BlackRock National Municipal Fund


Security	Shares		Value


Investment Companies

Equity Funds — 0.2%
iShares Short-Term National Muni Bond ETF^(a)		230,000	$	24,798,600


Total Investment Companies — 0.2% (Cost: $24,757,200)				24,798,600


	Par (000)


Municipal Bonds

Alabama — 4.8%
Alabama Special Care Facilities Financing Authority-Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46	$	60,000		71,619,600
Black Belt Energy Gas District, RB, Series A-1, 4.00%, 12/01/49^(b)		215,000		245,166,650
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51^(b)(c)		55,000		67,106,050
City of Homewood Albama, Refunding GO, 5.25%, 09/01/26^(d)		25,000		31,043,750
Southeast Alabama Gas Supply District, RB, Series A, 4.00%, 06/01/49^(b)		220,000		241,945,000
Tuscaloosa County Industrial Development Authority, Refunding RB^(e)
Series A, 4.50%, 05/01/32		10,795		11,922,646
Series A, 5.25%, 05/01/44		8,980		10,205,051


				679,008,747

Arizona — 2.1%
Arizona Industrial Development Authority, RB^(e)
5.00%, 07/01/39		1,000		1,151,280
5.00%, 07/01/49		3,305		3,629,820
5.00%, 07/01/54		10,655		11,398,719
Series A, 5.00%, 07/01/39		1,300		1,366,742
Series A, 5.00%, 07/01/49		2,010		2,084,511
Arizona Industrial Development Authority, Refunding RB^(e)
Series A, 5.25%, 07/01/37		2,830		3,046,269
Series A, 5.50%, 07/01/52		2,450		2,632,329
City of Phoenix Civic Improvement Corp., RB, 5.00%, 07/01/44		40,000		51,224,000
Industrial Development Authority of the City of Phoenix, RB
6.88%, 07/01/23^(d)		3,440		3,949,017
Series A, 6.50%, 07/01/34^(e)		2,000		2,302,200
Series A, 6.75%, 07/01/44^(e)		2,190		2,552,138
Industrial Development Authority of the City of Phoenix, Refunding RB, 5.00%, 07/01/45^(e)		2,280		2,437,639
Industrial Development Authority of the County of Pima, RB^(e)
5.00%, 06/15/47		10,400		10,622,144
5.00%, 06/15/52		19,280		19,440,602
Maricopa County Industrial Development Authority, RB
Series 2019E, 4.00%, 01/01/45		21,350		24,623,169
Series 2019F, 4.00%, 01/01/45		37,220		42,926,198
Series A, 4.00%, 01/01/41		5,150		5,813,114


Security	Par (000)		Value


Arizona (continued)
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38	$	27,000	$	32,462,910
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26		400		437,564
Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/39		24,180		28,857,137
Salt River Project Agricultural Improvement & Power District, Refunding RB
Series A, 4.00%, 01/01/45		21,350		25,426,142
Series A, 5.00%, 12/01/45		15,000		17,328,600


				295,712,244

Arkansas^(e)— 0.6%
Arkansas Development Finance Authority, RB
AMT, 4.50%, 09/01/49		40,990		44,586,053
AMT, 4.75%, 09/01/49		31,500		35,019,180


				79,605,233

California — 11.9%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47		10,000		11,268,100
California Health Facilities Financing Authority, Refunding RB, Series A, 5.00%, 11/15/48		10,000		11,968,000
California Infrastructure & Economic Development Bank, RB, Series A, AMT, 0.45%, 01/01/50^(b)(e)		24,000		24,000,672
California State Public Works Board, RB, Series A, 5.00%, 09/01/39		5,000		5,714,050
California Statewide Communities Development Authority, RB, 5.25%, 12/01/48^(e)		2,000		2,332,160
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30		3,510		3,590,204
City of Los Angeles California Wastewater System Revenue, RB, Series A, 5.25%, 06/01/47		27,620		34,167,873
City of Los Angeles California, RB, 4.00%, 06/24/21		477,600		481,578,408
City of Los Angeles Department of Airports, RB, Series C, AMT, 5.00%, 05/15/45		16,260		20,066,303
City of Los Angeles Department of Airports, Refunding RB
Series A, 5.00%, 05/15/38		19,000		24,220,060
Series A, 5.00%, 05/15/40		31,740		40,196,171
Series B, 5.00%, 05/15/48		10,000		12,675,500
Series A, AMT, 5.00%, 05/15/38		6,920		8,839,400
Series A, AMT, 5.00%, 05/15/39		7,055		8,984,895
Series A, AMT, 5.00%, 05/15/40		2,930		3,719,928
Series A, AMT, 5.00%, 05/15/41		2,750		3,480,235
AMT, Subordinate, 5.00%, 05/15/44		10,000		12,096,000
City of San Jose California Hotel Tax Revenue, RB
6.50%, 05/01/36		1,510		1,516,674
6.50%, 05/01/42		5,130		5,152,059
CSCDA Community Improvement Authority, RB, M/F Housing, Series A, 5.00%, 01/01/54^(e)		8,950		10,263,323
Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33		6,535		7,452,775


