The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2023

	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	1.39%	10.14%
U.S. small cap equities (Russell 2000^® Index)	(5.29)	(8.56)
International equities (MSCI Europe, Australasia, Far East Index)	(7.88)	14.40
Emerging market equities (MSCI Emerging Markets Index)	(4.78)	10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.63	4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.70)	(3.25)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.13)	0.36
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.65)	2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	0.02	6.23

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 posted losses for the 12 months ended October 31, 2023 (the “reporting period”). The Bloomberg Municipal Bond Index returned 2.64% and outpaced the 0.36% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance.

Bond prices generally moved lower over the past 12 months. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October. In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note moved from 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. These circumstances led to a modestly negative total price performance for the municipal bond market, but the benefit of income outweighed the effect of falling prices.

On the positive side, municipals were supported by the robust underlying credit quality of issuers in the asset class. The U.S. economy held up well in the face of rising rates, keeping tax revenues above historical levels and allowing issuers to solidify their cash positions and build up “rainy day” funds. In turn, these factors helped keep the municipal default rate low. Supply-and-demand factors also played a favorable role in market performance. High yields helped fuel investor demand, while issuers’ healthy finances reduced the need for new debt issuance. Not least, investors gravitated toward issuers that offer essential services – a defensive characteristic at a time of uncertainty about the future economic outlook.

Within the municipal market, high yield securities outperformed investment-grade issues, due in part to the larger contribution from income. Long-term debt lagged shorter-term bonds, reflecting the trends in the Treasury market.

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 April 11, 2017. The first day of secondary market trading was April 13, 2017.

Past performance is not an indication 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” for more information.

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 March 20, 2018. The first day of secondary market trading was March 22, 2018.

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 November 13, 2018. The first day of secondary market trading was November 15, 2018.

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 April 2, 2019. The first day of secondary market trading was April 4, 2019.

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 April 9, 2019. The first day of secondary market trading was April 11, 2019.

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 April 16, 2019. The first day of secondary market trading was April 18, 2019.

The iShares iBonds Dec 2029 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, 2029, as represented by the investment results of the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2029 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.

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was May 9, 2023. The first day of secondary market trading was May 11, 2023.

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 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.

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 0.3%
Alabama Public School and College Authority RB,
Series A, 5.00%, 11/01/23	$	365	$	365,000
State of Alabama GO
Series A, 5.00%, 11/01/23		500		500,000
Series C, 5.00%, 11/01/23		290		290,000

				1,155,000

Arkansas — 0.0%
University of Arkansas RB, Series A, 5.00%, 11/01/23		105		105,000


California — 19.6%
Bay Area Toll Authority RB
VRDN,3.32%, 04/01/55 (Put 10/31/23)^(a)		7,200		7,200,000
VRDN,3.40%, 04/01/55 (Put 10/31/23)^(a)		6,095		6,095,000
California Health Facilities Financing Authority RB
5.00%, 11/15/23		25		25,010
Series A, 5.00%, 11/15/23		15		15,005
Series B, 5.00%, 11/15/23		110		110,045
California State Public Works Board RB
Series C, 5.00%, 11/01/23		105		105,000
Series I, 5.00%, 11/01/23		545		545,000
California State University RB
5.00%, 11/01/23		270		270,000
Series A, 5.00%, 11/01/23		1,085		1,085,000
Series C, 5.00%, 11/01/23 (AGM)		240		240,000
City of San Francisco CA Public Utilities Commission Water Revenue RB
5.00%, 11/01/23		745		745,000
Series B, 5.00%, 11/01/23		100		100,000
Irvine Ranch Water District SA, Series B, 2.25%, 10/01/41 (Put 10/31/23)^(a)		9,180		9,180,000
Las Virgenes Unified School District GO, Series C,
0.00%, 11/01/23 (NPFGC)^(b)		50		50,000
Los Angeles Department of Water & Power RB
VRDN,2.20%, 07/01/34 (Put 11/01/23)^(a)		5,500		5,500,000
VRDN,2.30%, 07/01/34 (Put 11/01/23)^(a)		8,000		8,000,000
VRDN,2.85%, 07/01/35 (Put 11/01/23)^(a)		2,000		2,000,000
Municipal Improvement Corp. of Los Angeles RB,
Series B, 5.00%, 11/01/23		475		475,000
San Francisco City & County Airport Commission San Francisco International Airport RB, VRDN, 2.50%, 05/01/58 (Put 10/31/23)^(a)		15,000		15,000,000
Southern California Public Power Authority RB,
VRDN,3.13%, 07/01/36 (Put 10/31/23)^(a)		5,000		5,000,000
State of California Department of Water Resources RB
5.00%, 12/01/23		125		125,124
Series AS, 5.00%, 12/01/23		370		370,366
Series AW, 5.00%, 12/01/23		390		390,386
Series AX, 5.00%, 12/01/23		415		415,411
Series BA, 5.00%, 12/01/23		235		235,232
State of California GO
4.00%, 11/01/23		200		200,000
5.00%, 11/01/23		3,270		3,270,000
5.00%, 12/01/23		945		946,011
University of California RB, Series AL-2, VRDN, 3.20%, 05/15/48 (Put 11/01/23)^(a)		15,400		15,400,000

				83,092,590

Colorado — 2.2%
Adams & Arapahoe Joint School District 28J Aurora GO, 5.00%, 12/01/23 (SAW)		725		725,658


Security	Par (000)		Value

Colorado (continued)
Adams County School District No. 1 GO,
4.00%, 12/01/23 (SAW)	$	250	$	250,019
Arapahoe County School District No. 6 Littleton GO,
5.00%, 12/01/23 (SAW)		1,070		1,070,839
City & County of Denver Co. Airport System Revenue RB
5.00%, 11/15/23		225		225,091
Series A, 5.00%, 11/15/23		5,675		5,677,294
Series B, 5.00%, 11/15/23		200		200,081
City of Boulder Water & Sewer Revenue, 5.00%, 12/01/23		100		100,091
City of Colorado Springs Co. Utilities System Revenue
RB, Series C, 5.00%, 11/15/23		100		100,035
Colorado Health Facilities Authority, 5.00%, 11/01/23		400		400,000
Denver City & County School District No. 1 GO,
5.00%, 12/01/23 (SAW)		565		565,475

				9,314,583

Connecticut — 3.9%
Connecticut State Health & Educational Facilities
Authority RB
VRDN,3.90%, 07/01/42 (Put 10/31/23)^(a)		15,000		15,000,000
Series V-1, VRDN,2.85%, 07/01/36 (Put 10/31/23)^(a)		1,060		1,060,000
State of Connecticut GO
Series F, 5.00%, 11/15/23		270		270,106
Series H, 5.00%, 11/15/23		120		120,047

				16,450,153

Delaware — 0.6%
University of Delaware RB, Series C, VRDN, 3.95%, 11/01/37 (Put 10/31/23)^(a)		2,600		2,600,000


District of Columbia — 3.9%
District of Columbia RB
5.00%, 12/01/23		16,000		16,014,514
Series A, 5.00%, 12/01/23		470		470,426

				16,484,940

Georgia — 0.4%
City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/23		160		160,000
Series A, 5.00%, 11/01/23		125		125,000
City of Gainesville GA Water & Sewerage Revenue RB,
5.00%, 11/15/23		60		60,022
County of DeKalb GA GO, 5.00%, 12/01/23		125		125,105
Development Authority for Fulton County RB,
5.00%, 11/01/23		125		125,000
State of Georgia GO, Series E, 5.00%, 12/01/23		895		895,827

				1,490,954

Hawaii — 0.0%
City & County of Honolulu HI GO, 5.00%, 11/01/23		110		110,000


Illinois — 4.2%
Illinois Finance Authority RB
5.00%, 12/01/23		320		320,277
VRDN,4.07%, 07/01/38 (Put 10/31/23)^(a)		14,500		14,500,000
State of Illinois GO
Series B, 5.00%, 12/01/23		50		50,019
Series D, 5.00%, 11/01/23		3,055		3,055,000

				17,925,296


Security	Par (000)		Value

Indiana — 0.3%
Indiana Finance Authority RB
Series A, 5.00%, 12/01/23	$	110	$	110,064
Series C, 5.00%, 12/01/23		1,285		1,286,092

				1,396,156

Louisiana — 0.1%
State of Louisiana GO, Series D-1, 5.00%, 12/01/23		275		275,204


Maine — 0.4%
Maine Municipal Bond Bank RB 5.00%, 11/01/23		1,165		1,165,000
Series A, 5.00%, 11/01/23		125		125,000
Series C, 5.00%, 11/01/23		225		225,000

				1,515,000

Maryland — 2.5%
County of Baltimore MD GO, 5.00%, 11/01/23		180		180,000
County of Charles MD GO, 5.00%, 11/01/23		10		10,000
County of Montgomery MD
5.00%, 11/01/23		830		830,000
5.00%, 11/01/26 (PR 11/01/23)		1,000		1,000,000
County of Montgomery MD GO
5.00%, 11/01/23		125		125,000
Series A, 5.00%, 11/01/23		865		865,000
Series A, 5.00%, 12/01/23		675		675,612
Series B, 5.00%, 11/01/23		1,265		1,265,000
Series B, 5.00%, 12/01/23		620		620,563
State of Maryland Department of Transportation RB, 5.00%, 12/01/23		125		125,112
Washington Suburban Sanitary Commission RB,
VRDN,4.00%, 06/01/24 (Put 10/31/23) (GTD)^(a)		4,700		4,700,000

				10,396,287

Massachusetts — 9.3%
City of Boston MA GO, 5.00%, 11/01/23		2,000		2,000,000
Commonwealth of Massachusetts GOL
Series C, 5.50%, 12/01/23 (AMBAC)		840		841,128
Series E, 5.00%, 11/01/23		985		985,000
Series H, 5.00%, 12/01/23		120		120,113
Massachusetts Bay Transportation Authority Sales Tax Revenue RB, VRDN,4.10%, 07/01/52 (Put 10/31/23)^(a)		15,000		15,000,000
Massachusetts Health & Educational Facilities
Authority RB
Series J-1, VRDN,4.00%, 07/01/31 (Put 10/31/23)^(a)		15,000		15,000,000
Series J-2, VRDN,3.85%, 07/01/31 (Put 10/31/23)^(a)		1,100		1,100,000
Massachusetts School Building Authority RB, Series A, 5.00%, 11/15/23, (ETM)		85		85,032
Massachusetts Water Resources Authority, VRDN, 4.08%, 08/01/37 (Put 10/31/23)^(a)		3,695		3,695,000
University of Massachusetts Building Authority RB
5.00%, 11/01/23		100		100,000
Series 2021-1, 5.00%, 11/01/23		345		345,000

				39,271,273

Michigan — 4.3%
Michigan Finance Authority RB, 5.00%, 11/15/23		50		50,016
State of Michigan GO
5.00%, 12/01/23		75		75,070
Series A, 5.00%, 12/01/23		190		190,179
Series B, 5.00%, 11/01/23		20		20,000
State of Michigan Trunk Line Revenue RB
5.00%, 11/15/23		2,070		2,070,822
Series A, 5.00%, 11/15/23		130		130,052


Security	Par (000)		Value

Michigan (continued)
University of Michigan RB
VRDN,3.92%, 04/01/38 (Put 10/31/23)^(a)	$	4,000	$	4,000,000
Series D-2, VRDN,3.95%, 12/01/29^(a)		11,470		11,470,000
Wayne County Airport Authority RB, Series G,
5.00%, 12/01/23		100		100,074

				18,106,213

Minnesota — 1.2%
City of Minneapolis MN GO, 4.00%, 12/01/23		250		249,983
City of Rochester MN Electric Utility Revenue RB,
Series E, 5.00%, 12/01/23		25		25,021
County of Hennepin MN GO
5.00%, 12/01/23		595		595,501
Series C, 5.00%, 12/01/23		410		410,345
Series A, 5.00%, 12/01/23		95		95,080
Series C, 5.00%, 12/01/23		70		70,059
Metropolitan Council GO, Series B, 5.00%, 12/01/23		3,715		3,718,340

				5,164,329

Mississippi — 0.2%
State of Mississippi GO, 5.00%, 12/01/27 (PR 12/01/23)		770		770,648


Nevada — 1.0%
County of Clark NV GOL
5.00%, 11/01/23		1,100		1,100,000
5.00%, 12/01/23		200		200,157
Series A, 5.00%, 11/01/23		355		355,000
Las Vegas Valley Water District GOL, Series B,
5.00%, 12/01/23		155		155,115
State of Nevada GOL, 5.00%, 11/01/23		1,000		1,000,000
State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/23		1,415		1,416,272

				4,226,544

New Jersey — 0.2%
Monmouth County Improvement Authority (The) RB,
Series B, 5.00%, 12/01/23 (GTD)		245		245,222
New Jersey Economic Development Authority,
5.00%, 11/01/23		100		100,000
New Jersey Economic Development Authority RB,
Series B, 5.00%, 11/01/23		620		620,000

				965,222

New York — 12.5%
City of New York NY GO
3.95%, 08/01/40 (Put 10/31/23)^(a)		3,900		3,900,000
VRDN,3.95%, 04/01/36 (Put 10/31/23)^(a)		2,750		2,750,000
Metropolitan Transportation Authority RB
4.00%, 11/15/23		200		199,937
Series A, 5.00%, 11/15/23		10		10,004
Series A-1, 5.00%, 11/15/23		50		50,007
Series A-2, 5.00%, 11/15/23		195		195,029
Series B, 5.00%, 11/15/23		1,635		1,635,238
Series B-3, 5.00%, 11/15/23		55		55,008
Series C, 5.00%, 11/15/23		395		395,058
Series C-1, 5.00%, 11/15/23		915		915,134
Series D, 5.00%, 11/15/23		400		400,058
Series F, 5.00%, 11/15/23		140		140,020
New York City Municipal Water Finance Authority RB
4.06%, 06/15/36 (Put 10/31/23)^(a)		14,000		14,000,000
VRDN,3.95%, 06/15/43 (Put 10/31/23)^(a)		1,300		1,300,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB 5.00%, 11/01/23		4,035		4,035,000


Security	Par (000)		Value

New York (continued)
VRDN, 3.95%, 02/01/45 (Put 10/31/23)^(a)	$	6,500	$	6,500,000
Series B-1, 5.00%, 11/01/23		100		100,000
Series C, 5.00%, 11/01/23		2,195		2,195,000
Series D, 5.00%, 11/01/23		315		315,000
Sub-Series C, 5.00%, 11/01/23		645		645,000
New York Convention Center Development Corp. RB 5.00%, 11/15/23		25		25,008
Series B, 5.00%, 11/15/23		20		20,005
New York State Dormitory Authority RB, VRDN, 3.85%, 09/01/39 (Put 10/31/23)^(a)		10,000		10,000,000
Port Authority of New York & New Jersey RB
4.00%, 12/01/23		165		165,019
5.00%, 11/15/23		310		310,125
Series 179, 5.00%, 12/01/23		350		350,318
Triborough Bridge & Tunnel Authority RB
5.00%, 11/15/23		285		285,111
Series A, 5.00%, 11/15/23		140		140,055
Series A, 5.00%, 11/15/23		1,050		1,050,409
Series A, 5.00%, 11/15/23		100		100,036
Series B, 4.00%, 11/15/23		380		380,013
Series B, 5.00%, 11/15/23		345		345,134

				52,906,726

North Carolina — 0.6%
City of Charlotte NC COP, Series C, 5.00%, 12/01/23		40		40,032
City of Charlotte NC GO, 5.00%, 12/01/23		775		775,722
City of Charlotte NC Storm Water Revenue, 5.00%, 12/01/23		900		900,816
County of Forsyth NC GO, 5.00%, 12/01/23		255		255,236
County of Mecklenburg NC GO, Series B, 5.00%, 12/01/23		140		140,127
County of Wake NC RB, Series A, 5.00%, 12/01/23		465		465,410

				2,577,343

Ohio — 9.1%
City of Cincinnati OH Water System Revenue RB,
Series B, 5.00%, 12/01/23		190		190,172
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/23		475		475,353
County of Hamilton OH Sewer System Revenue RB, Series A, 5.00%, 12/01/23		3,260		3,262,717
Ohio Higher Educational Facility Commission RB
5.00%, 12/01/23		110		110,086
5.00%, 12/01/23 (ETM)		45		45,032
Series A, 5.00%, 12/01/23		165		165,116
Ohio State University (The) RB
5.00%, 12/01/23		610		610,568
VRDN,3.95%, 12/01/39 (Put 11/01/23)^(a)		5,825		5,825,000
VRDN,4.00%, 12/01/44 (Put 11/07/23)^(a)		10,000		10,000,000
Series A, 5.00%, 12/01/23		395		395,368
Ohio University RB, Series A, 5.00%, 12/01/23		120		120,094
Ohio Water Development Authority RB
5.00%, 12/01/23		615		615,543
Series B, 5.00%, 12/01/23		130		130,115
Ohio Water Development Authority Water Pollution
Control Loan Fund RB
5.00%, 12/01/23		255		255,225
5.50%, 12/01/23		150		150,192
Series 2015-A, 5.00%, 12/01/23		500		500,441
Ohio Water Development Authority Water Pollution
Control Loan Fund, RB, VRDN,4.05%, 12/01/36
(Put 10/31/23)^(a)		15,000		15,000,000


Security	Par (000)		Value

Ohio (continued)
State of Ohio GO
Series C, 5.00%, 11/01/23	$	210	$	210,000
Series T, 5.00%, 11/01/23		150		150,000
State of Ohio RB, Series C, 5.00%, 12/01/23		440		440,381

				38,651,403

Oregon — 1.0%
State of Oregon Department of Transportation RB
Series C, 5.00%, 11/15/23		160		160,062
Series A, 4.25%, 11/15/34 (PR 11/15/23)		850		850,108
Series A, 5.00%, 11/15/23		970		970,375
Series A, 5.00%, 11/15/29 (PR 11/15/23)		1,000		1,000,393
Series A, 5.00%, 11/15/38 (PR 11/15/23)		1,000		1,000,393
State of Oregon GO, Series G, 5.00%, 11/01/23		45		45,000

				4,026,331

Pennsylvania — 4.8%
County of Lehigh PA GO, 4.00%, 11/15/23		650		650,016
Delaware County Authority RB, 5.00%, 12/01/23		75		75,062
Pennsylvania Turnpike Commission, VRDN, 4.07%, 12/01/39 (Put 11/01/23)^(a)		7,300		7,300,000
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, 5.00%, 12/01/23		180		180,148
Pennsylvania Turnpike Commission RB
4.00%, 12/01/23		750		750,026
5.00%, 12/01/23		1,645		1,646,358
VRDN,3.97%, 12/01/50 (Put 10/31/23)^(a)		8,000		8,000,000
Series A, 5.00%, 12/01/23		335		335,276
Series A-1, 5.00%, 12/01/23		225		225,186
Series B, 5.00%, 12/01/23		35		35,025
Series C, 5.00%, 12/01/43 (PR 12/01/23)		1,200		1,200,862

				20,397,959

Rhode Island — 3.7%
Rhode Island Health & Educational Building Corp.,
VRDN,4.09%, 05/01/35 (Put 11/01/23)^(a)		15,755		15,755,000
State of Rhode Island GO, 5.00%, 11/01/23		50		50,000

				15,805,000

South Carolina — 0.8%
Charleston Educational Excellence Finance Corp. RB
5.00%, 12/01/23		190		190,166
5.00%, 12/01/30 (PR 12/01/23)		3,000		3,002,648
County of Charleston SC GO, 5.00%, 11/01/23		190		190,000

				3,382,814

Tennessee — 0.5%
City of Memphis TN GO, Series A, 5.00%, 11/01/23		135		135,000
County of Sumner TN GO, 5.00%, 12/01/23		70		70,059
State of Tennessee GO, 5.00%, 11/01/23		240		240,000
Tennessee State School Bond Authority, 5.00%, 11/01/23 (ST INTERCEPT)		300		300,000
Tennessee State School Bond Authority RB
5.00%, 11/01/23		400		400,000
Series A, 5.00%, 11/01/23		240		240,000
Series B, 5.00%, 11/01/23		715		715,000

				2,100,059

Texas — 5.1%
City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/23		235		235,088
City of Austin TX Water & Wastewater System Revenue RB 5.00%, 11/15/23		655		655,232


Security	Par (000)		Value

Texas (continued)
5.00%, 11/15/23 (ETM)	$	360	$	360,122
Series A, 5.00%, 11/15/23		375		375,134
City of Houston TX Combined Utility System Revenue RB
5.00%, 11/15/23		140		140,052
Series B, 5.00%, 11/15/23		140		140,052
Series D, 5.00%, 11/15/23		200		200,075
Serries C, 5.00%, 11/15/23		310		310,116
Dallas Area Rapid Transit RB
5.00%, 12/01/23		150		150,111
Series A, 5.00%, 12/01/23		785		785,583
Dallas Fort Worth International Airport RB,
5.00%, 11/01/23		350		350,000
Dallas/Fort Worth International Airport RB
5.00%, 11/01/23		200		200,000
Series G, 5.00%, 11/01/23		160		160,000
Metropolitan Transit Authority of Harris County RB
5.00%, 11/01/23		365		365,000
Series A, 5.00%, 11/01/23		375		375,000
Series B, 5.00%, 11/01/23		615		615,000
Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 12/01/23		40		40,028
University of Texas System (The) RB, Series B,
VRDN,4.00%, 08/01/32 (Put 10/31/23)^(a)		15,955		15,955,000

				21,411,593

Vermont — 0.0%
Vermont Municipal Bond Bank RB, Series 4,
5.00%, 12/01/23		25		25,020


Virginia — 0.9%
Chesapeake Bay Bridge & Tunnel District RB,
5.00%, 11/01/23		1,000		1,000,000
County of Chesterfield VA Water & Sewer Revenue RB,
5.00%, 11/01/23		100		100,000
County of Loudoun VA GO
5.00%, 12/01/23 (SAW)		170		170,158
Series A, 5.00%, 12/01/23		140		140,130
Series A, 5.00%, 12/01/23 (SAW)		600		600,560
Virginia Resources Authority RB
5.00%, 11/01/23		205		205,000
Series A, 4.00%, 11/01/23		100		100,000
Series A, 5.00%, 11/01/23		1,105		1,105,000
Series B, 5.00%, 11/01/23		200		200,000
Series S, 5.00%, 11/01/23		390		390,000

				4,010,848

Washington — 4.9%
Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/23		70		70,000
Central Puget Sound Regional Transit Authority TB, 5.00%, 11/01/23		450		450,000
City of Seattle WA GO, 5.00%, 12/01/23		100		100,087
City of Seattle WA GOL
Series A, 5.00%, 11/01/23		100		100,000
Series A, 5.00%, 12/01/23		450		450,390
City of Spokane WA Water & Wastewater Revenue RB, 5.00%, 12/01/23		640		640,565
Clark County School District No. 117 Camas GO,
5.00%, 12/01/23 (GTD)		115		115,104
County of King WA GOL
5.00%, 12/01/23		80		80,071
VRDN,4.05%, 01/01/46 (Put 10/31/23)^(a)		7,000		7,000,000
Series A, VRDN,3.85%, 01/01/46 (Put 10/31/23)^(a)		5,465		5,465,000


Security	Par (000)		Value

Washington (continued)
Series B, 5.00%, 12/01/23	$	260	$	260,229
Series E, 5.00%, 12/01/23		165		165,146
County of Snohomish WA GOL, 5.00%, 12/01/23		125		125,114
King County School District No. 216 Enumclaw GO,
5.00%, 12/01/23 (GTD)		50		50,045
King County School District No. 401 Highline GO,
5.00%, 12/01/23 (GTD)		25		25,022
King County School District No. 403 Renton GO,
5.00%, 12/01/23 (GTD)		175		175,156
King County School District No. 405 Bellevue GO,
5.00%, 12/01/23 (GTD)		3,320		3,323,011
King County School District No. 411 Issaquah GO,
5.00%, 12/01/23 (GTD)		255		255,227
King County School District No. 415 Kent GO,
5.00%, 12/01/23 (GTD)		90		90,080
Pierce County School District No. 320 Sumner GO,
5.00%, 12/01/23 (GTD)		175		175,160
Pierce County School District No. 416 White River GO, 5.00%, 12/01/23 (GTD)		70		70,062
Port of Tacoma WA GOL, Series A, 5.00%, 12/01/23		180		180,159
Port of Tacoma WA RB, Series A, 4.00%, 12/01/23		125		125,004
Skagit County School District No. 103 Anacortes GO,
5.00%, 12/01/23 (GTD)		25		25,022
Snohomish County School District No. 15 Edmonds GO, 4.00%, 12/01/23 (GTD)		20		20,002
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/23 (GTD)		165		165,147
Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/23 (GTD)		140		140,125
Snohomish County School District No. 6 Mukilteo GO, 5.00%, 12/01/23 (GTD)		245		245,222
Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/01/23 (GTD)		100		100,089
University of Washington RB
Series A, 4.00%, 12/01/23		310		310,049
Series C, 5.00%, 12/01/23		215		215,204
Yakima County School District No. 90 East Valley GO, 5.00%, 12/01/23 (GTD)		15		15,012

				20,726,504

West Virginia — 0.1%
State of West Virginia GO
Series A, 5.00%, 11/01/23		55		55,000
Series A, 5.00%, 12/01/23		100		100,087
West Virginia Water Development Authority RB,
Series A-II, 5.00%, 11/01/23		80		80,000

				235,087

Wisconsin — 0.5%
State of Wisconsin, 5.00%, 11/01/23		245		245,000
State of Wisconsin GO
5.00%, 11/01/23		665		665,000
Series 1, 5.00%, 11/01/23		820		820,000
Series 2, 5.00%, 11/01/23		255		255,000
Wisconsin Health & Educational Facilities Authority RB, Series A, 5.00%, 11/15/23		40		40,010

				2,025,010


Total Long-Term Investments — 99.1% (Cost: $419,202,425)				419,097,089


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.0%
BlackRock Liquidity Funds: MuniCash, 3.82%^(c)(d)		109,073	$	109,073


Total Short-Term Securities — 0.0% (Cost: $109,073)				109,073


Total Investments — 99.1% (Cost: $419,311,498)				419,206,162

Other Assets Less Liabilities — 0.9%				3,724,724


Net Assets — 100.0%			$	422,930,886

^(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.

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 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 — 1.1%
Alabama Federal Aid Highway Finance Authority RB
5.00%, 09/01/24 (ETM)	$	250	$	252,225
5.00%, 09/01/26 (PR 09/01/24)		1,010		1,018,989
5.00%, 09/01/30 (PR 09/01/24)		500		504,450
Series A, 5.00%, 09/01/24		260		262,314
Series B, 5.00%, 09/01/24		535		539,761
Alabama Public School & College Authority RB
Series A, 5.00%, 05/01/24		145		145,866
Series C, 5.00%, 06/01/24		100		100,697
Alabama Public School and College Authority RB
Series A, 5.00%, 02/01/24		1,025		1,027,932
Series A, 5.00%, 11/01/24		300		303,652
Auburn University RB, Series B, 5.00%, 06/01/24		265		266,772
City of Huntsville AL GO, Series A, 5.00%, 08/01/24		80		80,691
County of Mobile AL GOL, Series A, 5.00%, 06/01/24		50		50,334
State of Alabama GO
Series A, 5.00%, 08/01/24		285		287,461
Series A, 5.00%, 11/01/24		185		187,162
Series C, 5.00%, 08/01/24		125		126,079
University of Alabama (The) RB, Series A, 5.00%, 07/01/24		185		186,294

				5,340,679

Alaska — 0.2%
State of Alaska GO, Series B, 5.00%, 08/01/24		950		957,854


Arizona — 2.4%
Arizona Board of Regents COP, Series A, 5.00%, 06/01/24		165		166,047
Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/24		745		750,649
Arizona State University RB
Series B, 5.00%, 07/01/24		230		231,684
Series C, 5.00%, 07/01/24		85		85,622
Arizona Transportation Board RB, Series A, 5.00%, 07/01/24		630		634,777
Arizona Water Infrastructure Finance Authority RB,
Series A, 5.00%, 10/01/24		1,445		1,459,087
City of Peoria AZ GOL, Series B, 5.00%, 07/15/24		225		226,902
City of Phoenix AZ GO, 5.00%, 07/01/24		265		267,079
City of Phoenix Civic Improvement Corp. RB 5.00%, 07/01/24		1,515		1,526,289
Series A, 5.00%, 07/01/24		115		115,774
Series A, 5.00%, 07/01/39 (PR 07/01/24)		1,000		1,007,058
Series B, 5.00%, 07/01/24		255		256,716
Series D, 5.00%, 07/01/24		315		317,120
City of Scottsdale AZ GOL, 4.00%, 07/01/24		495		495,576
City of Tucson AZ COP, 5.00%, 07/01/24 (AGM)		85		85,567
City of Tucson AZ Water System Revenue RB, 5.00%, 07/01/24		395		398,047
County of Pima Sewer System Revenue, 5.00%, 07/01/24		595		599,124
Maricopa County Unified School District No. 97-Deer Valley/AZ GO
4.00%, 07/01/24		20		20,010
5.00%, 07/01/24		200		201,399
Maricopa County Union High School District No. 210-Phoenix GO
5.00%, 07/01/24		240		241,914
Series C, 3.00%, 07/01/24		165		163,755


Security	Par (000)		Value

Arizona (continued)
Maricopa County Union High School District No. 210-Phoenix GOL, 4.00%, 07/01/24	$	260	$	260,387
Phoenix AZ, 4.00%, 07/01/24		725		725,900
Regional Public Transportation Authority RB, 5.25%, 07/01/24		370		373,235
Salt River Project Agricultural Improvement & Power District RB, Series A, 5.00%, 01/01/24		130		130,224
State of Arizona
5.00%, 09/01/24		110		110,979
5.00%, 09/01/24 (ETM)		465		469,138
State of Arizona COP, 5.00%, 10/01/24		165		166,771
University of Arizona (The) RB
5.00%, 06/01/24		365		367,336
Series A, 5.00%, 06/01/24		100		100,640
Series B, 5.00%, 06/01/24		150		150,960

				12,105,766

Arkansas — 0.2%
State of Arkansas GO
4.00%, 06/01/24		605		605,539
5.00%, 04/01/24		280		281,341

				886,880

California — 13.8%
91 Express Lanes Toll Road, 5.00%, 08/15/24		100		101,042
Allan Hancock Joint Community College District/CA GO
5.00%, 08/01/24		230		232,156
5.00%, 08/01/24 (ETM)		10		10,094
Beverly Hills Unified School District CA GO
0.00%, 08/01/24^(a)		725		704,883
4.00%, 08/01/24		110		110,285
5.00%, 08/01/24		665		671,576
California Educational Facilities Authority RB, 0.00%, 10/01/24 (AMBAC)^(a)		160		153,841
California Health Facilities Financing Authority RB,
Series A, 5.00%, 11/15/24		135		136,582
California Infrastructure & Economic Development Bank RB
5.00%, 10/01/24		555		561,807
Series A, 5.00%, 10/01/24		355		359,290
California State Public Works Board RB
5.00%, 05/01/24		185		186,087
5.00%, 08/01/24		500		504,428
5.00%, 10/01/24		440		444,803
5.00%, 10/01/24 (ETM)		30		30,363
5.00%, 11/01/24		170		172,036
Series A, 5.00%, 09/01/24		250		252,470
Series B, 5.00%, 10/01/24		210		212,292
Series C, 5.00%, 03/01/24		135		135,514
Series D, 5.00%, 09/01/24		325		328,211
Series F, 5.00%, 05/01/24		385		387,263
Series G, 5.00%, 05/01/24		245		246,440
Series H, 5.00%, 12/01/24		90		91,165
Serise A, 5.00%, 03/01/24		175		175,666
California State University RB
5.00%, 11/01/24		435		440,936
Series A, 4.00%, 11/01/24		75		75,295
Series A, 5.00%, 11/01/24		1,005		1,018,713
Series A, 5.00%, 11/01/29 (PR 11/01/24)		815		825,401
Series A, 5.00%, 11/01/32 (PR 11/01/24)		300		303,828
Series A, 5.00%, 11/01/34 (PR 11/01/24)		40		40,510
Series A, 5.00%, 11/01/39 (PR 11/01/24)		440		445,615


Security	Par (000)		Value

California (continued)
Serise A, 4.00%, 11/01/24	$	150	$	150,590
Cerritos Community College District GO, Series D, 0.00%, 08/01/24^(a)		125		121,229
City & County of San Francisco CA GO, 5.00%, 06/15/24.		430		433,542
City of Long Beach CA Harbor Revenue RB, Series B, 5.00%, 05/15/24		425		427,963
City of Los Angeles CA Wastewater System Revenue RB
5.00%, 06/01/24		505		508,811
Series A, 5.00%, 06/01/24		90		90,679
City of Los Angeles Department of Airports RB
4.00%, 05/15/24		180		180,346
5.00%, 05/15/24		395		397,837
5.00%, 05/15/24 (ETM)		45		45,315
Series B, 5.00%, 05/15/24		430		433,089
City of Petaluma CA Wastewater Revenue RB, 5.00%, 05/01/24		130		130,713
City of San Francisco CA Public Utilities Commission
Water Revenue RB
4.00%, 11/01/24		130		130,524
5.00%, 11/01/24		340		344,672
Series D, 5.00%, 11/01/24		200		202,748
City of San Francisco Public Utilities Commission Water Revenue, 5.00%, 11/01/45 (PR 11/01/24)		1,500		1,520,760
City of San Jose CA GO, 5.00%, 09/01/24		440		444,419
Coast Community College District GO, Series D, 5.00%, 08/01/24		105		105,961
Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/24		45		45,197
Contra Costa Transportation Authority Sales Tax Revenue RB, 5.00%, 03/01/24		75		75,328
Contra Costa Water District RB, Series T, 5.00%, 10/01/24		105		106,373
East Bay Municipal Utility District Water System Revenue RB, 5.00%, 06/01/24		195		196,516
Eastern Municipal Water District RB, Series A, 5.00%, 07/01/24		225		226,942
Escondido Union High School District GO, Series A, 0.00%, 08/01/24 (AGC)^(a)		255		247,398
Evergreen School District GO, 0.00%, 08/01/24 (AGC)^(a).		100		96,983
Foothill-De Anza Community College District GO
0.00%, 08/01/24 (NPFGC)^(a)		110		106,909
4.00%, 08/01/24		160		160,380
5.00%, 08/01/24		325		328,142
Grossmont Union High School District GO
5.00%, 08/01/24		150		151,450
Series 2004, 0.00%, 08/01/24 (NPFGC)^(a)		425		411,938
Long Beach Community College District GO
Series D, 0.00%, 05/01/24 (NPFGC)^(a)		170		166,659
Series F, 5.00%, 06/01/24		185		186,396
Los Angeles Community College District/CA GO
5.00%, 08/01/24		1,730		1,747,236
Series A, 5.00%, 08/01/24		835		843,319
Series A, 5.00%, 08/01/26 (PR 08/01/24)		1,005		1,015,309
Series A, 5.00%, 08/01/28 (PR 08/01/24)		350		353,590
Series A, 5.00%, 08/01/31 (PR 08/01/24)		4,245		4,288,546
Series C, 5.00%, 08/01/24		805		813,020
Los Angeles County Metropolitan Transportation
Authority RB
Series A, 5.00%, 06/01/24		850		856,463
Series A, 5.00%, 07/01/24		940		948,175


Security	Par (000)		Value

California (continued)
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB, 5.00%, 07/01/24	$	400	$	403,479
Los Angeles County Public Works Financing Authority RB, Series B, 5.00%, 12/01/24		305		309,726
Los Angeles County Sanitation Districts Financing Authority RB, Series A, 5.00%, 10/01/24		195		197,462
Los Angeles Department of Water & Power Power
System Revenue RB
Series A, 5.00%, 07/01/24		270		272,490
Series B, 5.00%, 07/01/24		480		484,427
Series C, 5.00%, 07/01/24		105		105,968
Serise A, 5.00%, 07/01/24		80		80,738
Los Angeles Department of Water & Power RB, 5.00%, 07/01/24		500		504,611
Los Angeles Department of Water & Power, RB
Series A, 5.00%, 07/01/24		110		111,015
Series B, 5.00%, 07/01/24		250		252,306
Los Angeles Unified School District/CA GO
Series A, 5.00%, 07/01/24		2,105		2,122,203
Series C, 5.00%, 07/01/24		1,250		1,260,215
Los Rios Community College District GO, 4.00%, 08/01/24		200		200,255
Metropolitan Water District of Southern California RB
5.00%, 07/01/24		130		131,156
5.00%, 10/01/24		100		101,236
Series A, 5.00%, 07/01/24		305		307,713
Series B, 4.00%, 10/01/24		120		120,414
Series C, 5.00%, 07/01/24		105		105,934
Mount San Antonio Community College District GO, 0.00%, 08/01/24^(a)		100		97,090
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/24		265		268,746
Newport Mesa Unified School District GO, 5.00%, 08/01/24		175		176,705
North Orange County Community College District/CA GO, Series B, 0.00%, 08/01/24 (NPFGC)^(a)		120		116,380
Orange County Local Transportation Authority Sales Tax Revenue RB, 5.00%, 02/15/24		275		276,034
Orange County Water District RB, Series C, 5.00%, 08/15/24		235		237,503
Pajaro Valley Unified School District GO, Series B, 0.00%, 08/01/24 (AGM)^(a)		100		97,054
Pasadena Unified School District GO, Series B, 5.00%, 08/01/24		30		30,319
Placer Union High School District/CA GO, Series A, 0.00%, 08/01/24 (NPFGC)^(a)		25		24,264
Port of Los Angeles RB, Series A, 5.00%, 08/01/24		30		30,310
Poway Unified School District GO, Series A, 0.00%, 08/01/24^(a)		100		97,064
Riverside County Transportation Commission RB,
Series B, 5.00%, 06/01/24		155		156,152
Sacramento Municipal Utility District RB
5.00%, 08/15/24		60		60,644
Series E, 5.00%, 08/15/24		300		303,219
Salinas Union High School District GO, Series A, 0.00%, 10/01/24 (NPFGC)^(a)		20		19,239
San Diego Community College District GO, 5.00%, 08/01/24		445		449,729
San Diego Public Facilities Financing Authority RB,
5.00%, 08/01/24		250		252,528


Security	Par (000)		Value

California (continued)
San Diego Unified School District/CA, 5.50%, 07/01/24 (AGM)	$	400	$	404,988
San Diego Unified School District/CA GO
Series A, 0.00%, 07/01/24^(a)		440		428,653
Series A, 0.00%, 07/01/24 (ETM)^(a)		160		155,874
Series C-2, 5.50%, 07/01/24 (AGM)		255		258,180
Series D-1, 5.50%, 07/01/24 (NPFGC)		395		399,925
Series G, 0.00%, 07/01/38 (PR 01/01/24)^(a)		600		268,535
Series R-4, 5.00%, 07/01/24		240		242,213
San Francisco Bay Area Rapid Transit District GO,
Series A, 5.00%, 08/01/24		155		156,521
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, Series A, 5.00%, 07/01/24		330		332,892
San Francisco City & County Airport Commission San Francisco International Airport RB, Series D, 5.00%, 05/01/24		300		301,979
San Francisco City & County Public Utilities Commission Wastewater Revenue RB, Series A, 5.00%, 10/01/24		295		298,698
San Joaquin Delta Community College District GO,
Series C, 5.00%, 08/01/39 (PR 08/01/24)		1,000		1,009,815
San Jose Evergreen Community College District, 5.00%, 09/01/34 (PR 09/01/24)		1,000		1,010,945
San Jose Unified School District GO, 5.00%, 08/01/24		450		454,052
San Marcos Unified School District GO, 0.00%, 08/01/24^(a)		40		38,810
San Mateo County Community College District GO,
Series B, 0.00%, 09/01/24 (NPFGC)^(a)		120		116,144
San Mateo Union High School District GO, 4.00%, 09/01/24		210		210,410
San Ramon Valley Unified School District/CA GO, 5.00%, 08/01/24		125		126,172
Santa Clara County Financing Authority RB, Serise A, 5.00%, 11/15/24		445		451,256
Santa Clara Valley Transportation Authority, 5.00%, 06/01/24		340		342,644
Santa Clara Valley Transportation Authority RB
Series A, 5.00%, 04/01/24		100		100,549
Series A, 5.00%, 06/01/24		150		151,167
Santa Clara Valley Water District COP, Series C, 5.00%, 06/01/24		295		297,193
Santa Monica-Malibu Unified School District GO,
Series C, 4.00%, 07/01/24		85		85,249
Simi Valley Unified School District GO, 5.00%, 08/01/24		250		252,398
Solano County Community College District GO, 5.00%, 08/01/24		125		126,079
Southern California Public Power Authority RB
5.00%, 07/01/24		140		141,254
Series C, 5.00%, 07/01/24		390		393,494
State of California, 5.00%, 09/01/24		1,700		1,719,860
State of California Department of Water Resources RB
5.00%, 12/01/24		310		314,408
Series AR, 5.00%, 12/01/24 (PR 06/01/24)		35		35,286
Series AS, 5.00%, 12/01/24		1,210		1,227,206
Series AV, 5.00%, 12/01/24		75		76,067
Series AW, 5.00%, 12/01/24		120		121,706
Series AX, 5.00%, 12/01/24		260		263,697
Series BA, 5.00%, 12/01/24		280		283,982
State of California GO
4.00%, 03/01/24		160		160,206
4.00%, 04/01/24		115		115,192
4.00%, 10/01/24		720		722,871


Security	Par (000)		Value

California (continued)
5.00%, 03/01/24	$	1,130	$	1,135,124
5.00%, 04/01/24		625		628,586
5.00%, 05/01/24		525		528,654
5.00%, 08/01/24		90		90,943
5.00%, 09/01/24		800		809,346
5.00%, 10/01/24		1,475		1,494,021
5.00%, 11/01/24		5,220		5,292,755
5.00%, 12/01/24		100		101,475
Series A, 5.00%, 10/01/24		175		177,257
Series B, 5.00%, 09/01/24		1,000		1,011,682
Sunnyvale Elementary School District GO, 5.00%, 09/01/24		195		196,895
University of California RB
4.00%, 05/15/24		150		150,273
5.00%, 05/15/24		1,000		1,007,395
5.25%, 05/15/44 (PR 05/15/24)		2,500		2,520,808
Series AM, 5.00%, 05/15/24		460		463,402
Series AO, 5.00%, 05/15/24		625		629,622
Upper Santa Clara Valley Joint Powers Authority, 5.00%, 08/01/24, (ETM)		275		277,821
Walnut Valley Unified School District GO, 0.00%, 08/01/24 (NPFGC)^(a)		1,170		1,134,041
William S Hart Union High School District GO, Series B, 0.00%, 08/01/24 (AGM)^(a)		125		121,318

				69,532,375

Colorado — 0.6%
Board of Governors of Colorado State University System RB, Series E-2, 5.00%, 03/01/24 (NPFGC)		150		150,551
City & County of Denver Co. Airport System Revenue RB 5.00%, 11/15/24		250		252,980
Series A, 5.00%, 11/15/24		210		212,504
City of Colorado Springs CO Utilities System Revenue RB, Series A-1, 5.00%, 11/15/24		50		50,561
Colorado Health Facilities Authority, 5.00%, 11/01/24		100		100,439
County of Boulder CO, 5.00%, 12/01/24		390		394,306
Denver City & County School District No. 1 COP,
Series A, 5.00%, 12/01/24		75		75,868
Denver City & County School District No. 1 GO
5.00%, 12/01/24 (SAW)		450		455,540
Series A, 5.50%, 12/01/24 (SAW)		425		432,459
Series B, 5.00%, 12/01/24 (SAW)		220		222,708
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/24 (NPFGC)^(a)		25		24,135
Metro Wastewater Reclamation District RB, Series A, 5.00%, 04/01/24		240		241,140
University of Colorado RB
Series B-1, 5.00%, 06/01/24		200		201,349
Series C, VRDN,2.00%, 06/01/54 (Put 10/15/24)^(b)		250		243,717

				3,058,257

Connecticut — 1.6%
Hartford County Metropolitan District Clean Water Project Revenue RB, Series A, 5.00%, 11/01/34 (PR 11/01/24)		250		252,946
State of Connecticut, 5.00%, 01/15/24		200		200,454
State of Connecticut Clean Water Fund-State Revolving
Fund, 5.00%, 03/01/24		140		140,542
State of Connecticut GO
4.00%, 01/15/24		615		615,171
5.00%, 04/15/24		85		85,448
Series A, 5.00%, 03/01/24		130		130,491


Security	Par (000)		Value

Connecticut (continued)
Series A, 5.00%, 03/15/24	$	190	$	190,806
Series B, 5.00%, 01/15/24		165		165,374
Series B, 5.00%, 04/15/24		330		331,740
Series B, 5.00%, 05/15/24		290		291,822
Series D, 5.00%, 04/15/24		750		753,954
Series D, 5.00%, 07/15/24		1,500		1,511,952
Series E, 5.00%, 09/15/24		250		252,420
Series E, 5.00%, 10/15/24		250		252,666
Series F, 5.00%, 09/15/24		120		121,161
Series F, 5.00%, 11/15/24		350		354,066
State of Connecticut Special Tax Obligation RB, 5.00%, 09/01/24		100		100,947
State of Connecticut Special Tax Revenue, 5.00%, 01/01/24		440		440,772
State of Connecticut Special Tax Revenue RB
5.00%, 10/01/24		275		277,854
Series A, 4.00%, 05/01/24		60		60,045
Series A, 5.00%, 05/01/24		525		527,957
Series A, 5.00%, 08/01/24		420		423,565
Series A, 5.00%, 09/01/24		455		459,310
University of Connecticut RB, 5.00%, 02/15/24		100		100,287

				8,041,750

Delaware — 0.6%
City of Wilmington DE GO, 4.00%, 12/01/24		100		100,015
County of New Castle DE GO, 5.00%, 10/01/24		570		576,068
Delaware Transportation Authority RB
4.00%, 07/01/24		360		360,583
5.00%, 07/01/24		625		630,067
State of Delaware, 5.00%, 07/01/24		550		554,531
State of Delaware GO
5.00%, 03/01/24		570		572,283
Series 2009C, 5.00%, 10/01/24		220		222,520
Series A, 5.00%, 10/01/24		100		101,145
Series B, 5.00%, 07/01/27 (PR 07/01/24)		85		85,656

				3,202,868

District of Columbia — 1.0%
District of Columbia GO
Series A, 4.00%, 06/01/24		90		90,116
Series A, 5.00%, 10/15/24		150		151,740
Series B, 5.00%, 06/01/24		645		649,498
Series D, 5.00%, 06/01/24		475		478,312
District of Columbia RB
5.00%, 12/01/24		145		146,693
Series B, 5.00%, 10/01/24		1,595		1,611,981
District of Columbia Water & Sewer Authority RB,
Series B, 5.00%, 10/01/24		820		828,951
Metropolitan Washington Airports Authority Aviation
Revenue RB, Series B, 5.00%, 10/01/24		35		35,313
Washington Metropolitan Area Transit Authority
Dedicated Revenue, 5.00%, 07/15/24		1,080		1,088,231

				5,080,835

Florida — 2.7%
Broward County FL Water & Sewer Utility Revenue RB, Series B, 5.00%, 10/01/24		155		156,289
Central Florida Expressway Authority RB, 5.00%, 07/01/24		75		75,524
City of Jacksonville FL RB, Series B, 5.00%, 10/01/24		25		25,248
City of Tampa FL Water & Wastewater System Revenue RB, 5.00%, 10/01/24		25		25,277


Security	Par (000)		Value

Florida (continued)
County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/24	$	50	$	50,540
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/24		185		186,472
County of Miami-Dade FL GO
Series A, 5.00%, 07/01/24		370		372,563
Series B, 5.00%, 07/01/24		100		100,693
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/24		435		437,473
County of Miami-Dade FL Water & Sewer System Revenue RB 5.00%, 10/01/24		1,230		1,241,991
Series B, 5.00%, 10/01/24		255		257,486
County of Orange FL Sales Tax Revenue RB, 5.00%, 01/01/24		130		130,228
County of Sarasota FL RB, 5.00%, 10/01/24		45		45,455
Florida Department of Environmental Protection RB
5.00%, 07/01/24		585		589,283
Series A, 5.00%, 07/01/24		445		448,258
Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/24		100		100,885
Florida State Development Commission RB, Series A, 5.00%, 07/01/24		100		100,765
Florida’s Turnpike Enterprise RB, Series A, 5.00%, 07/01/24		415		417,929
Hillsborough County School Board COP, Series A, 5.00%, 07/01/24		120		120,643
Lee County School Board (The) COP, 5.00%, 08/01/24		100		100,606
Miami-Dade County Expressway Authority RB, Series B, 5.00%, 07/01/24		280		281,099
Orange County Convention Center/Orlando RB, 5.00%, 10/01/24		190		191,172
Orange County School Board COP
Series B, 5.00%, 08/01/24		15		15,116
Series D, 5.00%, 08/01/24		50		50,388
Orlando Utilities Commission RB, Series A, 5.00%, 10/01/24		540		545,555
Palm Beach County School District, 5.00%, 08/01/24		500		503,215
Palm Beach County School District COP, Series B,
5.00%, 08/01/24		280		281,800
Pasco County School Board COP, Series A, 5.00%, 08/01/24		75		75,455
Reedy Creek Improvement District GOL, Series A,
5.00%, 06/01/24		190		190,999
School Board of Miami-Dade County (The) COP
Series A, 5.00%, 05/01/24		315		316,265
Series D, 5.00%, 02/01/24		725		726,353
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/24		210		210,868
School District of Broward County/FL COP
Series A, 5.00%, 07/01/24		675		678,970
Series B, 5.00%, 07/01/24		20		20,118
Series C, 5.00%, 07/01/24		200		201,176
State of Florida Department of Transportation RB
5.00%, 07/01/24		175		176,304
Series A, 5.00%, 07/01/24		450		453,206
State of Florida Department of Transportation Turnpike
System Revenue RB, Series A, 5.00%, 07/01/24		250		251,765
State of Florida GO
5.00%, 07/01/24		850		856,779
Seires E, 5.00%, 06/01/24		200		201,337


