Schedule of Investments (unaudited) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Arizona — 1.9% | ||||||||
Arizona Industrial Development Authority, RB(a) | ||||||||
5.00%, 07/01/49 | $ | 1,695 | $ | 1,535,085 | ||||
5.00%, 07/01/54 | 10,655 | 9,518,943 | ||||||
Series A, 5.00%, 07/01/39 | 1,300 | 1,231,266 | ||||||
Series A, 5.00%, 07/01/49 | 2,010 | 1,832,447 | ||||||
Arizona Industrial Development Authority, Refunding RB(a) | ||||||||
Series A, 5.25%, 07/01/37 | 2,830 | 2,758,718 | ||||||
Series A, 5.50%, 07/01/52 | 2,450 | 2,375,280 | ||||||
City of Phoenix Civic Improvement Corp., RB 5.00%, 07/01/44 | 42,815 | 45,065,485 | ||||||
Series A, 4.00%, 07/01/45 | 1,000 | 885,495 | ||||||
Series A, Junior Lien, 4.00%, 07/01/40 | 1,000 | 934,782 | ||||||
Industrial Development Authority of the City of Phoenix, RB | ||||||||
6.88%, 07/01/23(b) | 3,440 | 3,533,785 | ||||||
Series A, 6.75%, 07/01/44(a) | 2,190 | 2,294,305 | ||||||
Maricopa County Industrial Development Authority, RB | ||||||||
Series 2019E, 4.00%, 01/01/45 | 21,350 | 18,262,982 | ||||||
Series 2019F, 4.00%, 01/01/45 | 10,220 | 8,744,743 | ||||||
Series A, 4.00%, 01/01/41 | 19,460 | 17,006,483 | ||||||
Series A, 4.00%, 01/01/44 | 28,215 | 24,405,100 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 | 27,000 | 27,347,895 | ||||||
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 | 280 | 282,197 | ||||||
Salt River Project Agricultural Improvement & Power District, RB | ||||||||
4.00%, 01/01/41 | 11,595 | 10,921,818 | ||||||
5.00%, 01/01/47 | 5,000 | 5,225,400 | ||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB | ||||||||
5.00%, 01/01/45 | 1,100 | 1,159,164 | ||||||
Series A, 4.00%, 01/01/45 | 1,515 | 1,380,383 | ||||||
|
| |||||||
186,701,756 | ||||||||
Arkansas(a) — 0.5% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
Series A, AMT, 4.50%, 09/01/49 | 34,750 | 28,238,337 | ||||||
Series A, AMT, 4.75%, 09/01/49 | 31,500 | 26,637,849 | ||||||
|
| |||||||
54,876,186 | ||||||||
California — 14.2% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 | 2,500 | 2,259,500 | ||||||
California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(c) | 200,070 | 191,814,512 | ||||||
California Community Housing Agency, RB, M/F Housing(a) | ||||||||
Series A-1, 4.00%, 08/01/50 | 6,860 | 4,743,759 | ||||||
Series A-1, 3.00%, 02/01/57 | 13,720 | 8,583,891 | ||||||
Series A-2, 4.00%, 08/01/51 | 7,940 | 5,299,370 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
4.00%, 05/15/51 | 20,000 | 17,200,420 | ||||||
Series A, 4.00%, 08/15/48 | 57,500 | 50,567,685 | ||||||
Series A, 4.00%, 11/15/48 | 4,000 | 3,398,028 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
California Health Facilities Financing Authority, Refunding RB (continued) | ||||||||
Series A, 4.00%, 08/15/50 | $ | 30,000 | $ | 26,313,810 | ||||
California Housing Finance Agency, RB, M/F Housing | 12,838 | 11,003,007 | ||||||
Series 2021-2, Class A, (FHLMC COLL), 3.75%, 03/25/35 | 19,759 | 18,194,652 | ||||||
California Infrastructure & Economic Development Bank, RB, Series A-1, 5.00%, 01/01/56(a) | 2,200 | 1,913,415 | ||||||
California Infrastructure & Economic Development Bank, RB, CAB, Class B, Class B, 0.00%, 01/01/61(a)(d) | 48,175 | 2,811,204 | ||||||
California Public Finance Authority, RB, | 8,450 | 7,366,676 | ||||||
California State Public Works Board, RB | ||||||||
4.00%, 11/01/46 | 11,765 | 10,646,125 | ||||||
5.00%, 11/01/46 | 17,390 | 18,387,316 | ||||||
Series B, 4.00%, 05/01/46 | 16,075 | 14,541,220 | ||||||
Series D, 4.00%, 05/01/47 | 8,550 | 7,673,924 | ||||||
Series D, Class D, 4.00%, 05/01/46 | 10,000 | 9,091,390 | ||||||
California Statewide Communities Development Authority, RB, 5.25%, 12/01/48(a) | 2,000 | 1,884,468 | ||||||
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30 | 3,510 | 3,296,887 | ||||||
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA COLL), 2.55%, 07/01/39 | 25,000 | 18,757,525 | ||||||
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47 | 27,620 | 28,960,067 | ||||||
City of Los Angeles Department of Airports, ARB | ||||||||
AMT, 4.00%, 05/15/47 | 7,700 | 6,587,388 | ||||||
AMT, 5.00%, 05/15/47 | 26,170 | 26,512,068 | ||||||
Series A, AMT, 4.00%, 05/15/38 | 14,370 | 12,894,402 | ||||||
Series C, AMT, 5.00%, 05/15/45 | 16,260 | 16,401,950 | ||||||
City of Los Angeles Department of Airports, Refunding ARB | ||||||||
AMT, 4.00%, 05/15/42 | 2,000 | 1,722,452 | ||||||
AMT, 5.00%, 05/15/45 | 16,000 | 16,000,608 | ||||||
Series D, AMT, 4.00%, 05/15/40 | 10,000 | 9,048,600 | ||||||
AMT, Subordinate, 5.00%, 05/15/44 | 10,000 | 10,009,290 | ||||||
City of Los Angeles Department of Airports, Refunding RB, Series A, 5.00%, 05/15/40 | 35,740 | 37,553,948 | ||||||
CMFA Special Finance Agency VII, RB, M/F Housing, Series A1, 3.00%, 08/01/56(a) | 1,330 | 827,412 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(a) | 11,440 | 8,398,653 | ||||||
CMFA Special Finance Agency, RB, M/F Housing(a) | ||||||||
Series A-1, 3.00%, 12/01/56 | 2,835 | 1,758,738 | ||||||
Series A-2, 4.00%, 08/01/45 | 1,365 | 1,027,698 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(a) | 23,665 | 14,684,180 | ||||||
4.00%, 07/01/56 | 33,920 | 24,005,784 | ||||||
4.00%, 10/01/56 | 5,275 | 4,030,833 | ||||||
4.00%, 12/01/56 | 4,620 | 3,000,020 | ||||||
3.25%, 04/01/57 | 1,700 | 1,112,596 | ||||||
3.25%, 05/01/57 | 11,890 | 7,820,659 | ||||||
4.00%, 06/01/57 | 9,220 | 6,293,987 |
1 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing(a) (continued) | ||||||||
4.00%, 07/01/58 | $ | 9,055 | $ | 5,955,211 | ||||
3.25%, 10/01/58 | 2,120 | 1,389,880 | ||||||
Series A, 5.00%, 01/01/54 | 8,950 | 7,701,511 | ||||||
Series A2, 3.25%, 07/01/56 | 7,980 | 4,820,167 | ||||||
Series B, 4.00%, 07/01/58 | 10,330 | 6,481,982 | ||||||
Series B, 4.00%, 12/01/59 | 6,125 | 3,989,513 | ||||||
Senior Lien, 3.25%, 05/01/57 | 9,530 | 6,485,184 | ||||||
Senior Lien, 3.13%, 06/01/57 | 13,670 | 8,502,234 | ||||||
Series B, Sub Lien, 4.00%, 12/01/59 | 15,875 | 10,184,559 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Class B-2, Subordinate, 0.00%, 06/01/66(d) | 103,160 | 8,972,960 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB | ||||||||
Series A, 5.00%, 07/01/43 | 19,635 | 20,982,118 | ||||||
Series A, 5.00%, 07/01/45 | 15,060 | 16,011,807 | ||||||
Los Angeles Department of Water & Power Water System Revenue, Refunding RB | ||||||||
Series A, 5.25%, 07/01/44 | 19,000 | 19,887,813 | ||||||
Series B, 5.00%, 07/01/47 | 20,000 | 21,239,200 | ||||||
Series B, 4.00%, 07/01/49 | 10,000 | 9,145,760 | ||||||
Los Angeles Department of Water & Power, Refunding RB | ||||||||
Series B, 5.25%, 07/01/37 | 13,500 | 14,302,656 | ||||||
Series B, 5.25%, 07/01/38 | 15,000 | 15,828,345 | ||||||
Series B, 5.25%, 07/01/39 | 7,000 | 7,357,889 | ||||||
Metropolitan Water District of Southern California, Refunding RB, Series C, 5.00%, 07/01/40 | 7,215 | 7,808,665 | ||||||
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45 | 24,540 | 25,616,692 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47 | 10,000 | 10,367,470 | ||||||
Sacramento Area Flood Control Agency, SAB, 4.00%, 10/01/47 | 7,695 | 6,807,359 | ||||||
San Diego County Regional Airport Authority, ARB | ||||||||
