|
2026 Quarterly Report
(Unaudited)
|
|
BlackRock Municipal Series Trust
|
|
• BlackRock Strategic Municipal Opportunities Fund
|
|
Not FDIC Insured • May Lose Value • No Bank Guarantee
|
|
Security
|
|
Shares
|
Value
|
|
Common Stocks
|
|||
|
Construction & Engineering — 0.1%
|
|
||
|
TimberHp By Go Lab, Inc.(a)
|
|
1,943,710
|
$ 4,451,096
|
|
Total Common Stocks — 0.1%
(Cost: $3,338)
|
4,451,096
|
||
|
|
|
Par
(000)
|
|
|
Municipal Bonds
|
|||
|
Alabama — 8.4%
|
|
||
|
Black Belt Energy Gas District RB, Series E,
07/01/33(b)
|
$
|
7,570
|
8,207,463
|
|
Black Belt Energy Gas District, RB
|
|
|
|
|
Series A, 5.25%, 01/01/54(c)
|
|
31,050
|
33,637,865
|
|
Series A, 5.25%, 05/01/55(c)
|
|
7,450
|
8,084,408
|
|
Series C, 5.50%, 10/01/54(c)
|
|
25,000
|
27,886,640
|
|
Series F, 5.00%, 12/01/35
|
|
6,900
|
7,586,137
|
|
Black Belt Energy Gas District, Refunding RB,
Series D, 5.00%, 12/01/55(c)
|
|
15,155
|
16,825,730
|
|
County of Jefferson AL Sewer Revenue, Refunding RB,
5.50%, 10/01/53
|
|
7,075
|
7,498,960
|
|
County of Jefferson Alabama Sewer Revenue,
Refunding RB, 5.25%, 10/01/49
|
|
5,485
|
5,777,930
|
|
Energy Southeast A Cooperative District, RB(c)
|
|
|
|
|
Series A-1, 5.50%, 11/01/53
|
|
30,150
|
33,190,854
|
|
Series B, 5.25%, 07/01/54
|
|
21,885
|
24,164,660
|
|
Series B-1, 5.75%, 04/01/54
|
|
42,000
|
47,361,803
|
|
Southeast Energy Authority A Cooperative District, RB
|
|
|
|
|
Series A, 5.00%, 01/01/56(c)
|
|
6,200
|
6,524,442
|
|
Series B, 5.00%, 01/01/54(c)
|
|
31,495
|
33,884,302
|
|
Series B, 5.25%, 03/01/55(c)
|
|
4,000
|
4,283,515
|
|
Series E, 5.00%, 10/01/30
|
|
20,000
|
21,796,428
|
|
|
|
|
286,711,137
|
|
Alaska — 0.0%
|
|
||
|
Northern Tobacco Securitization Corp., Refunding RB,
Series A, Class 1, 4.00%, 06/01/50
|
|
1,000
|
842,693
|
|
Arizona — 2.7%
|
|
||
|
Arizona Industrial Development Authority, RB, 7.10%,
01/01/55(d)
|
|
3,095
|
3,109,899
|
|
City of Mesa Arizona Utility System Revenue, RB
|
|
|
|
|
5.00%, 07/01/41
|
|
7,535
|
8,335,018
|
|
5.00%, 07/01/44
|
|
10,000
|
10,770,090
|
|
(AGM), 4.50%, 07/01/49
|
|
980
|
982,608
|
|
City of Phoenix Civic Improvement Corp., RB, Junior
Lien, 5.25%, 07/01/47
|
|
3,330
|
3,612,704
|
|
Maricopa County & Phoenix Industrial Development
Authorities, RB, S/F Housing, Series C, (FHLMC,
FNMA, GNMA), 6.25%, 03/01/55
|
|
5,990
|
6,775,291
|
|
Maricopa County Industrial Development Authority, RB,
7.38%, 10/01/29(d)
|
|
17,415
|
18,790,641
|
|
Salt River Project Agricultural Improvement & Power
District, RB
|
|
|
|
|
Series A, 5.00%, 01/01/50
|
|
4,000
|
4,196,715
|
|
Series A, 5.25%, 01/01/54
|
|
10,000
|
10,714,417
|
|
Series B, 5.00%, 01/01/48
|
|
6,250
|
6,644,806
|
|
Security
|
|
Par
(000)
|
Value
|
|
Arizona (continued)
|
|
||
|
Salt River Project Agricultural Improvement & Power
District, Refunding RB, Series A, 5.00%, 01/01/44
|
$
|
12,000
|
$ 13,355,625
|
|
Yuma Industrial Development Authority, Refunding RB,
Series A, 5.25%, 08/01/54
|
|
4,135
|
4,279,871
|
|
|
|
|
91,567,685
|
|
Arkansas — 0.7%
|
|
||
|
Arkansas Development Finance Authority, RB, AMT,
Sustainability Bonds, 7.38%, 07/01/48(d)
|
|
23,000
|
25,004,984
|
|
California — 4.0%
|
|
||
|
Burbank-Glendale-Pasadena Airport Authority Brick
Campaign, ARB, Series B, AMT, 5.25%, 07/01/49
|
|
3,115
|
3,301,854
|
|
California County Tobacco Securitization Agency, RB,
Series D, 0.00%, 06/01/55(e)
|
|
12,395
|
991,585
|
|
California Enterprise Development Authority, RB,
10.00%, 11/15/32(d)
|
|
670
|
668,679
|
|
California Housing Finance Agency, RB, M/F Housing,
Series A, 4.25%, 01/15/35
|
|
16
|
17,148
|
|
California Infrastructure & Economic Development
Bank, Refunding RB, Class B, AMT, Sustainability
Bonds, 12.00%, 01/01/65(c)(d)
|
|
42,245
|
22,812,300
|
|
California Municipal Finance Authority, RB
|
|
|
|
|
5.38%, 07/01/34(d)
|
|
1,000
|
1,000,891
|
|
5.63%, 07/01/44(d)
|
|
2,760
|
2,760,410
|
|
AMT, 4.00%, 07/15/29
|
|
2,120
|
2,161,304
|
|
California School Finance Authority, RB(d)
|
|
|
|
|
Series A, 7.00%, 06/01/54
|
|
895
|
830,680
|
|
Series B, 9.00%, 06/01/34
|
|
100
|
103,737
|
|
California Statewide Financing Authority, RB, Series D,
0.00%, 06/01/55(d)(e)
|
|
10,750
|
662,977
|
|
City of Los Angeles Department of Airports, ARB, AMT,
Sustainability Bonds, 5.25%, 05/15/47
|
|
1,500
|
1,574,476
|
|
City of Los Angeles Department of Airports, Refunding
ARB
|
|
|
|
|
Series S, AMT, 5.00%, 05/15/40
|
|
9,500
|
10,219,825
|
|
Series A, AMT, Sustainability Bonds, 5.50%,
05/15/55
|
|
3,750
|
4,029,594
|
|
City of San Francisco California Public Utilities
Commission Water Revenue, Refunding RB, 5.25%,
11/01/52
|
|
5,000
|
5,386,669
|
|
CSCDA Community Improvement Authority, RB, M/F
Housing(d)
|
|
|
|
|
Sustainability Bonds, 4.00%, 07/01/58
|
|
5,880
|
3,595,730
|
|
Series B, Sustainability Bonds, 4.00%, 07/01/58
|
|
6,700
|
3,637,573
|
|
Golden State Tobacco Securitization Corp., Refunding
RB, CAB, Series B-2, Subordinate, 0.00%,
06/01/66(e)
|
|
136,220
|
14,523,164
|
|
Las Virgenes Unified School District, GO, Series B,
Election 2022, 5.25%, 08/01/51
|
|
5,000
|
5,414,200
|
|
Sacramento Municipal Utility District, Refunding RB,
Series H, Sustainability Bonds, 5.00%, 08/15/50
|
|
11,670
|
12,140,652
|
|
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding ARB
|
|
|
|
|
Series 2, Class A, AMT, 5.25%, 05/01/42
|
|
1,285
|
1,435,388
|
|
Series 2, Class A, AMT, 5.25%, 05/01/49
|
|
7,025
|
7,434,426
|
|
Series A, AMT, 5.25%, 05/01/55
|
|
2,760
|
2,909,512
|
|
Series A, AMT, 5.50%, 05/01/55
|
|
19,000
|
20,441,435
|
|
State of California, Refunding GO, 5.00%, 09/01/43
|
|
7,080
|
7,892,191
|
|
|
|
|
135,946,400
|
|
Colorado — 2.8%
|
|
||
|
Arapahoe County School District No. 5 Cherry Creek,
GO, (SAW), 5.25%, 12/15/43
|
|
5,720
|
6,497,276
|
|
Security
|
|
Par
(000)
|
Value
|
|
Colorado (continued)
|
|
||
|
Board of Governors of Colorado State University
System, RB, Series C, 5.25%, 03/01/50
|
$
|
1,550
|
$ 1,644,664
|
|
City of Aurora Colorado Water Revenue, RB, 1st Lien,
4.00%, 08/01/54
|
|
5,680
|
5,294,646
|
|
City of Colorado Springs Colorado Utilities System
Revenue, RB
|
|
|
|
|
Series A, 5.00%, 11/15/43
|
|
3,550
|
4,010,997
|
|
Series B, 5.00%, 11/15/47
|
|
13,000
|
13,749,382
|
|
Colorado Bridge & Tunnel Enterprise, RB, Series A,
(AGM), 5.25%, 12/01/50
|
|
3,000
|
3,219,560
|
|
Colorado Educational & Cultural Facilities Authority,
