The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000^® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

Municipal bonds advanced for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg Municipal Bond Index returned 2.64% compared with the -0.48% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

Municipal bonds posted an advance for the reporting period, supported by the strengthening economy and stimulus payments to states and municipalities, as investors’ early-pandemic concerns about the strength of state finances were assuaged. Fed purchases of bonds directly from states and municipalities also helped to provide liquidity to the municipal bond market, although this program stopped purchases at the end of 2020. Supply of municipal bonds was high by historical standards, however issuance declined slightly from 2020’s record. Demand was high from investors seeking yield and tax advantages.

The passage of a stimulus package in March 2021 included large payments to state and local governments, supporting higher municipal bond prices. Municipal bonds were also impacted by the negotiations surrounding a large bipartisan infrastructure bill, which would provide funds for road, rail, and other infrastructure projects. Negotiators discussed items relevant to the municipal bond market, such as federally subsidized interest payments and the restoration of a tax exemption for early refinancing, although the bill had not been finalized by the end of the reporting period.

Among notable individual states, New York and California both posted positive returns. New York benefited from unexpectedly high tax revenue, as a record stock market and the high profits of financial services companies bolstered capital gains receipts. California’s financial outlook improved significantly, and it projected a budget surplus in excess of $75 billion, driven by taxes generated from technology companies and an economy well-adapted for remote work.

The iShares iBonds Dec 2021 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2020 and before December 2, 2021, as represented by the S&P AMT-Free Municipal Series Dec 2021 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 9/1/15. The first day of secondary market trading was 9/3/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 21 for more information.

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating^*	Percent of Net Assets
AAA		8.4	%
AA+		6.7
AA		3.1
AA-		5.9
A+		1.6
A		2.1
A-		0.0	^(a)
BBB+		0.8
BBB		1.1
A-1+		36.2
A-1		26.0
Not Rated		5.1
SP-1+		1.3
Short-Term and Other Assets		1.7

Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)

Rounds to less than 0.1%

The iShares iBonds Dec 2022 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2021 and before December 2, 2022, as represented by the S&P AMT-Free Municipal Series Dec 2022 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 9/1/15. The first day of secondary market trading was 9/3/15.

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating^*	Percent of Net Assets
AAA		30.4	%
AA+		20.9
AA		13.5
AA-		11.1
A+		6.7
A		2.7
A-		0.5
BBB+		1.4
BBB		1.7
Not Rated		9.7
Short-Term and Other Assets		1.4

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

The iShares iBonds Dec 2023 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2022 and before December 2, 2023, as represented by the S&P AMT-Free Municipal Series Dec 2023 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 4/11/17. The first day of secondary market trading was 4/13/17.

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating^*	Percent of Net Assets
AAA		31.1	%
AA+		21.5
AA		15.3
AA-		10.9
A+		6.7
A		1.9
A-		0.5
BBB+		1.3
BBB		2.5
Not Rated		7.0
Short-Term and Other Assets		1.3

The iShares iBonds Dec 2024 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2023 and before December 2, 2024, as represented by the S&P AMT-Free Municipal Series Dec 2024 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 3/20/18. The first day of secondary market trading was 3/22/18.

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating^*	Percent of Net Assets
AAA		32.0	%
AA+		21.6
AA		14.8
AA-		11.2
A+		6.1
A		2.4
A-		0.2
BBB+		1.5
BBB		1.9
Not Rated		6.9
Short-Term and Other Assets		1.4

The iShares iBonds Dec 2025 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2024 and before December 2, 2025, as represented by the S&P AMT-Free Municipal Series Dec 2025 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating^*	Percent of Net Assets
AAA		31.2	%
AA+		21.8
AA		14.9
AA-		11.1
A+		6.8
A		2.0
A-		0.4
BBB+		1.2
BBB		2.1
Not Rated		7.2
Short-Term and Other Assets		1.3

The iShares iBonds Dec 2026 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2026, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 4/2/19. The first day of secondary market trading was 4/4/19.

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating^*	Percent of Net Assets
AAA		31.3	%
AA+		21.5
AA		14.7
AA-		12.0
A+		5.7
A		2.0
A-		0.3
BBB+		1.7
BBB		2.2
Not Rated		7.4
Short-Term and Other Assets		1.2

The iShares iBonds Dec 2027 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2027, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2027 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 4/9/19. The first day of secondary market trading was 4/11/19.

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating^*	Percent of Net Assets
AAA		28.9	%
AA+		20.6
AA		15.9
AA-		13.6
A+		5.1
A		2.2
A-		0.2
BBB+		1.0
BBB		2.4
Not Rated		8.8
Short-Term and Other Assets		1.3

The iShares iBonds Dec 2028 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2028, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 4/16/19. The first day of secondary market trading was 4/18/19.

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating^*	Percent of Net Assets
AAA		29.5	%
AA+		20.2
AA		15.4
AA-		11.8
A+		5.5
A		2.4
A-		0.1
BBB+		2.5
BBB		1.8
Not Rated		9.1
Short-Term and Other Assets		1.7

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 0.0%
State of Alabama GO, Series A, 5.00%, 11/01/21	$	100	$	100,000


Alaska — 0.0%
City of Anchorage AK Electric Revenue RB, Series A, 4.00%, 12/01/21		35		35,108


Arizona — 0.1%
Salt River Project Agricultural Improvement & Power District RB, Series A, 5.00%, 12/01/21		340		341,330


Arkansas — 0.0%
University of Arkansas RB, Series B, 5.00%, 11/01/21		30		30,000


California — 21.8%
Bay Area Toll Authority RB, 0.03%, 04/01/47 (Put 11/05/21)^(a)		7,000		7,000,000
California State Public Works Board RB
5.00%, 11/01/21		100		100,000
Series C, 5.00%, 11/01/21		500		500,000
Series D, 5.00%, 12/01/21		150		150,578
Series G, 5.00%, 11/01/21		140		140,000
Series G, 5.25%, 12/01/26 (PR 12/01/21)		250		251,035
Series I, 4.00%, 11/01/21		160		160,000
Series I, 5.00%, 11/01/21		540		540,000
California State University RB
Series A, 4.00%, 11/01/21		105		105,000
Series A, 5.00%, 11/01/21		490		490,000
City of San Francisco CA Public Utilities Commission Water Revenue RB
5.00%, 11/01/21		775		775,000
5.00%, 11/01/34 ( 11/01/21)		5,000		5,000,000
East Bay Municipal Utility District Water System Revenue, Series A4, VRDN,0.05%, 06/01/38 (Put 11/05/21)^(a)		1,245		1,245,000
Imperial Irrigation District Electric System Revenue RB, Series D, 5.00%, 11/01/21		500		500,000
Los Angeles County Public Works Financing Authority RB, Series A, 5.00%, 12/01/21		100		100,395
Los Angeles Department of Water & Power RB, Series A-1, VRDN,0.01%, 07/01/50 (Put 11/01/21)^(a)		3,700		3,700,000
Los Angeles Department of Water & Power Water System Revenue RB VRDN,0.01%, 07/01/45 (Put 11/01/21)^(a)		3,000		3,000,000
VRDN,0.02%, 07/01/35 (Put 11/01/21)^(a)		900		900,000
Metropolitan Water District of Southern California RB, Series A-2, VRDN,0.02%, 07/01/37 (Put 11/05/21)^(a)		1,675		1,675,000
Municipal Improvement Corp. of Los Angeles RB
Series A, 5.00%, 11/01/21		220		220,000
Series B, 5.00%, 11/01/21		275		275,000
Orange County Water District COP, Series A, 0.04%, 08/01/42 (Put 11/05/21)^(a)		5,000		5,000,000
Sacramento Suburban Water District RB, Series A, 4.50%, 11/01/21		220		220,000
Sacramento Transportation Authority RB, VRDN,0.05%, 10/01/38 (Put 11/05/21)^(a)		6,000		6,000,000
San Diego County Regional Transportation Commission RB Series B, 0.04%, 04/01/38 (Put 11/05/21)^(a)		1,000		1,000,000
Series C, VRDN,0.04%, 04/01/38 (Put 11/05/21)^(a)		10,000		10,000,000
Santa Clara Valley Transportation Authority RB, VRDN,0.01%, 04/01/36 (Put 11/05/21)^(a)		2,285		2,285,000
State of California Department of Water Resources RB Series AK, 5.00%, 12/01/21		465		466,834


Security	Par (000)		Value

California (continued)
Series AL, 5.00%, 12/01/21	$	100	$	100,395
Series AM, 5.00%, 12/01/21		215		215,848
State of California GO
5.00%, 11/01/21		1,605		1,605,000
5.00%, 12/01/21		1,880		1,887,355
University of California GO
VRDN,0.02%, 05/15/48 (Put 11/01/21)^(a)		2,000		2,000,000
VRDN,0.02%, 05/15/48 (Put 11/05/21)^(a)		2,600		2,600,000

