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
Class A, 3.25%, 08/20/36

    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,
Series A, 4.00%, 07/15/51

    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)
3.13%, 07/01/56

    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)
4.00%, 07/01/31

    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
4.00%, 11/15/38

    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  
 

 

 

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


Schedule of Investments (unaudited) (continued)

September 30, 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
5.00%, 07/01/43

    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,
5.50%, 11/01/10(f)(g)

    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
5.50%, 05/01/39

    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  
   

 

 

 
 

 

 

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


Schedule of Investments (unaudited) (continued)

September 30, 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
5.00%, 10/01/37(a)

    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
4.00%, 08/15/41

    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
4.00%, 02/15/47

    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
2.00%, 06/01/36

    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
4.00%, 04/15/36

    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
5.00%, 06/15/40

    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  
 

 

 

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


Schedule of Investments (unaudited) (continued)

September 30, 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
4.00%, 05/01/40

    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
4.00%, 03/15/43

    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  
 

 

 

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


Schedule of Investments (unaudited) (continued)

September 30, 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,
Series A-3, 5.00%, 08/01/45

    10,000       10,601,860  

University of Washington, Refunding RB,
Series A, 5.25%, 12/01/46

    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)
4.00%, 06/15/40

    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%
(Cost: $10,022,895,094)

        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,
Series A, 5.25%, 04/01/47

    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  
 

 

 

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


Schedule of Investments (unaudited) (continued)

September 30, 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%
(Cost: $1,127,710,631)

 

    1,051,058,182  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $11,150,605,725)

 

    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%
(Cost: $401,303,603)

      401,374,637  
   

 

 

 

Total Investments — 103.7%
(Cost: $11,551,909,328)

      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
09/30/22

    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
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S     12