Security	Par (000)		Value

Florida (continued)
Series A, 5.00%, 01/01/24	$	230	$	230,411
Series A, 5.00%, 07/01/24		180		181,436
Series B, 5.00%, 06/01/24		350		352,340
Series C, 5.00%, 06/01/24		220		221,471
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/24		290		292,085
Series B, 5.00%, 07/01/24		940		946,758
Volusia County School Board RB, 5.00%, 10/01/24		20		20,217

				13,456,266

Georgia — 2.5%
City of Atlanta Department of Aviation, 5.00%, 07/01/24		250		251,912
City of Atlanta GA, 5.00%, 12/01/24		250		253,290
City of Atlanta GA Airport Passenger Facility Charge RB, Series A, 5.00%, 01/01/24		695		696,081
City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/24		100		100,765
City of Atlanta GA GOL, 5.00%, 12/01/32 (PR 12/01/24)		930		941,350
City of Atlanta GA Water & Wastewater Revenue RB 5.00%, 11/01/24		975		986,011
Series B, 5.00%, 11/01/24		145		146,637
Columbia County School District GO, 4.00%, 10/01/24 (SAW)		120		120,264
County of DeKalb GA GO, 5.00%, 12/01/24		130		131,600
County of Forsyth GA GO, 5.00%, 09/01/24		305		308,113
County of Henry GA GO, 5.00%, 05/01/24		200		201,185
Douglas County School District/GA GO, 5.00%, 04/01/24 (SAW)		235		236,145
Fayette County School District/GA GO, 5.25%, 09/01/24 (SAW)		105		106,267
Forsyth County School District, 4.00%, 02/01/33 (PR 02/01/24)		3,030		3,030,641
Georgia Ports Authority RB, 5.00%, 07/01/24		200		201,399
Gwinnett County School District GO, 5.00%, 02/01/24		100		100,274
Gwinnett County Water & Sewerage Authority RB, 4.00%, 08/01/24		1,500		1,502,572
Metropolitan Atlanta Rapid Transit Authority RB, Series A, 4.00%, 07/01/24		395		395,434
Private Colleges & Universities Authority RB, Series B, 5.00%, 10/01/24		100		101,074
State of Georgia GO
5.00%, 07/01/24		2,000		2,016,213
Series A-1, 5.00%, 02/01/24		655		656,906
Series E, 5.00%, 12/01/24		320		324,279

				12,808,412

Hawaii — 1.6%
City & County Honolulu HI Wastewater System
Revenue RB
5.00%, 07/01/24		100		100,778
Series A, 5.00%, 07/01/24		145		146,128
Series B, 5.00%, 07/01/24		225		226,750
City & County Honolulu Wastewater System Revenue, 5.00%, 07/01/24		250		251,945
City & County of Honolulu, 4.00%, 08/01/24		120		120,162
City & County of Honolulu HI GO
4.00%, 07/01/24		265		265,308
5.00%, 08/01/24		425		428,670
Series A, 5.00%, 10/01/24		100		101,056
Series B, 5.00%, 10/01/24		105		106,108
Series C, 5.00%, 10/01/24		120		121,267


Security	Par (000)		Value

Hawaii (continued)
County of Hawaii HI GO
5.00%, 09/01/24	$	670	$	676,346
Series B, 4.00%, 09/01/24		60		60,083
County of Maui HI GO, 5.00%, 09/01/24		35		35,352
Honolulu City & County Board of Water Supply RB
4.00%, 07/01/36 (PR 07/01/24)		580		580,524
5.00%, 07/01/27 (PR 07/01/24)		275		277,031
Series A, 5.00%, 07/01/24		150		151,049
State of Hawaii, 5.00%, 08/01/33 (PR 08/01/24)		2,500		2,521,772
State of Hawaii GO
5.00%, 04/01/24		500		502,251
Series EY, 5.00%, 10/01/24		90		90,877
Series EZ, 5.00%, 10/01/24		880		888,579
Series FN, 5.00%, 10/01/24		35		35,341
State of Hawaii State Highway Fund RB, Series B, 5.00%, 01/01/24		230		230,392

				7,917,769

Idaho — 0.4%
Idaho Housing & Finance Association RB
5.00%, 07/15/24		1,995		2,009,514
Series A, 5.00%, 07/15/24		25		25,182

				2,034,696

Illinois — 3.0%
Chicago O’Hare International Airport, Series B, 5.00%, 01/01/24		130		130,200
Chicago O’Hare International Airport RB
Series B, 5.00%, 01/01/24		710		711,093
Series C, 5.00%, 01/01/24		320		320,493
Series D, 5.00%, 01/01/24		205		205,315
Series E, 5.00%, 01/01/24		975		976,501
Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/24		155		155,426
Illinois Finance Authority RB
5.00%, 01/01/24		510		510,844
5.00%, 02/15/24		455		455,993
5.00%, 07/01/24		1,055		1,062,515
Series A, 5.00%, 10/01/24		425		429,105
Illinois State Toll Highway Authority RB
5.00%, 01/01/24		185		185,279
Series D, 5.00%, 01/01/24		1,645		1,647,477
Metropolitan Water Reclamation District of Greater Chicago GO, Series C, 5.00%, 12/01/24		400		404,205
State of Illinois, 5.00%, 10/01/24		130		130,710
State of Illinois GO
5.00%, 02/01/24		725		725,913
5.00%, 03/01/24		540		540,955
5.00%, 04/01/24		605		606,406
5.00%, 05/01/24		1,720		1,724,970
5.00%, 12/01/24		250		251,616
Series A, 4.00%, 05/01/24		295		294,426
Series A, 5.00%, 03/01/24		130		130,230
Series A, 5.00%, 10/01/24		65		65,355
Series A, 5.00%, 11/01/24		250		251,497
Series A, 5.00%, 12/01/24		50		50,323
Series B, 5.00%, 12/01/24		500		503,231
Series D, 5.00%, 11/01/24		2,420		2,434,261
State of Illinois RB
Series C, 4.00%, 06/15/24		25		24,943
Series C, 5.00%, 06/15/24		200		201,129


Security	Par (000)		Value

Illinois (continued)
Series D, 5.00%, 06/15/24	$	75	$	75,282

				15,205,693

Indiana — 1.5%
Ball State University RB, 5.00%, 07/01/24		200		201,386
Indiana Finance Authority RB
5.00%, 02/01/24		1,500		1,504,215
5.00%, 10/01/24		1,150		1,161,418
Series A, 5.00%, 02/01/24		105		105,295
Series A, 5.00%, 10/01/24		50		50,496
Series B, 5.00%, 02/01/24		490		491,377
Series C, 5.00%, 12/01/24		1,765		1,786,915
Indiana Municipal Power Agency RB
5.00%, 01/01/24		375		375,621
Series C, 5.00%, 01/01/24		465		465,770
Indiana Transportation Finance Authority RB, Series C, 5.50%, 12/01/24 (NPFGC)		300		305,744
Indiana University RB
Series A, 5.00%, 06/01/24		435		438,008
Series W-2, 5.00%, 08/01/24		190		191,697
Indianapolis Local Public Improvement Bond Bank RB,
Series A, 5.00%, 01/15/24		345		345,768
Purdue University RB, 5.00%, 07/01/24		250		251,830

				7,675,540

Iowa — 0.3%
Iowa Finance Authority RB, 5.00%, 08/01/24		895		902,729
State of Iowa RB, 5.00%, 06/15/24		375		377,331

				1,280,060

Kansas — 0.5%
City of Merriam KS GO, 5.00%, 10/01/24		125		126,365
City of Wichita KS Water & Sewer Utility Revenue RB, Series A, 5.00%, 10/01/24		200		202,040
Johnson County Unified School District No. 229 Blue Valley GO, Series B, 5.00%, 10/01/24		70		70,726
Johnson County Water District No. 1 RB, 5.00%, 01/01/24		105		105,182
Kansas Development Finance Authority RB, 5.00%, 05/01/24		400		402,116
Sedgwick County Unified School District No. 259 Wichita GO, Series A, 4.00%, 10/01/24		170		169,995
Sedgwick County Unified School District No. 262 Valley Center GO, 3.00%, 09/01/36 (PR 09/01/24)		250		248,223
Sedgwick County Unified School District No. 266 Maize GO, 5.00%, 09/01/24		150		151,249
State of Kansas Department of Transportation RB 3.00%, 09/01/24		100		98,651
Series A, 5.00%, 09/01/24		1,200		1,211,072

				2,785,619

Kentucky — 0.1%
Kentucky Turnpike Authority RB, 5.00%, 07/01/24		225		226,279
Louisville & Jefferson County Metropolitan Sewer District RB, 5.00%, 05/15/24		280		281,819

				508,098

Louisiana — 1.2%
Louisiana Local Government Environmental Facilities & Community Development Authority RB, 5.00%, 10/01/33 (PR 10/01/24)		2,000		2,018,780
Louisiana State University & Agricultural & Mechanical College RB, 5.00%, 07/01/34 (PR 07/01/24)		1,000		1,006,404
St Tammany Parish Wide School District No. 12 GO, 5.00%, 03/01/27 (PR 03/01/24)		1,125		1,129,208


Security	Par (000)		Value

Louisiana (continued)
State of Louisiana GO
5.00%, 05/01/24	$	300	$	301,499
5.00%, 12/01/24		125		126,380
Series A, 5.00%, 04/01/24		500		502,046
Series A, 5.00%, 09/01/24		140		141,177
Series B, 5.00%, 05/01/24		25		25,125
Series C, 5.00%, 08/01/24		110		110,829
Series D-2, 5.00%, 12/01/24		150		151,656
State of Louisiana RB, 5.00%, 09/01/24		485		489,079

				6,002,183

Maine — 0.5%
City of Portland ME GO, 5.00%, 10/01/24		170		171,734
Maine Municipal Bond Bank, 5.00%, 09/01/24		105		105,960
Maine Municipal Bond Bank RB
Series A, 5.00%, 09/01/24		130		131,189
Series A, 5.00%, 11/01/24		180		182,103
Series B, 5.00%, 11/01/24		110		111,285
Series C, 5.00%, 11/01/24		435		440,083
Series D, 5.00%, 11/01/24		115		116,344
Maine Turnpike Authority, 5.00%, 07/01/24		195		196,440
Maine Turnpike Authority RB, 5.00%, 07/01/24		150		151,108
State of Maine GO, Series B, 5.00%, 06/01/24		745		749,768

				2,356,014

Maryland — 4.0%
City of Baltimore MD RB, Series A, 5.00%, 07/01/24		300		302,196
County of Anne Arundel MD GOL, 5.00%, 10/01/24		1,040		1,051,352
County of Baltimore MD GO
5.00%, 02/01/24		100		100,291
5.00%, 03/01/24		705		707,777
5.00%, 08/01/24		350		353,203
County of Carroll MD GO, 5.00%, 11/01/24		225		227,629
County of Charles MD GO, 5.00%, 10/01/24		100		101,065
County of Frederick MD GO, Series A, 5.00%, 08/01/24		25		25,225
County of Howard MD GO
Series B, 5.00%, 02/15/24		55		55,189
Series C, 5.00%, 02/15/24		75		75,258
County of Montgomery MD, 5.00%, 11/01/27
(PR 11/01/24)		830		839,374
County of Montgomery MD GO
Series A, 4.00%, 11/01/31 (PR 11/01/24)		1,000		1,001,601
Series A, 5.00%, 11/01/24		350		354,260
Series A, 5.00%, 12/01/24		125		126,645
Series A, 5.00%, 11/01/26 (PR 11/01/24)		465		470,251
Series B, 5.00%, 11/01/24		50		50,609
County of Prince George’s MD, 5.00%, 07/01/24		900		907,178
County of Prince George’s MD GOL, Series A, 4.00%, 09/01/24		430		430,839
Maryland Health & Higher Educational Facilities Authority RB, 5.25%, 07/01/27 (PR 07/01/24)		1,500		1,511,054
Maryland State Transportation Authority RB, 5.00%, 07/01/24		165		166,294
State of Maryland Department of Transportation RB
4.00%, 09/01/24		235		235,440
5.00%, 05/01/24		360		362,134
5.00%, 10/01/24		755		763,309
5.00%, 11/01/24		510		516,159
State of Maryland GO
Series A, 5.00%, 03/15/24		545		547,394
Series B, 5.00%, 08/01/24		2,510		2,532,784
Series C, 5.00%, 08/01/24		1,185		1,195,757


Security	Par (000)		Value

Maryland (continued)
Washington Suburban Sanitary Commission RB 4.00%, 06/01/24	$	90	$	90,101
4.00%, 06/01/37 (PR 06/01/24) (GTD)		5,000		5,003,884

				20,104,252

Massachusetts — 2.7%
Boston Water & Sewer Commission RB, 3.50%, 11/01/31 (PR 11/01/24)		1,000		997,722
City of Boston MA GO
5.00%, 04/01/24		1,070		1,074,993
Series A, 5.00%, 11/01/24		710		719,130
Series B, 5.00%, 04/01/24		105		105,490
Commonwealth of Massachusetts, 5.00%, 04/01/24		155		155,787
Commonwealth of Massachusetts GO
Series C, 5.00%, 10/01/24		100		101,146
Series C, 5.50%, 12/01/24 (AMBAC)		135		137,556
Commonwealth of Massachusetts GOL
5.00%, 01/01/24		1,700		1,703,293
Series 7, 5.00%, 07/01/24		130		131,071
Series A, 5.00%, 01/01/24		250		250,484
Series A, 5.00%, 07/01/24		80		80,659
Series B, 5.00%, 11/01/24		1,115		1,129,011
Series C, 5.00%, 07/01/24		60		60,494
Series C, 5.00%, 10/01/24		375		379,296
Series H, 5.00%, 12/01/24		730		739,915
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/24		230		231,551
Massachusetts Bay Transportation Authority RB
Series A, 5.00%, 07/01/24		1,090		1,098,765
Series C, 5.50%, 07/01/24		325		328,667
Massachusetts Bay Transportation Authority Sales Tax Revenue RB, Series B, 5.50%, 07/01/24 (NPFGC)		215		217,398
Massachusetts Clean Water Trust (The) RB
5.00%, 08/01/24		435		439,109
Series 22, 5.00%, 08/01/24		675		681,277
Massachusetts School Building Authority RB
5.00%, 11/15/24		380		384,608
Series C, 5.00%, 08/15/24		260		262,366
Massachusetts State College Building Authority,
5.00%, 05/01/24 (ST INTERCEPT)		200		201,205
Massachusetts Transportation Trust Fund Metropolitan
Highway System Revenue RB, 5.00%, 01/01/24		195		195,365
Massachusetts Water Resources Authority, 5.00%, 08/01/24, (ETM)		310		312,700
Massachusetts Water Resources Authority RB
5.00%, 08/01/24 (ETM)		285		287,482
Series B, 5.00%, 08/01/24		20		20,174
Series C, 5.00%, 08/01/24		655		661,065
University of Massachusetts Building Authority RB 5.00%, 05/01/24		125		125,741
Series 2021-1, 5.00%, 11/01/24		285		288,358

				13,501,878

Michigan — 1.8%
Chippewa Valley Schools GO, Series B, 5.00%, 05/01/24 (Q-SBLF)		250		251,310
Great Lakes Water Authority Sewage Disposal System Revenue RB, 5.00%, 07/01/24		100		100,608
Michigan Finance Authority RB
5.00%, 07/01/24 (AGM)		100		100,412
5.00%, 10/01/24		140		141,465
Series B, 5.00%, 10/01/24		205		207,146


Security	Par (000)		Value

Michigan (continued)
Series C-3, 5.00%, 07/01/24 (AGM)	$	115	$	115,474
Michigan State Building Authority RB
4.00%, 10/15/24		150		150,182
5.00%, 04/15/24		380		381,952
Series I, 5.00%, 04/15/24		720		723,699
Michigan State University RB, 4.00%, 02/15/24		410		410,062
Oxford Area Community School District GO, Series A,
5.00%, 05/01/24		15		15,082
Royal Oak Hospital Finance Authority RB,
5.00%, 09/01/39 (PR 03/01/24)		2,355		2,361,089
State of Michigan GO, Series A, 5.00%, 12/01/24		245		248,328
State of Michigan RB, 5.00%, 03/15/24		2,465		2,474,012
State of Michigan Trunk Line Revenue RB,
5.00%, 11/15/24		780		789,696
University of Michigan, 5.00%, 04/01/24		250		251,228
University of Michigan RB, Series A, 5.00%, 04/01/24		140		140,688
Wayne County Airport Authority RB, Series C, 5.00%, 12/01/24		50		50,552

				8,912,985

Minnesota — 1.3%
City of Minneapolis MN GO, 5.00%, 12/01/24		400		404,967
County of Hennepin MN GO, Series A, 5.00%, 12/01/24		350		354,309
Metropolitan Council GO
Series A, 5.00%, 03/01/24		50		50,192
Series C, 5.00%, 03/01/24		835		838,207
Series E, 5.00%, 12/01/24		255		258,328
Minneapolis-St Paul Metropolitan Airports Commission RB
5.00%, 01/01/24		200		200,318
Series B, 5.00%, 01/01/24		440		440,699
Minnesota Municipal Power Agency RB, Series A, 5.00%, 10/01/24		160		161,775
Minnesota Public Facilities Authority RB
5.00%, 03/01/24		500		501,837
Series B, 3.00%, 03/01/24		610		607,394
Rosemount-Apple Valley-Eagan Independent School District No. 196 GO, Series A, 5.00%, 02/01/24		115		115,306
Southern Minnesota Municipal Power Agency RB,
Series A, 4.00%, 01/01/24		100		100,003
State of Minnesota GO
5.00%, 09/01/24		1,115		1,126,199
Series A, 5.00%, 08/01/24		1,260		1,271,345
Series B, 5.00%, 08/01/24		105		105,945
Series B, 5.00%, 10/01/24		155		156,720
Series E, 5.00%, 10/01/24		75		75,832

				6,769,376

Mississippi — 0.1%
State of Mississippi GO
Series B, 5.00%, 09/01/24		90		90,867
Series C, 4.00%, 10/01/24		70		70,091
Series C, 5.00%, 10/01/24		530		535,405

				696,363

Missouri — 0.9%
City of Springfield MO Public Utility Revenue RB, 5.00%, 08/01/24		275		277,172
Curators of the University of Missouri (The), Series A, 5.00%, 11/01/24		500		505,598
Metropolitan St Louis Sewer District RB, 5.00%, 05/01/24		155		155,926


Security	Par (000)		Value

Missouri (continued)
Missouri Highway & Transportation Commission RB
Series A, 5.00%, 05/01/24	$	820	$	824,780
Series A, Series A, 5.00%, 05/01/24		130		130,758
Series B, 5.00%, 05/01/24		110		110,641
Missouri State Board of Public Buildings RB
Series A, 4.00%, 04/01/24		300		300,133
Series A, 5.00%, 04/01/24		1,170		1,175,267
Missouri State Environmental Improvement & Energy
Resources Authority RB
Series A, 5.00%, 01/01/24		1,000		1,001,871
Series B, 4.00%, 07/01/24		135		135,201

				4,617,347

Montana — 0.0%
State of Montana GO, 5.00%, 08/01/24		235		236,787


Nebraska — 0.7%
City of Omaha NE GO
Series A, 5.00%, 01/15/24		150		150,349
Series B, 5.00%, 04/15/24		175		175,946
Series B, 5.00%, 11/15/24		55		55,695
Series B, 5.00%, 11/15/26 (PR 11/15/24)		50		50,611
Nebraska Public Power District RB
Series A-1, 5.00%, 01/01/24		365		365,592
Series C, 5.00%, 01/01/24		1,230		1,231,995
Omaha Public Power District Nebraska City Station Unit
2 RB, Series A, 5.00%, 02/01/24		205		205,459
Omaha Public Power District RB
Series A, 5.00%, 02/01/24		50		50,124
Series B, 5.00%, 02/01/31 (PR 08/01/24)		1,240		1,249,886

				3,535,657

Nevada — 1.7%
Clark County School District GOL
Series A, 5.00%, 06/15/24		350		352,176
Series B, 5.00%, 06/15/24		185		186,150
Series C, 5.00%, 06/15/24		660		664,104
Clark County Water Reclamation District GOL,
5.00%, 07/01/24		215		216,630
County of Clark NV, 5.00%, 11/01/24		200		202,141
County of Clark NV GOL
5.00%, 06/01/24		135		135,825
5.00%, 11/01/24		220		222,356
5.00%, 12/01/24		265		268,066
Series A, 5.00%, 11/01/24		210		212,248
Series B, 5.00%, 11/01/24		275		277,944
Serise A, 5.00%, 12/01/24		300		303,471
County of Clark NV Passenger Facility Charge
Revenue RB
5.00%, 07/01/24		940		946,266
Series C, 5.00%, 07/01/24		365		367,433
County of Clark NV RB, 5.00%, 07/01/24		495		498,472
Las Vegas Valley Water District, 5.00%, 12/01/24		260		263,146
Las Vegas Valley Water District GOL
Series A, 5.00%, 02/01/24		150		150,354
Series B, 5.00%, 06/01/24		1,300		1,307,576
State of Nevada GOL
5.00%, 08/01/24		100		100,790
Series B, 5.00%, 11/01/24		285		288,470
Series D, 5.00%, 04/01/24		875		879,299
State of Nevada Highway Improvement Revenue RB
5.00%, 12/01/24		495		501,934
Series A, Series A, 5.00%, 12/01/24		100		101,401


Security	Par (000)		Value

Nevada (continued)
Washoe County School District/NV GOL, Series A,
5.00%, 06/01/24	$	105	$	105,552

				8,551,804

New Hampshire — 0.1%
New Hampshire Health and Education Facilities Authority Act RB, 5.00%, 07/01/24		50		50,356
New Hampshire Municipal Bond Bank RB
Series B, 5.00%, 08/15/24		50		50,471
Series E, 5.00%, 08/15/24		15		15,141
State of New Hampshire GO, Series B, 5.00%, 12/01/24		210		212,674

				328,642

New Jersey — 2.5%
County of Essex NJ GO, Series B, 5.00%, 09/01/24 (SCH BD RES FD)		110		111,096
County of Monmouth NJ, 5.00%, 07/15/24		145		146,337
Monmouth County Improvement Authority (The) RB 5.00%, 12/01/24 (GTD)		115		116,513
Series A, 4.00%, 08/01/24		400		400,686
New Jersey Economic Development Authority,
5.00%, 11/01/24		130		131,202
New Jersey Economic Development Authority RB
5.00%, 03/01/24		500		501,524
5.00%, 06/15/24		720		724,256
Series AAA, 4.00%, 06/15/24		120		119,984
Series N-1, 5.50%, 09/01/24 (AMBAC)		55		55,640
Series PP, 5.00%, 06/15/27 (PR 06/15/24)		2,285		2,298,618
Series UU, 5.00%, 06/15/24		190		191,123
Series XX, 4.00%, 06/15/24 (SAP)		735		734,899
Series XX, 5.00%, 06/15/24 (SAP)		135		135,798
New Jersey Educational Facilities Authority RB
Series A, 5.00%, 07/01/24		105		105,879
Series A, 5.00%, 09/01/24		290		292,202
Series B, 5.00%, 07/01/24		225		226,883
Series I, 5.00%, 07/01/24		170		171,423
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/24		975		980,090
Series A-1, 5.00%, 06/15/24		520		522,504
Series AA, 4.00%, 06/15/24		165		164,977
Series AA, 5.00%, 06/15/24		180		181,108
New Jersey Turnpike Authority RB, Series C,
5.00%, 01/01/24		180		180,307
State of New Jersey GO
5.00%, 06/01/24		525		528,270
Series A, 5.00%, 06/01/24		3,215		3,235,023
Township of Union NJ/Union County GO, 3.00%,
01/15/24		165		164,585

				12,420,927

New Mexico — 0.8%
New Mexico Finance Authority RB
Series A, 5.00%, 06/15/24		1,325		1,334,452
Series D, 5.00%, 06/15/24		95		95,695
State of New Mexico GO
5.00%, 03/01/24		270		271,046
Series A, 5.00%, 03/01/24		1,060		1,064,105
State of New Mexico Severance Tax Permanent Fund
RB, 5.00%, 07/01/24		1,200		1,209,256

				3,974,554

New York — 8.9%
City of New York NY GO
Series 1, 5.00%, 08/01/24		685		690,864


Security	Par (000)		Value

New York (continued)
Series A, 5.00%, 08/01/24	$	1,210	$	1,220,360
Series A-1, 5.00%, 08/01/24		1,295		1,306,087
Series A-2015, 2.50%, 08/01/24		300		295,748
Series A-2015, 5.00%, 08/01/24		230		231,969
Series B-1, 5.00%, 12/01/24		50		50,626
Series C, 5.00%, 08/01/24		2,235		2,254,135
Series E, 5.00%, 08/01/24		685		690,864
Series I, 5.00%, 03/01/24		180		180,661
Series J, 5.00%, 08/01/24		540		544,623
County of Monroe NY GOL, 5.00%, 06/01/24		1,000		1,007,432
County of Nassau NY, 5.00%, 04/01/26 (PR 04/01/24)		465		467,017
County of Onondaga NY GOL, 5.00%, 05/01/24		60		60,409
County of Westchester NY GOL
Series A, 5.00%, 01/01/24		445		445,914
Series A, 5.00%, 12/01/24		125		126,658
Erie County Industrial Development Agency (The) RB, 5.00%, 05/01/24 (SAW)		250		251,457
Hudson Yards Infrastructure Corp. RB, Series A, 5.00%, 02/15/24		245		245,921
Long Island Power Authority RB
Series A, 0.00%, 12/01/24 (AGM)^(a)		50		47,833
Series A, 5.00%, 09/01/24		155		156,608
Metropolitan Transportation Authority RB
Series A-1, 4.00%, 11/15/24		130		129,124
Series A-1, 5.00%, 11/15/24		280		281,528
Series A2, 5.00%, 11/15/24		25		25,136
Series A-2, 5.00%, 11/15/24		90		90,491
Series B, 5.00%, 11/15/24		645		648,539
Series B, 5.25%, 11/15/24 (AMBAC)		100		100,983
Series B-1, 5.00%, 11/15/24		190		192,390
Series B-2, 5.00%, 11/15/24		185		187,327
Series C, 5.00%, 11/15/24		190		191,037
Series C-1, 5.00%, 11/15/24		855		859,666
Series F, 5.00%, 11/15/24		270		271,473
Nassau County Interim Finance Authority RB, Series A, 5.00%, 11/15/24		200		202,547
New York City Municipal Water Finance Authority RB
Series AA, 5.00%, 06/15/24		2,105		2,120,017
Series BB2, 4.00%, 06/15/24		45		45,048
New York City Transitional Finance Authority Building Aid Revenue RB
5.00%, 07/15/24 (SAW)		545		549,078
Series S, 4.00%, 07/15/24 (SAW)		140		140,182
Series S, 5.00%, 07/15/24 (ETM) (SAW)		435		438,398
Series S-1, 5.00%, 07/15/24 (SAW)		310		312,435
Series S-3, 5.00%, 07/15/24 (SAW)		125		125,935
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.00%, 11/01/24		3,430		3,470,079
Series A-1, 5.00%, 08/01/24		50		50,443
Series C, 5.00%, 11/01/24		1,810		1,831,149
Series E-1, 5.00%, 02/01/24		100		100,281
New York State Dormitory Authority, 5.00%, 03/15/24		915		918,884
New York State Dormitory Authority RB
5.00%, 07/01/24		110		110,877
5.00%, 03/15/27 (PR 03/15/24)		1,200		1,205,484
Series A, 4.00%, 03/15/24		145		145,137
Series A, 5.00%, 02/15/24		235		235,822
Series A, 5.00%, 03/15/24		2,255		2,265,141
Series A, 5.00%, 07/01/24		560		564,466
Series B, 5.00%, 10/01/24		15		15,145


Security	Par (000)		Value

New York (continued)
Series B, 5.50%, 03/15/24 (AMBAC)	$	1,130	$	1,136,845
Series C, 5.00%, 03/15/24		1,270		1,275,919
Series D, 5.00%, 02/15/24		2,280		2,287,461
Series E, 5.00%, 02/15/24		430		431,504
Series E, 5.00%, 03/15/24		845		848,733
Series F, 5.00%, 10/01/24 (SAW)		110		111,023
New York State Environmental Facilities Corp., 5.00%, 06/15/24		75		75,581
New York State Environmental Facilities Corp. RB
5.00%, 06/15/24		750		755,810
Series A, 4.00%, 06/15/24		90		90,152
Series D, 5.00%, 09/15/24		135		136,457
New York State Thruway Authority RB
Series J, 5.00%, 01/01/24		165		165,284
Series K, 4.00%, 01/01/24		160		160,018
Series K, 5.00%, 01/01/24		120		120,207
Series L, 5.00%, 01/01/24		190		190,327
New York State Urban Development Corp. RB
5.00%, 03/15/24		490		492,080
Series A, 5.00%, 03/15/24		3,120		3,133,244
Port Authority of New York & New Jersey RB
5.00%, 07/15/24		200		201,691
Series 194, 5.00%, 10/15/24		1,320		1,335,309
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/24		815		824,128
State of New York, 5.00%, 03/15/24		390		391,727
State of New York GO, Series A, 5.00%, 03/01/24		360		361,418
Triborough Bridge & Tunnel Authority RB
5.00%, 11/15/24		500		506,114
Series A, 5.00%, 11/15/24		1,315		1,331,079
Series C-1, 5.00%, 11/15/24		200		202,445

				44,663,984

North Carolina — 3.0%
City of Charlotte NC COP, 5.00%, 06/01/24		125		125,814
City of Charlotte NC GO, Series A, 5.00%, 06/01/24		140		141,000
City of Charlotte NC Storm Water Revenue RB, 5.00%, 12/01/24		15		15,197
City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/24		280		282,234
City of Durham NC Water & Sewer Utility System
Revenue RB, 4.00%, 08/01/24		170		170,404
City of Raleigh NC RB, Series A, 5.00%, 06/01/24		160		161,070
City of Winston-Salem NC RB, Series C, 5.00%,
06/01/24		215		216,438
City of Winston-Salem NC Water & Sewer System
Revenue RB, Series A, 5.00%, 06/01/24		10		10,071
City of Winston-Salem Water & Sewer System Revenue, 5.00%, 06/01/33 (PR 06/01/24)		2,350		2,365,175
County of Alamance NC GO, 5.00%, 05/01/24		1,000		1,005,878
County of Buncombe NC RB
5.00%, 06/01/24		125		125,836
Serise A, 5.00%, 06/01/24		175		176,170
County of Durham NC GO, 5.00%, 10/01/24		45		45,503
County of Forsyth NC GO
5.00%, 04/01/24		100		100,500
5.00%, 12/01/24		365		369,880
County of Guilford NC GO
5.00%, 03/01/24		520		521,997
Series B, 5.00%, 05/01/24		235		236,393
County of Mecklenburg NC GO
4.00%, 02/01/24		265		265,115


Security	Par (000)		Value

North Carolina (continued)
5.00%, 03/01/24	$	285	$	286,104
Series A, 5.00%, 09/01/24		125		126,255
Series A, 5.00%, 12/01/24		175		177,303
Series B, 5.00%, 12/01/24		210		212,763
County of Mecklenburg NC RB, 5.00%, 10/01/24		100		101,137
County of Orange NC GO, 4.00%, 04/01/24		200		200,170
County of Wake NC GO
5.00%, 04/01/24		1,000		1,005,078
Series A, 5.00%, 03/01/24		295		296,181
Series C, 5.00%, 03/01/24		180		180,721
County of Wake NC RB
5.00%, 03/01/24		245		245,925
Series A, 5.00%, 08/01/24		285		287,503
Series A, 5.00%, 12/01/24		110		111,412
North Carolina State University at Raleigh RB, 5.00%, 10/01/24		95		95,926
State of North Carolina GO, Series C, 5.00%, 05/01/24		3,230		3,250,096
State of North Carolina RB
5.00%, 03/01/24		715		717,650
Series B, 5.00%, 05/01/24		165		165,986
Series B, 5.00%, 06/01/24		1,115		1,122,775

				14,917,660

Ohio — 3.0%
American Municipal Power Inc. RB, 5.00%, 02/15/24		555		556,657
City of Columbus OH
5.00%, 04/01/24		400		401,965
Series 6, 5.00%, 08/15/24		280		282,657
City of Columbus OH GO
Series 2017-1, 5.00%, 04/01/24		1,050		1,055,159
Series A, 4.00%, 08/15/24		455		455,830
Cleveland Department of Public Utilities Division of Water RB, Series Y, 4.00%, 01/01/29 (PR 01/01/24)		1,040		1,040,033
County of Franklin OH GOL, 5.00%, 12/01/24		20		20,263
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/24		265		267,926
Miami University/Oxford OH RB, 5.00%, 09/01/24		485		488,999
Northeast Ohio Regional Sewer District, 5.00%, 11/15/44 (PR 11/15/24)		1,250		1,262,736
Northeast Ohio Regional Sewer District RB, 5.00%, 11/15/32 (PR 11/15/24)		500		505,094
Ohio Higher Educational Facility Commission RB, 5.00%, 12/01/24		80		80,841
Ohio State University (The), 5.00%, 12/01/24		100		101,348
Ohio State University (The) RB, Series A, 5.00%, 12/01/24		300		304,042
Ohio Turnpike & Infrastructure Commission, 5.00%, 02/15/24		110		110,376
Ohio University RB, Series A, 5.00%, 12/01/24		110		111,215
Ohio Water Development Authority RB
5.00%, 12/01/24		275		278,473
Series B, 5.00%, 12/01/24		210		212,652
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 06/01/24		255		256,720
5.00%, 12/01/24		160		162,021
Series 2015A, 5.00%, 06/01/24		840		845,665
Series 2015-A, 5.00%, 12/01/24		260		263,283
Princeton City School District GO, 4.00%, 12/01/32 (PR 12/01/24)		795		796,371
State of Ohio, 5.00%, 05/01/27 (PR 05/01/24)		945		949,767


Security	Par (000)		Value

Ohio (continued)
State of Ohio GO
Series A, 4.00%, 05/01/24 (ETM)	$	5	$	5,005
Series A, 5.00%, 09/01/24		215		217,142
Series A, 5.00%, 09/15/24		180		181,881
Series B, 5.00%, 08/01/24		125		126,125
Series B, 5.00%, 09/15/24		1,140		1,151,911
Series U, 5.00%, 05/01/24		165		165,986
Serise A, 5.00%, 05/01/24		150		150,896
Serise A, 5.00%, 06/15/24		200		201,488
State of Ohio GOL, 5.00%, 09/01/24		925		934,215
State of Ohio RB
5.00%, 01/01/24		170		170,253
Series A, 5.00%, 04/01/24		505		507,377
Series A, 5.00%, 12/01/24		485		490,868
Series B, 5.00%, 10/01/24		35		35,357
Series C, 5.00%, 12/01/24		190		192,299

				15,340,896

Oklahoma — 0.6%
City of Oklahoma City OK GO
4.00%, 03/01/24		250		250,157
5.00%, 03/01/24		35		35,136
Grand River Dam Authority RB
Series A, 4.00%, 06/01/24		480		480,127
Series A, 5.00%, 06/01/24		990		995,882
Oklahoma Agricultural & Mechanical Colleges RB, 4.00%, 07/01/24		100		100,129
Oklahoma Capitol Improvement Authority RB
5.00%, 07/01/24		520		523,466
Series B, 5.00%, 01/01/24		15		15,023
Series B, 5.00%, 07/01/24		55		55,367
Series C, 5.00%, 07/01/24		30		30,200
Oklahoma Turnpike Authority RB, Series D, 5.00%, 01/01/24		295		295,503
Oklahoma Water Resources Board RB, 5.00%, 04/01/24		130		130,607

				2,911,597

Oregon — 1.9%
City of Eugene OR Electric Utility System Revenue RB, Series A, 5.00%, 08/01/24		175		176,511
City of Portland OR, 5.00%, 02/01/24		500		501,356
City of Portland OR GOL, Series B, 5.00%, 06/15/24		175		176,238
City of Portland OR Sewer System Revenue RB
5.00%, 06/15/24		100		100,707
Series A, 5.00%, 03/01/24		500		501,870
Series A, 5.00%, 05/01/24		215		216,243
Series A, 5.00%, 10/01/24		125		126,320
Series B, 5.00%, 06/01/24		225		226,517
City of Portland OR Water System Revenue RB,
Series A, 5.00%, 05/01/24		350		352,023
County of Multnomah OR GOL, 5.00%, 06/01/24		1,050		1,057,322
Multnomah County School District No. 1 Portland/OR GO, 5.00%, 06/15/24 (GTD)		550		553,924
Oregon State Lottery RB
5.00%, 04/01/24		845		848,804
5.00%, 04/01/24 (MORAL OBLG)		100		100,450
Portland Oregon Water System RB, 5.00%, 05/01/24		180		181,040
Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/24 (GTD)^(a)		125		121,899
State of Oregon Department of Transportation RB Series A, 5.00%, 11/15/24		850		860,738


Security	Par (000)		Value

Oregon (continued)
Series A, 5.00%, 11/15/28 (PR 11/15/24)	$	700	$	708,553
Series A, 5.00%, 11/15/29 (PR 11/15/24)		375		379,582
State of Oregon GO
Series A, 5.00%, 05/01/24		900		905,379
Series B, 5.00%, 08/01/24		165		166,486
Series H, 5.00%, 05/01/24		145		145,867
Series K, 5.00%, 11/01/24		200		202,317
Series O, 5.00%, 08/01/24		25		25,225
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin GO, Series J, 5.00%, 06/15/24 (GTD)		200		201,390
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 06/15/31 (PR 06/15/24) (GTD)		500		503,438

				9,340,199

Pennsylvania — 2.9%
City of Philadelphia PA GO
5.00%, 02/01/24		315		315,689
5.00%, 08/01/24		395		397,772
5.25%, 07/15/34 (PR 01/15/24)		440		441,071
Series A, 5.00%, 08/01/24		525		528,684
City of Philadelphia PA Water & Wastewater Revenue RB Series A, 5.00%, 07/01/45 (PR 07/01/24)		555		558,917
Series B, 5.00%, 11/01/24		430		434,394
Commonwealth of Pennsylvania, 5.00%, 10/01/24		475		480,057
Commonwealth of Pennsylvania GO
5.00%, 07/15/24		1,520		1,532,322
First Series, 5.00%, 03/01/24		205		205,760
First Series, 5.00%, 03/15/24		245		246,022
First Series, 5.00%, 08/15/24		1,150		1,160,465
First Series, 5.00%, 09/15/24		650		656,569
Second Series, 5.00%, 01/15/24		105		105,234
Second Series, 5.00%, 09/15/24		1,320		1,333,340
County of Berks PA GO, 5.00%, 11/15/24		200		202,384
County of Chester PA GO, 5.00%, 07/15/24		90		90,717
County of Montgomery PA GO, Series A, 5.00%, 04/01/24		25		25,121
Delaware County Authority RB, 5.00%, 08/01/24		45		45,352
Delaware River Joint Toll Bridge Commission RB, Series B, 5.00%, 07/01/24		125		125,940
Delaware River Port Authority RB, 5.00%, 01/01/33 (PR 01/01/24)		3,450		3,455,939
Pennsylvania Higher Educational Facilities Authority RB, 5.00%, 08/15/24		100		100,910
Pennsylvania Infrastructure Investment Authority RB, Series A, 5.00%, 01/15/24		200		200,466
Pennsylvania State University (The) RB, 5.00%, 09/01/24		120		121,225
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, 5.00%, 12/01/24		90		91,089
Pennsylvania Turnpike Commission RB
5.00%, 06/01/24		105		105,582
5.00%, 12/01/24		1,210		1,224,640
Series A, 5.00%, 12/01/24		85		85,894
Series A-1, 5.00%, 12/01/24		220		222,661
Series A-2, 5.00%, 12/01/24		180		182,178
Series B, 5.00%, 12/01/24		180		182,178

				14,858,572


Security	Par (000)		Value

Rhode Island — 0.4%
Rhode Island Commerce Corp. RB, Series A, 4.00%, 06/15/24	$	505	$	504,769
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB, Series B, 5.00%, 10/01/24		240		242,620
Rhode Island Turnpike & Bridge Authority RB, Series A, 5.00%, 10/01/24		290		292,697
State of Rhode Island GO
5.00%, 01/15/24		475		476,077
5.00%, 08/01/24		220		221,932
Series D, 5.00%, 08/01/24		515		519,523

				2,257,618

South Carolina — 0.8%
Beaufort County School District/SC GO, 5.00%, 03/01/24 (SCSDE)		500		501,821
Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/24		135		136,562
City of Charleston SC Waterworks & Sewer System Revenue RB, 5.00%, 01/01/24		305		305,571
County of Charleston SC GO, Series C, 5.00%, 11/01/24 (SAW)		165		166,912
Greenville County School District RB, 5.00%, 12/01/24		300		303,407
Horry County School District/SC GO 5.00%, 03/01/24 (SCSDE)		740		742,866
Series A, 5.00%, 03/01/24		205		205,794
Lancaster County School District/SC GO, 5.00%, 03/01/24		100		100,387
Richland County School District No. 1/SC GO, Series C, 5.00%, 03/01/24		110		110,408
South Carolina Transportation Infrastructure Bank RB, Series A, 5.00%, 10/01/24		910		919,852
State of South Carolina GO Series B, 5.00%, 04/01/24 (SAW)		475		477,252
Serise A, 5.00%, 04/01/24 (SAW)		160		160,753

				4,131,585

Tennessee — 1.7%
City of Chattanooga TN GO
5.00%, 11/01/24		100		101,188
Series B, 5.00%, 03/01/24		100		100,377
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/24		175		177,210
City of Memphis TN GO, 5.00%, 04/01/40 (PR 04/01/24)		2,435		2,446,563
County of Blount TN GO, Series B, 5.00%, 06/01/24		180		181,152
County of Knox TN GO, 5.00%, 06/01/24		145		146,011
County of Shelby TN GO, Series A, 5.00%, 03/01/24		130		130,512
County of Williamson TN GO, 5.00%, 04/01/24		300		301,474
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB
Series A, 5.00%, 05/15/24		385		387,439
Series B, 5.00%, 05/15/24		200		201,267
Metropolitan Government of Nashville & Davidson County TN GO
4.00%, 01/01/24		750		750,197
5.00%, 01/01/24		415		415,776
5.00%, 07/01/24		100		100,798
Series A, 5.00%, 07/01/24		220		221,755
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB, Series B, 5.00%, 07/01/24		165		166,294
State of Tennessee GO, 5.00%, 09/01/24		125		126,204


Security	Par (000)		Value

Tennessee (continued)
Tennessee State School Bond Authority, 5.00%, 11/01/24 (ST INTERCEPT)	$	475	$	480,318
Tennessee State School Bond Authority GO, Series B, 5.00%, 09/01/26 (PR 09/01/24)		1,065		1,075,349
Tennessee State School Bond Authority RB 5.00%, 11/01/24 (ST INTERCEPT)		85		85,952
Series A, 5.00%, 11/01/24		370		374,142
Series B, 5.00%, 11/01/24		495		500,542

				8,470,520

Texas — 12.5%
Alamo Community College District, 5.00%, 02/15/24		545		546,737
Alamo Community College District GOL, 5.00%, 02/15/24		40		40,127
Aldine Independent School District GO, 5.00%, 02/15/24 (PSF)		295		295,966
Alief Independent School District GO, 5.00%, 02/15/24 (PSF)		170		170,469
Allen Independent School District GO, 5.00%, 02/15/24 (PSF)		100		100,333
Arlington Independent School District/TX GO
Series A, 5.00%, 02/15/24 (PSF)		40		40,123
Series B, 5.00%, 02/15/24 (PSF)		185		185,568
Austin Community College District, 5.00%, 08/01/24		475		478,542
Austin Independent School District, 5.00%, 08/01/24 (PSF)		1,230		1,240,259
Austin Independent School District GO
Series A, 4.00%, 08/01/24 (PSF)		125		125,132
Series A, 5.00%, 08/01/24 (PSF)		55		55,459
Birdville Independent School District GO
5.00%, 02/15/24 (PSF)		80		80,255
Series A, 5.00%, 02/15/24 (PSF)		105		105,335
Board of Regents of the University of Texas System RB
Series C, 5.00%, 08/15/24		360		363,360
Series D, 5.00%, 08/15/24		155		156,447
Series E, 5.00%, 08/15/24		175		176,633
Series H, 5.00%, 08/15/24		315		317,940
Series J, 5.00%, 08/15/24		275		277,567
Central Texas Regional Mobility Authority RB, 5.00%, 01/01/24		380		380,478
Central Texas Turnpike System, 0.00%, 08/15/24^(a)		565		547,601
Central Texas Turnpike System RB
Series A, 0.00%, 08/15/24 (AMBAC)^(a)		90		87,042
Series C, 5.00%, 08/15/24		125		125,511
City of Arlington TX GOL, Series A, 5.00%, 08/15/24		205		206,802
City of Arlington TX Water & Wastewater System Revenue RB, 5.00%, 06/01/24		700		704,640
City of Austin TX GOL
5.00%, 09/01/24		445		449,106
Series A, 5.00%, 09/01/24		230		232,122
City of Austin TX Water & Wastewater System
Revenue RB
5.00%, 11/15/24		460		465,204
Series A, 5.00%, 05/15/24		155		155,892
Series A, 5.00%, 11/15/24		415		419,695
City of Brownsville TX GOL
5.00%, 02/15/24		10		10,022
5.00%, 02/15/24 (ETM)		5		5,015
City of Carrollton TX GOL, 5.00%, 08/15/24		1,000		1,008,481
City of Dallas TX Waterworks & Sewer System
Revenue RB
Series A, 5.00%, 10/01/24		830		838,837


Security	Par (000)		Value

Texas (continued)
Series C, 5.00%, 10/01/24	$	390	$	394,152
City of Denton TX GOL, 5.00%, 02/15/24		80		80,232
City of El Paso TX GOL, 5.00%, 08/15/24		150		151,179
City of Fort Worth TX Water & Sewer System Revenue RB, Series A, 5.00%, 02/15/24		1,130		1,133,277
City of Frisco TX GOL, 5.00%, 02/15/24		150		150,469
City of Grand Prairie TX GOL, 5.00%, 02/15/24		370		370,946
City of Houston TX Combined Utility System Revenue RB
Series B, 5.00%, 11/15/24		475		480,615
Series C, 5.00%, 05/15/24		600		603,611
Series D, 5.00%, 11/15/24		645		652,624
City of Lubbock TX GOL, 5.00%, 02/15/24		295		295,855
City of Pflugerville TX GOL, 5.00%, 08/01/24		60		60,478
City of Plano TX GOL, 5.00%, 09/01/24		50		50,449
City of Round Rock TX GOL, 5.00%, 08/15/24		110		111,001
City of San Antonio TX, 5.00%, 08/01/24		735		741,076
City of San Antonio TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/24		435		435,963
City of San Antonio TX GOL
5.00%, 02/01/24		515		516,358
5.00%, 08/01/24		265		267,191
Clear Creek Independent School District GO, 5.00%, 02/15/24 (PSF)		95		95,311
Comal Independent School District GO 5.00%, 02/01/24 (PSF)		735		737,006
Series B, 5.00%, 02/01/24 (PSF)		110		110,298
Conroe Independent School District, 5.00%, 02/15/24 (PSF)		120		120,393
Conroe Independent School District GO, 5.00%, 02/15/24 (PSF)		140		140,458
Conroe Independent School District RB, 5.00%, 02/15/24		525		526,718
County of Bexar TX GOL, 5.00%, 06/15/24		105		105,736
County of Collin TX GOL, 5.00%, 02/15/24		130		130,425
County of Denton TX GOL, 5.00%, 07/15/24		105		105,779
County of Harris TX GOL, 5.00%, 10/01/24		1,600		1,615,455
County of Travis TX GOL, 5.00%, 03/01/24		415		416,498
County of Williamson TX GOL, 4.00%, 02/15/24		245		245,128
Crowley Independent School District GO, Series A, 5.00%, 08/01/24 (PSF)		80		80,626
Cypress-Fairbanks Independent School District GO
5.00%, 02/15/24 (PSF)		535		536,705
Series A, 5.00%, 02/15/24 (PSF)		110		110,351
Series C, 5.00%, 02/15/24 (PSF)		150		150,478
Dallas Area Rapid Transit RB
5.00%, 11/01/24		225		227,299
5.00%, 12/01/32 (PR 12/01/24)		2,500		2,525,225
Series A, 5.00%, 12/01/24		1,000		1,011,041
Denton Independent School District GO, 0.00%, 08/15/24 (PSF)^(a)		200		193,964
Fort Bend Independent School District GO
Series C, 5.00%, 02/15/24 (PSF)		30		30,088
Series C, 5.00%, 08/15/24 (PSF)		105		105,882
Fort Worth Independent School District GO, 5.00%, 02/15/24 (PSF)		410		411,353
Frisco Independent School District GO, 5.00%, 08/15/24 (PSF)		160		161,406
Garland Independent School District GO, Series A, 5.00%, 02/15/24 (PSF)		300		300,879
Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/24 (PSF)^(a)		150		145,395