				60,207,440

Colorado — 2.6%
City & County of Denver CO Airport System Revenue RB, Series B, 5.00%, 11/15/21		125		125,219
City & County of Denver CO COP, Series 2010-B, 4.00%, 12/01/21		20		20,062
City of Colorado Springs CO Utilities System Revenue RB, Series A, 5.00%, 11/15/21		50		50,087
City of Colorado Springs Co. Utilities System Revenue RB
VRDN,0.05%, 11/01/35 (Put 11/05/21)^(a)		2,180		2,180,000
VRDN,0.06%, 11/01/41 (Put 11/05/21)^(a)		2,850		2,850,000
Denver City & County School District No. 1 GO
Series A, 5.00%, 12/01/21 (SAW)		100		100,393
Series A, 5.25%, 12/01/21 (NPFGC)		415		416,714
Series B, 4.00%, 12/01/21 (SAW)		125		125,391
Series C, 5.00%, 12/01/21 (SAW)		190		190,746
University of Colorado RB, VRDN, 0.05%, 06/01/50 (Put 11/05/21)^(a)		1,000		1,000,000

				7,058,612

Connecticut — 4.3%
Connecticut State Health & Educational Facilities Authority RB
Series O, 4.00%, 11/01/21		35		35,000
Series V-1, VRDN,0.01%, 07/01/36 (Put 11/05/21)^(a)		3,200		3,200,000
Series V-2, 0.01%, 07/01/36 (Put 11/05/21)^(a)		2,230		2,230,000
State of Connecticut GO
Series C, VRDN,0.07%, 05/15/34 (Put 11/05/21)^(a)		5,000		5,000,000
Series D, 5.00%, 11/01/21		250		250,000
Series G, 5.00%, 11/01/21		500		500,000
State of Connecticut Special Tax Revenue RB 4.00%, 12/01/21		500		501,562
Series B, 5.00%, 12/01/21		250		250,982

				11,967,544

Delaware — 0.1%
City of Wilmington DE GO, 2.00%, 12/01/21		125		125,189
University of Delaware RB, Series A, 5.00%, 11/01/21		160		160,000

				285,189

District of Columbia — 0.4%
District of Columbia RB
Series A, 4.00%, 12/01/21		100		100,311
Series A, 5.00%, 12/01/21		320		321,252
Series C, 4.00%, 12/01/21		200		200,621
Series C, 5.00%, 12/01/21		355		356,389
Series F, 5.00%, 12/01/21		200		200,782

				1,179,355

Florida — 0.1%
City of Orlando FL RB, Series A, 5.00%, 11/01/21, (ETM)		90		90,000
County of Hillsborough FL Community Investment Tax Revenue RB, Series A, 5.00%, 11/01/21		40		40,000


Security	Par (000)		Value

Florida (continued)
School Board of Miami-Dade County (The) COP, Series D, 5.00%, 11/01/21	$	205	$	205,000

				335,000

Georgia — 0.4%
City of Atlanta GA Water & Wastewater Revenue RB 5.00%, 11/01/21		160		160,000
Series B, 5.00%, 11/01/21		250		250,000
Municipal Electric Authority of Georgia RB, Series A, 5.00%, 11/01/21		50		50,000
State of Georgia GO
Series E, 5.00%, 12/01/21		145		145,568
Series I, 5.00%, 11/01/21		130		130,000
Washington Wilkes Payroll Development Authority RB, 0.00%, 12/01/21, (ETM)^(b)		220		219,933

				955,501

Hawaii — 0.7%
City & County of Honolulu HI GO, Series C, 4.00%, 11/01/21		100		100,000
State of Hawaii GO
Series DZ, 5.00%, 12/01/29 (PR 12/01/21)		540		542,108
Series DZ, 5.00%, 12/01/30 (PR 12/01/21)		395		396,542
Series DZ-2016, 5.00%, 12/01/26 (PR 12/01/21)		150		150,585
Series DZ-2017, 5.00%, 12/01/21		70		70,275
Series DZ-2017, 5.00%, 12/01/21 (ETM)		25		25,097
Series EA, 4.00%, 12/01/21		30		30,094
Series EA, 5.00%, 12/01/21		145		145,571
Series EE, 5.00%, 11/01/21		80		80,000
Series EF, 5.00%, 11/01/21		485		485,000

				2,025,272

Illinois — 5.0%
Illinois Finance Authority RB
VRDN,0.05%, 07/01/38 (Put 11/05/21)^(a)		10,000		10,000,000
Series D, VRDN,0.04%, 12/01/46 (Put 11/05/21)^(a)		1,050		1,050,000
Illinois State Toll Highway Authority RB, Series A, 5.00%, 12/01/21		250		250,960
State of Illinois GO
Series A, 5.00%, 12/01/21		300		301,159
Series D, 5.00%, 11/01/21		2,220		2,220,000

				13,822,119

Indiana — 0.6%
Indiana Finance Authority RB
Series A, 5.00%, 12/01/21		315		316,232
Series C, 5.00%, 12/01/21		135		135,529
Indiana Transportation Finance Authority RB, 5.75%, 12/01/21 (NPFGC)		250		251,131
Purdue University RB, Series A, VRDN,0.05%, 07/01/33 (Put 11/05/21)^(a)		825		825,000

				1,527,892

Louisiana — 0.0%
Louisiana Office Facilities Corp. RB, 5.00%, 11/01/21		25		25,000


Maine — 0.2%
Maine Municipal Bond Bank RB
Series B, 5.00%, 11/01/21		215		215,000
Series C, 5.00%, 11/01/21		405		405,000

				620,000

Maryland — 4.7%
County of Carroll MD GO, 5.00%, 11/01/21		100		100,000
County of Montgomery MD GO
VRDN,0.03%, 11/01/37 (Put 11/01/21)^(a)		970		970,000


Security	Par (000)		Value

Maryland (continued)
Series A, 5.00%, 11/01/21	$	1,620	$	1,620,000
Maryland Health & Higher Educational Facilities Authority RB, 0.06%, 07/01/36 (Put 11/05/21)^(a)		10,000		10,000,000
State of Maryland Department of Transportation RB 5.00%, 11/01/21		190		190,000
5.00%, 12/01/21		105		105,411

				12,985,411

Massachusetts — 10.0%
Massachusetts Bay Transportation Authority RB,
VRDN,0.06%, 03/01/30 (Put 11/05/21)^(a)		2,700		2,700,000
Massachusetts Development Finance Agency RB
VRDN,0.03%, 10/01/42 (Put 11/05/21)^(a)		1,790		1,790,000
Series U-6E, VRDN,0.03%, 10/01/42 (Put 11/05/21)^(a)		5,500		5,500,000
Massachusetts Health & Educational Facilities Authority RB
VRDN,0.01%, 11/01/49 (Put 11/05/21)^(a)		275		275,000
VRDN,0.04%, 07/01/35 (Put 11/05/21)^(a)		5,000		5,000,000
Series J-1, VRDN,0.03%, 07/01/31 (Put 11/05/21)^(a)		7,100		7,100,000
Series J-2, VRDN,0.04%, 07/01/31 (Put 11/05/21)^(a)		2,200		2,200,000
Massachusetts Water Resources Authority RB
VRDN,0.05%, 11/01/26 (Put 11/05/21)^(a)		1,500		1,500,000
VRDN,0.06%, 08/01/37 (Put 11/05/21)^(a)		1,215		1,215,000
University of Massachusetts Building Authority RB 5.00%, 11/01/21		120		120,000
Series 1, 4.00%, 11/01/21		50		50,000
Series 2, 5.00%, 11/01/21		35		35,000

				27,485,000

Michigan — 2.1%
Michigan State Hospital Finance Authority RB, Series 200, 4.00%, 11/01/21		250		250,000
State of Michigan GO
Series A, 5.00%, 12/01/21		270		271,050
Series B, 5.00%, 11/01/21		235		235,000
State of Michigan Trunk Line Revenue RB 5.00%, 11/15/21		2,060		2,063,627
5.25%, 11/01/21 (AGM)		125		125,000
5.50%, 11/01/21 (AGM)		490		490,000
Series D, 5.00%, 11/15/21		350		350,616
University of Michigan RB, Series D-2, VRDN,0.04%, 12/01/29 (Put 11/05/21)^(a)		1,995		1,995,000

				5,780,293

Minnesota — 1.7%
County of Hennepin MN GO, Series C, 5.00%, 12/01/21		250		250,978
Metropolitan Council GO, Series C, 5.00%, 12/01/21		3,605		3,619,132
University of Minnesota RB
Series B, 5.00%, 12/01/21		300		301,176
Series D, 5.00%, 12/01/36 (PR 12/01/21)		500		501,961

