Blackrock Municipal Bond Fund NPORT-P BlackRock National Municipal Fund (Mar 2023 report)

Schedule of Investments (unaudited)  March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 3.3%
Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46	$	60,000	$	61,294,440
Black Belt Energy Gas District, RB(a)
Series C-1, 5.25%, 02/01/53		62,425		65,749,443
Series F, 5.50%, 11/01/53		11,170		11,798,771
Southeast Energy Authority A Cooperative District, RB(a)
Series A, 4.00%, 11/01/51		102,970		100,940,564
Series A, 5.25%, 01/01/54		60,000		63,316,440
Series B-1, 5.00%, 05/01/53		20,000		20,618,880
				323,718,538
Arizona — 2.0%
Arizona Industrial Development Authority, RB(b)
5.00%, 07/01/49		1,695		1,584,259
5.00%, 07/01/54		10,655		9,841,960
Series A, 5.00%, 07/01/39		1,300		1,244,346
Series A, 5.00%, 07/01/49		2,010		1,822,256
Arizona Industrial Development Authority, Refunding RB(b)
Series A, 5.25%, 07/01/37		2,830		2,807,281
Series A, 5.50%, 07/01/52		2,450		2,427,619
City of Phoenix Civic Improvement Corp., RB
Junior Lien, 5.00%, 07/01/44		42,815		47,024,014
Series A, Junior Lien, 4.00%, 07/01/40		1,000		1,029,140
Subordinate, 5.00%, 07/01/44		7,930		8,871,695
Industrial Development Authority of the City of Phoenix Arizona, RB
6.88%, 07/01/23(c)		3,440		3,473,736
Series A, 6.75%, 07/01/44(b)		2,190		2,261,024
Maricopa County Industrial Development Authority, RB
Series 2019F, 4.00%, 01/01/45		9,400		9,150,261
Series A, 4.00%, 01/01/41		10,000		9,971,730
Series A, 4.00%, 01/01/44		28,000		27,488,356
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38		31,100		32,496,452
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26		280		283,874
Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39		30,280		31,360,724
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/45		7,115		7,217,235
				200,355,962
Arkansas(b) — 0.6%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		15,325		13,694,619
Series A, AMT, 4.75%, 09/01/49		50,925		47,314,876
				61,009,495
California — 13.3%
California Community Choice Financing Authority, RB(a)
5.00%, 07/01/53		25,000		26,215,450
Series B-1, 4.00%, 02/01/52		148,500		146,586,429

Security	Par (000)		Value
California (continued)
California Community Choice Financing Authority, RB(a) (continued)
Series C, 5.25%, 01/01/54	$	25,000	$	25,555,950
California Community Housing Agency, RB, M/F Housing(b)
Series A-2, 4.00%, 02/01/50		6,840		5,354,311
Series A-2, 4.00%, 08/01/51		7,940		5,711,655
California Health Facilities Financing Authority, Refunding RB, (BAM-TCRS), 4.00%, 08/15/48		1,000		980,246
California Housing Finance Agency, RB, M/F Housing, Series 2021-2, Class A, (FHLMC COLL), 3.75%, 03/25/35		10		10,366
California Infrastructure & Economic Development Bank, RB, Series A, AMT, 3.65%, 01/01/50(a)(b)		57,150		57,152,629
California Infrastructure & Economic Development Bank, RB, CAB, Class B, 0.00%, 01/01/61(b)(d)		48,025		2,578,606
California Public Finance Authority, RB, Series A, 5.00%, 07/15/46		2,855		3,130,996
California State Public Works Board, RB
4.00%, 11/01/46		12,765		12,710,647
Series B, 4.00%, 05/01/40		10,000		10,268,820
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30		3,510		3,387,122
Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45		4,700		4,739,170
City & County of San Francisco California, GO, Series D-1, 4.00%, 06/15/43		2,065		2,123,660
City & County of San Francisco California, RB, M/F Housing, Series J, (FNMA COLL), 2.55%, 07/01/39		25,000		20,920,800
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47		27,620		29,592,040
City of Los Angeles Department of Airports, ARB
AMT, 5.00%, 05/15/47		26,170		27,836,558
Series A, AMT, 4.00%, 05/15/38		14,370		14,528,530
Series A, AMT, 4.00%, 05/15/39		10,940		11,021,470
Series A, AMT, 5.25%, 05/15/48		7,000		7,319,501
Series C, AMT, 5.00%, 05/15/45		17,175		18,132,283
Series C, AMT, Subordinate, 5.00%, 05/15/44		8,000		8,281,936
City of Los Angeles Department of Airports, Refunding ARB
AMT, 4.00%, 05/15/42		2,000		1,972,664
AMT, 5.00%, 05/15/45		18,000		19,094,976
AMT, Subordinate, 5.00%, 05/15/44		10,035		10,490,057
CMFA Special Finance Agency VII, RB, M/F Housing, Series A1, 3.00%, 08/01/56(b)		1,330		867,399
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b)		11,440		9,304,152
CMFA Special Finance Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/45(b)		1,365		1,139,453
County of Sacramento California Airport System Revenue, Refunding RB, Sub-Series B, 5.00%, 07/01/41		8,200		8,477,390
CSCDA Community Improvement Authority, RB, M/F Housing(b)
3.13%, 07/01/56		23,665		16,537,481
4.00%, 07/01/56		33,920		25,343,847
3.13%, 08/01/56		9,025		6,498,514