Security	Par (000)		Value

Texas (continued)
Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/24	$	380	$	383,017
Katy Independent School District GO, Series D, 5.00%, 02/15/24 (PSF)		170		170,566
Keller Independent School District/TX GO
Series A, 5.00%, 02/15/24 (PSF)		160		160,464
Series A, 5.00%, 08/15/24 (PSF)		170		171,415
Klein Independent School District GO
5.00%, 08/01/24 (PSF)		65		65,561
Series A, 5.00%, 08/01/24 (PSF)		430		433,713
Lamar Consolidated Independent School District GO
5.00%, 02/15/24 (PSF)		145		145,441
Series A, 2.00%, 02/15/24 (PSF)		50		49,590
Laredo Independent School District GO, 0.00%, 08/01/24 (PSF)^(a)		150		145,435
Leander Independent School District GO
Series C, 0.00%, 08/15/37 (PR 08/15/24)^(a)		700		346,454
Series C, 0.00%, 08/15/47 (PR 08/15/24) (PSF)^(a)		10,000		2,764,209
Series D, 0.00%, 08/15/24 (PSF)^(a)		125		120,985
Lewisville Independent School District GO
5.00%, 08/15/24		545		549,327
5.00%, 08/15/24 (PSF)		410		413,573
Lone Star College System, 5.00%, 02/15/24		135		135,419
Lone Star College System GOL, Series B, 5.00%, 02/15/24		800		802,480
Lower Colorado River Authority RB
5.00%, 05/15/24		390		392,079
Series B, 5.00%, 05/15/24		160		160,853
McKinney Independent School District GO, 5.00%, 02/15/24 (PSF)		160		160,501
Metropolitan Transit Authority of Harris County RB
Series A, 5.00%, 11/01/24		195		196,955
Series B, 5.00%, 11/01/24		185		186,854
Series D, 5.00%, 11/01/24		285		287,857
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, 5.00%, 11/01/24		100		101,002
North East Independent School District/TX GO, 5.25%, 02/01/24 (PSF)		800		802,654
North Texas Municipal Water District RB, 5.50%, 06/01/24		50		50,433
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/24		375		378,154
North Texas Tollway Authority, 5.00%, 01/01/24		175		175,269
North Texas Tollway Authority RB
5.00%, 01/01/24		195		195,300
Series A, 5.00%, 01/01/24		245		245,377
Series B, 5.00%, 01/01/24		230		230,327
Series S, 5.00%, 01/01/24 (ETM)		85		85,139
Northside Independent School District GO 5.00%, 08/01/24 (PSF)		370		373,004
5.00%, 08/15/24 (PSF)		375		378,209
Series A, 5.00%, 02/15/24 (PSF)		500		501,493
Northwest Independent School District GO, Series A, 5.00%, 02/15/24 (PSF)		275		275,963
Pasadena Independent School District GO, 5.00%, 02/15/24 (PSF)		150		150,439
Permanent University Fund - University of Texas System RB
Series A, 5.00%, 07/01/24		110		110,877
Series B, 5.00%, 07/01/24		1,235		1,244,850


Security	Par (000)		Value

Texas (continued)
Pflugerville Independent School District GO, 5.00%, 02/15/24 (PSF)	$	250	$	250,832
Plano Independent School District GO, 5.00%, 02/15/24 (PSF)		1,000		1,003,072
Rockwall Independent School District GO, Series A, 0.00%, 02/15/24 (PSF)^(a)		35		34,581
Round Rock Independent School District GO
5.00%, 08/01/24		195		196,397
5.00%, 08/01/24 (PSF)		30		30,248
San Antonio Independent School District/TX GO
5.00%, 02/15/24 (PSF-GTD)		405		406,325
5.00%, 08/15/24 (PSF)		200		201,820
San Antonio Water System RB
Series A, 5.00%, 05/15/24		710		714,310
Series B, 5.00%, 05/15/24		120		120,741
Spring Branch Independent School District GO, 5.00%, 02/01/24 (PSF)		910		912,603
Spring Branch Independent School District GOL, 5.00%, 02/01/24 (PSF)		115		115,329
Spring Independent School District GO, 5.00%, 08/15/24 (PSF)		105		105,915
State of Texas GO
5.00%, 04/01/24		425		427,088
5.00%, 08/01/24		345		347,903
5.00%, 10/01/24		100		100,984
Series A, 5.00%, 10/01/24		2,670		2,696,269
Series A, 5.00%, 10/01/39 (PR 10/01/24)		1,000		1,008,942
Tarrant Regional Water District RB, Series A, 5.00%, 03/01/24		285		285,963
Tarrant Regional Water District Water Supply System Revenue RB, 5.00%, 03/01/30 (PR 03/01/24)		2,000		2,006,490
Texas A&M University RB
Series C, 5.00%, 05/15/24		875		880,266
Series E, 4.00%, 05/15/24		25		25,019
Texas Public Finance Authority RB, 5.00%, 02/01/24		420		420,992
Texas State Technical College, 5.00%, 08/01/24 (AGM)		150		150,975
Texas State Technical College RB, 5.00%, 10/15/24		245		247,727
Texas State University System RB, Series A, 5.00%, 03/15/24		695		697,490
Texas Transportation Commission State Highway Fund RB
5.00%, 04/01/34 (PR 04/01/24)		3,000		3,013,013
First Series, 5.00%, 10/01/24		570		575,864
Series A, 5.00%, 04/01/24		1,155		1,160,247
Texas Water Development Board, 5.00%, 08/01/24		760		766,283
Texas Water Development Board RB
5.00%, 04/15/24		330		331,636
5.00%, 08/01/24		215		216,777
Series A, 5.00%, 10/15/24		280		282,985
Series B, 5.00%, 04/15/24		135		135,669
Series B, 5.00%, 10/15/24		110		111,173
Trinity River Authority Central Regional Wastewater System Revenue RB
3.00%, 08/01/24		245		242,269
5.00%, 08/01/24		310		312,449
Trinity River Authority Mountain Creek Revenue RB, 5.00%, 08/01/24		105		105,829
Tyler Independent School District GO, 5.00%, 02/15/24 (PSF)		90		90,248
United Independent School District/TX GO, 5.00%, 08/15/24 (PSF)		20		20,174


Security	Par (000)		Value

Texas (continued)
University of Houston RB, Series A, 5.00%, 02/15/24	$	405	$	406,291
University of North Texas System RB, Series A, 5.00%, 04/15/24		710		713,362
Ysleta Independent School District GO, 5.00%, 08/15/24 (PSF)		125		126,128

				62,767,989

Utah — 0.7%
Central Utah Water Conservancy District RB, 5.00%, 10/01/24		100		101,110
City of Ogden City UT Sewer & Water Revenue RB, 5.00%, 06/15/24		110		110,650
Davis School District GO, 5.00%, 06/01/24 (GTD)		315		317,016
Metropolitan Water District of Salt Lake & Sandy RB, Series A, 5.00%, 07/01/24		190		191,329
Nebo School District GO, Series C, 4.00%, 07/01/24 (GTD)		120		120,148
State of Utah GO, 5.00%, 07/01/24		1,835		1,849,635
Utah State Building Ownership Authority RB, 5.00%, 05/15/24		400		402,239
Utah Transit Authority RB
5.00%, 06/15/24		185		186,207
Series A, 5.00%, 06/15/24		495		498,440

				3,776,774

Vermont — 0.2%
State of Vermont GO
Series A, 5.00%, 02/15/24		165		165,554
Series A, 5.00%, 08/15/24		1,000		1,009,875

				1,175,429

Virginia — 3.0%
City of Alexandria VA GO
Series A, 5.00%, 07/15/24 (SAW)		105		105,851
Series C, 5.00%, 07/15/24 (SAW)		100		100,811
City of Chesapeake VA GO, Series C, 5.00%, 12/01/24		250		253,157
City of Hampton VA GO, Series A, 5.00%, 09/01/24		355		358,566
City of Newport News VA GO, Series A, 5.00%, 08/01/24		100		100,900
City of Norfolk VA GO
Series A, 5.00%, 09/01/35 (PR 09/01/24) (SAW)		150		151,458
Series A, 5.00%, 09/01/37 (PR 09/01/24) (SAW)		600		605,830
City of Norfolk VA Water Revenue RB, 5.00%, 11/01/24		230		232,620
City of Richmond VA GO, Series B, 5.00%, 07/15/24 (SAW)		440		443,720
Commonwealth of Virginia GO
5.00%, 06/01/24		1,000		1,006,973
Series B, 5.00%, 06/01/24		55		55,383
County of Arlington VA, 5.00%, 08/01/24		140		141,291
County of Arlington VA GO
5.00%, 08/15/24		125		126,215
5.00%, 08/15/24 (SAW)		85		85,826
Series A, 5.00%, 08/15/24		75		75,729
County of Chesterfield, 5.00%, 01/01/24		500		500,919
County of Fairfax VA GO
Series A, 4.00%, 10/01/24 (SAW)		250		250,438
Series A, 5.00%, 10/01/24 (SAW)		525		530,590
Series B, 5.00%, 04/01/24 (SAW)		675		678,178
Series B, 5.00%, 10/01/24 (SAW)		130		131,384
County of Henrico VA GO, 5.00%, 08/01/24 (SAW)		50		50,450
County of Prince William VA GO, 5.00%, 08/01/24 (SAW).		260		262,245
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/24		545		547,474
Fairfax County Water Authority RB, 5.00%, 04/01/24		75		75,368


Security	Par (000)		Value

Virginia (continued)
Hampton Roads Sanitation District RB
Series A, 5.00%, 07/01/24	$	165	$	166,316
Series A, 5.00%, 08/01/24		175		176,576
Virginia College Building Authority, 5.00%, 02/01/24		1,430		1,434,090
Virginia College Building Authority RB
5.00%, 02/01/24		100		100,286
Series A, 4.00%, 02/01/28 (PR 02/01/24)		250		249,991
Series A, 5.00%, 09/01/24 (SAW)		50		50,502
Series B, 5.00%, 09/01/24		370		373,716
Series D, 5.00%, 02/01/24 (NPFGC)		350		351,001
Series E-1, 5.00%, 02/01/24		300		300,858
Virginia Commonwealth Transportation Board RB 5.00%, 09/15/24		150		151,542
Series A, 5.00%, 05/15/24		1,035		1,041,502
Virginia Public Building Authority RB
Series A, 5.00%, 08/01/24		950		958,624
Series C, 5.00%, 08/01/24		190		191,725
Virginia Public School Authority, 5.00%, 08/01/24		285		287,503
Virginia Public School Authority RB
5.00%, 02/01/24		75		75,209
5.00%, 08/01/24		205		206,800
5.00%, 08/01/24 (SAW)		1,170		1,180,234
Series C, 5.00%, 08/01/24 (SAW)		275		277,415
Virginia Resources Authority RB
5.00%, 11/01/24		170		171,961
5.00%, 11/01/24 (MO)		105		106,124
Series A, 5.00%, 11/01/24		275		278,159
Series D, 5.00%, 11/01/24		145		146,666

				15,148,176

Washington — 4.1%
Cascade Water Alliance RB, 5.00%, 01/01/24		90		90,164
Central Puget Sound Regional Transit Authority RB
5.00%, 11/01/24		150		151,753
Series S-1, 5.00%, 11/01/24		1,060		1,072,386
City of Bellevue WA GOL, 5.00%, 12/01/24		200		202,526
City of Marysville WA Water & Sewer Revenue RB, 5.00%, 04/01/24		55		55,261
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 09/01/24		1,000		1,009,962
City of Seattle WA GO, 5.00%, 12/01/24		235		237,968
City of Seattle WA GOL
4.00%, 05/01/24		70		70,060
Series A, 5.00%, 06/01/24		290		291,939
City of Seattle WA Municipal Light & Power Revenue RB
5.00%, 05/01/24		80		80,466
5.00%, 09/01/24		420		424,012
Series A, 5.00%, 01/01/24		450		450,842
Series B, 5.00%, 04/01/24		100		100,491
Series C, 5.00%, 10/01/24		125		126,219
City of Seattle WA Water System Revenue RB, 5.00%, 08/01/24		250		252,159
Clark & Skamania Counties School District No. 112-6 Washougal GO, 5.00%, 12/01/24 (GTD)		25		25,321
Clark County Public Utility District No. 1 RB, 5.00%, 01/01/24		315		315,495
Clark County School District No. 37 Vancouver GO, Series C, 5.00%, 12/01/24 (GTD)		100		101,284
County of King WA GOL
5.00%, 06/01/24		990		996,733
Series C, 5.00%, 12/01/24		55		55,665
Series E, 5.00%, 12/01/24		70		70,847


Security	Par (000)		Value

Washington (continued)
County of King WA Sewer Revenue RB
5.00%, 07/01/24	$	320	$	322,238
Series B, 5.00%, 07/01/24		615		619,301
County of Snohomish WA, 5.00%, 12/01/24		105		106,382
County of Spokane WA GOL, 5.00%, 12/01/24		265		268,206
Energy Northwest RB
5.00%, 07/01/24		530		534,053
Series A, 5.00%, 07/01/24		1,055		1,063,068
King County Rural Library District GO, 4.00%, 12/01/24		200		200,114
King County School District No. 210 Federal Way GO, 4.00%, 12/01/24 (GTD)		80		80,188
King County School District No. 403 Renton GO, 4.00%, 12/01/24 (GTD)		350		350,824
King County School District No. 405 Bellevue GO, 5.00%, 12/01/24 (GTD)		200		202,632
King County School District No. 411 Issaquah GO, 5.00%, 12/01/24 (GTD)		175		177,247
King County School District No. 414 Lake Washington GO, 5.00%, 12/01/24 (GTD)		130		131,669
Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/24 (GTD)		380		384,880
Pierce County School District No. 320 Sumner GO, 5.00%, 12/01/24 (GTD)		75		75,963
Pierce County School District No. 83 University Place GO, 5.00%, 12/01/24 (GTD)		100		101,284
Port of Seattle WA RB, Series B, 5.00%, 03/01/24		335		336,076
Port of Tacoma WA RB, Series A, 5.00%, 12/01/24		85		85,983
Snohomish County School District No. 103 Monroe GO, 5.00%, 12/01/24 (GTD)		215		217,761
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/24 (GTD)		150		151,926
Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/24 (GTD)		100		101,284
Snohomish County School District No. 6 Mukilteo GO, 5.00%, 12/01/24 (GTD)		85		86,091
Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/01/24 (GTD)		150		151,926
State of Washington
5.00%, 06/01/24		500		503,372
5.00%, 08/01/24		310		312,700
State of Washington COP
Series A, 5.00%, 07/01/24		120		120,839
Series B, 5.00%, 07/01/24		420		422,937
State of Washington GO
5.00%, 07/01/24		80		80,617
Series 2016A, 5.00%, 07/01/24		245		246,890
Series A-1, 5.00%, 08/01/24		520		524,529
Series B, 5.00%, 07/01/24		100		100,771
Series C, 0.00%, 06/01/24 (AMBAC)^(a)		100		97,778
Series C, 0.00%, 06/01/24 (NPFGC)^(a)		25		24,444
Series C, 5.00%, 02/01/24		1,475		1,479,072
Series D, 5.00%, 02/01/24		140		140,387
Series E, 0.00%, 12/01/24^(a)		60		57,558
Series E, 5.00%, 06/01/24		1,050		1,057,081
Series R-2015C, 5.00%, 07/01/24		60		60,463
Series R-2015E, 5.00%, 07/01/24		180		181,388
Series R-2020A, 5.00%, 01/01/24		800		801,443
State of Washington RB, 5.00%, 09/01/24		900		907,789
University of Washington RB
5.00%, 04/01/24		675		678,455
Serise A, 5.00%, 12/01/24		395		400,198


Security	Par (000)		Value

Washington (continued)
Washington State University RB
5.00%, 04/01/24	$	320	$	321,309
5.00%, 10/01/24		185		186,721
Whatcom County School District No. 503 Blaine GO, 5.00%, 12/01/24 (GTD)		25		25,321

				20,662,711
West Virginia — 0.5%
State of West Virginia GO
5.00%, 06/01/24		270		271,821
Series A, 0.00%, 11/01/24 (NPFGC)^(a)		140		134,493
Series A, 5.00%, 06/01/24		555		558,743
Series A, 5.00%, 12/01/24		25		25,318
Series B, 5.00%, 06/01/24		45		45,304
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/24		965		973,406
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/24		320		322,384

				2,331,469

Wisconsin — 1.9%
City of Madison WI GO, Series A, 4.00%, 10/01/24		445		445,979
Milwaukee County Metropolitan Sewer District GO, Series A, 5.00%, 10/01/24		140		141,428
State of Wisconsin, 5.00%, 05/01/24		650		653,980
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB
5.00%, 06/01/25 (PR 06/01/24)		155		155,823
5.00%, 06/01/26 (PR 06/01/24)		185		186,089
5.00%, 06/01/31 (PR 06/01/24)		500		502,942
Series 1, 5.00%, 06/01/24		85		85,452
State of Wisconsin Environmental Improvement Fund Revenue RB
Series A, 5.00%, 06/01/24		240		241,715
Serise A, 5.00%, 06/01/24		610		614,359
State of Wisconsin GO
Series 1, 5.00%, 11/01/24		240		242,969
Series 2, 5.00%, 11/01/24		2,170		2,196,842
Series A, 5.00%, 05/01/24		375		377,296
Series C, 5.00%, 05/01/24		230		231,408
State of Wisconsin RB
Series A, 5.00%, 05/01/24		760		764,393
Series B, 5.00%, 05/01/24		140		140,740
Wisconsin Department of Transportation RB 5.00%, 07/01/36 (PR 07/01/24)		1,830		1,842,318
Series 2, 5.00%, 07/01/24		485		488,964
Series A, 5.00%, 07/01/24		220		221,798

				9,534,495


Total Long-Term Investments — 98.5% (Cost: $502,571,236)				496,177,860


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.1%
BlackRock Liquidity Funds: MuniCash, 3.82%^(c)(d)		493,644	$	493,644


Total Short-Term Securities — 0.1% (Cost: $493,630)				493,644


Total Investments — 98.6% (Cost: $503,064,866)				496,671,504

Other Assets Less Liabilities — 1.4%				6,949,476


Net Assets — 100.0%			$	503,620,980

^(a)	Zero-coupon bond.

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

^(c)	Affiliate of the Fund.


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 0.4%
Alabama Federal Aid Highway Finance Authority RB, Series H, 5.00%, 09/01/25	$	915	$	933,083
Alabama Public School & College Authority RB, Series B, 5.00%, 05/01/25		410		417,485
City of Huntsville AL GOL
5.00%, 05/01/25		180		183,023
Series E, 5.00%, 11/01/25		115		117,753
State of Alabama GO, 5.00%, 08/01/25		250		255,096
University of Alabama (The) RB
5.00%, 07/01/25		100		102,055
Series B, 5.00%, 07/01/25		260		265,344

				2,273,839
Alaska — 0.1%
City of Anchorage AK Water Revenue RB, Series B, 5.00%, 05/01/25		180		183,023
Municipality of Anchorage AK GO
Series C, 5.00%, 09/01/25		65		66,331
Series D, 5.00%, 09/01/25		50		51,024
State of Alaska GO, Series B, 5.00%, 08/01/25		390		397,618

				697,996
Arizona — 2.3%
Arizona Health Facilities Authority RB, 5.00%, 01/01/25		410		414,635
Arizona State University RB
5.00%, 07/01/25		320		326,266
Series A, 5.00%, 07/01/25		435		443,518
Series B, 5.00%, 07/01/25		275		280,385
Arizona Transportation Board RB
5.00%, 07/01/25		550		560,591
Series A, 5.00%, 07/01/25		585		596,266
City of Phoenix AZ GO, 5.00%, 07/01/25		530		540,550
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/25		2,050		2,088,413
Series A, 5.00%, 07/01/25		730		743,822
Series D, 5.00%, 07/01/25		500		508,577
City of Tucson Water System Revenue RB, 5.00%, 07/01/25		175		178,427
County of Pima AZ GOL, 4.00%, 07/01/25		130		130,428
County of Pima Sewer System Revenue RB, 5.00%, 07/01/25		865		881,251
Gilbert Water Resource Municipal Property Corp. RB, 5.00%, 07/01/25		155		158,010
Maricopa County Community College District GO, 5.00%, 07/01/25		890		907,283
Maricopa County High School District No. 210-Phoenix GO, 5.00%, 07/01/25		145		147,698
Maricopa County Unified School District No. 48 Scottsdale GO, Series A, 5.00%, 07/01/25		35		35,663
Maricopa County Unified School District No. 69 Paradise Valley GO, 5.00%, 07/01/25		140		142,605
Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 07/01/25		110		112,047
Salt River Project Agricultural Improvement & Power District RB
5.00%, 01/01/25		845		856,092
Series A, 5.00%, 01/01/25		1,165		1,180,292
State of Arizona Lottery Revenue RB, 5.00%, 07/01/25		200		203,754
University of Arizona (The) RB, 4.00%, 06/01/25		385		385,673

				11,822,246


Security	Par (000)		Value

California — 11.5%
91 Express Lanes Toll Road, 5.00%, 08/15/25	$	100	$	102,415
Bay Area Toll Authority RB, 5.00%, 04/01/25		210		213,992
Beverly Hills Unified School District CA GO, 0.00%, 08/01/25^(a)		50		46,791
California Educational Facilities Authority RB, Series A, 5.00%, 10/01/25		95		97,477
California Infrastructure & Economic Development Bank RB
4.00%, 08/01/25		235		235,185
5.00%, 10/01/25		435		446,180
California State Public Works Board RB
4.00%, 10/01/25		195		196,043
5.00%, 05/01/25		265		269,760
5.00%, 09/01/25		220		224,895
5.00%, 10/01/25		235		240,558
5.00%, 10/01/25 (ETM)		15		15,380
5.00%, 11/01/25		605		620,068
Series A, 5.00%, 06/01/25		110		112,082
Series B, 5.00%, 04/01/25		100		101,694
Series C, 5.00%, 11/01/25		125		128,113
Series D, 5.00%, 04/01/25		205		208,472
Series D, 5.00%, 06/01/25		240		244,543
California State University RB 5.00%, 11/01/25		505		518,656
Series A, 4.00%, 11/01/25		125		125,968
Series A, 5.00%, 11/01/25		2,090		2,146,520
Campbell Union High School District GO, Series B, 5.00%, 08/01/25		100		102,294
Carmel Unified School District Go, 4.00%, 08/01/25		100		100,600
City & County of San Francisco CA GO
5.00%, 06/15/25		25		25,544
Series R1, 5.00%, 06/15/25		585		597,727
City of Los Angeles CA GO, 5.00%, 09/01/25		255		261,447
City of Los Angeles CA Wastewater System Revenue RB
5.00%, 06/01/25		260		265,885
Series B, 5.00%, 06/01/25		500		510,390
City of Los Angeles Department of Airports RB 5.00%, 05/15/25		375		382,806
Series B, 5.00%, 05/15/25		220		224,580
Series C, 5.00%, 05/15/25		160		163,330
City of Redding CA Electric System Revenue RB, 5.00%, 06/01/25		100		101,708
City of San Francisco CA Public Utilities Commission Water Revenue RB, 5.00%, 11/01/25		520		534,264
Coast Community College District GO, 5.00%, 08/01/25		70		71,546
Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/25		210		213,808
County of Monterey CA COP, 5.00%, 10/01/25		280		286,883
County of Santa Clara CA GO, 5.00%, 08/01/25		180		184,344
East Bay Municipal Utility District Water System Revenue RB 5.00%, 06/01/25		80		81,712
Series A, 4.00%, 06/01/25		270		271,667
Series B, 5.00%, 06/01/25		550		561,769
Eastern Municipal Water District RB, Series A, 5.00%, 07/01/25		100		102,185
El Camino Community College District Foundation (The) GO
5.00%, 08/01/25		15		15,331


Security	Par (000)		Value

California (continued)
Series-C, 0.00%, 08/01/25^(a)	$	1,100	$	1,026,054
Escondido Union High School District GO, Series A, 0.00%, 08/01/25 (AGC)^(a)		60		55,871
Foothill-De Anza Community College District GO
0.00%, 08/01/25		285		266,480
4.00%, 08/01/25		150		150,900
Series B, 0.00%, 08/01/25 (NPFGC)^(a)		160		149,603
Hillsborough City School District RB, 0.00%, 09/01/25^(a)		250		232,365
Imperial Irrigation District Electric System Revenue RB, 5.00%, 11/01/25		125		127,968
Irvine Ranch Water District COP, 5.00%, 03/01/25		20		20,339
Long Beach Community College District GO, 5.00%, 08/01/25		165		168,644
Long Beach Unified School District GO, 5.00%, 08/01/25		175		178,984
Los Angeles Community College District/CA GO
4.00%, 08/01/25		195		196,301
5.00%, 08/01/25		1,020		1,043,918
Series C, 5.00%, 08/01/25		420		429,849
Los Angeles County Metropolitan Transportation Authority RB
5.00%, 07/01/25		560		572,329
Series A, 5.00%, 06/01/25		925		944,365
Series A, 5.00%, 07/01/25		160		163,523
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB
5.00%, 06/01/25		1,055		1,077,087
5.00%, 07/01/25		415		424,136
Los Angeles County Sanitation Districts Financing Authority RB, 5.00%, 10/01/25		335		342,177
Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/25		165		168,740
Los Angeles Department of Water & Power RB
5.00%, 07/01/25		135		138,060
Series A, 5.00%, 07/01/25		315		322,140
Los Angeles Department of Water & Power System Revenue RB
Series A, 5.00%, 07/01/25		80		81,813
Series C, 5.00%, 07/01/25		310		317,026
Los Angeles Department of Water & Power Water System Revenue RB, 5.00%, 07/01/25		130		132,947
Los Angeles Department of Water RB
5.00%, 07/01/25		110		112,493
Series B, 5.00%, 07/01/25		675		690,300
Los Angeles Unified School District/CA GO
4.00%, 07/01/25		755		758,694
5.00%, 07/01/25		610		622,736
Series A, 5.00%, 07/01/25		2,175		2,220,411
Los Rios Community College District GO
5.00%, 08/01/25		100		102,209
Series C, 4.00%, 08/01/25		100		100,566
Manhattan Beach Unified School District GO, 0.00%, 09/01/25 (NPFGC)^(a)		190		176,439
Metropolitan Water District of Southern California RB
5.00%, 01/01/25		290		294,535
5.00%, 07/01/25		220		224,915
5.00%, 10/01/25		95		97,442
Series A, 2.50%, 07/01/25		375		363,151
Series A, 5.00%, 07/01/25		485		495,835


Security	Par (000)		Value

California (continued)
Mount San Antonio Community College District GO, Series A, 0.00%, 08/01/25^(a)	$	330	$	307,816
Newport Mesa Unified School District GO, 0.00%, 08/01/25 (NPFGC)^(a)		225		209,695
Oak Grove School District GO, Series A, 0.00%, 08/01/25^(a)		25		23,240
Orange County Water District RB, Series C, 5.00%, 08/15/25		265		271,445
Palo Alto Unified School District GO
0.00%, 08/01/25^(a)		580		541,381
5.00%, 08/01/25		75		76,733
Palomar Community College District, 5.00%, 08/01/44 (PR 08/01/25)		600		614,889
Palomar Community College District GO, Series B, 0.00%, 08/01/25^(a)		325		301,445
Pasadena Area Community College District GO, Series A, 5.00%, 08/01/25		30		30,734
Rancho Water District Financing Authority RB, Series A, 5.00%, 08/01/25		190		194,455
Rio Hondo Community College District/CA GO, 5.00%, 08/01/25		170		173,812
Riverside Community College District, 0.00%, 08/01/35 (PR 02/01/25)^(a)		2,935		1,682,144
Riverside Community College District GO, Series D, 0.00%, 08/01/25^(a)		105		97,273
Riverside County Transportation Commission Sales Tax Revenue RB, 5.00%, 06/01/25		110		112,218
Sacramento City Financing Authority RB, 5.25%, 12/01/25 (AMBAC)		25		25,769
Sacramento County Sanitation Districts Financing Authority RB
5.00%, 08/01/25		100		102,345
5.00%, 12/01/25		340		350,084
Sacramento Municipal Utility District RB
5.00%, 07/01/25		655		667,614
5.00%, 08/15/25		240		245,878
Series E, 5.00%, 08/15/25		210		215,144
San Diego Community College District GO, 5.00%, 08/01/25		290		297,246
San Diego County Regional Transportation Commission RB, Series A, 5.00%, 04/01/25		255		259,777
San Diego Public Facilities Financing Authority RB
5.00%, 08/01/25		250		255,948
Series A, 5.00%, 08/01/25		100		102,379
Series B, 5.00%, 08/01/25		460		470,944
San Diego Unified School District/CA GO
5.00%, 07/01/25		235		240,480
Series C-2, 5.50%, 07/01/25 (AGM)		355		366,120
Series D-1, 5.50%, 07/01/25 (NPFGC)		140		144,385
Series J-2, 4.00%, 07/01/25		150		151,096
Series J-2, 5.00%, 07/01/25		140		143,264
San Francisco Bay Area Rapid Transit District GO, 5.00%, 08/01/25		295		301,817
San Francisco City & County Airport Commission San Francisco International Airport RB
4.00%, 05/01/25		250		251,500
5.00%, 05/01/25		395		403,078
San Francisco City & County Public Utilities
Commission Wastewater Revenue RB
Series A, 4.00%, 10/01/25		275		277,179
Series A, 5.00%, 10/01/25		205		210,383


Security	Par (000)		Value

California (continued)
San Francisco County Transportation Authority RB, 4.00%, 02/01/25	$	175	$	176,009
San Jose Evergreen Community College District GO, 5.00%, 09/01/25		125		128,272
San Jose Unified School District GO, Series C, 0.00%, 08/01/25 (NPFGC)^(a)		240		223,369
San Mateo County Community College District GO
Series A, 0.00%, 09/01/25 (NPFGC)^(a)		130		120,895
Series B, 0.00%, 09/01/25 (NPFGC)^(a)		440		409,183
San Mateo Foster City Public Financing Authority RB
Series B, 5.00%, 08/01/25		1,070		1,095,456
Series-A, 5.00%, 08/01/25		355		363,446
San Mateo Union High School District GO, 0.00%, 09/01/25 (NPFGC)^(a)		300		278,988
Santa Clara Unified School District GO, 5.00%, 07/01/25		125		127,976
Santa Clara Valley Transportation Authority RB
5.00%, 04/01/25		35		35,670
Series A, 5.00%, 06/01/25		695		709,872
Santa Monica-Malibu Unified School District GO,
4.00%, 08/01/25		175		176,434
Sequoia Union High School District GO
4.00%, 07/01/25		275		276,567
5.00%, 07/01/25		510		521,145
Southern California Public Power Authority RB, 5.00%, 07/01/25		150		153,449
Southwestern Community College District GO, Series D, 5.00%, 08/01/44 (PR 08/01/25)		1,510		1,546,439
State of California Department of Water Resources RB
5.00%, 12/01/25		520		535,634
Series AW, 5.00%, 12/01/25		100		103,006
Series AX, 5.00%, 12/01/25		330		339,921
Series BA, 5.00%, 12/01/25		55		56,654
State of California GO
4.00%, 03/01/25		35		35,162
4.00%, 09/01/25		545		548,055
4.00%, 10/01/25		200		201,179
4.00%, 11/01/25		340		342,111
5.00%, 03/01/25		475		483,304
5.00%, 04/01/25		720		733,388
5.00%, 08/01/25		3,240		3,311,559
5.00%, 09/01/25		2,425		2,481,121
5.00%, 10/01/25		2,990		3,062,393
5.00%, 11/01/25		1,355		1,389,276
5.00%, 12/01/25		60		61,537
Series B, 5.00%, 08/01/25		895		914,767
Series B, 5.00%, 09/01/25		445		455,298
University of California RB
5.00%, 05/15/25		1,010		1,031,630
Series AO, 5.00%, 05/15/25		350		357,496
Series AY, 5.00%, 05/15/25		195		199,176
Series I, 5.00%, 05/15/25		470		479,642
Upper Santa Clara Valley Joint Powers Authority RB, Series A, 5.00%, 08/01/25		85		87,051
Whittier Union High School District GO, 0.00%, 08/01/25^(a)		290		269,212

				60,287,409
Colorado — 0.7%
Board of Governors of Colorado State University System RB, Series C, 2.50%, 03/01/25		25		24,582


Security	Par (000)		Value

Colorado (continued)
Board of Water Commissioners City & County of Denver (The) RB, Series A, 4.00%, 09/15/25	$	85	$	85,183
City & County of Denver Co. Airport System Revenue RB
5.00%, 11/15/25		180		183,903
Series A, 5.00%, 11/15/25		375		383,131
City of Colorado Springs CO Utilities System Revenue RB, Series A-1, 5.00%, 11/15/25		500		511,826
City of Colorado Springs Co. Utilities System Revenue RB, 5.00%, 11/15/25		445		455,525
Colorado Health Facilities Authority, 5.00%, 11/01/25		100		100,822
County of Adams Co. COP, 5.00%, 12/01/25		130		132,911
Denver City & County School District No. 1 COP, Series A, 5.00%, 12/01/25		275		281,158
Denver City & County School District No. 1 GO
5.00%, 12/01/25 (SAW)		415		425,462
Series A, 5.50%, 12/01/25 (SAW)		420		434,754
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/25 (NPFGC)^(a)		270		249,599
State of Colorado COP
Series K, 5.00%, 03/15/25		180		182,902
Series L, 5.00%, 03/15/25		25		25,403
University of Colorado RB, Series A, 5.00%, 06/01/25 (NPFGC)		375		381,868

				3,859,029
Connecticut — 1.8%
State of Connecticut Clean Water Fund—State Revolving Fund RB, 5.00%, 02/01/25		120		121,819
State of Connecticut GO
4.00%, 06/01/25		805		807,020
5.00%, 04/15/25		305		309,966
5.00%, 09/15/25		1,305		1,332,769
5.00%, 11/15/25		145		148,287
Series A, 5.00%, 01/15/25		1,685		1,707,652
Series A, 5.00%, 04/15/25		170		172,768
Series B, 3.00%, 06/01/25		100		98,118
Series B, 5.00%, 05/15/25		340		345,854
Series B, 5.00%, 06/15/25		125		127,265
Series C, 5.00%, 06/15/25		420		427,612
Series E, 5.00%, 09/15/25		600		612,767
Series E, 5.00%, 10/15/25		245		250,359
Series F, 5.00%, 11/15/25		410		419,293
State of Connecticut Special Tax Revenue RB
5.00%, 10/01/25		135		137,942
Series A, 5.00%, 01/01/25		245		248,244
Series A, 5.00%, 08/01/25		330		336,559
Series A, 5.00%, 09/01/25		455		464,477
Series B, 5.00%, 08/01/25		260		265,168
Series B, 5.00%, 10/01/25		330		337,192
University of Connecticut RB
5.00%, 11/01/25		195		199,366
5.00%, 11/15/25		100		102,286
Series A, 5.00%, 02/15/25		530		537,220

				9,510,003
Delaware — 1.3%
City of Wilmington DE GO, 5.00%, 12/01/25		55		56,232
County of New Castle DE GO
5.00%, 10/01/33 (PR 10/01/25)		1,565		1,600,271
5.00%, 10/01/35 (PR 10/01/25)		2,260		2,310,935


Security	Par (000)		Value

Delaware (continued)
Delaware Transportation Authority RB
4.00%, 07/01/25	$	125	$	125,531
5.00%, 07/01/25		900		918,207
5.00%, 09/01/25		340		346,840
State of Delaware GO
5.00%, 03/01/25		260		264,342
5.00%, 10/01/25		225		230,406
Series 2009C, 5.00%, 10/01/25		790		808,979
Series A, 5.00%, 02/01/25		105		106,643

				6,768,386
District of Columbia — 1.9%
District of Columbia GO
5.00%, 02/01/25		715		725,839
Series A, 5.00%, 06/01/25		460		468,495
Series A, 5.00%, 10/15/25		995		1,017,706
Series B, 5.00%, 06/01/25		430		437,941
Series D, 5.00%, 06/01/25		210		213,878
Series E, 5.00%, 06/01/25		1,410		1,436,039
District of Columbia RB
5.00%, 12/01/25		405		414,338
Series A, 5.00%, 03/01/25		205		208,183
Series A, 5.00%, 12/01/25		280		287,059
Series B, 5.00%, 10/01/25		485		495,660
Series C, 5.00%, 05/01/25		380		386,660
Series C, 5.00%, 10/01/25		875		894,233
District of Columbia Water & Sewer Authority RB
5.00%, 10/01/25		195		199,395
Series A, 5.00%, 10/01/25		550		562,396
Series B, 5.00%, 10/01/25		315		322,158
Metropolitan Washington Airports Authority Aviation Revenue RB, 5.00%, 10/01/25		200		203,766
Washington Metropolitan Area Transit Authority RB
5.00%, 07/01/25		820		834,995
Series A, 5.00%, 07/15/25		230		234,303
Series A1, 5.00%, 07/01/25		460		468,412

				9,811,456
Florida — 2.7%
Central Florida Expressway Authority RB, 5.00%, 07/01/25		140		142,492
County of Miami-Dade FL Aviation Revenue RB 5.00%, 10/01/25		120		122,016
Series B, 5.00%, 10/01/25		290		294,872
County of Miami-Dade FL GO, Series-D, 5.00%, 07/01/25		320		325,955
County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/25		1,235		1,260,772
County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/25		420		429,466
County of Seminole FL Sales Tax Revenue RB, Series B, 5.25%, 10/01/25 (NPFGC)		80		82,303
Florida Department of Environmental Protection RB
5.00%, 07/01/25		2,388		2,432,441
Series A, 5.00%, 07/01/25		462		470,598
Florida Department of Management Services COP, Series A, 5.00%, 08/01/25		480		489,051
Florida State Development Commission/Everglades Parkway RB, Series A, 5.00%, 07/01/25		80		81,554
Hillsborough County Aviation Authority RB, 5.00%, 10/01/25		200		204,285


Security	Par (000)		Value

Florida (continued)
Hillsborough County School Board COP, Series A, 5.00%, 07/01/25	$	185	$	187,548
Orange County School Board COP, 5.00%, 08/01/25		50		50,917
Palm Beach County School District COP, Series B, 5.00%, 08/01/25		180		182,754
Palm Beach County School District RB, 5.00%, 08/01/25		500		507,651
School Board of Miami-Dade County (The) COP, Series A, 5.00%, 05/01/25		485		491,031
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/25		435		441,665
School District of Broward County/FL COP
Series A, 5.00%, 07/01/25		165		167,485
Series C, 5.00%, 07/01/25		180		182,710
School District of Broward County/FL GO, 5.00%, 07/01/25		205		209,147
State of Florida Department of Transportation RB, 5.00%, 07/01/25		425		432,965
State of Florida Department of Transportation Turnpike
System Revenue RB
5.00%, 07/01/25		255		259,580
Series A, 5.00%, 07/01/25		695		707,484
Series-B, 5.00%, 07/01/25		190		193,413
State of Florida GO
5.00%, 06/01/25		45		45,831
5.00%, 07/01/25		290		296,102
Series A, 5.00%, 06/01/25		302		307,577
Series A, 5.00%, 07/01/25		50		51,052
Series B, 5.00%, 06/01/25		375		381,925
Series B, 5.00%, 07/01/25		35		35,736
Series C, 5.00%, 06/01/25		350		356,464
Series D, 5.00%, 06/01/25		100		101,847
State of Florida Lottery Revenue RB
5.00%, 07/01/25		995		1,013,195
Series A, 5.00%, 07/01/25		596		606,899
Series B, 5.00%, 07/01/25		350		356,400
State of Florida RB, 5.00%, 06/01/25		105		106,939
Tampa Bay Water RB, Series C, 5.00%, 10/01/25		90		91,845
Volusia County School Board COP, Series A, 5.00%, 08/01/25 (BAM)		90		91,332

				14,193,299
Georgia — 2.9%
Association County Commissioners of Georgia COP, 5.00%, 07/15/25		575		586,424
City of Atlanta GA, 5.00%, 12/01/25		250		256,151
City of Atlanta GA Department of Aviation RB
5.00%, 07/01/25		340		346,603
Series A, 5.00%, 07/01/25		145		147,816
City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/33 (PR 05/01/25)		2,270		2,312,104
5.75%, 11/01/25 (AGM)		205		212,600
Series B, 5.00%, 11/01/25		250		255,694
County of Forsyth GA GO, 5.00%, 09/01/25		110		112,448
Forsyth County School District GO, 5.00%, 02/01/25		210		213,184
Georgia State Road & Tollway Authority RB, 5.00%, 06/01/25		995		1,013,376
Gwinnett County School District GO
5.00%, 02/01/25		645		654,384
5.00%, 08/01/25		330		336,727
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/25		295		301,264


Security	Par (000)		Value

Georgia (continued)
Henry County School District GO
4.00%, 08/01/25 (SAW)	$	140	$	140,439
5.00%, 08/01/25 (SAW)		300		305,962
Henry County Water Authority RB, 5.00%, 02/01/25		250		253,637
Metropolitan Atlanta Rapid Transit Authority RB
5.25%, 07/01/25 (NPFGC)		100		102,195
Series A, 4.00%, 07/01/25		535		537,103
Municipal Electric Authority of Georgia RB, 5.00%, 01/01/25		145		146,129
Private Colleges & Universities Authority RB
Series B, 5.00%, 09/01/25		1,220		1,246,278
Series B, 5.00%, 10/01/25		435		444,804
State of Georgia GO
5.00%, 07/01/25		250		255,139
Series A, 5.00%, 02/01/25		850		863,094
Series A, 5.00%, 07/01/25		170		173,494
Series A1, 5.00%, 02/01/25		745		756,476
Series A-1, 5.00%, 02/01/25		105		106,617
Series C1, 4.00%, 01/01/25		865		867,685
Series C1, 4.00%, 07/01/25		655		657,995
Series E, 5.00%, 12/01/25		1,135		1,163,842
Series F, 5.00%, 01/01/25		135		136,941
Series F, 5.00%, 07/01/25		165		168,391

				15,074,996

Hawaii — 1.9%
City & County Honolulu HI Wastewater System
Revenue RB
5.00%, 07/01/25		1,110		1,131,915
Series A, 5.00%, 07/01/45 (PR 07/01/25)		600		611,749
Series B, 5.00%, 07/01/25		340		346,713
City & County Honolulu Wastewater System Revenue
RB, 5.00%, 07/01/30 (PR 07/01/25)		1,240		1,264,281
City & County of Honolulu GO, 5.00%, 09/01/25		205		209,197
City & County of Honolulu HI GO
4.00%, 08/01/25		75		75,210
5.00%, 09/01/25		385		392,882
Series A, 5.00%, 10/01/25		245		250,249
Series B, 5.00%, 09/01/25		480		489,827
Series C, 5.00%, 10/01/25		65		66,392
Series E, 5.00%, 09/01/25		270		275,528
County of Hawaii HI GO, Series D, 5.00%, 09/01/25		550		561,749
State of Hawaii GO
5.00%, 01/01/25		175		177,177
5.00%, 10/01/25		790		806,193
Series EZ, 5.00%, 10/01/25		495		505,146
Series FE, 5.00%, 10/01/25		425		433,711
Series FH, 5.00%, 10/01/25		235		239,817
Series FK, 5.00%, 05/01/25		580		589,319
Series FN, 5.00%, 10/01/25		600		612,298
Series FT, 5.00%, 01/01/25		200		202,489
State of Hawaii State Highway Fund RB
Series A, 4.00%, 01/01/25		160		160,189
Series B, 5.00%, 01/01/25		390		394,853
University of Hawaii RB
5.00%, 10/01/25		90		91,778
Series B, 5.00%, 10/01/25		115		117,272

				10,005,934

Idaho — 0.3%
Idaho Housing & Finance Association RB, 5.00%, 07/15/25		1,360		1,383,646


Security	Par (000)		Value

Illinois — 3.5%
Chicago O’Hare International Airport RB
5.00%, 01/01/25	$	2,015	$	2,038,925
Series C, 5.00%, 01/01/25		225		227,672
Series F, 5.00%, 01/01/25		190		192,256
County of Will IL GO, 5.00%, 11/15/41 (PR 11/15/25)		2,000		2,044,017
Illinois Finance Authority RB
4.00%, 01/01/25		615		615,865
4.00%, 07/01/25		1,145		1,147,483
5.00%, 01/01/25		610		617,729
5.00%, 07/01/25		725		738,141
5.00%, 12/01/25		585		597,042
Illinois State Toll Highway Authority RB
5.00%, 01/01/25		155		156,805
Series A, 5.00%, 01/01/25		140		141,630
Series B, 5.00%, 01/01/25		460		465,357
Sales Tax Securitization Corp. RB, Series A, 5.00%, 01/01/25		500		505,539
State of Illinois GO
5.00%, 01/01/25		155		156,095
5.00%, 02/01/25		3,605		3,636,226
5.00%, 05/01/25		1,000		1,009,611
5.00%, 10/01/25		100		101,179
5.50%, 05/01/25		210		213,438
Series A, 5.00%, 03/01/25		520		524,212
Series B, 5.00%, 03/01/25		860		866,965
Series D, 5.00%, 11/01/25		2,145		2,171,494
State of Illinois Sales Tax Revenue RB, 5.00%, 06/15/25		200		202,846

				18,370,527

Indiana — 1.5%
City of Indianapolis Department of Public Utilities Water
System Revenue RB, 5.00%, 10/01/25		480		489,572
Indiana Finance Authority RB
5.00%, 02/01/25		1,545		1,568,045
5.00%, 02/01/31 (PR 02/01/25)		2,230		2,261,356
Series B, 5.00%, 02/01/25		610		619,099
Series C, 5.00%, 12/01/25		915		936,592
Indiana University RB, 5.00%, 06/01/25		610		620,796
Indianapolis Local Public Improvement Bond Bank RB,
5.00%, 01/01/25		110		111,494
Purdue University COP, Series A, 5.00%, 07/01/25		210		213,908
Purdue University RB
4.00%, 07/01/25		90		90,238
5.00%, 07/01/25		625		636,631
Series A, 5.25%, 07/01/25		190		194,294

				7,742,025

Iowa — 0.5%
County of Polk IA GO, 5.00%, 06/01/25		185		188,274
Iowa Finance Authority RB, 5.00%, 08/01/25		835		852,021
State of Iowa GO
5.00%, 06/15/25		520		528,605
Series-A, 5.00%, 06/01/25		260		264,202
State of Iowa RB, Series A, 5.00%, 06/01/25		660		670,666

				2,503,768

Kansas — 1.1%
County of Johnson KS GO, 5.00%, 09/01/25		205		209,197
Johnson County Public Building Commission RB
5.00%, 09/01/25		180		183,270
Series A, 5.00%, 09/01/25		265		269,814


Security	Par (000)		Value

Kansas (continued)
Johnson County Unified School District No. 229 Blue
Valley GO, 5.00%, 10/01/25	$	1,525	$	1,558,520
Johnson County Unified School District No. 512
Shawnee Mission GO
5.00%, 10/01/30 (PR 10/01/25)		510		521,494
5.00%, 10/01/31 (PR 10/01/25)		800		818,030
Series B, 5.00%, 10/01/25		250		255,356
Sedgwick County Unified School District No. 265
Goddard GO, Series B, 5.00%, 10/01/25		20		20,410
State of Kansas Department of Transportation RB
5.00%, 09/01/25		1,430		1,458,769
Series A, 5.00%, 09/01/25		580		591,668

				5,886,528

Kentucky — 0.1%
Louisville and Jefferson County Metropolitan Sewer
District RB, 5.00%, 05/15/25		295		300,521


Louisiana — 0.4%
State of Louisiana Gasoline & Fuels Tax Revenue RB,
Series B, 5.00%, 05/01/25		430		436,408
State of Louisiana GO
5.00%, 03/01/25		30		30,407
5.00%, 09/01/25		120		122,180
Series A, 5.00%, 03/01/25		110		111,494
Series A, 5.00%, 09/01/25		310		315,632
Series B, 5.00%, 05/01/25		40		40,596
Series B, 5.00%, 08/01/25		370		376,413
State of Louisiana RB, 5.00%, 09/01/25		705		717,808

				2,150,938

Maine — 0.8%
Maine Governmental Facilities Authority RB, 5.00%, 10/01/25		105		107,172
Maine Municipal Bond Bank RB
5.00%, 11/01/25		750		767,083
Series A, 5.00%, 09/01/25		290		295,628
Series B, 5.00%, 11/01/25		185		189,214
State of Maine GO
5.00%, 06/01/25		345		351,106
Series B, 5.00%, 06/01/25		2,295		2,335,616

				4,045,819

Maryland — 3.3%
City of Baltimore MD RB
5.00%, 07/01/25		330		335,874
Series A, 5.00%, 07/01/25		190		193,597
County of Anne Arundel MD GOL
5.00%, 04/01/25		200		203,387
5.00%, 10/01/25		1,515		1,549,706
County of Baltimore MD GO
5.00%, 03/01/25		550		558,898
5.00%, 08/01/25		125		127,654
County of Charles MD GO, 5.00%, 10/01/25		85		86,979
County of Frederick MD GO, 5.00%, 08/01/25		300		306,357
County of Howard MD GO
5.00%, 08/15/25		290		296,295
Series A, 5.00%, 02/15/25		365		370,891
County of Montgomery GO, 5.00%, 08/01/25		100		102,123
County of Montgomery MD COP, Series B, 5.00%, 04/01/25		100		101,694
County of Montgomery MD GO 5.00%, 11/01/25		1,175		1,203,582