				4,673,247

Mississippi — 0.3%
State of Mississippi GO
Series A, 5.25%, 11/01/21		340		340,000
Series F, 5.00%, 11/01/21		340		340,000
Series H, 4.00%, 12/01/21		165		165,517

				845,517

Missouri — 0.1%
Curators of the University of Missouri/The, Series A, 5.00%, 11/01/21		160		160,000


Security	Par (000)		Value

Missouri (continued)
Missouri Highway & Transportation Commission RB, Series B, 5.00%, 11/01/21	$	100	$	100,000

				260,000

Nebraska — 0.2%
City of Omaha NE GO, Series B, 5.00%, 11/15/21		280		280,491
City of Omaha NE Sewer Revenue RB, 5.00%, 11/15/21		45		45,079
Metropolitan Utilities District of Omaha Water System Revenue RB, 5.00%, 12/01/21		200		200,776

				526,346

Nevada — 0.4%
County of Clark NV GOL
5.00%, 11/01/21		385		385,000
5.00%, 12/01/21		160		160,626
Las Vegas Valley Water District GOL, Series B, 5.00%, 12/01/21		100		100,389
State of Nevada GOL, Series B, 5.00%, 11/01/21		245		245,000
State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/21		225		225,884

				1,116,899

New Hampshire — 0.0%
State of New Hampshire GO, Series B, 5.00%, 11/01/21		75		75,000


New Jersey — 0.5%
Monmouth County Improvement Authority (The) RB 4.00%, 12/01/21 (GTD)		600		601,849
5.00%, 12/01/21 (GTD)		310		311,205
New Jersey Economic Development Authority RB, Series B, 5.00%, 11/01/21 (SAP)		440		440,000

				1,353,054

New York — 14.7%
Battery Park City Authority RB, VRDN,0.06%, 11/01/38 (Put 11/05/21)^(a)		4,500		4,500,000
City of New York NY GO, VRDN,0.04%, 10/01/46 (Put 11/05/21)^(a)		6,100		6,100,000
Metropolitan Transportation Authority RB Series A, 5.00%, 11/15/21		30		30,054
Series A-1, 4.00%, 11/15/21 (ETM)		50		50,070
Series A-1, 5.00%, 11/15/21		110		110,188
Series B, 5.00%, 11/15/21		290		290,495
Series B, 5.25%, 11/15/21 (NPFGC)		250		250,449
Series B, 5.25%, 11/15/21 (NPFGC FGIC)		100		100,180
Series B-1, 2.00%, 11/01/21		5,000		5,000,000
Series B-2, 5.00%, 11/15/21		210		210,358
Series B-4, 5.00%, 11/15/21		195		195,346
Series C, 5.00%, 11/15/21		280		280,477
Series C-1, 5.00%, 11/15/21		120		120,205
Series D, 5.00%, 11/15/21		255		255,435
Series E, 5.00%, 11/15/21		180		180,307
Series F, 4.00%, 11/15/21		25		25,034
Series F, 5.00%, 11/15/21		335		335,579
Nassau County Interim Finance Authority RB, Series A, 5.00%, 11/15/21		50		50,088
New York City Transitional Finance Authority Future Tax Secured Revenue RB 5.00%, 11/01/21		525		525,000
Series A, 5.00%, 11/01/21		110		110,000
Series A-1, 5.00%, 11/01/21		475		475,000
Series B, 5.00%, 11/01/21		100		100,000
Series B-1, 5.00%, 11/01/21		100		100,000


Security	Par (000)		Value

New York (continued)
Series B-4, VRDN,0.03%, 08/01/42 (Put 11/05/21)^(a)	$	6,000	$	6,000,000
Series C, 5.00%, 11/01/21		840		840,000
Series D, 5.00%, 11/01/21		200		200,000
Series E, 5.00%, 11/01/21		150		150,000
New York City Water & Sewer System RB 0.05%, 06/15/33 (Put 11/15/21)^(a)		2,420		2,420,000
Series AA2, VRDN,0.03%, 06/15/50 (Put 11/05/21)^(a)		2,100		2,100,000
Series CC, VRDN,0.05%, 06/15/41 (Put 11/05/21)^(a)		880		880,000
New York Convention Center Development Corp. RB, 5.00%, 11/15/21		200		200,340
New York Municipal Bond Bank Agency RB, Series A, 5.00%, 12/01/21 (SAW)		110		110,432
New York State Environmental Facilities Corp. RB, Series B, 5.00%, 11/15/21		375		375,660
New York State Urban Development Corp. RB, Series A-3, VRDN,0.05%, 03/15/33 (Put 11/15/21)^(a)		5,000		5,000,000
Port Authority of New York & New Jersey RB 5.00%, 11/15/21		200		200,348
Series 173, 4.00%, 12/01/21		30		30,092
Series 175, 5.00%, 12/01/21		55		55,213
Triborough Bridge & Tunnel Authority RB 5.50%, 11/15/21 (NPFGC)		430		430,824
Series A, 4.00%, 11/15/21		65		65,089
Series A, 5.00%, 11/15/21		80		80,141
Series A, VRDN,0.05%, 11/01/41 (Put 11/05/21)^(a)		1,000		1,000,000
Series B, 4.00%, 11/15/21		305		305,427
Series B, 5.00%, 11/15/21		660		661,162
Series C, 5.00%, 11/15/21		175		175,308

				40,674,301

North Carolina — 4.6%
City of Charlotte NC COP, Series A, 5.00%, 12/01/21		495		496,936
City of Charlotte NC GO, 5.00%, 12/01/21		285		286,120
City of Charlotte NC Water & Sewer System Revenue RB 5.00%, 12/01/21		50		50,196
Series B, 0.05%, 07/01/36 (Put 11/05/21)^(a)		7,810		7,810,000
City of Raleigh NC Combined Enterprise System Revenue RB, Series B, 5.00%, 12/01/21		135		135,529
County of Durham NC GO, 5.00%, 11/01/21		110		110,000
County of Forsyth NC GO, 4.00%, 12/01/21		10		10,031
County of Mecklenburg NC GO, Series A, 5.00%, 12/01/21		570		572,244
County of New Hanover NC RB, 5.00%, 12/01/21		250		250,978
County of Wake NC RB, Series A, 5.00%, 12/01/21		75		75,295
North Carolina Educational Facilities Finance Agency RB, Series A, 0.03%, 06/01/27 (Put 12/01/21)^(a)		2,900		2,900,000

				12,697,329

Ohio — 6.4%
Columbus City School District GO, Series A, 5.00%, 12/01/21.		105		105,410
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/21		545		547,132
Northeast Ohio Regional Sewer District RB, 5.00%, 11/15/21 .		70		70,123
Ohio State University (The) RB VRDN,0.04%, 12/01/39 (Put 11/01/21)^(a)		7,500		7,500,000
Series D, 5.00%, 12/01/21		75		75,294
Ohio Water Development Authority Water Pollution Control Loan Fund RB 5.00%, 12/01/21		640		642,514
VRDN,0.04%, 12/01/36 (Put 11/05/21)^(a)		8,500		8,500,000
Series B, 5.00%, 12/01/21		150		150,589


Security	Par (000)		Value

Ohio (continued)
State of Ohio GO, Series T, 5.00%, 11/01/21	$	200	$	200,000

				17,791,062

Oregon — 0.7%
Oregon State Facilities Authority RB, Series A, 5.00%, 11/15/21		65		65,110
State of Oregon Department of Transportation RB
Series A, 5.00%, 11/15/21		295		295,520
Series C, 5.00%, 11/15/21		400		400,704
State of Oregon GO, Series M, 5.00%, 11/01/21		1,075		1,075,000

				1,836,334

Pennsylvania — 1.0%
Allegheny County Sanitary Authority RB, 5.00%, 12/01/21		225		225,867
Commonwealth of Pennsylvania GO
First Series, 5.00%, 11/15/21		475		475,833
First Series, 5.00%, 11/15/24 (PR 11/15/21)		100		100,175
County of Chester PA GO
5.00%, 11/15/21		30		30,053
5.00%, 11/15/31 (PR 11/15/21) PR		975		976,706
County of Dauphin PA GO, 5.00%, 11/15/21		130		130,225
Pennsylvania Turnpike Commission RB 0.00%, 12/01/21^(b)		20		19,994
Series A, 5.00%, 12/01/21		320		321,252
Series A-1, 5.00%, 12/01/21		100		100,388
Series B, 5.00%, 12/01/23 (PR 12/01/21)		450		451,757