RB, Series B, Subordinate Lien, 8.50%, 02/01/59(d)
|
|
5,175
|
5,925,622
|
|
Colorado Health Facilities Authority, Refunding RB,
Series A, 3.00%, 11/15/51
|
|
1,395
|
1,025,520
|
|
Colorado Housing and Finance Authority, RB, M/F
Housing, Series A, Class A, Sustainability Bonds,
(FNMA), 4.48%, 03/01/44
|
|
2,630
|
2,700,914
|
|
County of Adams Colorado, COP, 5.25%, 12/01/49
|
|
10,065
|
10,754,935
|
|
Denver City & County School District No. 1, GO,
Series C, (SAW), 5.50%, 12/01/47
|
|
6,990
|
7,814,231
|
|
Douglas County School District No. Re-1 Douglas &
Elbert Counties, GO
|
|
|
|
|
Series 1, (SAW), 5.00%, 12/15/43
|
|
9,980
|
11,084,458
|
|
Series 1, (SAW), 5.00%, 12/15/44
|
|
12,000
|
13,175,768
|
|
Flying Horse Metropolitan District No. 3, Refunding
GOL, 6.00%, 12/01/49(d)
|
|
2,965
|
2,973,701
|
|
Red Barn Metropolitan District, Refunding GOL,
Series A, 5.50%, 12/01/55
|
|
2,100
|
2,120,271
|
|
University of Colorado, RB, Series A, 5.00%, 06/01/50
|
|
3,335
|
3,532,277
|
|
|
|
|
95,524,222
|
|
Connecticut — 0.6%
|
|
||
|
Connecticut State Health & Educational Facilities
Authority, RB, 5.25%, 07/15/48
|
|
1,760
|
1,864,174
|
|
Mohegan Tribal Finance Authority, RB, 7.00%,
02/01/45(d)
|
|
3,045
|
3,069,563
|
|
State of Connecticut Special Tax Revenue, RB,
Series A-2, 5.00%, 07/01/44
|
|
10,145
|
11,196,681
|
|
Waterbury Housing Authority, RB, M/F Housing,
Series A, (HUD SECT 8), 4.50%, 02/01/42
|
|
3,690
|
3,849,481
|
|
|
|
|
19,979,899
|
|
Delaware(d) — 0.5%
|
|
||
|
Affordable Housing Opportunities Trust, RB, Series AH-
01, Class B, 6.88%, 05/01/39
|
|
14,844
|
15,365,259
|
|
Town of Bridgeville Delaware, ST
|
|
|
|
|
5.25%, 07/01/44
|
|
340
|
346,086
|
|
5.63%, 07/01/53
|
|
790
|
800,252
|
|
|
|
|
16,511,597
|
|
District of Columbia — 1.5%
|
|
||
|
District of Columbia Income Tax Revenue, Refunding
RB
|
|
|
|
|
Series A, 5.00%, 06/01/43
|
|
1,750
|
1,957,707
|
|
Series A, 5.25%, 06/01/50
|
|
5,000
|
5,417,430
|
|
District of Columbia Refunding GO(b)
|
|
|
|
|
Series A, 06/01/44
|
|
4,450
|
4,964,862
|
|
Series A, 06/01/45
|
|
3,000
|
3,307,238
|
|
District of Columbia Tobacco Settlement Financing
Corp., RB, Series A, 0.00%, 06/15/46(e)
|
|
3,645
|
876,538
|
|
District of Columbia, GO, Series A, 5.00%, 08/01/49
|
|
10,135
|
10,729,490
|
|
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB
|
|
|
|
|
Series A, AMT, 5.50%, 10/01/44
|
|
2,395
|
2,686,111
|
|
Security
|
|
Par
(000)
|
Value
|
|
District of Columbia (continued)
|
|
||
|
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB (continued)
|
|
|
|
|
Series A, AMT, 5.50%, 10/01/45
|
$
|
3,000
|
$ 3,329,883
|
|
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB
|
|
|
|
|
Sustainability Bonds, 5.00%, 07/15/45
|
|
3,945
|
4,180,032
|
|
Sustainability Bonds, 5.00%, 07/15/48
|
|
11,570
|
12,046,923
|
|
|
|
|
49,496,214
|
|
Florida — 5.4%
|
|
||
|
Alta Lakes Community Development District, SAB
|
|
|
|
|
3.75%, 05/01/29
|
|
445
|
448,553
|
|
4.63%, 05/01/49
|
|
1,775
|
1,678,521
|
|
Babcock Ranch Community Independent Special
District, SAB
|
|
|
|
|
4.75%, 11/01/26
|
|
100
|
100,113
|
|
5.00%, 11/01/31
|
|
500
|
500,649
|
|
Series 2024, 5.00%, 05/01/44(d)
|
|
1,370
|
1,405,922
|
|
Brevard County Health Facilities Authority, Refunding
RB, 4.00%, 11/15/31(d)
|
|
580
|
568,747
|
|
Capital Trust Agency, Inc., RB(d)
|
|
|
|
|
4.88%, 06/15/56
|
|
12,000
|
9,694,142
|
|
Series A, 5.00%, 06/15/49
|
|
5,000
|
4,601,958
|
|
Celebration Pointe Community Development District
No. 1, SAB(f)(g)
|
|
|
|
|
5.00%, 05/01/34
|
|
710
|
568,000
|
|
5.13%, 05/01/45
|
|
985
|
788,000
|
|
Charlotte County Industrial Development Authority, RB,
AMT, 5.50%, 10/01/36(d)
|
|
2,745
|
2,748,806
|
|
City of Fort Lauderdale Florida Water & Sewer
Revenue, RB
|
|
|
|
|
Series A, 5.00%, 09/01/43
|
|
3,425
|
3,811,153
|
|
Series A, 5.00%, 09/01/44
|
|
2,595
|
2,858,752
|
|
Series B, 5.50%, 09/01/48
|
|
8,510
|
9,391,248
|
|
City of Jacksonville Florida, Refunding RB, 5.00%,
10/01/43
|
|
5,000
|
5,568,956
|
|
City of Jacksonville Refunding RB, 5.00%, 10/01/49
|
|
7,000
|
7,424,242
|
|
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB, Series A, AMT, 5.25%, 10/01/50
|
|
2,100
|
2,189,945
|
|
County of Miami-Dade Florida, RB, 0.00%, 10/01/39(e)
|
|
15,765
|
9,629,161
|
|
County of Monroe Florida, RB, 5.00%, 04/01/48
|
|
5,560
|
5,879,009
|
|
County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48
|
|
1,000
|
1,027,070
|
|
County of Sarasota Florida Utility System Revenue,
RB, 5.25%, 10/01/47
|
|
14,795
|
15,811,430
|
|
Crossings At Fleming Island Community Development
District, Refunding SAB, Series A-3, Senior Lien,
6.50%, 05/01/44
|
|
1,990
|
1,992,427
|
|
Epperson North Community Development District,
SAB, Series A, 4.00%, 11/01/51
|
|
860
|
722,461
|
|
Florida Development Finance Corp., RB
|
|
|
|
|
Series A, 5.75%, 06/15/29(d)
|
|
260
|
260,311
|
|
Series A, 6.00%, 06/15/34(d)
|
|
440
|
440,564
|
|
Series A, 5.25%, 08/01/51
|
|
2,500
|
2,641,185
|
|
Series C, 5.75%, 12/15/56(d)
|
|
4,090
|
3,103,644
|
|
Series A, AMT, 12.00%, 07/15/59(c)(d)(f)(g)
|
|
19,225
|
6,728,750
|
|
Series A, Class A, AMT, 4.38%, 10/01/54(c)(d)
|
|
1,390
|
1,411,054
|
|
Florida Development Finance Corp., Refunding RB(d)
|
|
|
|
|
Series A, 4.50%, 12/15/56
|
|
11,970
|
7,952,580
|
|
AMT, 12.00%, 07/15/32(c)(f)(g)
|
|
7,850
|
2,747,500
|
|
Greater Orlando Aviation Authority, ARB, AMT, 5.25%,
10/01/41
|
|
5,065
|
5,686,350
|
|
Security
|
|
Par
(000)
|
Value
|
|
Florida (continued)
|
|
||
|
Harbor Bay Community Development District,
Refunding SAB, Series A-2, 3.75%, 05/01/34
|
$
|
990
|
$ 993,502
|
|
Harbor Bay Community Development District, SAB,
Series A-1, 4.10%, 05/01/48
|
|
1,400
|
1,256,359
|
|
Hillsborough County Aviation Authority, ARB, Series B,
AMT, 5.50%, 10/01/49
|
|
3,005
|
3,216,420
|
|
Hobe-St Lucie Conservancy District, SAB, 5.88%,
05/01/55
|
|
1,610
|
1,651,537
|
|
JEA Water & Sewer System Revenue, Refunding RB,
Series A, 5.25%, 10/01/49
|
|
7,255
|
7,839,286
|
|
Lakewood Ranch Stewardship District, SAB
|
|
|
|
|
2.13%, 05/01/26
|
|
50
|
49,870
|
|
4.40%, 05/01/39
|
|
415
|
421,776
|
|
4.88%, 05/01/45
|
|
2,215
|
2,214,924
|
|
4.50%, 05/01/49
|
|
480
|
448,244
|
|
LEE CNTY FL ARPT REVENUE LEEAPT 10/45 FIXED
5.25, ARB, Series A-1, AMT, 10/01/45(b)
|
|
2,300
|
2,522,611
|
|
LEE CNTY FL ARPT REVENUE LEEAPT 10/46 FIXED