Security	Par (000)		Value

Maryland (continued)
Series C, 5.00%, 10/01/25	$	205	$	209,773
Series D, 4.00%, 11/01/25		620		622,780
County of Prince George’s MD GOL
5.00%, 07/15/25		1,505		1,536,150
Series A, 5.00%, 07/01/25		265		270,361
Series A, 5.00%, 07/15/25		330		336,830
Series B, 5.00%, 07/15/25		100		102,070
State of Maryland Department of Transportation RB
4.00%, 09/01/25		430		431,956
5.00%, 05/01/25		100		101,811
5.00%, 09/01/25		330		337,284
5.00%, 10/01/25		600		613,857
5.00%, 12/01/25		130		133,042
State of Maryland GO
Second Series A, 5.00%, 08/01/25		435		444,237
Second Series B, 5.00%, 08/01/25		390		398,281
Series A, 5.00%, 03/15/25		650		660,829
Series A, 5.00%, 08/01/25		480		490,193
Series B, 4.00%, 08/01/25		335		336,501
Series B, 5.00%, 08/01/25		2,435		2,486,706
Washington Suburban Sanitary Commission GO
4.00%, 06/01/25 (GTD)		75		75,303
5.00%, 06/01/25 (GTD)		545		555,485
Washington Suburban Sanitary Commission RB
4.00%, 06/01/25 (GTD)		485		486,956
5.00%, 06/01/25 (GTD)		350		356,734
5.00%, 06/15/25 (GTD)		490		499,653
5.00%, 12/01/25 (GTD)		250		256,353

				17,180,182

Massachusetts — 3.3%
City of Boston MA GO, Series A, 5.00%, 11/01/25		200		205,447
Commonwealth of Massachusetts GO
5.00%, 05/01/25		1,000		1,018,840
Series A, 5.00%, 01/01/25		245		248,579
Commonwealth of Massachusetts GOL
5.00%, 07/01/25		150		153,132
5.00%, 09/01/25		150		153,445
Series A, 5.00%, 03/01/25		100		101,670
Series A, 5.00%, 07/01/25		320		326,681
Series B, 5.00%, 04/01/25		160		162,842
Series B, 5.00%, 07/01/25		330		336,890
Series B, 5.00%, 11/01/25		295		302,405
Series B, 5.25%, 09/01/25 (AGM)		415		426,646
Series C, 5.00%, 08/01/25		840		858,409
Series C, 5.00%, 09/01/25		330		337,578
Series C, 5.00%, 10/01/25		1,375		1,408,034
Series D, 5.00%, 07/01/25		645		658,467
Series E, 5.00%, 11/01/25		230		235,773
Series E, 5.00%, 11/01/25 (AMBAC)		180		184,553
Commonwealth of Massachusetts Transportation Fund
Revenue RB, Series A, 5.00%, 06/01/25		240		244,580
Massachusetts Bay Transportation Authority RB,
Series A, 5.00%, 07/01/25		1,095		1,117,329
Massachusetts Bay Transportation Authority Sales Tax
Revenue RB, 5.00%, 07/01/25		180		183,671
Massachusetts Clean Water Trust (The) RB
5.00%, 08/01/25		1,520		1,553,829
Series 22, 5.00%, 08/01/25		95		97,082
Massachusetts Development Finance Agency RB
Series A, 5.00%, 07/15/25		735		751,189
Series A, 5.00%, 10/15/25		250		256,131


Security	Par (000)		Value

Massachusetts (continued)
Massachusetts School Building Authority RB
5.00%, 01/15/25	$	130	$	131,824
5.00%, 02/15/25		165		167,476
Series A, 5.00%, 11/15/41 (PR 11/15/25)		250		255,748
Series A, 5.00%, 11/15/45 (PR 11/15/25)		2,475		2,531,907
Series C, 5.00%, 08/15/25		260		265,599
Massachusetts Transportation Trust Fund Metropolitan
Highway System Revenue RB, 5.00%, 01/01/25		530		537,501
Massachusetts Water Resources Authority
5.00%, 08/01/25		125		127,761
5.00%, 08/01/25 (ETM)		25		25,548
Massachusetts Water Resources Authority RB
5.00%, 08/01/25		300		306,626
Series B, 5.25%, 08/01/25 (AGM)		1,015		1,041,670
Series C, 5.00%, 08/01/25		10		10,223
Town of Watertown MA GOL, 5.00%, 02/01/25		225		228,769
University of Massachusetts Building Authority RB, 5.00%, 11/01/25		210		215,027

				17,168,881

Michigan — 1.1%
Lansing School District GO, 5.00%, 05/01/25 (Q-SBLF).		20		20,342
Michigan Finance Authority RB
5.00%, 10/01/25		380		388,141
Series A, 5.00%, 12/01/25		185		188,290
Series B, 5.00%, 10/01/25		780		796,710
Michigan State Building Authority RB
5.00%, 04/15/25		355		360,579
Series I, 5.00%, 04/15/25		800		812,571
Michigan State University RB, 5.00%, 02/15/25		335		339,690
State of Michigan GO
Series A, 5.00%, 05/01/25		210		213,956
Series B, 4.00%, 11/01/25		160		160,962
State of Michigan RB, 5.00%, 03/15/25		1,715		1,739,215
State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/25		140		143,477
University of Michigan RB
5.00%, 04/01/25		460		467,917
Series A, 5.00%, 04/01/25		315		320,422
Wayne County Airport Authority RB, Series A, 5.00%, 12/01/25		25		25,435

				5,977,707

Minnesota — 1.9%
City of Minneapolis MN GO, 4.00%, 12/01/25		200		201,075
County of Hennepin MN GO
5.00%, 12/01/25		1,000		1,024,202
Series A, 5.00%, 12/01/25		350		358,471
Metropolitan Council GO
5.00%, 03/01/25		760		772,197
Series A, 5.00%, 03/01/25		190		193,049
Series B, 5.00%, 12/01/25		1,050		1,075,412
Minneapolis-St Paul Metropolitan Airports
Commission RB
Series A, 5.00%, 01/01/25		665		674,260
Series C, 5.00%, 01/01/25		210		212,924
Minnesota Public Facilities Authority RB, Series A, 5.00%, 03/01/25		575		583,854
Southern Minnesota Municipal Power Agency RB,
Series A, 0.00%, 01/01/25 (NPFGC)^(a)		55		52,330
State of Minnesota GO
Series A, 5.00%, 08/01/25		550		561,679


Security	Par (000)		Value

Minnesota (continued)
Series A, 5.00%, 10/01/25	$	165	$	168,841
Series B, 5.00%, 08/01/25		310		316,583
Series B, 5.00%, 10/01/25		135		138,143
Series D, 5.00%, 08/01/25		2,045		2,088,425
Series E, 5.00%, 10/01/25		105		107,444
University of Minnesota RB
Series B, 5.00%, 10/01/25		275		280,688
Series B, 5.00%, 12/01/25		1,115		1,139,743

				9,949,320

Mississippi — 0.3%
State of Mississippi GO
Series B, 5.00%, 12/01/25		450		460,348
Series C, 5.00%, 10/01/25		780		796,711
Series F, 5.00%, 11/01/32 (PR 11/01/25)		300		307,065

				1,564,124

Missouri — 0.4%
Metropolitan St Louis Sewer District RB, Series B, 5.00%, 05/01/25		110		111,847
Missouri Highway & Transportation Commission RB, 5.00%, 05/01/25		1,035		1,053,441
Missouri State Board of Public Buildings RB
5.00%, 10/01/25		460		469,429
Series A, 5.00%, 04/01/25		420		426,649

				2,061,366

Nebraska — 0.7%
City of Omaha NE GO, 5.00%, 04/15/25		825		839,601
Douglas County School District No. 17/NE GO, 4.00%, 06/15/35 (PR 06/15/25)		630		631,711
Nebraska Public Power District RB
Series A, 5.00%, 01/01/25		495		501,159
Series C, 5.00%, 01/01/25		370		374,604
Omaha Public Power District Nebraska City Station
Unit 2 RB, Series A, 5.00%, 02/01/25		150		151,817
Omaha Public Power District RB
5.00%, 02/01/25		305		309,177
Series A, 5.00%, 02/01/25		595		603,148

				3,411,217

Nevada — 1.5%
Clark County School District GOL, Series A, 5.00%, 06/15/25		1,070		1,087,707
Clark County Water Reclamation District GOL, 5.00%, 07/01/25		615		626,843
County of Clark Department of Aviation RB, 5.00%, 07/01/25		1,055		1,072,928
County of Clark NV GOL
5.00%, 11/01/25		890		909,069
Series A, 5.00%, 06/01/25		230		233,894
Series A, 5.00%, 11/01/25		460		469,856
Series B, 5.00%, 06/01/25		50		50,846
Series B, 5.00%, 12/01/25		280		286,551
County of Clark NV RB
5.00%, 07/01/25		475		483,532
Series B, 5.00%, 07/01/25		145		147,605
Las Vegas Valley Water District GOL, 5.00%, 06/01/25 .		360		366,371
State of Nevada GO, 5.00%, 05/01/25		140		142,556
State of Nevada GOL
5.00%, 05/01/25		270		274,929
Series A, 5.00%, 05/01/25		260		264,746
Series D, 5.00%, 04/01/25		100		101,721


Security	Par (000)		Value

Nevada (continued)
State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/25	$	955	$	977,921
Washoe County School District/NV GOL
Series A, 5.00%, 06/01/25		140		142,048
Series C, 5.00%, 10/01/25		60		61,230

				7,700,353

New Hampshire — 0.4%
City of Manchester NH GO, 4.00%, 06/15/25		385		386,111
City of Nashua NH GO, 5.00%, 09/01/25		140		143,090
New Hampshire Municipal Bond Bank RB
5.00%, 08/15/25		515		525,912
5.00%, 08/15/25 (ST INTERCEPT)		100		102,118
Series A, 5.00%, 08/15/25		230		234,873
New Hampshire State Turnpike System RB, 4.00%, 11/01/25		165		165,582
State of New Hampshire GO
5.00%, 12/01/25		540		553,722
Series B, 5.00%, 12/01/25		175		179,447

				2,290,855

New Jersey — 2.3%
County of Essex NJ GO, 5.00%, 08/01/25		170		173,465
County of Monmouth NJ GO, 5.00%, 07/15/25		195		199,392
Monmouth County Improvement Authority (The) RB
4.00%, 08/01/25 (GTD)		50		50,291
5.00%, 02/15/25 (GTD)		100		101,538
5.00%, 12/01/25 (GTD)		270		277,134
New Jersey Economic Development Authority, 5.00%, 11/01/25		170		172,988
New Jersey Economic Development Authority RB
5.00%, 03/01/25		575		581,691
5.00%, 06/15/25		305		309,329
Series A, 4.13%, 06/15/25		170		170,106
Series B, 4.00%, 11/01/25		910		908,706
Series D, 5.00%, 06/15/25		130		131,845
Series WW, 5.25%, 06/15/31 (PR 06/15/25) (SAP)		1,000		1,022,945
New Jersey Educational Facilities Authority RB
Series B, 5.00%, 07/01/25		610		622,935
Series D, 5.00%, 07/01/25		470		479,966
New Jersey Infrastructure Bank RB, Series A-1, 5.00%, 09/01/25 (GTD)		110		112,506
New Jersey Transportation Trust Fund Authority RB
5.00%, 06/15/25		195		197,523
Series A, 5.00%, 06/15/25		225		228,194
Series A, 5.75%, 06/15/25 (NPFGC)		220		225,682
New Jersey Turnpike Authority RB
Series B, 5.00%, 01/01/25		115		116,496
Series C-2, 5.50%, 01/01/25 (AMBAC)		800		815,466
State of New Jersey GO
5.00%, 06/01/25		1,040		1,057,926
5.00%, 06/01/31 (PR 06/01/25)		110		111,964
5.00%, 06/01/32 (PR 06/01/25)		500		508,926
Series A, 5.00%, 06/01/25		3,295		3,351,794

				11,928,808

New Mexico — 0.7%
New Mexico Finance Authority RB
5.00%, 06/01/25		210		213,975
5.00%, 06/15/25		335		341,230
Series A, 5.00%, 06/15/25		255		259,943
Santa Fe Public School District GO, 5.00%, 08/01/25 (SAW)		100		101,699


Security	Par (000)		Value

New Mexico (continued)
State of New Mexico GO, 5.00%, 03/01/25	$	1,305	$	1,325,435
State of New Mexico Severance Tax Permanent Fund RB
5.00%, 07/01/25		1,155		1,178,544
Series D, 5.00%, 07/01/25		135		137,775

				3,558,601

New York — 7.5%
City of New York NY GO
4.00%, 08/01/25		100		100,347
5.00%, 08/01/25		710		724,352
5.00%, 09/01/25		130		132,754
Series 1, 5.00%, 08/01/25		845		862,081
Series A, 5.00%, 08/01/25		2,075		2,116,945
Series A-1, 5.00%, 08/01/25		235		239,750
Series C, 4.00%, 08/01/25		240		240,833
Series C, 5.00%, 08/01/25		4,850		4,948,040
Series C-1, 5.00%, 08/01/25		675		688,645
Series E, 5.00%, 08/01/25		370		377,479
Series F-1, 5.00%, 06/01/25		125		127,289
County of Monroe NY GOL, 5.00%, 06/01/25 (AGM)		50		51,078
Erie County Industrial Development Agency (The) RB,
5.00%, 05/01/25 (SAW)		350		356,236
Hudson Yards Infrastructure Corp. RB, 4.00%, 02/15/25		100		100,508
Long Island Power Authority RB
0.00%, 06/01/25 (AGM)^(a)		200		187,361
5.00%, 09/01/25		140		143,215
Metropolitan Transportation Authority RB
5.00%, 11/15/25		390		395,830
Series A, 5.00%, 11/15/25		140		143,358
Series A2, 5.00%, 11/15/25		150		151,946
Series B, 5.00%, 11/15/25		650		658,424
Series B2, 5.00%, 11/15/25		265		271,357
Series C-1, 5.00%, 11/15/25		470		476,097
Series F, 5.00%, 11/15/25		230		232,983
New York City Municipal Water Finance Authority RB, 5.00%, 06/15/25		425		433,037
New York City Transitional Finance Authority Building
Aid Revenue RB
4.00%, 07/15/25		210		210,502
5.00%, 07/15/25		115		117,152
5.00%, 07/15/25 (SAW)		40		40,748
5.00%, 07/15/25 (ETM) (SAW)		185		188,551
Series S-3, 5.00%, 07/15/25 (SAW)		750		764,032
Series S-4A, 5.00%, 07/15/25 (SAW)		205		208,835
New York City Transitional Finance Authority Future Tax Secured Revenue RB
4.00%, 05/01/25		100		100,310
5.00%, 02/01/25		445		451,474
5.00%, 05/01/25		210		213,680
5.00%, 08/01/25		605		617,332
5.00%, 11/01/25		1,095		1,120,577
Series A-1, 5.00%, 08/01/25		50		51,019
Series A-1, 5.00%, 11/01/25		225		230,255
Series B-1, 5.00%, 08/01/25		275		280,606
Series C, 5.00%, 11/01/25		1,400		1,432,701
New York City Water & Sewer System RB
4.00%, 06/15/25		620		622,079
5.00%, 06/15/25		325		331,146
Series FF, 4.00%, 06/15/25		50		50,168
Series GG, 5.00%, 06/15/25		330		336,241


Security	Par (000)		Value
Security	Par (000)		Value

New York (continued)
New York State Dormitory Authority RB
4.00%, 02/15/25	$	130	$	130,512
5.00%, 03/15/25		375		381,432
5.00%, 07/01/25		390		398,283
5.00%, 09/15/25		2,500		2,555,465
5.00%, 10/01/25		255		261,269
5.00%, 07/01/37 (PR 07/01/25)		50		50,979
Series 1, 5.00%, 03/15/25		455		462,332
Series A, 5.00%, 02/15/25		570		579,275
Series A, 5.00%, 03/15/25		985		1,001,665
Series A, 5.00%, 07/01/25		355		361,663
Series B, 5.00%, 02/15/25		390		396,388
Series B, 5.50%, 03/15/25 (AMBAC)		220		225,031
Series C, 5.00%, 03/15/25		325		330,890
Series D, 5.00%, 02/15/25		845		858,527
Series E, 5.00%, 02/15/25		60		60,983
Series E, 5.00%, 03/15/25		615		625,144
New York State Environmental Facilities Corp., 5.00%, 06/15/25		150		153,026
		150		153,026
New York State Environmental Facilities Corp. RB
5.00%, 06/15/25		205		209,136
5.00%, 10/15/25		70		71,664
Series A, 4.00%, 06/15/25		110		110,506
Series B, 5.00%, 06/15/25		365		372,363
Series D, 5.00%, 03/15/25		215		218,668
New York State Thruway Authority RB
5.00%, 01/01/25		220		222,888
Series A-1, 5.00%, 03/15/25		235		238,472
Series L, 5.00%, 01/01/25		260		263,413
New York State Urban Development Corp. RB
5.00%, 03/15/25		1,805		1,834,175
5.00%, 03/15/25 (ETM)		5		5,077
Series A, 5.00%, 03/15/25		2,345		2,384,398
Series C, 5.00%, 03/15/25		105		106,707
Port Authority of New York & New Jersey RB
4.00%, 12/01/25		145		145,664
Series 189, 5.00%, 05/01/25		195		198,247
Series 205, 5.00%, 11/15/25		490		501,976
State of New York GO
5.00%, 03/15/25		300		305,078
Series A, 5.00%, 02/15/25		75		76,192
Series-A, 5.00%, 03/15/25		55		55,931
Triborough Bridge & Tunnel Authority RB
5.00%, 11/15/25		500		511,925
Series A, 5.00%, 11/15/25		225		230,366
Series B, 5.00%, 11/15/25		535		547,760
Series C-1, 5.00%, 11/15/25		380		389,063

				39,359,886

North Carolina — 2.3%
City of Charlotte NC Airport Revenue RB, 5.00%, 07/01/25		215		219,349
City of Charlotte NC COP
5.00%, 12/01/25		50		51,190
Series B, 5.00%, 06/01/25		50		50,885
City of Charlotte NC GO, Series A, 5.00%, 07/01/25		85		86,719
City of Charlotte NC Water & Sewer System RB, 5.00%, 07/01/25		230		234,653
City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/25		420		428,496
City of Raleigh NC GO, Series A, 5.00%, 09/01/25		245		250,234


Security	Par (000)		Value
Security	Par (000)		Value

North Carolina (continued)
City of Winston-Salem NC Water & Sewer System Revenue RB, 5.00%, 06/01/25	$	275	$	280,375
County of Buncombe NC, 5.00%, 06/01/25		210		213,878
County of Durham NC GO, 5.00%, 10/01/25		275		281,453
County of Forsyth NC GO
5.00%, 03/01/25		270		274,404
5.00%, 07/01/25		95		96,922
5.00%, 12/01/25		200		205,123
County of Guilford NC GO, 5.00%, 03/01/25		350		355,617
County of Iredell NC RB, 5.00%, 12/01/25		25		25,615
County of Johnston NC GO, 4.00%, 02/01/25		240		240,743
County of Mecklenburg NC GO
5.00%, 03/01/25		110		111,780
5.25%, 12/01/25		10		10,306
County of New Hanover NC GO, 5.00%, 08/01/25		100		101,987
County of Wake NC GO
5.00%, 02/01/25		195		198,052
5.00%, 03/01/25		580		589,686
Series A, 5.00%, 03/01/25		445		452,432
Series C, 5.00%, 03/01/25		375		381,263
County of Wake NC RB, 5.00%, 08/01/25		185		188,834
North Carolina Municipal Power Agency No. 1 RB, Series A, 5.00%, 01/01/25		580		586,557
North Carolina Turnpike Authority RB, 5.00%, 01/01/25 .		1,600		1,615,726
State of North Carolina GO
5.00%, 06/01/25		315		321,303
Series A, 5.00%, 06/01/25		1,535		1,565,713
Series B, 5.00%, 06/01/25		980		999,609
State of North Carolina RB
5.00%, 03/01/25		250		253,882
5.00%, 05/01/25		520		529,493
Series B, 5.00%, 05/01/25		745		758,600

				11,960,879

Ohio — 3.4%
American Municipal Power Inc. RB 5.00%, 02/15/25		620		628,758
Series-A, 5.00%, 02/15/25		390		395,509
City of Cincinnati OH GO, Series A, 4.00%, 12/01/25		150		150,567
City of Cincinnati OH Water System Revenue RB, 4.00%, 12/01/30 (PR 12/01/25)		2,000		2,005,579
City of Cleveland OH GO, 5.00%, 12/01/25		140		143,135
City of Columbus OH GO 4.00%, 08/15/25		45		45,207
Series 1, 5.00%, 07/01/25		885		902,903
Series A, 4.00%, 04/01/25		250		250,892
Series A, 5.00%, 04/01/25		530		539,122
City of Columbus OH GOL 5.00%, 07/01/25		175		178,540
Series B, 4.00%, 07/01/25		35		35,149
City of Columbus OH RB, Series A, 5.00%, 07/01/25		205		209,147
Cleveland Department of Public Utilities Division of Water RB, 5.00%, 01/01/25		780		790,594
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/25		170		173,139
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/25		135		138,159
Ohio State University (The) RB, 5.00%, 12/01/25		560		572,202
Ohio Turnpike & Infrastructure Commission RB, 5.00%, 02/15/25		985		999,657
Ohio Water Development Authority RB 5.00%, 06/01/25		200		203,693


Security	Par (000)		Value
Security	Par (000)		Value

Ohio (continued)
Series A, 5.00%, 06/01/25	$	435	$	443,033
Series A, 5.00%, 12/01/25		530		543,148
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 06/01/25		430		437,941
5.00%, 12/01/25		250		256,202
Series 2015-A, 5.00%, 12/01/25		675		691,745
Series B, 5.00%, 12/01/25		160		163,969
State of Ohio GO
4.00%, 05/01/25		150		150,552
5.00%, 08/01/25		810		827,062
5.00%, 08/01/25 (ETM)		5		5,103
5.00%, 09/01/25		165		168,642
5.00%, 10/01/25		445		455,277
5.00%, 11/01/25		150		153,591
5.00%, 05/01/26 (PR 05/01/25)		1,000		1,017,671
Series A, 5.00%, 06/15/25		285		290,570
Series A, 5.00%, 09/01/25		460		470,154
Series A, 5.00%, 09/15/25		285		291,427
Series A, 5.00%, 05/01/37 (PR 05/01/25)		345		351,097
Series B, 5.00%, 09/01/25		225		229,966
Series B, 5.00%, 09/15/25		615		628,868
Series S, 5.00%, 05/01/25		185		188,323
Series V, 5.00%, 05/01/25		315		320,658
State of Ohio RB
5.00%, 04/01/25		295		299,670
Series A, 5.00%, 02/01/25		50		50,697
Series C, 5.00%, 12/01/25		145		148,393
Series-A, 5.00%, 06/01/25		630		641,150

				17,586,861

Oklahoma — 0.4%
City of Oklahoma City OK GO, 5.00%, 03/01/25		95		96,537
Grand River Dam Authority RB
Series A, 4.00%, 06/01/25		160		159,939
Series A, 5.00%, 06/01/25		650		660,006
Oklahoma Capitol Improvement Authority RB, Series A, 4.00%, 07/01/25		110		110,098
Oklahoma City Water Utilities Trust RB, 5.00%, 07/01/25		385		391,916
Oklahoma Turnpike Authority RB, Series E, 5.00%, 01/01/25		210		212,709
Oklahoma Water Resources Board RB, 5.00%, 04/01/25		365		371,181

				2,002,386

Oregon — 2.0%
City of Eugene OR Electric Utility System Revenue RB, Series A, 5.00%, 08/01/25		15		15,298
City of Portland OR GOL, 5.00%, 06/15/25		95		96,782
City of Portland OR Sewer System Revenue RB, Series A, 5.00%, 06/15/25		320		326,001
City of Portland Sewer System Revenue RB
5.00%, 03/01/25		110		111,722
5.00%, 06/01/25		260		264,761
Clackamas & Washington Counties School District No. 3 GO
5.00%, 06/15/29 (PR 06/15/25) (GTD)		300		305,717
5.00%, 06/15/32 (PR 06/15/25) (SCH BD GTY)		3,000		3,057,167
Multnomah County School District No. 1 Portland/OR GO
5.00%, 06/15/25 (GTD)		1,230		1,253,261


Security	Par (000)		Value
Security	Par (000)		Value

Oregon (continued)
Series B, 5.00%, 06/15/25 (GTD)	$	275	$	280,201
Multnomah County School District No. 7 Reynolds, 0.00%, 06/15/36 (PR 06/15/25) (GTD)^(a)		650		375,442
Portland Community College District GO, 5.00%, 06/15/25		660		672,481
Salem-Keizer School District No. 24J GO, Series-B, 5.00%, 06/15/25 (GTD)		275		280,201
State of Oregon Department of Transportation RB
Series A, 5.00%, 11/15/25		400		409,934
Series C, 5.00%, 11/15/25		100		102,484
State of Oregon GO
5.00%, 05/01/25		1,050		1,068,554
5.00%, 06/01/25		165		168,123
5.00%, 08/01/25		165		168,504
5.00%, 08/01/35 (PR 08/01/25)		550		561,305
Series H, 5.00%, 08/01/25		300		306,370
Series L, 5.00%, 08/01/25		225		229,778
Tri-County Metropolitan Transportation District of Oregon RB, 5.00%, 09/01/25		200		204,308

				10,258,394

Pennsylvania — 2.8%
City of Philadelphia PA GO, Series A, 5.00%, 08/01/25		390		396,495
City of Philadelphia PA Water & Wastewater Revenue RB
5.00%, 06/01/25		400		406,464
5.00%, 10/01/25		750		764,678
5.00%, 11/01/25		345		352,059
Series B, 5.00%, 11/01/25		155		158,171
Commonwealth of Pennsylvania GO
5.00%, 05/15/25		250		254,491
5.00%, 07/15/25		175		178,477
5.00%, 09/15/25 (AGM)		20		20,437
5.00%, 10/01/25		1,065		1,087,816
First Series, 5.00%, 01/01/25		1,530		1,550,781
First Series, 5.00%, 02/01/25 (AGM)		370		375,383
First Series, 5.00%, 08/15/25		1,115		1,138,236
First Series, 5.00%, 09/15/25		1,175		1,200,642
Second Series, 5.00%, 01/15/25		135		136,894
Second Series, 5.00%, 09/15/25		1,270		1,297,715
Series D, 5.00%, 08/15/25		145		148,022
County of Bucks PA GO, 5.00%, 06/01/25		140		142,801
County of Chester PA GOL, 5.00%, 07/15/25		100		102,103
Delaware County Authority RB, 5.00%, 12/01/25		60		61,211
Delaware River Joint Toll Bridge Commission RB, 5.00%, 07/01/25		105		106,971
Delaware River Port Authority RB
5.00%, 01/01/25		120		121,439
Series B, 5.00%, 01/01/25		295		298,973
Pennsylvania Higher Educational Facilities Authority RB, 5.00%, 10/01/25		365		373,226
Pennsylvania Infrastructure Investment Authority RB, 5.00%, 01/15/25		150		152,193
Pennsylvania State University (The) RB, 5.25%, 08/15/25		365		374,740
Pennsylvania Turnpike Commission RB 5.00%, 12/01/25		1,580		1,616,650
Series A, 5.00%, 12/01/25		810		828,789
Series A2, 5.00%, 12/01/25		560		572,990
Series B, 5.00%, 06/01/25		185		187,848
Philadelphia Authority for Industrial Development RB, 5.00%, 07/01/25		250		254,450


Security	Par (000)		Value
Security	Par (000)		Value

Pennsylvania (continued)
Township of Lower Merion PA GO, 5.00%, 01/15/25	$	55	$	55,727

				14,716,872

Rhode Island — 0.4%
Narragansett Bay Commission RB, 5.00%, 02/01/30 (PR 02/01/25)		400		405,868
Rhode Island Commerce Corp. RB
5.00%, 06/15/25		190		192,846
Series B, 5.00%, 06/15/25		540		548,088
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB
5.00%, 10/01/25		145		148,322
Series B, 5.00%, 10/01/25		135		138,093
State of Rhode Island GO
5.00%, 01/15/25		500		507,134
Series A, 5.00%, 08/01/25		105		107,176

				2,047,527

South Carolina — 0.8%
City of Charleston SC Waterworks & Sewer System Revenue RB, 5.00%, 01/01/32 (PR 01/01/25)		815		826,163
City of Columbia SC Waterworks & Sewer System Revenue RB, Series B, 5.00%, 02/01/25		265		268,985
County of Charleston SC GO, 5.00%, 11/01/25 (SAW)		480		491,756
Fort Mill School District No. 4 GO, Series A, 5.00%, 03/01/25, (SCSDE)		100		101,579
Greenville County School District RB, 5.00%, 12/01/25		500		510,694
Horry County School District/SC RB, 5.00%, 03/01/25		100		101,618
South Carolina Transportation Infrastructure Bank RB, Series-B, 5.00%, 10/01/25		1,770		1,810,220
State of South Carolina GO
5.00%, 04/01/25		125		127,065
5.00%, 04/01/25 (SAW)		200		203,304

				4,441,384

Tennessee — 2.6%
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/25		140		143,276
City of Memphis TN GO
5.00%, 04/01/25		200		203,194
Series A, 5.00%, 12/01/25		305		312,505
City of Memphis TN Sanitary Sewerage System Revenue RB, 5.00%, 10/01/25		655		669,154
County of Blount TN GO, 5.00%, 06/01/25		680		692,034
County of Hamilton TN GO
4.00%, 03/01/25		460		461,352
Series A, 5.00%, 04/01/25		150		152,520
County of Montgomery TN GO, 5.00%, 04/01/25		655		665,821
County of Putnam TN GO, 5.00%, 04/01/25		185		188,056
County of Shelby TN GO
5.00%, 04/01/25		420		427,345
Series A, 5.00%, 04/01/25		410		417,170
County of Sumner TN GO, 5.00%, 12/01/25		150		153,691
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB
5.00%, 05/15/25		220		224,051
Series A, 5.00%, 05/15/25		260		264,788
Metropolitan Government of Nashville & Davidson County TN GO
5.00%, 01/01/25		1,125		1,140,922
5.00%, 07/01/25		1,250		1,274,882
Series A, 5.00%, 07/01/25		290		295,773


Security	Par (000)		Value
Security	Par (000)		Value

Tennessee (continued)
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB
5.00%, 07/01/25	$	260	$	264,838
Series B, 5.00%, 07/01/25		300		305,583
State of Tennessee GO
5.00%, 02/01/25		580		588,438
5.00%, 09/01/25		210		214,486
5.00%, 08/01/29 (PR 08/01/25)		2,035		2,080,291
Series A, 5.00%, 08/01/25		525		535,701
Tennessee State School Bond Authority, 5.00%, 11/01/25 (ST INTERCEPT)		270		276,359
Tennessee State School Bond Authority RB
5.00%, 11/01/25 (ST HGR ED INTERCEPT PROG)		350		358,243
5.00%, 11/01/25 (ST INTERCEPT)		120		122,826
Series A, 5.00%, 11/01/25 (NPFGC)		455		465,716
Series B, 5.00%, 11/01/25		560		573,189

				13,472,204

Texas — 11.3%
Alamo Community College District GOL, 5.00%, 02/15/25		235		238,526
Alamo Regional Mobility Authority RB, 5.00%, 06/15/25		180		183,064
Aldine Independent School District GOL, 5.00%, 02/15/25		200		202,976
Alvin Independent School District/TX GO, 5.00%, 02/15/25 (PSF)		230		233,451
Arlington Independent School District/TX GO
5.00%, 02/15/25 (PSF)		165		167,331
Series B, 5.00%, 02/15/25 (PSF)		100		101,413
Austin Community College District, 5.00%, 08/01/25		390		397,685
Austin Community College District GOL
5.00%, 08/01/25		100		101,970
5.00%, 08/01/29 (PR 08/01/25)		870		886,405
Austin Independent School District, 5.00%, 08/01/25		270		275,320
Austin Independent School District GO
5.00%, 08/01/25 (PSF)		755		769,877
Series B, 5.00%, 08/01/25 (PSF)		255		260,025
Birdville Independent School District GO, Series B, 5.00%, 02/15/25 (PSF)		170		172,551
Board of Regents of the University of Texas System RB
Series B, 5.00%, 08/15/25		610		623,030
Series C, 5.00%, 08/15/25		330		337,049
Series J, 5.00%, 08/15/25		365		372,797
Central Texas Regional Mobility Authority RB, 5.00%, 01/01/25		135		136,327
City of Arlington TX GOL, 5.00%, 08/15/25		155		158,122
City of Austin TX GOL, 5.00%, 09/01/25		515		525,635
City of Austin TX Water & Wastewater System Revenue RB
5.00%, 11/15/25		200		204,573
5.00%, 11/15/25 (ETM)		45		45,946
City of Austin Water & Wastewater System Revenue RB, 5.00%, 11/15/25		515		526,775
City of Austin/TX GOL, 5.00%, 09/01/25		370		377,641
City of Dallas TX Waterworks & Sewer System Revenue RB
5.00%, 10/01/25		305		310,687
Series A, 5.00%, 10/01/25		100		101,865
City of Denton TX GOL, 5.00%, 02/15/25		110		111,443
City of Frisco TX GOL, 5.00%, 02/15/25		610		619,000
City of Garland GO, 5.00%, 02/15/25		405		410,619


Security	Par (000)		Value
Security	Par (000)		Value

Texas (continued)
City of Houston TX Airport System Revenue RB,
Series D, 5.00%, 07/01/25	$	65	$	66,021
City of Houston TX Combined Utility System Revenue RB
5.00%, 11/15/25		135		138,087
Series A, 0.00%, 12/01/25 (AGM)^(a)		20		18,307
Series B, 5.00%, 11/15/25		325		332,431
Series D, 5.00%, 11/15/25		330		337,155
City of McKinney TX Waterworks & Sewer System Revenue RB, 5.00%, 03/15/25		15		15,220
City of Plano TX GOL
5.00%, 09/01/25		225		229,487
Series A, 5.00%, 09/01/25		145		147,891
City of San Antonio TX Electric & Gas Systems Revenue RB
5.00%, 02/01/25		560		566,714
Series ETM, 5.00%, 02/01/25 (ETM)		50		50,642
City of San Antonio TX GOL
5.00%, 02/01/25		50		50,666
5.00%, 08/01/25		890		907,255
Clear Creek Independent School District GO, 5.00%, 02/15/25 (PSF)		165		167,538
Conroe Independent School District GO, 5.00%, 02/15/25 (PSF)		30		30,450
County of Bexar TX GOL, 5.00%, 06/15/25		120		122,231
County of Bexar TX RB, 5.00%, 06/15/25		460		468,554
County of Collin TX GOL, 5.00%, 02/15/25		250		253,783
County of Dallas TX GOL, 5.00%, 08/15/25		500		510,073
County of Denton TX GOL, 5.00%, 05/15/25		190		193,129
County of Fort Bend TX GO, Series A, 5.00%, 03/01/25		110		111,594
County of Harris TX GOL
5.00%, 10/01/25		145		147,945
Series B, 5.00%, 10/01/25		425		433,633
County of Harris TX RB
5.00%, 08/15/25		455		463,299
Series A, 5.00%, 08/15/25		420		427,660
County of Montgomery TX GO, Series A, 5.00%, 03/01/25		120		121,723
Cypress-Fairbanks Independent School District GO, 5.00%, 02/15/25 (PSF)		1,265		1,283,982
Dallas Area Rapid Transit RB
5.00%, 12/01/25		2,210		2,261,263
5.00%, 12/01/31 (PR 12/01/25)		545		558,520
Dallas Fort Worth International Airport, 5.00%, 11/01/25		420		428,593
Dallas Fort Worth International Airport RB, 5.00%, 11/01/25		230		234,706
Dallas Independent School District, 5.00%, 02/15/25 (PSF-GTD)		530		537,620
Dallas Independent School District GO
5.00%, 02/15/25 (PSF)		670		679,633
Series A, 5.00%, 02/15/25 (PSF)		650		659,345
Denton Independent School District GO, 5.00%, 08/15/25 (PSF)		415		423,432
DeSoto Independent School District GO, 0.00%, 08/15/25 (PSF)^(a)		200		183,725
Fort Bend Independent School District GO, 5.00%, 02/15/25 (PSF)		150		152,081
Fort Worth Independent School District GO, 5.00%, 02/15/25 (PSF)		1,040		1,056,130


Security	Par (000)		Value
Security	Par (000)		Value

Texas (continued)
Frisco Independent School District GO, Series A, 5.00%, 08/15/25 (PSF)	$	395	$	402,957
Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/25 (PSF)^(a)		200		186,246
Harris County Toll Road Authority (The) RB, 5.00%, 08/15/25		180		183,283
Irving Independent School District GO, 5.00%, 02/15/25 (PSF)		825		836,861
Judson Independent School District GO, 5.00%, 02/01/25 (PSF)		160		162,211
Katy Independent School District GO
Series A, 5.00%, 02/15/25 (PSF)		105		106,642
Series D, 5.00%, 02/15/25 (PSF)		35		35,547
Keller Independent School District/TX GO, Series A, 5.00%, 02/15/25 (PSF)		220		223,025
Killeen Independent School District GO, 5.00%, 02/15/25 (PSF)		100		101,501
Klein Independent School District GO, Series A, 5.00%, 08/01/25 (PSF)		40		40,815
Leander Independent School District GO
0.00%, 08/15/25 (PSF)^(a)		330		306,125
Series A, 5.00%, 08/15/25 (PSF)		155		158,096
Series B, 0.00%, 08/15/25^(a)		135		125,014
Lewisville Independent School District GO
5.00%, 08/15/25 (PSF)		885		902,828
Series B, 5.00%, 08/15/25		425		432,752
Lone Star College System GOL
5.00%, 02/15/25		400		405,851
5.00%, 08/15/25		40		40,813
5.00%, 09/15/25		270		275,745
Series B, 5.00%, 02/15/25		1,030		1,045,068
Lower Colorado River Authority RB
5.00%, 05/15/25		635		644,605
Series D, 5.00%, 05/15/25		140		142,118
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Series B, 5.00%, 11/01/25		180		184,170
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB
5.00%, 11/01/25		235		240,443
Series-A, 5.00%, 11/01/25		120		122,780
North East Independent School District/TX GO, 5.00%, 08/01/25 (PSF)		350		356,125
North Texas Municipal Water District RB, 5.00%, 06/01/25		335		340,325
North Texas Municipal Water District Upper East Fork Wastewater Interceptor Sys RB, 5.00%, 06/01/25		110		111,778
North Texas Municipal Water District Upper East Fork Wastewater Interceptor System RB, 5.00%, 06/01/25		90		91,454
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/25		770		784,398
North Texas Tollway Authority RB
5.00%, 01/01/25		325		328,859
6.50%, 01/01/43 (PR 01/01/25)		2,010		2,066,186
Series A, 5.00%, 01/01/25		270		272,991
Northside Independent School District GO
5.00%, 06/15/25 (PSF)		175		178,116
Series A, 5.00%, 08/15/25 (PSF)		100		101,962
Northwest Independent School District GO, Series B, 5.00%, 02/15/25 (PSF)		50		50,750


Security	Par (000)		Value
Security	Par (000)		Value

Texas (continued)
Northwest Independent School District RB, 5.00%, 02/15/28 (PR 02/15/25)	$	45	$	45,596
Permanent University Fund - Texas A&M University System RB
4.50%, 07/01/25		80		80,876
Series A, 5.00%, 07/01/25		315		320,964
Permanent University Fund - University of Texas System RB
Series A, 5.00%, 07/01/25		270		275,331
Series B, 5.00%, 07/01/25		280		284,849
Pflugerville Independent School District RB, 5.00%, 02/15/25 (PSF)		200		203,127
Plano Independent School District GO, 5.00%, 02/15/25		150		152,175
Rockwall Independent School District GO, 5.00%, 02/15/25 (PSF)		110		111,581
Round Rock Independent School District GO
5.00%, 08/01/25		270		274,589
5.00%, 08/01/25 (PSF)		70		71,367
5.00%, 08/01/35 (PR 08/01/25) (PSF)		600		611,314
Series A, 5.00%, 08/01/25 (PSF)		350		356,837
San Antonio Independent School District/TX GO
5.00%, 02/15/25 (PSF)		320		324,802
5.00%, 08/15/25 (PSF)		505		515,349
San Antonio Water System RB
Series A, 5.00%, 05/15/25		185		188,324
Series C, 5.00%, 05/15/25		180		183,234
Spring Branch Independent School District RB, 5.00%, 02/01/25 (PSF)		205		208,108
Spring Independent School District GO, 5.00%, 08/15/25 (PSF)		340		346,849
State of Texas GO 5.00%, 04/01/25		325		329,966
5.00%, 10/01/25		1,255		1,282,352
Series A, 5.00%, 04/01/25		235		238,591
Series A, 5.00%, 08/01/25		200		203,771
State of Texas GOL, Series A, 5.00%, 08/01/25		275		280,185
Tarrant County College District GOL, 5.00%, 08/15/25		195		198,422
Tarrant Regional Water District Water Supply System Revenue RB, 5.00%, 03/01/25		230		233,273
Texas A&M University, 5.00%, 05/15/25		105		106,839
Texas A&M University RB
5.00%, 05/15/25		1,315		1,338,034
Series C, 5.00%, 05/15/25		865		880,152
Texas State Technical College RB
4.00%, 10/15/25		100		100,323
5.00%, 08/01/25 (AGM)		300		304,844
Texas State University System RB, 5.00%, 03/15/25		830		841,498
Texas Tech University System RB, 5.00%, 02/15/25		475		482,128
Texas Transportation Commission State Highway Fund RB
5.25%, 04/01/25		310		316,007
First Series, 5.00%, 10/01/25		440		449,508
Series A, 5.00%, 10/01/25		1,810		1,849,113
Texas Water Development Board RB
5.00%, 04/15/25		690		701,233
5.00%, 08/01/25		150		152,930
Series A, 5.00%, 04/15/25		205		208,338
Series A, 5.00%, 10/15/25		890		909,468
Series B, 5.00%, 04/15/25		1,545		1,570,153
Series B, 5.00%, 10/15/25		1,160		1,185,374


Security	Par (000)		Value
Security	Par (000)		Value

Texas (continued)
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/25	$	2,335	$	2,378,633
Tyler Independent School District GO, 5.00%, 02/15/25 (PSF)		260		263,411
United Independent School District/TX GO, 5.00%, 08/15/35 PR		410		418,254
University of North Texas System RB
5.00%, 04/15/25		250		253,893
Series A, 5.00%, 04/15/25		300		304,672
University of Texas System (The) RB
5.00%, 08/15/25		395		403,437
Series E, 5.00%, 08/15/25		310		316,622
Series H, 5.00%, 08/15/25		325		331,942

				58,999,699

Utah — 1.2%
Central Utah Water Conservancy District GOL, 5.00%, 04/01/25		200		203,442
Davis School District GO, Series B, 5.00%, 06/01/25		80		81,416
Ogden City School District GO, 5.00%, 06/15/25 (GTD)		140		142,648
State of Utah GO
3.00%, 07/01/25		280		274,804
5.00%, 07/01/25		2,080		2,122,078
5.00%, 07/01/25 (PR 01/01/25)		700		709,188
University of Utah (The) RB
4.00%, 08/01/25		475		477,049
Series A, 4.00%, 08/01/25		75		75,324
Series A, 5.00%, 08/01/25		175		178,686
Series B1, 5.00%, 08/01/25 (SAP)		300		306,319
Utah State Building Ownership Authority RB, 5.00%, 05/15/25		565		574,052
Utah Transit Authority RB
5.00%, 06/15/25		395		401,599
5.00%, 06/15/35 (PR 06/15/25)		395		402,527
Series A, 5.00%, 06/15/37 (PR 06/15/25)		190		193,621
Utah Water Finance Agency RB, Series A, 5.00%, 03/01/25		240		243,571

				6,386,324

Vermont — 0.0%
University of Vermont & State Agricultural College RB, 5.00%, 10/01/25		40		40,798
Vermont Municipal Bond Bank RB, Series 5, 5.00%, 12/01/25		115		117,690

				158,488

Virginia — 4.9%
City of Alexandria VA GO, Series D, 5.00%, 07/01/25 (SAW)		140		142,719
City of Charlottesville VA GO, 4.00%, 07/15/25 (SAW)		125		125,504
City of Falls Church VA GO, 5.00%, 07/15/25		225		229,657
City of Hampton VA GO, 5.00%, 09/01/25 (SAW)		210		214,523
City of Newport News VA Water Revenue RB, 5.00%, 07/15/25		1,440		1,469,804
City of Norfolk VA GO, Series A, 5.00%, 10/01/25		145		148,376
City of Norfolk VA Water Revenue RB, Series B, 5.00%, 11/01/25		125		128,065
City of Richmond VA GO
5.00%, 03/01/25 (SAW)		175		177,831
Series B, 5.00%, 07/15/25 (SAW)		55		56,138
City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/25		405		410,922


Security	Par (000)		Value
Security	Par (000)		Value

Virginia (continued)
City of Virginia Beach VA Storm Water Utility Revenue RB, 5.00%, 11/15/25	$	385	$	394,334
City of Virginia Beach VA Water & Sewer System Revenue RB, 5.00%, 10/01/25		100		102,328
Commonwealth of Virginia GO, Series B, 5.00%, 06/01/25		335		341,445
County of Arlington VA GO 5.00%, 08/15/25		150		153,334
Series A, 5.00%, 08/01/25 (SAW)		50		51,087
Series B, 5.00%, 08/15/25		100		102,223
County of Chesterfield VA Water & Sewer Revenue RB, 5.00%, 11/01/25		200		204,865
County of Fairfax VA GO, Series A, 5.00%, 10/01/25 (SAW)		245		250,476
County of Fairfax VA Sewer Revenue RB, 5.00%, 07/15/25		110		112,186
County of Henrico VA GO 5.00%, 07/15/25		130		132,691
Series A, 5.00%, 08/01/25 (SAW)		550		561,679
County of Loudoun VA GO, Series A, 5.00%, 12/01/25 (SAW)		1,000		1,025,210
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/25		285		288,802
Hampton Roads Sanitation District RB, Series A, 4.00%, 08/01/25		105		105,382
Loudoun County Sanitation Authority RB, 5.00%, 01/01/25		35		35,503
Upper Occoquan Sewage Authority RB, 4.00%, 07/01/39 (PR 07/01/25)		2,000		2,007,219
Virginia Beach Development Authority RB, 5.00%, 04/01/25		165		167,771
Virginia College Building Authority RB 5.00%, 09/01/25		880		899,582
5.00%, 02/01/27 (PR 02/01/25)		2,025		2,054,709
5.00%, 02/01/31 (PR 02/01/25)		2,420		2,455,505
Series A, 5.00%, 02/01/25		400		406,064
Series A, 5.00%, 02/01/28 (PR 02/01/25)		240		243,521
Series A, 5.00%, 02/01/30 (PR 02/01/25)		300		304,401
Series B, 5.00%, 09/01/25		465		475,347
Series E, 5.00%, 02/01/25		805		817,204
Virginia Commonwealth Transportation Board RB 5.00%, 03/15/25		1,300		1,321,136
5.00%, 05/15/25		195		198,562
5.00%, 09/15/25		220		224,881
Series A, 5.00%, 05/15/25		790		804,429
Virginia Public Building Authority RB 5.00%, 08/01/25		1,620		1,654,124
Series A, 5.00%, 08/01/25		200		204,213
Series B, 5.00%, 08/01/25		1,400		1,429,491
Virginia Public School Authority RB 5.00%, 03/01/25 (SAW)		285		289,648
5.00%, 08/01/25		635		648,267
5.00%, 08/01/25 (SAW)		50		51,070
Series A, 5.00%, 08/01/25		200		204,179
Series B, 5.00%, 08/01/25		360		367,522
Series C, 5.00%, 08/01/25		480		490,029
Virginia Resources Authority Clean Water Revolving Fund RB, 5.00%, 10/01/25		65		66,429
Virginia Resources Authority RB 5.00%, 11/01/25		600		613,883


Security	Par (000)		Value
Security	Par (000)		Value

Virginia (continued)
Series C, 5.00%, 11/01/25	$	30	$	30,718
Series D, 4.00%, 11/01/25		55		55,268