				2,832,250

South Carolina — 0.2%
Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/21		145		145,564
County of Charleston SC GO, Series A, 5.00%, 11/01/21		155		155,000
SCAGO Educational Facilities Corp. for Picknes School District RB, 5.00%, 12/01/21		65		65,250
South Carolina Public Service Authority RB
Series B, 4.00%, 12/01/21		55		55,169
Series B, 5.00%, 12/01/21		165		165,640
Series B, 5.00%, 12/01/21 (ETM)		40		40,154

				626,777

Tennessee — 0.4%
County of Sumner TN GO, 5.00%, 12/01/21		190		190,745
State of Tennessee GO, Series B, 5.00%, 11/01/21		75		75,000
Tennessee State School Bond Authority RB, Series B, 5.00%, 11/01/21 (ST INTERCEPT)		770		770,000

				1,035,745

Texas — 7.8%
Board of Regents of the University of Texas System RB, VRDN, 0.04%, 08/01/34 (Put 11/05/21)^(a)		5,000		5,000,000
City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/21		120		120,210
City of Austin TX Water & Wastewater System Revenue RB 5.00%, 11/15/21		135		135,230
5.00%, 11/15/21 (ETM)		100		100,171
Series A, 5.00%, 11/15/21		5		5,009
Series A, 5.00%, 11/15/21 (ETM)		20		20,034
City of Houston TX Combined Utility System Revenue RB
VRDN,0.05%, 05/15/34 (Put 11/05/21)^(a)		2,000		2,000,000
Series B, 5.00%, 11/15/21		265		265,465
Series D, 5.00%, 11/15/21		245		245,429
Dallas Area Rapid Transit RB
Series A, 5.00%, 12/01/21		365		366,431
Series B, 4.00%, 12/01/21		140		140,436


Security	Par (000)		Value

Texas (continued)
Series B, 5.00%, 12/01/21	$	55	$	55,216
Dallas/Fort Worth International Airport RB
Series E, 5.00%, 11/01/21		150		150,000
Series F, 5.00%, 11/01/21		180		180,000
Series G, 5.00%, 11/01/21		85		85,000
Harris County Cultural Education Facilities Finance Corp. RB, Series A, 5.00%, 11/15/21		105		105,185
Metropolitan Transit Authority of Harris County RB 5.00%, 11/01/21		145		145,000
Series B, 5.00%, 11/01/21		230		230,000
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB, Series A, 5.00%, 11/01/41 (PR 11/01/21)		8,000		8,000,000
Permanent University Fund - University of Texas System RB, Series A, VRDN,0.05%, 07/01/38 (Put 11/05/21)^(a)		1,860		1,860,000
Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 12/01/21		90		90,349
University of Texas System (The) RB, Series B, VRDN,0.03%, 08/01/32 (Put 11/05/21)^(a)		2,345		2,345,000

				21,644,165

Vermont — 0.2%
Vermont Municipal Bond Bank RB, Series 3, 5.00%, 12/01/21.		565		567,206


Virginia — 3.2%
City of Norfolk VA Water Revenue RB, 5.00%, 11/01/21		150		150,000
County of Loudoun VA GO
Series A, 5.00%, 12/01/21		40		40,157
Series A, 5.00%, 12/01/21 (SAW)		645		647,528
Hampton Roads Sanitation District RB, 0.07%, 08/01/46 (Put 11/05/21)^(a)		6,000		6,000,000
Virginia College Building Authority RB, VRDN,0.03%, 11/01/36 (Put 11/05/21)^(a)		1,000		1,000,000
Virginia Resources Authority RB 5.00%, 11/01/21		405		405,000
Series B, 5.00%, 11/01/21		440		440,000
Series B, 5.00%, 11/01/21 (SAW)		30		30,000
Series C, 5.00%, 11/01/21		100		100,000

				8,812,685

Washington — 2.0%
Auburn School District No. 408 of King & Pierce Counties GO, Series B, 4.00%, 12/01/21 (GTD)		75		75,234
Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/21		300		300,000
City of Bellevue WA GOL, 5.00%, 12/01/21		525		527,058
City of Seattle WA GO, 5.00%, 12/01/21		625		627,450
City of Seattle WA GOL, Series A, 5.00%, 11/01/21		425		425,000
City of Vancouver WA GOL, Series B, 5.00%, 12/01/21		245		245,960
County of Clark WA GOL, 5.00%, 12/01/21		50		50,196
County of King WA GO, 5.00%, 12/01/21		125		125,489
County of King WA GOL 5.00%, 12/01/21		60		60,235
Series B, 5.00%, 12/01/21		115		115,450
County of Snohomish WA GOL, 5.00%, 12/01/21		210		210,823
Franklin County School District No. 1 Pasco GO, 4.00%, 12/01/21 (GTD)		180		180,556
King & Snohomish Counties School District No 417 Northshore, 5.00%, 12/01/21 (GTD)		250		250,982
King & Snohomish Counties School District No 417 Northshore GO, 4.00%, 12/01/21 (GTD)		1,000		1,003,123


Security	Par (000)		Value

Washington (continued)
King County Public Hospital District No. 2 GO, 5.00%, 12/01/21	$	50	$	50,195
King County School District No. 405 Bellevue GO, Series A, 5.00%, 12/01/21 (GTD)		175		175,685
Long Island Power Authority RB, 4.00%, 12/01/21 (GTD)		225		225,706
Pierce County School District No. 416 White River GO, 5.00%, 12/01/21 (GTD)		50		50,197
Pierce County School District No. 83 University Place GO, 4.00%, 12/01/21 (GTD)		100		100,312
Snohomish County Public Utility District No. 1 RB, 4.00%, 12/01/21		195		195,609
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/01/21 (GTD)		180		180,706
Snohomish County School District No. 2 Everett GO 4.00%, 12/01/21 (GTD)		100		100,311
5.00%, 12/01/21 (GTD)		210		210,821

				5,487,098

West Virginia — 0.2%
State of West Virginia GO 5.00%, 11/01/21		200		200,000
Series A, 5.00%, 11/01/21		385		385,000

				585,000

Wisconsin — 0.6%
State of Wisconsin GO
Series 1, 5.00%, 11/01/21		445		445,000
Series 2, 4.00%, 11/01/21		335		335,000


Security	Par/ Shares (000)		Value

Wisconsin (continued)
Series 3, 5.00%, 11/01/21	$	705	$	705,000
Wisconsin Health & Educational Facilities Authority RB, 4.00%, 11/15/21		50		50,069

				1,535,069


Total Municipal Debt Obligations — 98.3% (Cost: $271,718,908)				271,741,150


Short-Term Investments

Money Market Funds — 1.0%
BlackRock Liquidity Funds: MuniCash, 0.01%^(c)(d)		2,845		2,844,894


Total Short-Term Investments — 1.0% (Cost: $2,844,877)				2,844,894


Total Investments in Securities — 99.3% (Cost: $274,563,785)				274,586,044

Other Assets, Less Liabilities — 0.7%				1,815,890


Net Assets — 100.0%			$	276,401,934

^(a)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(b)	Zero-coupon bond.

^(c)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 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. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 0.8%
Alabama Federal Aid Highway Finance Authority RB 4.00%, 09/01/22	$	375	$	386,867
5.00%, 09/01/22		100		103,994
5.00%, 09/01/23 (PR 09/01/22)		150		155,991
Series A, 5.00%, 09/01/22		250		259,985
Alabama Public School & College Authority RB
Series A, 5.00%, 02/01/22		90		91,079
Series B, 5.00%, 05/01/22		410		419,859
Alabama Public School and College Authority RB, Series B, 5.00%, 01/01/22		570		574,533
City of Huntsville AL GOL, Series C, 5.00%, 11/01/22		170		178,140
City of Huntsville AL Water Revenue RB, 5.00%, 11/01/22		180		188,619
State of Alabama GO, Series A, 5.00%, 08/01/22		790		818,532

				3,177,599

Alaska — 0.1%
Municipality of Anchorage AK GO, Series B, 5.00%, 09/01/22		255		265,163


