750		51,334,937
Series A, 4.00%, 03/15/45		75,000		86,436,750
Series E, 5.00%, 03/15/41		20,150		25,092,190
Series E, 5.00%, 03/15/44		10,000		12,392,100
New York State Environmental Facilities Corp., Refunding RB, 5.00%, 06/15/42		10,000		12,188,400
New York State Housing Finance Agency, RB, M/F Housing
Series L-2, (SONYMA), 0.75%, 11/01/25		7,650		7,656,503
Series M-2, (SONYMA FHA 542(C)), 0.75%, 11/01/25		4,380		4,380,657
New York State Thruway Authority RB(f) 4.00%, 01/01/45		25,640		29,753,425

S C H E D U L E    O F   I N V E S T M E N  T S 6

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York State Thruway Authority RB(f) (continued)
4.00%, 01/01/46	$	21,670	$	25,149,985
New York State Thruway Authority, Refunding RB
Series I, 5.00%, 01/01/22(d)		45,000		45,522,900
Series B, Subordinate, 4.00%, 01/01/38		17,020		19,866,595
Series B, Subordinate, 4.00%, 01/01/39		16,335		19,060,168
Series B, Subordinate, 4.00%, 01/01/41		29,505		34,000,677
Series B, Subordinate, 4.00%, 01/01/45		10,000		11,417,100
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45		23,295		26,834,209
New York State Urban Development Corp., Refunding RB 5.00%, 03/15/47		51,850		64,545,991
Series A, 4.00%, 03/15/42		12,000		13,961,520
Series A, 4.00%, 03/15/44		27,500		31,790,825
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		9,610		11,953,302
AMT, 5.00%, 10/01/40		27,095		33,174,576
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(e)		5,190		5,442,182
Port Authority of New York & New Jersey, ARB
217th Series, 5.00%, 11/01/44		22,500		28,100,025
218th Series, AMT, 5.00%, 11/01/32		10,000		12,624,000
218th Series, AMT, 4.00%, 11/01/41		17,725		20,392,967
Consolidated, 218th Series, AMT, 5.00%, 11/01/44		45,000		55,103,400
Port Authority of New York & New Jersey, Refunding ARB
Series 224, 4.00%, 07/15/41		11,300		13,440,672
169th Series, AMT, 5.00%, 10/15/36		7,195		7,220,039
Sales Tax Asset Receivable Corp., Refunding RB,
Series A, 4.00%, 10/15/24(d)		97,500		108,364,425
Suffolk County Water Authority, Refunding RB, Series A, 3.75%, 06/01/36		20,000		21,088,000
Triborough Bridge & Tunnel Authority, RB
Series C, 4.00%, 11/15/40		15,000		17,605,650
Series C, 4.00%, 11/15/41		25,000		29,227,000
Series C- 2, 4.00%, 05/15/46		25,190		29,479,353
Triborough Bridge & Tunnel Authority, Refunding RB
Series A, 5.25%, 11/15/45		7,805		9,010,248
Series B, 5.00%, 11/15/38		9,800		11,884,068
Series C-2, 5.00%, 11/15/42		70,000		85,131,900
Utility Debt Securitization Authority, Refunding RB, Series TE, Restructured, 5.00%, 12/15/41		20,000		21,989,400
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51		2,500		2,831,100
				2,392,967,035
North Carolina — 0.2%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 04/01/22(d)		23,570		24,131,673
North Carolina Medical Care Commission, RB 5.00%, 10/01/40		1,050		1,205,295