				25,450,256

Washington — 5.2%
Central Puget Sound Regional Transit Authority RB 5.00%, 11/01/25		155		158,620
Series S-1, 5.00%, 11/01/25		820		839,153
Series S-1, 5.00%, 11/01/35 (PR 11/01/25)		1,375		1,406,053
Series S-1, 5.00%, 11/01/36 (PR 11/01/25)		320		327,227
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB, Series S-1, 5.00%, 11/01/30 (PR 11/01/25)		325		332,340
City of Seattle Municipal Light & Power Revenue RB, 5.00%, 07/01/25		500		509,872
City of Seattle WA Drainage & Wastewater Revenue RB 5.00%, 04/01/25		260		264,439
5.00%, 07/01/25		110		112,207
5.00%, 09/01/25		750		766,555
City of Seattle WA GOL 5.00%, 06/01/25		895		911,528
5.00%, 12/01/25		335		343,175
City of Seattle WA Municipal Light & Power Revenue RB Series B, 5.00%, 02/01/25		480		487,101
Series B, 5.00%, 04/01/25		310		315,207
Series C, 5.00%, 09/01/25		550		561,945
Series-A, 5.00%, 07/01/25		210		214,146
City of Seattle WA Water System Revenue RB 5.00%, 05/01/25		415		422,273
5.00%, 08/01/25		225		229,586
City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/25		110		111,494
City of Vancouver WA GOL, Series B, 5.00%, 12/01/25 .		190		194,637
Clark County Public Utility District No. 1 RB, 5.00%, 01/01/25		230		232,824
Clark County School District No. 114 Evergreen GO, 5.00%, 12/01/25 (SCH BD GTY)		235		240,735
Clark County School District No. 122 Ridgefield GO, 5.00%, 12/01/25		55		56,342
County of King GO, 5.00%, 07/01/25		50		50,931
County of King WA GOL 5.00%, 07/01/25		440		448,188
5.00%, 12/01/25		210		215,167
Series A, 4.00%, 01/01/25		125		125,218
County of King WA Sewer Revenue RB 5.00%, 01/01/25		200		202,489
5.00%, 07/01/34 (PR 01/01/25)		400		405,251
Series-B, 5.00%, 07/01/25		330		335,874
County of Kitsap WA GOL, 5.00%, 06/01/25		195		198,601
County of Pierce WA GO, 5.00%, 08/01/25		180		183,822
County of Pierce WA GOL 5.00%, 08/01/25		200		204,247
Series A, 5.00%, 07/01/25		155		158,136
County of Snohomish WA GOL, 5.00%, 12/01/25		445		455,860
County of Spokane WA GOL, Series B, 5.00%, 12/01/25		175		179,271
Energy Northwest RB 5.00%, 07/01/25		395		402,671
Series A, 5.00%, 07/01/25		2,420		2,466,995
Series C, 5.00%, 07/01/25		1,095		1,116,264


Security	Par (000)		Value
Security	Par (000)		Value

Washington (continued)
King County School District No. 405 Bellevue GO, 5.00%, 12/01/25 (GTD)	$	160	$	163,905
King County School District No. 410 Snoqualmie Valley GO, 5.00%, 12/01/25 (GTD)		330		338,053
King County School District No. 415 Kent GO, 5.00%, 12/01/25 (GTD)		225		230,264
Kitsap County School District No. 401 Central Kitsap GO, 5.00%, 12/01/25		145		148,393
Pierce County School District No 10 Tacoma GO, 5.00%, 12/01/25		250		255,849
Pierce County School District No 402 Franklin Pierce GO, 5.00%, 12/01/25		105		107,457
Port of Seattle WA RB 4.00%, 02/01/25		155		155,105
5.00%, 02/01/25		220		222,798
Port of Tacoma WA RB, Series A, 4.00%, 12/01/25		115		115,184
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/25, (SCH BD GTY)		220		225,147
Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/25		70		71,638
Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/25		90		92,106
State of Washington COP 5.00%, 01/01/25		250		253,111
5.00%, 07/01/25 (ST INTERCEPT)		415		422,388
Series C, 5.00%, 07/01/25		95		96,691
State of Washington GO 5.00%, 02/01/25		1,225		1,242,973
5.00%, 07/01/25		1,230		1,253,686
5.00%, 08/01/25		165		168,335
Series A, 5.00%, 08/01/25		225		229,548
Series A-1, 5.00%, 08/01/25		390		397,884
Series B, 5.00%, 06/01/25		190		193,538
Series B, 5.00%, 08/01/25		140		142,830
Series D, 5.00%, 02/01/25		150		152,201
Series D, 5.00%, 06/01/25		775		789,432
Series E, 5.00%, 06/01/25		700		713,035
Series F, 0.00%, 12/01/25 (AMBAC)^(a)		410		378,280
Series R-2018C, 5.00%, 08/01/25		350		357,075
Series R-2018D, 5.00%, 08/01/25		625		637,634
Series R-2020D, 5.00%, 07/01/25		130		132,503
University of Washington RB 5.00%, 04/01/25		625		635,757
5.00%, 12/01/25		180		183,994
Series B, 4.00%, 06/01/25		265		266,069

				26,959,307

West Virginia — 0.4%
State of West Virginia GO 5.00%, 06/01/25		120		122,235


Security	Par (000)		Value
Security	Par (000)		Value

West Virginia (continued)
5.00%, 12/01/25	$	150	$	153,600
Series A, 5.00%, 06/01/25		745		758,873
West Virginia Commissioner of Highways RB 5.00%, 09/01/25		220		224,309
Series A, 5.00%, 09/01/25		590		601,555
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/25		285		290,534

				2,151,106

Wisconsin — 1.7%
Hamilton School District/WI GO, 5.00%, 04/01/25		180		183,023
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/25		1,580		1,610,883
State of Wisconsin GO 5.00%, 05/01/25		375		381,955
5.00%, 05/01/32 (PR 05/01/25)		720		732,724
Series 2, 4.00%, 11/01/25		170		170,958
Series 2, 5.00%, 11/01/25		2,545		2,607,895
Series A, 5.00%, 05/01/25		575		585,665
Series B, 5.00%, 05/01/25		650		662,056
State of Wisconsin RB, Series A, 5.00%, 05/01/25		325		330,743
Wisconsin Department of Transportation RB Series 1, 5.00%, 07/01/25		700		714,388
Series 2, 5.00%, 07/01/25		880		898,088

				8,878,378


Total Long-Term Investments — 98.5% (Cost: $528,900,963)				514,309,730


	Shares

Short-Term Securities

Money Market Funds — 0.7%
BlackRock Liquidity Funds: MuniCash, 3.82%^(b)(c)		3,614,207		3,614,207


Total Short-Term Securities — 0.7% (Cost: $3,614,198)				3,614,207


Total Investments — 99.2% (Cost: $532,515,161)				517,923,937

Other Assets Less Liabilities — 0.8%				4,133,997


Net Assets — 100.0%			$	522,057,934

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.7%
Alabama Federal Aid Highway Finance Authority RB 5.00%, 09/01/26	$	235	$	242,515
Series A, 5.00%, 09/01/36 (PR 09/01/26)		1,250		1,293,372
Series B, 5.00%, 09/01/26		1,290		1,331,254
Alabama Highway Finance Corp., 5.00%, 08/01/26		120		123,518
Alabama Public School and College Authority RB 5.00%, 05/01/26 (Call 05/01/25)		45		45,658
Series A, 5.00%, 11/01/26		425		440,514
Series B, 5.00%, 01/01/26 (Call 07/01/24)		510		513,011
Series C, 5.00%, 06/01/26 (Call 12/01/24)		150		151,208
Black Belt Energy Gas District RB, VRDN,4.00%, 10/01/52 (Put 12/01/26)^(a)		300		288,961
City of Huntsville AL GOL, 5.00%, 05/01/26		40		41,226
State of Alabama GO 5.00%, 08/01/26		80		82,556
5.00%, 11/01/26 (Call 02/01/26)		100		102,682
Series C, 5.00%, 08/01/27 (Call 08/01/26)		430		443,997
University of Alabama (The) RB 5.00%, 07/01/26		110		113,818
Series C, 5.00%, 07/01/26		220		227,636

				5,441,926

Arizona — 2.2%
Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/26		285		294,160
Arizona State University RB, Series A, 5.00%, 07/01/26		45		46,527
Arizona Transportation Board RB, Series A, 5.00%, 07/01/26		430		443,489
City of Glendale AZ Water & Sewer Revenue RB, 5.00%, 07/01/26 (Call 07/01/25)		310		315,167
City of Phoenix AZ GO 4.00%, 07/01/26		230		231,322
5.00%, 07/01/26		770		794,353
5.00%, 07/01/27 (Call 07/01/26)		435		448,571
City of Phoenix Civic Improvement Corp., 5.00%, 07/01/26		450		463,887
City of Phoenix Civic Improvement Corp. RB 5.00%, 07/01/26		235		242,553
5.00%, 07/01/27 (Call 07/01/26)		360		370,955
5.50%, 07/01/26 (NPFGC)		40		41,736
City of Tucson AZ Water System Revenue RB, 5.00%, 07/01/26		170		175,246
County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/26		325		335,445
County of Pima Sewer System Revenue, 5.00%, 07/01/26		415		428,338
Salt River Project Agricultural Improvement & Power District RB 5.00%, 01/01/26		370		379,423
Series A, 5.00%, 01/01/26		1,460		1,497,183
State of Arizona Lottery Revenue RB, 5.00%, 07/01/26		130		134,045
University of Arizona (The) RB 5.00%, 06/01/26		60		61,832
Series A, 4.00%, 06/01/28 (Call 06/01/26)		290		288,317

				6,992,549

Arkansas — 0.0%
State of Arkansas GO
5.00%, 04/01/26 (Call 10/01/24)		115		116,044
5.00%, 10/01/26 (Call 10/01/24)		20		20,180

				136,224


Security	Par (000)		Value

California — 12.7%
91 Express Lanes Toll Road, 5.00%, 08/15/26	$	200	$	207,622
Alameda Unified School District-Alameda County, 0.00%, 08/01/26 (AGM)^(b)		105		93,716
Alvord Unified School District GO, Series B, 0.00%, 08/01/26 (AGM)^(b)		55		48,997
Anaheim Housing & Public Improvements Authority RB, 5.00%, 10/01/26		500		520,044
Bay Area Toll Authority RB, 5.00%, 04/01/26		115		118,794
Beverly Hills Unified School District CA GO, 0.00%, 08/01/26^(b)		100		90,050
California Health Facilities Financing Authority RB, 5.00%, 11/15/26 (Call 11/15/25)		115		117,629
California Infrastructure & Economic Development Bank RB 4.00%, 10/01/35 (PR 10/01/26)		100		101,513
5.00%, 10/01/26		75		78,239
5.00%, 10/01/26 (Call 04/01/26)		55		56,985
5.00%, 10/01/27 (Call 04/01/26)		240		248,782
5.00%, 10/01/27 (PR 10/01/26)		100		104,262
5.00%, 10/01/28 (Call 04/01/26)		60		62,107
California State Public Works Board RB 4.00%, 10/01/28 (Call 10/01/26)		175		175,801
5.00%, 04/01/26		250		257,838
5.00%, 08/01/26		190		196,774
5.00%, 09/01/26		75		77,766
Series A, 5.00%, 09/01/26 (Call 09/01/24)		290		292,605
Series B, 5.00%, 04/01/26		130		134,076
Series B, 5.00%, 10/01/26 (Call 10/01/24)		140		141,390
Series C, 5.00%, 11/01/27 (Call 11/01/26)		165		170,877
Series D, 4.00%, 04/01/28 (Call 10/01/26)		250		251,165
California State University RB 5.00%, 11/01/26		265		276,202
5.00%, 11/01/26 (Call 05/01/26)		110		114,014
Series A, 5.00%, 11/01/26		375		390,852
Series A, 5.00%, 11/01/26 (Call 11/01/25)		165		169,471
Series A, 5.00%, 11/01/28 (Call 05/01/26)		230		237,575
Campbell Union High School District GO, 5.00%, 08/01/27 (Call 08/01/26)		145		150,777
Carlsbad Unified School District GO, 5.00%, 08/01/27 (Call 08/01/26)		80		82,863
City of Long Beach CA Airport System Revenue RB, 5.00%, 06/01/26 (AGM)		355		366,015
City of Los Angeles CA Wastewater System Revenue RB, Series B, 5.00%, 06/01/26		120		124,382
City of Los Angeles Department of Airports RB, 5.00%, 05/15/26		385		397,853
City of Los Angeles Solid Waste Resources Revenue, 5.00%, 02/01/26		150		154,801
City of San Francisco CA Public Utilities Commission Water Revenue RB 5.00%, 11/01/27 (Call 11/01/26)		350		365,090
5.00%, 11/01/28 (Call 11/01/26)		230		239,743
Series D, 5.00%, 11/01/26		240		250,284
Contra Costa Transportation Authority Sales Tax Revenue RB, 4.00%, 03/01/26 (Call 03/01/25)		205		206,037
Contra Costa Water District RB, Series U, 5.00%, 10/01/26		50		52,244
East Bay Municipal Utility District Water System Revenue RB 5.00%, 06/01/26		170		176,250
5.00%, 06/01/26 (Call 06/01/25)		60		61,238


Security	Par (000)		Value

California (continued)
East Side Union High School District GO, 5.00%, 08/01/28 (Call 08/01/26)	$	310	$	321,015
El Camino Community College District Foundation (The) GO, 5.00%, 08/01/28 (Call 08/01/26)		220		227,700
El Camino Community College District Foundation GO, Series C, 0.00%, 08/01/26^(b)		150		134,385
Escondido Union High School District GO, Series A, 0.00%, 08/01/26 (AGC)^(b)		50		44,675
Evergreen School District GO, 0.00%, 08/01/26 (AGC)^(b)		80		71,383
Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 GO, Series A, 0.00%, 10/01/26 (NPFGC)^(b)		100		88,382
Grossmont Union High School District GO 0.00%, 08/01/26^(b)		725		645,519
0.00%, 08/01/26 (AGM)^(b)		90		80,198
Long Beach Unified School District GO, 5.00%, 08/01/27 (Call 08/01/26)		215		223,037
Los Angeles Community College District, 5.00%, 08/01/26		1,000		1,041,772
Los Angeles Community College District/CA GO 5.00%, 08/01/26		410		427,126
Series C, 5.00%, 06/01/26		180		187,024
Series G, 5.00%, 08/01/26 (PR 08/01/24)		70		70,718
Series I, 4.00%, 08/01/26		105		106,077
Los Angeles County Metropolitan Transportation Authority RB 5.00%, 07/01/26		335		348,443
5.00%, 07/01/26 (Call 07/01/25)		140		143,276
5.00%, 06/01/27 (Call 06/01/26)		165		170,297
Series A, 5.00%, 06/01/26		240		249,064
Series A, 5.00%, 06/01/28 (Call 06/01/26)		140		144,281
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB, 5.00%, 07/01/26		815		847,704
Los Angeles County Public Works Financing Authority RB 5.00%, 12/01/26 (Call 12/01/25)		100		102,758
Series A, 5.00%, 12/01/26 (Call 12/01/24)		80		81,059
Los Angeles Department of Water & Power Power System Revenue RB, 5.00%, 07/01/26		230		238,635
Los Angeles Department of Water & Power RB 5.00%, 07/01/26		75		77,816
5.00%, 07/01/26 (Call 06/01/26)		130		134,737
Series A, 5.00%, 07/01/26		310		321,638
Los Angeles Department of Water & Power System Revenue RB Series A, 5.00%, 07/01/26		380		394,266
Series B, 5.00%, 07/01/26 (Call 06/01/26)		295		305,749
Los Angeles Department of Water & Power Water System Revenue RB 5.00%, 07/01/26		145		150,444
5.00%, 07/01/26 (Call 01/01/26)		440		453,808
Los Angeles Department of Water RB 5.00%, 07/01/26		155		160,819
Series A, 5.00%, 07/01/26 (Call 07/01/24)		90		90,736
Los Angeles Unified School District/CA GO 5.00%, 07/01/26		215		222,739
Series A, 5.00%, 07/01/26		695		720,017
Series B, 5.00%, 07/01/28 (Call 07/01/26)		620		643,321
Series C, 5.00%, 07/01/26		105		108,779
Series C, 5.00%, 07/01/26 (Call 07/01/24)		795		800,507
Series D, 5.00%, 07/01/26 (Call 07/01/24)		235		236,628


Security	Par (000)		Value

California (continued)
Metropolitan Water District of Southern California RB 5.00%, 10/01/26	$	155	$	161,650
Series A, 2.50%, 07/01/26		280		264,987
Series A, 5.00%, 07/01/26		260		269,895
Midpeninsula Regional Open Space District Field Employees Corp. GOL, 5.00%, 09/01/27 (Call 09/01/26)		100		104,111
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/26		415		433,264
Newport Mesa Unified School District GO, 0.00%, 08/01/26 (NPFGC)^(b)		190		169,992
Palo Alto Unified School District GO, 0.00%, 08/01/26^(b)		335		300,450
Palos Verdes Peninsula Unified School District GO, 0.00%, 11/01/26 (NPFGC)^(b)		165		145,911
Port of Los Angeles RB, Series C2, 5.00%, 08/01/26		120		124,725
Rancho Water District Financing Authority RB, Series B, 5.00%, 08/01/28 (PR 08/01/26)		40		41,510
Riverside County Transportation Commission Sales Tax Revenue, 5.00%, 06/01/26		200		206,853
Riverside County Transportation Commission Sales Tax Revenue RB, 3.00%, 06/01/26 (Call 06/01/24)		820		793,919
Sacramento County Sanitation Districts Financing Authority RB, 5.00%, 08/01/26 (Call 08/01/25)		80		81,845
Sacramento Municipal Utility District RB 5.00%, 07/01/26 (Call 07/01/25)		200		203,836
5.00%, 08/15/26		65		67,652
San Diego Community College District GO, 4.00%, 08/01/28 (Call 08/01/26)		100		101,001
San Diego County Regional Transportation Commission, 5.00%, 04/01/26		200		206,926
San Diego County Water Authority RB, 5.00%, 05/01/26 (Call 05/01/25)		100		101,923
San Diego Public Facilities Financing Authority RB, 5.00%, 08/01/26		325		338,402
San Diego Unified School District/CA 5.50%, 07/01/26 (AGM)		335		352,061
5.50%, 07/01/26 (ETM) (AGM)		25		26,150
San Diego Unified School District/CA GO Series A, 0.00%, 07/01/26^(b)		20		18,021
Series A, 0.00%, 07/01/26 (ETM)^(b)		30		27,032
Series R-5, 5.00%, 07/01/26		100		103,832
San Francisco Bay Area Rapid Transit District GO 4.00%, 08/01/26		55		55,493
5.00%, 08/01/26		200		207,396
Series D, 5.00%, 08/01/26 (Call 08/01/25)		65		66,314
San Francisco City & County Airport Commission San Francisco International Airport RB, Series A, 5.00%, 05/01/26		340		351,161
San Francisco City & County Public Utilities Commission Wastewater Revenue RB, 5.00%, 10/01/26		500		520,748
San Jose Evergreen Community College District GO, Series A, 5.00%, 09/01/26 (PR 09/01/24)		100		101,094
San Mateo County Community College District GO Series A, 0.00%, 09/01/26 (NATL)^(b)		275		245,682
Series B, 0.00%, 09/01/26 (NPFGC)^(b)		95		84,872
San Mateo Union High School District GO, 4.00%, 09/01/28 (Call 09/01/26)		925		934,476
Santa Barbara Community College District GO 5.00%, 08/01/27 (Call 08/01/26)		100		103,844
5.00%, 08/01/28 (Call 08/01/26)		120		124,742


Security	Par (000)		Value

California (continued)
Santa Clara County Financing Authority RB, 5.00%, 05/01/26	$	150	$	155,033
Santa Clara Unified School District GO, 5.00%, 07/01/26 (Call 07/01/24)		115		115,895
Santa Clara Valley Transportation Authority RB, Series A, 5.00%, 06/01/26		100		103,777
Santa Clara Valley Water District COP, Series A, 5.00%, 02/01/29 (Call 02/01/26)		350		360,521
Santa Monica Community College District GO, 0.00%, 08/01/26^(b)		500		444,946
Santa Monica-Malibu Unified School District GO, Series D, 4.00%, 08/01/26 (PR 08/01/25)		40		40,321
Southern California Public Power Authority RB, Series C, 5.00%, 07/01/26 (Call 01/01/25)		70		71,043
State of California Department of Water Resources RB 5.00%, 12/01/26		255		266,783
Series AV, 5.00%, 12/01/26 (Call 06/01/26)		80		82,938
Series AW, 5.00%, 12/01/27 (Call 12/01/26)		200		208,852
Series AW, 5.00%, 12/01/28 (Call 12/01/26)		635		662,361
State of California GO
4.00%, 04/01/26		100		100,569
4.00%, 11/01/26		850		857,123
4.00%, 09/01/27 (Call 09/01/26)		130		130,845
4.00%, 08/01/28 (Call 08/01/26)		80		80,354
4.00%, 09/01/28 (Call 09/01/26)		435		437,013
5.00%, 03/01/26 (Call 03/01/25)		230		233,784
5.00%, 04/01/26		345		355,414
5.00%, 08/01/26		885		915,850
5.00%, 08/01/26 (Call 08/01/25)		615		628,554
5.00%, 09/01/26		890		921,607
5.00%, 10/01/26		495		513,176
5.00%, 10/01/26 (Call 04/01/26)		310		319,802
5.00%, 11/01/26		905		939,338
5.00%, 12/01/26		50		51,954
5.00%, 08/01/27 (Call 08/01/26)		305		315,654
5.00%, 09/01/27 (Call 09/01/26)		185		191,679
5.00%, 08/01/28 (Call 08/01/26)		410		424,026
5.00%, 09/01/28 (Call 09/01/26)		1,350		1,397,629
Series B, 5.00%, 09/01/26		800		828,411
Series C, 5.00%, 08/01/27 (Call 08/01/26)		660		683,054
Series C, 5.00%, 08/01/28 (Call 08/01/26)		805		832,540
University of California RB
4.00%, 05/15/26		345		347,657
5.00%, 05/15/26		500		517,920
Series AM, 5.00%, 05/15/26 (Call 05/15/24)		210		211,475
Series AV, 5.00%, 05/15/26		210		217,526
Series AY, 5.00%, 05/15/26		170		176,093
Series I, 5.00%, 05/15/26 (Call 05/15/25)		425		431,697

				41,194,239

Colorado — 0.8%
Board of Governors of Colorado State University System, 5.00%, 03/01/26 (ST HGR ED INTERCEPT PROG)		505		517,493
City & County of Denver Co. Airport System Revenue RB, 5.00%, 11/15/26		440		454,756
City & County of Denver Co. GO, Series A, 5.00%, 08/01/26		45		46,557
City of Colorado Springs CO Utilities System Revenue RB, Series A2, 5.00%, 11/15/26		50		51,793
Colorado Health Facilities Authority, 5.00%, 11/01/26		200		202,875
Denver City & County School District No. 1 GO 4.00%, 12/01/26 (Call 12/01/25) (SAW)		130		130,246


Security	Par (000)		Value

Colorado (continued)
5.00%, 12/01/26 (SAW)	$	230	$	238,717
5.00%, 12/01/27 (Call 12/01/26)		220		227,855
5.50%, 12/01/26 (SAW)		195		205,205
E-470 Public Highway Authority RB, 0.00%, 09/01/26 (NPFGC)^(b)		250		221,662
University of Colorado RB, Series A-2, 5.00%, 06/01/26		310		319,233

				2,616,392

Connecticut — 2.0%
Connecticut State Health & Educational Facilities Authority RB, 2.80%, 07/01/57 (Put 02/03/26)		400		385,459
State of Connecticut GO
4.00%, 03/15/26		210		210,776
4.00%, 06/01/26		205		205,911
5.00%, 04/15/26		170		174,744
5.00%, 08/01/26		300		309,506
Series A, 5.00%, 03/15/26		390		400,458
Series A, 5.00%, 04/15/26		1,155		1,187,232
Series B, 4.00%, 06/01/26		100		100,445
Series B, 5.00%, 05/15/26		325		334,419
Series B, 5.00%, 05/15/27 (Call 05/15/26)		155		159,513
Series D, 5.00%, 09/15/26		355		366,830
Series E, 5.00%, 10/15/26		180		186,202
Series F, 5.00%, 09/15/26		205		211,831
State of Connecticut Special Tax Revenue RB
5.00%, 09/01/26 (Call 09/01/24)		165		166,278
Series A, 5.00%, 05/01/26		780		802,223
Series A, 5.00%, 09/01/27 (Call 09/01/26)		530		547,404
Series A, 5.00%, 09/01/28 (Call 09/01/26)		185		190,222
Series B, 5.00%, 09/01/28 (Call 09/01/26)		150		154,234
Series C, 5.00%, 10/01/26		80		82,714
Series D, 5.00%, 11/01/26		425		439,904

				6,616,305

Delaware — 0.9%
Delaware Transportation Authority RB
5.00%, 07/01/26		670		691,705
5.00%, 09/01/26		320		330,407
5.00%, 07/01/27 (Call 07/01/26)		275		283,861
State of Delaware GO
5.00%, 02/01/26		150		154,277
5.00%, 03/01/26		165		169,898
5.00%, 07/01/26		150		155,168
5.00%, 10/01/26		105		109,003
5.00%, 07/01/28 (Call 07/01/26)		260		268,712
Series A, 5.00%, 01/01/26		350		359,574
Series D, 5.00%, 07/01/27 (Call 07/01/26)		360		372,248

				2,894,853

District of Columbia — 1.3%
District of Columbia GO
Series A, 5.00%, 06/01/26 (Call 06/01/25)		355		360,651
Series A, 5.00%, 10/15/26		235		243,763
Series A, 5.00%, 06/01/27 (Call 06/01/26)		175		179,926
Series B, 5.00%, 06/01/26 (Call 06/01/25)		130		132,069
Series D, 5.00%, 06/01/26		85		87,722
Series D, 5.00%, 06/01/27 (Call 12/01/26)		325		335,674
Series D, 5.00%, 06/01/28 (Call 12/01/26)		200		206,980
District of Columbia RB
5.00%, 12/01/26		560		578,420
Series C, 5.00%, 05/01/26		75		77,263
Series C, 5.00%, 10/01/26		965		999,083


Security	Par (000)		Value

District of Columbia (continued)
District of Columbia Water & Sewer Authority RB, 5.00%, 10/01/26	$	220	$	227,822
Washington Metropolitan Area Transit Authority RB 5.00%, 07/01/26		240		246,792
Series A, 5.00%, 07/15/26		515		530,220

				4,206,385

Florida — 3.5%
County of Miami-Dade FL Aviation Revenue RB, Series B, 5.00%, 10/01/26 (Call 10/01/25)		420		419,882
County of Miami-Dade FL GO, 5.00%, 11/01/26 (Call 11/01/24)		1,000		1,010,902
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/27 (Call 07/01/26)		315		322,497
County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/26 (Call 10/01/25)		840		853,995
Florida Department of Environmental Protection RB
5.00%, 07/01/26		550		565,987
5.00%, 07/01/26 (Call 07/01/25)		530		538,065
Series A, 5.00%, 07/01/26 (Call 07/01/25)		165		167,511
Series A, 5.00%, 07/01/27 (Call 07/01/26)		455		466,639
Hillsborough County Aviation Authority RB, 5.00%, 10/01/26		200		206,394
Orange County School Board COP, 5.00%, 08/01/26		160		164,691
Orlando Utilities Commission RB, Series A, 5.00%, 10/01/26		150		155,172
Palm Beach County School District, 5.00%, 08/01/26		375		386,982
Reedy Creek Improvement District GOL
5.00%, 06/01/27 (Call 06/01/26)		300		306,760
Series A, 5.00%, 06/01/26		130		132,748
School Board of Miami-Dade County (The) COP
5.00%, 02/01/29 (Call 02/01/26)		350		355,872
Series D, 5.00%, 02/01/27 (Call 02/01/26)		255		260,101
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/28 (Call 03/15/26)		100		102,464
School District of Broward County/FL COP
Series A, 5.00%, 07/01/27 (Call 07/01/26)		200		204,811
Series B, 5.00%, 07/01/26		145		149,623
Series B, 5.00%, 07/01/27 (Call 07/01/26)		215		220,172
Series C, 5.00%, 07/01/26		200		206,377
State of Florida Department of Transportation RB, 5.00%, 07/01/26		175		180,849
State of Florida Department of Transportation Turnpike System Revenue RB
5.00%, 07/01/26		65		67,056
5.00%, 07/01/26 (Call 07/01/25)		130		132,188
Series C, 5.00%, 07/01/27 (Call 07/01/26)		185		190,204
State of Florida GO
5.00%, 06/01/26		140		144,553
5.00%, 07/01/26		295		304,708
5.00%, 07/01/26 (Call 07/01/25)		175		178,436
5.00%, 06/01/27 (Call 06/01/26)		160		164,782
Series A, 5.00%, 07/01/26		95		98,126
Series B, 5.00%, 06/01/26 (Call 06/01/24)		40		40,345
Series B, 5.00%, 07/01/26		240		247,898
Series C, 5.00%, 06/01/26		125		129,065
Series C, 5.00%, 06/01/28 (Call 06/01/26)		50		51,507
Series E, 5.00%, 06/01/26 (Call 06/01/25)		275		280,181
State of Florida Lottery Revenue RB
5.00%, 07/01/26		355		366,045


Security	Par (000)		Value

Florida (continued)
5.00%, 07/01/27 (Call 07/01/26)	$	145	$	149,005
Series A, 5.00%, 07/01/26		1,190		1,227,026

				11,149,619

Georgia — 2.2%
Athens-Clarke County GA Unified Government Water & Sewerage Revenue RB, 5.00%, 01/01/26 (Call 01/01/25)		150		151,748
City of Atlanta GA Department of Aviation RB, 5.00%, 07/01/26		100		102,881
City of Atlanta GA GO, 5.00%, 12/01/26		850		882,465
City of Atlanta GA Water & Wastewater Revenue RB, 5.00%, 11/01/26		275		284,881
County of Carroll GA GO, 5.00%, 06/01/26		85		87,532
County of Forsyth GA GO
5.00%, 03/01/26 (Call 03/01/25)		40		40,539
5.00%, 03/01/26 (PR 03/01/25)		20		20,300
Forsyth County School District GO, 5.00%, 02/01/27 (Call 02/01/26)		245		251,662
Georgia Ports Authority RB, 5.00%, 07/01/26		160		165,060
Georgia State Road & Tollway Authority RB, 5.00%, 06/01/26		520		535,488
Gwinnett County School District GO, Series B, 5.00%, 08/01/26		535		553,508
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/26		135		139,599
Henry County School District GO, 5.00%, 08/01/26 (SAW)		230		237,653
Metropolitan Atlanta Rapid Transit Authority RB, 5.00%, 07/01/26		320		330,531
Private Colleges & Universities Authority RB, 5.00%, 09/01/26		220		227,394
State of Georgia GO
Series A, 5.00%, 07/01/26		125		129,178
Series A, 5.00%, 08/01/26		600		620,757
Series A-1, 5.00%, 02/01/26		175		179,837
Series E, 5.00%, 12/01/26		210		218,269
Series E, 5.00%, 12/01/27 (Call 12/01/26)		255		264,561
Series E, 5.00%, 12/01/28 (Call 12/01/26)		220		227,852
Series F, 5.00%, 01/01/26		1,340		1,375,531

				7,027,226

Hawaii — 1.5%
City & County Honolulu HI Wastewater System Revenue RB
5.00%, 07/01/26 (Call 07/01/25)		100		101,796
5.00%, 07/01/27 (Call 07/01/26)		300		308,898
Series A, 5.00%, 07/01/28 (Call 07/01/26)		370		381,069
City & County of Honolulu HI GO
5.00%, 07/01/26		765		788,998
Series A, 5.00%, 10/01/26 (Call 10/01/25)		150		152,859
Series B, 5.00%, 10/01/26 (Call 10/01/25)		100		101,999
Series D, 5.00%, 09/01/26		75		77,521
County of Hawaii HI GO, Series A, 5.00%, 09/01/27 (Call 03/01/26)		100		102,758
State of Hawaii GO
5.00%, 01/01/26		100		102,442
5.00%, 10/01/26		445		460,219
5.00%, 10/01/26 (Call 10/01/25)		160		163,079
5.00%, 10/01/28 (Call 10/01/26)		100		102,845
Series EY, 5.00%, 10/01/26 (Call 10/01/25)		140		142,850
Series FE, 5.00%, 10/01/27 (Call 10/01/26)		460		472,957


Security	Par (000)		Value

Hawaii (continued)
Series FG, 5.00%, 10/01/27 (Call 10/01/26)	$	175	$	180,124
Series FH, 5.00%, 10/01/27 (Call 10/01/26)		160		164,684
Series FH, 5.00%, 10/01/28 (Call 10/01/26)		295		303,391
Series FT, 5.00%, 01/01/26		255		261,228
State of Hawaii State Highway Fund RB
5.00%, 01/01/26		180		184,396
Series A, 5.00%, 01/01/29 (Call 07/01/26)		135		138,316
Series B, 5.00%, 01/01/27 (Call 07/01/26)		140		143,795

				4,836,224

Idaho — 0.2%
Idaho Housing & Finance Association RB, 5.00%, 07/15/26		750		772,553


Illinois — 3.3%
Chicago O’Hare International Airport RB
5.00%, 01/01/26		305		311,176
5.00%, 01/01/29 (Call 01/01/26)		170		172,448
Series B, 5.00%, 01/01/26 (Call 01/01/25)		470		469,863
Series D, 5.00%, 01/01/26		180		183,645
Series E, 5.00%, 01/01/26		455		464,214
Illinois Finance Authority RB
4.00%, 07/01/26 (Call 01/01/26)		270		270,675
5.00%, 01/01/26		440		450,194
5.00%, 04/01/26		70		71,852
5.00%, 07/01/26		1,760		1,811,608
Illinois State Toll Highway Authority RB, 5.00%, 01/01/26		1,485		1,519,404
State of Illinois GO
5.00%, 02/01/26		255		258,534
5.00%, 02/01/26 (Call 02/01/24)		100		99,986
5.00%, 03/01/26		125		126,799
5.00%, 05/01/26		700		710,988
5.00%, 06/01/27 (Call 06/01/26)		100		101,575
Series A, 5.00%, 03/01/26		510		517,339
Series A, 5.00%, 10/01/26		790		804,301
Series B, 5.00%, 03/01/26		620		628,921
Series B, 5.13%, 09/01/26		150		153,127
Series D, 5.00%, 11/01/26		1,035		1,054,321
State of Illinois Sales Tax Revenue RB
5.00%, 06/15/26		65		66,113
Series A, 4.00%, 06/15/26		290		285,747

				10,532,830

Indiana — 1.7%
City of Indianapolis Department of Public Utilities Water
System Revenue RB, 5.00%, 10/01/26		510		526,304
Indiana Finance Authority RB
5.00%, 02/01/26		510		524,208
5.00%, 06/01/26 (ETM)		615		633,471
5.00%, 02/01/29 (PR 02/01/26)		260		266,960
Series A, 5.00%, 02/01/26		520		534,486
Series A, 5.00%, 10/01/26		195		201,560
Series A, 5.00%, 10/01/26 (Call 10/01/24)		100		100,935
Series C, 5.00%, 06/01/27 (Call 12/01/26)		865		892,835
Series C, 5.00%, 06/01/28 (Call 12/01/26)		155		160,170
Series E, 5.00%, 02/01/26		265		272,382
Series E, 5.00%, 02/01/27 (Call 08/01/26)		100		103,334
Series E, 5.00%, 02/01/29 (Call 08/01/26)		235		241,658
Indiana Municipal Power Agency RB, 5.00%, 01/01/27 (Call 07/01/26)		175		178,825
Indiana University RB
Series A, 5.00%, 06/01/26		125		128,785
Series A, 5.00%, 06/01/27 (Call 06/01/26)		370		381,150


Security	Par (000)		Value

Indiana (continued)
Series A, 5.00%, 06/01/28 (Call 06/01/26)	$	270	$	277,735
Purdue University RB, 5.00%, 07/01/26		115		118,903

				5,543,701

Iowa — 0.5%
City of Des Moines, 5.00%, 06/01/26		400		412,113
City of Des Moines IA GO, 5.00%, 06/01/26		390		401,810
Iowa Finance Authority RB, 5.00%, 08/01/26		395		408,038
State of Iowa RB, 4.00%, 06/01/26		395		396,177

				1,618,138

Kansas — 0.4%
State of Kansas Department of Transportation RB
5.00%, 09/01/26 (Call 09/01/24)		380		382,976
5.00%, 09/01/26 (Call 09/01/25)		900		918,345

				1,301,321

Kentucky — 0.0%
Kentucky Infrastructure Authority RB, Series A, 5.00%, 02/01/26 (Call 02/01/25)		100		101,488


Louisiana — 0.9%
State of Louisiana Gasoline & Fuels Tax Revenue RB
Series B, 5.00%, 05/01/26		100		102,921
Series B, 5.00%, 05/01/26 (Call 05/01/25)		75		76,254
State of Louisiana GO
5.00%, 04/01/26		140		143,932
5.00%, 05/01/26 (Call 05/01/25)		85		86,310
5.00%, 09/01/27 (Call 09/01/26)		330		340,523
Series A, 5.00%, 03/01/26		150		154,048
Series A, 5.00%, 09/01/26		185		191,218
Series B, 5.00%, 08/01/26		575		593,524
State of Louisiana RB
5.00%, 09/01/26		180		186,001
Series A, 5.00%, 09/01/26		890		919,670

				2,794,401

Maine — 0.7%
Maine Municipal Bond Bank RB
5.00%, 09/01/26		200		206,233
5.00%, 11/01/26		270		279,856
Maine Turnpike Authority RB
5.00%, 07/01/26		1,025		1,057,680
5.00%, 07/01/26 (Call 07/01/25)		380		387,379
State of Maine GO
4.00%, 06/01/26		60		60,238
5.00%, 06/01/26		160		164,845
Series B, 5.00%, 06/01/26		245		252,419

				2,408,650

Maryland — 3.2%
City of Baltimore MD GO
Series A, 5.00%, 10/15/26		90		93,203
Series B, 5.00%, 10/15/26		140		144,983
City of Baltimore MD RB, 5.00%, 07/01/26		215		220,975
County of Anne Arundel MD GOL
5.00%, 10/01/26		1,120		1,161,439
5.00%, 10/01/26 (Call 10/01/25)		110		112,209
County of Baltimore MD GO
5.00%, 03/01/26		195		200,613
5.00%, 08/01/26 (Call 08/01/25)		80		81,451
County of Charles MD GO
4.00%, 10/01/26		50		50,425
5.00%, 10/01/26		505		523,685


Security	Par (000)		Value

Maryland (continued)
County of Frederick MD GO
5.00%, 02/01/26	$	155	$	159,116
5.00%, 08/01/26		220		227,322
County of Howard MD GO
5.00%, 02/15/26		150		154,227
5.00%, 08/15/26		185		191,503
Series A, 5.00%, 08/15/26		500		517,576
Series D, 5.00%, 02/15/26		300		308,455
County of Montgomery MD GO
5.00%, 11/01/26		230		238,793
Series A, 4.00%, 12/01/26 (Call 12/01/24)		60		59,799
Series A, 5.00%, 11/01/26		795		825,393
Series C, 5.00%, 10/01/26		270		279,990
County of Prince George’s MD GO, Series A, 5.00%, 09/15/26		260		269,453
County of Prince George’s MD GOL
5.00%, 07/01/26		500		516,711
Series A, 5.00%, 07/15/26		305		315,361
Maryland State Transportation Authority RB, 5.00%, 07/01/26		75		77,410
State of Maryland Department of Transportation RB
5.00%, 09/01/26		210		217,344
5.00%, 10/01/26		270		279,763
5.00%, 11/01/26 (Call 11/01/24)		145		146,556
5.00%, 12/01/27 (Call 12/01/26)		110		113,736
5.00%, 10/01/28 (Call 10/01/26)		520		537,601
State of Maryland GO
Series A, 5.00%, 03/15/26		135		139,021
Series A, 5.00%, 08/01/26		225		232,903
Series B, 4.00%, 08/01/26		185		186,416
Series B, 5.00%, 08/01/26		805		833,275
Washington Suburban Sanitary Commission RB
5.00%, 06/01/26		300		309,681
5.00%, 06/01/26 (GTD)		295		304,520
5.00%, 06/15/26 (GTD)		100		103,281
5.00%, 06/01/27 (Call 06/01/26) (GTD)		105		108,192

				10,242,381

Massachusetts — 2.9%
City of Boston MA GO, Series B, 4.00%, 03/01/26		60		60,400
City of Cambridge MA GOL, Series B, 5.00%, 02/15/26		175		180,514
City of Cambridge MA RB, 5.00%, 02/15/26		225		232,089
Commonwealth of Massachusetts Federal Highway
Grant Anticipation Note Revenue RB
5.00%, 06/15/26 (Call 06/15/24)		490		492,728
Series A, 5.00%, 06/15/27 (Call 06/15/26)		295		304,414
Commonwealth of Massachusetts GO, Series C, 5.25%, 11/01/26 (AGM)		50		52,336
Commonwealth of Massachusetts GOL
5.00%, 04/01/26		100		103,112
Series A, 5.00%, 01/01/26		605		621,677
Series A, 5.00%, 07/01/26		1,030		1,065,750
Series A, 5.00%, 07/01/28 (Call 07/01/26)		120		123,917
Series B, 5.00%, 01/01/26		185		190,100
Series C, 5.00%, 04/01/26		185		190,757
Series C, 5.00%, 09/01/26		175		181,501
Series D, 5.00%, 07/01/26		200		206,942
Series HH, 5.00%, 12/01/26		650		676,557
Series I, 5.00%, 12/01/28 (Call 12/01/26)		105		108,964
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/26		400		413,606


Security	Par (000)		Value

Massachusetts (continued)
Massachusetts Bay Transportation Authority RB
5.00%, 07/01/26 (PR 07/01/25)	$	150	$	152,937
Series A, 4.00%, 07/01/26		155		156,282
Series A, 5.00%, 07/01/26		620		640,722
Massachusetts Clean Water Trust (The), 5.25%, 08/01/26		230		239,874
Massachusetts Development Finance Agency RB,
Series A, 5.00%, 10/15/26		345		358,748
Massachusetts School Building Authority RB
5.00%, 08/15/26 (Call 08/15/25)		485		493,173
Series A, 5.00%, 11/15/26 (Call 11/15/25)		90		91,761
Massachusetts State College Building Authority RB
4.00%, 05/01/26 (Call 05/01/25)
(ST HGR ED INTERCEPT PROG)		305		305,093
4.00%, 05/01/26 (PR 05/01/25)
(ST HGR ED INTERCEPT PROG)		5		5,009
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/26		170		174,579
Massachusetts Water Resources Authority
5.00%, 08/01/26		115		119,131
5.00%, 08/01/26 (ETM)		345		356,570
Massachusetts Water Resources Authority RB
5.00%, 08/01/26 (PR 08/01/24)		115		116,076
Series B, 5.25%, 08/01/26 (AGM)		500		521,999
Series C, 5.00%, 08/01/35 (PR 08/01/26)		215		222,666
University of Massachusetts Building Authority RB
5.00%, 05/01/26		175		180,534
5.00%, 11/01/26		150		155,648

				9,496,166

Michigan — 1.2%
Great Lakes Water Authority Water Supply System Revenue RB
5.00%, 07/01/27 (Call 07/01/26)		220		224,087
Series C, 5.00%, 07/01/26		205		210,488
Michigan Finance Authority RB
5.00%, 10/01/26		245		253,379
Series B, 5.00%, 10/01/28 (Call 10/01/26)		560		581,203
Michigan State Building Authority RB
Series I, 5.00%, 04/15/26 (Call 10/15/25)		245		250,037
Series I, 5.00%, 04/15/27 (Call 10/15/26)		140		143,612
Michigan State University, 5.00%, 02/15/26		325		333,083
State of Michigan, 5.00%, 05/01/26		225		231,249
State of Michigan RB, 5.00%, 03/15/26		1,135		1,163,363
State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/26		430		446,671
University of Michigan RB, 5.00%, 04/01/26		170		174,933

				4,012,105

Minnesota — 2.1%
County of Hennepin MN, 5.00%, 12/01/27 (Call 12/01/26)		235		242,649
County of Hennepin MN GO
5.00%, 12/01/26		435		451,743
Series A, 5.00%, 12/01/26		125		129,811
Metropolitan Council GO
5.00%, 12/01/26		1,485		1,540,842
Series C, 5.00%, 03/01/26		115		118,155
Minneapolis-St Paul Metropolitan Airports
Commission RB
5.00%, 01/01/26		100		102,025
Series A, 5.00%, 01/01/26		160		163,640


Security	Par (000)		Value

Minnesota (continued)
Minnesota Public Facilities Authority RB
4.00%, 03/01/26	$	485	$	488,231
Series A, 5.00%, 03/01/28 (Call 03/01/26)		185		190,855
State of Minnesota GO
5.00%, 08/01/26		445		460,159
Series B, 4.00%, 08/01/26		410		413,351
Series B, 4.00%, 08/01/26 (Call 08/01/24)		265		264,677
Series D, 5.00%, 08/01/26		380		392,945
Series D, 5.00%, 10/01/26		365		378,300
Series E, 3.00%, 08/01/26		130		125,069
State of Minnesota RB, 5.00%, 03/01/26		725		744,890
University of Minnesota, 5.00%, 12/01/26		455		470,501

				6,677,843

Mississippi — 1.0%
State of Mississippi, 5.00%, 12/01/33 (PR 12/01/26)		1,390		1,443,090
State of Mississippi GO
5.00%, 12/01/26		90		93,146
5.00%, 11/01/32 (PR 11/01/26)		615		637,804
Series A, 5.00%, 10/01/26		190		196,233
Series B, 5.00%, 12/01/29 (PR 12/01/26)		285		295,885
Series C, 5.00%, 10/01/26 (Call 10/01/25)		435		443,737

				3,109,895

Missouri — 1.1%
City of Kansas City MO Water Revenue RB, Series A, 5.00%, 12/01/26		245		254,430
Clayton School District/MO GO, 5.00%, 03/01/26		120		123,211
Metropolitan St Louis Sewer District RB, Series C, 5.00%, 05/01/27 (Call 05/01/26)		125		127,575
Missouri Highway & Transportation Commission RB 5.00%, 11/01/26		850		882,006
Series A, 5.00%, 05/01/26		525		541,981
Series A, 5.00%, 05/01/26 (Call 05/01/24)		125		125,704
Missouri State Board of Public Buildings RB 5.00%, 04/01/26		115		118,043
Series A, 4.00%, 04/01/26 (Call 04/01/24)		195		191,854
Missouri State Environmental Improvement & Energy Resources Authority RB, Series B, 5.00%, 07/01/26 (Call 07/01/25)		375		382,181
Park Hill School District of Platte County GO, 3.38%, 03/01/37 (PR 03/01/26) (ST AID DIR DEP)		695		688,948

				3,435,933

Nebraska — 0.4%
Nebraska Public Power District RB
5.00%, 01/01/26		490		500,739
5.00%, 01/01/28 (Call 01/01/26)		170		173,625
Series A, 5.00%, 01/01/29 (Call 01/01/26)		110		112,117
Series B, 5.00%, 01/01/29 (Call 01/01/26)		130		132,501
Omaha Public Power District RB, 5.00%, 02/01/26		420		430,879
University of Nebraska Facilities Corp. (The) RB, 5.00%, 07/15/26		85		87,666

				1,437,527

Nevada — 2.1%
Clark County School District GOL
Series A, 5.00%, 06/15/26		170		174,722
Series E, 5.00%, 06/15/26		135		138,750
Clark County Water Reclamation District, 5.00%, 07/01/26		625		644,286
County of Clark NV GOL
5.00%, 11/01/26 (PR 11/01/24)		80		80,825
Series B, 5.00%, 11/01/26		455		471,087


Security	Par (000)		Value

Nevada (continued)
Series B, 5.00%, 11/01/27 (Call 11/01/26)	$	305	$	314,908
County of Clark NV Passenger Facility Charge Revenue RB, Series C, 5.00%, 07/01/26		355		365,228
County of Clark NV RB
5.00%, 07/01/26		815		840,149
Series A, 5.00%, 07/01/26 (Call 07/01/24)		455		458,212
Las Vegas Valley Water District GOL
5.00%, 06/01/26		50		51,539
5.00%, 09/15/26 (Call 09/15/25)		125		127,464
5.00%, 06/01/27 (Call 06/01/26)		115		118,358
Series A, 5.00%, 06/01/26		350		360,773
State of Nevada GO
5.00%, 05/01/26		1,015		1,046,850
Series D, 5.00%, 04/01/26 (Call 04/01/25)		170		172,568
State of Nevada GOL
Series A, 4.00%, 08/01/26 (Call 08/01/25)		60		59,880
Series B, 5.00%, 11/01/26 (Call 05/01/25)		180		183,010
State of Nevada Highway Improvement Revenue RB
5.00%, 12/01/26 (Call 06/01/26)		680		701,000
5.00%, 12/01/27 (Call 06/01/26)		210		216,329
5.00%, 12/01/28 (Call 06/01/26)		260		267,642
Washoe County School District/NV GOL, Series A,
5.00%, 06/01/26 (Call 06/01/25)		115		116,969

				6,910,549

New Hampshire — 0.1%
New Hampshire Municipal Bond Bank, 5.00%, 08/15/26 (ST INTERCEPT)		165		170,667
State of New Hampshire GO, 5.00%, 03/01/26 (Call 03/01/25)		105		106,603

				277,270

New Jersey — 2.3%
County of Union New Jersey GO, 4.00%, 03/01/26		50		50,311
Essex County Improvement Authority RB, 5.50%, 10/01/26 (NPFGC GTD)		150		157,478
Monmouth County Improvement Authority (The) RB, 4.00%, 08/01/26		305		307,414
New Jersey Economic Development Authority, 5.00%, 11/01/26		120		123,153
New Jersey Economic Development Authority RB
Series AAA, 5.00%, 06/15/26		100		102,295
Series B, 5.00%, 11/01/26		595		610,129
Series PP, 5.00%, 06/15/26 (Call 12/15/24)		150		150,711
Series XX, 4.25%, 06/15/26 (Call 06/15/25)		590		586,865
New Jersey Educational Facilities Authority RB, Series B, 5.00%, 07/01/26		340		352,414
New Jersey Transportation Trust Fund Authority RB
5.00%, 06/15/26		460		470,538
Series A, 5.00%, 06/15/26		420		429,641
Series A, 5.00%, 06/15/28 (Call 06/15/26)		1,180		1,199,961
Series AA, 4.25%, 06/15/26 (Call 06/15/25)		200		199,818
Series AA, 5.00%, 06/15/26 (Call 06/15/24)		230		230,843
Series AA, 5.00%, 06/15/26 (Call 06/15/25)		25		25,236
State of New Jersey GO, Series A, 5.00%, 06/01/26		2,210		2,273,085