Arizona — 3.2%
Arizona Board of Regents COP
Series A, 5.00%, 06/01/22		140		143,851
Series B, 5.00%, 06/01/22		75		77,063
Series C, 5.00%, 06/01/22		140		143,726
Arizona Department of Transportation State Highway Fund Revenue RB
Series A, 5.00%, 07/01/22		745		768,823
Series A, 5.00%, 07/01/27 (PR 07/01/22)		415		428,202
Series A, 5.00%, 07/01/34 (PR 07/01/22)		1,100		1,135,370
Arizona State University RB
Series A, 5.00%, 07/01/22		265		273,474
Series B, 5.00%, 07/01/22		100		103,198
Arizona Transportation Board RB, 5.00%, 07/01/22		540		557,268
Arizona Water Infrastructure Finance Authority RB
Series A, 5.00%, 10/01/22		435		454,190
Series A, 5.00%, 10/01/22 (ETM)		125		130,346
City of Chandler AZ GOL, 4.00%, 07/01/22		120		123,058
City of Chandler AZ RB, 5.00%, 07/01/22		140		144,458
City of Mesa AZ RB, 5.00%, 07/01/22		250		258,011
City of Phoenix AZ GO, 4.00%, 07/01/22		200		205,096
City of Phoenix AZ GOL, Series C, 4.00%, 07/01/22		525		538,378
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/22		1,065		1,099,128
5.50%, 07/01/22 (NPFGC)		200		207,072
Series A, 5.00%, 07/01/22		265		273,492
Series B, 5.00%, 07/01/22		760		784,355
City of Scottsdale AZ GO, Series B, 5.00%, 07/01/22		215		221,919
City of Tempe AZ GOL
Series B, 4.50%, 07/01/22		55		56,561
Series C, 4.00%, 07/01/22		105		107,633
City of Tucson AZ Water System Revenue RB
5.00%, 07/01/22		140		144,506
Series A, 5.00%, 07/01/22		45		46,448
County of Pima AZ GOL, 4.00%, 07/01/22		145		148,665
County of Pima AZ RB, 5.00%, 07/01/22		300		309,573
Gilbert Water Resource Municipal Property Corp. RB, 5.00%, 07/01/22		155		159,988
Maricopa County Community College District GO, 5.00%, 07/01/22		445		459,321


Security	Par (000)		Value

Arizona (continued)
Maricopa County High School District No. 210-Phoenix GO, Series E, 5.00%, 07/01/22	$	50	$	51,602
Maricopa County High School District No. 210-Phoenix GOL, 5.00%, 07/01/22		540		557,305
Pima County Regional Transportation Authority RB, 5.00%, 06/01/22		100		102,816
Salt River Project Agricultural Improvement & Power District RB
5.00%, 01/01/22		225		226,789
Series A, 5.00%, 01/01/22		110		110,875
Series A, 5.00%, 12/01/22		200		210,385
Scottsdale Municipal Property Corp. RB, 5.00%, 07/01/22		330		340,598
State of Arizona COP, 5.00%, 09/01/22		665		691,446
University of Arizona (The) RB
5.00%, 06/01/22		255		262,136
Series A, 5.00%, 06/01/22		100		102,798

				12,159,923

Arkansas — 0.3%
State of Arkansas GO
3.00%, 10/01/22		275		282,085
5.00%, 04/01/22		140		142,805
5.00%, 10/01/22		640		668,173
University of Arkansas RB, Series A, 5.00%, 11/01/22		135		141,478

				1,234,541

California — 9.5%
Acalanes Union High School District GO, 5.00%, 08/01/22		210		217,601
Alameda Corridor Transportation Authority RB, Series A, 5.00%, 10/01/22		185		192,795
Alameda County Transportation Commission RB, 4.00%, 03/01/22		100		101,278
Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/22 (AGM)^(a)		260		259,454
Benicia Unified School District GO, Series A, 0.00%, 08/01/22 (NPFGC)^(a)		25		24,946
Berkeley Unified School District/CA GO, 5.00%, 08/01/22		375		388,572
Beverly Hills Unified School District CA GO, 0.00%, 08/01/22^(a)		60		59,910
Burbank Unified School District GO, Series C, 0.00%, 08/01/22 (NPFGC)^(a)		90		89,630
California Health Facilities Financing Authority RB
Series A, 5.00%, 03/01/22		160		162,535
Series A, 5.00%, 10/01/22		165		172,248
Series C, VRDN,5.00%, 08/01/31 (Put 11/01/22)^(b)		355		371,926
California Infrastructure & Economic Development Bank RB 5.00%, 07/01/22		100		103,150
Series A, 5.00%, 10/01/22		320		334,198
California State Public Works Board RB
Series A, 4.00%, 04/01/22		20		20,316
Series A, 5.00%, 04/01/22		130		132,591
Series A, 5.00%, 06/01/22		300		308,395
Series B, 5.00%, 10/01/22		430		448,888
Series C, 5.00%, 11/01/22		135		141,464
Series D, 5.00%, 09/01/22		560		582,367
Series D, 5.00%, 09/01/37 (PR 09/01/22)		200		208,022
Series F, 5.00%, 05/01/22		260		266,239
Series G, 5.00%, 05/01/22		125		127,999
Series G, 5.00%, 11/01/22		95		99,569
Series H, 5.00%, 12/01/22		385		404,948


Security	Par (000)		Value

California (continued)
California State University RB
Series A, 3.00%, 11/01/22	$	200	$	205,655
Series A, 5.00%, 11/01/22		560		586,989
Series C, 5.00%, 11/01/22 (AGM)		30		31,446
Serise A, 5.00%, 11/01/22		250		262,048
California Statewide Communities Development Authority RB 5.00%, 05/15/22		50		51,296
Series A, 5.00%, 05/15/22		100		102,593
Carlsbad Unified School District GO, 0.00%, 05/01/22 (NPFGC)^(a)		100		99,876
Chabot-Las Positas Community College District GO, 5.00%, 08/01/22		225		233,126
City & County of San Francisco CA COP, Series R-1, 5.00%, 09/01/22		75		78,008
City & County of San Francisco CA GO, Series R-1, 5.00%, 06/15/22		165		169,946
City of Foster City CA GO, 4.00%, 08/01/22		150		154,309
City of Los Angeles CA Wastewater System Revenue RB
Series B, 4.00%, 06/01/22		435		444,702
Series C, 5.00%, 06/01/22		60		61,686
City of Los Angeles Department of Airports RB
Series B, 5.00%, 05/15/22		50		51,301
Series C, 5.00%, 05/15/22		80		82,082
City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/22		220		227,912
City of Sacramento CA Water Revenue RB, 5.00%, 09/01/22		80		83,216
City of San Francisco CA Public Utilities Commission Water Revenue RB 4.00%, 11/01/22		50		51,907
5.00%, 11/01/22		295		309,187
City of Santa Clara CA Electric Revenue RB, Series A, 5.00%, 07/01/22		135		139,335
Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/22		75		76,199
Contra Costa Water District RB, Series T, 4.00%, 10/01/22		400		413,957
Corona-Norco Unified School District GO, Series C, 0.00%, 08/01/22 (AGM)^(a)		100		99,753
County of Los Angeles CA COP, 5.00%, 09/01/22		130		134,970
County of Santa Clara CA GO, Series B, 5.00%, 08/01/22		40		41,448
Desert Community College District GO, 4.00%, 08/01/22		100		102,873
Dublin Unified School District GO, 5.00%, 08/01/22		200		207,239
East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/22		100		102,799
East Bay Regional Park District GO, Serise A, 4.00%, 09/01/22		100		103,190
East Side Union High School District GO, 5.00%, 08/01/22		140		145,067
El Camino Community College District Foundation (The) GO, 5.00%, 08/01/22		150		155,417
Encinitas Union School District/CA GO, 0.00%, 08/01/22^(a)		60		59,905
Evergreen School District GO, 5.00%, 09/01/22		100		104,020
Foothill-De Anza Community College District GO, 5.00%, 08/01/22		70		72,512
Fullerton School District GO, Series A, 0.00%, 08/01/22 (NPFGC)^(a)		80		79,814
Healdsburg Unified School District GO, Series A, 0.00%, 08/01/22^(a)		80		79,844
Las Virgenes Unified School District GO
0.00%, 11/01/22 (AGM)^(a)		55		54,868
Series D, 0.00%, 09/01/22 (NPFGC)^(a)		100		99,813
Los Altos Elementary School District GO, 4.00%, 08/01/22		25		25,718