1

Schedule of Investments (unaudited) (continued) March 31, 2023 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(b) (continued)
3.00%, 12/01/56	$	5,000	$	3,292,570
4.00%, 12/01/56		4,620		3,418,943
3.25%, 05/01/57		10,410		7,463,793
4.00%, 07/01/58		9,055		6,588,146
Series A, 5.00%, 01/01/54		8,950		7,171,143
Series B, 4.00%, 07/01/58		10,330		7,175,125
Mezzanine Lien, 4.00%, 06/01/57		7,220		5,156,957
Series B, Mezzanine Lien, 4.00%, 12/01/59		6,125		4,085,093
Senior Lien, 3.13%, 06/01/57		13,670		9,448,349
Series B, Sub Lien, 4.00%, 12/01/59		15,875		11,073,225
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB
Series A, 5.00%, 07/01/43		19,635		22,152,718
Series A, 5.00%, 07/01/45		15,060		16,846,206
Los Angeles Department of Water & Power Water System Revenue, Refunding RB
5.00%, 07/01/52		5,110		5,654,706
Series A, 5.25%, 07/01/44		24,365		25,984,639
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/51		22,500		24,667,133
Los Angeles Department of Water & Power, Refunding RB
Series B, 5.25%, 07/01/37		13,500		14,864,175
Series B, 5.25%, 07/01/38		15,000		16,381,050
Series B, 5.25%, 07/01/39		7,000		7,596,358
Series B, 5.00%, 07/01/46		16,500		18,162,491
Metropolitan Water District of Southern California, Refunding RB, Series C, 5.00%, 07/01/40		7,215		8,148,650
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47		20,000		21,892,580
San Diego County Regional Airport Authority, Refunding ARB, Series B, AMT, Subordinate, 5.00%, 07/01/49		4,375		4,500,921
San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41		35,000		37,155,125
San Diego Public Facilities Financing Authority, Refunding RB, Series A, 5.25%, 08/01/48		6,660		7,674,318
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
2nd Series, AMT, 5.00%, 05/01/48		36,595		37,757,953
Series A, AMT, 5.00%, 05/01/44		31,450		33,097,728
Series A, AMT, 5.00%, 05/01/49		28,200		29,226,395
Series B, AMT, 5.00%, 05/01/46		57,000		58,299,543
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 1.00%, 10/01/26		100,000		96,507,400
State of California, GO, 4.00%, 03/01/46		14,000		14,191,660
State of California, Refunding GO
4.00%, 11/01/37		16,170		16,967,488
4.00%, 03/01/38		5,000		5,185,775
5.25%, 10/01/39		20,100		21,708,020
4.00%, 03/01/46		15,000		15,208,605

Security	Par (000)		Value
California (continued)
University of California, RB, Series M, 5.00%, 05/15/42	$	100,000	$	107,028,600
University of California, Refunding RB, Series BE, 5.00%, 05/15/43		23,275		25,852,357
				1,301,451,046
Colorado — 3.0%
Brighton Crossing Metropolitan District No. 6, GO
Series A, 5.00%, 12/01/35		525		503,506
Series A, 5.00%, 12/01/40		515		469,656
Broadway Station Metropolitan District No. 2, GO, Series A, 5.13%, 12/01/48		3,585		2,640,123
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 5.00%, 12/01/37		25,015		26,375,841
Series A, AMT, 5.00%, 12/01/43		13,860		14,367,567
Series A, AMT, 5.25%, 12/01/43		51,045		53,531,351
Series A, AMT, 5.00%, 11/15/47		27,440		29,147,701
Series A, AMT, 5.00%, 12/01/48		4,120		4,252,479
Series A, AMT, 5.25%, 12/01/48		11,575		12,012,072
Series A, AMT, 5.50%, 11/15/53		3,750		4,105,103
Series D, AMT, 5.75%, 11/15/45		3,290		3,734,472
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, Series A-1, 5.00%, 08/01/48		12,920		13,417,536
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43		10,000		10,495,000
City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32		31,115		30,441,080
City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 5.00%, 11/15/47		11,500		12,759,422
City of Colorado Springs Colorado Utilities System Revenue, Refunding RB, Series A-2, 5.00%, 11/15/42		2,250		2,403,034
Colorado Educational & Cultural Facilities Authority, Refunding RB(b)
4.00%, 07/01/31		500		499,098
5.00%, 12/01/40		990		927,600
4.00%, 07/01/41		750		674,180
5.00%, 12/01/50		1,320		1,163,708
4.00%, 07/01/51		755		624,411
5.00%, 12/01/55		1,540		1,335,662
4.00%, 07/01/61		1,225		973,120
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47		4,390		4,686,685
Colorado Health Facilities Authority, Refunding RB
Series A, 5.00%, 08/01/44		5,855		6,056,453
Series A, 5.00%, 05/15/47		26,070		28,305,998
Cottonwood Highlands Metropolitan District No. 1, GO, Series A, 5.00%, 12/01/49		900		824,897
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50		1,190		1,192,157
Southlands Metropolitan District No. 1, Refunding GO, Series A-1, 5.00%, 12/01/47		3,000		2,823,519
State of Colorado, COP, Series J, 5.25%, 03/15/42		20,000		21,322,800
STC Metropolitan District No. 2, Refunding GO, Series A, 4.00%, 12/01/29		1,500		1,412,412
				293,478,643

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Connecticut — 0.6%
Connecticut State Health & Educational Facilities Authority, RB, 5.00%, 07/01/47	$	10,000	$	10,615,480
Connecticut State Health & Educational Facilities Authority, Refunding RB
Series 2015-A, 0.38%, 07/01/35(a)		39,965		38,862,766
Series G-1, 5.00%, 07/01/39(b)		1,500		1,475,403
Series G-1, 5.00%, 07/01/44(b)		2,000		1,911,386
Series G-1, 5.00%, 07/01/50(b)		2,350		2,176,100
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)		3,895		3,902,708
				58,943,843
Delaware — 0.2%
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(a)		25,165		23,803,221
District of Columbia — 4.8%
District of Columbia Water & Sewer Authority, Refunding RB
5.00%, 10/01/49		5,850		6,197,297
Series B, Sub-Lien, 5.25%, 10/01/40		48,060		51,203,941
Series B, Sub-Lien, 5.25%, 10/01/44		63,075		66,330,805
District of Columbia, GO
Series A, 5.00%, 06/01/41		5,000		5,262,670
Series D, 5.00%, 06/01/42		34,680		36,944,881
District of Columbia, RB
Series A, 5.00%, 07/01/47		20,000		22,234,920
Series A, 5.50%, 07/01/47		15,250		17,746,654
Series C, 4.00%, 05/01/45		10,000		10,073,650
Series C, 5.00%, 05/01/45		10,000		10,949,540
District of Columbia, Refunding GO
5.25%, 01/01/48		18,355		20,970,000
Series A, 4.00%, 10/15/39		5,000		5,136,145
Series D, 4.00%, 02/01/46		7,000		7,041,090
District of Columbia, Refunding RB, 4.00%, 03/01/44		11,000		11,149,336
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB
Series A, AMT, 5.00%, 10/01/30		22,055		22,656,594
Series A, AMT, 5.00%, 10/01/36		10,000		10,626,090
Series A, AMT, 5.00%, 10/01/48		12,400		12,819,046
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB
Series A, 4.00%, 07/15/43		28,200		28,485,299
Series A, 4.00%, 07/15/46		35,055		34,688,500
Washington Metropolitan Area Transit Authority, RB
5.00%, 07/01/43		35,480		37,450,666
Series B, 5.00%, 07/01/42		48,900		51,697,178
				469,664,302
Florida — 3.5%
Brevard County Health Facilities Authority, Refunding RB(b)
4.00%, 11/15/45		2,830		2,353,145
4.00%, 11/15/55		4,170		3,222,226
Capital Trust Agency, Inc., RB(b)
Series A, 5.00%, 06/15/49		4,365		3,588,536
Series A, 5.00%, 01/01/56		3,400		2,603,009
Capital Trust Agency, Inc., RB, CAB, Subordinate, 0.00%, 01/01/61(b)(d)		6,970		320,281