Security	Par (000)		Value


California (continued)
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 5.00%, 06/01/47	$	19,600	$	20,256,796
Series A-1, 5.25%, 06/01/47		9,535		9,886,460
Series A-2, 5.00%, 06/01/47		31,735		32,799,709
Los Angeles Department of Water & Power Power System Revenue, Refunding RB
Series B, 5.25%, 07/01/37		13,500		16,761,870
Series B, 5.25%, 07/01/38		15,000		18,590,550
Series B, 5.25%, 07/01/39		7,000		8,659,770
Los Angeles Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/50		50,000		63,101,500
Los Angeles Department of Water, Refunding RB, Series A, 5.25%, 07/01/44		19,000		23,443,910
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A-1, AMT, 5.75%, 03/01/34		7,010		7,012,103
Series A-1, AMT, 6.25%, 03/01/34		5,250		5,251,733
Oakland Unified School District/Alameda County, Refunding GO, 6.63%, 08/01/21^(d)		3,750		3,828,450
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45		24,540		30,737,086
Port of Oakland, Refunding RB, Series P, AMT, Senior Lien, 5.00%, 05/01/31		13,010		13,646,840
San Diego County Regional Transportation Commission, Refunding RB
Series A, 5.00%, 10/01/22		65,800		70,525,756
Series A, 5.00%, 04/01/41		35,000		41,879,950
San Diego Public Facilities Financing Authority, Refunding RB
Series A, 5.00%, 05/15/39		10,000		12,065,500
Series A, Subordinate, 5.25%, 08/01/47		13,645		17,072,488
San Diego Unified School District, GO
3.00%, 07/01/44		10,000		10,758,300
Series M-2, 3.00%, 07/01/50		20,000		21,090,800
San Francisco Bay Area Rapid Transit District, GO, Series C-1, 3.00%, 08/01/50		10,790		11,348,275
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.00%, 05/01/44		32,765		39,711,835
Series A, AMT, 5.00%, 05/01/49		60,000		71,829,600
Series B, AMT, 5.00%, 05/01/41		20,000		23,296,800
Series B, AMT, 5.00%, 05/01/46		20,000		23,194,000
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB
AMT, 5.00%, 05/01/48		10,500		12,402,180
Series 2020, AMT, 4.00%, 05/01/40		3,000		3,457,560
Series E, AMT, 5.00%, 05/01/45		23,750		28,566,262
San Francisco Municipal Transportation Agency, RB, Series C, 5.00%, 03/01/51		14,285		18,197,662
San Ramon Valley Unified School District, GO, 4.00%, 08/01/37		23,850		25,711,969
Santa Clara Unified School District, GO, 4.00%, 07/01/48		10,000		11,315,200
State of California, Refunding GO
5.00%, 03/01/35		18,775		24,378,962
4.00%, 10/01/37		17,730		21,218,378


Security	Par (000)		Value


California (continued)
State of California, Refunding GO (continued) 5.25%, 10/01/39	$	20,100	$	24,197,385
University of California, RB, Series AV, 5.25%, 05/15/42		58,825		73,177,712
University of California, Refunding RB, Series Q, 5.00%, 05/15/46		89,285		114,551,762


				1,687,207,903

Colorado — 2.3%
Arista Metropolitan District, Refunding GO, Series A, 5.13%, 12/01/48		3,500		3,709,020
Brighton Crossing Metropolitan District No. 6, GO
Series A, 5.00%, 12/01/35		525		580,298
Series A, 5.00%, 12/01/40		515		563,528
Series A, 5.00%, 12/01/50		1,500		1,629,465
Broadway Station Metropolitan District No. 2, GO, Series A, 5.13%, 12/01/48		5,000		5,278,850
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47^(e)		6,930		7,153,007
City & County of Denver Colorado Airport System Revenue, Refunding RB
Series A, AMT, 5.00%, 12/01/37		25,015		30,460,766
Series A, AMT, 5.00%, 12/01/38		5,250		6,360,270
Series A, AMT, 5.25%, 12/01/43		62,620		76,485,320
City & County of Denver Colorado, COP, Series A, 5.38%, 06/01/43		10,000		12,115,800
City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32		36,115		38,193,057
Colorado Educational & Cultural Facilities Authority, Refunding RB^(e)
5.00%, 12/01/40		990		1,050,410
5.00%, 12/01/50		1,320		1,373,777
5.00%, 12/01/55		1,540		1,596,272
Copperleaf Metropolitan District No. 3, GO, Series A, 5.13%, 12/01/47		1,200		1,258,824
Cottonwood Highlands Metropolitan District No. 1, GO, Series A, 5.00%, 12/01/49		900		954,585
Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45		14,350		17,162,744
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50		1,190		1,294,434
Regional Transportation District Sales Tax Revenue, Refunding RB, Series A, 3.50%, 11/01/22^(d)		75,000		79,194,000
Southlands Metropolitan District No. 1, Refunding GO, Series A-1, 5.00%, 12/01/47		3,000		3,239,610
State of Colorado, COP, Series J, 5.25%, 03/15/42		30,000		36,470,400
STC Metropolitan District No. 2, Refunding GO, Series A, 4.00%, 12/01/29		1,500		1,599,570


				327,724,007

Connecticut — 0.6%
Connecticut State Health & Educational Facilities Authority, RB^(b)
0.25%, 07/01/37		11,000		10,974,260
0.25%, 07/01/49		15,000		14,963,100


Security	Par (000)		Value


Connecticut (continued)
Connecticut State Health & Educational Facilities Authority, Refunding RB^(e)
Series G-1, 5.00%, 07/01/39	$	1,500	$	1,688,460
Series G-1, 5.00%, 07/01/44		2,000		2,224,440
Series G-1, 5.00%, 07/01/50		2,350		2,596,186
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45^(e)		3,945		4,046,110
State of Connecticut, GO
Series 2021-A, 3.00%, 01/15/37		12,000		13,048,440
Series 2021-A, 3.00%, 01/15/38		12,000		12,951,600
Series 2021-A, 3.00%, 01/15/39		18,675		20,098,409
Series A, 4.00%, 01/15/38		5,000		5,841,700


				88,432,705

Delaware — 0.2%
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45^(b)		25,165		25,079,187


District of Columbia — 2.7%
District of Columbia Water & Sewer Authority, Refunding RB
Series B, Sub-Lien, 5.25%, 10/01/40		48,060		57,479,760
Series B, Sub-Lien, 5.25%, 10/01/44		63,075		75,077,542
District of Columbia, GO
Series A, 5.00%, 06/01/41		30,000		35,666,700
Series D, 5.00%, 06/01/42		40,000		48,588,000
Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/36		12,000		14,697,120
Washington Metropolitan Area Transit Authority, RB
5.00%, 07/01/43		35,480		42,550,454
Series A, 4.00%, 07/15/45		5,000		5,820,250
Series A, 5.00%, 07/15/45		37,390		47,119,626
Series B, 5.00%, 07/01/42		50,000		59,980,500