5.25, ARB, Series A-1, AMT, 10/01/46(b)
|
|
2,000
|
2,166,003
|
|
LEE CNTY FL ARPT REVENUE LEEAPT 10/47 FIXED
5.25, ARB, Series A-1, AMT, 10/01/47(b)
|
|
3,375
|
3,615,359
|
|
North AR-1 Pasco Community Development District,
SAB
|
|
|
|
|
Series A, 5.75%, 05/01/44
|
|
360
|
376,795
|
|
Series A, 6.00%, 05/01/54
|
|
635
|
652,060
|
|
Orange County Health Facilities Authority, Refunding
RB
|
|
|
|
|
Series A, 5.00%, 10/01/45
|
|
4,875
|
5,217,283
|
|
Series A, 5.00%, 10/01/47
|
|
2,000
|
2,107,078
|
|
Orlando Utilities Commission, RB
|
|
|
|
|
Series A, 5.00%, 10/01/48
|
|
10,000
|
10,562,608
|
|
Series A, 5.00%, 10/01/50
|
|
5,000
|
5,269,975
|
|
Reunion East Community Development District, SAB,
Series 2021, 2.40%, 05/01/26
|
|
75
|
74,886
|
|
Sarasota County Public Hospital District, RB, 4.00%,
07/01/52
|
|
5,000
|
4,400,715
|
|
Sawyers Landing Community Development District,
SAB, 4.25%, 05/01/53
|
|
3,015
|
2,619,896
|
|
Shadowlawn Community Development District, SAB,
5.50%, 05/01/44
|
|
1,545
|
1,578,018
|
|
Sterling Hill Community Development District,
Refunding SAB, Series B, 5.50%, 11/01/10(f)(g)
|
|
142
|
58,443
|
|
Talavera Community Development District, SAB,
4.50%, 05/01/50
|
|
770
|
706,302
|
|
Village Center Community Development District,
Refunding RB, 5.02%, 11/01/36
|
|
1,500
|
1,554,838
|
|
Westside Haines City Community Development
District, SAB
|
|
|
|
|
2.50%, 05/01/26
|
|
65
|
64,907
|
|
5.75%, 05/01/44
|
|
1,190
|
1,246,327
|
|
6.00%, 05/01/54
|
|
460
|
473,269
|
|
|
|
|
183,740,494
|
|
Georgia — 1.3%
|
|
||
|
City of Atlanta Georgia Department of Aviation, ARB
|
|
|
|
|
Series B-1, AMT, Sustainability Bonds, 5.25%,
07/01/41
|
|
1,700
|
1,911,107
|
|
Series B-1, AMT, Sustainability Bonds, 5.25%,
07/01/50
|
|
6,825
|
7,192,108
|
|
Columbia County Hospital Authority, RB, Series A,
(AGM), 5.00%, 04/01/48
|
|
3,445
|
3,617,715
|
|
Security
|
|
Par
(000)
|
Value
|
|
Georgia (continued)
|
|
||
|
Development Authority for Fulton County, RB, (BAM-
TCRS), 4.00%, 07/01/49
|
$
|
4,785
|
$ 4,492,663
|
|
East Point Business & Industrial Development
Authority, RB, Series A, 5.25%, 06/15/62(d)
|
|
3,355
|
2,013,000
|
|
Main Street Natural Gas, Inc., RB(c)
|
|
|
|
|
Series A, 5.00%, 06/01/53
|
|
12,500
|
13,378,040
|
|
Series D, 5.00%, 05/01/54
|
|
7,725
|
8,292,242
|
|
Metropolitan Atlanta Rapid Transit Authority, RB,
Series A, Sustainability Bonds, 5.25%, 07/01/50
|
|
3,295
|
3,562,610
|
|
|
|
|
44,459,485
|
|
Hawaii — 0.1%
|
|
||
|
State of Hawaii Airports System Revenue, Refunding
RB, Series C, AMT, 5.00%, 07/01/44
|
|
3,000
|
3,204,442
|
|
Idaho — 0.7%
|
|
||
|
Idaho Health Facilities Authority, Refunding RB,
Series A, 5.00%, 03/01/42
|
|
5,600
|
6,208,886
|
|
Idaho Housing & Finance Association, RB
|
|
|
|
|
4.25%, 06/15/62(d)
|
|
5,910
|
4,086,625
|
|
Series A, 5.25%, 08/15/48
|
|
6,680
|
7,194,591
|
|
Series A, 6.95%, 06/15/55(d)
|
|
5,150
|
5,251,102
|
|
|
|
|
22,741,204
|
|
Illinois — 2.3%
|
|
||
|
Chicago Midway International Airport, Refunding ARB,
Series A, AMT, Senior Lien, (BAM), 5.50%,
01/01/53
|
|
3,285
|
3,445,804
|
|
Chicago Midway International Airport, Refunding RB,
Series C, AMT, 5.00%, 01/01/38
|
|
1,240
|
1,372,504
|
|
Chicago O’Hare International Airport, Refunding ARB,
Series A, AMT, Senior Lien, 5.25%, 01/01/42
|
|
1,850
|
2,023,154
|
|
Chicago O’Hare International Airport, Refunding RB,
Series C, AMT, 5.25%, 01/01/45
|
|
1,000
|
1,069,884
|
|
City of Chicago Illinois Lakeshore East Special
Assessment Area, Refunding SAB(d)
|
|
|
|
|
2.69%, 12/01/26
|
|
267
|
264,830
|
|
2.87%, 12/01/27
|
|
221
|
217,757
|
|
Illinois Finance Authority, RB
|
|
|
|
|
Series A, 5.00%, 08/15/52
|
|
3,000
|
3,033,923
|
|
Series A, Sustainability Bonds, 5.00%, 07/01/43
|
|
1,000
|
1,124,605
|
|
Series A, Sustainability Bonds, 5.00%, 07/01/44
|
|
1,000
|
1,111,123
|
|
Illinois Housing Development Authority, Refunding RB,
Series H-1, 4.00%, 01/01/42
|
|
5,275
|
5,283,183
|
|
Illinois Housing Development Authority, Refunding RB,
S/F Housing, Series H, Sustainability Bonds,
(FHLMC, FNMA, GNMA), 4.65%, 10/01/43
|
|
4,875
|
5,028,170
|
|
Illinois State Toll Highway Authority, RB
|
|
|
|
|
Series A, 5.00%, 01/01/44
|
|
9,250
|
9,983,033
|
|
Series A, 5.25%, 01/01/45
|
|
10,000
|
10,871,545
|
|
Regional Transportation Authority, RB, Series A,
5.00%, 06/01/50
|
|
5,000
|
5,189,504
|
|
State of Illinois, GO
|
|
|
|
|
Series B, 5.25%, 05/01/44
|
|
11,920
|
12,783,765
|
|
Series B, 5.25%, 05/01/49
|
|
4,000
|
4,154,133
|
|
Series C, 5.00%, 12/01/46
|
|
4,850
|
5,001,378
|
|
Series F, 5.25%, 09/01/48
|
|
2,950
|
3,073,831
|
|
State of Illinois, Refunding GO, 5.00%, 02/01/37
|
|
2,400
|
2,717,777
|
|
|
|
|
77,749,903
|
|
Indiana — 1.5%
|
|
||
|
Indiana Finance Authority, RB
|
|
|
|
|
Series A, 5.00%, 10/01/53
|
|
8,060
|
8,265,710
|
|
Security
|
|
Par
(000)
|
Value
|
|
Indiana (continued)
|
|
||
|
Indiana Finance Authority, RB (continued)
|
|
|
|
|
Series B, 1st Lien, Sustainability Bonds, 5.25%,
10/01/47
|
$
|
5,000
|
$ 5,252,944
|
|
Series A, Sustainability Bonds, 5.00%, 02/01/43
|
|
5,000
|
5,538,169
|
|
Indiana Finance Authority, Refunding RB
|
|
|
|
|
Series C, 5.00%, 10/01/42
|
|
2,650
|
2,936,038
|
|
Series C, 5.00%, 02/01/45
|
|
1,375
|
1,499,591
|
|
Series B, Sustainability Bonds, 5.00%, 02/01/44
|
|
3,510
|
3,809,542
|
|
Indiana Municipal Power Agency, Refunding RB,
Series A, (AGM), 5.00%, 01/01/43
|
|
13,025
|
14,336,672
|
|
Indianapolis Local Public Improvement Bond Bank, RB,
Series D, 6.00%, 02/01/48
|
|
3,150
|
3,514,804
|
|
Indianapolis Local Public Improvement Bond Bank,
Refunding ARB, Series B1, 5.25%, 01/01/55
|
|
4,000
|
4,210,248
|
|
IPS Multi-School Building Corp., Refunding RB,
Sustainability Bonds, (ST INTERCEPT), 5.00%,
07/15/44
|
|
1,500
|
1,619,635
|
|
|
|
|
50,983,353
|
|
Iowa — 0.2%
|
|
||
|
County of Polk Iowa, GO, Series A, AMT, 5.25%,
06/01/45
|
|
5,000
|
5,343,518
|
|
Kansas — 1.3%
|
|
||
|
Kansas Development Finance Authority, RB,
Series SR, 5.00%, 05/01/41
|
|
7,495
|
8,382,486
|
|
Kansas Development Finance Authority, Refunding RB
|
|
|
|
|
Series C-1, 5.00%, 09/01/42
|
|
6,295
|
6,799,273
|
|
Series C-1, 5.00%, 09/01/46
|
|
7,690
|
8,074,968
|
|
State of Kansas Department of Transportation,
Refunding RB, Series A, 5.00%, 09/01/44
|
|
2,050
|
2,271,056
|
|
Wyandotte County Unified School District No.