				7,269,892

New Mexico — 0.8%
New Mexico Finance Authority RB
5.00%, 06/01/26		200		206,305
5.00%, 06/15/26		615		634,713
Series A, 5.00%, 06/15/26		170		175,149
Series A, 5.00%, 06/15/26 (Call 06/15/24)		195		196,320


Security	Par (000)		Value

New Mexico (continued)
State of New Mexico GO, 5.00%, 03/01/26	$	675	$	693,670
State of New Mexico Severance Tax Permanent Fund RB, 5.00%, 07/01/26		770		793,761

				2,699,918

New York — 9.1%
City of New York, 5.00%, 08/01/26		1,000		1,032,215
City of New York NY GO
5.00%, 03/01/26		115		118,077
5.00%, 03/01/26 (Call 03/01/24)		225		225,574
5.00%, 08/01/26 (Call 08/01/24)		175		176,061
5.00%, 08/01/26 (Call 08/01/25)		100		101,780
5.00%, 09/01/26		40		41,333
5.00%, 10/01/26		365		377,585
Series A, 5.00%, 08/01/26		485		500,624
Series A-1, 5.00%, 08/01/26		630		650,296
Series B-1, 5.00%, 08/01/26		640		660,618
Series B-1, 5.00%, 12/01/28 (Call 12/01/26)		95		97,087
Series C, 5.00%, 08/01/26		875		903,189
Series C, 5.00%, 08/01/26 (Call 02/01/26)		235		238,905
Series C, 5.00%, 08/01/27 (Call 02/01/26)		180		182,875
Series C, 5.00%, 08/01/28 (Call 02/01/26)		165		167,565
Series J9, 5.00%, 08/01/27 (Call 08/01/26)		325		331,466
County of Nassau NY GOL, 5.00%, 04/01/26		145		149,445
Hudson Yards Infrastructure Corp. RB, Series A, 5.00%, 02/15/26		390		401,078
Long Island Power Authority RB
Series A, 5.00%, 09/01/26		40		41,388
Series B, 5.00%, 09/01/26		205		212,113
Metropolitan Transportation Authority RB
4.00%, 11/15/26		100		101,074
5.00%, 11/15/26		500		509,933
Series B, 5.00%, 11/15/26		430		438,542
Series B-2, 5.00%, 11/15/26		125		129,760
Series C-1, 5.00%, 11/15/26		725		739,288
New York City Municipal Water Finance Authority RB
Series BB-2, 5.00%, 06/15/26 (Call 12/15/24)		130		131,452
Series DD, 5.00%, 06/15/26		805		832,431
New York City Transitional Finance Authority Building Aid Revenue RB
5.00%, 07/15/26 (SAW)		420		433,284
5.00%, 07/15/26 (ETM) (SAW)		285		294,063
5.00%, 07/15/26 (Call 01/15/26) (SAW)		60		61,204
Series S1, 5.00%, 07/15/26 (SAW)		610		629,293
New York City Transitional Finance Authority Future Tax
Secured Revenue, 5.00%, 08/01/26		200		206,179
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.00%, 08/01/26		280		288,651
5.00%, 08/01/26 (Call 08/01/24)		130		130,740
5.00%, 11/01/26		1,820		1,882,259
5.00%, 08/01/27 (Call 08/01/26)		235		240,304
Series A-1, 5.00%, 11/01/26		360		372,315
Series C, 5.00%, 11/01/26		250		258,552
Series C, 5.00%, 11/01/26 (Call 05/01/24)		145		145,547
Series E1, 4.00%, 02/01/26		185		185,567
New York City Water & Sewer System RB
5.00%, 06/15/26		165		170,623
5.00%, 06/15/26 (PR 06/15/25)		365		372,186
Series GG-2, 5.00%, 06/15/26 (Call 12/15/24)		200		202,234
New York State Dormitory Authority, 5.00%, 10/01/26		180		187,013


Security	Par (000)		Value

New York (continued)
New York State Dormitory Authority RB
5.00%, 02/15/26	$	685	$	703,398
5.00%, 02/15/26 (ETM)		110		113,164
5.00%, 03/15/26		70		71,893
5.00%, 03/15/26 (ETM)		665		684,911
5.00%, 07/01/26		150		155,361
5.00%, 02/15/28 (Call 08/15/26)		195		199,250
Series A, 5.00%, 02/15/26 (PR 02/15/24)		130		130,455
Series A, 5.00%, 03/15/26		365		375,427
Series A, 5.00%, 03/15/26 (PR 03/15/24)		100		100,457
Series A, 5.00%, 10/01/26		295		306,494
Series A, 5.00%, 03/15/28 (Call 09/15/26)		835		855,395
Series A, 5.00%, 02/15/29 (Call 08/15/26)		430		439,258
Series A1, 4.00%, 10/01/26		115		116,326
Series B, 5.00%, 10/01/28 (Call 04/01/26)		130		134,002
Series C, 5.00%, 03/15/26		280		288,962
Series D, 5.00%, 02/15/27 (PR 08/15/26)		515		534,025
Series D, 5.00%, 02/15/28 (PR 08/15/26)		660		684,382
Series E, 5.00%, 03/15/26 (PR 09/15/25)		130		133,095
New York State Environmental Facilities Corp. RB
5.00%, 05/15/26 (Call 05/15/24)		105		105,582
5.00%, 06/15/26		335		346,839
Series D, 5.00%, 09/15/26 (Call 03/15/25)		250		253,484
Series E, 5.00%, 06/15/26		50		51,767
New York State Thruway Authority RB
5.00%, 01/01/27 (Call 01/01/26)		245		248,395
Series A, 5.00%, 01/01/26		125		127,792
Series A, 5.00%, 01/01/28 (Call 01/01/26)		150		151,769
Series A-1, 5.00%, 03/15/26		200		205,500
Series L, 5.00%, 01/01/26		50		51,252
New York State Urban Development Corp RB, 5.00%, 03/15/26		1,030		1,058,660
New York State Urban Development Corp. RB
4.00%, 03/15/26		130		130,744
5.00%, 03/15/26		315		323,806
Series A, 5.00%, 03/15/27 (PR 03/15/26)		325		333,913
Series A, 5.00%, 03/15/28 (PR 03/15/26)		820		843,425
Series E, 5.00%, 03/15/26		160		164,510
Port Authority of New York & New Jersey RB
4.00%, 12/01/26		85		85,694
5.00%, 07/15/26		100		103,241
5.00%, 09/01/26		110		113,757
5.00%, 09/01/26 (Call 09/01/24)		195		196,639
5.00%, 12/01/26		200		207,521
Series 189, 5.00%, 05/01/26 (Call 05/01/25)		165		167,495
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/26 (PR 10/15/24)		295		298,304
State of New York GO, 5.00%, 03/15/26		300		308,937
Triborough Bridge & Tunnel Authority RB
5.00%, 05/15/26		95		97,916
5.00%, 11/15/26		500		518,074
5.00%, 11/15/26 (Call 05/15/26)		275		282,021
Series B, 5.00%, 11/15/26		355		367,833
Series C-1, 5.00%, 11/15/26		390		404,098
Utility Debt Securitization Authority RB, Series A, 5.00%, 06/15/28 (Call 06/15/26)		300		307,233

				29,434,224

North Carolina — 2.1%
City of Charlotte NC GO
5.00%, 06/01/26		375		387,195
Series A, 5.00%, 06/01/26		100		103,252


Security	Par (000)		Value

North Carolina (continued)
City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/26 (Call 07/01/25)	$	135	$	137,320
City of Raleigh NC GO, 5.00%, 09/01/26		355		367,801
County of Buncombe NC RB, 5.00%, 06/01/26		80		82,482
County of Forsyth NC RB, Series A, 4.00%, 04/01/26		105		105,501
County of Mecklenburg NC GO, 5.00%, 03/01/26		100		102,901
County of Orange NC GO, 5.00%, 08/01/26		565		584,696
County of Union NC, 5.00%, 09/01/26		155		160,589
County of Wake NC, 5.00%, 12/01/26		185		192,066
County of Wake NC GO, 5.00%, 03/01/26		465		478,490
County of Wake NC RB, 5.00%, 03/01/26		210		215,856
North Carolina Capital Facilities Finance Agency RB, 5.00%, 10/01/26		230		238,510
North Carolina Municipal Power Agency No. 1 RB
Series A, 5.00%, 01/01/27 (Call 01/01/26)		200		203,346
Series A, 5.00%, 01/01/29 (Call 07/01/26)		125		127,194
State of North Carolina GO
5.00%, 06/01/27 (Call 06/01/26)		150		154,934
Series A, 5.00%, 06/01/26		425		438,821
Series A, 5.00%, 06/01/28 (Call 06/01/26)		165		170,216
Series C, 5.00%, 05/01/26		285		293,943
State of North Carolina RB
5.00%, 03/01/26		925		949,545
5.00%, 05/01/26		485		499,635
Series A, 5.00%, 05/01/26		255		262,695
Series B, 5.00%, 06/01/26		350		360,947
Town of Cary NC, 5.00%, 09/01/26		170		176,130

				6,794,065

Ohio — 2.3%
American Municipal Power Inc. RB, 5.00%, 02/15/26		500		510,238
City of Columbus OH GO
Series 2, 5.00%, 07/01/26		230		237,687
Series A, 4.00%, 08/15/26 (Call 08/15/25)		430		430,017
City of Columbus OH GOL, 5.00%, 04/01/26		125		128,744
County of Franklin OH GOL, 5.00%, 12/01/26 (Call 12/01/25)		65		66,441
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/26		230		237,136
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/26		145		150,068
Miami University/Oxford OH RB, 5.00%, 09/01/26		100		102,819
Ohio State University (The) RB, 5.00%, 12/01/26		135		139,877
Ohio Water Development Authority RB
5.00%, 06/01/26		140		144,344
5.00%, 12/01/26		130		134,927
5.00%, 12/01/27 (Call 12/01/26)		300		310,647
5.00%, 06/01/28 (Call 12/01/26)		140		144,804
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 06/01/26		1,020		1,051,648
5.00%, 06/01/26 (PR 12/01/25)		310		317,004
5.00%, 12/01/26		220		228,338
State of Ohio, 5.00%, 11/01/26		115		119,396
State of Ohio COP, 5.00%, 09/01/26		310		320,250
State of Ohio GO
5.00%, 06/15/26		440		454,437
5.00%, 09/15/26		200		207,272
Series A, 5.00%, 05/01/26		185		190,761
Series B, 4.00%, 09/01/26 (Call 03/01/24)		100		100,006
Series C, 5.00%, 08/01/26		145		150,016
Series S, 5.00%, 05/01/26		340		350,587


Security	Par (000)		Value

Ohio (continued)
Series S, 5.00%, 05/01/28 (Call 05/01/26)	$	120	$	123,433
Series U, 5.00%, 05/01/26		410		422,767
State of Ohio RB
5.00%, 12/15/28 (Call 06/15/26)		395		405,325
Series B, 5.00%, 10/01/26		110		113,762

				7,292,751

Oklahoma — 0.4%
Grand River Dam Authority RB
Series A, 5.00%, 06/01/26		335		343,651
Series A, 5.00%, 06/01/28 (Call 12/01/26)		150		154,125
Oklahoma State University RB, 5.00%, 09/01/26		250		257,588
Oklahoma Turnpike Authority RB, 5.00%, 01/01/26		245		250,932
Oklahoma Water Resources Board RB, 5.00%, 04/01/27 (Call 04/01/26)		175		179,736

				1,186,032

Oregon — 2.1%
City of Portland OR GOL, Series B, 5.00%, 06/15/26		195		201,398
City of Portland OR Sewer System Revenue RB
5.00%, 03/01/26		430		441,894
5.00%, 05/01/26		380		391,375
Series A, 5.00%, 05/01/27 (Call 05/01/26)		225		231,356
Series B, 5.00%, 10/01/26 (Call 10/01/24)		145		146,511
City of Portland Sewer System Revenue, 5.00%, 03/01/26		220		226,085
County of Multnomah OR GOL, 5.00%, 06/01/26		200		206,206
Multnomah County School District No. 1 Portland/OR GO, 5.00%, 06/15/26 (GTD)		445		459,040
Oregon State Lottery RB
5.00%, 04/01/26 (Call 04/01/24)		325		326,583
Series C, 5.00%, 04/01/26 (Call 04/01/25) (MO)		675		685,647
Portland Community College District GO
5.00%, 06/15/26		150		154,619
5.00%, 06/15/28 (Call 06/15/26)		245		252,143
Salem-Keizer School District No. 24J GO, Series B, 5.00%, 06/15/26 (GTD)		350		361,042
State of Oregon, 5.00%, 06/01/26		165		170,325
State of Oregon Department of Transportation RB
5.00%, 11/15/26		160		165,970
Series B, 5.00%, 11/15/26		180		186,716
State of Oregon GO
5.00%, 05/01/26		775		799,132
5.00%, 08/01/26		1,055		1,091,497
5.00%, 08/01/26 (Call 08/01/25)		125		127,415
Series C, 5.00%, 06/01/26		65		67,098
Series O, 5.00%, 08/01/26 (PR 08/01/25)		70		71,439

				6,763,491

Pennsylvania — 2.8%
City of Philadelphia PA GO, Series A, 5.00%, 08/01/26		430		441,139
Commonwealth of Pennsylvania GO
5.00%, 02/01/26		950		975,019
5.00%, 03/01/26		590		606,186
5.00%, 07/15/26		180		185,834
First Series, 5.00%, 03/15/26 (Call 03/15/25)		230		232,814
First Series, 5.00%, 09/15/26		625		646,688
First Series, 5.00%, 09/15/27 (Call 09/15/26)		255		262,063
First Series 2020, 5.00%, 05/01/26		65		66,930
Second Series, 5.00%, 09/15/26		490		507,003
Second Series, 5.00%, 09/15/28 (Call 09/15/26)		670		689,108
County of Bucks PA GO, 5.00%, 06/01/26		250		258,068


Security	Par (000)		Value

Pennsylvania (continued)
County of Chester PA GO, Series A, 4.00%, 07/15/27 (Call 07/15/26)	$	280	$	282,060
Delaware River Port Authority RB, Series B, 5.00%, 01/01/26		310		317,117
Pennsylvania State University (The), 5.00%, 09/01/26		240		248,458
Pennsylvania State University (The) RB, 5.00%, 03/01/26		670		690,042
Pennsylvania Turnpike Commission RB
5.00%, 06/01/26		700		717,213
5.00%, 12/01/26		385		397,243
Series A 1, 5.00%, 12/01/26		150		155,198
Series A-1, 5.00%, 12/01/26 (Call 06/01/25)		265		269,701
Series A-2, 5.00%, 12/01/26		350		362,130
School District of Philadelphia (The) GOL, Series A, 5.00%, 09/01/26 (SAW)		100		102,469
University of Pittsburgh-of the Commonwealth System of Higher Education RB, 4.00%, 04/15/26 (Call 02/15/26).		615		617,540

				9,030,023

Rhode Island — 0.4%
Rhode Island Commerce Corp. RB, Series A, 5.00%, 06/15/26		155		158,916
Rhode Island Health and Educational Building Corp. RB, 5.00%, 09/01/26		105		108,557
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB
5.00%, 10/01/26		150		155,382
5.00%, 10/01/26 (Call 10/01/25)		635		649,793
State of Rhode Island GO
5.00%, 01/15/26		215		220,493
5.00%, 05/01/26		125		128,682

				1,421,823

South Carolina — 0.8%
City of Charleston SC Waterworks & Sewer System Revenue RB, 5.00%, 01/01/26		200		205,303
Greenville County School District RB, 5.00%, 12/01/26		1,000		1,033,774
Horry County School District/SC GO, 5.00%, 03/01/26 (Call 03/01/25) (SCSDE)		645		653,684
South Carolina Public Service Authority RB, 5.00%, 12/01/26		200		203,841
State of South Carolina, 5.00%, 04/01/26 (SAW)		600		617,831

				2,714,433

Tennessee — 2.1%
City of Knoxville TN Electric System Revenue RB, Series HH, 5.00%, 07/01/26		230		237,097
City of Memphis TN GO, Series A, 5.00%, 04/01/26 (Call 04/01/25)		450		456,481
County of Blount TN Go, Series B, 5.00%, 06/01/26		185		190,648
County of Blount TN GO
5.00%, 06/01/28 (Call 06/01/26)		215		220,997
Series B, 5.00%, 06/01/27 (Call 06/01/26)		160		164,270
County of Montgomery TN GO, 5.00%, 04/01/26		280		288,125
County of Shelby TN GO, 5.00%, 04/01/26		290		298,483
County of Williamson TN, 5.00%, 04/01/26		165		169,981
County of Williamson TN GO, 5.00%, 04/01/26		125		128,773
County of Wilson TN, 5.00%, 04/01/26		190		195,514
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series B, 5.00%, 05/15/26		520		535,197


Security	Par (000)		Value

Tennessee (continued)
Metropolitan Government of Nashville & Davidson
County TN GO
4.00%, 01/01/28 (Call 07/01/26)	$	250	$	248,974
5.00%, 01/01/26		165		169,202
5.00%, 01/01/27 (Call 07/01/26)		235		241,286
Series C, 5.00%, 01/01/26		200		205,094
Metropolitan Government of Nashville & Davidson
County TN Water & Sewer Revenue RB, Series B, 5.00%, 07/01/26		465		479,349
State of Tennessee GO
5.00%, 08/01/26		260		268,995
Series A, 5.00%, 08/01/26		165		170,708
Series A, 5.00%, 11/01/26		60		62,294
Series A, 5.00%, 08/01/27 (Call 08/01/26)		110		113,871
Series A, 5.00%, 08/01/28 (Call 08/01/26)		225		232,578
Series B, 5.00%, 08/01/27 (Call 08/01/26)		520		538,302
Tennessee State School Bond Authority RB
5.00%, 11/01/26 (ST INTERCEPT)		640		663,179
Series B, 5.00%, 11/01/26		445		461,116

				6,740,514

Texas — 10.5%
Alamo Community College District, 5.00%, 02/15/26		500		512,987
Aldine Independent School District GO, 5.00%, 02/15/26 (PSF)		75		76,849
Allen Independent School District GO
5.00%, 02/15/26 (PSF)		120		122,932
5.00%, 02/15/27 (Call 02/15/26) (PSF)		100		102,768
Alvin Independent School District/TX GO, 5.00%, 02/15/27 (Call 02/15/26) (PSF)		305		312,633
Austin Community College District Public Facility Corp. RB, 5.00%, 08/01/26 (Call 08/01/25)		65		65,871
Austin Independent School District GO
5.00%, 08/01/26		150		154,753
5.00%, 08/01/26 (PSF)		820		845,768
5.00%, 08/01/28 (Call 08/01/26) (PSF)		95		97,716
Series C, 5.00%, 08/01/26		450		464,260
Board of Regents of the University of Texas System, Series C, 5.00%, 08/15/26		375		386,676
Board of Regents of the University of Texas System RB
5.00%, 08/15/26 (Call 08/15/24)		175		176,690
5.00%, 08/15/27 (Call 08/15/26)		235		243,652
5.00%, 08/15/28 (Call 08/15/26)		120		123,807
Series J, 5.00%, 08/15/26		500		515,568
City of Austin TX Electric Utility Revenue RB, 5.00%, 11/15/26 (Call 11/15/25)		200		203,545
City of Austin TX GOL
5.00%, 09/01/26		185		191,268
5.00%, 09/01/26 (Call 09/01/25)		200		203,285
5.00%, 09/01/28 (Call 09/01/26)		250		257,194
City of Austin TX RB, 5.00%, 09/01/26		220		227,454
City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/26		585		605,467
City of Dallas TX Waterworks & Sewer System Revenue RB
5.00%, 10/01/26		100		103,002
Series A, 5.00%, 10/01/27 (Call 10/01/26)		170		174,730
City of Fort Worth TX GOL, 5.00%, 03/01/26		145		148,945
City of Fort Worth TX Water & Sewer System Revenue RB
5.00%, 02/15/26 (Call 02/15/25)		120		121,606
Series A, 5.00%, 02/15/26		230		235,872


Security	Par (000)		Value

Texas (continued)
City of Houston TX Airport System Revenue RB, 5.00%, 07/01/26	$	165	$	169,754
City of Houston TX Combined Utility System Revenue RB
5.00%, 11/15/26		135		139,723
Series B, 5.00%, 11/15/28 (Call 11/15/26)		100		102,741
Series C, 5.00%, 05/15/26 (Call 05/15/24)		840		843,901
Series D, 5.00%, 11/15/26 (Call 11/15/24)		50		50,464
City of Houston TX GOL, Series A, 5.00%, 03/01/26 (Call 03/01/24)		115		115,273
City of Plano TX GOL, 5.00%, 09/01/26		35		36,138
City of San Antonio TX Electric & Gas Systems Revenue RB
5.00%, 02/01/26 (Call 02/01/24)		225		225,537
Series A, 5.00%, 02/01/26		265		271,175
City of San Antonio TX GOL
5.00%, 02/01/26 (Call 02/01/25)		200		202,879
5.00%, 08/01/26		480		494,830
Clear Creek Independent School District GO
Series A, 5.00%, 02/15/26 (Call 02/15/25) (PSF)		60		60,808
Series D, 5.00%, 02/15/26 (Call 02/15/24) (PSF)		70		70,165
Conroe Independent School District GO, 5.00%, 02/15/26 (PSF)		370		379,365
County of Bexar TX GOL
5.00%, 06/15/26 (PR 06/15/24)		90		90,663
5.00%, 06/15/29 (PR 06/15/26)		250		257,614
5.00%, 06/15/32 (PR 06/15/26)		245		251,230
County of Fort Bend TX GOL, Series B, 5.00%, 03/01/28 (Call 03/01/26)		120		122,476
County of Harris TX GO, Series A, 5.00%, 10/01/26		120		124,037
County of Harris TX RB, 5.00%, 08/15/26 (Call 08/15/25)		695		704,872
Crowley Independent School District GO, Series A, 5.00%, 08/01/26 (Call 08/01/25) (PSF)		75		76,189
Cypress-Fairbanks Independent School District GO
5.00%, 02/15/26 (PSF)		585		600,324
5.00%, 02/15/27 (Call 02/15/26) (PSF)		935		961,083
Dallas Area Rapid Transit RB
5.00%, 12/01/26		205		212,105
Series A, 5.00%, 12/01/26 (PR 12/01/24)		60		60,605
Series B, 5.00%, 12/01/28 (Call 12/01/26)		210		217,437
Dallas College GO, 5.00%, 02/15/26		115		117,936
Dallas Fort Worth International Airport RB
5.00%, 11/01/26		160		165,290
Series A, 5.00%, 11/01/26		200		206,612
Dallas Independent School District GO, 5.00%, 02/15/26 (PSF)		550		564,650
Denton Independent School District GO, 5.00%, 08/15/27 (Call 02/15/26) (PSF)		295		302,448
Keller Independent School District/TX GO
5.00%, 02/15/26 (Call 02/15/25) (PSF)		80		81,047
5.00%, 02/15/26 (PR 02/15/25) (PSF)		70		70,970
Klein Independent School District GO, 5.00%, 08/01/26 (PSF)		300		309,823
Leander Independent School District GO
5.00%, 08/15/28 (Call 02/15/26) (PSF)		100		102,569
Series A, 5.00%, 08/15/27 (Call 08/15/26) (PSF)		195		200,562
Series C, 5.00%, 08/15/26 (PSF)		435		449,125
Lewisville Independent School District GO
4.00%, 08/15/26 (Call 08/15/25) (PSF)		280		277,739
5.00%, 08/15/26 (PSF)		140		144,546
5.00%, 08/15/26 (Call 08/15/25) (PSF)		145		147,474


Security	Par (000)		Value

Texas (continued)
Lone Star College System GOL, 5.00%, 02/15/28 (Call 02/15/26)	$	395	$	403,929
Lower Colorado River Authority RB
5.00%, 05/15/26		245		250,434
5.00%, 05/15/26 (Call 05/15/24)		140		140,333
Series B, 5.00%, 05/15/26 (Call 05/15/25)		190		191,401
Mansfield Independent School District GO, Series B, 5.00%, 02/15/26 (PSF)		145		148,926
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB
5.00%, 11/01/27 (Call 11/01/26)		230		237,275
5.00%, 11/01/28 (Call 11/01/26)		215		221,923
Series B, 5.00%, 11/01/26 (Call 11/01/25)		270		275,160
North East Independent School District/TX GO, 4.00%, 08/01/27 (Call 08/01/26) (PSF)		150		149,321
North Texas Municipal Water District RB, 5.00%, 06/01/28 (Call 06/01/26)		200		205,779
North Texas Municipal Water District Upper East Fork Wastewater Interceptor Sys RB, 5.00%, 06/01/26		125		128,599
North Texas Municipal Water District Water System Revenue, 5.00%, 09/01/26		330		340,553
North Texas Tollway Authority RB
5.00%, 01/01/26		290		296,114
5.00%, 01/01/26 (Call 01/01/25)		295		296,472
5.00%, 01/01/28 (Call 01/01/26)		310		314,566
Series A, 5.00%, 01/01/26		55		56,274
Series A, 5.00%, 01/01/27 (Call 01/01/26)		130		132,719
Series A, 5.00%, 01/01/28 (Call 01/01/26)		445		454,170
Series B, 5.00%, 01/01/26 (Call 01/01/25)		140		141,191
Series B, 5.00%, 01/01/27 (Call 01/01/26)		210		213,245
Series B, 5.00%, 01/01/29 (Call 01/01/26)		210		212,944
Northside Independent School District GO, 4.00%, 08/15/26 (PSF)		190		190,442
Northside Independent School District RB, 5.00%, 08/15/26 (Call 08/15/25)		130		132,173
Northwest Independent School District GO, 5.00%, 02/15/29 (PR 02/15/26) (PSF)		230		235,752
Permanent University Fund - Texas A&M University System RB, Series A, 5.50%, 07/01/26 (Call 07/01/25)		235		241,759
Permanent University Fund - University of Texas System RB, 5.00%, 07/01/26 (Call 07/01/25)		430		437,747
Plano Independent School District GO
Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF)		150		154,019
Series A, 5.00%, 02/15/29 (Call 02/15/26)		100		102,679
Round Rock Independent School District GO
5.00%, 08/01/26		150		154,872
5.00%, 08/01/26 (PSF)		130		134,428
San Antonio Independent School District/TX GO, 5.00%, 08/15/26 (PSF)		280		289,167
San Antonio Water System, 5.00%, 05/15/27 (Call 11/15/26)		190		196,193
San Jacinto Community College District, 5.00%, 02/15/26 (Call 02/15/25)		185		186,563
Spring Branch Independent School District GO, 5.00%, 02/01/26 (PSF)		100		102,655
State of Texas GO
5.00%, 04/01/26		580		595,617
5.00%, 08/01/26		85		87,649
5.00%, 10/01/26		360		372,011
Series A, 5.00%, 04/01/27 (Call 04/01/26)		20		20,481
Series B-1, 5.00%, 08/01/27 (Call 08/01/26)		360		370,010


Security	Par (000)		Value

Texas (continued)
State of Texas GOL, 5.00%, 08/01/26 (Call 08/01/25)	$	100	$	101,687
Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 11/15/52 (Put 05/15/26)		500		507,956
Texas A&M University RB
4.00%, 05/15/27 (Call 05/15/26)		155		154,907
4.00%, 05/15/28 (Call 05/15/26)		300		299,541
Series C, 5.00%, 05/15/26		565		582,478
Series E, 4.00%, 05/15/27 (Call 05/15/26)		180		179,305
Texas State Technical College RB, 5.00%, 08/01/26 (AGM)		300		308,007
Texas State University System RB, Series A, 5.00%, 03/15/26		1,005		1,030,343
Texas Transportation Commission State Highway Fund RB
5.25%, 04/01/26		270		278,812
First Series, 5.00%, 10/01/26		1,295		1,338,205
Series A, 5.00%, 10/01/26		555		573,517
Texas Water Development Board RB
5.00%, 04/15/26		840		864,831
5.00%, 04/15/26 (Call 10/15/25)		205		209,369
5.00%, 08/01/26		355		366,905
Series A, 5.00%, 10/15/26		280		290,203
Series B, 5.00%, 04/15/26		230		236,799
Series B, 5.00%, 10/15/26		445		461,216
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/26		740		763,840

				34,020,943

Utah — 1.5%
Alpine School District/UT GO, 5.00%, 03/15/26 (GTD)		735		756,053
Central Utah Water Conservancy District, 5.00%, 04/01/26		340		349,787
County of Salt Lake Option Sales & Use Tax Revenue, 5.00%, 02/01/26		125		128,455
County of Salt Lake UT Excise Tax Revenue RB, 5.00%, 08/15/26		140		144,921
Intermountain Power Agency RB, Series A, 5.00%, 07/01/26		95		97,932
Metropolitan Water District of Salt Lake & Sandy, 5.00%, 07/01/26 (Call 01/01/26)		325		332,484
Park City School District GO, 5.00%, 02/01/26 (GTD)		100		102,764
Provo School District GO, 5.00%, 06/15/26 (Call 12/15/25) (GTD)		55		56,233
State of Utah GO
5.00%, 07/01/26		1,135		1,174,394
Series B, 5.00%, 07/01/26		630		651,866
University of Utah (The), 5.00%, 08/01/26		195		201,025
University of Utah (The) RB
5.00%, 08/01/26		405		417,513
5.00%, 08/01/28 (Call 08/01/26)		255		263,012
Series B-1, 5.00%, 08/01/26 (SAP)		150		154,634
Utah Transit Authority RB, Series A, 5.00%, 06/15/26 (PR 06/15/25)		65		66,239

				4,897,312

Vermont — 0.0%
Vermont Municipal Bond Bank RB, Series 4, 5.00%, 12/01/26		100		103,583


Virginia — 3.6%
City of Chesapeake VA GO, 5.00%, 08/01/26 (SAW)		120		124,088
City of Falls Church VA GO, Series B, 5.00%, 07/15/27 (Call 07/15/26)		175		180,503


Security	Par (000)		Value

Virginia (continued)
City of Newport News VA GO, Series A, 4.00%, 08/01/26	$	190	$	191,108
City of Norfolk VA GO, Series B, 4.00%, 10/01/28 (Call 10/01/26)		185		185,922
City of Richmond VA GO, Series D, 5.00%, 03/01/26 (SAW)		110		113,142
City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/27 (Call 01/15/26)		275		281,217
City of Suffolk VA GO
5.00%, 02/01/26		80		82,246
5.00%, 02/01/26 (PR 02/01/25) (SAW)		225		228,301
Commonwealth of Virginia, 5.00%, 06/01/26		125		129,065
Commonwealth of Virginia GO, 5.00%, 06/01/26		55		56,789
County of Arlington VA GO
5.00%, 08/15/26		135		139,745
Series A, 5.00%, 08/15/30 (PR 08/15/26)		160		165,438
County of Chesterfield VA GO, Series B, 5.00%, 01/01/26		185		189,867
County of Fairfax VA GO
5.00%, 10/01/35 (PR 04/01/26) (SAW)		135		138,918
Series A, 4.00%, 10/01/26		120		121,019
Series A, 4.00%, 10/01/26 (Call 04/01/26) (SAW)		160		160,789
County of Fairfax VA Sewer Revenue RB, 5.00%, 07/15/26		370		382,569
County of Henrico VA GO
5.00%, 08/01/26		100		103,459
5.00%, 08/01/26 (SAW)		100		103,459
County of Loudoun VA GO
5.00%, 12/01/26 (SAW)		300		311,813
Series A, 5.00%, 12/01/26		165		171,497
Series A, 5.00%, 12/01/26 (Call 12/01/25)		195		199,913
Hampton Roads Sanitation District RB
5.00%, 08/01/27 (Call 08/01/26)		60		62,012
Series A, 5.00%, 08/01/37 (PR 08/01/26)		1,500		1,548,323
Prince William County Industrial Development Authority
RB, 5.00%, 10/01/26		105		108,738
Virginia College Building Authority RB
5.00%, 02/01/26		375		384,550
5.00%, 02/01/29 (Call 02/01/26)		150		153,560
5.00%, 09/01/29 (PR 09/01/26) (ST INTERCEPT)		15		15,480
Series A, 5.00%, 02/01/26		185		189,711
Series A, 5.00%, 09/01/27 (Call 09/01/26) (ST INTERCEPT)		330		342,229
Series B, 5.00%, 09/01/26 (Call 09/01/25)		75		76,702
Series E, 5.00%, 02/01/26		175		179,457
Virginia Commonwealth Transportation Board RB
5.00%, 05/15/26 (Call 05/15/24)		100		100,702
5.00%, 09/15/26		280		289,640
5.00%, 09/15/27 (Call 09/15/26)		315		325,366
Series A, 5.00%, 05/15/26		300		308,987
Virginia Public Building Authority RB
5.00%, 08/01/27 (Call 08/01/26)		500		516,899
Series A, 5.00%, 08/01/26		655		676,793
Series B, 5.00%, 08/01/26		215		222,153
Series C, 4.00%, 08/01/26 (Call 08/01/24)		120		120,068
Virginia Public School Authority, 5.00%, 08/01/26		135		139,527
Virginia Public School Authority RB
5.00%, 08/01/26 (SAW)		240		248,049
Series B, 5.00%, 08/01/26		245		253,217
Virginia Resources Authority RB
5.00%, 11/01/26		550		570,647
5.00%, 11/01/26 (Call 11/01/25)		215		219,565


Security	Par (000)		Value

Virginia (continued)
5.00%, 11/01/27 (Call 11/01/26)	$	275	$	285,751
Series A, 5.00%, 11/01/26		420		435,815

				11,534,808

Washington — 4.6%
Cascade Water Alliance, 5.00%, 09/01/26		325		336,188
Central Puget Sound Regional Transit Authority RB
Series S-1, 5.00%, 11/01/26		330		342,141
Series S-1, 5.00%, 11/01/26 (PR 11/01/25)		70		71,581
City of Seattle Municipal Light & Power Revenue, 5.00%, 02/01/26		280		287,313
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 07/01/26		230		237,274
City of Seattle WA GOL
4.00%, 09/01/26		340		342,651
4.00%, 04/01/28 (Call 04/01/26)		80		80,229
Series A, 5.00%, 06/01/26 (Call 06/01/25)		285		289,974
City of Seattle WA Municipal Light & Power Revenue RB
4.00%, 10/01/27 (Call 10/01/26)		110		110,171
Series B, 5.00%, 04/01/26		340		349,629
Series B, 5.00%, 04/01/27 (Call 04/01/26)		260		267,020
Series B, 5.00%, 04/01/28 (Call 04/01/26)		230		236,210
City of Seattle WA Water System Revenue RB, 5.00%, 08/01/26		160		165,239
City of Spokane WA GO, 5.00%, 12/01/26		160		165,969
Clark County School District No. 37 Vancouver GO, 5.00%, 12/01/26 (GTD)		175		181,374
County of King WA GOL, 5.00%, 07/01/26 (Call 01/01/25)		220		222,884
County of King WA Sewer Revenue RB
5.00%, 07/01/26		200		206,428
Series B, 5.00%, 07/01/26		530		547,034
County of Pierce WA GOL, Series A, 5.00%, 07/01/26		110		113,620
County of Snohomish WA GOL, 5.00%, 12/01/26		215		222,958
County of Spokane WA GOL, 5.00%, 12/01/26		60		62,221
Energy Northwest RB
5.00%, 07/01/26 (Call 07/01/25)		635		646,406
Series A, 5.00%, 07/01/26		1,655		1,707,992
Series A, 5.00%, 07/01/27 (Call 07/01/26)		175		180,235
Series C-1, 5.00%, 07/01/26 (Call 07/01/24)		365		367,552
King County School District No. 401 Highline GO, 5.00%, 12/01/28 (Call 12/01/26) (GTD)		350		362,009
King County School District No. 414 Lake Washington GO, 4.00%, 12/01/26 (Call 06/01/26) (GTD)		455		456,282
Pierce County School District No 10 Tacoma GO, 5.00%, 12/01/26 (Call 12/01/25) (GTD)		170		173,769
Pierce County School District No. 402 Franklin Pierce GO, 5.00%, 12/01/27 (Call 12/01/26) (GTD)		100		103,461
Port of Seattle WA RB
5.00%, 02/01/26		530		541,776
5.00%, 06/01/26		80		82,284
5.00%, 08/01/26		455		468,938
State of Washington, 5.00%, 07/01/26		485		500,588
State of Washington GO
0.00%, 06/01/26 (AMBAC)^(b)		100		90,476
5.00%, 01/01/26		115		117,929
5.00%, 07/01/26 (Call 01/01/26)		570		583,186
5.00%, 08/01/26		890		919,612
5.00%, 08/01/26 (Call 08/01/25)		200		203,644
5.00%, 08/01/27 (Call 08/01/26)		155		159,595
Series 2020-A, 5.00%, 08/01/26		315		325,481
Series B, 5.00%, 02/01/26 (Call 02/01/25)		665		673,438


Security	Par (000)		Value

Washington (continued)
Series B, 5.00%, 08/01/28 (Call 08/01/26)	$	285	$	293,299
Series C, 5.00%, 02/01/26		85		87,257
Series R, 5.00%, 08/01/27 (Call 08/01/26)		45		46,334
Series R, 5.00%, 08/01/28 (Call 08/01/26)		295		303,590
Series R-2018-C, 5.00%, 08/01/26		105		108,494
Series-R-2020D, 5.00%, 07/01/26		155		159,982
University of Washington RB
Series A, 5.00%, 12/01/26		225		232,665
Series A, 5.00%, 12/01/28 (Call 12/01/26)		140		144,175

				14,878,557

West Virginia — 0.4%
School Building Authority of West Virginia RB, Series A, 5.00%, 07/01/26 (Call 07/01/24)		145		146,042
State of West Virginia GO
5.00%, 06/01/26		150		154,580
5.00%, 12/01/26		270		280,073
Series A, 0.00%, 11/01/26 (NPFGC)^(b)		100		88,724
Series B, 5.00%, 12/01/26		210		217,835
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/26		255		262,326
West Virginia Parkways Authority RB, 5.00%, 06/01/26		155		159,156

				1,308,736

Wisconsin — 1.9%
State of Wisconsin Environmental Improvement Fund Revenue RB
5.00%, 06/01/26		105		108,310
5.00%, 06/01/26 (Call 06/01/25)		50		50,850
Series A, 5.00%, 06/01/26		380		391,979
State of Wisconsin GO
4.00%, 05/01/26 (Call 05/01/24)		150		150,063
5.00%, 11/01/26		640		664,099
Series 1, 4.00%, 11/01/26 (Call 05/01/25)		340		340,528
Series 1, 5.00%, 05/01/26		115		118,609
Series 1, 5.00%, 11/01/26 (Call 05/01/25)		545		555,466
Series 2, 4.00%, 11/01/27 (Call 05/01/26)		190		190,794
Series 2, 5.00%, 11/01/26		580		601,839
Series 3, 5.00%, 11/01/26		115		119,330
Series 4, 5.00%, 05/01/26 (Call 11/01/24)		350		353,884
State of Wisconsin RB
Series A, 5.00%, 05/01/26		650		669,614
Series B, 5.00%, 05/01/28 (PR 05/01/26)		235		241,526
Wisconsin Department of Transportation RB
5.00%, 07/01/26		340		351,102
5.00%, 07/01/27 (Call 07/01/26)		300		307,980
5.00%, 07/01/28 (Call 07/01/26)		145		148,783
Series 1, 5.00%, 07/01/26 (Call 07/01/25)		300		305,211
Series 2, 5.00%, 07/01/26		260		268,490
WPPI Energy RB, Series A, 5.00%, 07/01/26 (Call 07/01/24)		35		35,144

				5,973,601


Total Long-Term Investments — 98.3% (Cost: $331,750,166)				317,849,399


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Liquidity Funds: MuniCash, 3.82%^(c)(d)		550,785	$	550,785


Total Short-Term Securities — 0.2% (Cost: $550,771)				550,785


Total Investments — 98.5% (Cost: $332,300,937)				318,400,184

Other Assets Less Liabilities — 1.5%				4,832,869


Net Assets — 100.0%			$	323,233,053

^(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.


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 2.0%
Alabama Federal Aid Highway Finance Authority RB
5.00%, 09/01/35 (Call 09/01/27)	$	1,000	$	1,045,103
Series A, 5.00%, 09/01/27		360		376,237
Series A, 5.00%, 09/01/29 (Call 09/01/27)		180		188,119
Series A, 5.00%, 06/01/37 (Call 09/01/27)		130		135,863
Alabama Highway Finance Corp. RB, 5.00%, 08/01/27		425		442,030
Alabama Public School and College Authority RB,
Series A, 5.00%, 11/01/27		1,020		1,070,679
City of Auburn AL GOL, 5.00%, 05/01/27 (Call 05/01/25)		130		131,857
City of Huntsville AL GO, 5.00%, 09/01/27		150		157,421
City of Huntsville AL GOL
5.00%, 05/01/27 (Call 05/01/26)		185		190,654
5.00%, 11/01/27 (Call 05/01/27)		355		370,925
5.00%, 05/01/30 (Call 11/01/27)		125		130,195
Series A, 5.00%, 05/01/28 (Call 11/01/27)		75		78,661
State of Alabama GO
5.00%, 11/01/27		170		177,996
Series C, 5.00%, 08/01/27 (Call 08/01/26)		370		382,044
University of Alabama (The), 5.00%, 07/01/27		405		422,784
Water Works Board of the City of Birmingham (The) RB
5.00%, 01/01/30 (Call 01/01/27)		205		212,751
Series B, 5.00%, 01/01/32 (Call 01/01/27)		200		207,562
Series B, 5.00%, 01/01/43 (Call 01/01/27)		250		259,453

				5,980,334

Alaska — 0.1%
State of Alaska GO, 5.00%, 08/01/27		195		203,506


Arizona — 1.9%
Arizona Board of Regents RB, 5.00%, 07/01/27		200		208,713
Arizona Department of Transportation State Highway Fund Revenue, 5.00%, 07/01/27 (Call 07/01/26)		825		851,372
Arizona State University RB
5.00%, 07/01/27		210		219,148
Series B, 5.00%, 07/01/30 (Call 07/01/27)		185		191,544
Arizona Transportation Board, 5.00%, 07/01/27		180		188,093
City of Chandler AZ GOL, 5.00%, 07/01/27		380		397,482
City of Phoenix AZ GO, 5.00%, 07/01/27 (Call 07/01/26)		495		510,442
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/27		250		261,405
5.00%, 07/01/27 (Call 07/01/25)		400		404,546
5.00%, 07/01/27 (Call 07/01/26)		355		365,803
Series D, 5.00%, 07/01/29 (Call 07/01/27)		300		309,531
Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/28 (Call 07/01/27)		40		41,729
Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 07/01/27		195		203,631
Salt River Project Agricultural Improvement & Power District, 5.00%, 01/01/27		540		561,072
Salt River Project Agricultural Improvement & Power District RB
5.00%, 01/01/27		105		109,097
Series A, 5.00%, 01/01/27		310		322,097
Series A, 5.00%, 01/01/29 (Call 01/01/27)		320		332,405
State of Arizona COP, Series A, 5.00%, 10/01/27		115		119,893

				5,598,003

California — 12.9%
91 Express Lanes Toll Road, 5.00%, 08/15/27		100		105,281


Security	Par (000)		Value

California (continued)
Anaheim Housing & Public Improvements Authority RB, 5.00%, 10/01/27	$	215	$	226,787
Bay Area Toll Authority RB, 4.00%, 04/01/29 (Call 04/01/27)		1,470		1,473,840
California Health Facilities Financing Authority RB, 5.00%, 11/01/27		780		826,495
California Infrastructure & Economic Development Bank RB
5.00%, 10/01/27 (Call 04/01/27)		110		115,558
5.00%, 10/01/28 (Call 04/01/27)		350		367,312
5.00%, 10/01/29 (Call 04/01/27)		100		104,873
California State Public Works Board RB
5.00%, 10/01/27		120		126,175
5.00%, 10/01/27 (ETM)		10		10,552
5.00%, 09/01/29 (Call 09/01/27)		290		303,642
5.00%, 10/01/30 (Call 10/01/27)		155		162,412
Series C, 5.00%, 03/01/28 (Call 03/01/27)		320		333,301
California State University RB
5.00%, 11/01/29 (Call 05/01/27)		370		387,061
Series A, 5.00%, 11/01/27 (Call 11/01/25)		100		102,591
Series A, 5.00%, 11/01/27 (Call 05/01/26)		585		605,060
Series A, 5.00%, 11/01/30 (Call 05/01/27)		220		229,740
Carlsbad Unified School District GO, 5.00%, 08/01/27 (Call 08/01/26)		200		207,158
City of Foster City CA GO, 4.00%, 08/01/30 (Call 08/01/27)		120		121,551
City of Los Angeles CA Wastewater System Revenue RB, Series B, 5.00%, 06/01/27		415		436,459
City of Los Angeles Department of Airports RB
5.00%, 05/15/27		590		618,496
5.00%, 05/15/27 (ETM)		110		115,414
City of Los Angeles Solid Waste Resources Revenue RB, 5.00%, 02/01/27		150		157,196
City of San Francisco CA Public Utilities Commission Water Revenue RB
5.00%, 11/01/27		160		169,415
5.00%, 11/01/27 (Call 05/01/25)		125		127,633
5.00%, 11/01/27 (Call 11/01/26)		250		260,779
Series D, 5.00%, 11/01/30 (Call 11/01/27)		355		373,617
Coast Community College District GO, Series D, 5.00%, 08/01/28 (Call 08/01/27)		160		168,353
Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/27 (Call 03/01/25)		345		351,448
Contra Costa Transportation Authority Sales Tax Revenue RB, 5.00%, 03/01/27		190		199,250
County of Santa Clara CA, 5.00%, 08/01/27		170		179,424
County of Santa Clara CA GO, 5.00%, 08/01/29 (Call 08/01/27)		125		131,755
East Bay Municipal Utility District Wastewater System Revenue RB, Series A, 5.00%, 06/01/28 (Call 06/01/27)		130		137,093
East Bay Municipal Utility District Water System
Revenue RB
5.00%, 06/01/27		35		36,846
5.00%, 06/01/28 (Call 06/01/27)		85		89,638
Series A, 5.00%, 06/01/27 (Call 06/01/25)		155		158,437
Series B, 5.00%, 06/01/27		65		68,428
El Camino Community College District Foundation GO, 0.00%, 08/01/27^(a)		200		172,099
Foothill-De Anza Community College District, 0.00%, 08/01/27 (NPFGC)^(a)		415		358,948


Security	Par (000)		Value

California (continued)
Fremont Union High School District GO, 5.00%, 08/01/29 (Call 08/01/27)	$	75	$	79,161
Los Angeles Community College District/CA GO
4.00%, 08/01/30 (Call 08/01/27)		120		121,551
5.00%, 08/01/27		320		337,971
Series J, 5.00%, 08/01/28 (Call 08/01/27)		190		200,364
Los Angeles County Metropolitan Transportation Authority RB
5.00%, 07/01/30 (Call 07/01/27)		240		252,364
Series A, 5.00%, 06/01/27		1,105		1,164,423
Series A, 5.00%, 07/01/29 (Call 07/01/27)		255		268,245
Los Angeles County Metropolitan Transportation
Authority Sales Tax Revenue RB
4.00%, 07/01/27 (Call 07/01/25)		125		125,757
5.00%, 07/01/27		255		269,061
Los Angeles Department of Water & Power RB
5.00%, 07/01/27		645		679,428
5.00%, 07/01/30 (Call 01/01/27)		100		103,787
Los Angeles Department of Water & Power System
Revenue RB, Series C, 5.00%, 07/01/28
(Call 07/01/27)		295		308,837
Los Angeles Department of Water & Power Water
System Revenue RB, 5.00%, 07/01/27		500		526,793
Los Angeles Department of Water RB, Series A, 5.00%,
07/01/30 (Call 01/01/27)		405		420,950
Los Angeles Unified School District/CA GO
3.00%, 07/01/27		160		153,205
5.00%, 07/01/27		1,265		1,331,536
5.00%, 07/01/27 (Call 07/01/25)		75		76,642
Series A, 5.00%, 07/01/27		690		726,343
Series B1, 5.00%, 07/01/27		235		247,378
Metropolitan Water District of Southern California RB
5.00%, 07/01/27		125		131,496
Series A, 5.00%, 07/01/27		485		510,204
Series C, 5.00%, 10/01/27		55		58,263
Modesto Irrigation District RB, Series A, 5.00%,
10/01/27 (Call 10/01/25)		40		40,971
Mountain View Los Altos Union High School District/CA
GO, Series C, 0.00%, 08/01/27^(a)		150		128,791
Municipal Improvement Corp. of Los Angeles RB,
Series B, 5.00%, 11/01/27 (Call 11/01/26)		350		363,170
Newport Mesa Unified School District GO, 0.00%,
08/01/27 (NPFGC)^(a)		215		184,668
Orange County Sanitation District RB, 5.00%, 02/01/27		55		57,604
Palo Alto Unified School District GO, 0.00%,
08/01/27^(a)		145		124,956
Pasadena Area Community College District GO, 4.00%,
08/01/27		400		406,669
Poway Unified School District GO, 0.00%, 08/01/27^(a)		400		343,567
Riverside County Transportation Commission RB,
Series B, 5.00%, 06/01/28 (Call 12/01/27)		160		168,796
Riverside Unified School District GO, 4.00%, 08/01/29
(Call 08/01/27)		90		90,717
Sacramento Municipal Utility District RB, 5.00%,
08/15/27		90		95,146
San Diego County Regional Airport Authority RB
5.00%, 07/01/27		100		104,601
5.00%, 07/01/28 (Call 07/01/27)		475		496,782
San Diego County Regional Transportation
Commission, 5.00%, 04/01/27		210		220,647