Security	Par (000)		Value
North Carolina (continued)
North Carolina Medical Care Commission, RB (continued)
5.00%, 10/01/45	$	1,000	$	1,138,100
5.00%, 10/01/50		1,500		1,699,350
				28,174,418
Ohio — 0.8%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		67,225		76,147,102
County of Lucas Ohio, Refunding RB(d)
Series A, 5.75%, 11/15/21		500		503,195
Series A, 6.00%, 11/15/21		4,415		4,444,448
Series A, 6.50%, 11/15/21		12,690		12,781,876
Ohio Air Quality Development Authority, RB(e)
AMT, 4.50%, 01/15/48		1,480		1,671,986
AMT, 5.00%, 07/01/49		16,560		19,064,865
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/39		7,500		7,974,150
				122,587,622
Oklahoma — 0.1%
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(e)		7,990		9,669,019
Pennsylvania — 1.1%
Allentown Neighborhood Improvement Zone Development Authority, RB(e)
5.00%, 05/01/27		3,250		3,776,955
5.00%, 05/01/32		3,750		4,392,450
5.00%, 05/01/42		6,305		7,221,873
Bucks County Industrial Development Authority, RB
4.00%, 07/01/46		2,205		2,453,217
4.00%, 07/01/51		1,500		1,653,810
City of Philadelphia PA Water & Wastewater Revenue, RB, Series C, 5.00%, 10/01/46		10,000		12,700,700
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32		1,930		2,050,297
Pennsylvania Turnpike Commission, RB
Series A, 5.25%, 12/01/44		32,500		41,192,125
Series B, 5.25%, 12/01/39		3,560		4,045,549
Sub-Series A, 5.50%, 12/01/46		46,430		57,021,147
Swarthmore Borough Authority Refunding RB
Series B, 4.00%, 09/15/43		5,155		6,198,321
Series B, 4.00%, 09/15/45		6,585		7,862,819
Series B, 4.00%, 09/15/47		7,205		8,558,603
				159,127,866
Puerto Rico — 4.3%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(g)		300,000		20,013,000
Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB(e)(f)
Series A, 5.00%, 07/01/24		2,980		3,165,505
Series A, 5.00%, 07/01/25		3,970		4,300,780
Series A, 5.00%, 07/01/28		4,125		4,682,659
Series A, 5.00%, 07/01/29		5,905		6,782,188
Series A, 5.00%, 07/01/33		12,160		14,867,667

7

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB(e)(f) (continued)
Series A, 5.00%, 07/01/37	$	13,895	$	16,788,217
Series A, 4.00%, 07/01/42		14,765		15,758,389
Series A, 4.00%, 07/01/47		2,805		2,966,708
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(e)
Series A, Senior Lien, 5.00%, 07/01/35		40,935		49,598,483
Series A, Senior Lien, 5.00%, 07/01/47		72,080		85,767,992
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		96,014		109,618,224
Series A-1, Restructured, 5.00%, 07/01/58		105,076		120,582,065
Series A-2, Restructured, 4.33%, 07/01/40		48,060		53,294,695
Series A-2, Restructured, 4.78%, 07/01/58		59,265		67,271,701
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(g)
Series A-1, Restructured, 0.00%, 07/01/24		3,582		3,422,852
Series A-1, Restructured, 0.00%, 07/01/46		89,802		29,494,569
Series A-1, Restructured, 0.00%, 07/01/51		78,857		18,719,075
Series B-1, Restructured, 0.00%, 07/01/46		18,123		5,955,943
				633,050,712
Rhode Island — 0.2%
Rhode Island Student Loan Authority, RB, Series A, AMT, 2.88%, 12/01/35		14,165		14,631,028
Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50		10,000		11,049,100
				25,680,128
South Carolina — 0.8%
County of Dorchester South Carolina, SAB(e)
5.88%, 10/01/40		1,245		1,377,842
6.00%, 10/01/51		3,000		3,297,660
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(c)		95,000		102,312,150
South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37		6,005		6,508,639
				113,496,291
Tennessee — 0.5%
Metropolitan Government of Nashville &
Davidson County Tennessee Water & Sewer Revenue, Refunding RB, 4.00%, 07/01/43		49,005		51,755,651
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(c)		18,000		23,485,860
				75,241,511
Texas — 3.2%
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, 5.00%, 11/15/42		25,000		30,371,750
City of Houston TX Airport System Revenue RB
4.00%, 07/01/41		7,250		7,701,095
4.00%, 07/15/41		8,250		8,764,305
Dallas Fort Worth International Airport, ARB, Series D, AMT, 5.00%, 11/01/21(d)		29,555		29,659,920
Harris County Cultural Education Facilities Finance Corp., RB
Series B, 7.00%, 01/01/23(d)		3,700		4,009,285
Series B, 6.38%, 01/01/33		465		493,760
Harris County Flood Control District Refunding GOL, Series A, 4.00%, 10/01/46		59,390		70,073,073