Security	Par (000)		Value

California (continued)
Los Angeles Community College District/CA GO
Series A, 5.00%, 08/01/22	$	130	$	134,695
Series G, 4.00%, 08/01/22		100		102,865
Series G, 5.00%, 08/01/22		125		129,515
Los Angeles County Metropolitan Transportation Authority RB
Series A, 5.00%, 06/01/22		50		51,405
Series A, 5.00%, 07/01/22		825		851,492
Series B, 5.00%, 07/01/22		155		159,978
Serise A, 5.00%, 07/01/22		125		129,014
Los Angeles County Public Works Financing Authority RB,
Series D, 5.00%, 12/01/22		50		52,624
Los Angeles County Redevelopment Refunding Authority TA,
Series C, 5.00%, 12/01/22		25		26,214
Los Angeles Department of Water & Power Power System Revenue RB, Series A, 5.00%, 07/01/22		320		330,276
Los Angeles Department of Water & Power System Revenue RB
Series A, 4.00%, 07/01/22		90		92,293
Series A, 5.00%, 07/01/22		330		340,598
Series B, 5.00%, 07/01/22		220		227,050
Series C, 4.00%, 07/01/22		45		46,147
Los Angeles Unified School District/CA GO 5.00%, 07/01/22		460		474,678
Series A, 5.00%, 07/01/22		975		1,006,112
Series B, 5.00%, 07/01/22		455		469,519
Series B-1, 5.00%, 07/01/22		285		294,094
Series C, 5.00%, 07/01/22		205		211,541
Serise A, 5.00%, 07/01/22		80		82,553
Manhattan Beach Unified School District GO, Series B, 0.00%, 09/01/22 (NPFGC)^(a)		25		24,949
Metropolitan Water District of Southern California RB, Serise B, 5.00%, 07/01/22		350		361,288
Milpitas Redevelopment Agency Successor Agency TA, 5.00%, 09/01/22		155		160,740
Monterey Peninsula Community College District GO, 0.00%, 08/01/22^(a)		110		109,818
Morgan Hill Redevelopment Agency Successor Agency TA, Series A, 5.00%, 09/01/22		50		52,019
Mount Diablo Unified School District/CA GO, Series A, 0.00%, 08/01/22 (AGM)^(a)		160		159,652
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/22		185		193,916
New Haven Unified School District GO, 0.00%, 08/01/22 (AGM)^(a)		50		49,847
Novato Unified School District/CA GO, 4.00%, 02/01/22		80		80,766
Orange County Water District RB, Series C, 5.00%, 08/15/22		100		103,806
Oxnard Financing Authority RB, 5.00%, 06/01/22		20		20,550
Poway Redevelopment Agency Successor Agency TA, Series A, 5.00%, 06/15/22		25		25,740
Poway Unified School District GO, 5.00%, 08/01/22		15		15,541
Redwood City Elementary School District/CA GO, 0.00%, 08/01/22 (NPFGC)^(a)		40		39,833
Sacramento County Sanitation Districts Financing Authority RB
Series A, 5.00%, 12/01/22		200		210,407
Series A, 5.25%, 12/01/22 (NPFGC)		145		152,936
Sacramento Municipal Utility District RB 5.00%, 07/01/22		60		61,931
Series D, 5.00%, 08/15/22		50		51,915
Series F, 5.00%, 08/15/22		250		259,576


Security	Par (000)		Value

California (continued)
San Diego County Water Authority Financing Corp. RB, 5.00%, 05/01/22	$	340	$	348,210
San Diego Regional Building Authority RB, Series A, 5.00%, 10/15/22		260		271,978
San Diego Unified School District/CA GO
Series A, 0.00%, 07/01/22 (NPFGC)^(a)		480		479,306
Series D-1, 5.50%, 07/01/22 (NPFGC)		200		207,072
Series D-2, 5.00%, 07/01/22		435		448,940
Series H-2, 5.00%, 07/01/22		175		180,608
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, Series A, 5.00%, 07/01/22		75		77,414
San Francisco City & County Airport Commission San Francisco International Airport RB
Series A, 5.00%, 05/01/22		125		128,024
Series D, 5.00%, 05/01/22		250		256,048
San Joaquin Delta Community College District GO, Series A, 5.00%, 08/01/22		115		119,162
San Jose Evergreen Community College District GO, Serise B, 4.00%, 09/01/22		100		103,190
San Jose Financing Authority RB, Series A, 5.00%, 06/01/22		50		51,405
San Juan Unified School District GO, 0.00%, 08/01/22 (AGM)^(a)		125		124,803
San Mateo County Community College District GO 4.00%, 09/01/22		30		30,957
Series A, 0.00%, 09/01/22 (NPFGC)^(a)		175		174,659
San Rafael City High School District/CA GO, Series B, 0.00%, 08/01/22 (NPFGC)^(a)		100		99,783
San Rafael Redevelopment Agency TA, 0.00%, 12/01/22 (AMBAC)^(a)		75		74,727
San Ramon Valley Unified School District/CA GO 4.00%, 08/01/22		110		113,160
5.00%, 08/01/22		110		113,981
Santa Ana Unified School District GO, Series B, 0.00%, 08/01/22 (NPFGC)^(a)		40		39,874
Santa Clara County Financing Authority RB, Series A, 5.00%, 11/15/22		415		435,677
Santa Clara Valley Water District COP, Series C, 5.00%, 06/01/22		125		128,476
Santa Monica Community College District GO
Series A, 5.00%, 08/01/22		100		103,619
Series E, 0.00%, 08/01/22^(a)		50		49,895
Santa Monica-Malibu Unified School District, Series E, 4.00%, 08/01/22		150		154,298
Santa Monica-Malibu Unified School District GO, 0.00%, 08/01/22 (NPFGC)^(a)		55		54,917
Saratoga Union School District GO, Series A, 0.00%, 09/01/22 (NPFGC)^(a)		170		169,627
Sierra Joint Community College District School Facilities
District No. 2 GO, Series B, 0.00%, 08/01/22 (NPFGC)^(a)		50		49,906
Sonoma County Junior College District GO, 5.00%, 08/01/22		115		119,162
Southern California Public Power Authority RB, Series A, 5.00%, 07/01/22		115		118,685
State of California Department of Water Resources Power Supply Revenue RB
Series O, 4.00%, 05/01/22		135		137,595
Series O, 5.00%, 05/01/22		525		537,702
State of California Department of Water Resources RB
Series AM, 5.00%, 12/01/22		290		305,090
Series AR, 5.00%, 12/01/22		65		68,382
Series AS, 5.00%, 12/01/22		75		78,903


Security	Par (000)		Value

California (continued)
Series AW, 5.00%, 12/01/22	$	105	$	110,464
Series AX, 5.00%, 12/01/22		100		105,204
State of California GO
3.00%, 10/01/22		140		143,607
4.00%, 02/01/22		70		70,666
4.00%, 09/01/22		95		98,014
4.00%, 10/01/22		125		129,362
5.00%, 02/01/22		755		764,051
5.00%, 03/01/22		70		71,121
5.00%, 04/01/22		850		867,030
5.00%, 05/01/22		435		445,460
5.00%, 08/01/22		300		310,812
5.00%, 09/01/22		2,950		3,068,075
5.00%, 10/01/22		935		976,158
5.00%, 11/01/22		310		324,877
5.00%, 12/01/22		220		231,423
5.25%, 09/01/22		115		119,841
5.25%, 10/01/22		590		617,318
Series A, 5.00%, 09/01/22		285		296,407
Series A, 5.00%, 10/01/22		100		104,402
Series B, 5.00%, 08/01/22		480		497,299
Series B, 5.00%, 09/01/22		1,200		1,248,031
Torrance Unified School District GO, 5.00%, 08/01/22		40		41,448
University of California RB
Series AO, 4.00%, 05/15/22		20		20,412
Series AO, 5.00%, 05/15/22		245		251,362
Series AR, 4.00%, 05/15/22		75		76,546
Series G, 5.00%, 05/15/22		140		143,635
Ventura County Community College District GO 5.00%, 08/01/22		105		108,800
Series C, 0.00%, 08/01/22^(a)		250		249,345
West Valley-Mission Community College District GO, Series A, 4.00%, 08/01/22		175		180,027
William S Hart Union High School District GO, Series B, 0.00%, 09/01/22 (AGM)^(a)		25		24,935

				35,804,327

Colorado — 1.2%
Board of Governors of Colorado State University System RB
Series A, 5.00%, 03/01/22		210		213,356
Series B, 5.00%, 03/01/22		250		253,995
City & County of Denver CO Airport System Revenue RB, Series B, 5.00%, 11/15/22		325		341,193
City & County of Denver CO GO, 0.00%, 01/29/22^(a)		20		19,992
City & County of Denver CO RB, Series A, 5.00%, 08/01/22		120		124,232
City & County of Denver Co. GO, Series A, 5.00%, 08/01/22		100		103,604
City of Colorado Springs CO Utilities System Revenue RB, Series A, 5.00%, 11/15/22		190		199,426
Denver City & County School District No. 1 GO
Series B, 4.00%, 12/01/22 (SAW)		275		286,373
Series B, 4.00%, 12/01/28 (PR 12/01/22) (SAW)		1,100		1,145,126
Series B, 5.00%, 12/01/25 (PR 12/01/22) (SAW)		225		236,658
Series B, 5.00%, 12/01/26 (PR 12/01/22) (SAW)		480		504,870
Series B, 5.00%, 12/01/31 (PR 12/01/22) (SAW)		465		489,092
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/22 (NPFGC)^(a)		90		89,761
Summit County School District No. Re-1 Summit GO, 5.00%, 12/01/22 (SAW)		75		78,911
University of Colorado RB
Serise A-1, 4.00%, 06/01/22		120		122,676
Serise A-1, 4.00%, 06/01/22 (ETM)		100		102,189