Security	Par (000)		Value
Florida (continued)
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46	$	12,910	$	13,094,716
City of Tampa Florida, SAB
5.25%, 05/01/43		11,720		12,745,769
5.25%, 05/01/46		15,430		16,703,700
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40		112,405		115,598,538
County of Miami-Dade Seaport Department, ARB(c)
Series A, 6.00%, 10/01/23		6,325		6,425,220
Series B, AMT, 6.00%, 10/01/23		2,350		2,382,033
Series B, AMT, 6.25%, 10/01/23		5,000		5,074,205
County of Miami-Dade Seaport Department, Refunding RB, Series A, 5.00%, 10/01/47		19,050		19,759,155
County of Palm Beach Florida, RB, 5.00%, 04/01/51(b)		4,770		4,260,173
Florida Development Finance Corp., RB
6.50%, 06/30/57(b)		8,670		8,673,234
Series C, 5.75%, 12/15/56(b)		6,295		5,449,361
AMT, 5.00%, 05/01/29(b)		1,820		1,701,043
AMT, 3.00%, 06/01/32		4,940		3,788,763
Florida Development Finance Corp., Refunding RB, Series A, 4.50%, 12/15/56(b)		18,065		14,128,853
Greater Orlando Aviation Authority, ARB
Series A, AMT, 5.00%, 10/01/44		15,000		15,710,370
Sub-Series A, AMT, 5.00%, 10/01/42		22,310		23,014,037
Sub-Series A, AMT, 5.00%, 10/01/47		32,485		33,201,229
Hillsborough County Port District, ARB, Series A, 5.25%, 06/01/48		8,375		8,839,017
Lakewood Ranch Stewardship District, Refunding SAB, 4.00%, 05/01/50(b)		1,250		995,067
Lakewood Ranch Stewardship District, SAB
4.63%, 05/01/27		1,395		1,403,828
5.00%, 05/01/37(b)		1,655		1,650,426
4.70%, 05/01/39		1,160		1,102,328
5.13%, 05/01/47(b)		1,985		1,909,236
4.88%, 05/01/49		1,250		1,138,771
Live Oak Lake Community Development District, SAB
4.40%, 05/01/40		1,600		1,434,970
4.60%, 05/01/51		2,840		2,395,122
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43		8,370		7,298,632
River Landing Community Development District, SAB
Series A, 4.13%, 05/01/40		860		795,112
Series A, 4.35%, 05/01/51		1,100		986,828
Series B, 4.25%, 11/01/35		965		950,727
Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39		1,750		1,540,555
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(e)(f)		147		93,809
Windward Community Development District, SAB
Series A-1, 4.50%, 05/01/51		500		414,736
Series A-2, 4.40%, 11/01/35		1,050		948,943
				347,695,703

3

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia — 2.4%
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, Subordinate, 4.00%, 07/01/34	$	20,615	$	21,378,312
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/47		3,000		3,155,610
County of DeKalb Georgia Water & Sewerage Revenue, Refunding RB, 5.00%, 10/01/52		15,070		16,657,624
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)		5,030		4,486,373
Main Street Natural Gas, Inc., RB(a)
Series A, 5.00%, 06/01/53		56,010		58,338,560
Series B, 5.00%, 12/01/52		44,415		45,956,600
Series B, 5.00%, 07/01/53		60,000		63,406,740
Series C, 4.00%, 03/01/50		20,710		20,579,278
				233,959,097
Illinois — 6.4%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		2,200		2,183,251
Series D, 5.00%, 12/01/46		25,350		24,854,889
Series H, 5.00%, 12/01/36		4,620		4,684,260
Series A, AMT, 5.00%, 12/01/33		1,000		1,047,777
Chicago Board of Education, Refunding GO
Series A, 5.00%, 12/01/28		4,000		4,198,580
Series B, 5.00%, 12/01/31		1,000		1,054,987
Series B, 4.00%, 12/01/35		11,640		11,065,531
Series C, 5.00%, 12/01/24		4,445		4,510,742
Series C, 5.00%, 12/01/25		12,760		13,086,937
Series C, 5.00%, 12/01/26		3,060		3,170,099
Series F, 5.00%, 12/01/24		9,585		9,727,031
Series G, 5.00%, 12/01/34		5,000		5,131,010
Chicago O’Hare International Airport, ARB
Class A, AMT, Senior Lien, 5.00%, 01/01/48		16,065		16,664,482
Series D, Senior Lien, 5.25%, 01/01/42		56,710		59,636,690
Series D, Senior Lien, 5.00%, 01/01/47		20,000		20,654,000
Chicago O’Hare International Airport, Refunding ARB
Series A, AMT, Senior Lien, 5.00%, 01/01/39		4,000		4,197,096
Series A, AMT, Senior Lien, 5.00%, 01/01/48		5,000		5,121,515
Chicago O’Hare International Airport, Refunding RB
Series B, Senior Lien, 5.00%, 01/01/38		30,000		31,563,780
Series B, Senior Lien, 5.00%, 01/01/39		64,885		68,076,953
Illinois Finance Authority, Refunding RB
Series A, 5.00%, 07/15/42		23,695		24,805,134
Series A, 5.25%, 05/15/48		6,670		7,515,402
Series C, 5.00%, 02/15/41		37,295		38,760,171
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40		15,500		15,942,246
Series A, 5.00%, 01/01/42		48,000		50,625,744
Series A, 4.00%, 01/01/46		54,500		53,084,962
Series B, 5.00%, 01/01/40		35,105		36,394,196
State of Illinois, GO
5.50%, 05/01/30		1,500		1,689,996
5.50%, 05/01/39		9,040		9,861,627
Series A, 5.00%, 11/01/29		27,500		30,565,067
Series C, 5.50%, 10/01/42		28,000		30,942,212