500 Kansas City, GO, (BAM), 5.00%, 09/01/50
|
|
17,090
|
17,819,466
|
|
|
|
|
43,347,249
|
|
Kentucky — 0.1%
|
|
||
|
Westvaco Corp., RB, 7.67%, 01/15/27(d)
|
|
3,100
|
3,182,097
|
|
Louisiana — 0.5%
|
|
||
|
City of Lafayette Louisiana Utilities Revenue, RB,
(AGM), 5.00%, 11/01/44
|
|
5,910
|
6,372,750
|
|
Louisiana Stadium & Exposition District, Refunding RB,
Series A, 5.00%, 07/01/48
|
|
10,000
|
10,419,017
|
|
|
|
|
16,791,767
|
|
Maine — 1.0%
|
|
||
|
Finance Authority of Maine, RB
|
|
|
|
|
Series B, 9.50%, 06/01/32
|
|
3,250
|
2,769,766
|
|
Series A, AMT, 8.50%, 06/01/32
|
|
3,250
|
2,770,240
|
|
AMT, Sustainability Bonds, 8.50%, 06/01/35(f)(g)
|
|
17,702
|
9,134,639
|
|
Maine Health & Higher Educational Facilities Authority,
Refunding RB, 4.00%, 07/01/37(d)
|
|
18,500
|
18,205,169
|
|
|
|
|
32,879,814
|
|
Maryland — 1.0%
|
|
||
|
County of Prince George’s Maryland, Refunding GOL,
Series A, 5.00%, 08/01/40
|
|
4,500
|
5,073,893
|
|
Maryland Community Development Administration, RB,
M/F Housing, Series D-1, Sustainability Bonds,
(FNMA), 4.35%, 02/01/44
|
|
8,230
|
8,279,086
|
|
Security
|
|
Par
(000)
|
Value
|
|
Maryland (continued)
|
|
||
|
Maryland Health & Higher Educational Facilities
Authority, RB, 7.00%, 03/01/55(d)
|
$
|
10,405
|
$ 10,780,517
|
|
Washington Suburban Sanitary Commission, RB,
(GTD), 5.00%, 06/01/43
|
|
9,270
|
10,449,933
|
|
|
|
|
34,583,429
|
|
Massachusetts — 2.7%
|
|
||
|
Commonwealth of Massachusetts, GO
|
|
|
|
|
Series C, 5.00%, 06/01/45
|
|
9,905
|
10,889,569
|
|
Series I, 5.00%, 12/01/47
|
|
1,000
|
1,074,067
|
|
Commonwealth of Massachusetts, GOL
|
|
|
|
|
Series A, 5.00%, 05/01/48
|
|
6,220
|
6,564,826
|
|
Series D, 5.00%, 10/01/50
|
|
10,000
|
10,502,761
|
|
Series D, 5.00%, 10/01/53
|
|
10,000
|
10,446,424
|
|
Series E, 5.00%, 11/01/47
|
|
4,500
|
4,764,004
|
|
Massachusetts Bay Transportation Authority Sales Tax
Revenue, Refunding RB, Series A, 5.00%, 07/01/46
|
|
5,560
|
6,009,766
|
|
Massachusetts Development Finance Agency, RB
|
|
|
|
|
5.00%, 10/01/38
|
|
5,000
|
5,009,325
|
|
5.00%, 10/01/43
|
|
5,000
|
4,929,468
|
|
Series J2, 5.00%, 07/01/48
|
|
3,000
|
3,042,271
|
|
Massachusetts Development Finance Agency,
Refunding RB, 4.13%, 10/01/42(d)
|
|
4,225
|
4,109,268
|
|
Massachusetts Port Authority, Refunding ARB,
Series C, AMT, 5.00%, 07/01/49
|
|
5,000
|
5,057,431
|
|
Massachusetts School Building Authority, RB, Series A,
Subordinate, 5.00%, 02/15/50
|
|
13,375
|
14,147,240
|
|
Town of Nantucket Mmassachusetts, Refunding GOL,
4.00%, 03/15/47
|
|
1,240
|
1,237,563
|
|
Town of Wakefield Massachusetts, GOL, 5.00%,
08/15/50
|
|
5,000
|
5,395,088
|
|
|
|
|
93,179,071
|
|
Michigan — 1.1%
|
|
||
|
Michigan Finance Authority, RB
|
|
|
|
|
4.00%, 02/15/47
|
|
8,000
|
7,280,812
|
|
Series A, 6.50%, 06/01/57(d)(f)(g)
|
|
4,020
|
1,929,600
|
|
Michigan Finance Authority, Refunding RB
|
|
|
|
|
5.00%, 06/01/26(h)
|
|
145
|
145,943
|
|
Series A, Class 1, 4.00%, 06/01/49
|
|
17,745
|
15,493,259
|
|
Michigan State Housing Development Authority, RB,
M/F Housing, Series A, 4.15%, 10/01/53
|
|
7,765
|
7,166,966
|
|
State of Michigan Trunk Line Revenue, RB, 5.00%,
11/15/46
|
|
6,340
|
6,757,477
|
|
|
|
|
38,774,057
|
|
Mississippi — 0.1%
|
|
||
|
Mississippi Home Corp., RB, Series 2025-06FN,
Class PT, 4.55%, 04/01/42
|
|
3,960
|
4,132,304
|
|
Missouri — 1.1%
|
|
||
|
City of St Louis Missouri Airport Revenue, ARB,
Series A, (AGM), 5.25%, 07/01/49
|
|
17,400
|
18,568,883
|
|
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB, Series A, 4.00%, 04/01/45
|
|
5,000
|
4,797,854
|
|
Kansas City Industrial Development Authority, ARB,
Series A, AMT, 5.00%, 03/01/44
|
|
5,000
|
5,114,031
|
|
Kansas City Industrial Development Authority, RB, M/F
Housing, Sustainability Bonds, (FNMA), 4.39%,
09/01/42
|
|
7,450
|
7,809,681
|
|
|
|
|
36,290,449
|
|
Security
|
|
Par
(000)
|
Value
|
|
Nebraska — 0.4%
|
|
||
|
Omaha Airport Authority, ARB, AMT, (AGM), 5.25%,
12/15/49
|
$
|
4,415
|
$ 4,645,659
|
|
Omaha Public Power District, RB
|
|
|
|
|
Series A, 5.25%, 02/01/53
|
|
4,000
|
4,233,163
|
|
Series C, 4.00%, 02/01/49
|
|
4,100
|
3,891,058
|
|
|
|
|
12,769,880
|
|
Nevada — 1.8%
|
|
||
|
Clark County School District, Refunding GOL
|
|
|
|
|
Series A, (AGM), 06/15/38(b)
|
|
5,000
|
5,809,481
|
|
Series B, 5.00%, 06/15/45
|
|
10,000
|
10,757,427
|
|
Clark County Water Reclamation District, GOL
|
|
|
|
|
5.00%, 07/01/42
|
|
12,020
|
13,367,114
|
|
5.00%, 07/01/46
|
|
12,335
|
13,135,459
|
|
5.00%, 07/01/47
|
|
3,290
|
3,474,363
|
|
Las Vegas Valley Water District Refunding GOL,
Series A, 06/01/45(b)
|
|
10,000
|
11,033,732
|
|
Las Vegas Valley Water District, GOL, Series A, 5.00%,
06/01/45
|
|
4,230
|
4,631,744
|
|
State of Nevada Department of Business & Industry,
RB, Series A, 4.50%, 12/15/29(d)
|
|
160
|
160,061
|
|
|
|
|
62,369,381
|
|
New Hampshire — 1.0%
|
|
||
|
New Hampshire Business Finance Authority, RB,
5.88%, 12/15/33(d)
|
|
3,113
|
3,117,212
|
|
New Hampshire Business Finance Authority, RB, M/F
Housing
|
|
|
|
|
Series 2, Sustainability Bonds, 4.25%, 07/20/41
|
|
12,097
|
12,431,579
|
|
Series 2, Class 3-A, Sustainability Bonds, 4.16%,
10/01/51(c)
|
|
11,174
|
11,514,212
|
|
New Hampshire Business Finance Authority, Refunding
RB, 3.30%, 04/01/32
|
|
8,545
|
6,372,945
|
|
|
|
|
33,435,948
|
|
New Jersey — 2.7%
|
|
||
|
New Jersey Economic Development Authority, RB,
Series B, 5.50%, 11/01/26(d)
|
|
95
|
94,065
|
|
New Jersey Transportation Trust Fund Authority, RB
|
|
|
|
|
5.25%, 06/15/46
|
|
2,435
|
2,604,974
|
|
Series AA, 5.00%, 06/15/41
|
|
5,660
|
6,435,684
|
|
Series AA, 5.00%, 06/15/43
|
|
2,000
|
2,223,589
|
|
Series AA, 5.00%, 06/15/44
|
|
4,000
|
4,391,948
|
|
Series CC, 5.00%, 06/15/41
|
|
3,725
|
4,186,742
|
|
Series CC, 5.25%, 06/15/50
|
|
17,700
|
18,832,039
|
|
Series CC, 5.25%, 06/15/55
|
|
16,320
|
17,277,561
|
|
New Jersey Transportation Trust Fund Authority,
Refunding RB
|
|
|
|
|
Series AA, 5.25%, 06/15/41
|
|
7,250
|
8,285,593
|
|
Series AA, 5.00%, 06/15/42
|
|
15,520
|
17,284,534
|
|
New Jersey Turnpike Authority, RB, Series A, 5.25%,
01/01/50
|
|
5,125
|
5,555,360
|
|
Tobacco Settlement Financing Corp., Refunding RB,
Series A, 5.25%, 06/01/46
|
|
5,000
|
5,035,148
|
|
|
|
|
92,207,237
|
|
New York — 9.0%
|
|
||
|
City of New York, GO
|
|
|
|
|
Series A-1, 5.00%, 08/01/42
|
|
4,000
|
4,490,952
|
|
Series A-1, 5.00%, 08/01/48
|
|
10,000
|
10,553,009
|
|
Series C, 5.25%, 03/01/49
|
|
11,675
|
12,393,838
|
|
Series G-1, 5.25%, 02/01/50
|
|
7,470
|
7,968,065
|
|
Security
|
|
Par
(000)
|
Value
|
|
New York (continued)
|
|
||
|
Empire State Development Corp., RB, Series A,
5.00%, 03/15/43
|
$
|
7,000
|
$ 7,661,572
|
|
Empire State Development Corp., Refunding RB
|
|
|
|
|
Series E, 4.00%, 03/15/42
|
|
8,000
|
8,053,948
|
|
Series A, Sustainability Bonds, 5.00%, 03/15/55
|
|
4,070
|
4,198,958
|
|
New York City Municipal Water Finance Authority, RB
|
|
|
|
|
Series BB-1, 5.00%, 06/15/50
|
|
3,025
|
3,141,095
|
|
Sub-Series AA-1, 5.25%, 06/15/53
|
|
3,825
|
4,044,084
|
|
Sub-Series BB-1, 5.25%, 06/15/54
|
|
1,000
|
1,056,175
|
|
Series AA, Class 1, Subordinate, 5.00%, 06/15/51
|
|
4,000
|
4,194,764
|
|
New York City Municipal Water Finance Authority,
Refunding RB
|
|
|
|
|
Series BB-2, 4.00%, 06/15/42
|
|
3,835
|
3,866,368
|
|
Series AA2, Subordinate, 5.00%, 06/15/49
|
|
3,735
|
3,940,051
|
|
New York City Transitional Finance Authority Building
Aid Revenue, RB, Series S-1, (SAW), 5.00%,
07/15/37
|