				386,979,952

Florida — 2.7%
Capital Trust Agency, Inc., RB^(e)
5.00%, 07/01/54		2,095		2,276,636
Series A, 5.00%, 06/15/49		4,365		4,595,428
Central Florida Expressway Authority, RB, Series A, Senior Lien, 5.00%, 07/01/44		10,000		12,394,900
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46		12,910		15,129,487
City of Tampa Florida, SAB
5.25%, 05/01/43		11,720		14,683,519
5.25%, 05/01/46		15,430		19,304,936
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44		8,000		9,664,160
County of Miami-Dade Florida Aviation Revenue, Refunding RB
5.00%, 10/01/41		7,220		8,506,604
Series B, AMT, 5.00%, 10/01/40		90,000		106,659,000
County of Miami-Dade Seaport Department, ARB
Series A, 6.00%, 10/01/38		6,325		7,132,513
Series A, 5.50%, 10/01/42		5,375		5,984,149
Series B, AMT, 6.25%, 10/01/38		5,000		5,638,850
Series B, AMT, 6.00%, 10/01/42		2,350		2,645,183


Security	Par (000)		Value


Florida (continued)
County of Palm Beach Florida, RB, 5.00%, 04/01/51^(e)	$	4,770	$	4,973,250
Florida Development Finance Corp., RB, Series B, AMT, 7.38%, 01/01/49^(e)		10,995		10,825,457
Florida Ports Financing Commission, Refunding RB, Series B, AMT, 5.13%, 06/01/27		10,010		10,078,468
Greater Orlando Aviation Authority, ARB, Sub- Series A, AMT, 5.00%, 10/01/42		49,795		59,134,550
Greater Orlando Aviation Authority, RB, Series A, AMT, 5.00%, 10/01/44		8,970		10,963,941
Hillsborough County Port District, RB, Series A, 5.25%, 06/01/48		8,375		9,961,727
Lakewood Ranch Stewardship District, Refunding SAB, 4.00%, 05/01/50^(e)		1,250		1,297,600
Lakewood Ranch Stewardship District, SAB
4.63%, 05/01/27		1,745		1,892,156
5.00%, 05/01/37^(e)		1,655		1,818,680
5.25%, 05/01/37		2,755		3,065,213
4.70%, 05/01/39		1,160		1,276,151
5.13%, 05/01/47^(e)		1,990		2,170,095
5.38%, 05/01/47		4,785		5,283,071
4.88%, 05/01/49		1,250		1,370,913
Live Oak Lake Community Development District, SAB
4.40%, 05/01/40		1,600		1,637,104
4.60%, 05/01/51		2,840		2,907,990
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43		8,370		8,453,700
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21^(d)		11,125		11,515,821
Orlando Utilities Commission, RB, Series B, 1.25%, 10/01/46^(b)(c)		7,560		7,685,874
River Landing Community Development District, SAB
Series A, 4.13%, 05/01/40		860		871,971
Series A, 4.35%, 05/01/51		1,100		1,118,777
Series B, 4.25%, 11/01/35		1,200		1,222,404
Sarasota National Community Development District, Refunding SAB, 4.00%, 05/01/39		1,750		1,843,993
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		513,375
Series A-2, 4.40%, 11/01/35		2,000		2,067,620


				378,659,075

Georgia — 0.4%
City of Atlanta Georgia Airport Passenger Facility Charge, RB, Series D, AMT, Subordinate, 4.00%, 07/01/35.		10,850		12,542,600
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, Series A, 4.00%, 07/01/44		20,000		21,302,400
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25		20,000		24,806,000


				58,651,000

Illinois — 7.2%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		15,895		16,209,721
Series C, 5.25%, 12/01/39		7,275		8,015,740
Series D, 5.00%, 12/01/46		35,155		38,063,431


Security	Par (000)		Value


Illinois (continued)
Chicago Board of Education, GO (continued)
Series H, 5.00%, 12/01/36	$	4,620	$	5,365,160
Series H, 5.00%, 12/01/46		4,475		5,109,107
Chicago Board of Education, Refunding GO
Series A, 0.00%, 12/01/26^(h)		4,000		3,608,280
Series A, 0.00%, 12/01/27^(h)		500		437,315
Series A, 5.00%, 12/01/28		11,160		13,621,450
Series A, 5.00%, 12/01/30		365		447,800
Series B, 5.00%, 12/01/26		2,000		2,376,520
Series B, 5.00%, 12/01/28		2,060		2,514,354
Series B, 5.00%, 12/01/29		2,000		2,463,940
Series B, 5.00%, 12/01/30		2,000		2,453,700
Series B, 4.00%, 12/01/35		11,640		11,971,391
Series C, 5.00%, 12/01/23		4,310		4,779,143
Series C, 5.00%, 12/01/24		4,445		5,064,144
Series C, 5.00%, 12/01/25		12,760		14,869,356
Series C, 5.00%, 12/01/26		3,060		3,637,361
Series F, 5.00%, 12/01/24		9,585		10,919,807
Series G, 5.00%, 12/01/34		5,000		5,837,250
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25^(h)		650		602,752
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42		49,415		59,265,880
Chicago O’Hare International Airport, Refunding ARB, Series C, AMT, Senior Lien, 5.50%, 01/01/34		5,380		5,821,106
Chicago O’Hare International Airport, Refunding RB
Series B, Senior Lien, 5.00%, 01/01/35		4,340		5,156,050
Series B, Senior Lien, 5.00%, 01/01/38		30,000		35,712,900
Series B, Senior Lien, 5.00%, 01/01/39		59,885		71,143,380
Series B, Senior Lien, 5.00%, 01/01/48		10,000		12,022,700
Illinois Finance Authority, RB
5.00%, 07/01/36		29,530		38,657,428
4.00%, 12/01/36		10,810		12,780,014
4.00%, 07/01/37		20,000		24,081,400
4.00%, 07/01/38		26,835		32,314,707
4.00%, 07/01/39		15,250		18,313,725
Series A, (AGM), 6.00%, 08/15/41		19,285		19,675,907
Series A, 6.00%, 08/15/41		6,500		6,628,570
Illinois Finance Authority, Refunding RB
Series A, 6.13%, 04/01/21^(d)		11,935		11,935,000
Series A, 4.00%, 04/01/23^(d)		30,000		32,259,000
Series A, 4.00%, 10/01/38		24,500		26,783,400
Series A, 5.00%, 07/15/42		23,695		28,893,683
Series C, 5.00%, 02/15/41		28,920		34,398,316
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/38		4,000		4,303,800
Series A, 5.00%, 01/01/40		18,000		20,686,680
Series A, 5.00%, 01/01/42		48,000		57,891,840
Series A, 5.00%, 01/01/44		10,000		12,183,300
Series A, 5.00%, 01/01/45		64,245		80,133,431
Series B, 5.00%, 01/01/40		21,000		24,498,810
Series B, 5.00%, 01/01/41		28,000		32,870,040
Metropolitan Pier & Exposition Authority, Refunding RB, 5.00%, 06/15/42		5,000		6,099,750
Railsplitter Tobacco Settlement Authority, RB
6.00%, 06/01/21^(d)		18,485		18,653,583
5.00%, 06/01/26		15,000		17,915,550