Security	Par (000)		Value
Illinois (continued)
State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32	$	14,000	$	15,418,312
State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28		19,250		21,145,393
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23		1,920		1,922,815
				629,302,887
Indiana — 0.1%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		3,870		3,943,913
AMT, 7.00%, 01/01/44		7,330		7,453,005
				11,396,918
Iowa — 0.0%
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d)		13,035		1,386,390
Kentucky — 0.1%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b)		3,030		2,740,120
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)		12,350		12,052,241
				14,792,361
Louisiana — 2.3%
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b)		2,325		2,145,324
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a)		195,960		185,255,489
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(a)		21,580		20,601,908
Louisiana Public Facilities Authority, RB(b)
Series A, 5.00%, 04/01/39		1,425		1,324,025
Series A, 5.00%, 06/01/39		1,300		1,299,914
Series A, 5.00%, 04/01/49		2,800		2,393,236
Series A, 5.00%, 06/01/49		3,000		2,858,577
Series A, 5.00%, 06/01/58		4,500		4,190,818
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 04/01/45		5,000		5,365,295
				225,434,586
Maryland — 0.4%
City of Baltimore Maryland, Refunding RB
Series A, 4.50%, 09/01/33		2,735		2,699,054
Series A, 5.00%, 09/01/38		1,400		1,413,663
County of Montgomery Maryland, RB, 5.00%, 12/01/44		9,795		10,013,193
County of Prince George’s Maryland, COP, 5.00%, 10/01/48		6,175		6,545,549
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47		12,285		12,633,390
Maryland Economic Development Corp., TA, 4.00%, 09/01/50		5,145		4,216,261
				37,521,110

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts — 6.1%
City of Lowell Massachusetts, Refunding GO, (SAW), 4.00%, 08/01/44	$	6,315	$	6,359,975
Commonwealth of Massachusetts Transportation Fund Revenue, Refunding RB, Series A, 5.00%, 06/01/43		5,000		5,559,615
Commonwealth of Massachusetts, GO
Series 2020, 5.00%, 07/01/45		5,915		6,503,968
Series A, 5.25%, 04/01/42		42,000		45,391,332
Series A, 5.00%, 01/01/43		3,045		3,273,326
Series A, 5.25%, 01/01/44		16,490		18,066,065
Series A, 5.25%, 04/01/47		85,000		90,273,145
Series B, 4.00%, 02/01/39		2,840		2,959,882
Series C, 5.25%, 10/01/47		10,125		11,528,335
Series E, 5.25%, 09/01/43		92,000		100,814,336
Series E, 5.00%, 11/01/52		24,000		26,530,632
Massachusetts Bay Transportation Authority Assessment Revenue, Refunding RB, Series A-1, 4.00%, 07/01/40		20,000		20,779,620
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB
Sub-Series A-1, 5.00%, 07/01/43		9,100		10,290,853
Sub-Series A-1, 5.25%, 07/01/48		16,240		18,599,282
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42		9,655		9,915,811
Massachusetts Development Finance Agency, Refunding RB(b)
5.00%, 10/01/37		1,000		1,012,232
5.00%, 10/01/47		1,250		1,242,553
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46		21,640		23,001,784
Massachusetts Port Authority, Refunding ARB
Series A, AMT, 5.00%, 07/01/34		2,110		2,265,650
Series C, AMT, 5.00%, 07/01/44		15,000		15,829,200
Series C, AMT, 5.00%, 07/01/49		10,000		10,434,240
Massachusetts Port Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/37		1,000		1,104,248
Massachusetts School Building Authority, RB
Series A, 4.00%, 08/15/40		2,500		2,525,503
Series B, 5.25%, 02/15/48		70,505		75,651,795
Town of Lexington Massachusetts, Refunding GO
4.00%, 02/01/40		1,200		1,238,185
4.00%, 02/01/41		1,370		1,410,077
4.00%, 02/01/42		1,295		1,326,721
4.00%, 02/01/43		1,370		1,400,880
University of Massachusetts Building Authority, Refunding RB
Series 1, 5.25%, 11/01/42		58,840		63,658,466
Series 1, 5.25%, 11/01/47		14,425		15,365,149
				594,312,860
Michigan — 3.7%
Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44		20,000		21,425,360
Michigan Finance Authority, RB
4.00%, 02/15/47		17,220		16,052,122
4.00%, 02/15/44		65,965		62,699,337
Series A, 6.50%, 06/01/57(b)		5,980		5,744,226
Series S, 5.00%, 11/01/44		4,665		4,747,855
Michigan Finance Authority, Refunding RB
5.00%, 11/15/41		61,865		63,446,393
5.25%, 12/01/41		25,630		26,759,309