Series B, AMT, 5.00%, 07/01/51 | 25,000 | 24,679,900 | ||||||
Series B, AMT, Subordinate, 5.00%, 07/01/56 | 40,000 | 39,498,960 | ||||||
San Diego County Regional Airport Authority, Refunding ARB, Series B, AMT, Subordinate, 5.00%, 07/01/49 | 12,840 | 12,888,946 | ||||||
San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41 | 35,000 | 36,234,625 | ||||||
San Diego Public Facilities Financing Authority, Refunding RB, Series A, Subordinate, 5.25%, 08/01/47 | 13,645 | 14,648,303 | ||||||
San Francisco Bay Area Rapid Transit District Sales Tax Revenue, RB, Series A, 3.00%, 07/01/44 | 7,805 | 5,778,307 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB 2nd Series, AMT, 5.00%, 05/01/48 | 34,750 | 34,860,957 | ||||||
Series A, AMT, 5.00%, 05/01/44 | 31,450 | 31,726,571 | ||||||
Series A, AMT, 5.00%, 05/01/49 | 22,000 | 21,938,466 | ||||||
Series B, AMT, 5.00%, 05/01/46 | 55,000 | 54,863,380 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, | ||||||||
Series B, 1.00%, 10/01/26 | $ | 100,000 | $ | 92,150,700 | ||||
State of California, GO, 4.00%, 03/01/46 | 10,000 | 9,115,230 | ||||||
State of California, Refunding GO 4.00%, 03/01/38 | 20,000 | 19,193,380 | ||||||
5.25%, 10/01/39 | 20,100 | 21,041,906 | ||||||
4.00%, 03/01/46 | 15,000 | 13,735,470 | ||||||
University of California, RB, Series AV, 5.25%, 05/15/42 | 56,000 | 58,760,520 | ||||||
University of California, Refunding RB | ||||||||
Series BE, 5.00%, 05/15/43 | 22,565 | 23,837,982 | ||||||
Series BH, 4.00%, 05/15/46 | 5,000 | 4,522,000 | ||||||
|
| |||||||
1,433,714,695 | ||||||||
Colorado — 3.7% | ||||||||
Brighton Crossing Metropolitan District No.6, GO | ||||||||
Series A, 5.00%, 12/01/35 | 525 | 478,670 | ||||||
Series A, 5.00%, 12/01/40 | 515 | 446,139 | ||||||
Series A, 5.00%, 12/01/50 | 1,500 | 1,203,303 | ||||||
Broadway Station Metropolitan District No.2, GO, Series A, 5.13%, 12/01/48 | 3,585 | 2,964,834 | ||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(a) | 6,930 | 5,787,125 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 12/01/37 | 25,015 | 25,314,980 | ||||||
Series A, AMT, 5.25%, 12/01/43 | 51,045 | 51,764,939 | ||||||
Series A, AMT, 5.00%, 11/15/47 | 39,830 | 39,704,615 | ||||||
Series A, AMT, 5.00%, 12/01/48 | 4,120 | 4,062,555 | ||||||
Series A, Refunding RB, AMT, 5.25%, 12/01/48 | 11,575 | 11,662,391 | ||||||
City & County of Denver Colorado Dedicated Excise Tax Revenue, RB | ||||||||
Series A, 4.00%, 08/01/43 | 2,500 | 2,353,535 | ||||||
Series A, 4.00%, 08/01/51 | 76,215 | 66,643,234 | ||||||
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43 | 10,000 | 10,383,730 | ||||||
City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32 | 36,115 | 34,309,720 | ||||||
City of Colorado Springs CO Utilities System Revenue, RB | ||||||||
Series B, 4.00%, 11/15/40 | 7,295 | 6,832,424 | ||||||
Series B, 4.00%, 11/15/46 | 12,290 | 10,997,534 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB(a) | 500 | 473,457 | ||||||
5.00%, 12/01/40 | 990 | 859,859 | ||||||
4.00%, 07/01/41 | 750 | 630,674 | ||||||
5.00%, 12/01/50 | 1,320 | 1,090,449 | ||||||
4.00%, 07/01/51 | 755 | 587,925 | ||||||
5.00%, 12/01/55 | 1,540 | 1,254,387 | ||||||
4.00%, 07/01/61 | 1,225 | 908,297 | ||||||
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46 | 7,560 | 6,460,058 | ||||||
Colorado Health Facilities Authority, Refunding RB | 14,855 | 13,625,674 | ||||||
4.00%, 11/15/43 | 14,650 | 12,822,662 | ||||||
Series A, 4.00%, 08/01/39 | 5,480 | 4,804,979 | ||||||
Cottonwood Highlands Metropolitan District No.1, GO, Series A, 5.00%, 12/01/49 | 900 | 763,540 |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Denver City & County School District No.1, GO, Series A, (SAW), 5.00%, 12/01/45 | $ | 23,010 | $ | 24,476,957 | ||||
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 1,190 | 1,078,264 | ||||||
Southlands Metropolitan District No.1, Refunding GO, Series A-1, 5.00%, 12/01/47 | 3,000 | 2,572,788 | ||||||
State of Colorado, COP, Series J, 5.25%, 03/15/42 | 20,000 | 20,816,560 | ||||||
STC Metropolitan District No.2, Refunding GO, Series A, 4.00%, 12/01/29 | 1,500 | 1,380,788 | ||||||
|
| |||||||
369,517,046 | ||||||||
Connecticut — 0.8% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB, 5.00%, 07/01/47 | 10,000 | 10,124,690 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB | ||||||||
Series 2015-A, 0.38%, 07/01/35(c) | 39,965 | 37,886,260 | ||||||
Series G-1, 5.00%, 07/01/39(a) | 1,500 | 1,479,752 | ||||||
Series G-1, 5.00%, 07/01/44(a) | 2,000 | 1,920,838 | ||||||
Series G-1, 5.00%, 07/01/50(a) | 2,350 | 2,209,501 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(a) | 3,930 | 3,958,021 | ||||||
State of Connecticut Special Tax Revenue, RB | ||||||||
Series A, 4.00%, 05/01/39 | 12,590 | 11,762,283 | ||||||
Series A, 4.00%, 05/01/40 | 3,265 | 3,030,155 | ||||||
Series D, 4.00%, 11/01/40 | 6,000 | 5,626,236 | ||||||
|
| |||||||
77,997,736 | ||||||||
Delaware — 0.2% | ||||||||
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(c) | 25,165 | 22,740,503 | ||||||
|
| |||||||
District of Columbia — 4.9% | ||||||||
District of Columbia Water & Sewer Authority, RB, Series A, 4.00%, 10/01/49 | 3,855 | 3,388,125 | ||||||
District of Columbia Water & Sewer Authority, Refunding RB | ||||||||
Series C1, 4.00%, 10/01/47 | 24,045 | 21,251,909 | ||||||
Series C1, 4.00%, 10/01/51 | 16,145 | 14,005,675 | ||||||
Series B, Sub-Lien, 5.25%, 10/01/40 | 48,060 | 49,584,800 | ||||||
Series B, Sub-Lien, 5.25%, 10/01/44 | 63,075 | 64,812,338 | ||||||
District of Columbia, GO | ||||||||
Series A, 5.00%, 06/01/41 | 30,000 | 30,981,000 | ||||||
Series D, 5.00%, 06/01/42 | 34,680 | 36,004,984 | ||||||
District of Columbia, RB | ||||||||
Series A, 5.00%, 07/01/47 | 28,465 | 30,260,231 | ||||||
Series A, 5.50%, 07/01/47 | 8,250 | 9,161,823 | ||||||
Series C, 4.00%, 05/01/45 | 10,000 | 9,091,120 | ||||||
District of Columbia, Refunding GO | ||||||||
Series A, 4.00%, 10/15/39 | 5,000 | 4,739,755 | ||||||
Series D, 4.00%, 02/01/40 | 5,250 | 4,953,548 | ||||||
Series D, 4.00%, 02/01/46 | 24,200 | 21,809,911 | ||||||
District of Columbia, Refunding RB | ||||||||
4.00%, 03/01/44 | 11,000 | 10,144,728 | ||||||
Series A, 4.00%, 03/01/45 | 12,080 | 11,089,005 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 10/01/36 | 10,000 | 10,138,440 | ||||||
Series A, AMT, 4.00%, 10/01/40 | 1,000 | 876,816 | ||||||
Series A, AMT, 4.00%, 10/01/41 | 2,000 | 1,735,522 |
Security | Par (000) | Value | ||||||
District of Columbia (continued) | ||||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB (continued) | ||||||||
Series A, AMT, 5.00%, 10/01/46 | $ | 68,945 | $ | 69,153,972 | ||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB | ||||||||
Series A, 4.00%, 07/15/35 | 1,110 | 1,097,791 | ||||||
Series A, 4.00%, 07/15/40 | 3,345 | 3,110,495 | ||||||
Series A, 5.00%, 07/15/41 | 8,150 | 8,552,936 | ||||||
Washington Metropolitan Area Transit Authority, RB | 35,480 | 36,743,975 | ||||||
Series B, 5.00%, 07/01/42 | 40,000 | 41,470,040 | ||||||
|
| |||||||
494,158,939 | ||||||||
Florida — 3.7% | ||||||||
Brevard County Health Facilities Authority, Refunding RB(a) | ||||||||
4.00%, 11/15/45 | 2,830 | 2,201,211 | ||||||