Security	Par (000)		Value


Illinois (continued)
State of Illinois, GO
5.00%, 11/01/38	$	2,500	$	2,842,000
5.50%, 05/01/39		9,040		11,227,318
Series A, 5.00%, 11/01/29		27,500		33,850,300
Series A, 5.00%, 05/01/34		2,145		2,519,217
Series B, 5.00%, 11/01/32		14,000		16,931,600
State of Illinois, Refunding GO
5.00%, 02/01/26		10,750		12,542,025
Series A, 5.00%, 10/01/28		19,250		23,589,720
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23		5,435		5,457,664


				1,018,407,516

Indiana — 0.1%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		3,870		4,185,831
AMT, 7.00%, 01/01/44		7,330		7,967,050


				12,152,881

Iowa — 0.6%
Iowa Finance Authority, RB, 5.50%, 07/01/33		18,750		20,809,875
Iowa Finance Authority, Refunding RB
5.25%, 12/01/25		2,500		2,697,400
Series B, 5.25%, 12/01/50^(b)		47,270		51,476,085
Iowa Tobacco Settlement Authority, Refunding RB, Series C, 5.63%, 06/01/46		14,810		14,988,460


				89,971,820

Kentucky — 1.6%
County of Carroll Kentucky, Refunding RB, AMT, 1.20%, 10/01/34^(b)		30,000		30,011,100
Kentucky Public Energy Authority, RB^(b)
Series A-1, 4.00%, 12/01/49		45,000		50,659,650
Series C-1, 4.00%, 12/01/49		79,760		89,730,000
Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, 5.00%, 10/20/21		59,000		60,555,830


				230,956,580

Louisiana — 0.3%
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44^(e)		2,415		2,318,448
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46^(b)		21,580		21,475,985
Louisiana Public Facilities Authority, RB^(e)
Series A, 5.00%, 04/01/39		1,425		1,516,314
Series A, 5.00%, 06/01/39		1,300		1,362,530
Series A, 5.00%, 04/01/49		2,800		2,933,448
Series A, 5.00%, 06/01/49		3,000		3,081,120
Series A, 5.00%, 06/01/58		4,500		4,554,225


				37,242,070

Maine — 0.0%
Maine Health & Higher Educational Facilities Authority, RB, 7.50%, 07/01/21^(d)		5,365		5,459,907


Maryland — 0.1%
City of Baltimore Maryland, Refunding RB
Series A, 4.50%, 09/01/33		2,735		2,869,617
Series A, 5.00%, 09/01/38		1,400		1,484,028
Maryland Economic Development Corp., TA, 4.00%, 09/01/50		5,145		5,451,590


Security	Par (000)		Value


Maryland (continued)
Maryland Health & Higher Educational Facilities Authority, RB, Series B, (NPFGC), 7.00%, 07/01/22⁽ⁱ⁾	$	2,035	$	2,179,200
Maryland State Transportation Authority, Refunding RB, 5.00%, 07/01/46^(c)		4,480		5,781,306


				17,765,741

Massachusetts — 4.7%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, 5.00%, 06/01/49		33,225		41,086,367
Commonwealth of Massachusetts, GO
Series A, 5.25%, 04/01/42		42,000		51,868,320
Series A, 5.25%, 01/01/44		6,660		8,509,216
Series A, 5.25%, 04/01/47		93,350		114,698,211
Series E, 5.25%, 09/01/43		92,000		116,844,600
Massachusetts Development Finance Agency, RB, Series A, 5.25%, 01/01/42		9,655		11,309,964
Massachusetts Development Finance Agency, Refunding RB
5.00%, 10/01/37^(e)		1,000		1,092,600
5.00%, 10/01/47^(e)		1,250		1,359,200
Series A, 4.00%, 07/15/36		46,000		52,789,140
Massachusetts Port Authority, RB
Series E, AMT, 5.00%, 07/01/46		21,300		26,779,212
Series E, AMT, 5.00%, 07/01/51		35,000		43,712,550
Massachusetts School Building Authority, RB
Series B, 5.25%, 02/15/48		70,505		87,008,105
Sub-Series B, 4.00%, 02/15/41		12,420		13,400,311
Sub-Series B, 4.00%, 02/15/42		10,000		10,759,600
University of Massachusetts Building Authority, Refunding RB
Series 1, 5.25%, 11/01/42		58,840		73,142,239
Series 1, 5.25%, 11/01/47		14,425		17,831,752