Security	Par (000)		Value

Colorado (continued)
Serise B, 5.00%, 06/01/22	$	175	$	179,918
Serise B, 5.00%, 06/01/22 (ETM)		5		5,138

				4,496,510

Connecticut — 1.7%
City of Stamford CT GO, Series B, 5.00%, 07/01/22		195		201,209
Connecticut State Health & Educational Facilities Authority RB
Series A-1, VRDN,5.00%, 07/01/42^(b)		645		665,581
Series A-2, VRDN,5.00%, 07/01/42^(b)		350		361,168
Series E, 5.00%, 07/01/22		150		154,786
State of Connecticut GO
Series A, 4.00%, 03/01/22		50		50,639
Series A, 5.00%, 10/15/22		570		596,203
Series C, 5.00%, 06/01/22		130		133,661
Series C, 5.00%, 06/15/22		90		92,704
Series D, 5.00%, 06/15/22		20		20,601
Series D, 5.00%, 08/15/22		240		249,135
Series E, 5.00%, 08/15/22		175		181,661
Series E, 5.00%, 10/15/22		670		700,800
Series F, 4.00%, 11/15/22		675		701,647
Series F, 5.00%, 11/15/22		130		136,477
Serise F, 5.00%, 09/15/22		300		312,621
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 01/01/22		290		292,316
Series A, 5.00%, 08/01/22		130		134,705
Series A, 5.00%, 09/01/22		465		483,692
Series A, 5.00%, 10/01/22		210		219,264
Series B, 5.00%, 08/01/22		135		139,886
Series S, 5.00%, 01/01/22		170		171,358
University of Connecticut RB
Series A, 5.00%, 02/15/22		105		106,456
Series A, 5.00%, 08/15/22		125		129,737

				6,236,307

Delaware — 0.8%
City of Wilmington DE GO, 4.00%, 06/01/22		115		117,565
Delaware River & Bay Authority RB, Series B, 5.00%, 01/01/22		170		171,329
Delaware Transportation Authority RB 5.00%, 06/01/22		345		354,675
5.00%, 07/01/22		865		892,838
State of Delaware GO
Series A, 5.00%, 10/01/22		300		313,206
Series B, 5.00%, 07/01/22		275		283,813
Series C, 5.00%, 03/01/22		785		797,599
University of Delaware RB, Series A, 5.00%, 11/01/22		105		110,061

				3,041,086

District of Columbia — 1.1%
District of Columbia GO
Series A, 5.00%, 06/01/22		1,050		1,079,510
Series B, 5.00%, 06/01/22		100		102,810
Series D, 5.00%, 06/01/22		125		128,513
Series E, 5.00%, 06/01/22		155		159,356
District of Columbia RB 5.00%, 07/15/22		75		77,489
Series A, 4.00%, 12/01/22		195		203,021
Series A, 5.00%, 12/01/22		515		541,741
Series C, 4.00%, 12/01/22		150		156,170
Series C, 5.00%, 10/01/22		125		130,502
Series C, 5.00%, 12/01/22		210		220,904


Security	Par (000)		Value

District of Columbia (continued)
District of Columbia Water & Sewer Authority RB
Series A, 5.00%, 10/01/22	$	175	$	182,687
Series C, 5.00%, 10/01/22		415		433,229
Metropolitan Washington Airports Authority Aviation Revenue RB, Series C, 5.00%, 10/01/22		505		526,896
Washington Metropolitan Area Transit Authority RB, Series B, 5.00%, 07/01/22		125		128,997

				4,071,825

Florida — 4.6%
Board of Governors State University System of Florida RB, Series A, 5.00%, 07/01/22		50		51,589
Broward County FL Water & Sewer Utility Revenue RB, Series B, 5.00%, 10/01/22		405		422,828
Central Florida Expressway Authority RB, Series B, 4.00%, 07/01/22		55		56,364
City of Jacksonville FL RB 5.00%, 10/01/22		330		344,527
Series A, 4.00%, 10/01/22		50		51,735
Series A, 5.00%, 10/01/22		100		104,383
Series C, 5.00%, 10/01/22		100		104,383
City of Tallahassee FL Energy System Revenue RB, 5.00%, 10/01/22		70		73,068
City of Tampa FL RB 5.00%, 10/01/22		230		240,059
Series A, 5.00%, 10/01/22		140		146,123
Series B, 5.00%, 10/01/22		75		78,280
County of Broward FL Airport System Revenue RB
Series C, 5.00%, 10/01/22		245		255,600
Series P-2, 5.00%, 10/01/22		170		177,355
Series Q-1, 5.00%, 10/01/22		50		52,163
County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/22		160		167,562
County of Lee FL Transportation Facilities Revenue RB, 5.00%, 10/01/22 (AGM)		100		104,260
County of Miami-Dade FL Aviation Revenue RB, Series B, 5.00%, 10/01/22		575		600,311
County of Miami-Dade FL GO, 5.00%, 07/01/22		140		144,477
County of Miami-Dade FL RB, Series A, 5.00%, 10/01/22		135		140,853
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/22		300		309,224
County of Miami-Dade FL Water & Sewer System Revenue RB 5.00%, 10/01/22		235		245,322
Series A, 4.38%, 10/01/22 (AGM)		100		103,822
Series B, 5.25%, 10/01/22 (AGM)		525		549,259
County of Orange FL Sales Tax Revenue RB, Series C, 5.00%, 01/01/22		195		196,551
County of Palm Beach FL RB 5.00%, 05/01/22		60		61,437
5.00%, 06/01/22		100		102,793
5.00%, 11/01/22		45		47,159
Series A, 5.00%, 11/01/22		50		52,399
County of Palm Beach FL Water & Sewer Revenue RB, 4.00%, 10/01/22		30		31,044
County of Pasco FL Water & Sewer Revenue RB, Series A, 5.00%, 10/01/22		80		83,484
County of Sarasota FL RB, 5.00%, 10/01/22		55		57,421
Florida Department of Environmental Protection RB
Series A, 5.00%, 07/01/22		1,075		1,109,155
Serise A, 5.00%, 07/01/22		150		154,766


Security	Par (000)		Value

Florida (continued)
Florida Department of Management Services COP, Series A, 5.00%, 08/01/22	$	295	$	305,586
Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/22		325		339,092
Florida State University Housing Facility Revenue RB, Series A, 5.00%, 05/01/22		250		255,961
Florida’s Turnpike Enterprise RB
Series A, 5.00%, 07/01/22		715		737,962
Series B, 5.00%, 07/01/22		540		557,341
Series C, 5.00%, 07/01/22		200		206,423
Jacksonville Transportation Authority RB, 5.00%, 08/01/22		230		238,059
JEA Electric System Revenue RB, Series A, 5.00%, 10/01/22		80		83,476
JEA Water & Sewer System Revenue RB, Series A, 5.00%, 10/01/22		140		146,119
Miami-Dade County Educational Facilities Authority Revenue RB, Series B, 5.25%, 04/01/22 (AMBAC)		65		66,301
Miami-Dade County Expressway Authority RB Series A, 5.00%, 07/01/22		80		82,471
Series B, 5.00%, 07/01/22		265		273,185
Orange County School Board COP, Series D, 5.00%, 08/01/22 .		290		300,340
Orlando Utilities Commission RB
Series A, 5.00%, 10/01/22		340		354,999
Series C, 4.00%, 10/01/22		175		181,123
Series C, 5.00%, 10/01/22		255		266,249
Series C, 5.25%, 10/01/22		130		136,032
Orlando-Orange County Convention Center RB, 5.00%, 10/01/22		270		281,758
Orlando-Orange County Expressway Authority RB 5.00%, 07/01/22		275		283,719
Series B, 5.00%, 07/01/22		220		226,975
Series B, 5.00%, 07/01/22 (AGM)		185		190,928
Palm Beach County School District COP
Series B, 5.00%, 08/01/22		250		258,952
Series D, 5.00%, 08/01/22		375		388,370
Reedy Creek Improvement District GOL 5.00%, 06/01/22		120		123,330
Series A, 5.00%, 06/01/22		65		66,804
Series B, 4.00%, 06/01/22		160		163,512
School Board of Miami-Dade County (The) COP
Series A, 5.00%, 05/01/22		315		322,574
Series D, 5.00%, 02/01/22		65		65,781
Series D, 5.00%, 11/01/22		160		167,695
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/22		130		132,311
School District of Broward County/FL COP
Series A, 5.00%, 07/01/22		425		438,415
Series B, 5.00%, 07/01/22		20		20,631
Series C, 5.00%, 07/01/22		250		257,892
State of Florida Department of Transportation RB, 5.00%, 07/01/22		75		77,414
State of Florida GO
Series A, 5.00%, 06/01/22		640		657,948
Series A, 5.00%, 07/01/22		95		98,031
Series B, 5.00%, 06/01/22		490		503,742
Series C, 5.00%, 06/01/22		575		591,125
Series E, 5.00%, 06/01/22		80		82,244
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/22		1,010		1,042,366
Series B, 5.00%, 07/01/22		90		92,884