4.00%, 11/15/55 | 4,170 | 3,015,794 | ||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47 | 16,500 | 15,213,396 | ||||||
Capital Trust Agency, Inc., RB(a) 5.00%, 07/01/54 | 2,095 | 1,899,855 | ||||||
Series A, 5.00%, 01/01/56 | 1,550 | 1,347,880 | ||||||
Series A, Class A, 5.00%, 06/15/49 | 4,365 | 3,826,734 | ||||||
Capital Trust Agency, Inc., RB, CAB, Subordinate, 0.00%, 01/01/61(a)(d) | 7,035 | 336,462 | ||||||
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 | 12,910 | 13,113,449 | ||||||
City of Tampa Florida, SAB | ||||||||
5.25%, 05/01/43 | 11,720 | 12,520,113 | ||||||
5.25%, 05/01/46 | 15,430 | 16,356,957 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 | 8,000 | 7,963,320 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 | 100,000 | 99,515,800 | ||||||
County of Miami-Dade Seaport Department, ARB(b) | ||||||||
Series A, 6.00%, 10/01/23 | 6,325 | 6,489,848 | ||||||
Series B, AMT, 6.00%, 10/01/23 | 2,350 | 2,411,248 | ||||||
Series B, AMT, 6.25%, 10/01/23 | 5,000 | 5,122,460 | ||||||
County of Michiganami-Dade Florida Transit System, RB, 5.00%, 07/01/48 | 13,815 | 14,308,292 | ||||||
County of Michiganami-Dade Florida, GO, BAB, 4.00%, 07/01/45 | 9,500 | 8,266,320 | ||||||
County of Palm Beach Florida, RB, 5.00%, 04/01/51(a) | 4,770 | 4,329,834 | ||||||
Florida Development Finance Corp., RB | ||||||||
6.50%, 06/30/57(a) | 8,670 | 8,263,533 | ||||||
Series C, Class C, 5.75%, 12/15/56(a) | 6,295 | 5,186,551 | ||||||
AMT, 3.00%, 06/01/32 | 6,760 | 5,465,663 | ||||||
Florida Development Finance Corp., Refunding RB, Series A, Class A, 4.50%, 12/15/56(a) | 18,065 | 13,360,892 | ||||||
Greater Orlando Aviation Authority, ARB | ||||||||
Series A, AMT, 5.00%, 10/01/44 | 18,420 | 18,444,443 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/42 | 22,310 | 22,292,821 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/47 | 32,485 | 32,104,048 | ||||||
Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48 | 8,375 | 8,558,580 |
3 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Lakewood Ranch Stewardship District, Refunding SAB, 4.00%, 05/01/50(a) | $ | 1,250 | $ | 948,551 | ||||
Lakewood Ranch Stewardship District, SAB 4.63%, 05/01/27 | 1,745 | 1,725,170 | ||||||
5.00%, 05/01/37(a) | 1,655 | 1,555,985 | ||||||
5.25%, 05/01/37 | 2,755 | 2,658,145 | ||||||
4.70%, 05/01/39 | 1,160 | 1,043,999 | ||||||
5.13%, 05/01/47(a) | 1,985 | 1,824,249 | ||||||
5.38%, 05/01/47(e) | 4,770 | 4,539,685 | ||||||
4.88%, 05/01/49 | 1,250 | 1,101,470 | ||||||
Live Oak Lake Community Development District, SAB | ||||||||
4.40%, 05/01/40 | 1,600 | 1,301,006 | ||||||
4.60%, 05/01/51 | 2,840 | 2,201,897 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 | 8,370 | 6,912,164 | ||||||
River Landing Community Development District, SAB | ||||||||
Series A, 4.13%, 05/01/40 | 860 | 674,108 | ||||||
Series A, 4.35%, 05/01/51 | 1,100 | 816,639 | ||||||
Series B, 4.25%, 11/01/35 | 1,055 | 857,930 | ||||||
Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39 | 1,750 | 1,444,167 | ||||||
State of Floridaorida Department of Transportation Turnpike System Revenue, RB | ||||||||
4.00%, 07/01/44 | 5,240 | 4,760,273 | ||||||
4.00%, 07/01/45 | 2,015 | 1,825,181 | ||||||
Sterling Hill Community Development District, Refunding SAB, Series B, | 147 | 93,809 | ||||||
Windward Community Development District, SAB | ||||||||
Series A-1, 4.50%, 05/01/51 | 500 | 381,075 | ||||||
Series A-2, 4.40%, 11/01/35 | 1,455 | 1,202,371 | ||||||
|
| |||||||
369,783,378 | ||||||||
Georgia — 1.5% | ||||||||
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, 4.00%, 07/01/35 | 10,850 | 9,995,183 | ||||||
City of Atlanta Georgia Department of Aviation, Refunding RB, Series B, AMT, 5.00%, 07/01/47 | 3,000 | 2,994,114 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(a) | 5,030 | 4,729,920 | ||||||
Main Street Natural Gas, Inc., RB(c) | ||||||||
Series A, 4.00%, 09/01/52 | 100,000 | 93,872,800 | ||||||
Series B, 5.00%, 12/01/52 | 40,395 | 40,919,691 | ||||||
|
| |||||||
152,511,708 | ||||||||
Illinois — 6.1% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/33 | 1,000 | 998,542 | ||||||
Series A, 5.00%, 12/01/42 | 2,200 | 2,040,856 | ||||||
Series C, Class C, 5.25%, 12/01/39 | 7,275 | 7,241,142 | ||||||
Series D, Class D, 5.00%, 12/01/46 | 25,350 | 23,724,634 | ||||||
Series H, 5.00%, 12/01/36 | 4,620 | 4,537,819 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series A, 5.00%, 12/01/30 | 365 | 368,572 | ||||||
Series B, 5.00%, 12/01/26 | 2,000 | 2,023,980 | ||||||
Series B, 5.00%, 12/01/31 | 1,000 | 1,004,841 | ||||||
Series B, Class B, 4.00%, 12/01/35 | 11,640 | 10,372,544 | ||||||
Series C, 5.00%, 12/01/25 | 12,760 | 12,885,648 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, Refunding GO (continued) |
| |||||||
Series C, 5.00%, 12/01/26 | $ | 3,060 | $ | 3,096,689 | ||||
Series C, Class C, 5.00%, 12/01/24 | 4,445 | 4,477,613 | ||||||
Series F, 5.00%, 12/01/24 | 9,585 | 9,655,325 | ||||||
Series G, 5.00%, 12/01/34 | 5,000 | 4,961,595 | ||||||
Chicago Board of Education, Refunding GO, CAB | ||||||||
Series A, 0.00%, 12/01/25(d) | 650 | 566,973 | ||||||
Series A, 5.00%, 12/01/28 | 4,000 | 4,065,832 | ||||||
Chicago O’Hare International Airport, ARB 5.00%, 01/01/47 | 20,000 | 20,128,900 | ||||||
AMT, Senior Lien, 5.00%, 01/01/48(e) | 15,065 | 14,927,517 | ||||||
Series D, Senior Lien, 5.25%, 01/01/42 | 49,415 | 50,631,993 | ||||||
Chicago O’Hare International Airport, Refunding ARB | ||||||||
Series A, AMT, Senior Lien, 5.00%, 01/01/39 | 4,000 | 4,048,260 | ||||||
Series C, AMT, Senior Lien, 5.50%, 01/01/34 | 5,380 | 5,402,338 | ||||||
Chicago O’Hare International Airport, Refunding RB | ||||||||
Series A, Senior Lien, 4.00%, 01/01/35 | 6,200 | 5,909,883 | ||||||
Series B, Senior Lien, 5.00%, 01/01/38 | 30,000 | 30,664,980 | ||||||
Series B, Senior Lien, 5.00%, 01/01/39 | 59,885 | 61,088,389 | ||||||
Series C, Senior Lien, 4.00%, 01/01/41 | 4,380 | 3,901,599 | ||||||
Series E, Senior Lien, 4.00%, 01/01/38 | 5,100 | 4,668,071 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 4.00%, 12/01/49 | 16,150 | 13,357,584 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/15/42 | 23,695 | 24,024,740 | ||||||
Series C, 5.00%, 02/15/41 | 28,920 | 29,014,250 | ||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 5.00%, 01/01/40 | 15,500 | 15,722,193 | ||||||
Series A, 5.00%, 01/01/42 | 48,000 | 48,914,496 | ||||||
Series A, 4.00%, 01/01/46 | 34,235 | 30,205,335 | ||||||
Series B, 5.00%, 01/01/40 | 21,105 | 21,408,004 | ||||||
Series B, 5.00%, 01/01/41 | 28,000 | 28,420,840 | ||||||
Series A, RB, 4.00%, 01/01/44 | 14,345 | 12,676,576 | ||||||
State of Illinois, GO | 9,040 | 9,178,791 | ||||||
5.50%, 10/01/42(e) | 28,000 | 28,299,376 | ||||||
Series A, 5.00%, 11/01/29 | 27,500 | 28,171,908 | ||||||
State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32 | 14,000 | 14,129,276 | ||||||
State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28 | 19,250 | 19,723,011 | ||||||
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23(e) | 1,920 | 1,922,461 | ||||||
|
| |||||||
618,563,376 | ||||||||
Indiana — 0.2% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 3,870 | 4,034,138 | ||||||
AMT, 7.00%, 01/01/44 | 7,330 | 7,625,003 | ||||||