|
4,000
|
4,779,323
|
|
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
|
|
|
|
|
Series D, 5.00%, 05/01/46
|
|
10,295
|
11,011,309
|
|
Series D-1, 5.25%, 11/01/48
|
|
13,315
|
14,162,411
|
|
Series F-1, 5.25%, 02/01/53
|
|
3,425
|
3,622,066
|
|
Series A, Subordinate, 5.00%, 05/01/43
|
|
5,520
|
6,007,292
|
|
Series A-1, Subordinate, 5.00%, 05/01/42
|
|
5,000
|
5,627,204
|
|
Series B, Subordinate, 5.00%, 05/01/45
|
|
1,500
|
1,607,936
|
|
Series B, Subordinate, 5.00%, 05/01/46
|
|
1,000
|
1,062,717
|
|
Series G-1, Subordinate, 5.00%, 05/01/46
|
|
2,365
|
2,521,520
|
|
Series G-1, Subordinate, 5.00%, 05/01/52
|
|
4,000
|
4,156,753
|
|
Series H-1, Subordinate, 5.00%, 11/01/46
|
|
1,250
|
1,340,811
|
|
Series H-1, Subordinate, 5.25%, 11/01/48
|
|
8,500
|
9,134,271
|
|
Series H-1, Subordinate, 5.00%, 11/01/50
|
|
6,000
|
6,293,366
|
|
Series I-1, Subordinate, 5.00%, 05/01/50
|
|
10,000
|
10,488,944
|
|
Series I-1, Subordinate, 5.50%, 05/01/53
|
|
10,555
|
11,461,950
|
|
New York State Dormitory Authority, Refunding RB
|
|
|
|
|
Series A, 4.00%, 03/15/46
|
|
5,000
|
4,795,592
|
|
Series A, 5.00%, 03/15/47
|
|
2,430
|
2,599,793
|
|
Series A, 5.00%, 03/15/48
|
|
5,000
|
5,291,470
|
|
Series A, 5.00%, 03/15/50
|
|
16,150
|
16,968,258
|
|
Series A, 5.25%, 03/15/52
|
|
5,000
|
5,298,706
|
|
Series B, 5.00%, 03/15/54
|
|
5,000
|
5,227,187
|
|
Series C, 5.00%, 03/15/44
|
|
500
|
550,960
|
|
Series C, 5.25%, 03/15/50
|
|
5,000
|
5,381,819
|
|
Series E, 5.00%, 09/15/28(h)
|
|
5
|
5,351
|
|
New York State Thruway Authority, RB, Series A,
5.00%, 03/15/43
|
|
10,000
|
11,163,587
|
|
New York State Thruway Authority, Refunding RB,
Series P, 5.00%, 01/01/49
|
|
2,000
|
2,119,934
|
|
New York Transportation Development Corp., RB
|
|
|
|
|
AMT, Sustainability Bonds, 5.25%, 06/30/43
|
|
3,000
|
3,188,375
|
|
AMT, Sustainability Bonds, 5.25%, 06/30/44
|
|
4,000
|
4,210,052
|
|
AMT, Sustainability Bonds, 6.00%, 06/30/55
|
|
8,000
|
8,537,990
|
|
AMT, Sustainability Bonds, 5.38%, 06/30/60
|
|
14,010
|
14,061,104
|
|
AMT, Sustainability Bonds, 5.50%, 06/30/60
|
|
4,945
|
5,051,023
|
|
New York Transportation Development Corp.,
Refunding RB
|
|
|
|
|
Series A, AMT, Sustainability Bonds, (AGM), 5.25%,
12/31/54
|
|
1,675
|
1,719,127
|
|
Series A, AMT, Sustainability Bonds, 5.50%,
12/31/60
|
|
4,110
|
4,212,509
|
|
Port Authority of New York & New Jersey, Refunding
RB, Series 250, 5.00%, 10/15/42
|
|
2,025
|
2,315,464
|
|
Security
|
|
Par
(000)
|
Value
|
|
New York (continued)
|
|
||
|
Suffolk Regional Off-Track Betting Corp, RB, 5.00%,
12/01/34
|
$
|
4,075
|
$ 4,243,705
|
|
Triborough Bridge & Tunnel Authority, Refunding RB
|
|
|
|
|
Series C, 5.25%, 05/15/52
|
|
23,785
|
24,932,935
|
|
Series C, Sustainability Bonds, 5.25%, 11/15/40
|
|
4,000
|
4,582,152
|
|
|
|
|
305,297,845
|
|
North Carolina — 0.9%
|
|
||
|
City of Charlotte North Carolina Water & Sewer System
Revenue, Refunding RB, Series A, 5.00%, 07/01/45
|
|
15,000
|
16,140,772
|
|
City of Greensboro North Carolina Combined Water &
Sewer System Revenue, Refunding RB, Series B,
5.00%, 06/01/49
|
|
6,290
|
6,689,225
|
|
North Carolina Housing Finance Agency, RB, S/F
Housing, Series A, (FHLMC, FNMA, GNMA), 6.25%,
01/01/55
|
|
4,820
|
5,468,125
|
|
North Carolina Medical Care Commission, RB
|
|
|
|
|
Series A, 5.00%, 10/01/44
|
|
375
|
389,271
|
|
Series A, 5.00%, 10/01/49
|
|
375
|
381,737
|
|
Series A, 5.13%, 10/01/54
|
|
195
|
198,959
|
|
North Carolina Medical Care Commission, Refunding
RB, Series A, 5.25%, 01/01/41
|
|
2,275
|
2,275,120
|
|
Town of Mooresville North Carolina, SAB, 5.38%,
03/01/40(d)
|
|
455
|
455,472
|
|
|
|
|
31,998,681
|
|
North Dakota — 0.1%
|
|
||
|
North Dakota Housing Finance Agency, RB, S/F
Housing, Series C, Sustainability Bonds, 6.25%,
01/01/55
|
|
4,555
|
5,171,114
|
|
Ohio — 1.3%
|
|
||
|
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%,
06/01/55
|
|
23,100
|
19,073,994
|
|
Columbus Regional Airport Authority, Refunding ARB,
Series A, AMT, 5.50%, 01/01/50
|
|
4,000
|
4,261,963
|
|
Columbus-Franklin County Finance Authority, RB, M/F
Housing, (FNMA), 4.82%, 11/01/43
|
|
2,500
|
2,702,285
|
|
JobsOhio Beverage System, Refunding RB
|
|
|
|
|
Series A, Senior Lien, 5.00%, 01/01/44
|
|
2,500
|
2,757,775
|
|
Series A, Senior Lien, 5.00%, 01/01/50
|
|
8,000
|
8,456,055
|
|
New York Energy Finance Development Corp.,
Refunding RB, Series B-3, Class 2, 0.00%,
06/01/57(e)
|
|
24,710
|
1,917,459
|
|
Ohio Housing Finance Agency, RB, S/F Housing,
Series B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 7.00%, 03/01/49
|
|
1,250
|
1,469,553
|
|
Worthington City School District, GO, Series C, 5.00%,
12/01/48
|
|
4,900
|
5,117,491
|
|
|
|
|
45,756,575
|
|
Oklahoma — 0.6%
|
|
||
|
Oklahoma Capitol Improvement Authority, RB,
Series A, 5.25%, 07/01/50
|
|
2,185
|
2,354,756
|
|
Oklahoma Development Finance Authority, RB, 7.25%,
09/01/51(d)
|
|
4,905
|
4,906,982
|
|
Oklahoma Turnpike Authority, RB, Series A, 5.00%,
01/01/44
|
|
4,500
|
4,927,657
|
|
Security
|
|
Par
(000)
|
Value
|
|
Oklahoma (continued)
|
|
||
|
Oklahoma Water Resources Board, RB
|
|
|
|
|
5.25%, 04/01/50
|
$
|
3,000
|
$ 3,220,993
|
|
Series A, 4.13%, 10/01/53
|
|
3,730
|
3,602,952
|
|
|
|
|
19,013,340
|
|
Oregon — 1.6%
|
|
||
|
City of Portland Oregon Sewer System Revenue,
Refunding RB
|
|
|
|
|
Series A, 2nd Lien, 5.00%, 12/01/43
|
|
6,000
|
6,592,635
|
|
Series A, 2nd Lien, 5.00%, 10/01/49
|
|
18,390
|
19,543,880
|
|
Port of Morrow Oregon, GOL, Series A, 5.15%,
10/01/26(d)
|
|
7,860
|
7,862,385
|
|
Port of Portland Oregon Airport Revenue, Refunding
ARB, Series 29, AMT, Sustainability Bonds, 5.50%,
07/01/48
|
|
4,000
|
4,257,621
|
|
State of Oregon Housing & Community Services
Department, RB, M/F Housing, Series B, (FHLMC,
FNMA, GNMA), 4.13%, 07/01/43
|
|
165
|
165,003
|
|
State of Oregon, GO
|
|
|
|
|
Series A, 5.00%, 05/01/48
|
|
1,840
|
1,942,992
|
|
Series F, 5.00%, 08/01/48
|
|
2,000
|
2,113,945
|
|
University of Oregon, RB, Series A, 5.00%, 04/01/50
|
|
10,000
|
10,341,079
|
|
Washington & Clackamas Counties School District No.
23J Tigard-Tualatin, GO, (GTD), 5.00%, 06/15/43
|
|
3,100
|
3,479,977
|
|
|
|
|
56,299,517
|
|
Pennsylvania — 0.8%
|
|
||
|
Chester County Health and Education Facilities
Authority, Refunding RB, Series A, 5.25%, 12/01/45
|
|
1,500
|
1,235,758
|
|
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, RB, Series C, (AGM), 5.25%, 09/01/54
|
|
2,500
|
2,656,807
|
|
Geisinger Authority, Refunding RB, 4.00%, 04/01/50
|
|
5,985
|
5,359,960
|
|
Pennsylvania Economic Development Financing
Authority, Refunding RB, AMT, 5.50%, 11/01/44
|
|
3,250
|
3,252,166
|
|
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Series B-1, (AGM), 5.00%, 11/01/51
|
|
6,510
|
6,696,764
|
|
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 145A, Sustainability Bonds, 6.00%,
10/01/54
|
|
6,760
|
7,427,448
|
|
|
|
|
26,628,903
|
|
Puerto Rico — 3.8%
|
|
||
|
Children’s Trust Fund, RB, Series A, 0.00%,
05/15/57(e)
|
|
222,915
|
10,944,792
|
|
Commonwealth of Puerto Rico, GO
|
|
|
|
|
Series A-1, Restructured, 4.00%, 07/01/37
|
|
8,158
|
8,168,360
|
|
Series A-1, Restructured, 4.00%, 07/01/41
|
|
1,591
|
1,542,249
|
|
Series A-1, Restructured, 4.00%, 07/01/46
|
|
7,867
|
7,092,021
|
|
Commonwealth of Puerto Rico, GO, CAB, Series A,
Restructured, 0.00%, 07/01/33(e)
|
|
9,280
|
6,860,868
|
|
Commonwealth of Puerto Rico, Notes, 0.00%,
11/01/51(c)(f)(g)
|
|
51,641
|
31,888,023
|
|
Puerto Rico Electric Power Authority, RB