Security	Par (000)		Value

California (continued)
San Diego County Water Authority, 5.00%, 05/01/27
(Call 05/01/26)	$	100	$	103,733
San Diego County Water Authority RB, 5.00%, 05/01/27
(Call 05/01/25)		110		112,052
San Diego Public Facilities Financing Authority RB,
5.00%, 08/01/27		250		263,589
San Diego Unified School District/CA GO
5.00%, 07/01/30 (Call 07/01/27)		185		194,314
Series J, 5.00%, 07/01/29 (Call 07/01/27)		100		105,135
San Francisco Bay Area Rapid Transit District Sales
Tax Revenue RB
5.00%, 07/01/29 (Call 07/01/27)		190		199,157
Series A, 5.00%, 07/01/29 (Call 07/01/27)		100		104,820
San Francisco City & County Airport Commission San
Francisco International Airport RB
5.00%, 05/01/27 (Call 05/01/26)		145		148,943
Series D, 5.00%, 05/01/27 (Call 05/01/26)		100		102,720
San Francisco City & County Public Utilities
Commission Wastewater Revenue RB, 5.00%,
10/01/27		160		169,192
San Francisco County Transportation Authority Sales
Tax Revenue RB, 4.00%, 02/01/29 (Call 02/01/27)		255		258,103
San Jose Unified School District GO
5.00%, 08/01/27		150		158,316
Series C, 0.00%, 08/01/27 (NPFGC)^(a)		95		81,358
San Mateo County Community College District GO
Series A, 0.00%, 09/01/27 (NPFGC)^(a)		355		304,679
Series B, 0.00%, 09/01/27 (NPFGC)^(a)		300		257,476
San Mateo Union High School District GO, Series C,
0.00%, 09/01/27 (NPFGC)^(a)		170		145,903
Southern California Public Power Authority, 4.00%,
07/01/27 (Call 01/01/25)		415		416,768
Southern California Public Power Authority RB,
Series C, 5.00%, 07/01/27 (Call 01/01/25)		180		182,408
State of California, 4.00%, 09/01/27		200		202,301
State of California Department of Water Resources RB
5.00%, 12/01/28 (Call 12/01/27)		130		137,702
Series AX, 5.00%, 12/01/27		220		233,819
Series BB, 5.00%, 12/01/27		105		111,595
State of California GO
4.00%, 08/01/27 (Call 08/01/26)		50		50,308
5.00%, 04/01/27		1,225		1,277,069
5.00%, 08/01/27		1,250		1,308,980
5.00%, 08/01/27 (Call 08/01/26)		205		212,161
5.00%, 09/01/27		200		209,676
5.00%, 09/01/27 (Call 09/01/26)		145		150,235
5.00%, 10/01/27		1,060		1,112,571
5.00%, 11/01/27		1,350		1,418,613
5.00%, 12/01/27		510		536,464
5.00%, 08/01/28 (Call 08/01/27)		385		401,832
5.00%, 11/01/28 (Call 11/01/27)		490		512,933
5.00%, 08/01/29 (Call 08/01/27)		450		468,690
5.00%, 08/01/30 (Call 08/01/27)		1,145		1,190,110
5.00%, 11/01/30 (Call 11/01/27)		745		776,176
Series B, 5.00%, 11/01/27		380		399,313
Series C, 5.00%, 08/01/27 (Call 08/01/26)		700		724,451
Sunnyvale Financing Authority RB, 4.00%, 04/01/27		100		101,230
University of California, 5.00%, 05/15/27		110		115,687
University of California RB
5.00%, 05/15/28 (Call 05/15/27)		150		157,519
5.00%, 05/15/29 (Call 05/15/27)		125		130,893


Security	Par (000)		Value

California (continued)
5.00%, 05/15/30 (Call 05/15/27)	$	305	$	319,067
Series AO, 5.00%, 05/15/27 (Call 05/15/25)		325		330,267
Series AY, 5.00%, 05/15/30 (Call 05/15/27)		835		873,512
Series I, 5.00%, 05/15/27 (Call 05/15/25)		570		578,897
West Valley-Mission Community College District GO, Series B, 5.00%, 08/01/27 (Call 08/01/25)		75		76,752
Western Municipal Water District Facilities Authority RB, 5.00%, 10/01/27		175		184,463

				38,652,913

Colorado — 1.1%
Adams & Arapahoe Joint School District 28J Aurora, 5.00%, 12/01/27 (SAW)		150		157,492
Board of Governors of Colorado State University System RB, 5.00%, 03/01/27
(ST HGR ED INTERCEPT PROG)		250		259,219
City & County of Denver Co. Airport System
Revenue RB
5.00%, 11/15/27		605		633,042
Series B, 5.00%, 12/01/27		45		46,953
City & County of Denver Co. GO, 5.00%, 08/01/27		350		367,140
City of Colorado Springs Co. Utilities System Revenue RB, 5.00%, 11/15/27		320		335,811
Colorado Health Facilities Authority RB, 5.00%, 11/01/27		200		204,188
Denver City & County School District No. 1 GO
5.50%, 12/01/28 (Call 12/01/27) (SAW)		295		314,327
5.50%, 12/01/29 (Call 12/01/27) (SAW)		200		212,714
5.50%, 12/01/30 (Call 12/01/27) (SAW)		125		132,704
Series B, 4.00%, 12/01/27 (SAW)		230		233,283
State of Colorado COP, Series K, 5.00%, 03/15/27		175		181,205
University of Colorado, 5.00%, 06/01/29 (Call 06/01/27)		100		103,978
Weld County School District No. 6 Greeley GO, 5.00%, 12/01/27 (SAW)		85		89,411

				3,271,467

Connecticut — 1.6%
City of Danbury CT GO, 5.00%, 11/01/27
(Call 11/01/26)		50		51,854
State of Connecticut Clean Water Fund - State Revolving Fund RB, Series A, 5.00%, 05/01/29 (Call 05/01/27)		180		188,500
State of Connecticut GO
4.00%, 06/01/27		55		55,361
5.00%, 07/15/27		520		542,560
5.00%, 08/15/27 (Call 08/15/26)		225		232,259
Series 2021 A, 4.00%, 01/15/27		545		547,782
Series A, 5.00%, 04/15/29 (Call 04/15/27)		350		363,798
Series B, 4.00%, 06/01/27		210		211,378
Series B, 5.00%, 06/15/27 (Call 06/15/25)		215		218,165
Series D, 5.00%, 09/15/27		100		104,564
Series F, 5.00%, 11/15/27 (Call 11/15/25)		815		830,432
State of Connecticut Special Tax Revenue RB
5.00%, 09/01/27 (Call 09/01/26)		235		242,717
Series A, 5.00%, 01/01/27		105		108,811
Series A, 5.00%, 05/01/27		460		478,724
Series B, 5.00%, 10/01/27		170		177,862
Series D, 5.00%, 11/01/27		200		209,482
University of Connecticut, 5.00%, 11/01/27		65		67,983
University of Connecticut RB, 5.00%, 04/15/27		125		129,849

				4,762,081


Security	Par (000)		Value

Delaware — 0.9%
County of New Castle, 5.00%, 04/01/27	$	130	$	135,738
Delaware Transportation Authority RB
5.00%, 07/01/27		410		428,719
5.00%, 07/01/27 (Call 07/01/26)		65		67,095
State of Delaware GO
5.00%, 02/01/27		545		568,417
5.00%, 07/01/27		270		283,272
Series A, 5.00%, 01/01/27		735		765,690
Series A, 5.00%, 02/01/27		110		114,727
Series D, 5.00%, 07/01/27 (Call 07/01/26)		365		377,418

				2,741,076

District of Columbia — 1.8%
District of Columbia GO
5.00%, 06/01/29 (Call 06/01/27)		250		259,996
Series A, 5.00%, 10/15/27		160		168,087
Series D, 5.00%, 06/01/27		625		653,243
Series E, 5.00%, 02/01/27		475		494,226
Series E, 5.00%, 06/01/27 (Call 12/01/26)		290		299,524
District of Columbia RB
5.00%, 12/01/27		105		109,759
Series A, 5.00%, 03/01/27		460		478,717
Series B, 5.00%, 10/01/27		395		414,296
Series C, 5.00%, 05/01/27		270		281,620
Series C, 5.00%, 10/01/27		560		587,356
District of Columbia Water & Sewer Authority RB
Series A, 5.00%, 10/01/27 (Call 10/01/25)		175		178,595
Series B, 5.00%, 10/01/27		200		209,919
Metropolitan Washington Airports Authority Aviation Revenue RB, 5.00%, 10/01/27		135		141,044
Washington Metropolitan Area Transit Authority RB
5.00%, 07/01/27		80		83,068
5.00%, 07/01/28 (Call 07/01/27)		340		350,876
5.00%, 07/01/30 (Call 07/01/27)		110		112,758
Series A, 5.00%, 07/15/27		395		411,305
Series A-1, 5.00%, 07/01/29 (Call 07/01/27)		120		123,455

				5,357,844

Florida — 2.2%
Broward County FL Water & Sewer Utility Revenue RB, 5.00%, 10/01/27 (Call 10/01/25)		180		183,464
City of Miami Beach FL Stormwater Revenue RB, 5.00%, 09/01/27		115		119,313
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/27 (Call 10/01/26)		160		163,786
County of Miami-Dade FL GO, Series A, 5.00%, 07/01/27		100		104,531
County of Miami-Dade FL Water & Sewer System Revenue RB
5.00%, 10/01/27		180		188,191
Series B, 5.00%, 10/01/27		280		292,846
Florida Department of Environmental Protection RB
Series A, 5.00%, 07/01/27		305		317,756
Series A, 5.00%, 07/01/27 (Call 07/01/26)		175		179,476
Hillsborough County Aviation Authority RB, 5.00%, 10/01/27		200		208,953
Hillsborough County School Board COP, Series B,
5.00%, 07/01/27		30		30,933
Orlando Utilities Commission RB, 5.00%, 10/01/27		350		366,837
Palm Beach County School District, 5.00%, 08/01/27		200		208,511
Palm Beach County School District COP 5.00%, 08/01/27		105		109,468


Security	Par (000)		Value

Florida (continued)
Series A, 5.00%, 08/01/27	$	195	$	203,298
Series B, 5.00%, 08/01/27		115		119,894
School Board of Miami-Dade County (The), 5.00%, 05/01/27 (Call 05/01/25) (AGM)		190		192,542
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/27		85		88,150
School District of Broward County/FL GO, 5.00%, 07/01/27		135		140,975
State of Florida Department of Transportation RB, 5.00%, 07/01/27		585		612,323
State of Florida Department of Transportation Turnpike System RB
Series A, 5.00%, 07/01/27		285		298,012
Series A, 5.00%, 07/01/29 (Call 07/01/27)		215		223,190
State of Florida GO
5.00%, 06/01/27		245		256,490
5.00%, 06/01/27 (Call 06/01/26)		155		159,556
5.00%, 07/01/27		250		261,589
5.00%, 07/01/27 (Call 07/01/26)		55		56,801
5.00%, 07/01/28 (Call 07/01/27)		285		297,804
Series A, 5.00%, 07/01/27		60		62,781
Series B, 5.00%, 06/01/30 (Call 06/01/27)		125		130,279
Series C, 5.00%, 06/01/27		180		188,442
Series D, 5.00%, 06/01/27		130		136,097
State of Florida Lottery Revenue RB
5.00%, 07/01/27 (Call 07/01/26)		198		203,469
Series A, 5.00%, 07/01/27		353		368,747

				6,474,504

Georgia — 2.4%
Athens-Clarke County Unified Government GO, 5.00%, 12/01/27		50		52,517
City of Atlanta GA, 5.00%, 12/01/27		215		226,073
City of Atlanta GA Department of Aviation RB 5.00%, 07/01/27		100		104,148
Series A, 5.00%, 07/01/27		200		208,295
City of Atlanta GA Water & Wastewater Revenue RB
Series B, 5.00%, 11/01/29 (Call 11/01/27)		120		125,089
Series C, 5.00%, 11/01/28 (Call 11/01/27)		225		235,275
County of Columbia GA GO, 5.00%, 01/01/27		45		46,838
Georgia Ports Authority RB, 5.00%, 07/01/27		980		1,023,717
Georgia State Road & Tollway Authority RB, 5.00%, 06/01/27		570		594,395
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/27		630		660,401
Metropolitan Atlanta Rapid Transit Authority RB
4.00%, 07/01/30 (Call 07/01/27)		135		134,070
5.00%, 07/01/27 (Call 07/01/26)		225		232,369
Series A, 5.25%, 07/01/27 (NPFGC)		100		105,135
Series D, 4.00%, 07/01/27		535		540,875
State of Georgia, 5.00%, 07/01/27		200		209,551
State of Georgia GO
5.00%, 02/01/28 (Call 02/01/27)		300		312,240
5.00%, 07/01/28 (Call 01/01/27)		720		748,979
5.00%, 02/01/29 (Call 02/01/27)		175		182,133
Series A, 5.00%, 02/01/27 (Call 02/01/26)		80		82,123
Series A, 5.00%, 08/01/27		550		576,935
Series C, 5.00%, 07/01/29 (Call 07/01/27)		225		235,188
Series E, 5.00%, 12/01/27 (Call 12/01/26)		175		181,562
Series F, 5.00%, 01/01/27		100		104,054


Security	Par (000)		Value

Georgia (continued)
Series F, 5.00%, 07/01/27 (Call 01/01/27)	$	125	$	130,161

				7,052,123

Hawaii — 1.4%
City & County Honolulu HI Wastewater System Revenue RB
5.00%, 07/01/27 (Call 07/01/26)		340		350,085
Series A, 5.00%, 07/01/27 (Call 07/01/25)		285		290,027
City & County of Honolulu HI GO
5.00%, 07/01/27		355		370,712
5.00%, 09/01/27		175		183,148
5.00%, 10/01/27		125		130,967
5.00%, 11/01/27		375		393,347
Series B, 5.00%, 10/01/27 (Call 10/01/25)		150		152,776
Series C, 4.00%, 08/01/27		245		247,197
County of Hawaii HI GO, 5.00%, 09/01/27
(Call 03/01/26)		100		102,758
County of Maui HI, 5.00%, 03/01/27		135		140,364
State of Hawaii GO
5.00%, 04/01/27 (Call 04/01/26)		110		112,791
5.00%, 10/01/27		205		214,786
Series FE, 5.00%, 10/01/27 (Call 10/01/26)		445		457,534
Series FH, 5.00%, 10/01/27 (Call 10/01/26)		220		226,441
Series FK, 5.00%, 05/01/28 (Call 05/01/27)		200		207,178
Series FN, 5.00%, 10/01/30 (Call 10/01/27)		460		476,227

				4,056,338

Idaho — 0.2%
Idaho Housing & Finance Association RB, Series A, 5.00%, 07/15/27		535		558,588


Illinois — 4.1%
Chicago Midway International Airport RB, 5.00%, 01/01/27 (BAM)		250		257,899
Chicago O’Hare International Airport RB
Series A, 5.00%, 01/01/28 (Call 01/01/27)		425		437,273
Series B, 5.00%, 01/01/27 (Call 01/01/25)		275		274,898
Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/27		225		230,456
Illinois Finance Authority RB
5.00%, 01/01/27		140		145,082
5.00%, 07/01/27		460		479,399
5.00%, 07/01/29 (Call 01/01/27)		850		880,955
Illinois State Toll Highway Authority RB
5.00%, 01/01/27		465		481,598
Series A, 5.00%, 01/01/27		655		678,380
Series B, 5.00%, 01/01/27		690		714,629
Series B, 5.00%, 01/01/27 (Call 07/01/26)		125		128,253
Lake County School District No. 112 North Shore GO, 5.00%, 06/01/27		110		114,670
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/01/27 (Call 12/01/26)		175		180,170
Sales Tax Securitization Corp. RB, 5.00%, 01/01/27		140		143,861
State of Illinois GO
5.00%, 02/01/27		795		811,211
5.00%, 03/01/27		265		270,456
5.00%, 05/01/27		450		459,765
5.00%, 06/01/27 (Call 06/01/26)		100		101,575
5.00%, 07/01/27		305		311,941
5.00%, 10/01/27		1,065		1,090,590
Series A, 5.00%, 03/01/27		490		500,088
Series A, 5.00%, 12/01/27		400		409,978
Series B, 5.00%, 03/01/27		255		260,250


Security	Par (000)		Value

Illinois (continued)
Series B, 5.00%, 09/01/27	$	285	$	291,704
Series D, 5.00%, 11/01/27		1,385		1,418,997
Series D, 5.00%, 11/01/28 (Call 11/01/27)		1,000		1,022,290
State of Illinois Sales Tax Revenue RB, Series C, 5.00%, 06/15/27		200		204,368

				12,300,736

Indiana — 1.1%
Indiana Finance Authority, 5.00%, 02/01/27		230		239,238
Indiana Finance Authority RB
5.00%, 02/01/27		595		618,898
5.00%, 10/01/27		1,150		1,201,630
Series C, 5.00%, 06/01/27 (Call 12/01/26)		570		588,342
Indiana University RB
4.00%, 08/01/27		125		126,034
5.00%, 08/01/29 (Call 08/01/27)		165		171,970
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 01/15/29 (Call 01/15/27)		375		388,308

				3,334,420

Iowa — 0.2%
City of Des Moines IA GO, 5.00%, 06/01/27		485		506,075
Iowa Finance Authority RB, 5.00%, 08/01/30
(Call 08/01/27)		125		130,457

				636,532

Kansas — 0.6%
County of Johnson KS GO, 5.00%, 09/01/27		180		187,400
State of Kansas Department of Transportation RB
5.00%, 09/01/27 (Call 09/01/25)		710		724,472
5.00%, 09/01/29 (Call 09/01/27)		145		150,620
5.00%, 09/01/30 (Call 09/01/27)		150		155,022
Series A, 5.00%, 09/01/28 (Call 09/01/27)		480		501,036

				1,718,550

Kentucky — 0.0%
Louisville/Jefferson County Metropolitan Government
GO, Series A, 5.00%, 04/01/27		150		155,985


Louisiana — 1.1%
State of Louisiana Gasoline & Fuels Tax Revenue RB, Series B, 5.00%, 05/01/27		280		291,677
State of Louisiana GO
5.00%, 03/01/27		265		275,698
5.00%, 04/01/27		180		187,475
5.00%, 09/01/27 (Call 09/01/26)		240		247,653
5.00%, 04/01/28 (Call 04/01/27)		195		202,729
5.00%, 10/01/29 (Call 10/01/27)		190		197,356
Series A, 5.00%, 03/01/27		425		442,157
Series B, 5.00%, 08/01/27 (Call 08/01/26)		320		329,886
Series B, 5.00%, 10/01/27		485		507,251
State of Louisiana RB, 5.00%, 09/01/27		600		626,844

				3,308,726

Maine — 0.6%
Maine Municipal Bond Bank RB
5.00%, 11/01/27		475		498,240
5.00%, 11/01/27 (Call 11/01/26)		295		305,767
Maine Turnpike Authority RB, 5.00%, 07/01/27		130		135,845
State of Maine GO, 5.00%, 06/01/27		725		756,771

				1,696,623

Maryland — 4.0%
City of Baltimore MD GO, Series A, 5.00%, 10/15/27		120		125,615
County of Anne Arundel MD, 5.00%, 04/01/27		250		261,035


Security	Par (000)		Value

Maryland (continued)
County of Anne Arundel MD GOL
5.00%, 04/01/27	$	200	$	208,828
5.00%, 10/01/27		235		247,093
5.00%, 10/01/28 (Call 10/01/27)		315		330,469
5.00%, 10/01/29 (Call 10/01/27)		255		266,371
County of Baltimore MD GO
5.00%, 02/01/27 (Call 02/01/26)		165		169,308
5.00%, 03/01/27		220		229,162
5.00%, 08/01/27		215		225,221
County of Charles MD GO, 5.00%, 10/01/27		100		105,146
County of Howard MD, 5.00%, 02/15/27		650		677,489
County of Howard MD GO
5.00%, 02/15/30 (Call 02/15/27)		160		165,786
Series B, 5.00%, 02/15/28 (Call 02/15/27)		310		322,708
County of Montgomery MD GO
4.00%, 11/01/27		455		461,165
4.00%, 11/01/28 (Call 11/01/27)		165		166,892
5.00%, 08/01/27		215		225,529
5.00%, 10/01/28 (Call 10/01/27)		115		120,647
Series A, 5.00%, 11/01/27		195		205,282
Series C, 5.00%, 10/01/27		150		157,719
County of Prince George’s MD GO, 3.00%, 09/15/27		50		47,859
County of Prince George’s MD GOL, Series A, 5.00%, 07/15/27		750		786,243
State of Maryland Department of Transportation RB
4.00%, 09/01/27		85		86,008
5.00%, 09/01/27		225		235,721
5.00%, 10/01/27		450		471,983
5.00%, 10/01/27 (Call 10/01/26)		290		300,652
5.00%, 12/01/27		250		262,779
5.00%, 12/01/27 (Call 12/01/26)		110		113,736
5.00%, 09/01/28 (Call 09/01/27)		345		361,690
5.00%, 10/01/28 (Call 10/01/27)		175		183,659
5.00%, 09/01/30 (Call 09/01/27)		350		364,578
Series A, 5.00%, 10/01/27		280		293,678
State of Maryland GO
5.00%, 08/01/27		825		865,992
Second Series, 5.00%, 08/01/27		305		320,155
Series A, 5.00%, 03/15/27		395		412,434
Series A, 5.00%, 08/01/27		345		362,142
Series A, 5.00%, 03/15/28 (Call 03/15/27)		570		593,982
Series A, 5.00%, 08/01/28 (Call 08/01/27)		150		157,039
Series A, 5.00%, 08/01/29 (Call 08/01/27)		465		484,973
Washington Suburban Sanitary Commission, 5.00%, 06/01/27 (GTD)		225		235,475
Washington Suburban Sanitary Commission RB
3.00%, 06/01/27 (GTD)		100		95,951
5.00%, 06/15/28 (Call 06/15/27) (GTD)		115		120,209

				11,828,403

Massachusetts — 2.4%
City of Boston MA GO
5.00%, 04/01/27		525		550,754
5.00%, 11/01/27		115		121,723
Series A, 5.00%, 05/01/27		90		94,537
City of Waltham MA GOL, 5.00%, 10/15/27		100		105,394
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/27 (Call 06/15/26)		155		159,946
Commonwealth of Massachusetts GOL
5.00%, 01/01/27		325		338,274
5.00%, 05/01/27		135		141,171


Security	Par (000)		Value

Massachusetts (continued)
5.00%, 09/01/27	$	850	$	892,986
Series B, 5.00%, 07/01/27		285		298,710
Series C, 5.00%, 05/01/27		390		407,827
Series D, 5.00%, 07/01/27		595		623,623
Series E, 5.00%, 11/01/27		335		352,791
Series G, 5.00%, 09/01/27		285		299,413
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/30 (Call 12/01/27)		100		103,849
Massachusetts Bay Transportation Authority RB Series A, 5.00%, 07/01/27		555		581,504
Series A-2, 5.00%, 07/01/28 (Call 07/01/27)		110		115,044
Massachusetts Clean Water Trust (The) RB 5.00%, 02/01/27		720		751,161
5.00%, 02/01/27 (Call 02/01/26)		100		102,937
5.25%, 08/01/27		25		26,505
Massachusetts School Building Authority RB, Series C, 5.00%, 08/15/27 (Call 08/15/25)		245		249,307
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.00%, 01/01/27		260		270,304
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/27		400		416,459
Massachusetts Water Resources Authority RB, Series B, 5.00%, 08/01/29 (Call 08/01/27)		135		140,081
University of Massachusetts Building Authority RB, 5.00%, 11/01/27		60		63,141


				7,207,441

Michigan — 1.5%
Michigan Finance Authority RB, 5.00%, 12/01/28 (Call 06/01/27)		275		282,769
Michigan State Building Authority, 5.00%, 04/15/27 (Call 10/15/25)		210		213,811
Michigan State Building Authority RB, 5.00%, 10/15/27		670		701,853
Michigan State University, 5.00%, 02/15/27		305		316,844
State of Michigan, 5.00%, 05/01/27		210		218,548
State of Michigan RB, 5.00%, 03/15/27		1,440		1,493,824
State of Michigan Trunk Line Revenue RB, Series B, 5.00%, 11/15/27		610		641,542
University of Michigan RB
5.00%, 04/01/27		220		229,423
Series A, 5.00%, 04/01/29 (Call 04/01/27)		200		208,066
Wayne County Airport Authority RB, 5.00%, 12/01/27 (Call 12/01/25)		200		199,919


				4,506,599

Minnesota — 2.2%
City of Minneapolis MN GO, 5.00%, 12/01/27		170		179,085
County of Hennepin MN GO
5.00%, 12/01/27		440		462,490
5.00%, 12/01/28 (Call 12/01/27)		200		209,982
5.00%, 12/01/29 (Call 12/01/27)		120		125,643
Metropolitan Council GO
4.00%, 03/01/27 (Call 03/01/26)		300		300,810
5.00%, 03/01/27		305		317,507
5.00%, 12/01/27		205		215,558
Minneapolis-St Paul Metropolitan Airports
Commission RB
5.00%, 01/01/27		285		295,001
5.00%, 01/01/28 (Call 01/01/27)		100		103,338
Minnesota Public Facilities Authority RB, 5.00%,
03/01/27 (Call 03/01/26)		635		658,844


Security	Par (000)		Value

Minnesota (continued)
State of Minnesota, 5.00%, 08/01/27	$	395	$	413,920
State of Minnesota GO
5.00%, 08/01/27		615		644,458
5.00%, 09/01/27		175		183,594
5.00%, 10/01/28 (Call 10/01/27)		210		220,711
Series A, 5.00%, 10/01/28 (Call 10/01/27)		460		483,461
Series B, 5.00%, 10/01/28 (Call 10/01/27)		100		105,100
Series D, 5.00%, 08/01/27 (Call 08/01/26)		265		274,325
Series D, 5.00%, 10/01/27		235		246,830
State of Minnesota RB, 5.00%, 03/01/27		260		270,414
University of Minnesota, 5.00%, 12/01/27		240		252,082

University of Minnesota RB
5.00%, 09/01/27		100		104,765
5.00%, 12/01/28 (Call 12/01/27)		185		193,584
Series B, 5.00%, 12/01/29 (Call 12/01/27)		215		224,599


				6,486,101

Mississippi — 0.7%
State of Mississippi GO
Series A, 5.00%, 10/01/28 (Call 10/01/27)		630		658,598
Series A, 5.00%, 10/01/32 (Call 10/01/27)		325		341,240
Series A, 5.00%, 10/01/34 (Call 10/01/27)		1,000		1,049,968
Series C, 5.00%, 10/01/27 (Call 10/01/25)		90		92,028


			2,141,834

Missouri — 0.6%
Metropolitan St Louis Sewer District RB
5.00%, 05/01/27		355		369,095
Series A, 5.00%, 05/01/28 (Call 05/01/27)		295		306,876
Missouri State Board of Public Buildings GO, 5.00%, 10/01/27		935		977,896
Missouri State Board of Public Buildings RB, 5.00%, 04/01/27 (Call 04/01/26)		100		102,956
Missouri State Environmental Improvement & Energy Resources Authority RB, 5.00%, 01/01/27 (Call 07/01/25)		45		45,833


				1,802,656

Montana — 0.1%
State of Montana, 5.00%, 08/01/27		235		245,753


Nebraska — 0.6%

City of Lincoln NE Electric System Revenue RB,
5.00%, 09/01/27 (Call 03/01/27)		335		348,094
City of Omaha, 5.00%, 04/15/27		150		156,361

Nebraska Public Power District RB
5.00%, 01/01/27		175		180,772
Series A, 5.00%, 01/01/27 (Call 01/01/26)		145		148,213
Series B, 5.00%, 01/01/28 (Call 01/01/27)		50		51,744

Omaha Public Power District RB
5.00%, 02/01/27 (Call 02/01/26)		640		655,881
Series A, 5.00%, 02/01/30 (Call 12/01/27)		165		172,913

University of Nebraska Facilities Corp. RB (The),
5.00%, 07/15/27		220		229,777


				1,943,755

Nevada — 2.1%

Clark County School District GOL
5.00%, 06/15/27		125		129,600
5.00%, 06/15/27 (AGM)		180		186,932
5.00%, 06/15/27 (Call 12/15/25)		190		192,852
5.00%, 06/15/27 (Call 12/15/26)		500		514,953
Series C, 5.00%, 06/15/27 (Call 12/15/25)		315		321,072


Security	Par (000)		Value

Nevada (continued)
County of Clark NV GOL
5.00%, 06/01/27	$	65	$	67,693
5.00%, 07/01/27 (Call 07/01/25)		500		509,062
5.00%, 11/01/27		245		256,523
5.00%, 12/01/27		75		78,602
Series B, 5.00%, 11/01/27 (Call 11/01/26)		75		77,436
County of Clark NV Passenger Facility Charge RB, Series C, 5.00%, 07/01/27		305		317,650
County of Clark NV RB
5.00%, 07/01/27		815		849,653
5.00%, 07/01/30 (Call 07/01/27)		85		88,113
County of Washoe NV Gas Tax Revenue RB, 5.00%, 02/01/27		215		222,303
County of Washoe NV RB, 5.00%, 02/01/27		35		36,189
Las Vegas Valley Water District GO, 5.00%, 06/01/27		140		146,183
Las Vegas Valley Water District GOL
5.00%, 06/01/27 (Call 06/01/25)		100		101,743
5.00%, 02/01/29 (Call 02/01/27)		85		88,170
Series A, 5.00%, 06/01/27 (Call 06/01/25)		335		340,838
State of Nevada GOL
5.00%, 05/01/27		150		156,555
5.00%, 08/01/27		175		182,945
Series D, 5.00%, 04/01/27 (Call 04/01/25)		405		411,285
State of Nevada Highway Improvement Revenue RB
5.00%, 12/01/27		100		104,995
5.00%, 12/01/27 (Call 06/01/26)		490		504,767
Washoe County School District/NV GOL
5.00%, 04/01/27		125		129,703
5.00%, 10/01/27		150		156,604


				6,172,421

New Hampshire — 0.3%
New Hampshire Municipal Bond Bank, 5.00%, 08/15/27		95		99,501
New Hampshire Municipal Bond Bank RB
4.00%, 08/15/27 (Call 08/15/26)		200		199,777
5.00%, 08/15/27 (ST INTERCEPT)		80		83,791
State of New Hampshire GO
5.00%, 03/01/27 (Call 03/01/25)		35		35,525
5.00%, 12/01/27		255		268,430
Series B, 4.00%, 12/01/30 (Call 12/01/27)		120		120,202
Series D, 5.00%, 12/01/27		215		226,323

				1,033,549

New Jersey — 2.5%
County of Essex NJ GO, 4.00%, 08/15/27
(SCH BD RES FD)		115		116,458
New Jersey Economic Development Authority
5.00%, 11/01/27		145		150,154
5.25%, 06/15/27 (Call 06/15/25)		225		229,018
New Jersey Economic Development Authority RB
5.00%, 06/15/27		670		691,424
5.00%, 11/01/27		145		149,937
Series A, 4.00%, 11/01/27 (SAP)		265		263,854
Series A, 5.00%, 11/01/27		150		155,107
New Jersey Educational Facilities Authority, 5.00%, 07/01/27		285		299,811
New Jersey Educational Facilities Authority RB, 5.00%, 03/01/27		520		544,815
New Jersey Transportation Trust Fund Authority RB
5.00%, 06/15/27		215		221,938
Series B, 5.00%, 06/15/27		840		867,145


Security	Par (000)		Value

New Jersey (continued)
New Jersey Turnpike Authority RB
5.00%, 01/01/27	$	400	$	415,003
5.00%, 01/01/30 (Call 01/01/27)		340		349,471
Series A, 5.00%, 01/01/29 (Call 01/01/27)		210		216,624
Series A, 5.25%, 01/01/27 (AGM)		490		512,300
State of New Jersey GO
5.00%, 06/01/27		30		31,212
5.00%, 06/01/27 (Call 06/01/25)		145		147,345
5.00%, 06/01/28 (Call 06/01/27)		260		269,232
Series A, 5.00%, 06/01/27		1,780		1,851,940


				7,482,788

New Mexico — 0.6%
New Mexico Finance Authority RB
5.00%, 06/01/27		485		506,750
5.00%, 06/15/27		180		187,860
Series A, 5.00%, 06/01/27		35		36,570
State of New Mexico GO, 5.00%, 03/01/27		400		416,149
State of New Mexico Severance Tax Permanent Fund RB, 5.00%, 07/01/27		700		730,982


			1,878,311

New York — 10.7%
City of New York
5.00%, 08/01/27		185		193,070
5.00%, 08/01/27 (Call 08/01/26)		90		91,791
City of New York NY GO
5.00%, 08/01/27		710		740,970
5.00%, 08/01/27 (Call 02/01/27)		385		397,540
5.00%, 11/01/27		440		460,694
Series 1, 5.00%, 08/01/27		375		391,357
Series 1, 5.00%, 08/01/29 (Call 08/01/27)		300		310,445
Series A, 5.00%, 08/01/27		675		704,443
Series A, 5.00%, 08/01/28 (Call 08/01/27)		495		513,308
Series A-1, 5.00%, 08/01/27		200		208,724
Series C, 5.00%, 08/01/27 (Call 02/01/26)		175		177,795
Series C, 5.00%, 08/01/28 (Call 02/01/27)		770		794,909
Series C-1, 5.00%, 08/01/27		295		307,868
County of Nassau NY GOL, 5.00%, 07/01/27 (AGM)		400		420,084
Hudson Yards Infrastructure Corp. RB
Series A, 5.00%, 02/15/27		345		359,699
Series A, 5.00%, 02/15/29 (Call 02/15/27)		220		226,790
Long Island Power Authority RB, Series A, 5.00%,
09/01/27		310		324,998
Metropolitan Transportation Authority RB
5.00%, 11/15/27		125		131,389
5.00%, 11/15/27 (Call 11/15/26)		100		102,719
Series A-2, 5.00%, 11/15/27 (Call 11/15/26)		50		50,741
Series B-2, 5.00%, 11/15/27 (Call 11/15/26)		180		184,894
Series C-1, 5.00%, 11/15/27		250		255,894
Series C-1, 5.00%, 11/15/27 (Call 11/15/25)		70		70,385
Series C-2, 0.00%, 11/15/27^(a)		375		311,852
Series D, 5.00%, 11/15/27 (Call 11/15/26)		305		309,523
New York City Municipal Water Finance Authority RB
5.00%, 06/15/27 (Call 12/15/25)		750		763,236
Series DD-2, 5.00%, 06/15/27 (Call 12/15/25)		595		605,501
New York City Transitional Finance Authority Building Aid Revenue RB
5.00%, 07/15/28 (Call 07/15/27) (SAW)		300		310,018
Series B-1, 5.00%, 07/15/27 (SAW)		235		245,444
Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW)		365		376,694
Series S-3, 5.00%, 07/15/27 (SAW)		395		412,554


Security	Par (000)		Value

New York (continued)
Series S-4A, 5.00%, 07/15/27 (SAW)	$	150	$	156,666
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00%, 11/01/30 (Call 05/01/27)		555		570,388
New York City Transitional Finance Authority Future Tax Secured Revenue RB
4.00%, 05/01/27		65		65,406
5.00%, 08/01/27		35		36,502
5.00%, 11/01/27		1,340		1,402,010
5.00%, 11/01/27 (Call 05/01/27)		310		318,366
5.00%, 11/01/29 (Call 11/01/27)		240		247,931
Series B-1, 5.00%, 08/01/28 (Call 08/01/27)		190		195,625
Series B-1, 5.00%, 08/01/29 (Call 08/01/27)		400		411,540
Series B-1, 5.00%, 08/01/30 (Call 08/01/27)		130		133,886
Series C, 5.00%, 11/01/27 (Call 05/01/25)		540		546,989
Series C, 5.00%, 11/01/29 (Call 05/01/27)		395		405,498
New York City Water & Sewer System RB
5.00%, 06/15/27 (Call 06/15/25)		125		127,579
Series AA, 5.00%, 06/15/27		790		827,772
Series FF, 5.00%, 06/15/27 (Call 06/15/25)		80		81,575
New York Power Authority RB, 5.00%, 11/15/27 (AGM)		500		523,367
New York State Dormitory Authority
5.00%, 03/15/27		185		193,447
5.00%, 03/15/27 (ETM)		85		88,771
5.00%, 07/01/27		185		193,835
New York State Dormitory Authority RB
5.00%, 03/15/27		135		141,164
5.00%, 07/01/27		290		302,836
5.00%, 03/15/28 (Call 03/15/27)		220		226,651
5.00%, 03/15/30 (Call 03/15/27)		395		406,600
Series A, 5.00%, 02/15/27 (Call 08/15/26)		140		145,172
Series A, 5.00%, 03/15/27		820		852,578
Series A, 5.00%, 03/15/27 (Call 09/15/26)		90		93,438
Series A, 5.00%, 07/01/27 (Call 07/01/25)		215		218,653
Series A, 5.00%, 02/15/29 (Call 02/15/27)		595		612,624
Series A, 5.00%, 02/15/30 (Call 02/15/27)		535		550,513
Series B, 5.00%, 02/15/27		275		287,210
Series B, 5.00%, 02/15/27 (Call 02/15/25)		135		137,211
Series B, 5.00%, 03/15/27 (Call 09/15/25)		370		378,809
Series B, 5.00%, 02/15/28 (PR 08/15/27)		125		131,498
Series B, 5.00%, 02/15/31 (Call 08/15/27)		270		278,785
Series D, 5.00%, 02/15/27 (PR 08/15/26)		340		352,560
Series E, 5.00%, 03/15/27		455		474,307
New York State Environmental Facilities Corp. RB
5.00%, 06/15/27		375		393,710
5.00%, 06/15/27 (Call 06/15/26)		130		133,983
5.00%, 10/15/27		150		158,261
5.00%, 06/15/29 (Call 06/15/27)		905		939,954
New York State Thruway Authority RB, 5.00%, 01/01/27		155		160,814
New York State Urban Development Corp. RB
5.00%, 03/15/27		215		223,796
5.00%, 03/15/27 (ETM)		100		104,243
Series A, 5.00%, 03/15/27		95		98,856
Series A, 5.00%, 03/15/27 (PR 03/15/26)		625		642,140
Series A, 5.00%, 03/15/28 (PR 03/15/27)		710		742,420
Series A, 5.00%, 03/15/29 (Call 03/15/27)		355		367,330
Series C, 5.00%, 03/15/31 (Call 09/15/27)		150		155,577
Port Authority of New York & New Jersey, 5.00%,
11/15/29 (Call 11/15/27)		235		242,654


Security	Par (000)		Value

New York (continued)
Port Authority of New York & New Jersey RB
4.00%, 12/01/27	$	85	$	85,956
5.00%, 12/01/27		690		723,667
State of New York GO
5.00%, 03/15/27		400		417,654
Series A, 5.00%, 03/01/27		75		78,267
Triborough Bridge & Tunnel Authority RB
5.00%, 05/15/27		1,775		1,851,728
5.00%, 11/15/27 (Call 08/15/27)		365		382,241
Series B, 5.00%, 11/15/27 (Call 05/15/27)		330		341,863
Series C-1, 5.00%, 11/15/27		400		419,610
Utility Debt Securitization Authority RB, 5.00%,
06/15/27 (Call 06/15/25)		335		340,827


				31,878,642

North Carolina — 2.5%
City of Charlotte NC GO
5.00%, 06/01/27		150		157,035
Series A, 5.00%, 06/01/27		425		444,932
City of Charlotte NC Water & Sewer System
Revenue RB
5.00%, 07/01/27		120		125,772
5.00%, 07/01/27 (Call 07/01/25)		795		808,328
City of Durham GO, 5.00%, 04/01/27		145		151,163
County of Forsyth NC RB, 5.00%, 04/01/27		120		124,944
County of Guilford NC, 5.00%, 03/01/27		100		104,324
County of Guilford NC GO
Series B, 5.00%, 05/01/27		265		277,113
Series B, 5.00%, 05/01/28 (Call 05/01/27)		100		104,643
County of Johnston NC GO, 5.00%, 02/01/27		95		98,993
County of Mecklenburg NC GO
4.00%, 04/01/30 (Call 04/01/27)		160		159,303
5.00%, 03/01/27		230		239,945
Series A, 5.00%, 04/01/27		135		141,003
Series A, 5.00%, 04/01/28 (Call 04/01/27)		340		354,836
County of Union NC Enterprise System Revenue RB, 5.00%, 06/01/27		200		208,696
County of Wake NC, 5.00%, 08/01/27		750		784,050
County of Wake NC GO, 5.00%, 04/01/27		175		182,839
County of Wake NC RB
5.00%, 03/01/27		165		171,556
5.00%, 09/01/27		95		99,423
Mecklenburg County Public Facilities Corp. RB, 5.00%, 02/01/27		110		114,282
North Carolina Municipal Power Agency No. 1 RB,
Series A, 5.00%, 01/01/27 (Call 01/01/26)		120		122,008
State of North Carolina GO
5.00%, 06/01/27 (Call 06/01/26)		125		129,112
Series B, 5.00%, 06/01/27		200		209,380
State of North Carolina RB
5.00%, 03/01/27		420		436,021
5.00%, 05/01/30 (Call 05/01/27)		270		279,910
Series B, 5.00%, 05/01/27		845		881,929
Series B, 5.00%, 05/01/28 (Call 05/01/27)		485		505,090
Town of Cary NC GO, 5.00%, 09/01/27		125		131,322


				7,547,952

Ohio — 3.0%
City of Columbus OH GO
5.00%, 04/01/27		125		130,517
5.00%, 07/01/27 (Call 07/01/26)		565		582,917
5.00%, 08/15/27		180		188,919


Security	Par (000)		Value

Ohio (continued)
5.00%, 04/01/28 (Call 10/01/27)	$	335	$	351,365
Series 3, 5.00%, 02/15/27		340		354,379
Series 4, 5.00%, 02/15/27		135		140,709
Series 4, 5.00%, 02/15/28 (Call 02/15/27)		120		124,901
Series A, 5.00%, 04/01/27		60		62,648
County of Hamilton OH Sales Tax Revenue RB, 5.00%, 12/01/27		295		309,166
Ohio State University (The) RB, Series A, 5.00%, 12/01/27		455		477,377
Ohio Turnpike & Infrastructure Commission RB
5.00%, 02/15/27		105		108,290
Series A, 5.00%, 02/15/30 (Call 02/15/27)		200		207,610
Ohio Water Development Authority
5.00%, 06/01/27		135		141,054
5.00%, 12/01/27 (Call 12/01/26)		325		336,534
Ohio Water Development Authority RB
5.00%, 12/01/27 (Call 12/01/26)		50		51,775
Series A, 5.00%, 12/01/27		485		510,166
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 12/01/27 (Call 06/01/27)		420		438,549
5.00%, 12/01/30 (Call 06/01/27)		255		264,873
Series A, 5.00%, 06/01/29 (Call 06/01/27)		245		254,985
Series A, 5.00%, 12/01/29 (Call 06/01/27)		420		437,118
Series B, 5.00%, 06/01/27 (Call 12/01/25)		310		317,004
Series B, 5.00%, 12/01/27		195		205,118
State of Ohio GO
5.00%, 03/01/27		225		234,298
5.00%, 03/15/27		555		578,242
5.00%, 06/15/27		340		355,433
5.00%, 09/01/27		170		178,225
Series C, 5.00%, 08/01/27		400		418,874
Series T, 5.00%, 05/01/30 (Call 05/01/27)		285		297,265
Series U, 5.00%, 05/01/27		300		313,111
State of Ohio RB
5.00%, 02/01/27 (Call 02/01/26)		330		337,689
5.00%, 12/01/27 (Call 12/01/26)		335		346,962
Series B, 5.00%, 10/01/27		35		36,606


				9,092,679

Oklahoma — 0.3%
Grand River Dam Authority RB, Series A, 5.00%,
06/01/27 (Call 12/01/26)		430		443,081
Oklahoma Turnpike Authority RB
Series E, 4.00%, 01/01/31 (Call 01/01/27)		110		107,048
Series E, 5.00%, 01/01/27		125		129,651
University of Oklahoma (The) RB, Series B, 5.00%, 07/01/27 (Call 07/01/26)		100		102,465

				782,245

Oregon — 2.0%
City of Portland OR GOL
5.00%, 06/01/27		700		731,871
5.00%, 06/15/27		230		240,599
City of Portland OR Sewer System Revenue RB
5.00%, 06/01/27 (Call 06/01/25)		175		178,077
5.00%, 06/15/27 (Call 06/15/26)		100		102,940
Series A, 5.00%, 05/01/27 (Call 05/01/26)		580		596,384
County of Multnomah OR GO, Series A, 5.00%, 06/15/27		520		543,604
County of Multnomah OR GOL, 5.00%, 06/01/29
(Call 06/01/27)		245		255,736


Security	Par (000)		Value

Oregon (continued)
Hillsboro School District No.1J GO, 5.00%, 06/15/28 (Call 06/15/27) (GTD)	$	175	$	182,227
Oregon State Lottery RB, Series D, 5.00%, 04/01/27 (Call 04/01/25) (MO)		130		132,050
Portland Community College District GO, 5.00%,
06/15/27 (Call 06/15/26)		330		339,704
State of Oregon
5.00%, 05/01/27		755		789,258
5.00%, 11/01/27		60		63,164
State of Oregon Department of Transportation RB
Series A, 5.00%, 11/15/27 (Call 05/15/27)		350		365,838
Series B, 5.00%, 11/15/29 (Call 05/15/27)		225		234,878
State of Oregon GO
5.00%, 05/01/27		370		386,789
5.00%, 05/01/27 (Call 05/01/26)		205		210,742
5.00%, 06/01/27		150		156,984
5.00%, 08/01/27 (Call 08/01/25)		250		254,830
Series I, 5.00%, 08/01/28 (Call 08/01/27)		245		255,926
Series L, 5.00%, 08/01/30 (Call 08/01/27)		90		93,662

				6,115,263

Pennsylvania — 2.3%
Allegheny County Higher Education Building Authority RB, 5.00%, 08/01/27		75		78,485
City of Philadelphia PA GO
Series A, 5.00%, 08/01/27 (Call 08/01/25)		420		425,046
Series B, 5.00%, 08/01/27 (Call 08/01/25)		210		212,523
Commonwealth of Pennsylvania GO
5.00%, 07/15/27		655		685,033
5.00%, 10/01/27		200		209,770
5.00%, 01/15/28 (Call 01/15/27)		605		626,590
First Series, 5.00%, 01/01/27		460		477,672
First Series, 5.00%, 02/01/27 (Call 02/01/26)		175		178,699
First Series, 5.00%, 09/15/27 (Call 09/15/26)		350		359,695
First Series, 5.00%, 01/01/28 (Call 01/01/27)		905		938,304
Second Series, 5.00%, 01/15/27		190		197,399
Second Series, 5.00%, 09/15/27 (Call 09/15/26)		255		262,063
County of Northampton PA GO, 4.00%, 10/01/27
(Call 04/01/26)		150		150,778
Lower Merion School District GOL, 5.00%, 11/15/27 (SAW)		290		305,441
Pennsylvania State University (The), 4.00%, 09/01/27 (Call 09/01/26)		310		310,554
Pennsylvania State University (The) RB, 5.25%,
08/15/27		125		132,109
Pennsylvania Turnpike Commission RB
5.00%, 06/01/27		145		149,976
5.00%, 06/01/27 (Call 12/01/25)		100		101,410
5.00%, 06/01/27 (Call 06/01/26)		320		327,033
Series A2, 5.00%, 12/01/27		235		246,194
Series A2, 5.00%, 12/01/29 (Call 12/01/27)		295		307,152
Series A2, 5.00%, 12/01/30 (Call 12/01/27)		125		130,033

				6,811,959

Rhode Island — 0.7%
Rhode Island Commerce Corp. RB, Series B, 5.00%, 06/15/27 (Call 06/15/26)		370		378,653
Rhode Island Health and Educational Building Corp. RB, Series A, 5.00%, 09/01/29 (Call 09/01/27)		375		389,942
Rhode Island Infrastructure Bank Water Pollution
Control Revolving Fund RB, Series B, 5.00%,
10/01/30 (Call 10/01/27)		50		52,477


Security	Par (000)		Value

Rhode Island (continued)
State of Rhode Island GO
5.00%, 01/15/27	$	175	$	181,708
5.00%, 08/01/27		305		318,956
Series B, 5.00%, 08/01/28 (Call 08/01/27)		650		679,515
Series B, 5.00%, 08/01/29 (Call 08/01/27)		25		26,112

				2,027,363

South Carolina — 0.7%
City of Charleston SC Waterworks & Sewer System Revenue RB
5.00%, 01/01/27		125		130,067
5.00%, 01/01/30 (Call 01/01/27)		105		108,508
City of Columbia SC Waterworks & Sewer System Revenue RB, 5.00%, 02/01/27		115		119,476
County of Charleston SC, 4.00%, 11/01/28
(Call 11/01/27) (SAW)		200		201,553
County of Richland SC GO, Series A, 5.00%, 03/01/27		80		83,383
Greenville County School District RB, 5.00%, 12/01/27		500		522,661
State of South Carolina GO
5.00%, 04/01/27 (SAW)		395		412,306
5.00%, 04/01/30 (Call 10/01/27) (SAW)		440		458,251
Series A, 4.00%, 04/01/31 (Call 10/01/27) (SAW)		80		80,363