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51 | 10,000 | 8,546,060 | ||||||
|
| |||||||
20,205,201 | ||||||||
Iowa — 0.0% | ||||||||
Iowa Tobacco Settlement Authority, Refunding RB, Series B2, 0.00%, 06/01/65(d) | 46,520 | 4,392,093 | ||||||
|
|
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Kentucky — 0.2% | ||||||||
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(a) | $ | 12,295 | $ | 10,887,857 | ||||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(c) | 15,000 | 14,308,395 | ||||||
|
| |||||||
25,196,252 | ||||||||
Louisiana — 1.7% | ||||||||
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(a) | 2,355 | 1,920,342 | ||||||
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(c) | 146,160 | 134,967,798 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth, Refunding RB, 0.88%, 02/01/46(c) | 21,580 | 20,130,471 | ||||||
Louisiana Public Facilities Authority, RB(a) | ||||||||
Series A, 5.00%, 04/01/39 | 1,425 | 1,270,908 | ||||||
Series A, 5.00%, 06/01/39 | 1,300 | 1,218,324 | ||||||
Series A, 5.00%, 04/01/49 | 2,800 | 2,333,864 | ||||||
Series A, 5.00%, 06/01/49 | 3,000 | 2,706,288 | ||||||
Series A, 5.00%, 06/01/58 | 4,500 | 3,989,475 | ||||||
|
| |||||||
168,537,470 | ||||||||
Maryland — 0.2% | ||||||||
City of Baltimore Maryland, Refunding RB | ||||||||
Series A, 4.50%, 09/01/33 | 2,735 | 2,616,046 | ||||||
Series A, 5.00%, 09/01/38 | 1,400 | 1,363,281 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 | 12,285 | 12,287,641 | ||||||
Maryland Economic Development Corp., TA, 4.00%, 09/01/50 | 5,145 | 3,858,313 | ||||||
|
| |||||||
20,125,281 | ||||||||
Massachusetts — 4.6% | ||||||||
City of Lowell Massachusetts, Refunding GO | ||||||||
(SAW), 4.00%, 08/01/44 | 6,315 | 5,695,530 | ||||||
(SAW), 4.00%, 08/01/47 | 7,110 | 6,361,573 | ||||||
Commonwealth of Massachusetts, GO 5.00%, 07/01/45 | 4,765 | 5,009,487 | ||||||
Series A, 5.25%, 04/01/42 | 42,000 | 44,160,186 | ||||||
Series B, 4.00%, 02/01/44 | 10,000 | 9,131,880 | ||||||
Series B, 3.00%, 02/01/48 | 25,000 | 18,058,900 | ||||||
Series D, 4.00%, 05/01/48 | 10,000 | 8,932,130 | ||||||
Series E, 5.25%, 09/01/43 | 92,000 | 97,395,248 | ||||||
Commonwealth of Massachusettsssachusetts, GO | ||||||||
Series B, 4.00%, 02/01/39 | 2,840 | 2,711,172 | ||||||
Series B, 4.00%, 02/01/42 | 2,900 | 2,670,694 | ||||||
Massachusetts Bay Transportation Authority Assessment Revenue, Refunding RB, | ||||||||
Series A-1, 4.00%, 07/01/40 | 20,000 | 18,817,480 | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, 4.00%, 07/01/40 | 5,000 | 4,635,065 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42 | 9,655 | 9,784,831 | ||||||
Massachusetts Development Finance Agency, Refunding RB | 1,000 | 1,040,130 | ||||||
5.00%, 10/01/47(a) | 1,250 | 1,278,725 | ||||||
Series A, 4.00%, 07/15/36 | 68,585 | 69,318,860 | ||||||
Massachusetts Port Authority, ARB | ||||||||
Series E, AMT, 5.00%, 07/01/46 | 10,655 | 10,658,910 | ||||||
Series E, AMT, 5.00%, 07/01/51 | 7,370 | 7,361,149 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Port Authority, Refunding ARB | ||||||||
Series C, AMT, 5.00%, 07/01/44 | $ | 15,000 | $ | 15,038,085 | ||||
Series C, AMT, 5.00%, 07/01/49 | 10,000 | 9,966,160 | ||||||
Massachusetts School Building Authority, RB, Series A, 4.00%, 08/15/40 | 6,890 | 6,482,767 | ||||||
Town of Westwood Massachusetts, Refunding GO | 2,065 | 1,919,444 | ||||||
4.00%, 08/15/43 | 1,840 | 1,677,896 | ||||||
4.00%, 08/15/47 | 10,345 | 9,318,942 | ||||||
University of Massachusetts Building Authority, RB, Series 1, 4.00%, 11/01/46 | 15,550 | 14,153,812 | ||||||
University of Massachusetts Building Authority, Refunding RB | ||||||||
Series 1, 5.25%, 11/01/42 | 58,840 | 61,889,206 | ||||||
Series 1, 4.00%, 11/01/45 | 2,435 | 2,210,362 | ||||||
Series 1, 5.25%, 11/01/47 | 14,425 | 15,076,202 | ||||||
|
| |||||||
460,754,826 | ||||||||
Michigan — 3.0% | ||||||||
Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44 | 23,970 | 24,769,112 | ||||||
Michigan Finance Authority, RB | 17,220 | 14,586,993 | ||||||
4.00%, 02/15/44 | 65,950 | 57,959,424 | ||||||
Series A, 4.00%, 12/01/47 | 7,000 | 6,104,336 | ||||||
Series A, 4.00%, 11/15/50 | 13,460 | 11,459,211 | ||||||
Series A, 6.50%, 06/01/57(a) | 5,980 | 5,474,923 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
5.00%, 12/01/39 | 5,745 | 5,919,194 | ||||||
5.00%, 11/15/41 | 43,505 | 42,937,086 | ||||||
Series A, 5.00%, 12/01/37 | 25,105 | 25,545,944 | ||||||
Series A, 4.00%, 12/01/40 | 4,750 | 4,314,382 | ||||||
Series A, 5.00%, 12/01/41 | 2,855 | 2,922,604 | ||||||
Series A, 4.00%, 12/01/49 | 19,475 | 16,724,760 | ||||||
Michigan State Building Authority, Refunding RB | ||||||||
4.00%, 10/15/49 | 3,810 | 3,335,819 | ||||||
Series I, 4.00%, 10/15/46 | 15,000 | 13,531,470 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 16,470 | 15,150,111 | ||||||
State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/46 | 23,160 | 20,993,660 | ||||||
State of Michiganchigan Trunk Line Revenue, RB, 4.00%, 11/15/41 | 5,000 | 4,627,060 | ||||||
State of Michiganchigan Trunk Line Revenue, RB, BAB | ||||||||
4.00%, 11/15/39 | 18,600 | 17,417,226 | ||||||
Series B, 4.00%, 11/15/45 | 8,000 | 7,325,208 | ||||||
|
| |||||||
301,098,523 | ||||||||
Minnesota — 0.2% | ||||||||
City of Rochester Minnesota, Refunding RB, 4.00%, 11/15/39 | 22,000 | 20,852,744 | ||||||
|
| |||||||
Montana — 0.0% | ||||||||
City of Kalispell MT, Refunding RB | ||||||||
Series A, 5.25%, 05/15/37 | 405 | 380,020 | ||||||
Series A, 5.25%, 05/15/47 | 1,500 | 1,320,935 | ||||||
Series A, 5.25%, 05/15/52 | 1,500 | 1,287,495 | ||||||
|
| |||||||
2,988,450 | ||||||||
Nebraska — 0.5% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(c) | 47,680 | 47,651,630 | ||||||
|
|
5 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Nevada(a) — 0.0% | ||||||||
State of Nevada Department of Business & Industry, RB | ||||||||
Series A, 4.50%, 12/15/29 | $ | 315 | $ | 305,470 | ||||
Series A, 5.00%, 07/15/37 | 875 | 820,866 | ||||||
Series A, 5.00%, 07/15/47 | 1,400 | 1,260,701 | ||||||
Series A, Class A, 5.00%, 12/15/38 | 1,080 | 1,039,543 | ||||||
|
| |||||||
3,426,580 | ||||||||
New Hampshire(a) — 0.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 9,085 | 7,732,243 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 3,700 | 3,181,904 | ||||||
|
| |||||||
10,914,147 | ||||||||
New Jersey — 5.3% | ||||||||
Hudson County Improvement Authority, RB | ||||||||
4.00%, 10/01/46 | 5,000 | 4,521,160 | ||||||
4.00%, 10/01/51 | 5,000 | 4,442,200 | ||||||
New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23 | 1,460 | 1,452,827 | ||||||
New Jersey Economic Development Authority, RB, Series WW, 5.25%, 06/15/40 | 14,145 | 14,246,759 | ||||||
New Jersey Health Care Facilities Financing Authority, RB | ||||||||
4.00%, 07/01/45 | 17,000 | 14,850,673 | ||||||
4.00%, 07/01/51 | 26,510 | 22,813,605 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/35 | 7,375 | 7,630,986 | ||||||
Series A, 5.00%, 07/01/38 | 11,950 | 12,251,355 | ||||||
Series A, 5.00%, 07/01/39 | 22,245 | 22,789,424 | ||||||
Series A, 5.00%, 07/01/43 | 10,000 | 10,253,550 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.50%, 06/15/39 | 39,890 | 39,908,429 | ||||||