Security	Par (000)		Value
Texas (continued)
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/30	$	6,085	$	6,588,838
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(e)		13,495		14,187,968
New Hope Cultural Education Facilities Finance Corp., RB
Series A, 5.00%, 08/15/37(e)		2,000		2,003,280
Series A, 5.00%, 07/01/40		4,000		4,622,760
Series A, 5.13%, 08/15/47(e)		3,085		3,089,628
Series A, 5.00%, 07/01/57		7,000		7,910,910
Pasadena Independent School District, Refunding GO, (PSF), 5.00%, 02/15/43		20,000		21,193,000
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/43		35,000		42,729,750
Texas Water Development Board, RB
4.00%, 10/15/45		89,200		105,724,300
5.25%, 10/15/46		60,000		73,306,800
Series A, 5.00%, 10/15/42		10,000		12,212,100
Series B, 4.00%, 10/15/43		20,000		23,175,200
				467,817,722
Utah — 0.7%
County of Utah, RB, Series B, 5.00%, 05/15/46		30,000		35,241,000
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41		44,970		53,056,056
Utah Charter School Finance Authority, RB, 5.63%, 06/15/54(e)		4,940		5,021,559
Utah Charter School Finance Authority, Refunding RB(e)
5.25%, 06/15/37		3,795		4,224,898
5.38%, 06/15/48		4,740		5,222,010
				102,765,523
Vermont(e) — 0.1%
East Central Vermont Telecommunications District, RB
Series A, 4.00%, 12/01/30		2,010		2,081,094
Series A, 4.25%, 12/01/40		4,030		4,085,775
Series A, 4.50%, 12/01/50		2,960		2,987,972
				9,154,841
Virginia — 0.3%
Ballston Quarter Community Development Authority, TA, Series A, 5.50%, 03/01/46		1,815		1,797,122
Hanover County Economic Development Authority, Refunding RB
5.00%, 07/01/38		125		136,874
5.00%, 07/01/48		370		401,987
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37		25,515		26,614,441
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 01/01/45		15,000		16,958,400
				45,908,824
Washington — 3.2%
City of Tacoma Washington Electric System Revenue, Refunding RB, Series A, 4.00%, 01/01/42		32,415		33,963,789
City of Tacoma Washington Water Revenue, Refunding RB, 4.00%, 12/01/43		50,535		52,901,049
Energy Northwest, Refunding RB
5.00%, 07/01/22		55,000		56,970,100
5.00%, 07/01/23		63,500		68,811,775

S C H E D U L E    O F   I N V E S T M E N  T S 8

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Washington (continued)
Energy Northwest, Refunding RB (continued) 4.00%, 07/01/42	$	20,000	$	23,825,800
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42		48,000		57,250,560
Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46		33,730		42,326,428
State of Washington, GO, Series E, 4.00%, 02/01/43		23,000		23,940,010
University of Washington, Refunding RB, Series A, 5.25%, 12/01/46		23,385		28,300,293
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(d)		21,355		22,829,135
Washington State Convention Center Public Facilities District RB, 3.00%, 07/01/58		10,745		10,316,489
Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/31		17,475		20,466,895
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		24,536		28,207,858
				470,110,181
Wisconsin — 0.6%
Public Finance Authority RB
4.00%, 07/01/41		2,715		2,796,287
4.25%, 07/01/54		4,745		4,868,228
Series A, 5.00%, 06/15/41(f)		1,215		1,323,730
Series A, 5.00%, 06/15/51(f)		1,365		1,468,344
Series A, 5.00%, 06/15/56(f)		1,495		1,603,103
Public Finance Authority, RB(e)
5.00%, 12/01/35		1,690		1,927,530
4.00%, 06/15/40		2,020		2,094,922
5.00%, 12/01/45		2,370		2,650,442
7.00%, 11/01/46		6,385		6,760,630
4.00%, 06/15/50		2,995		3,055,110
5.00%, 12/01/55		8,045		8,916,032
4.00%, 06/15/56		2,445		2,483,240
Series A, 6.25%, 10/01/31		1,715		1,818,860
Series A, 5.25%, 03/01/45		3,325		3,783,451
Series A, 7.00%, 10/01/47		1,715		1,801,162
Series A, 5.63%, 06/15/49		12,360		13,292,315
Series A, 5.38%, 07/15/52		6,760		7,574,445
Series A, 5.25%, 03/01/55		9,500		10,672,680
Series A-1, 5.00%, 01/01/56		2,515		2,852,412
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(e)(g)		25,000		2,199,000
Public Finance Authority, Refunding RB
5.00%, 03/01/37(e)		760		845,112
4.00%, 12/01/51		1,050		1,192,380
				85,979,415
Total Municipal Bonds — 83.5% (Cost: $11,634,187,095)				12,326,093,998
Municipal Bonds Transferred to Tender Option Bond Trusts(k)
California — 0.8%
University of California, RB, Series M, 5.00%, 05/15/42		100,000		120,988,000