Security	Par (000)		Value
Michigan (continued)
Michigan Finance Authority, Refunding RB (continued)
Series A, 5.00%, 12/01/37	$	25,105	$	26,604,748
Series A, 4.00%, 12/01/40		4,750		4,680,009
Series A, 5.00%, 12/01/41		9,370		9,947,632
Series A, 4.00%, 12/01/49		14,475		13,909,245
Michigan State Building Authority, Refunding RB
Series I, 4.00%, 10/15/41		2,000		2,031,126
Series I, 5.25%, 10/15/57		7,205		8,044,116
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47		2,950		3,027,081
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		16,470		16,741,179
State of Michigan Trunk Line Revenue, RB
4.00%, 11/15/44		15,000		15,121,350
4.00%, 11/15/46		25,000		24,732,925
Series B, 4.00%, 11/15/39		23,600		24,143,838
Series B, 4.00%, 11/15/45		10,000		10,009,750
				359,867,601
Minnesota — 0.1%
City of Rochester Minnesota, Refunding RB, 4.00%, 11/15/39		10,000		10,408,570
Missouri — 0.2%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.50%, 01/01/39		16,085		16,134,767
Montana — 0.0%
City of Kalispell Montana, Refunding RB
Series A, 5.25%, 05/15/37		405		357,795
Series A, 5.25%, 05/15/47		1,500		1,205,849
Series A, 5.25%, 05/15/52		1,500		1,160,016
				2,723,660
Nevada — 0.9%
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43		74,740		80,334,438
State of Nevada Department of Business & Industry, RB(b)
Series A, 4.50%, 12/15/29		280		275,138
Series A, 5.00%, 07/15/37		875		883,318
Series A, 5.00%, 12/15/38		1,080		1,031,438
Series A, 5.00%, 07/15/47		1,400		1,394,935
				83,919,267
New Hampshire(b) — 0.1%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		9,085		8,323,268
Series C, AMT, 4.88%, 11/01/42		3,700		3,378,726
				11,701,994
New Jersey — 4.1%
New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23		1,460		1,449,021
New Jersey Economic Development Authority, RB, Series WW, 5.25%, 06/15/25(c)		14,145		14,980,743
New Jersey Health Care Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/35		7,375		7,957,994
Series A, 5.00%, 07/01/38		11,950		12,663,080
Series A, 5.00%, 07/01/39		22,245		23,489,786
Series A, 4.00%, 07/01/40		10,000		9,858,320

5

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority, Refunding RB (continued)
Series A, 5.00%, 07/01/43	$	10,000	$	10,299,430
New Jersey Transportation Trust Fund Authority, RB
5.25%, 06/15/43		9,000		9,843,039
5.50%, 06/15/50		6,225		6,832,106
Series AA, 5.50%, 06/15/39		39,890		40,082,948
Series AA, 4.00%, 06/15/45		22,000		21,224,038
Series BB, 4.00%, 06/15/44		35,890		34,759,070
Series BB, 4.00%, 06/15/46		15,000		14,311,080
Series C, 5.25%, 06/15/32		20,010		20,756,133
Series S, 5.00%, 06/15/46		12,350		12,840,999
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 4.00%, 06/15/39		8,500		8,541,982
Series A, 4.00%, 06/15/41		7,000		6,926,913
New Jersey Turnpike Authority, RB
Series A, 4.00%, 01/01/48		13,920		13,848,354
Series B, 5.00%, 01/01/46		26,315		28,968,868
State of New Jersey, GO
(BAM-TCRS), 2.00%, 06/01/36		6,055		5,064,668
2.00%, 06/01/37		10,000		8,129,320
5.00%, 06/01/40		12,500		13,365,187
5.00%, 06/01/41		11,500		12,270,684
5.00%, 06/01/42		10,500		11,182,279
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		20,760		21,427,911
Series A, 5.25%, 06/01/46		20,350		21,280,463
Sub-Series B, 5.00%, 06/01/46		6,960		6,989,288
				399,343,704
New Mexico — 0.0%
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27		125		134,260
New York — 13.7%
City of New York New York, GO
Series A-1, 5.00%, 08/01/47		14,000		15,167,250
Series B, 5.25%, 10/01/47		4,040		4,488,282
Series C, 4.00%, 08/01/40		2,040		2,065,186
Series C, 4.00%, 08/01/41		1,910		1,908,346
Series D-1, 5.25%, 05/01/41		4,210		4,787,894
Series D-1, 5.50%, 05/01/44		7,840		8,971,602
Series D-1, 5.50%, 05/01/45		1,000		1,141,584
Series D-1, 5.50%, 05/01/46		2,655		3,024,279
Sub-Series E1, 5.25%, 04/01/47		19,000		21,160,072
City of New York New York, Refunding GO, Series A, 5.00%, 08/01/31		3,235		3,345,155
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42		33,825		35,676,919
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39		10,000		10,119,170
New York City Municipal Water Finance Authority, RB
Series AA, 4.00%, 06/15/43		16,040		16,157,942
Series AA-1, 5.25%, 06/15/52		1,530		1,716,856
New York City Municipal Water Finance Authority, Refunding RB
Series BB-1, 5.00%, 06/15/44		2,460		2,720,352

Security	Par (000)		Value
New York (continued)
New York City Municipal Water Finance Authority, Refunding RB (continued)
Series BB-1, 4.00%, 06/15/45	$	66,140	$	65,870,281
Series CC, 4.00%, 06/15/41		5,000		5,078,870
Series CC1, 5.00%, 06/15/37		24,000		26,005,560
Series CC1, 5.25%, 06/15/37		15,000		16,370,850
Series DD, 5.25%, 06/15/47		25,000		28,166,400
Series DD-2, 5.00%, 06/15/40		21,260		22,836,642
Series DD-3, 4.00%, 06/15/42		10,000		10,050,700
Series EE, 5.25%, 06/15/36		14,500		15,964,950
Series EE, 5.00%, 06/15/40		34,240		36,816,594
Series EE, 4.00%, 06/15/42		5,000		5,034,245
Series EE, 4.00%, 06/15/45		16,755		16,737,541
Series FF, 5.00%, 06/15/40		23,790		25,729,099
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-3, Subordinate, (SAW), 5.25%, 07/15/45		31,165		33,457,061
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series B-1, 4.00%, 11/01/41		16,500		16,667,063
Series D-1, 5.50%, 11/01/45		19,690		22,583,859
Series D-1, 5.25%, 11/01/48		19,400		21,634,026
Subordinate, 4.00%, 05/01/40		6,835		6,955,323
Subordinate, 4.00%, 05/01/44		20,000		19,908,380
Series C1, Subordinate, 4.00%, 11/01/42		20,925		21,016,233
Series C-1, Subordinate, 4.00%, 02/01/41		10,000		10,062,110
Series C-1, Subordinate, 5.00%, 02/01/47		17,220		18,718,794
Series C-3, Subordinate, 5.00%, 05/01/40		5,000		5,368,460
Series F-1, Subordinate, 5.00%, 02/01/43		14,280		15,777,244
Series F-1, Subordinate, 5.00%, 02/01/44		4,000		4,397,744
New York Liberty Development Corp., Refunding RB, Series A, 2.88%, 11/15/46		38,000		27,707,168
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45		61,980		62,428,177
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43		2,220		2,340,877
New York State Dormitory Authority, Refunding RB
Series A, 5.25%, 03/15/38		5,000		5,505,325
Series A, 4.00%, 03/15/39		3,675		3,715,462
Series A, 4.00%, 03/15/40		47,720		48,513,154
Series A, 4.00%, 03/15/42		8,105		8,163,794
Series A, 4.00%, 03/15/43		12,365		12,416,352
Series C, 5.00%, 03/15/39		11,650		11,933,747
Series E, 5.00%, 03/15/41		20,150		21,737,095
Series E, 5.00%, 03/15/42		16,800		18,053,095
Series E, 4.00%, 03/15/43		7,580		7,567,402
Series E, 4.00%, 03/15/44		7,135		7,134,543
New York State Housing Finance Agency, RB, M/F Housing, Series J, 1.10%, 11/01/61(a)		36,070		33,461,165
New York State Thruway Authority, RB, Series N, 4.00%, 01/01/45		4,060		3,978,000
New York State Thruway Authority, Refunding RB
Series A, 4.00%, 03/15/42		14,865		14,972,831
Series A, 5.00%, 03/15/48		4,400		4,807,053
Series O, 4.00%, 01/01/37		16,450		16,905,287
Series O, 4.00%, 01/01/44		14,655		14,546,670
Series O, 4.00%, 01/01/47		10,155		9,853,356
Series B, Subordinate, 4.00%, 01/01/41		4,550		4,519,702