Series AA, 4.00%, 06/15/45 | 22,000 | 18,336,450 | ||||||
Series BB, 4.00%, 06/15/44 | 35,890 | 30,493,113 | ||||||
Series BB, 4.00%, 06/15/46 | 17,500 | 14,574,297 | ||||||
Series C, 5.25%, 06/15/32 | 20,010 | 20,379,925 | ||||||
Series S, 5.00%, 06/15/46 | 12,350 | 12,255,621 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB | ||||||||
Series A, 4.00%, 06/15/39 | 8,500 | 7,467,182 | ||||||
Series A, 4.00%, 06/15/41 | 7,000 | 6,032,152 | ||||||
New Jersey Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/42 | 35,000 | 32,311,615 | ||||||
Series A, 4.00%, 01/01/48 | 21,420 | 19,492,671 | ||||||
New Jersey Turnpike Authority, Refunding RB | ||||||||
Series A, 4.00%, 01/01/40 | 19,050 | 17,614,068 | ||||||
Series A, 4.00%, 01/01/41 | 19,955 | 18,357,622 | ||||||
Series A, 4.00%, 01/01/42 | 20,905 | 19,105,163 | ||||||
Series A, 4.00%, 01/01/43 | 8,890 | 8,079,801 | ||||||
South Orange County Public Financing Authority, RB, 5.00%, 06/01/52 | 10,000 | 10,524,820 | ||||||
State of New Jersey, GO | 9,605 | 6,829,337 | ||||||
(BAM TCRS), 2.00%, 06/01/36 | 6,055 | 4,305,220 | ||||||
2.00%, 06/01/37 | 10,000 | 6,893,950 | ||||||
5.00%, 06/01/39 | 17,000 | 17,729,249 | ||||||
5.00%, 06/01/40 | 30,810 | 31,953,593 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
State of New Jersey, GO (continued) | ||||||||
5.00%, 06/01/41 | $ | 11,500 | $ | 11,839,227 | ||||
5.00%, 06/01/42 | 10,500 | 10,801,602 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/46 | 18,260 | 17,483,074 | ||||||
Series A, 5.25%, 06/01/46 | 20,350 | 19,967,847 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 6,960 | 6,400,075 | ||||||
Township of North Bergen New Jersey, Refunding GO | 1,500 | 1,468,159 | ||||||
4.00%, 04/15/37 | 1,375 | 1,333,608 | ||||||
4.00%, 04/15/39 | 1,500 | 1,428,566 | ||||||
4.00%, 04/15/40 | 1,500 | 1,419,359 | ||||||
4.00%, 04/15/41 | 1,500 | 1,406,720 | ||||||
4.00%, 04/15/42 | 1,500 | 1,394,723 | ||||||
4.00%, 04/15/43 | 1,500 | 1,385,057 | ||||||
4.00%, 04/15/44 | 1,500 | 1,374,234 | ||||||
4.00%, 04/15/45 | 1,500 | 1,363,236 | ||||||
|
| |||||||
536,962,304 | ||||||||
New Mexico — 0.0% | ||||||||
County of Santa Fe NM, RB, (AGM), 6.00%, 02/01/27 | 155 | 163,736 | ||||||
|
| |||||||
New York — 16.3% | ||||||||
City of New York, GO | ||||||||
Series A-1, 4.00%, 09/01/46 | 4,800 | 4,163,674 | ||||||
Series A-1, 5.00%, 08/01/47 | 14,000 | 14,509,460 | ||||||
Series D-1, 5.25%, 05/01/41 | 4,210 | 4,494,053 | ||||||
Series D-1, 5.50%, 05/01/44 | 7,840 | 8,486,400 | ||||||
Series D-1, 5.50%, 05/01/45 | 1,000 | 1,078,006 | ||||||
Series D-1, 5.50%, 05/01/46 | 2,655 | 2,852,779 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB | ||||||||
Series 2022, 4.00%, 02/15/44 | 4,000 | 3,516,680 | ||||||
Series A, 5.00%, 02/15/42 | 23,825 | 24,392,011 | ||||||
Series A, (AGM), 4.00%, 02/15/47 | 10,335 | 9,129,598 | ||||||
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39 | 10,000 | 10,020,730 | ||||||
Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 11/15/44 | 3,675 | 3,853,337 | ||||||
New York City Municipal Water Finance Authority, RB | ||||||||
Series AA, 4.00%, 06/15/43. | 16,040 | 14,952,039 | ||||||
Series CC-1, Subordinate, 4.00%, 06/15/51 | 7,815 | 6,940,501 | ||||||
New York City Municipal Water Finance Authority, Refunding RB | 7,575 | 7,977,672 | ||||||
Series BB-1, 5.00%, 06/15/44 | 2,000 | 2,103,044 | ||||||
Series BB-1, 4.00%, 06/15/45 | 101,695 | 91,915,805 | ||||||
Series CC, 4.00%, 06/15/41 | 5,000 | 4,631,920 | ||||||
Series CC, 4.00%, 06/15/42 | 2,835 | 2,664,341 | ||||||
Series CC-1, 5.00%, 06/15/37 | 24,000 | 24,926,808 | ||||||
Series CC-1, 5.25%, 06/15/37 | 15,000 | 15,814,665 | ||||||
Series DD-2, 5.00%, 06/15/40 | 29,865 | 31,078,206 | ||||||
Series DD-3, 4.00%, 06/15/42 | 39,105 | 36,168,136 | ||||||
Series EE, 5.25%, 06/15/36 | 14,500 | 15,316,495 | ||||||
Series EE, 5.00%, 06/15/40 | 34,240 | 35,537,080 | ||||||
Series EE, 4.00%, 06/15/42 | 5,000 | 4,614,995 | ||||||
Series EE, 4.00%, 06/15/45 | 16,755 | 15,279,220 | ||||||
Series EE, 5.00%, 06/15/45 | 5,490 | 5,707,986 | ||||||
Series FF, 5.00%, 06/15/40 | 23,790 | 24,810,329 |
SCHEDULE OF INVESTMENTS | 6 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City Transitional Finance Authority Building Aid Revenue, RB | ||||||||
Series S-1B, (SAW), 4.00%, 07/15/40 | $ | 10,000 | $ | 9,170,450 | ||||
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 | 31,165 | 32,553,619 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | 6,835 | 6,161,130 | ||||||
Series B-1, 4.00%, 11/01/41 | 16,500 | 14,879,980 | ||||||
Series C-1, 4.00%, 02/01/41 | 10,000 | 9,155,110 | ||||||
Series E-1, 4.00%, 02/01/46 | 12,855 | 11,041,481 | ||||||
Series F-1, 5.00%, 02/01/43 | 14,280 | 14,873,577 | ||||||
Series B-1, RB, 4.00%, 11/01/38 | 15,000 | 13,773,525 | ||||||
Subordinate, 4.00%, 05/01/44 | 30,000 | 26,741,790 | ||||||
Series B-1, Subordinate, 4.00%, 08/01/45 | 47,600 | 42,343,913 | ||||||
Series C-1, Subordinate, 4.00%, 11/01/42 | 20,925 | 18,599,688 | ||||||
Series C-1, Subordinate, 4.00%, 02/01/47 | 45,000 | 39,034,530 | ||||||
Series C-1, Subordinate, 5.00%, 02/01/47 | 17,220 | 17,673,850 | ||||||
Series C-3, Subordinate, 5.00%, 05/01/40 | 20,000 | 20,614,600 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/44 | 4,000 | 4,154,092 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/47 | 5,000 | 5,156,985 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
Series 1, Class 1, 5.00%, 11/15/44(a) | 16,990 | 15,185,730 | ||||||
Series A, 2.88%, 11/15/46 | 53,000 | 35,263,815 | ||||||
New York Power Authority, RB, (AGM), 4.00%, 11/15/47 | 9,850 | 8,752,858 | ||||||
New York Power Authority, Refunding RB | ||||||||
Series A, 4.00%, 11/15/45 | 91,380 | 81,868,713 | ||||||
Series A, 4.00%, 11/15/50 | 13,775 | 12,085,992 | ||||||
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43 | 19,020 | 19,500,065 | ||||||
New York State Dormitory Authority, Refunding RB 4.00%, 03/15/47 | 13,200 | 11,236,315 | ||||||
Series A, 4.00%, 03/15/39 | 3,675 | 3,385,201 | ||||||
Series A, 4.00%, 03/15/40 | 47,720 | 43,615,173 | ||||||
Series A, 4.00%, 03/15/42 | 8,105 | 7,235,763 | ||||||
Series A, 4.00%, 03/15/43 | 12,365 | 11,023,670 | ||||||
Series E, 5.00%, 03/15/41 | 20,150 | 20,836,672 | ||||||
Series E, 4.00%, 03/15/43 | 46,455 | 40,973,775 | ||||||
Series E, 4.00%, 03/15/44 | 7,135 | 6,266,128 | ||||||
Series E, 4.00%, 03/15/46 | 20,040 | 17,635,741 | ||||||
New York State Housing Finance Agency, RB, M/F Housing | ||||||||
Series J, (SONYMA HUD SECT 8), 1.10%, 11/01/61(c) | 36,070 | 31,631,154 | ||||||
Series L-2, (SONYMA), 0.75%, 11/01/25 | 7,650 | 6,917,260 | ||||||
Series M-2, (SONYMA FHA 542(C)), 0.75%, 11/01/25 | 4,380 | 4,009,662 | ||||||
New York State Thruway Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/42 | 14,865 | 13,027,998 | ||||||
Series A-1, 4.00%, 03/15/43 | 4,340 | 3,852,123 | ||||||
Series N, 4.00%, 01/01/45 | 4,060 | 3,650,983 | ||||||
Series O, 4.00%, 01/01/37 | 16,450 | 15,625,658 | ||||||
Series O, 4.00%, 01/01/44 | 24,655 | 22,218,618 | ||||||
Series O, 4.00%, 01/01/45 | 7,715 | 6,924,405 | ||||||
Series O, 4.00%, 01/01/46 | 725 | 648,967 | ||||||
Series O, 4.00%, 01/01/47 | 10,155 | 9,051,852 | ||||||