				672,191,387

Michigan — 1.3%
Michigan Finance Authority, RB, 4.00%, 02/15/44		60,000		68,406,600
Michigan Finance Authority, Refunding RB
5.00%, 11/15/41		40,000		47,473,200
Series A, 5.00%, 12/01/37		25,105		30,601,489
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47		1,750		2,178,487
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		16,470		19,578,054
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39		10,010		11,208,697


				179,446,527

Missouri — 0.0%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 4.00%, 07/01/46^(c)		5,375		6,162,760


Montana — 0.0%
City of Kalispell Montana, Refunding RB Series A, 5.25%, 05/15/37		405		416,737


Security	Par (000)		Value


Montana (continued)
City of Kalispell Montana, Refunding RB (continued)
Series A, 5.25%, 05/15/47	$	1,500	$	1,515,165
Series A, 5.25%, 05/15/52		1,500		1,507,830


				3,439,732

Nebraska — 0.2%
Omaha Public Power District Nebraska City Station Unit 2, Refunding RB
Series A, 5.25%, 02/01/42		10,000		11,631,700
Series A, 5.25%, 02/01/46		10,000		11,585,400


				23,217,100

Nevada^(e)— 0.0%
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37		875		928,314
State of Nevada Department of Business & Industry, RB
Series A, 4.50%, 12/15/29		345		372,293
Series A, 5.00%, 12/15/38		1,080		1,167,393
Series A, 5.00%, 07/15/47		1,400		1,462,748


				3,930,748

New Hampshire^(e)— 0.1%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		9,085		9,431,956
Series C, AMT, 4.88%, 11/01/42		3,700		3,861,246


				13,293,202

New Jersey — 3.8%
New Jersey Economic Development Authority, RB
Series A, 5.00%, 01/01/48		9,250		9,552,012
Series WW, 5.25%, 06/15/40		14,145		16,134,070
AMT, 5.13%, 09/15/23		4,125		4,389,165
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/30		45,895		56,812,962
New Jersey Health Care Facilities Financing Authority, Refunding RB
6.00%, 07/01/21^(d)		33,185		33,654,568
Series A, 6.00%, 07/01/21^(d)		1,200		1,216,980
Series A, 5.00%, 07/01/35		7,375		8,879,426
Series A, 5.00%, 07/01/38		11,950		14,301,043
Series A, 5.00%, 07/01/39		22,245		26,546,738
Series A, 5.00%, 07/01/43		10,000		11,717,000
New Jersey Higher Education Student Assistance Authority, Refunding RB
1st Series, AMT, 5.75%, 12/01/27		200		205,502
1st Series, AMT, 5.75%, 12/01/28		160		164,389
New Jersey Transportation Trust Fund Authority, RB
Series A, 6.00%, 06/15/21^(d)		2,155		2,179,826
Series AA, 5.50%, 06/15/39		39,890		43,734,598
Series AA, 4.00%, 06/15/45		61,885		69,021,578
Series AA, 5.00%, 06/15/45		3,000		3,630,480
Series BB, 4.00%, 06/15/44		25,000		27,424,750
Series BB, 5.00%, 06/15/44		10,000		11,750,800
Series C, 5.25%, 06/15/32		19,810		22,789,226


Security	Par (000)		Value


New Jersey (continued)
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 06/15/30	$	20,110	$	23,453,891
New Jersey Turnpike Authority, RB
Series A, 4.00%, 01/01/42		60,630		70,795,832
Series A, 4.00%, 01/01/48		20,000		22,494,200
Series A, 4.00%, 01/01/51		10,740		12,358,840
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		18,260		21,309,785
Series A, 5.25%, 06/01/46		20,350		24,124,314


				538,641,975

New Mexico — 0.2%
City of Farmington New Mexico, Refunding RB^(b)
Series C, 1.15%, 06/01/40		12,000		12,156,120
Series D, 1.10%, 06/01/40		16,000		16,221,600
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27		180		209,542


				28,587,262

New York — 16.7%
Battery Park City Authority, Refunding RB, Series B, 5.00%, 11/01/38		3,265		4,192,260
City of New York, GO, Sub-Series F-1, 5.00%, 04/01/43		54,000		65,111,040
Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47		3,375		3,390,795
Hudson Yards Infrastructure Corp., Refunding RB
5.25%, 02/15/47		13,410		13,456,533
Series A, 5.00%, 02/15/37		10,420		12,448,566
Series A, 5.00%, 02/15/42		23,825		28,346,747
Long Island Power Authority, Refunding RB, Series B, 0.85%, 09/01/50^(b)		17,500		17,523,100
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39		10,000		10,936,000
New York City Transitional Finance Authority Building Aid Revenue, RB
Series S-1, (SAW), 5.00%, 07/15/37		25,000		26,457,500
Series S-1B, (SAW), 4.00%, 07/15/40		10,000		11,538,300
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45		31,165		38,391,540
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
4.00%, 02/01/46		60,000		68,876,400
Series B-1, 4.00%, 11/01/39		30,000		34,778,100
Series B-1, 4.00%, 11/01/42		30,000		34,367,700
Series B-1, 4.00%, 11/01/43		28,635		32,724,364
Subordinate, 4.00%, 05/01/45		10,000		11,473,800
Subordinate, 4.00%, 05/01/46		10,000		11,437,500
Series A-3, Subordinate, 4.00%, 05/01/41		5,000		5,708,900
Series C-1, Subordinate, 4.00%, 11/01/42		20,925		23,855,546
Series C-3, Subordinate, 5.00%, 05/01/40		20,000		24,293,200
New York City Water & Sewer System, RB
Series AA, 4.00%, 06/15/42		30,100		35,645,022
Series AA, 4.00%, 06/15/43		23,500		27,874,525
Series BB-1, 4.00%, 06/15/50		20,000		23,350,800
Series CC-1, Subordinate, 5.00%, 06/15/51		20,000		25,671,800
New York City Water & Sewer System, Refunding RB
5.00%, 06/15/40		11,000		13,964,720
4.00%, 06/15/41		19,500		23,053,485