SCHEDULE   OF   INVESTMENTS 6

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45	$	19,085	$	18,850,121
New York State Urban Development Corp., Refunding RB
4.00%, 03/15/43		12,105		12,164,048
4.00%, 03/15/44		7,200		7,205,616
Series A, 4.00%, 03/15/44		5,000		4,989,845
Series A, 5.00%, 03/15/46		12,225		13,436,326
Series A, 5.00%, 03/15/49		10,000		10,908,600
Series E, 4.00%, 03/15/41		25,000		25,190,875
Series E, 4.00%, 03/15/42		50,000		50,171,650
New York Transportation Development Corp., ARB
AMT, 5.00%, 12/01/35		1,650		1,781,035
AMT, 5.00%, 12/01/37		10		10,666
AMT, 5.00%, 12/01/38		12,150		12,973,819
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		25,020		25,788,564
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b)		5,190		4,394,165
Port Authority of New York & New Jersey, ARB
AMT, 5.00%, 11/01/49		8,465		8,834,413
Consolidated, 218th Series, AMT, 5.00%, 11/01/44		46,300		48,810,432
Port Authority of New York & New Jersey, Refunding ARB
230th Series, 5.25%, 12/01/52		3,195		3,569,690
AMT, 5.00%, 01/15/47		12,550		13,399,309
AMT, 5.00%, 01/15/52		12,795		13,539,426
234th Series, AMT, 5.50%, 08/01/52		1,990		2,185,531
Series 207, AMT, 5.00%, 09/15/31		14,950		16,192,255
Series 223, AMT, 4.00%, 07/15/40		1,000		996,958
Series 231, AMT, 5.50%, 08/01/40		5,515		6,253,624
Triborough Bridge & Tunnel Authority, Refunding RB
Series A, 5.25%, 11/15/45		7,805		8,078,323
Series C, 5.00%, 05/15/47		12,000		13,217,880
Series C, 5.25%, 05/15/52		17,150		19,016,435
Series C-2, 5.00%, 11/15/42		55,995		59,631,875
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51		2,500		2,512,980
				1,348,023,634
North Carolina — 0.0%			��
North Carolina Medical Care Commission, RB
5.00%, 10/01/45		1,000		917,688
5.00%, 10/01/50		1,500		1,346,885
				2,264,573
North Dakota — 0.0%
North Dakota Building Authority, RB, Series A, 5.00%, 12/01/24		1,655		1,719,105
Ohio — 0.6%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		29,000		26,118,966
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47		5,000		5,146,835
Ohio Air Quality Development Authority, RB(b)
AMT, 4.50%, 01/15/48		1,480		1,386,547
AMT, 5.00%, 07/01/49		8,460		7,592,825

Security	Par (000)		Value
Ohio (continued)
State of Ohio, RB, 4.00%, 01/01/46	$	5,935	$	5,833,072
State of Ohio, Refunding RB, 4.00%, 01/01/43		2,020		2,004,284
Worthington City School District, GO, Series C, 5.00%, 12/01/48		10,000		11,054,840
				59,137,369
Oklahoma — 0.1%
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(b)		7,990		8,393,183
Oregon — 0.1%
Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48		10,000		11,052,050
Pennsylvania — 1.2%
Allentown Neighborhood Improvement Zone Development Authority, RB(b)
5.00%, 05/01/27		3,250		3,306,287
5.00%, 05/01/32		3,750		3,780,994
Bucks County Industrial Development Authority, RB
4.00%, 07/01/46		2,205		1,751,577
4.00%, 07/01/51		1,500		1,148,063
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32		1,805		1,810,079
Pennsylvania Economic Development Financing Authority, Refunding RB
Series A, 4.00%, 02/15/41		7,550		7,379,181
Series A, 4.00%, 02/15/42		8,430		8,185,901
Series A, 5.00%, 02/15/47		7,500		7,868,332
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 4.00%, 08/15/43		5,375		5,393,920
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, AMT, 5.25%, 12/01/44		30,000		32,468,070
Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/46		46,430		48,670,340
				121,762,744
Puerto Rico — 3.0%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(d)		300,000		18,845,400
Commonwealth of Puerto Rico, GO
Series A1, Restructured, 5.63%, 07/01/29		36,800		38,271,186
Series A1, Restructured, 5.75%, 07/01/31		11,497		12,077,541
Series A1, Restructured, 4.00%, 07/01/33		20,418		18,325,946
Series A1, Restructured, 4.00%, 07/01/35		8,168		7,107,802
Series A1, Restructured, 4.00%, 07/01/37		30,445		25,782,774
Series A1, Restructured, 4.00%, 07/01/41		7,600		6,160,621
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, AMT, 4.00%, 07/01/42(b)		6,205		5,225,491
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53		78,205		70,879,225
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series B1, Restructured, 0.00%, 07/01/46(d)		18,123		4,748,117