|
|
|
|
|
Series A-1, 10.00%, 07/01/19(f)(g)
|
|
928
|
619,276
|
|
Series A-2, 10.00%, 07/01/19(f)(g)
|
|
4,681
|
3,124,274
|
|
Series A-3, 10.00%, 07/01/19(f)(g)
|
|
6,867
|
4,583,853
|
|
Series B-3, 10.00%, 07/01/19(f)(g)
|
|
6,867
|
4,583,852
|
|
Series C-1, 5.40%, 01/01/18(f)(g)
|
|
18,867
|
12,593,880
|
|
Series C-3, 5.40%, 01/01/20(f)(g)
|
|
1,908
|
1,273,241
|
|
Series C-4, 5.40%, 07/01/20(f)(g)
|
|
1,907
|
1,273,241
|
|
Series D-1, 7.50%, 01/01/20(f)(g)
|
|
9,399
|
6,273,766
|
|
Series D-2, 7.50%, 01/01/20(f)(g)
|
|
5,000
|
3,337,500
|
|
Security
|
|
Par
(000)
|
Value
|
|
Puerto Rico (continued)
|
|
||
|
Puerto Rico Electric Power Authority, RB (continued)
|
|
|
|
|
Series D-4, 7.50%, 07/01/20(f)(g)
|
$
|
7,444
|
$ 4,968,727
|
|
Series WW, 5.50%, 07/01/20
|
|
1,000
|
667,500
|
|
Series XX, 5.75%, 07/01/36(f)(g)
|
|
1,825
|
1,215,906
|
|
Puerto Rico Electric Power Authority, Refunding RB(f)(g)
|
|
|
|
|
Series UU, 0.00%, 07/01/17(c)
|
|
1,295
|
864,412
|
|
Series UU, 0.00%, 07/01/18(c)
|
|
1,165
|
777,638
|
|
Series UU, 1.00%, 07/01/31(c)
|
|
10,285
|
6,852,381
|
|
Series ZZ, 5.25%, 07/01/25
|
|
2,440
|
1,628,700
|
|
Puerto Rico Industrial Tourist Educational Medical &
Envirml Ctl Facs Fing Authority, ARB
|
|
|
|
|
Series A-1, AMT, 6.75%, 01/01/45
|
|
1,790
|
2,050,577
|
|
Series A-2, AMT, 6.50%, 01/01/42
|
|
1,170
|
1,349,732
|
|
Series A-2, AMT, 6.75%, 01/01/45
|
|
1,790
|
2,050,577
|
|
Puerto Rico Sales Tax Financing Corp., Sales Tax
Revenue, RB, Series A-2, Restructured, 4.78%,
07/01/58
|
|
2,500
|
2,417,018
|
|
|
|
|
129,002,364
|
|
Rhode Island — 0.2%
|
|
||
|
State of Rhode Island, GO, Series A, 5.00%, 05/01/43
|
|
4,195
|
4,640,555
|
|
Tobacco Settlement Financing Corp., RB, CAB,
Series A, 0.00%, 06/01/52(e)
|
|
12,980
|
1,941,912
|
|
|
|
|
6,582,467
|
|
South Carolina — 2.5%
|
|
||
|
City of Charleston South Carolina Waterworks & Sewer
System Revenue, RB
|
|
|
|
|
5.00%, 01/01/47
|
|
2,500
|
2,651,115
|
|
5.00%, 01/01/49
|
|
5,955
|
6,165,334
|
|
City of Columbia South Carolina Waterworks & Sewer
System Revenue, RB, 5.25%, 02/01/52
|
|
6,110
|
6,482,033
|
|
County of Dorchester South Carolina, SAB(d)
|
|
|
|
|
5.88%, 10/01/40
|
|
2,310
|
2,366,089
|
|
6.00%, 10/01/51
|
|
6,240
|
6,304,391
|
|
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(c)
|
|
12,640
|
13,892,903
|
|
Patriots Energy Group Financing Agency, Refunding
RB, Series B-1, 5.25%, 02/01/54(c)
|
|
5,680
|
6,217,499
|
|
South Carolina Jobs-Economic Development Authority,
RB
|
|
|
|
|
7.50%, 08/15/62(d)
|
|
6,915
|
6,279,664
|
|
Series A, 5.25%, 11/01/43
|
|
11,525
|
12,751,398
|
|
Series A, 5.50%, 11/01/54
|
|
12,155
|
12,908,386
|
|
South Carolina Jobs-Economic Development Authority,
Refunding RB, Series A, 5.25%, 11/01/42
|
|
775
|
877,940
|
|
South Carolina Public Service Authority, Refunding RB,
Series B, (AGM), 5.00%, 12/01/54
|
|
7,520
|
7,866,912
|
|
|
|
|
84,763,664
|
|
Tennessee — 2.1%
|
|
||
|
City of Memphis Tennessee Sanitary Sewerage
System Revenue, RB
|
|
|
|
|
(AGM), 5.00%, 06/01/47
|
|
3,825
|
4,060,071
|
|
(AGM), 5.00%, 06/01/48
|
|
4,015
|
4,241,492
|
|
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, Refunding RB,
5.25%, 10/01/58
|
|
8,925
|
8,581,935
|
|
Metropolitan Government of Nashville & Davidson
County Tennessee Water & Sewer Revenue,
Refunding RB
|
|
|
|
|
5.00%, 07/01/39
|
|
1,015
|
1,163,797
|
|
5.00%, 07/01/45
|
|
2,750
|
2,988,931
|
|
Security
|
|
Par
(000)
|
Value
|
|
Tennessee (continued)
|
|
||
|
Metropolitan Government of Nashville & Davidson
County Tennessee Water & Sewer Revenue,
Refunding RB (continued)
|
|
|
|
|
5.00%, 07/01/50
|
$
|
5,050
|
$ 5,283,270
|
|
Metropolitan Nashville Airport Authority, ARB
|
|
|
|
|
Series B, AMT, 5.00%, 07/01/46
|
|
2,250
|
2,363,135
|
|
Series B, AMT, 5.25%, 07/01/51
|
|
7,200
|
7,552,820
|
|
Series B, AMT, Subordinate, 5.00%, 07/01/44
|
|
1,235
|
1,273,065
|
|
Series A, Subordinate, 5.00%, 07/01/44
|
|
5,130
|
5,370,821
|
|
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 11/01/34
|
|
2,100
|
2,326,049
|
|
Tennessee Energy Acquisition Corp., Refunding RB,
Series A, 5.00%, 12/01/35
|
|
11,950
|
13,131,518
|
|
Tennessee Housing Development Agency, RB, S/F
Housing, Series 2-A, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 6.00%, 01/01/55
|
|
4,320
|
4,858,868
|
|
Tennessee State School Bond Authority, RB, Series A,
(ST INTERCEPT), 5.00%, 11/01/47
|
|
6,520
|
6,915,537
|
|
|
|
|
70,111,309
|
|
Texas — 12.2%
|
|
||
|
Arlington Higher Education Finance Corp., RB(d)(f)(g)
|
|
|
|
|
7.50%, 04/01/28
|
|
210
|
105,000
|
|
7.88%, 11/01/62
|
|
5,865
|
3,519,000
|
|
Series A, 5.30%, 04/01/62
|
|
4,325
|
2,162,500
|
|
Austin Community College District, GOL, 5.25%,
08/01/53
|
|
8,435
|
8,930,315
|
|
Austin Community College District, Refunding GOL,
5.25%, 08/01/50
|
|
6,630
|
7,102,221
|
|
Celina Independent School District, GO
|
|
|
|
|
Series A, (PSF), 5.25%, 02/15/41
|
|
1,800
|
2,055,195
|
|
Series A, (PSF), 5.25%, 02/15/42
|
|
1,905
|
2,153,652
|
|
City of Austin Texas Airport System Revenue
Refunding RB, AMT, 5.00%, 11/15/41
|
|
500
|
553,992
|
|
City of Dallas Texas, Refunding GOL
|
|
|
|
|
Series A, 5.00%, 02/15/40
|
|
8,000
|
8,881,503
|
|
Series A, 5.00%, 02/15/41
|
|
6,020
|
6,639,567
|
|
Series C, 4.00%, 02/15/44
|
|
12,185
|
11,999,510
|
|
City of El Paso Texas Water & Sewer Revenue,
Refunding RB
|
|
|
|
|
5.00%, 03/01/42
|
|
3,000
|
3,295,250
|
|
5.25%, 03/01/49
|
|
17,500
|
18,644,461
|
|
5.00%, 03/01/52
|
|
5,000
|
5,157,630
|
|
City of Houston Texas Airport System Revenue, ARB
|
|
|
|
|
Series B, AMT, 5.50%, 07/15/36
|
|
1,000
|
1,110,699
|
|
Series B, AMT, 5.50%, 07/15/37
|
|
3,125
|
3,455,946
|
|
City of Houston Texas Airport System Revenue,
Refunding ARB
|
|
|
|
|
Series A, AMT, Subordinate Lien, 5.25%, 07/01/41
|
|
1,865
|
2,102,752
|
|
Series A, AMT, Subordinate Lien, 5.25%, 07/01/42
|
|
3,585
|
4,000,972
|
|
City of Houston Texas, Refunding GOL
|
|
|
|
|
Series A, 5.00%, 03/01/38
|
|
535
|
599,966
|
|
Series A, 5.25%, 03/01/40
|
|
350
|
392,730
|
|
Series A, 5.25%, 03/01/43
|
|
570
|
626,092
|
|
City of Marble Falls Texas, SAB(d)
|
|
|
|
|
3.38%, 09/01/26
|
|
100
|
99,919
|
|
3.88%, 09/01/31
|
|
200
|
196,212
|
|
4.13%, 09/01/41
|
|
730
|
683,352
|
|
4.38%, 09/01/51
|
|
1,000
|
880,295
|
|
City of Midland Texas, Refunding GOL, Series B,
5.00%, 03/01/47
|
|
3,220
|
3,380,113
|
|
Security
|
|
Par
(000)
|
Value
|
|
Texas (continued)
|
|
||
|
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB
|
|
|
|
|
Series A, 5.25%, 02/01/46
|
$
|
5,330
|
$ 5,791,356
|
|
Series A, 5.25%, 02/01/49
|
|
15,000
|
16,154,208
|
|
Series C, 5.50%, 02/01/49
|
|
1,660
|
1,829,328
|
|
Series D, 5.00%, 02/01/43
|
|
8,000
|
8,889,419
|
|
Series E, 5.25%, 02/01/49
|
|
5,500
|
5,944,053
|
|
Conroe Independent School District, GO, (PSF),
5.00%, 02/15/45
|
|
5,000
|
5,434,609
|
|
County of Harris Texas, Refunding GOL, Series A,
5.25%, 09/15/50
|
|
3,750
|
4,073,397
|
|
County of Williamson Texas, Refunding GO, 5.00%,
02/15/43
|
|
1,985
|
2,207,262
|
|
Dallas Fort Worth International Airport, Refunding ARB
|
|
|
|
|
5.25%, 11/01/48
|
|
18,425
|
19,943,104
|
|
Series A-1, AMT, 5.25%, 11/01/45
|
|
8,000
|
8,628,406
|
|
Series A-1, AMT, 5.25%, 11/01/46
|
|
15,000
|
16,015,486
|
|
Dallas Independent School District, GO, Series A,
(PSF), 5.00%, 02/15/48
|
|
3,500
|
3,730,685
|
|
Deer Park Independent School District, GO, (PSF),
5.00%, 08/15/47
|
|
5,000
|
5,219,692
|
|