Security	Par (000)		Value

Florida (continued)
Volusia County School Board COP, Series A, 5.00%, 08/01/22 .	$	115	$	119,091

				17,604,967

Georgia — 2.0%
City of Atlanta GA Airport Passenger Facility Charge RB, Series F, 5.00%, 07/01/22		150		154,827
City of Atlanta GA Water & Wastewater Revenue RB 5.00%, 11/01/22		700		733,663
Series B, 5.00%, 11/01/22		150		157,214
Georgia State Road & Tollway Authority RB
Series A, 5.00%, 06/01/22		175		179,876
Series B, 5.00%, 10/01/22 (GTD)		150		156,617
Gwinnett County Development Authority COP, 5.25%, 01/01/22 (NPFGC)		85		85,717
Gwinnett County School District GO, 5.00%, 02/01/22		370		374,445
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/22		500		518,058
Metropolitan Atlanta Rapid Transit Authority RB, Series A, 5.00%, 07/01/30 (PR 07/01/22)		2,015		2,079,434
Municipal Electric Authority of Georgia RB, Series A, 5.00%, 11/01/22		135		141,270
State of Georgia GO
Series A, 5.00%, 02/01/22		125		126,502
Series A-1, 5.00%, 02/01/22		215		217,583
Series C, 4.00%, 09/01/22		405		417,885
Series C, 4.00%, 10/01/22		1,215		1,257,509
Series E, 5.00%, 12/01/22		250		263,009
Serise H, 5.00%, 12/01/22		650		683,823

				7,547,432

Hawaii — 2.5%
City & County Honolulu HI Wastewater System Revenue RB
Series A, 5.00%, 07/01/22		175		180,587
Series A, 5.00%, 07/01/25 (PR 07/01/22)		1,155		1,191,934
Series A, 5.00%, 07/01/30 (PR 07/01/22)		125		128,997
Series B, 5.00%, 07/01/22		120		123,854
City & County of Honolulu HI GO
Series A, 5.00%, 10/01/22		230		240,168
Series A, 5.00%, 11/01/22 (ETM)		25		26,197
Series A, 5.00%, 11/01/25 (PR 11/01/22)		2,000		2,095,769
Series A, 5.00%, 11/01/33 (PR 11/01/22)		1,175		1,231,264
Series B, 5.00%, 09/01/22		50		52,010
Series B, 5.00%, 10/01/22 (ETM)		125		130,526
Series B, 5.00%, 11/01/22		225		235,844
Series C, 5.00%, 10/01/22		220		229,726
Series E, 3.00%, 09/01/22		100		102,360
County of Hawaii HI GO
Series A, 5.00%, 09/01/22		145		150,816
Series B, 5.00%, 09/01/22		370		384,841
Honolulu City & County Board of Water Supply RB, Series A, 5.00%, 07/01/22		20		20,640
State of Hawaii GO
Series EE, 4.00%, 11/01/22 (ETM)		35		36,327
Series EE, 5.00%, 11/01/23 (PR 11/01/22)		580		607,773
Series EE, 5.00%, 11/01/27 (PR 11/01/22)		115		120,507
Series EF, 5.00%, 11/01/22		220		230,625
Series EO, 5.00%, 08/01/22		150		155,440
Series EP, 5.00%, 08/01/22		150		155,440
Series EX, 3.00%, 10/01/22		150		153,907
Series EZ, 5.00%, 10/01/22		175		182,753
Series FE, 5.00%, 10/01/22		355		370,728


Security	Par (000)		Value

Hawaii (continued)
Series FG, 5.00%, 10/01/22	$	110	$	114,873
Series FH, 5.00%, 10/01/22		455		475,158
Series FN, 5.00%, 10/01/22		70		73,101
Series FT, 5.00%, 01/01/22		225		226,801
University of Hawaii RB, Series D, 5.00%, 10/01/22		205		214,024

				9,642,990

Idaho — 0.1%
Idaho Housing & Finance Association RB Series A, 5.00%, 07/15/22		150		155,010
Series B, 5.00%, 07/15/22		205		211,848

				366,858

Illinois — 2.0%
Chicago O’Hare International Airport RB Series B, 5.00%, 01/01/22		350		352,792
Series C, 5.00%, 01/01/22		380		383,006
Series D, 5.00%, 01/01/22		275		277,194
Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/22		100		102,656
Illinois Finance Authority RB 4.00%, 01/01/22		100		100,633
5.00%, 07/01/22		180		185,780
5.00%, 10/01/22		25		26,084
Series A, 5.00%, 10/01/22		230		240,059
Illinois State Toll Highway Authority RB Series A, 5.00%, 12/01/22		645		677,841
Series D, 5.00%, 01/01/22		125


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.08	%		1.07	%		1.65	%		0.08	%		5.44	%		10.62	%
Fund Market		0.12			1.04			1.64			0.12			5.32			10.57
Index		0.31			1.26			1.73			0.31			6.45			11.17


Actual						Hypothetical 5% Return
Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	999.50	$	0.91	$	1,000.00	$	1,024.30	$	0.92		0.18	%


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.27	%		1.43	%		2.15	%		0.27	%		7.34	%		14.02	%
Fund Market		0.27			1.40			2.16			0.27			7.22			14.06
Index		0.52			1.63			2.24			0.52			8.41			14.65


Actual						Hypothetical 5% Return
Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	999.40	$	0.91	$	1,000.00	$	1,024.30	$	0.92		0.18	%


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.43	%		2.32	%		0.43	%		11.01	%
Fund Market		0.39			2.32			0.39			11.00
Index		0.71			2.42			0.71			11.52


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		21
Shareholder Expenses		21
Schedules of Investments		22
Financial Statements
Statements of Assets and Liabilities		110
Statements of Operations		112
Statements of Changes in Net Assets		114
Financial Highlights		118
Notes to Financial Statements		126
Report of Independent Registered Public Accounting Firm		132
Board Review and Approval of Investment Advisory Contract		133
Supplemental Information		135
Trustee and Officer Information		136
General Information		138
Glossary of Terms Used in this Report		139


Fund Summary as of October 31, 2021		iShares^® iBonds^® Dec 2021 Term Muni Bond ETF


Fund Summary as of October 31, 2021 (continued)		iShares^® iBonds^® Dec 2021 Term Muni Bond ETF


State^(b)	Percent of Net Assets
California		21.8	%
New York		14.7
Massachusetts		10.0
Texas		7.8
Ohio		6.4
Illinois		5.0
Maryland		4.7
North Carolina		4.6
Connecticut		4.3
Virginia		3.2


Fund Summary as of October 31, 2021		iShares^® iBonds^® Dec 2022 Term Muni Bond ETF


State^(a)	Percent of Net Assets
Texas		10.6	%
California		9.5
New York		8.6
Washington		5.3
Florida		4.6
Virginia		4.4
Ohio		4.0
North Carolina		3.8
Maryland		3.7
Massachusetts		3.6


Fund Summary as of October 31, 2021		iShares^® iBonds^® Dec 2023 Term Muni Bond ETF


Fund Summary as of October 31, 2021		iShares^® iBonds^® Dec 2024 Term Muni Bond ETF


Fund Summary as of October 31, 2021		iShares^® iBonds^® Dec 2025 Term Muni Bond ETF


Fund Summary as of October 31, 2021		iShares^® iBonds^® Dec 2026 Term Muni Bond ETF



		2021 Annual Report


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT


4		2021 ISHARES ANNUAL REPORT TO SHAREHOLDERS


FUND SUMMARY		5


Fund Summary as of October 31, 2021		iShares^® iBonds^® Dec 2027 Term Muni Bond ETF


Fund Summary as of October 31, 2021		iShares^® iBonds^® Dec 2028 Term Muni Bond ETF



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds: MuniCash	$	275,859	$	2,569,125	^(a)	$	—	$	(109	)	$	19	$	2,844,894		2,845	$	307	$	—



	Level 1		Level 2		Level 3		Total

Investments
Assets
Municipal Debt Obligations	$	—	$	271,741,150	$	—	$	271,741,150
Money Market Funds		2,844,894		—		—		2,844,894


	$	2,844,894	$	271,741,150	$	—	$	274,586,044