7

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, Restructured, 4.78%, 07/01/58	$	50,843	$	45,726,211
Series A-2, Restructured, 4.33%, 07/01/40		48,060		43,665,442
				296,815,756
South Carolina — 0.2%
County of Dorchester South Carolina, SAB(b)
5.88%, 10/01/40		1,245		1,271,204
6.00%, 10/01/51		3,000		3,037,263
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b)		10,135		9,922,165
South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37		6,005		5,959,962
				20,190,594
Tennessee — 1.1%
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.25%, 07/01/47		13,000		13,958,711
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)		92,910		95,801,731
				109,760,442
Texas — 7.8%
Arlington Higher Education Finance Corp., RB
7.88%, 11/01/62(b)		9,425		9,739,248
Series A, 5.30%, 04/01/62(b)		6,415		5,676,024
Series A, 5.75%, 08/15/62		4,950		4,610,534
Austin Independent School District, GO, 5.00%, 08/01/48		9,615		10,367,221
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series C, 5.00%, 10/01/45		21,635		23,783,442
City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46		45,000		48,590,370
City of Garland Texas, Refunding GO, 4.00%, 02/15/40		10,430		10,677,504
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, 5.00%, 11/15/42		25,000		26,614,675
City of Midland Texas, Refunding GO, Series B, 5.00%, 03/01/47		17,985		19,734,401
Dallas Fort Worth International Airport, Refunding RB
Series A, 4.00%, 11/01/38		9,060		9,228,561
Series B, 4.00%, 11/01/45		30,000		29,713,770
Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48		27,525		30,394,757
Frisco Independent School District, Refunding GO, (PSF), 4.00%, 08/15/40		3,485		3,499,404
Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43		79,060		84,009,235
Harris County Cultural Education Facilities Finance Corp., RB
4.00%, 12/01/45		9,065		8,943,982
Series B, 6.38%, 01/01/33		40		40,012
Harris County Cultural Education Facilities Finance Corp., Refunding RB
4.00%, 10/01/41		1,300		1,293,850
4.00%, 10/01/42		11,500		11,401,721
4.00%, 10/01/47		40,000		38,942,480

Security	Par (000)		Value
Texas (continued)
Lower Colorado River Authority, (AGM), 5.50%, 05/15/48	$	15,000	$	17,032,665
Lower Colorado River Authority, Refunding RB
5.00%, 05/15/45		2,000		2,043,366
5.00%, 05/15/50		10,310		10,789,157
5.00%, 05/15/51		3,750		4,013,685
Series A, 5.50%, 05/15/47		5,000		5,594,330
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)		13,495		13,232,279
New Hope Cultural Education Facilities Finance Corp., RB
Series A, 5.00%, 07/01/40		4,000		3,757,664
Series A, 5.00%, 07/01/57		7,000		5,989,088
New Hope Cultural Education Facilities Finance Corp., Refunding RB
Series A, 4.00%, 08/15/40		2,000		2,009,416
Series A, 6.63%, 10/01/43		7,370		6,868,663
Series A, 6.75%, 10/01/52		1,160		1,052,691
Series B2, 4.50%, 10/01/26		2,970		2,875,129
North Texas Tollway Authority, Refunding RB
Series A, 5.00%, 01/01/40		22,070		24,357,489
Series A, 5.00%, 01/01/43		5,610		5,903,818
Northwest Independent School District, GO, Series A, (PSF), 5.00%, 02/15/48		2,145		2,360,971
Pflugerville Independent School District, GO
Series A, 5.00%, 02/15/40		8,345		9,585,985
Series A, 5.00%, 02/15/48		32,890		35,266,039
Pottsboro Independent School District, GO, (PSF), 5.00%, 02/15/47		6,000		6,634,110
Sands Consolidated Independent School District, GO, (BAM), 5.00%, 02/15/43		1,780		1,941,998
Tarrant County Cultural Education Facilities Finance Corp., RB
4.00%, 10/01/41		5,710		5,742,541
5.50%, 11/15/47		11,905		13,333,779
Series B, 5.00%, 07/01/43		50,400		52,498,706
Series B, 5.00%, 07/01/48		1,000		1,029,180
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB
Series A, 5.00%, 02/15/41		13,000		13,529,685
Series A, 4.00%, 11/15/42		20,000		19,820,620
Series A, 5.00%, 11/15/45		5,000		5,148,235
Texas Water Development Board, RB
4.75%, 10/15/42		7,345		7,991,162
5.25%, 10/15/46		60,000		63,715,380
5.00%, 10/15/47		15,000		16,660,980
4.80%, 10/15/52		8,740		9,323,378
Series B, 5.00%, 04/15/49		15,000		15,932,220
				763,295,600
Utah — 0.7%
County of Utah, RB
Series A, 4.00%, 05/15/45		1,875		1,877,743
Series B, 5.00%, 05/15/46		15,000		15,535,605
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41		24,970		25,861,978
Utah Charter School Finance Authority, RB(b)
5.00%, 06/15/42		1,810		1,668,116
5.00%, 06/15/52		5,420		4,708,430
5.63%, 06/15/54		4,930		4,451,322