Series B, Subordinate, 4.00%, 01/01/39 | 16,335 | 15,167,815 | ||||||
Series B, Subordinate, 4.00%, 01/01/41 | 29,505 | 26,991,410 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York State Thruway Authority, Refunding RB (continued) | ||||||||
Series B, Subordinate, 4.00%, 01/01/45 | $ | 10,000 | $ | 8,811,130 | ||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45 | 19,335 | 16,657,218 | ||||||
New York State Urban Development Corp., Refunding RB | 12,105 | 10,990,856 | ||||||
4.00%, 03/15/44 | 7,200 | 6,452,647 | ||||||
4.00%, 03/15/46 | 2,090 | 1,840,124 | ||||||
Series A, 4.00%, 03/15/38 | 8,325 | 7,795,405 | ||||||
Series A, 4.00%, 03/15/44 | 39,500 | 35,237,910 | ||||||
Series E, 4.00%, 03/15/41 | 25,000 | 22,721,100 | ||||||
Series E, 4.00%, 03/15/42 | 50,000 | 44,956,200 | ||||||
New York Transportation Development Corp., ARB | ||||||||
AMT, 5.00%, 12/01/37 | 1,660 | 1,610,066 | ||||||
AMT, 5.00%, 12/01/38 | 12,150 | 11,737,981 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 25,020 | 23,959,077 | ||||||
AMT, 5.00%, 10/01/40 | 6,685 | 6,241,885 | ||||||
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(a) | 5,190 | 4,626,828 | ||||||
Port Authority of New York & New Jersey, ARB | ||||||||
AMT, 4.00%, 09/01/43 | 4,455 | 3,828,124 | ||||||
AMT, 5.00%, 11/01/49 | 8,465 | 8,344,391 | ||||||
218th Series, AMT, 4.00%, 11/01/41 | 10,545 | 9,185,676 | ||||||
Consolidated, 218th Series, AMT, 5.00%, 11/01/44 | 45,000 | 44,712,270 | ||||||
Port Authority of New York & New Jersey, Refunding ARB | ||||||||
Series 231, AMT, 5.50%, 08/01/40 | 5,515 | 5,872,868 | ||||||
Series 231, AMT, 5.50%, 08/01/52 | 3,415 | 3,597,761 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series C, 4.00%, 11/15/40 | 15,000 | 14,069,790 | ||||||
Series C, 4.00%, 11/15/41 | 1,000 | 910,857 | ||||||
Series C, RB, 4.00%, 11/15/42 | 21,500 | 19,396,698 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB | ||||||||
Series A, 5.25%, 11/15/45 | 7,805 | 8,043,185 | ||||||
Series A-1, 4.00%, 05/15/46 | 4,065 | 3,622,830 | ||||||
Series B, 5.00%, 11/15/38 | 3,950 | 4,093,571 | ||||||
Series C, 5.00%, 05/15/47 | 12,000 | 12,456,252 | ||||||
Series C, 5.25%, 05/15/52 | 17,150 | 18,079,341 | ||||||
Series C-2, 5.00%, 11/15/42 | 66,250 | 68,540,461 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 | 2,500 | 2,334,275 | ||||||
|
| |||||||
1,638,174,583 | ||||||||
North Carolina — 0.0% | ||||||||
North Carolina Medical Care Commission, RB 5.00%, 10/01/40 | 1,050 | 1,040,368 | ||||||
5.00%, 10/01/45 | 1,000 | 964,164 | ||||||
5.00%, 10/01/50 | 1,500 | 1,416,689 | ||||||
|
| |||||||
3,421,221 | ||||||||
Ohio — 0.9% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A-2, Class 1, 3.00%, 06/01/48 | 5,765 | 3,783,085 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 | 90,170 | 75,588,339 |
7 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ohio (continued) | ||||||||
Ohio Air Quality Development Authority, RB(a) | ||||||||
AMT, 4.50%, 01/15/48 | $ | 1,480 | $ | 1,290,498 | ||||
AMT, 5.00%, 07/01/49 | 8,460 | 7,493,775 | ||||||
|
| |||||||
88,155,697 | ||||||||
Oklahoma — 0.1% | ||||||||
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(a) | 7,990 | 7,620,431 | ||||||
University of Oklahoma, RB, Series A, (AGM), 5.00%, 07/01/46 | 7,450 | 7,717,574 | ||||||
|
| |||||||
15,338,005 | ||||||||
Oregon — 0.4% | ||||||||
Hillsboro School District No.1J, GO, (GTD), 4.00%, 06/15/40 | 2,500 | 2,349,005 | ||||||
Oregon State Facilities Authority, RB, Series A, 5.00%, 06/01/52 | 5,875 | 5,913,252 | ||||||
Port of Portland OR Airport Revenue, Refunding ARB | ||||||||
Series 28, AMT, 4.00%, 07/01/39 | 4,955 | 4,403,846 | ||||||
Series 28, AMT, 4.00%, 07/01/42 | 12,385 | 10,618,057 | ||||||
State of Oregon Department of Transportation, RB, Series A, Subordinate Lien, 4.00%, 11/15/38 | 13,575 | 12,814,121 | ||||||
|
| |||||||
36,098,281 | ||||||||
Pennsylvania — 1.4% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB(a) | ||||||||
5.00%, 05/01/27 | — | 3,317,781 | ||||||
5.00%, 05/01/32 | 3,750 | 3,662,411 | ||||||
5.00%, 05/01/42 | 3,000 | 2,797,185 | ||||||
Bucks County Industrial Development Authority, RB | ||||||||
4.00%, 07/01/46 | 2,205 | 1,587,704 | ||||||
4.00%, 07/01/51 | 1,500 | 1,099,287 | ||||||
Geisinger Authority, Refunding RB, 4.00%, 04/01/39 | 21,000 | 18,828,789 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1,805 | 1,826,741 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB | ||||||||
Series A, 4.00%, 02/15/41 | 7,550 | 6,721,735 | ||||||
Series A, 4.00%, 02/15/42 | 8,430 | 7,425,405 | ||||||
Series A, 5.00%, 02/15/47 | 7,500 | 7,380,090 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 | 2,500 | 2,182,898 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 4.00%, 08/15/43 | 3,570 | 3,153,117 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, 5.25%, 12/01/44 | 30,000 | 31,405,650 | ||||||
Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/46 | 46,430 | 47,520,501 | ||||||
|
| |||||||
138,909,294 | ||||||||
Puerto Rico — 3.6% | ||||||||
Children’s Trust Fund, RB, Series A, Class A, 0.00%, 05/15/57(d) | 300,000 | 17,077,200 | ||||||
Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.63%, 07/01/29 | 36,799 | 37,600,183 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, 4.00%, 07/01/42(a) | 6,205 | 4,871,527 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(a) | ||||||||
Series A, Senior Lien, 5.00%, 07/01/35 | 12,985 | 12,297,003 |
Security | Par (000) | Value | ||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(a) (continued) | ||||||||
Series A, Senior Lien, 5.00%, 07/01/47 | $ | 30,875 | $ | 27,415,641 | ||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 81,897 | 69,620,885 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 80,187 | 71,162,194 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 59,265 | 49,850,044 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 48,060 | 41,485,536 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB(d) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 124,853 | 28,265,970 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 18,123 | 4,101,181 | ||||||
|
| |||||||
363,747,364 | ||||||||
Rhode Island — 0.1% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50 | 10,000 | 10,005,310 | ||||||
|
| |||||||
South Carolina — 0.2% | ||||||||
County of Dorchester South Carolina, SAB(a) | ||||||||
5.88%, 10/01/40 | 1,245 | 1,237,778 | ||||||
6.00%, 10/01/51 | 3,000 | 2,887,692 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(a) | 10,135 | 9,492,806 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37 | 6,005 | 5,700,828 | ||||||
|
| |||||||
19,319,104 | ||||||||
Tennessee — 0.1% | ||||||||
Metropolitan Government of Nashville & Davidson County TN, GO, Series B, 4.00%, 01/01/39 | 12,690 | 11,924,933 | ||||||
|
| |||||||
Texas — 8.4% | ||||||||
Arlington Higher Education Finance Corp., RB | ||||||||
(PSF), 4.00%, 08/15/47 | 11,435 | 9,860,995 | ||||||
(PSF), 4.00%, 08/15/52 | 11,510 | 9,684,514 | ||||||
(PSF), 5.00%, 08/15/52 | 5,155 | 5,312,078 | ||||||
Series A, 5.30%, 04/01/62(a) | 6,415 | 5,800,706 | ||||||
Series A, 5.75%, 08/15/62 | 4,950 | 4,423,365 | ||||||