Security	Par (000)		Value
Nevada — 0.6%
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43	$	74,740	$	91,336,764
Texas — 0.7%
Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43(l)		79,060		96,757,581
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.1% (Cost: $279,779,448)				309,082,345
Total Long-Term Investments — 89.1% (Cost: $12,432,559,324)				13,150,651,392
	Shares
Short-Term Securities
Money Market Funds — 12.5%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(a)(b)		1,842,102,219		1,842,286,429
Total Short-Term Securities — 12.5% (Cost: $1,841,828,417)				1,842,286,429
Total Investments — 101.6% (Cost: $14,274,387,741)				14,992,937,821
Liabilities in Excess of Other Assets — (0.7)%				(103,253,593	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.9)%				(126,917,309	)
Net Assets — 100.0%			$	14,762,766,919

^(a) Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

^(c)  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.

^(d) 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.

^(e)  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.

^(f) When-issued security.

^(g)  Zero-coupon bond.

^(h) Issuer filed for bankruptcy and/or is in default.

⁽ⁱ⁾  Non-income producing security.

^(j) Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(k) 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.

^(l) 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.

9

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 06/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	2,424,414,061	$	—	$	(581,940,436)	(a)	$	51,232	$	(238,428	)	$	1,842,286,429		1,842,102,219	$	21,325	$	—
iShares National Muni Bond ETF		202,812,373		190,838,271		—			—		(4,032,495	)		389,618,149		3,353,862		1,294,211		—
iShares Short-Term National Muni Bond ETF		126,149,400		—		—			—		(292,500	)		125,856,900		1,170,000		209,767		—
								$	51,232	$	(4,563,423	)	$	2,357,761,478			$	1,525,303	$	—

^(a)  Represents net amount purchased (sold).

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		2,201		12/21/21	$	289,913	$	2,478,047
U.S. Long Bond		1,273		12/21/21		203,044		3,434,265
5-Year U.S. Treasury Note		1,661		12/31/21		203,966		827,669
							$	6,739,981

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 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.

S C H E D U L E  O F   I N V E S T M E N T  S 10

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock National Municipal Fund

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	515,475,049	$	—	$	—	$	515,475,049
Municipal Bonds		—		12,326,093,998		—		12,326,093,998
Municipal Bonds Transferred to Tender Option Bond Trusts		—		309,082,345		—		309,082,345
Short-Term Securities
Money Market Funds		1,842,286,429		—		—		1,842,286,429
	$	2,357,761,478	$	12,635,176,343	$	—	$	14,992,937,821
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	6,739,981	$	—	$	—	$	6,739,981

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $126,900,000 are categorized as Level 2 within the fair value hierarchy.

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Assurance Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
ETF	Exchange-Traded Fund
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Association
GO	General Obligation Bonds
GOL	General Obligation Ltd.
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
PSF	Permanent School Fund
RB	Revenue Bond
SAB	Special Assessment Bonds
SAW	State Aid Withholding
SONYMA	State of New York Mortgage Agency
TA	Tax Allocation

11