SCHEDULE   OF   INVESTMENTS 8

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utah (continued)
Utah Charter School Finance Authority, RB(b) (continued)
5.00%, 06/15/57	$	3,910	$	3,350,717
Utah Charter School Finance Authority, Refunding RB(b)
5.25%, 06/15/37		3,795		3,708,709
5.38%, 06/15/48		4,740		4,458,160
				65,620,780
Vermont(b) — 0.1%
East Central Vermont Telecommunications District, RB
Series A, 4.00%, 12/01/30		2,010		1,905,432
Series A, 4.25%, 12/01/40		4,030		3,391,435
Series A, 4.50%, 12/01/50		2,960		2,349,183
				7,646,050
Virginia — 1.9%
Ballston Quarter Community Development Authority, TA, Series A, AMT, 5.50%, 03/01/46		1,740		1,244,704
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47		14,750		15,371,049
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42		35,065		34,573,599
Hampton Roads Transportation Accountability Commission, RB, Senior Lien, 5.00%, 07/01/50		7,405		7,996,682
Hanover County Economic Development Authority, Refunding RB
5.00%, 07/01/38		125		119,431
5.00%, 07/01/48		370		326,695
Virginia College Building Authority, RB, 4.00%, 02/01/34		3,400		3,495,547
Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax, RB, 5.00%, 05/15/51		9,870		10,840,093
Virginia Commonwealth Transportation Board, RB, 4.00%, 05/15/41		12,675		12,813,614
Virginia Public Building Authority, RB
Series A, 4.00%, 08/01/41		31,165		32,143,955
Series A, 4.00%, 08/01/42		32,440		33,182,357
Series A-2, 4.00%, 08/01/38		30,465		31,673,607
				183,781,333
Washington — 0.3%
University of Washington, Refunding RB, Series A, 5.25%, 12/01/46		23,385		24,949,574
Wisconsin — 0.8%
Public Finance Authority, ARB
AMT, 4.00%, 07/01/41		2,715		2,140,430
AMT, 4.25%, 07/01/54		4,745		3,431,864
Public Finance Authority, RB(b)
4.00%, 06/15/40		2,020		1,544,860
4.00%, 06/15/50		2,995		2,025,656
5.00%, 12/01/55		4,000		3,201,836
4.00%, 06/15/56		2,445		1,585,289
Series A, 6.25%, 10/01/31		1,715		1,443,678
Series A, 5.00%, 06/15/41		1,215		1,106,337
Series A, 5.25%, 03/01/45		3,325		3,000,613
Series A, 7.00%, 11/01/46(e)(f)		6,385		4,150,250
Series A, 7.00%, 10/01/47		1,715		1,392,141

Security	Par (000)		Value
Wisconsin (continued)
Public Finance Authority, RB(b) (continued)
Series A, 5.63%, 06/15/49	$	12,235	$	11,486,487
Series A, 5.00%, 06/15/51		1,365		1,155,183
Series A, 5.38%, 07/15/52		6,760		5,800,208
Series A, 5.25%, 03/01/55		9,500		8,170,238
Series A, 4.75%, 06/15/56		7,815		5,789,821
Series A, 5.00%, 06/15/56		1,495		1,239,110
Series A-1, 5.00%, 01/01/56		2,515		1,921,998
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(b)(d)		24,640		1,521,693
Public Finance Authority, Refunding RB
5.00%, 03/01/37(b)		760		699,639
Series A, 4.00%, 12/01/51		1,050		820,807
Wisconsin Health & Educational Facilities Authority, RB, 4.00%, 11/15/43		14,000		13,563,704
				77,191,842
Total Municipal Bonds — 89.8% (Cost: $8,939,492,083)				8,814,065,414
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
California — 2.2%
California State University, RB, Series A, 5.00%, 11/01/51		40,470		43,666,077
State of California, Refunding GO, 5.00%, 09/01/41		70,000		79,348,290
University of California, Refunding RB, Series Q, 5.00%, 05/15/46		87,090		96,778,153
				219,792,520
District of Columbia — 0.6%
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45		50,585		55,116,647
Massachusetts — 0.6%
Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47		50,000		56,930,050
New York — 2.4%
City of New York New York, GO, Sub-Series F-1, 5.00%, 04/01/43		52,780		56,056,635
New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.25%, 06/15/46		61,465		65,112,409
New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/46		66,155		72,450,643
Port Authority of New York & New Jersey, Refunding ARB, 231st Series, AMT, 5.50%, 08/01/47(h)		40,000		44,726,860
				238,346,547

9

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock National Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Washington — 0.5%
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42	$	45,000	$	46,924,133
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.3% (Cost: $634,033,872)				617,109,897
Total Long-Term Investments — 96.1% (Cost: $9,573,525,955)				9,431,175,311
	Shares
Short-Term Securities
Money Market Funds — 6.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.59%(i)(j)		600,617,577		600,557,515
Total Short-Term Securities — 6.1% (Cost: $600,474,284)				600,557,515
Total Investments — 102.2% (Cost: $10,174,000,239)				10,031,732,826
Other Assets Less Liabilities — 0.7%				71,773,761
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.9)%				(284,116,144	)
Net Assets — 100.0%			$	9,819,390,443

^(a)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  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.

^(d)  Zero-coupon bond.

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

^(f)  Non-income producing security.

^(g)  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.

^(h)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on February 1, 2030, is $21,130,556.

⁽ⁱ⁾  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 06/30/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	432,921,461	$	167,764,161	(a)	$	—		$	71,419		$	(199,526	)	$	600,557,515		600,617,577	$	5,262,096	$	—
iShares National Muni Bond ETF(b)		—		74,730,875			(73,095,986	)		(1,634,889	)		—			—		—		—		—
									$	(1,563,470	)	$	(199,526	)	$	600,557,515			$	5,262,096	$	—

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

^(b)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		1,294		06/21/23	$	148,891	$	(1,154,231	)
U.S. Long Bond		1,767		06/21/23		232,084		(3,529,748	)
5-Year U.S. Treasury Note		1,602		06/30/23		175,657		(2,566,772	)
							$	(7,250,751	)

SCHEDULE   OF   INVESTMENTS 10

Schedule of Investments (unaudited) (continued) March 31, 2023 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	$	—		$	8,814,065,414	$	—	$	8,814,065,414
Municipal Bonds Transferred to Tender Option Bond Trusts		—			617,109,897		—		617,109,897
Short-Term Securities
Money Market Funds		600,557,515			—		—		600,557,515
	$	600,557,515		$	9,431,175,311	$	—	$	10,031,732,826
Derivative Financial Instruments(a)
Liabilities
Interest Rate Contracts	$	(7,250,751	)	$	—	$	—	$	(7,250,751	)

^(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 $281,824,988 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.
BAM-TCRS	Build America Mutual Assurance Co.- Transferable Custodial Receipts
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GO	General Obligation Bonds

Portfolio Abbreviation (continued)
M/F	Multi-Family
PSF	Permanent School Fund
RB	Revenue Bond
SAB	Special Assessment Bonds
SAW	State Aid Withholding
TA	Tax Allocation

11