Belton Independent School District, GO, (PSF), 4.00%, 02/15/47 | 2,030 | 1,878,970 | ||||||
Bullard Independent School District, GO, (PSF), 5.00%, 02/15/47 | 5,000 | 5,264,210 | ||||||
City of Austin Texas Water & Wastewater System Revenue, Refunding RB | ||||||||
4.00%, 11/15/41 | 3,600 | 3,318,822 | ||||||
4.00%, 11/15/51 | 3,970 | 3,580,039 | ||||||
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series C, 5.00%, 10/01/45 | 21,635 | 22,800,196 | ||||||
City of Denton Texas, GO, 4.13%, 02/15/48 | 6,150 | 5,579,766 | ||||||
City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46 | 45,000 | 47,181,015 | ||||||
City of El Paso Texas, GO, 4.00%, 08/15/42 | 5,000 | 4,454,750 | ||||||
City of Garland Texas, Refunding GO, 4.00%, 02/15/40 | 10,430 | 9,792,185 | ||||||
City of Houston Texas Airport System Revenue, ARB, AMT, 4.00%, 07/15/41 | 4,470 | 3,492,813 | ||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB | ||||||||
Series C, 4.00%, 11/15/39 | 4,590 | 4,292,467 | ||||||
Series C, 4.00%, 11/15/49 | 15,000 | 13,044,480 | ||||||
Series B, 1st Lien, 5.00%, 11/15/42 | 25,000 | 25,793,075 |
SCHEDULE OF INVESTMENTS | 8 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
City of Houston Texas, Refunding GO, Series A, Refunding GO, 4.00%, 03/01/44 | $ | 5,250 | $ | 4,667,927 | ||||
City of Midland Taxas, GO, 5.00%, 03/01/47 | 17,985 | 18,927,954 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB | ||||||||
5.00%, 02/01/41 | 1,120 | 1,166,364 | ||||||
Series A, Junior Lien, 5.00%, 02/01/46 | 10,500 | 10,893,624 | ||||||
Community Independent School District/TX, GO, Series B, (PSF), 4.00%, 02/15/50 | 1,000 | 877,794 | ||||||
County of Harris Texas, Refunding GO, Series A, 4.00%, 10/01/47 | 4,350 | 3,820,187 | ||||||
Crandall Independent School District, GO, (PSF), 4.00%, 08/15/51 | 2,500 | 2,183,343 | ||||||
Dallas Fort Worth International Airport, Refunding RB | ||||||||
Class B, 4.00%, 11/01/45 | 57,720 | 49,870,195 | ||||||
Series A, 4.00%, 11/01/38 | 9,060 | 8,255,762 | ||||||
Series B, 4.00%, 11/01/45 | 27,995 | 24,192,411 | ||||||
Galveston Independent School District, GO, (PSF), 4.00%, 02/01/47 | 2,950 | 2,634,905 | ||||||
Grand Parkway Transportation Corp., RB, 5.00%, 10/01/48 | 1,135 | 1,170,162 | ||||||
Grand Parkway Transportation Corp., Refunding RB, 4.00%, 10/01/49 | 10,000 | 8,583,080 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB | ||||||||
4.00%, 12/01/45 | 8,490 | 7,480,972 | ||||||
Series B, 7.00%, 01/01/23(b) | 3,700 | 3,734,642 | ||||||
Series B, 6.38%, 01/01/33 | 465 | 465,625 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB | ||||||||
4.00%, 10/01/41 | 1,300 | 1,181,400 | ||||||
4.00%, 10/01/42 | 4,000 | 3,475,460 | ||||||
4.00%, 10/01/47 | 45,760 | 38,686,282 | ||||||
Harris County Toll Road Authority, Refunding RB, 1st Lien, 4.00%, 08/15/45 | 2,500 | 2,203,782 | ||||||
Hitchcock Independent School District, GO, (PSF), 4.00%, 02/15/48 | 6,750 | 5,925,730 | ||||||
Lamar Consolidated Independent School District, GO, (PSF), 4.00%, 02/15/47 | 10,000 | 8,820,210 | ||||||
Lower Colorado River Authority, Refunding RB 5.50%, 05/15/30 | 6,085 | 6,169,143 | ||||||
5.00%, 05/15/47 | 10,000 | 10,247,030 | ||||||
5.50%, 05/15/47(e) | 5,000 | 5,333,550 | ||||||
5.00%, 05/15/50 | 15,310 | 15,366,658 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(a) | 13,495 | 13,118,179 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 5.00%, 07/01/40 | 4,000 | 3,820,748 | ||||||
Series A, 5.00%, 07/01/57 | 7,000 | 6,165,089 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB | ||||||||
Class A, 6.63%, 10/01/43 | 7,370 | 6,991,853 | ||||||
Series A, 6.75%, 10/01/52 | 1,160 | 1,079,387 | ||||||
Series B2, 4.50%, 10/01/26 | 2,970 | 2,892,483 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 5.25%, 03/15/38 | 5,000 | 5,292,845 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
North Texas Tollway Authority, RB, BAB, 5.00%, 01/01/40(e) | $ | 14,000 | $ | 14,619,542 | ||||
North Texas Tollway Authority, Refunding RB, Series A, 4.00%, 01/01/44 | 10,840 | 9,458,908 | ||||||
Northwest Independent School District, GO, (PSF), 4.00%, 02/15/47 | 10,000 | 9,277,300 | ||||||
Pasadena Independent School District, GO, (PSF), 4.00%, 02/15/52 | 13,225 | 11,670,176 | ||||||
Prosper Independent School District, GO | ||||||||
(PSF), 4.00%, 02/15/47 | 8,250 | 7,387,735 | ||||||
(PSF), 4.00%, 02/15/52 | 8,000 | 7,036,768 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
4.00%, 10/01/41 | 5,710 | 5,168,949 | ||||||
4.00%, 10/01/42 | 13,610 | 11,972,989 | ||||||
4.00%, 10/01/47 | 7,305 | 6,166,421 | ||||||
Series B, 5.00%, 07/01/43 | 45,000 | 45,338,490 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 4.00%, 11/15/42 | 20,000 | 17,773,700 | ||||||
Texas Water Development Board, RB | ||||||||
4.70%, 10/15/41(e) | 7,000 | 7,058,933 | ||||||
4.75%, 10/15/42(e) | 7,345 | 7,423,944 | ||||||
4.00%, 10/15/45 | 91,165 | 81,978,850 | ||||||
5.25%, 10/15/46 | 60,000 | 61,877,880 | ||||||
4.00%, 04/15/51 | 12,935 | 11,056,036 | ||||||
4.00%, 10/15/51 | 40,000 | 34,518,760 | ||||||
Series A, 5.00%, 10/15/42 | 10,000 | 10,360,890 | ||||||
Series A, 4.00%, 10/15/49 | 4,685 | 4,019,847 | ||||||
Ysleta Independent School District, GO, (PSF), 4.00%, 08/15/50 | 9,000 | 7,883,271 | ||||||
|
| |||||||
843,298,611 | ||||||||
Utah — 1.0% | ||||||||
County of Utah, RB | ||||||||
Series A, 4.00%, 05/15/43 | 2,750 | 2,415,776 | ||||||
Series A, 4.00%, 05/15/45 | 1,875 | 1,636,753 | ||||||
Series B, 5.00%, 05/15/46 | 30,000 | 30,362,310 | ||||||
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41 | 44,970 | 45,803,969 | ||||||
Utah Charter School Finance Authority, RB(a) | ||||||||
5.00%, 06/15/42 | 1,810 | 1,598,268 | ||||||
5.00%, 06/15/52 | 5,420 | 4,518,264 | ||||||
5.63%, 06/15/54 | 4,940 | 4,240,728 | ||||||
5.00%, 06/15/57 | 3,910 | 3,193,219 | ||||||
Utah Charter School Finance Authority, Refunding RB(a) | ||||||||
5.25%, 06/15/37 | 3,795 | 3,520,902 | ||||||
5.38%, 06/15/48 | 4,740 | 4,260,080 | ||||||
|
| |||||||
101,550,269 | ||||||||
Vermont(a) — 0.1% | ||||||||
East Central Vermont Telecommunications District, RB | ||||||||
Series A, 4.00%, 12/01/30 | 2,010 | 1,850,609 | ||||||
Series A, 4.25%, 12/01/40 | 4,030 | 3,184,075 | ||||||
Series A, 4.50%, 12/01/50 | 2,960 | 2,189,802 | ||||||
|
| |||||||
7,224,486 |
9 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Virginia — 1.4% | ||||||||
Ballston Quarter Community Development Authority, TA, Series A, 5.50%, 03/01/46 | $ | 1,815 | $ | 1,251,163 | ||||
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 | 22,760 | 21,043,623 | ||||||
Hanover County Economic Development Authority, Refunding RB | ||||||||
5.00%, 07/01/38 | 125 | 118,843 | ||||||
5.00%, 07/01/48 | 370 | 329,346 | ||||||
Loudoun County Economic Development Authority, RB | ||||||||
Series A, 4.00%, 12/01/37 | 2,125 | 2,029,205 | ||||||
Series A, 4.00%, 12/01/38 | 2,125 | 2,015,837 | ||||||
Series A, 4.00%, 12/01/41 | 2,125 | 1,984,924 | ||||||
Virginia Commonwealth Transportation Board, RB | ||||||||
4.00%, 05/15/38 | 5,230 | 4,984,786 | ||||||
4.00%, 05/15/42 | 6,175 | 5,737,711 | ||||||
4.00%, 05/15/43 | 3,765 | 3,481,985 | ||||||
Virginia Public Building Authority, RB | ||||||||
Series A, 4.00%, 08/01/39 | 10,000 | 9,547,570 | ||||||