Security	Par (000)		Value


New York (continued)
New York City Water & Sewer System, Refunding RB (continued)
Series CC, 4.00%, 06/15/42	$	30,990	$	36,332,056
Series CC, 5.25%, 06/15/46		61,465		73,796,108
Series CC-1, 5.00%, 06/15/37		24,000		29,096,640
Series CC-1, 5.25%, 06/15/37		39,000		48,111,570
Series DD-2, 5.00%, 06/15/40		39,865		48,925,517
Series DD-3, 4.00%, 06/15/42		64,105		75,738,775
Series EE, 5.25%, 06/15/36		14,500		18,093,825
Series EE, 5.00%, 06/15/40		34,240		42,019,670
Series EE, 4.00%, 06/15/42		33,340		39,390,543
Series FF, 5.00%, 06/15/40		24,790		30,425,759
Sub-Series AA-1, 4.00%, 06/15/50		8,025		9,363,891
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41^(e)		7,900		7,999,935
Series A, 5.00%, 06/01/45		16,695		16,835,405
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51		4,325		4,524,166
New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44^(e)		34,385		37,543,262
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45		66,890		78,054,610
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/43		19,020		22,710,260
New York State Dormitory Authority, Refunding RB
Series A, 5.25%, 03/15/39		5,000		6,228,750
Series A, 4.00%, 03/15/41		43,750		50,983,188
Series A, 5.00%, 03/15/41		10,000		12,250,900
Series A, 4.00%, 03/15/45		75,000		86,272,500
Series E, 5.00%, 03/15/41		20,150		24,735,133
Series E, 5.00%, 03/15/44		10,000		12,224,000
New York State Environmental Facilities Corp., Refunding RB, 5.00%, 06/15/42		10,000		12,176,400
New York State Housing Finance Agency, RB
Series L-2, (SONYMA), 0.75%, 11/01/25		7,650		7,659,869
Series M-2, (SONYMA FHA 542(C)), 0.75%, 11/01/25		4,380		4,385,957
New York State Thruway Authority, Refunding RB
Series I, 5.00%, 01/01/22^(d)		45,000		46,622,700
Series B, Subordinate, 4.00%, 01/01/38		17,020		19,863,191
Series B, Subordinate, 4.00%, 01/01/39		21,000		24,393,810
Series B, Subordinate, 4.00%, 01/01/41		29,505		33,917,768
Series B, Subordinate, 4.00%, 01/01/45		10,000		11,335,500
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45		23,295		26,796,239
New York State Urban Development Corp., Refunding RB
5.00%, 03/15/47		51,960		63,821,948
Series A, 4.00%, 03/15/42		12,000		13,801,800
Series A, 4.00%, 03/15/44		30,000		34,253,400
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		9,610		11,812,804
AMT, 5.00%, 10/01/40		27,095		32,933,431
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42^(e)		5,190		5,425,834


Security	Par (000)		Value


New York (continued)
Port Authority of New York & New Jersey, ARB, Consolidated, 218th Series, AMT, 5.00%, 11/01/44	$	50,000	$	60,561,500
Port Authority of New York & New Jersey, RB
4.00%, 11/01/49		30,555		34,721,480
217th Series, 4.00%, 11/01/41		12,390		14,292,856
217th Series, 5.00%, 11/01/44		22,500		27,763,650
218th Series, AMT, 5.00%, 11/01/32		12,415		15,649,604
218th Series, AMT, 4.00%, 11/01/41		17,725		20,074,626
Port Authority of New York & New Jersey, Refunding ARB
4.00%, 07/15/40		11,520		13,668,134
4.00%, 07/15/41		11,295		13,352,158
AMT, 4.00%, 07/15/40		2,750		3,191,320
Port Authority of New York & New Jersey, Refunding RB
213th Series, 5.00%, 09/01/37		20,000		25,150,800
169th Series, AMT, 5.00%, 10/15/36		7,195		7,363,363
Sales Tax Asset Receivable Corp., Refunding RB, Series A, 4.00%, 10/15/32		97,500		109,002,075
Suffolk County Water Authority, Refunding RB, Series A, 3.75%, 06/01/36		20,000		21,414,400
Triborough Bridge & Tunnel Authority RB, Series A, 5.00%, 11/15/51^(c)		18,330		23,013,682
Triborough Bridge & Tunnel Authority, RB
Series C, 4.00%, 11/15/40		15,000		17,406,450
Series C, 4.00%, 11/15/41		25,000		28,916,750
Series C, 3.00%, 11/15/47		14,410		15,052,398
Triborough Bridge & Tunnel Authority, Refunding RB
Series A, 5.25%, 11/15/45		7,805		9,141,138
Series B, 5.00%, 11/15/38		9,800		11,877,796
Series C-2, 5.00%, 11/15/42		72,915		88,674,848
Utility Debt Securitization Authority, Refunding RB, Series TE, Restructured, 5.00%, 12/15/41		20,000		22,296,600
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51		2,500		2,757,325


				2,375,068,310

North Carolina — 0.2%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 04/01/22^(d)		23,570		24,705,603
North Carolina Medical Care Commission, RB
5.00%, 10/01/40		1,050		1,163,295
5.00%, 10/01/45		1,000		1,095,770
5.00%, 10/01/50		1,500		1,629,720


				28,594,388

Ohio — 0.9%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		76,675		86,339,117
County of Lucas Ohio, Refunding RB^(d)
Series A, 5.75%, 11/15/21		500		517,165
Series A, 6.00%, 11/15/21		4,415		4,573,763
Series A, 6.50%, 11/15/21		12,690		13,185,037
Ohio Air Quality Development Authority, RB^(e) AMT, 4.50%, 01/15/48		1,480		1,634,290


Security	Par (000)		Value


Ohio (continued)
Ohio Air Quality Development Authority, RB^(e)(continued) AMT, 5.00%, 07/01/49	$	16,560	$	17,916,927
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/39		7,500		8,132,325