Fort Bend Independent School District, Refunding GO
|
|
|
|
|
Series A, (PSF), 5.00%, 08/15/44
|
|
945
|
1,018,332
|
|
Series A, (PSF), 5.25%, 08/15/55
|
|
5,000
|
5,322,914
|
|
Fredericksburg Independent School District, GO,
(PSF), 5.00%, 02/15/47
|
|
8,120
|
8,463,575
|
|
Leander Independent School District, Refunding GO,
Series A, (PSF), 5.00%, 08/15/50
|
|
3,545
|
3,749,662
|
|
Lower Colorado River Authority, Refunding RB
|
|
|
|
|
5.25%, 05/15/48
|
|
1,890
|
2,025,824
|
|
(AGM), 5.00%, 05/15/49
|
|
4,080
|
4,295,147
|
|
Series A, (BAM), 5.25%, 05/15/43
|
|
3,450
|
3,919,749
|
|
Midland Independent School District, GO, (PSF),
5.00%, 02/15/47
|
|
5,000
|
5,260,752
|
|
New Hope Cultural Education Facilities Finance Corp.,
Refunding RB, Series A, 6.75%, 10/01/52
|
|
395
|
408,284
|
|
North Texas Municipal Water District Water System
Revenue, Refunding RB, 5.25%, 09/01/51
|
|
5,800
|
6,236,081
|
|
North Texas Municipal Water District, RB, 5.25%,
06/01/43
|
|
4,500
|
4,951,254
|
|
Northwest Independent School District, GO
|
|
|
|
|
(PSF), 5.00%, 02/15/48
|
|
5,865
|
6,128,580
|
|
Series A, (PSF), 5.00%, 02/15/48
|
|
5,130
|
5,360,548
|
|
Permanent University Fund - University of Texas
System, Refunding RB
|
|
|
|
|
Series A, 5.00%, 07/01/40
|
|
3,700
|
4,156,605
|
|
Series A, 5.00%, 07/01/48
|
|
1,750
|
1,870,930
|
|
Plano Independent School District, GO, 5.00%,
02/15/41
|
|
5,025
|
5,511,855
|
|
Port Authority of Houston of Harris County Texas, ARB,
1st Lien, 5.00%, 10/01/53
|
|
15,000
|
15,620,289
|
|
Port of Beaumont Industrial Development Authority,
RB, 4.10%, 01/01/28(d)
|
|
16,545
|
15,098,679
|
|
Port of Beaumont Navigation District, Refunding ARB,
Series B, 10.00%, 07/01/26(d)
|
|
20,000
|
20,043,472
|
|
Port of Beaumont Navigation District, Refunding RB,
Series A, AMT, 4.00%, 01/01/50(d)
|
|
20,670
|
16,226,446
|
|
Pottsboro Independent School District, GO, (PSF),
5.00%, 02/15/47
|
|
4,180
|
4,356,865
|
|
San Antonio Housing Trust Public Facility Corp., RB,
Series 2024-11FN, Class PT, 4.45%, 04/01/43
|
|
3,385
|
3,506,826
|
|
Security
|
|
Par
(000)
|
Value
|
|
Texas (continued)
|
|
||
|
San Antonio Water System, Refunding RB
|
|
|
|
|
Series A, Junior Lien, 5.25%, 05/15/48
|
$
|
7,005
|
$ 7,531,029
|
|
Series C, Junior Lien, 5.00%, 05/15/45
|
|
3,275
|
3,586,711
|
|
State of Texas, Refunding GO
|
|
|
|
|
5.00%, 10/01/43
|
|
5,000
|
5,613,797
|
|
5.00%, 10/01/44
|
|
5,725
|
6,373,645
|
|
Tarrant County Cultural Education Facilities Finance
Corp., RB, Series A, 5.00%, 11/15/49
|
|
2,450
|
2,570,282
|
|
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB
|
|
|
|
|
5.00%, 12/01/44
|
|
7,450
|
8,084,620
|
|
5.25%, 12/01/49
|
|
1,000
|
1,068,415
|
|
Texas Department of Housing & Community Affairs,
RB, S/F Housing, Series B, (GNMA), 5.25%,
07/01/53
|
|
3,760
|
3,982,868
|
|
Texas Transportation Finance Corp., Refunding RB,
Series A, Subordinate, 5.25%, 10/01/50
|
|
6,000
|
6,499,822
|
|
Texas Water Development Board, RB
|
|
|
|
|
4.00%, 10/15/44
|
|
1,370
|
1,378,496
|
|
5.00%, 08/01/45
|
|
2,800
|
3,076,989
|
|
4.00%, 10/15/45
|
|
10,000
|
9,968,570
|
|
5.00%, 10/15/47
|
|
10,000
|
10,560,296
|
|
|
|
|
416,418,058
|
|
Utah — 0.4%
|
|
||
|
City of Salt Lake City Utah Airport Revenue, ARB
|
|
|
|
|
Series A, AMT, 5.25%, 07/01/42
|
|
5,430
|
5,946,398
|
|
Series A, AMT, 5.00%, 07/01/46
|
|
3,000
|
3,091,031
|
|
Utah Charter School Finance Authority, RB(d)
|
|
|
|
|
5.63%, 06/15/26
|
|
50
|
49,955
|
|
5.63%, 06/15/54
|
|
4,930
|
4,437,570
|
|
|
|
|
13,524,954
|
|
Virginia — 2.3%
|
|
||
|
Ballston Quarter Community Development Authority,
TA, Series A-1, 5.50%, 03/01/46
|
|
2,765
|
2,758,458
|
|
Ballston Quarter Community Development Authority,
TA, CAB, Series A-2, 7.13%, 03/01/59(i)
|
|
6,638
|
6,168,202
|
|
Cherry Hill Community Development Authority, SAB,
5.15%, 03/01/35(d)
|
|
955
|
956,520
|
|
Chesterfield County Economic Development Authority,
RB
|
|
|
|
|
5.00%, 04/01/43
|
|
2,500
|
2,754,344
|
|
5.00%, 04/01/45
|
|
6,500
|
7,016,658
|
|
City of Norfolk Virginia Water Revenue, RB, 5.00%,
11/01/45
|
|
5,230
|
5,638,466
|
|
County of Fairfax Virginia Sewer Revenue, RB,
Series A, 5.00%, 07/15/46
|
|
5,000
|
5,271,892
|
|
Fairfax County Industrial Development Authority,
Refunding RB, Series A, 4.00%, 05/15/48
|
|
1,780
|
1,692,422
|
|
Henrico County Economic Development Authority,
Refunding RB, Series A, 5.00%, 11/01/48
|
|
1,425
|
1,497,464
|
|
Lower Magnolia Green Community Development
Authority, SAB(d)
|
|
|
|
|
5.00%, 03/01/35
|
|
2,530
|
2,531,190
|
|
5.00%, 03/01/45
|
|
2,780
|
2,779,786
|
|
Tobacco Settlement Financing Corp., Refunding RB,
Series A-1, 6.71%, 06/01/46
|
|
23,495
|
18,792,283
|
|
Virginia Commonwealth University Health System
Authority, RB
|
|
|
|
|
Series A, 5.25%, 07/01/49
|
|
4,800
|
5,179,280
|
|
Series A, 4.00%, 07/01/54
|
|
2,500
|
2,286,131
|
|
Security
|
|
Par
(000)
|
Value
|
|
Virginia (continued)
|
|
||
|
Virginia Housing Development Authority, RB, S/F
Housing
|
|
|
|
|
Series E-2, 4.40%, 10/01/44
|
$
|
680
|
$ 685,351
|
|
Series E-2, 4.55%, 10/01/49
|
|
1,965
|
1,955,804
|
|
Virginia Public Building Authority, RB, Series A, 5.00%,
08/01/45
|
|
4,600
|
5,026,158
|
|
Virginia Resources Authority, Refunding RB, Series B,
5.00%, 11/01/50
|
|
5,000
|
5,285,587
|
|
Winchester Economic Development Authority, RB,
Series A, 5.00%, 08/01/43
|
|
1,400
|
1,540,518
|
|
|
|
|
79,816,514
|
|
Washington — 2.7%
|
|
||
|
City of Seattle WA Drainage & Wastewater Revenue,
Refunding RB, 5.25%, 05/01/50
|
|
625
|
675,855
|
|
King County Housing Authority, Refunding RB, 5.38%,
07/01/45
|
|
6,000
|
6,370,544
|
|
Mason County Public Hospital District No. 1, RB,
5.00%, 12/01/48
|
|
5,000
|
5,036,809
|
|
Pierce County School District No. 10 Tacoma, GO,
(GTD), 5.00%, 12/01/48
|
|
1,000
|
1,061,405
|
|
Port of Seattle Wasington, ARB
|
|
|
|
|
Series A, AMT, 4.00%, 05/01/43
|
|
5,000
|
4,921,895
|
|
Series B, AMT, Intermediate Lien, 5.25%, 10/01/43
|
|
7,615
|
8,486,291
|
|
Port of Seattle Wasington, Refunding ARB, Series B,
AMT, Intermediate Lien, 5.25%, 07/01/49
|
|
7,995
|
8,374,431
|
|
State of Washington, GO
|
|
|
|
|
Series 2024-A, 5.00%, 08/01/43
|
|
14,025
|
15,412,854
|
|
Series A, 5.00%, 08/01/44
|
|
13,000
|
14,403,111
|
|
Series A, 5.00%, 08/01/47
|
|
8,220
|
8,788,791
|
|
Series B, 5.00%, 06/01/46
|
|
3,365
|
3,587,274
|
|
Vancouver Housing Authority, RB, M/F Housing,
5.00%, 08/01/40
|
|
1,675
|
1,769,763
|
|
Washington State Housing Finance Commission, RB(d)
|
|
|
|
|
Series A, 4.00%, 07/01/27
|
|
295
|
293,171
|
|
Series A, 5.50%, 01/01/44
|
|
920
|
926,023
|
|
Series B2, 3.95%, 07/01/29
|
|
6,890
|
6,892,728
|
|
Washington State Housing Finance Commission, RB,
M/F Housing, Series 2, Class 1, Sustainability
Bonds, 4.22%, 03/01/50(c)
|
|
3,540
|
3,578,820
|
|
|
|
|
90,579,765
|
|
Wisconsin — 1.2%
|
|
||
|
Public Finance Authority, ARB
|
|
|
|
|
AMT, 4.00%, 07/01/41
|
|
1,755
|
1,706,315
|
|
AMT, 4.25%, 07/01/54
|
|
6,310
|
5,394,358
|
|
Public Finance Authority, RB
|
|
|
|
|
6.25%, 10/01/31(d)(f)(g)
|
|
1,285
|
128,500
|
|
7.00%, 10/01/47(d)(f)(g)
|
|
1,285
|
128,500
|
|
Class B, 7.00%, 12/01/30(d)(f)(g)
|
|
1,620
|
993,236
|
|
Series A, 7.00%, 11/01/46(d)(f)(g)
|
|
5,085
|
1,779,750
|
|
AMT, 6.50%, 06/30/60
|
|
7,500
|
8,344,793
|
|
Public Finance Authority, Refunding RB, Series B,
6.13%, 10/01/49(d)
|
|
8,530
|
7,653,566
|
|
University of Wisconsin Hospitals & Clinics, RB,
Series A, Sustainability Bonds, 5.00%, 04/01/49