Series A, 4.00%, 08/01/40 | 29,945 | 28,539,592 | ||||||
Series A, 4.00%, 08/01/41 | 31,165 | 29,591,884 | ||||||
Series A, 4.00%, 08/01/42 | 32,440 | 30,666,213 | ||||||
|
| |||||||
141,322,682 | ||||||||
Washington — 1.1% | ||||||||
State of Washington, Refunding GO, | 10,000 | 10,601,860 | ||||||
University of Washington, Refunding RB, | 23,385 | 24,279,313 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.00%, 07/15/46 | 22,235 | 19,425,541 | ||||||
Washington State Convention Center Public Facilities District, RB | ||||||||
4.00%, 07/01/31 | 17,475 | 15,274,618 | ||||||
Series B, 3.00%, 07/01/58 | 10,745 | 5,981,580 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35(e) | 40,266 | 34,013,876 | ||||||
|
| |||||||
109,576,788 | ||||||||
Wisconsin — 0.7% | ||||||||
Public Finance Authority, ARB | ||||||||
AMT, 4.00%, 07/01/41 | 2,715 | 2,005,364 | ||||||
AMT, 4.25%, 07/01/54 | 4,745 | 3,247,549 | ||||||
Public Finance Authority, RB(a) | 2,020 | 1,557,705 | ||||||
5.00%, 12/01/45 | 2,370 | 2,050,351 | ||||||
4.00%, 06/15/50 | 2,995 | 2,091,882 | ||||||
5.00%, 12/01/55 | 6,030 | 5,038,849 | ||||||
4.00%, 06/15/56 | 2,445 | 1,645,013 | ||||||
Series A, 6.25%, 10/01/31 | 1,715 | 1,409,498 | ||||||
Series A, 5.00%, 06/15/41 | 1,215 | 1,045,533 | ||||||
Series A, 5.25%, 03/01/45 | 3,325 | 2,935,144 | ||||||
Series A, 7.00%, 11/01/46 | 6,385 | 4,645,349 | ||||||
Series A, 7.00%, 10/01/47 | 1,715 | 1,317,955 | ||||||
Series A, 5.63%, 06/15/49 | 12,235 | 11,058,030 | ||||||
Series A, 5.00%, 06/15/51 | 1,365 | 1,098,016 | ||||||
Series A, 5.38%, 07/15/52 | 6,760 | 5,896,687 | ||||||
Series A, 5.25%, 03/01/55 | 9,500 | 8,033,039 |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, RB(a) (continued) |
| |||||||
Series A, 4.75%, 06/15/56 | $ | 7,815 | $ | 5,493,187 | ||||
Series A, 5.00%, 06/15/56 | 1,495 | 1,174,198 | ||||||
Series A-1, 5.00%, 01/01/56 | 2,515 | 2,187,175 | ||||||
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(a)(d) | 24,755 | 1,753,941 | ||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 03/01/37(a) | 760 | 685,999 | ||||||
Series A, 4.00%, 12/01/51 | 1,050 | 813,927 | ||||||
|
| |||||||
67,184,391 | ||||||||
|
| |||||||
Total Municipal Bonds — 89.3% | 8,999,085,579 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
| |||||||
Alabama — 0.6% | ||||||||
Alabama Special Care Facilities Financing Authority-Birmingham, RB, Series B, 5.00%, 11/15/46 | 60,000 | 61,157,580 | ||||||
|
| |||||||
Arizona — 0.3% | ||||||||
Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39 | 30,280 | 29,188,255 | ||||||
|
| |||||||
California — 3.1% | ||||||||
California State University, Refunding RB, Series A, 5.00%, 11/01/51 | 40,470 | 42,200,700 | ||||||
State of California, Refunding GO, 5.00%, 09/01/41 | 70,000 | 74,876,305 | ||||||
University of California, Refunding RB | ||||||||
Series M, 5.00%, 05/15/42 | 100,000 | 103,798,250 | ||||||
Series Q, 5.00%, 05/15/46 | 87,090 | 91,318,089 | ||||||
|
| |||||||
312,193,344 | ||||||||
District of Columbia — 0.5% | ||||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45 | 50,585 | 52,762,881 | ||||||
|
| |||||||
Massachusetts — 1.6% | ||||||||
Commonwealth of Massachusetts, GO, | 85,000 | 88,560,395 | ||||||
Massachusetts School Building Authority, RB, 5.25%, 02/15/48 | 70,505 | 73,070,641 | ||||||
|
| |||||||
161,631,036 | ||||||||
Nevada — 0.8% | ||||||||
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43 | 74,740 | 77,767,232 | ||||||
|
| |||||||
New York — 2.3% | ||||||||
City of New York, GO, Series F-1, 5.00%, 04/01/43 | 52,780 | 53,733,919 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.25%, 06/15/46 | 61,465 | 63,671,085 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/46 | 66,155 | 68,347,262 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 231, AMT, 5.50%, 08/01/47(i) | 40,000 | 42,239,700 | ||||||
|
| |||||||
227,991,966 |
SCHEDULE OF INVESTMENTS | 10 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Texas — 0.8% | ||||||||
Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43(i) | $ | 79,060 | $ | 81,879,201 | ||||
|
| |||||||
Washington — 0.4% | ||||||||
Port of Seattle Washington, Refunding ARB, 5.25%, 05/01/42 | 45,000 | 46,486,687 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.4% |
| 1,051,058,182 | ||||||
|
| |||||||
Total Long-Term Investments — 99.7% |
| 10,050,143,761 | ||||||
|
| |||||||
Shares | ||||||||
| ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.0% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.14%(j)(k) | 401,414,778 | 401,374,637 | ||||||
|
| |||||||
Total Short-Term Securities — 4.0% | 401,374,637 | |||||||
|
| |||||||
Total Investments — 103.7% | 10,451,518,398 | |||||||
Other Assets Less Liabilities — 1.3% | 134,625,842 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.0)% |
| (507,988,506 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 10,078,155,734 | ||||||
|
|
(a) | 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. |
(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) | 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) | Zero-coupon bond. |
(e) | When-issued security. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non-income producing security. |
(h) | 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. |
(i) | 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 to February 1, 2030, is $62,691,958. |
(j) | Affiliate of the Fund. |
(k) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 09/30/22 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 432,921,461 | $ | — | $ | (31,485,003 | )(a) | $ | 149,902 | $ | (211,723 | ) | $ | 401,374,637 | 401,414,778 | $ | 824,260 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 6,174 | 12/20/22 | $ | 691,874 | $ | 10,256,797 | ||||||||||
U.S. Long Bond | 10,000 | 12/20/22 | 1,265,000 | 33,403,834 | ||||||||||||
5-Year U.S. Treasury Note | 5,545 | 12/30/22 | 595,741 | 5,859,283 | ||||||||||||
|
| |||||||||||||||
$ | 49,519,914 | |||||||||||||||
|
|
11 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock National Municipal Fund
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 8,999,085,579 | $ | — | $ | 8,999,085,579 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 1,051,058,182 | — | 1,051,058,182 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 401,374,637 | — | — | 401,374,637 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 401,374,637 | $ | 10,050,143,761 | $ | — | $ | 10,451,518,398 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $ | 49,519,914 | $ | — | $ | — | $ | 49,519,914 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $506,619,958 are categorized as Level 2 within the fair value hierarchy.
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAB | Build America Bond | |
BAM | Build America Mutual Assurance Co. | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHA | Federal Housing Administration | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed |
Portfolio Abbreviation (continued) | ||
HUD SECT 8 | U.S. Department of Housing and Urban Development Section 8 | |
M/F | Multi-Family | |
MT | Mandatory Tender | |
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 |
SCHEDULE OF INVESTMENTS | 12 |