				132,298,624

Oklahoma — 0.1%
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51^(e)		7,990		8,043,773


Pennsylvania — 2.0%
Allentown Neighborhood Improvement Zone Development Authority, RB^(e)
5.00%, 05/01/27		3,250		3,792,718
5.00%, 05/01/32		3,750		4,353,976
5.00%, 05/01/42		6,305		7,071,814
Berks County Industrial Development Authority, Refunding RB, 4.00%, 11/01/47		6,750		6,283,305
Bucks County Industrial Development Authority, RB
4.00%, 07/01/46		2,205		2,345,591
4.00%, 07/01/51		1,500		1,591,620
City of Philadelphia, RB, Series A, 4.00%, 06/30/21		11,350		11,453,171
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32		2,055		2,177,108
Pennsylvania Turnpike Commission, RB
Series A, 5.25%, 12/01/44		32,500		41,537,275
Series B, 5.25%, 12/01/39		3,560		4,129,885
Series B, 5.00%, 12/01/45		9,500		11,873,100
Sub-Series A, 5.50%, 12/01/46		46,430		57,528,627
Subordinate, 3.00%, 12/01/42		12,070		12,645,256
School District of Philadelphia, RB, Series A, 4.00%, 06/30/21		114,705		115,763,727


				282,547,173

Puerto Rico — 4.0%
Children’s Trust Fund, RB^(h)
Series A, 0.00%, 05/15/57		300,000		20,670,000
Series B, 0.00%, 05/15/57		386,000		20,662,580
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB^(e)
Series A, Senior Lien, 5.00%, 07/01/35		40,935		47,962,311
Series A, Senior Lien, 5.00%, 07/01/47		72,080		83,369,170
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		78,205		84,726,515
Series A-1, Restructured, 5.00%, 07/01/58		101,796		111,910,451
Series A-2, Restructured, 4.33%, 07/01/40		48,060		51,452,555
Series A-2, Restructured, 4.78%, 07/01/58		50,843		55,128,556
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB^(h)
Series A-1, Restructured, 0.00%, 07/01/24		4,000		3,746,640
Series A-1, Restructured, 0.00%, 07/01/46		213,873		65,299,704
Series A-1, Restructured, 0.00%, 07/01/51		96,225		21,283,046
Series B-1, Restructured, 0.00%, 07/01/46		18,123		5,537,483


				571,749,011


Security	Par (000)		Value


Rhode Island — 0.2%
Rhode Island Student Loan Authority, RB, Series A, AMT, 2.88%, 12/01/35	$	18,130	$	18,130,000
Tobacco Settlement Financing Corp., Refunding RB, Series B, 5.00%, 06/01/50		10,000		11,123,500


				29,253,500

South Carolina — 1.0%
County of Dorchester South Carolina, SAB^(e)
5.88%, 10/01/40		1,245		1,362,391
6.00%, 10/01/51		3,000		3,253,530
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48^(b)		95,000		103,755,200
South Carolina Jobs-Economic Development Authority, Refunding RB
5.25%, 11/15/37		6,005		6,506,658
Series A, (AGM), 6.25%, 08/01/21^(d)		1,525		1,554,982
Series A, (AGM), 6.50%, 08/01/21^(d)		4,455		4,546,149
South Carolina Public Service Authority, Refunding RB
4.00%, 12/01/40		7,385		8,610,393
Series A, 4.00%, 12/01/42		7,500		8,703,750


				138,293,053

Tennessee — 0.4%
Metropolitan Government of Nashville & Davidson County Tennessee Water & Sewer Revenue, Refunding RB, 4.00%, 07/01/43		49,005		52,195,716


Texas — 8.4%
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/39		20,000		25,299,200
City of Houston Texas Combined Utility System Revenue, Refunding RB
Series B, 1st Lien, 5.00%, 11/15/42		25,000		30,762,500
Series D, Subordinate, 5.00%, 11/15/43		2,000		2,500,480
Dallas Fort Worth International Airport, ARB, Series D, AMT, 5.00%, 11/01/21^(d)		29,555		30,356,532
Dallas Fort Worth International Airport, Refunding RB, 4.00%, 11/01/34		15,250		18,305,643
Harris County Cultural Education Facilities Finance Corp., RB
Series B, 7.00%, 01/01/23^(d)		3,700		4,138,561
Series B, 6.38%, 01/01/33		465		497,201
Harris County Flood Control District, Refunding GO, Series A, 4.00%, 10/01/45		10,000		11,885,300
Harris County Toll Road Authority, Refunding RB, 1st Lien, 4.00%, 08/15/45		35,000		41,302,100
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/30		6,085		6,727,819
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(e)		13,495		14,331,015
New Hope Cultural Education Facilities Finance Corp., RB
Series A, 5.00%, 08/15/37^(e)		2,000		2,013,540
Series A, 5.00%, 07/01/40		4,000		4,289,320
Series A, 5.13%, 08/15/47^(e)		3,085		3,102,554
Series A, 5.00%, 07/01/57		7,000		7,296,450
North Texas Tollway Authority, RB, Series A, 6.00%, 09/01/21^(d)		4,815		4,930,319
Pasadena Independent School District, Refunding GO, (PSF-GTD), 5.00%, 02/15/43		20,000		21,612,600


Security	Par (000)		Value


Texas (continued)
State of Texas, RB, 4.00%, 08/26/21	$	700,000	$	711,032,000
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/43		35,000		42,577,500
Texas Water Development Board, RB
4.00%, 10/15/45		80,000		95,518,400
5.25%, 10/15/46		60,000		73,680,600
Series A, 5.00%, 10/15/42		10,000		12,301,700
Series B, 4.00%, 10/15/43		20,000		23,407,400