|
|
1,630
|
1,687,744
|
|
Security
|
|
Par
(000)
|
Value
|
|
Wisconsin (continued)
|
|
||
|
Wisconsin Health & Educational Facilities Authority, RB
|
|
|
|
|
5.25%, 08/15/50
|
$
|
8,000
|
$ 8,376,274
|
|
Series A, 5.75%, 08/15/59
|
|
1,575
|
1,632,070
|
|
Wisconsin Health & Educational Facilities Authority,
Refunding RB, Series A, 5.00%, 04/01/44
|
|
1,700
|
1,810,536
|
|
|
|
|
39,635,642
|
|
Total Municipal Bonds — 89.2%
(Cost: $3,019,856,619)
|
3,034,350,625
|
||
|
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
|
|||
|
California — 0.8%
|
|
||
|
City of Los Angeles Department of Airports, Refunding
ARB, Series A, AMT, Sustainability Bonds, 5.25%,
05/15/50
|
|
10,000
|
10,599,080
|
|
San Diego County Regional Airport Authority, ARB,
Series B, AMT, 5.00%, 07/01/53
|
|
17,420
|
17,833,135
|
|
|
|
|
28,432,215
|
|
Colorado — 0.6%
|
|
||
|
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series A, AMT, 5.00%,
12/01/48(k)
|
|
19,910
|
20,117,438
|
|
Florida — 2.0%
|
|
||
|
County of Miami-Dade Florida Transit System, RB
|
|
|
|
|
5.00%, 07/01/48
|
|
13,815
|
14,386,427
|
|
5.00%, 07/01/50
|
|
15,000
|
15,539,016
|
|
5.00%, 07/01/51
|
|
10,000
|
10,342,972
|
|
School District of Broward County, GO, 5.00%,
07/01/51(k)
|
|
26,045
|
26,967,408
|
|
|
|
|
67,235,823
|
|
Georgia — 0.3%
|
|
||
|
City of Atlanta Georgia Department of Aviation,
Refunding ARB, Series B, AMT, 5.00%, 07/01/47
|
|
10,000
|
10,295,024
|
|
Hawaii — 0.3%
|
|
||
|
State of Hawaii Airports System Revenue, ARB,
Series A, AMT, 5.00%, 07/01/48(k)
|
|
10,000
|
10,093,581
|
|
Illinois — 0.3%
|
|
||
|
Sales Tax Securitization Corp., Refunding RB,
Series A, 2nd Lien, 5.00%, 01/01/33
|
|
10,000
|
11,469,793
|
|
Kansas — 0.8%
|
|
||
|
Kansas Development Finance Authority, Refunding RB,
Series C-1, 5.00%, 09/01/50(k)
|
|
26,825
|
27,821,760
|
|
Kentucky — 0.4%
|
|
||
|
Louisville and Jefferson County Metropolitan Sewer
District, Refunding RB, Series C, 5.00%, 05/15/49
|
|
11,995
|
12,575,264
|
|
Massachusetts — 0.6%
|
|
||
|
Commonwealth of Massachusetts, GO, Series I,
5.00%, 12/01/53
|
|
10,000
|
10,510,401
|
|
Commonwealth of Massachusetts, GOL, Series C,
5.00%, 10/01/48
|
|
9,500
|
10,053,068
|
|
|
|
|
20,563,469
|
|
Security
|
|
Par
(000)
|
Value
|
|
Nebraska — 0.9%
|
|
||
|
Omaha Public Power District, RB, Series A, 5.25%,
02/01/48
|
$
|
28,050
|
$ 29,978,412
|
|
Nevada — 0.3%
|
|
||
|
Las Vegas Valley Water District, GOL, Series A, 5.25%,
06/01/50
|
|
10,000
|
10,795,791
|
|
New York — 1.8%
|
|
||
|
Empire State Development Corp., RB, Series A,
5.00%, 03/15/50
|
|
12,000
|
12,513,318
|
|
Port Authority of New York & New Jersey, Refunding
ARB, AMT, 5.00%, 01/15/52
|
|
40,000
|
40,625,291
|
|
Triborough Bridge & Tunnel Authority, Refunding RB,
Series A-1, 5.00%, 05/15/51
|
|
9,070
|
9,410,738
|
|
|
|
|
62,549,347
|
|
Pennsylvania — 0.3%
|
|
||
|
City of Philadelphia Pennsylvania Airport Revenue,
Refunding ARB, AMT, 5.00%, 07/01/51(k)
|
|
10,000
|
10,128,449
|
|
Texas — 0.9%
|
|
||
|
City of El Paso Texas Water & Sewer Revenue,
Refunding RB, 5.00%, 03/01/52
|
|
10,000
|
10,315,259
|
|
Texas Water Development Board, RB, Series A,
5.00%, 10/15/44
|
|
16,930
|
18,478,344
|
|
|
|
|
28,793,603
|
|
Utah — 0.3%
|
|
||
|
City of Salt Lake City Utah Airport Revenue, ARB,
Series A, AMT, 5.25%, 07/01/48(k)
|
|
10,000
|
10,159,281
|
|
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 10.6%
(Cost: $351,498,473)
|
361,009,250
|
||
|
Non-Agency Mortgage-Backed Securities
|
|||
|
Mortgage-Backed Securities — 0.1%
|
|||
|
City of Dallas Housing Finance Corp., Series 2025-
04FN, Class PT, 4.63%, 10/01/43
|
|
3,300
|
3,482,517
|
|
Total Non-Agency Mortgage-Backed Securities — 0.1%
(Cost: $3,300,000)
|
3,482,517
|
||
|
|
|
Shares
|
|
|
Warrants
|
|||
|
Construction & Engineering — 0.0%
|
|
||
|
Brightline West, (Expires 11/26/35, Strike Price USD
5.00)(a)(g)
|
|
351,882
|
703,764
|
|
Total Warrants — 0.0%
(Cost: $ — )
|
703,764
|
||
|
Total Long-Term Investments — 100.0%
(Cost: $3,374,658,430)
|
3,403,997,252
|
||
|
Security
|
|
Shares
|
Value
|
|
Short-Term Securities
|
|||
|
Money Market Funds — 2.2%
|
|
||
|
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 1.72%(l)(m)
|
|
74,549,454
|
$ 74,556,909
|
|
|
|
Par
(000)
|
|
|
U.S. Treasury Obligations — 5.0%
|
|
||
|
U.S. Treasury Bills, 3.66%, 03/10/26(n)
|
$
|
170,000
|
169,862,992
|
|
Total Short-Term Securities — 7.2%
(Cost: $244,403,662)
|
244,419,901
|
||
|
Total Investments — 107.2%
(Cost: $3,619,062,092)
|
3,648,417,153
|
||
|
Liabilities in Excess of Other Assets — (0.2)%
|
(5,017,639
)
|
||
|
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (7.0)%
|
(239,214,415
)
|
||
|
Net Assets — 100.0%
|
$ 3,404,185,099
|
||
|
(a)
|
Security is valued using significant unobservable inputs and is classified as Level
3 in the
fair value hierarchy.
|
|
(b)
|
When-issued security.
|
|
(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)
|
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.
|
|
(e)
|
Zero-coupon bond.
|
|
(f)
|
Issuer filed for bankruptcy and/or is in default.
|
|
(g)
|
Non-income producing security.
|
|
(h)
|
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.
|
|
(i)
|
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
|
|
(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
agreements, which expire between July 1, 2027 to March 1, 2031, is $75,563,707.
|
|
(l)
|
Affiliate of the Fund.
|
|
(m)
|
Annualized 7-day yield as of period end.
|
|
(n)
|
Rates are discount rates or a range of discount rates as of period end.
|
|
Affiliated Issuer
|
Value at
05/31/25
|
Purchases
at Cost
|
Proceeds
from Sales
|
Net
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Value at
02/28/26
|
Shares
Held at
02/28/26
|
Income
|
Capital Gain
Distributions
from
Underlying
Funds
|
|
BlackRock Liquidity Funds, MuniCash, Institutional
Shares
|
$ 27,152,306
|
$ 47,404,603
(a)
|
$ —
|
$ —
|
$ —
|
$ 74,556,909
|
74,549,454
|
$ 1,968,379
|
$ —
|
|
(a)
|
Represents net amount purchased (sold).
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Common Stocks
|
$ —
|
$ —
|
$ 4,451,096
|
$ 4,451,096
|
|
Municipal Bonds
|
—
|
3,034,350,625
|
—
|
3,034,350,625
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts
|
—
|
361,009,250
|
—
|
361,009,250
|
|
Non-Agency Mortgage-Backed Securities
|
—
|
3,482,517
|
—
|
3,482,517
|
|
Warrants
|
—
|
—
|
703,764
|
703,764
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
74,556,909
|
—
|
—
|
74,556,909
|
|
U.S. Treasury Obligations
|
—
|
169,862,992
|
—
|
169,862,992
|
|
|
$74,556,909
|
$3,568,705,384
|
$5,154,860
|
$3,648,417,153
|
|
Portfolio Abbreviation
|
|
|
AGM
|
Assured Guaranty Municipal Corp.
|
|
AMT
|
Alternative Minimum Tax
|
|
ARB
|
Airport Revenue Bonds
|
|
Portfolio Abbreviation (continued)
|
|
|
BAM
|
Build America Mutual Assurance Co.
|
|
BAM-TCRS
|
Build America Mutual Assurance Co. - Transferable
Custodial Receipts
|
|
CAB
|
Capital Appreciation Bonds
|
|
Portfolio Abbreviation (continued)
|
|
|
COP
|
Certificates of Participation
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
General Obligation Bonds
|
|
GOL
|
General Obligation Ltd.
|
|
GTD
|
GTD Guaranteed
|
|
HUD SECT 8
|
U.S. Department of Housing and Urban Development
Section 8
|
|
M/F
|
Multi-Family
|
|
PSF
|
Permanent School Fund
|
|
RB
|
Revenue Bonds
|
|
S/F
|
Single-Family
|
|
SAB
|
Special Assessment Bonds
|
|
SAW
|
State Aid Withholding
|
|
ST
|
Special Tax
|
|
TA
|
Tax Allocation
|