				1,187,868,734

Utah — 0.7%
County of Utah, RB, Series B, 5.00%, 05/15/46		30,000		35,537,100
County of Utah, Refunding RB, Series A, 5.00%, 05/15/41		44,970		53,725,209
Utah Charter School Finance Authority, RB, 5.63%, 06/15/54^(e)		4,940		4,937,135
Utah Charter School Finance Authority, Refunding RB^(e)
5.25%, 06/15/37		3,795		4,106,190
5.38%, 06/15/48		4,740		5,074,265


				103,379,899

Vermont^(e)— 0.1%
East Central Vermont Telecommunications District, RB
Series A, 4.00%, 12/01/30		2,010		2,058,220
Series A, 4.25%, 12/01/40		4,030		4,044,065
Series A, 4.50%, 12/01/50		2,960		2,969,353


				9,071,638

Virginia — 0.3%
Ballston Quarter Community Development Authority, TA, Series A, 5.50%, 03/01/46		1,815		1,743,525
Hanover County Economic Development Authority, Refunding RB
5.00%, 07/01/38		125		135,088
5.00%, 07/01/48		370		400,536
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37		25,515		27,155,614
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 01/01/45		17,000		18,633,190


				48,067,953

Washington — 1.7%
City of Tacoma Washington Electric System Revenue, Refunding RB
4.00%, 12/01/43		50,535		53,625,215
Series A, 4.00%, 01/01/42		32,415		34,398,798
Port of Seattle, RB, Series C, AMT, Intermediate Lien, 5.25%, 05/01/42		48,000		56,677,920
State of Washington, GO, Series E, 4.00%, 02/01/43		23,000		24,230,730
University of Washington, Refunding RB, Series A, 5.25%, 12/01/46		23,385		28,430,080
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23^(d)		21,355		23,431,560
Washington Health Care Facilities Authority, Refunding RB, Series A, 6.75%, 05/15/21^(d)		16,000		16,118,400


				236,912,703

Wisconsin^(e)— 0.4%
Public Finance Authority, RB 5.00%, 12/01/35		1,690		1,886,429


Security	Par (000)		Value


Wisconsin (continued)
Public Finance Authority, RB (continued)
5.00%, 12/01/45	$	2,370	$	2,591,216
7.00%, 11/01/46		6,385		6,707,634
5.00%, 12/01/55		8,045		8,729,388
Series A, 6.25%, 10/01/31		1,715		1,803,082
Series A, 5.25%, 03/01/45		3,325		3,588,473
Series A, 7.00%, 10/01/47		1,715		1,781,611
Series A, 5.63%, 06/15/49		12,360		12,850,692
Series A, 5.38%, 07/15/52		6,760		7,404,633
Series A, 5.25%, 03/01/55		9,500		10,119,020
Public Finance Authority, Refunding RB, 5.00%, 03/01/37		760		812,037


				58,274,215


Total Municipal Bonds — 85.6% (Cost: $11,502,014,448)				12,149,545,951


Municipal Bonds Transferred to Tender Option Bond Trusts^(j)

California — 0.9%
University of California, RB, Series M, 5.00%, 05/15/42		100,000		120,700,000


Nevada — 0.6%
County of Clark Nevada, GO, Series A, 5.00%, 06/01/43		74,740		90,969,043


Texas — 0.7%
Grand Parkway Transportation Corp., RB, Series A, 5.00%, 10/01/43^(k)		79,060		97,185,296


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.2% (Cost: $281,610,059)				308,854,339


Total Long-Term Investments — 88.0% (Cost: $11,808,381,707)				12,483,198,890


Security	Shares		Value


Short-Term Securities

Money Market Funds — 12.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(a)(l)		1,731,385,355	$	1,731,731,632


Total Short-Term Securities — 12.2% (Cost: $1,731,032,218)				1,731,731,632


Total Investments — 100.2% (Cost: $13,539,413,925)				14,214,930,522

Other Assets Less Liabilities — 0.7%				94,013,090

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.9)%				(126,951,605	)


Net Assets — 100.0%			$	14,181,992,007

^(a)	Affiliate of the Fund.

^(b)	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.

^(c)	When-issued security.

^(d)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

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

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

^(g)	Non-income producing security.

^(h)	Zero-coupon bond.

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

^(j)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

^(k)	All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on April, 01 2026, is $41,561,403.

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

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

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



Affiliated Issuer	Value at 06/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/21		Shares Held at 03/31/21		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	2,578,972,237	$	—	$	(847,261,889)	^(a)	$	(18,855	)	$	40,139	$	1,731,731,632		1,731,385,355	$	204,671	$	—
iShares Short-Term National Muni Bond ETF		—		24,757,200		—			—			41,400		24,798,600		230,000		20,723		—


								$	(18,855	)	$	81,539	$	1,756,530,232			$	225,394	$	—




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Short Contracts
10-Year U.S. Treasury Note		1,415		06/21/21	$	185,277	$	2,253,218
Long U.S. Treasury Bond		647		06/21/21		100,022		1,583,427


							$	3,836,645


Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

AMBAC		AMBAC Assurance Corp.


Portfolio Abbreviation (continued)

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds


Portfolio Abbreviation (continued)

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

ETF		Exchange-Traded Fund

FHA		Federal Housing Administration

GO		General Obligation Bonds

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PSF-GTD		Permanent School Fund Guaranteed

RB		Revenue Bond

SAB		Special Assessment Bonds

SAW		State Aid Withholding

SONYMA		State of New York Mortgage Agency

TA		Tax Allocation




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Investment Companies	$	24,798,600	$	—	$	—	$	24,798,600
Municipal Bonds		—		12,149,545,951		—		12,149,545,951
Municipal Bonds Transferred to Tender Option Bond Trusts		—		308,854,339		—		308,854,339
Short-Term Securities
Money Market Funds		1,731,731,632		—		—		1,731,731,632


	$	1,756,530,232	$	12,458,400,290	$	—	$	14,214,930,522

Derivative Financial Instruments
Assets
Interest Rate Contracts	$	3,836,645	$	—	$	—	$	3,836,645