				2,116,568

Tennessee — 2.0%
City of Clarksville TN Water Sewer & Gas Revenue RB, 5.00%, 02/01/27		140		145,189
City of Franklin TN GO, 5.00%, 06/01/27		235		246,021
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/28 (Call 12/01/27)		145		152,125
City of Memphis TN GO, 5.00%, 05/01/27		485		505,387
County of Blount TN GO, Series B, 5.00%, 06/01/27 (Call 06/01/26)		100		102,669
County of Hamilton TN GO
5.00%, 01/01/27		180		187,352
Series A, 5.00%, 04/01/27		220		229,782
County of Montgomery TN GO, 5.00%, 04/01/27		175		182,210
County of Rutherford, 5.00%, 04/01/27		210		219,269
County of Shelby TN GO
5.00%, 04/01/27		210		219,063
5.00%, 04/01/29 (Call 04/01/27)		310		321,696
Series A, 5.00%, 04/01/27		140		146,042
County of Williamson TN GO, 5.00%, 05/01/27		500		522,855
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/27		150		156,130
Metropolitan Government of Nashville & Davidson
County TN GO
4.00%, 07/01/27		365		368,384
5.00%, 01/01/27 (Call 07/01/26)		410		420,967
5.00%, 07/01/27		160		167,137
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB 5.00%, 07/01/30 (Call 07/01/27)		245		253,103
Series B, 5.00%, 07/01/30 (Call 07/01/27)		220		227,276
State of Tennessee GO
Series A, 5.00%, 11/01/27		155		163,055
Series B, 5.00%, 08/01/27 (Call 08/01/26)		265		274,327
Tennessee State School Bond Authority RB
5.00%, 11/01/30 (Call 11/01/27) (ST INTERCEPT)		125		129,668
Series B, 5.00%, 11/01/27 (ST INTERCEPT)		445		467,279


Security	Par (000)		Value

Tennessee (continued)
Series B, 5.00%, 11/01/28 (Call 11/01/27)
(ST INTERCEPT)	$	220	$	229,881

				6,036,867

Texas — 8.5%
Alamo Community College District GOL, 5.00%,
08/15/30 (Call 08/15/27)		175		181,336
Aldine Independent School District GO, 5.00%,
02/15/31 (Call 02/15/27) (PSF)		155		159,165
Arlington Independent School District/TX, 5.00%,
02/15/27 (PSF)		125		129,893
Austin Community College District RB, 5.00%, 02/01/27 (Call 02/01/26)		55		56,349
Austin Independent School District GO, 5.00%,
08/01/27 (PSF)		1,205		1,257,562
Board of Regents of the University of Texas System RB
5.00%, 08/15/27 (Call 08/15/26)		140		145,155
Series E, 5.00%, 08/15/27		430		448,673
City of Austin TX GOL
5.00%, 09/01/27		270		282,178
5.00%, 09/01/28 (Call 09/01/27)		110		114,489
City of Austin TX Water & Wastewater System Revenue
RB, 5.00%, 11/15/27		200		209,423
City of Dallas TX Waterworks & Sewer System
Revenue RB, Series A, 5.00%, 10/01/27
(Call 10/01/26)		155		159,312
City of Fort Worth Water & Sewer System Revenue RB, 5.00%, 02/15/27		160		166,063
City of Houston Combined Utility System Revenue, 0.00%, 12/01/27 (AGM)^(a)		215		180,664
City of Houston TX Combined Utility System Revenue
RB, Series B, 5.00%, 11/15/27		120		125,654
City of San Antonio Texas Electric & Gas Systems
Revenue RB, 5.00%, 02/01/27		110		113,737
City of San Antonio TX Electric & Gas Systems
Revenue RB, 5.00%, 02/01/27		75		77,548
City of San Antonio TX GOL
5.00%, 08/01/27		60		62,532
5.00%, 08/01/28 (Call 08/01/27)		150		155,932
Clear Creek Independent School District RB, 5.00%, 02/15/27 (PSF)		115		119,610
College Station Independent School District GO,
5.00%, 08/15/27 (Call 08/15/26)		105		108,443
Conroe Independent School District GO
5.00%, 02/15/27 (Call 02/15/26) (PSF)		120		123,188
5.00%, 02/15/30 (Call 02/15/27) (PSF)		145		149,945
Series A, 5.00%, 02/15/27 (PSF)		570		591,955
County of Bexar TX GOL, 5.00%, 06/15/27		120		125,033
County of Fort Bend TX GOL, Series B, 5.00%,
03/01/27 (Call 03/01/26)		305		311,429
Cypress-Fairbanks Independent School District GO
5.00%, 02/15/27		150		155,872
5.00%, 02/15/27 (PSF)		515		535,161
5.00%, 02/15/27 (Call 02/15/26) (PSF)		625		642,435
Dallas Area Rapid Transit RB, 5.00%, 12/01/27		815		852,252
Dallas Fort Worth International Airport RB, Series A, 5.00%, 11/01/27		185		192,863
Dallas Independent School District GO, 5.00%,
02/15/27 (PSF)		300		311,649
Fort Bend Independent School District GO, 5.00%,
08/15/30 (Call 08/15/27) (PSF)		115		119,327


Security	Par (000)		Value

Texas (continued)
Fort Worth Independent School District GO, 5.00%, 02/15/27 (Call 02/15/25) (PSF)	$	100	$	101,424
Frisco Independent School District GO, 4.00%,
08/15/29 (Call 02/15/27) (PSF)		155		154,617
Garland Independent School District GO, 5.00%,
02/15/27 (Call 02/15/25) (PSF)		160		161,993
Harris County Flood Control District RB, 5.00%,
10/01/27 (Call 10/01/25)		350		356,338
Harris County Toll Road Authority (The) RB, 5.00%, 08/15/27		520		542,208
Katy Independent School District GO, 5.00%, 02/15/27 (PSF)		105		109,176
Leander Independent School District GO, 0.00%,
08/15/27 (Call 08/15/25)^(a)		150		126,520
Lewisville Independent School District GO
5.00%, 08/15/27		210		219,270
5.00%, 08/15/27 (Call 08/15/26) (PSF)		200		205,758
Series A, 4.00%, 08/15/27 (Call 08/15/25) (PSF)		285		283,299
Lone Star College System GOL, 5.00%, 08/15/28 (Call 02/15/27)		125		129,540
Mesquite Independent School District GO, 5.00%, 08/15/29 (Call 08/15/27) (PSF)		215		223,546
North East Independent School District/TX GO, 5.25%, 02/01/27 (PSF)		235		245,123
North Texas Municipal Water District, 5.00%, 06/01/27		100		104,451
North Texas Municipal Water District RB, 5.00%,
06/01/27 (Call 06/01/26)		150		154,260
North Texas Municipal Water District Upper East Fork Wastewater Interceptor System Contract Revenue Refunding Bonds RB, 5.00%, 06/01/27		70		73,115
North Texas Municipal Water District Water System Revenue RB 5.00%, 09/01/27		490		510,323
5.00%, 09/01/27 (Call 09/01/25)		120		121,844
North Texas Tollway Authority RB
Series A, 5.00%, 01/01/27 (Call 01/01/26)		310		316,484
Series B, 5.00%, 01/01/27 (Call 01/01/26)		445		451,876
Northside Independent School District GO, Series A, 5.00%, 08/15/27 (PSF)		100		104,666
Northside Independent School District RB, 5.00%, 08/15/27 (PSF)		1,185		1,240,295
Northwest Independent School District GO, 5.00%, 02/15/28 (Call 08/15/27) (PSF)		145		151,044
Permanent University Fund-Texas A&M University System RB, Series B, 5.00%, 07/01/27 (Call 07/01/25)		25		25,503
Permanent University Fund-University of Texas System RB
5.00%, 07/01/27		250		261,152
5.00%, 07/01/27 (Call 07/01/26)		130		133,491
Permanent University Fund-Texas A&M University System, 5.00%, 07/01/27 (Call 07/01/25)		525		535,564
Plano Independent School District RB, 5.00%, 02/15/27 (Call 02/15/26) (PSF)		160		164,145
Prosper Independent School District GO, 5.00%, 02/15/27 (PSF)		105		108,716
Round Rock Independent School District GO, Series A, 5.00%, 08/01/27 (PSF)		1,070		1,120,105
San Antonio Independent School District/TX GO,
5.00%, 08/15/27 (PSF)		155		162,121


Security	Par (000)		Value

Texas (continued)
San Antonio Water System, 5.00%, 05/15/27
(Call 11/15/26)	$	255	$	263,311
San Antonio Water System RB
5.00%, 05/15/27		50		51,876
Series A, 5.00%, 05/15/27		170		176,377
Series A, 5.00%, 05/15/30 (Call 05/15/27)		255		263,082
Socorro Independent School District GO, Series B, 5.00%, 08/15/30 (Call 08/15/27) (PSF)		130		134,892
Spring Independent School District GO, Series A,
5.00%, 08/15/27 (Call 08/15/26)		155		158,600
State of Texas GO
5.00%, 10/01/27		230		240,723
5.00%, 10/01/30 (Call 10/01/27)		100		103,477
Series A, 5.00%, 04/01/27 (Call 04/01/26)		60		61,443
Series A, 5.00%, 10/01/30 (Call 10/01/27)		135		139,694
Series B, 5.00%, 10/01/29 (Call 10/01/27)		290		300,686
Series B, 5.00%, 10/01/30 (Call 10/01/27)		445		460,474
Temple Independent School District/TX GO, 4.00%, 02/01/28 (Call 02/01/27) (PSF)		100		99,881
Texas A&M University RB
4.00%, 05/15/27 (Call 05/15/26)		150		149,910
5.00%, 05/15/27		230		239,865
Series C, 5.00%, 05/15/28 (Call 05/15/27)		255		264,949
Series E, 4.00%, 05/15/27 (Call 05/15/26)		305		303,823
Texas Public Finance Authority RB, 5.00%, 02/01/27		200		206,609
Texas State University System RB
5.00%, 03/15/27		860		892,421
Series A, 5.00%, 03/15/27 (Call 03/15/25)		260		263,528
Series A, 5.00%, 03/15/30 (Call 03/15/27)		350		360,974
Texas Tech University System RB, 5.00%, 02/15/27		175		181,796
Texas Transportation Commission State Highway
Fund RB
5.00%, 10/01/27 (Call 10/01/26)		100		103,032
5.25%, 04/01/27		235		245,859
Texas Water Development Board RB
5.00%, 04/15/27		130		135,470
5.00%, 04/15/27 (Call 10/15/25)		85		86,844
5.00%, 08/01/27		150		156,917
5.00%, 10/15/27 (Call 10/15/25)		125		127,830
5.00%, 04/15/28 (Call 10/15/27)		450		469,777
5.00%, 08/01/29 (Call 08/01/27)		585		608,053
5.00%, 08/01/30 (Call 08/01/27)		410		425,863
Series A, 5.00%, 10/15/27		150		157,356
University of North Texas System RB
Series A, 5.00%, 04/15/27		60		62,092
Series A, 5.00%, 04/15/30 (Call 04/15/27)		605		624,186

				25,484,464

Utah — 1.1%
Alpine School District/UT GO, 5.00%, 03/15/27 (GTD)		290		302,332
Canyons School District Local Building Authority RB, 5.00%, 06/15/27		460		480,880
Central Utah Water Conservancy District RB, Series B, 5.00%, 10/01/30 (Call 10/01/27)		250		260,844
City of Salt Lake City Public Utilities Revenue, 5.00%, 02/01/27		190		197,631
Intermountain Power Agency RB, Series A, 5.00%, 07/01/27		150		156,378
Salt Lake City Corp. RB, 5.00%, 02/01/30
(Call 02/01/27)		135		140,317
State of Utah, 5.00%, 07/01/27		525		550,071


Security	Par (000)		Value

Utah (continued)
State of Utah GO
5.00%, 07/01/27 (Call 01/01/27)	$	150	$	156,294
5.00%, 07/01/28 (Call 07/01/27)		330		346,106
5.00%, 07/01/29 (Call 07/01/27)		170		178,238
University of Utah (The) RB
5.00%, 08/01/27 (SAP)		220		229,596
Series A, 5.00%, 08/01/27 (Call 08/01/25)		60		61,149
Utah Water Finance Agency RB, Series A, 5.00%, 03/01/28 (Call 03/01/27)		250		259,774

				3,319,610

Vermont — 0.0%
State of Vermont GO, Series B, 5.00%, 08/15/27		100		104,955


Virginia — 3.2%
City of Norfolk VA, 5.00%, 09/01/31 (Call 03/01/27)		270		281,244
City of Norfolk VA GO, Series B, 4.00%, 10/01/27 (Call 10/01/26)		90		90,633
City of Richmond VA, 5.00%, 07/15/28 (Call 07/15/27)		130		136,112
City of Richmond VA GO
5.00%, 03/01/27		185		192,704
5.00%, 07/15/27		170		177,975
City of Virginia Beach VA GO, 5.00%, 07/15/27 (SAW)		260		272,380
County of Arlington VA GO, 5.00%, 06/15/27		155		162,250
County of Fairfax VA GO
4.00%, 10/01/27		375		380,169
4.00%, 10/01/27 (SAW)		210		212,895
County of Henrico VA GO
5.00%, 08/01/27		55		57,693
Series A, 5.00%, 08/01/27 (SAW)		65		68,183
County of Loudoun VA GO
5.00%, 12/01/27		90		94,880
Series A, 5.00%, 12/01/27 (SAW)		620		653,616
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/27		265		274,321
Hampton Roads Sanitation District RB
5.00%, 10/01/28 (Call 10/01/27)		205		215,009
Series A, 5.00%, 10/01/29 (Call 10/01/27)		210		220,228
Virginia College Building Authority, 5.00%, 02/01/27		635		659,125
Virginia College Building Authority RB
5.00%, 02/01/27		630		653,935
5.00%, 09/01/27		130		136,289
Series A, 5.00%, 09/01/27		125		130,774
Series A, 5.00%, 09/01/27 (Call 09/01/26)
(ST INTERCEPT)		360		373,315
Series C, 5.00%, 02/01/30 (Call 02/01/27)		205		211,209
Virginia Commonwealth Transportation Board RB
5.00%, 03/15/27 (Call 09/15/26)		55		56,750
5.00%, 05/15/27		290		302,438
5.00%, 09/15/27		175		183,309
5.00%, 09/15/27 (Call 09/15/26)		110		113,620
Series A, 5.00%, 05/15/27		560		584,018
Series A, 5.00%, 05/15/29 (Call 11/15/27)		320		333,891
Series A, 5.00%, 05/15/30 (Call 11/15/27)		350		363,995
Virginia Public Building Authority RB
4.00%, 08/01/31 (Call 08/01/27)		70		70,652
5.00%, 08/01/27 (Call 08/01/26)		180		186,084
5.00%, 08/01/29 (Call 08/01/27)		325		339,682
Series A, 4.00%, 08/01/27		130		131,347
Virginia Public School Authority
5.00%, 08/01/27		340		356,043
5.00%, 10/01/27 (SAW)		110		115,661


Security	Par (000)		Value

Virginia (continued)
Virginia Public School Authority RB
4.00%, 02/01/29 (Call 02/01/27)	$	370	$	372,020
5.00%, 08/01/27 (SAW)		140		146,606
Virginia Resources Authority RB
5.00%, 11/01/27		60		63,072
5.00%, 11/01/27 (Call 11/01/25)		110		112,060

				9,486,187

Washington — 4.6%
Central Puget Sound Regional Transit Authority RB
Series S-1, 5.00%, 11/01/27		520		545,442
Series S-1, 5.00%, 11/01/27 (Call 11/01/26)		100		103,335
City of Seattle GO, 5.00%, 06/01/27 (Call 06/01/25)		170		172,967
City of Seattle Municipal Light & Power Revenue, 5.00%, 09/01/27		170		178,101
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 04/01/27 (Call 04/01/26)		145		148,848
City of Seattle WA GOL
5.00%, 12/01/27		390		410,237
Series A, 5.00%, 05/01/27		305		318,329
City of Seattle WA Municipal Light & Power
Revenue RB
5.00%, 07/01/27		775		810,113
Series A, 5.00%, 07/01/27		225		235,194
Series B, 5.00%, 04/01/27 (Call 04/01/26)		340		349,180
Clark County School District No. 114 Evergreen GO, 5.00%, 12/01/27 (GTD)		155		162,743
County of King WA GOL
5.00%, 07/01/27		100		104,601
5.00%, 07/01/27 (Call 01/01/25)		270		273,539
5.00%, 12/01/27		120		126,227
Series E, 5.00%, 12/01/27 (Call 12/01/25)		160		163,548
County of King WA Sewer Revenue RB
5.00%, 07/01/27 (Call 01/01/26)		55		56,335
Series B, 5.00%, 07/01/27 (Call 07/01/26)		530		545,992
County of Snohomish WA GO, 5.00%, 12/01/27		195		204,741
Energy Northwest RB
5.00%, 07/01/27		485		507,313
Series A, 5.00%, 07/01/27		150		156,901
Series A, 5.00%, 07/01/27 (Call 07/01/26)		125		128,740
Series A, 5.00%, 07/01/28 (Call 07/01/27)		705		733,804
Series A, 5.00%, 07/01/29 (Call 07/01/27)		330		342,998
Series C, 5.00%, 07/01/27		505		528,233
King County School District No. 405 Bellevue GO,
5.00%, 12/01/27 (Call 12/01/26) (GTD)		255		263,824
King County School District No. 414 Lake Washington GO, 4.00%, 12/01/27 (GTD)		490		494,215
Kitsap County School District No. 401 Central Kitsap GO, 5.00%, 12/01/27 (GTD)		80		83,996
Pierce County School District No. 402 Franklin Pierce GO, 5.00%, 12/01/29 (Call 12/01/27) (GTD)		190		199,044
Port of Seattle WA, 5.00%, 01/01/29 (Call 01/01/27)		200		206,696
Port of Seattle WA RB, 5.00%, 02/01/27
(Call 02/01/26)		240		244,659
Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD)		160		167,740
Spokane County School District No. 81 Spokane GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD)		220		230,642
State of Washington, 5.00%, 07/01/27		515		538,513
State of Washington COP, Series B, 5.00%, 07/01/27		160		166,803
State of Washington GO
5.00%, 02/01/27		630		655,108


Security	Par (000)		Value

Washington (continued)
5.00%, 02/01/27 (Call 02/01/25)	$	105	$	106,294
5.00%, 07/01/27 (Call 01/01/25)		315		318,734
5.00%, 08/01/27		195		204,131
5.00%, 08/01/27 (Call 08/01/26)		165		169,891
5.00%, 08/01/30 (Call 08/01/27)		105		109,245
Series D, 5.00%, 02/01/27		100		103,985
Series E, 5.00%, 07/01/27 (Call 01/01/25)		130		131,541
Series R, 5.00%, 08/01/27		695		727,545
Series R, 5.00%, 08/01/27 (Call 08/01/26)		345		355,228
Series R-2018-C, 5.00%, 08/01/29 (Call 08/01/27)		445		463,936
University of Washington, 5.00%, 04/01/27		295		306,291
University of Washington RB, Series B, 5.00%,
06/01/27 (Call 06/01/25)		95		96,527
Washington State University RB, 5.00%, 04/01/27 (Call 04/01/25)		70		70,951

				13,723,000

West Virginia — 0.6%
State of West Virginia GO
Series A, 5.00%, 06/01/27		315		328,696
Series A, 5.00%, 12/01/27		155		162,803
West Virginia Commissioner of Highways RB
5.00%, 09/01/27		270		280,320
5.00%, 09/01/29 (Call 09/01/27)		305		315,177
Series A, 5.00%, 09/01/29 (Call 09/01/27)		295		304,843
West Virginia State School Building Authority Lottery
Revenue RB, Series A, 5.00%, 07/01/27 (Call 07/01/25)		275		279,910

				1,671,749

Wisconsin — 2.2%
Milwaukee Metropolitan Sewerage District GO,
Series A, 5.00%, 10/01/27 (Call 10/01/26)		150		154,642
State of Wisconsin
4.00%, 05/01/27 (Call 05/01/26)		265		265,828
5.00%, 11/01/30 (Call 05/01/27)		290		301,872
State of Wisconsin GO
4.00%, 05/01/28 (Call 05/01/27)		145		145,795
5.00%, 05/01/27		355		370,871
5.00%, 05/01/27 (Call 05/01/25)		305		310,634
5.00%, 11/01/27 (Call 05/01/27)		585		608,510


Security	Par (000)		Value

Wisconsin (continued)
5.00%, 11/01/28 (Call 05/01/27)		$250	$	260,163
5.00%, 11/01/29 (Call 05/01/27)		280		291,508
Series 2, 4.00%, 11/01/27 (Call 05/01/26)		180		180,752
Series 2, 5.00%, 11/01/27 (Call 05/01/26)		430		443,388
Series 2, 5.00%, 11/01/27 (Call 05/01/27)		40		41,701
Series 3, 5.00%, 11/01/30 (Call 05/01/27)		395		411,171
State of Wisconsin RB
Series A, 5.00%, 05/01/27		460		480,257
Series A, 5.00%, 05/01/29 (Call 05/01/27)		460		480,257
Wisconsin Department of Transportation, 5.00%, 07/01/29 (Call 07/01/27)		265		278,299
Wisconsin Department of Transportation RB
5.00%, 07/01/27		140		146,539
Series 1, 5.00%, 07/01/27		285		298,311
Series 1, 5.00%, 07/01/28 (Call 07/01/27)		250		262,544
Series 2, 5.00%, 07/01/30 (Call 07/01/27)		810		850,306

				6,583,348


Total Long-Term Investments — 98.2% (Cost: $ 306,018,194)				293,372,811


	Shares

Short-Term Securities

Money Market Funds — 1.6%
BlackRock Liquidity Funds: MuniCash, 3.82%^(b)(c)		4,717,248		4,717,248


Total Short-Term Securities — 1.6% (Cost: $ 4,717,235)				4,717,248


Total Investments — 99.8% (Cost: $ 310,735,429)				298,090,059

Other Assets Less Liabilities — 0.2%				701,001


Net Assets — 100.0%			$	298,791,060

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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


Security		Par (000)			Value

Municipal Debt Obligations

Alabama — 0.9%
Alabama Federal Aid Highway Finance Authority RB,
Series A, 5.00%, 09/01/28 (PR 09/01/27)	$		90	$		94,059
Alabama Highway Finance Corp. RB, Series A, 5.00%,
08/01/28			100			104,732
Alabama Public School and College Authority RB,
Series A, 5.00%, 11/01/28			600			637,010
City of Huntsville AL GOL, Series B, 5.00%, 05/01/28
(Call 11/01/27)			80			83,905
State of Alabama GO
Series A, 4.00%, 11/01/28 (Call 02/01/26)			45			45,153
Series A, 5.00%, 11/01/29 (Call 11/01/28)			240			253,944
Series A, 5.00%, 11/01/32 (Call 11/01/28)			170			178,575
University of Alabama (The) RB
5.00%, 07/01/28			100			105,649
Series C, 5.00%, 07/01/28			620			655,022


						2,158,049

Arizona — 2.0%
Arizona State University RB, 5.00%, 08/01/28			125			132,024
City of Mesa AZ Utility System Revenue RB, 5.00%,
07/01/29 (Call 07/01/28)			130			136,642
City of Phoenix Civic Improvement Corp., 5.00%,
07/01/32 (Call 07/01/28)			150			158,084
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/28			720			761,997
5.00%, 07/01/28 (Call 07/01/26)			100			103,018
Series A, 5.00%, 07/01/29 (Call 07/01/28)			215			226,800
Series D, 5.00%, 07/01/28 (Call 07/01/27)			290			300,778
County of Pima AZ Sewer System Revenue COP,
5.00%, 07/01/28			215			227,334
County of Pima AZ Sewer System Revenue RB, 5.00%,
07/01/28			170			179,752

Maricopa County Unified School District No 80
Chandler GO, 5.00%, 07/01/28			110			116,552

Maricopa County Union High School District No.

210-Phoenix GO, 5.00%, 07/01/28 (Call 07/01/27)			100			104,321
Salt River Project Agricultural Improvement & Power

District, 5.00%, 01/01/32 (Call 01/01/28)			100			104,609
Salt River Project Agricultural Improvement & Power
District RB
5.00%, 01/01/28			420			442,246
5.00%, 01/01/29 (Call 01/01/28)			535			561,903
5.00%, 01/01/30 (Call 01/01/28)			145			152,037
5.00%, 01/01/31 (Call 01/01/28)			150			157,258
Series A, 5.00%, 01/01/28 (Call 01/01/27)			210			217,950
State of Arizona COP, Series A, 5.00%, 10/01/28			200			210,829
State of Arizona Lottery Revenue RB, 5.00%, 07/01/28 .			150			158,671
University of Arizona (The) RB, 5.00%, 06/01/28
(Call 06/01/26)			150			154,567


						4,607,372

California — 12.1%
Bay Area Toll Authority RB, 5.00%, 04/01/28			105			111,703
Beverly Hills Unified School District CA GO, 0.00%,
08/01/28^(a)			60			50,001
California Infrastructure & Economic Development
Bank RB
5.00%, 10/01/28			200			214,724
5.00%, 10/01/28 (Call 04/01/26)			160			165,617
5.00%, 10/01/28 (Call 04/01/27)			270			283,355
5.00%, 10/01/28 (Call 04/01/28)			80			85,302


Security		Par (000)			Value

California (continued)
5.00%, 10/01/32 (Call 04/01/28)	$		150	$		158,560
California State Public Works Board RB
4.00%, 10/01/28 (Call 10/01/26)			50			50,229
5.00%, 05/01/28			50			52,934
5.00%, 09/01/28 (Call 09/01/27)			240			251,523
5.00%, 11/01/28			145			154,490
Series B, 5.00%, 05/01/28			100			105,869
Series C, 5.00%, 11/01/28			170			181,126
Series C, 5.00%, 11/01/28 (Call 11/01/26)			25			25,850
Series C, 5.00%, 11/01/31 (Call 11/01/28)			75			79,244
Series G, 5.00%, 10/01/28 (Call 10/01/27)			85			89,174
California State University RB
5.00%, 11/01/28 (Call 05/01/27)			45			47,145
5.00%, 11/01/31 (Call 11/01/28)			190			202,623
Series A, 5.00%, 11/01/28 (Call 05/01/26)			525			542,291
Series A, 5.00%, 11/01/30 (Call 11/01/28)			95			101,391
Campbell Union High School District GO, 5.00%,
08/01/28 (Call 08/01/26)			100			104,072
City of Los Angeles CA GO, Series B, 5.00%, 09/01/28			55			58,699
City of Los Angeles CA Wastewater System
Revenue RB
5.00%, 06/01/30 (Call 06/01/28)			85			90,351
Series A, 5.00%, 06/01/31 (Call 06/01/28)			150			159,504
Series A, 5.00%, 06/01/32 (Call 06/01/28)			140			148,930
City of Los Angeles Department of Airports RB,
Series E, 5.00%, 05/15/28			25			26,545
City of Los Angeles Solid Waste Resources Revenue,
5.00%, 02/01/28			300			319,256
City of Riverside CA Sewer Revenue RB, Series A,
5.00%, 08/01/29 (Call 08/01/28)			125			133,150
City of Riverside CA Water Revenue RB, Series A,
5.00%, 10/01/28			130			139,449
City of San Francisco CA Public Utilities Commission
Water Revenue RB, 5.00%, 11/01/28 (Call 11/01/26)			245			255,378
Coast Community College District, 4.00%, 08/01/28			90			92,039
Coast Community College District GO
Series B, 0.00%, 08/01/28 (AGM)^(a)			470			386,063
Series D, 5.00%, 08/01/28 (Call 08/01/27)			135			142,048
Contra Costa Transportation Authority Sales Tax
Revenue, 5.00%, 03/01/28 (Call 03/01/27)			185			194,349
Contra Costa Transportation Authority Sales Tax
Revenue RB, 5.00%, 03/01/28 (Call 03/01/27)			150			157,580
East Bay Municipal Utility District Wastewater System
Revenue RB, Series A, 5.00%, 06/01/28
(Call 06/01/27)			55			58,001
East Bay Municipal Utility District Water System
Revenue RB, 5.00%, 06/01/28 (Call 06/01/27)			375			395,462
El Camino Community College District Foundation
(The) GO
0.00%, 08/01/28^(a)			1,000			826,009
5.00%, 08/01/28 (Call 08/01/26)			120			124,200
Fairfield-Suisun Unified School District GO, 4.00%,
08/01/31 (Call 08/01/28)			100			100,055
Long Beach Community College District GO, 5.00%,
08/01/28 (Call 08/01/27)			150			157,508
Long Beach Unified School District GO, 5.00%,
08/01/28 (Call 08/01/26)			175			181,729
Los Angeles Community College District/CA GO
4.00%, 08/01/28 (Call 08/01/26)			35			35,359
Series J, 5.00%, 08/01/28 (Call 08/01/27)			45			47,455


Security		Par (000)			Value

California (continued)
Los Angeles County Facilities Inc. RB, 5.00%, 12/01/31
(Call 12/01/28)	$		300	$		318,622
Los Angeles County Metropolitan Transportation
Authority RB
Series A, 5.00%, 06/01/28			830			886,629
Series A, 5.00%, 06/01/28 (Call 06/01/26)			205			211,268
Series A, 5.00%, 07/01/28 (Call 07/01/27)			140			147,616
Series B, 5.00%, 07/01/32 (Call 07/01/28)			290			308,695
Los Angeles County Metropolitan Transportation
Authority Sales Tax Revenue RB, 5.00%, 07/01/28			225			240,897
Los Angeles Department of Water & Power, 5.00%,
07/01/29 (Call 01/01/28)			105			111,230
Los Angeles Department of Water & Power RB
5.00%, 07/01/28			100			107,020
5.00%, 07/01/28 (Call 01/01/27)			60			62,451
Series A, 5.00%, 07/01/28			60			64,212
Los Angeles Department of Water & Power System
Revenue RB
Series A, 5.00%, 07/01/32 (Call 01/01/28)			155			163,136
Series C, 5.00%, 07/01/28 (Call 07/01/27)			25			26,173
Series D, 5.00%, 07/01/30 (Call 07/01/28)			100			106,316
Los Angeles Department of Water & Power Water
System Revenue RB
5.00%, 07/01/28			470			501,950
5.00%, 07/01/28 (Call 01/01/26)			40			41,095
Los Angeles Department of Water RB
Series A, 5.00%, 07/01/28 (Call 01/01/26)			135			138,696
Series A, 5.00%, 07/01/31 (Call 01/01/28)			65			68,886
Series B, 5.00%, 07/01/31 (Call 07/01/28)			120			127,969
Series B, 5.00%, 07/01/32 (Call 07/01/28)			230			245,235
Los Angeles Unified School District/CA GO
5.00%, 07/01/28			405			432,478
5.00%, 07/01/29 (Call 01/01/28)			255			268,545
Series B, 5.00%, 07/01/28 (Call 07/01/26)			95			98,573
Series B1, 5.00%, 07/01/28 (Call 01/01/28)			240			253,634
Series B-1, 5.00%, 07/01/30 (Call 01/01/28)			415			436,901
Series B-1, 5.00%, 07/01/32 (Call 01/01/28)			145			151,678
Series M1, 5.00%, 07/01/28 (Call 01/01/28)			105			110,965
Series M-1, 5.00%, 07/01/31 (Call 01/01/28)			180			189,144
Metropolitan Water District of Southern California RB
5.00%, 07/01/28			180			191,916
5.00%, 01/01/31 (Call 07/01/28)			115			122,190
Series B, 5.00%, 09/01/28			475			507,604
Napa Valley Community College District GO, Series B,
0.00%, 08/01/28 (NPFGC)(a)			140			115,426
Newport Mesa Unified School District GO
0.00%, 08/01/28 (NPFGC)^(a)			675			556,260
5.00%, 08/01/28 (Call 08/01/27)			65			68,639
North Orange County Community College District/CA
GO, Series B, 0.00%, 08/01/28 (NPFGC)^(a)			315			258,384
Orange County Sanitation District RB, 5.00%, 02/01/28			35			37,218
Poway Unified School District GO, Series A, 0.00%,
08/01/28^(a)			120			98,938
Sacramento Municipal Utility District RB, 5.00%,
08/15/28			20			21,451
San Diego Community College District GO
4.00%, 08/01/28 (Call 08/01/26)			115			116,151
5.00%, 08/01/28 (Call 08/01/26)			430			447,050
San Diego County Regional Transportation
Commission RB, 5.00%, 04/01/28			60			64,007


Security		Par (000)			Value

California (continued)
San Diego County Water Authority RB, Series S1,
5.00%, 05/01/28 (Call 03/15/28)	$		135	$		143,975
San Francisco Bay Area Rapid Transit District GO,
Series A, 5.00%, 08/01/28 (Call 08/01/27)			50			52,476
San Francisco Bay Area Rapid Transit District Sales
Tax Revenue RB, 4.00%, 07/01/28 (Call 07/01/26)			75			75,442
San Francisco City & County Public Utilities
Commission Wastewater Revenue RB
5.00%, 10/01/28			330			353,985
5.00%, 10/01/31 (Call 04/01/28)			130			137,927
San Jose Evergreen Community College District GO,
Series B, 0.00%, 09/01/28 (AGM)^(a)			50			40,752
San Jose Unified School District GO, Series C, 0.00%,
08/01/28 (NPFGC)^(a)			425			348,937
San Juan Unified School District, 4.00%, 08/01/30
(Call 08/01/28)			165			165,512
San Juan Unified School District GO, 4.00%, 08/01/28
(Call 08/01/26)			40			40,125
San Marcos Unified School District GO, 0.00%,
08/01/28^(a)			80			65,897
San Mateo County Community College District GO
0.00%, 09/01/28^(a)			140			115,354
Series B, 5.00%, 09/01/28			70			75,062
San Mateo Union High School District, 0.00%, 09/01/28
(NPFGC)^(a)			75			61,797
Santa Clara Valley Transportation Authority RB
5.00%, 04/01/28			115			122,584
Series B, 5.00%, 06/01/28			125			133,562
Santa Monica-Malibu Unified School District GO,
4.00%, 08/01/28 (Call 08/01/26)			185			186,972
Southern California Public Power Authority RB, 5.00%, 07/01/28			315			336,974
State of California Department of Water Resources RB
5.00%, 12/01/28			115			124,011
5.00%, 12/01/28 (Call 06/01/26)			50			51,820
5.00%, 12/01/28 (Call 12/01/27)			225			238,330
5.00%, 12/01/29 (Call 12/01/28)			130			139,905
5.00%, 12/01/30 (Call 12/01/28)			170			182,986
5.00%, 12/01/31 (Call 12/01/28)			70			75,022
Series AW, 5.00%, 12/01/28 (Call 12/01/26)			120			125,171
Series BA, 5.00%, 12/01/28			185			199,496
State of California GO
4.00%, 09/01/28 (Call 09/01/26)			150			150,694
5.00%, 04/01/28			1,130			1,193,121
5.00%, 08/01/28			525			557,085
5.00%, 08/01/28 (Call 08/01/27)			375			391,395
5.00%, 09/01/28 (Call 09/01/26)			535			553,875
5.00%, 10/01/28			1,075			1,143,119
5.00%, 11/01/28			515			547,009
5.00%, 08/01/29 (Call 08/01/28)			685			721,920
5.00%, 08/01/30 (Call 08/01/28)			565			594,692
5.00%, 10/01/30 (Call 10/01/28)			310			326,809
5.00%, 11/01/31 (Call 11/01/28)			100			105,472
5.00%, 11/01/32 (Call 11/01/28)			540			568,240
Series C, 5.00%, 08/01/28 (Call 08/01/26)			490			506,763
University of California RB
5.00%, 05/15/28			370			394,938
Series AZ, 4.00%, 05/15/28			45			45,739
Series AZ, 5.00%, 05/15/31 (Call 05/15/28)			185			196,466
Series O, 5.00%, 05/15/30 (Call 05/15/28)			105			111,331


Security	Par (000)		Value

California (continued)
William S Hart Union High School District GO, Series B, 0.00%, 09/01/28 (AGM)^(a)	$	225	$	183,296


				27,597,628

Colorado — 1.6%
Board of Governors of Colorado State University System RB
Series C, 5.00%, 03/01/28		110		115,303
Series C, 5.00%, 03/01/29 (Call 03/01/28)		240		250,695
Board of Water Commissioners City & County of Denver (The) RB, 2.25%, 09/15/28 (Call 09/15/26)		30		27,040
City & County of Denver Co. Airport System Revenue RB, Series B, 5.00%, 12/01/32 (Call 12/01/28)		225		232,831
City & County of Denver Co. GO, 5.00%, 08/01/28		620		659,004
City of Aurora Co. Water Revenue RB, 5.00%, 08/01/28 (Call 08/01/26)		55		56,714
City of Colorado Springs CO Utilities System Revenue RB, 5.00%, 11/15/28		280		297,375
Colorado Health Facilities Authority, 5.00%, 11/01/28		250		256,790
Denver City & County School District No. 1 GO
5.00%, 12/01/28 (Call 12/01/26) (SAW)		210		217,251
Series B, 4.00%, 12/01/28 (SAW)		270		274,452
E-470 Public Highway Authority RB, 0.00%, 09/01/28 (NPFGC)^(a)		680		554,611
Regional Transportation District Sales Tax Revenue RB, 5.00%, 11/01/28		290		307,888
University of Colorado RB
5.00%, 06/01/28		195		205,730
Series A-2, 5.00%, 06/01/30 (Call 06/01/28)		130		136,220


				3,591,904

Connecticut — 2.3%
City of Danbury CT GO, 4.00%, 11/01/28 (Call 11/01/26)		45		45,191
State of Connecticut, 5.00%, 04/15/28		215		226,310
State of Connecticut Clean Water Fund - State Revolving Fund RB, Series A, 5.00%, 05/01/28 (Call 05/01/27)		150		157,317
State of Connecticut GO
5.00%, 09/15/28		225		237,988
5.00%, 11/15/28		380		402,684
5.00%, 04/15/31 (Call 04/15/28)		100		104,315
Series 2021 A, 4.00%, 01/15/28		100		100,705
Series A, 4.00%, 01/15/28		115		115,811
Series B, 5.00%, 04/15/28		560		589,457
Series C, 5.00%, 06/15/28		215		226,746
Series E, 5.00%, 09/15/28		75		79,329
Series E, 5.00%, 09/15/30 (Call 09/15/28)		325		341,149
Series E, 5.00%, 09/15/31 (Call 09/15/28)		205		214,563
State of Connecticut Special Tax Revenue RB
5.00%, 07/01/28		615		648,929
5.00%, 10/01/32 (Call 10/01/28)		115		120,187
Series A, 5.00%, 01/01/28		165		173,088
Series A, 5.00%, 09/01/28 (Call 09/01/26)		145		149,093
Series A, 5.00%, 01/01/29 (Call 01/01/28)		350		366,522
Series B, 5.00%, 09/01/28 (Call 09/01/26)		70		71,976
Series B, 5.00%, 10/01/30 (Call 10/01/28)		235		246,774
Series D, 5.00%, 11/01/28		305		323,099
University of Connecticut GO, 5.00%, 04/15/30 (Call 04/15/28)		165		172,235


Security	Par (000)		Value

Connecticut (continued)
University of Connecticut RB, 5.00%, 11/01/30 (Call 11/01/28)	$	150	$	157,286


				5,270,754

Delaware — 1.0%
County of New Castle DE GO, 5.00%, 10/01/28		150		159,783
Delaware Transportation Authority RB, 5.00%, 07/01/28		555		587,815
State of Delaware, 5.00%, 02/01/31 (Call 02/01/28)		150		158,287
State of Delaware GO
5.00%, 02/01/28		235		248,557
5.00%, 07/01/28		105		111,672
Series A, 2.13%, 03/01/28 (Call 03/01/26)		15		13,421
Series A, 5.00%, 01/01/28		545		575,810
Series A, 5.00%, 01/01/29 (Call 01/01/28)		175		184,850
Series A, 5.00%, 02/01/32 (Call 02/01/28)		150		158,204


				2,198,399

District of Columbia — 1.9%
District of Columbia, 5.00%, 03/01/28		150		158,089
District of Columbia GO
5.00%, 02/01/28		185		194,926
5.00%, 06/01/28		150		158,707
5.00%, 06/01/28 (Call 06/01/26)		100		102,989
5.00%, 06/01/32 (Call 06/01/28)		170		177,053
Series A, 5.00%, 06/01/28		210		222,190
Series A, 5.00%, 10/15/28		345		366,723
Series D, 5.00%, 06/01/28 (Call 12/01/26)		110		113,839
Series D, 5.00%, 06/01/28 (Call 06/01/27)		185		192,999
District of Columbia RB
5.00%, 05/01/28		95		100,333
5.00%, 10/01/28		110		116,766
5.00%, 12/01/28		465		490,744
Series C, 5.00%, 10/01/28		645		684,677
District of Columbia Water & Sewer Authority RB
5.00%, 10/01/29 (Call 04/01/28)		195		204,314
Series B, 5.00%, 10/01/28		180		189,829
Series B, 5.00%, 10/01/28 (Call 04/01/27)		25		26,016
Series B, 5.00%, 10/01/30 (Call 04/01/28)		65		68,519
Series B, 5.00%, 10/01/32 (Call 04/01/28)		60		63,148
Washington Metropolitan Area Transit Authority Dedicated Revenue RB, 5.00%, 07/15/28		500		525,839
Washington Metropolitan Area Transit Authority RB, 5.00%, 07/01/28 (Call 07/01/27)		130		134,159


				4,291,859

Florida — 2.3%
Central Florida Expressway Authority RB, Series B, 5.00%, 07/01/28 (Call 07/01/26)		195		198,966
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/28 (Call 10/01/26)		200		204,110
County of Miami-Dade FL GO, Series D, 5.00%, 07/01/28 (Call 07/01/26)		105		107,632
County of Miami-Dade FL Water & Sewer System Revenue RB
5.00%, 10/01/30 (Call 10/01/28)		100		104,200
Series B, 5.00%, 10/01/28 (Call 10/01/27)		415		429,897
Florida Department of Environmental Protection RB, Series A, 5.00%, 07/01/28		430		452,970
Florida Department of Management Services COP, Series A, 5.00%, 11/01/28		165		173,637
Hillsborough County School Board COP, Series A, 5.00%, 07/01/28 (Call 07/01/26)		310		315,678


Security	Par (000)		Value

Florida (continued)
Orange County School Board COP, Series C, 5.00%, 08/01/28	$	105	$	110,433
Palm Beach County School District COP
5.00%, 08/01/28		150		158,095
Series B, 5.00%, 08/01/28		195		205,523
School District of Broward County/FL GO, 5.00%, 07/01/30 (Call 07/01/28)		60		62,677
State of Florida
5.00%, 06/01/28		115		121,775
5.00%, 07/01/31 (Call 07/01/28)		75		78,836
State of Florida Department of Transportation RB
5.00%, 07/01/31 (Call 07/01/28)		100		103,944
5.00%, 07/01/32 (Call 07/01/28)		330		347,880
State of Florida Department of Transportation Turnpike System Revenue RB
5.00%, 07/01/28		175		184,962
Series A, 5.00%, 07/01/28		75		79,270
State of Florida GO
5.00%, 06/01/28 (Call 06/01/26)		150		154,521
5.00%, 07/01/28		135		143,101
5.00%, 07/01/29 (Call 07/01/28)		100		105,270
Series A, 4.00%, 07/01/32 (Call 07/01/28)		440		443,974
Series B, 5.00%, 06/01/28 (Call 06/01/27)		160		166,972
Series C, 5.00%, 06/01/30 (Call 06/01/28)		220		232,720
State of Florida Lottery Revenue RB
5.00%, 07/01/28		150		158,671
Series A, 5.00%, 07/01/28		255		269,740
State of Florida RB, 5.00%, 06/01/28		205		217,078

				5,332,532

Georgia — 1.7%
City of Atlanta GA Department of Aviation RB
5.00%, 07/01/28		200		210,771
Series A, 5.00%, 07/01/28		80		84,309
City of Atlanta GA Water & Wastewater Revenue RB
Series A, 5.00%, 11/01/28 (Call 11/01/27)		100		104,567
Series C, 5.00%, 11/01/28 (Call 11/01/27)		150		156,850
City of Atlanta Water & Wastewater Revenue RB, 5.75%, 11/01/28 (AGM)		115		126,002
Forsyth County School District GO, 5.00%, 02/01/30 (Call 02/01/28)		265		278,235
Georgia Ports Authority RB, 5.00%, 07/01/28		295		311,923
Metropolitan Atlanta Rapid Transit Authority RB
5.00%, 07/01/28		150		158,869
5.00%, 07/01/28 (Call 07/01/26)		25		25,688
State of Georgia GO
4.00%, 07/01/28		95		96,614
5.00%, 02/01/28 (Call 02/01/27)		250		260,200
5.00%, 07/01/28		450		477,997
5.00%, 07/01/28 (Call 01/01/27)		55		57,214
5.00%, 07/01/29 (Call 07/01/28)		85		89,852
Series A, 5.00%, 07/01/28		205		217,754
Series A, 5.00%, 08/01/28		325		345,592
Series A, 5.00%, 07/01/30 (Call 07/01/28)		260		273,905
Series A, 5.00%, 07/01/31 (Call 07/01/28)		205		215,455
Series E, 5.00%, 12/01/28 (Call 12/01/26)		265		274,458

				3,766,255

Hawaii — 1.4%
City & County Honolulu HI Wastewater System Revenue RB
5.00%, 07/01/28		80		84,308


Security	Par (000)		Value

Hawaii (continued)
Series A, 4.00%, 07/01/28	$	265	$	268,366
City & County Honolulu Wastewater System Revenue, 5.00%, 07/01/28		105		110,655
City & County of Honolulu HI, 5.00%, 11/01/28		240		254,804
City & County of Honolulu HI GO
5.00%, 07/01/28		205		216,760
Series A, 5.00%, 09/01/28		180		190,710
Series A, 5.00%, 09/01/30 (Call 09/01/28)		240		252,414
Series C, 4.00%, 08/01/28		305		308,974
Series D, 5.00%, 09/01/28 (Call 09/01/27)		30		31,293
County of Maui HI GO, 5.00%, 09/01/28		55		58,148
State of Hawaii GO
5.00%, 10/01/28 (Call 10/01/26)		150		154,267
Series FH, 5.00%, 10/01/28 (Call 10/01/26)		175		179,978
Series FT, 5.00%, 01/01/29 (Call 01/01/28)		265		277,180
Series FT, 5.00%, 01/01/31 (Call 01/01/28)		470		490,713
Series FT, 5.00%, 01/01/32 (Call 01/01/28)		285		297,133

				3,175,703

Illinois — 3.0%
Chicago Midway International Airport RB, 5.00%, 01/01/28 (BAM)		230		239,700
Chicago O’Hare International Airport RB
5.25%, 01/01/28 (Call 01/01/27)		40		41,449
Series C, 5.00%, 01/01/28 (Call 01/01/26)		220		223,514
Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/28		140		144,366
Illinois Finance Authority RB
5.00%, 01/01/28 (Call 01/01/26)		920		942,051
5.00%, 07/01/28		625		658,933
5.00%, 07/01/28 (Call 01/01/26)		55		56,376
5.00%, 12/01/28		75		79,259
Series B, 5.00%, 01/01/28		240		251,576
Illinois State Toll Highway Authority RB
5.00%, 01/01/28		460		482,188
5.00%, 01/01/28 (Call 01/01/26)		40		40,824
Metropolitan Water Reclamation District of Greater Chicago GO, Series A, 5.00%, 12/01/28 (Call 12/01/26)		150		154,125
State of Illinois GO
5.00%, 02/01/28 (Call 02/01/27)		460		468,829
5.00%, 03/01/28		190		194,979
Series A, 5.00%, 03/01/28		695		713,212
Series A, 5.00%, 10/01/28		765		787,272
Series A, 5.00%, 05/01/29 (Call 05/01/28)		310		317,849
Series A, 5.00%, 10/01/30 (Call 10/01/28)		200		204,412
Series B, 5.00%, 03/01/28		75		76,965
Series D, 5.00%, 11/01/28 (Call 11/01/27)		670		684,935
State of Illinois Sales Tax Revenue RB, 5.00%, 06/15/28		150		153,970

				6,916,784

Indiana — 1.6%
City of Indianapolis Department of Public Utilities Water System Revenue RB
5.00%, 10/01/30 (Call 10/01/28)		570		597,821
Series A, 5.00%, 10/01/28		165		175,303
Indiana Finance Authority RB
5.00%, 02/01/28		425		447,460
5.00%, 02/01/28 (Call 02/01/26)		100		102,303
5.00%, 06/01/28		525		554,794
5.00%, 10/01/28 (Call 10/01/26)		105		108,308


Security	Par (000)		Value

Indiana (continued)
Series C, 5.00%, 02/01/28	$	305	$	321,119
Series C, 5.00%, 06/01/28 (Call 12/01/26)		355		366,840
Series C, 5.00%, 02/01/29 (Call 02/01/28)		335		352,687
Series R, 5.00%, 02/01/28		470		494,838
Purdue University RB
5.00%, 07/01/28		180		190,326
5.00%, 07/01/28 (Call 07/01/26)		25		25,697

				3,737,496

Iowa — 0.9%
City of Des Moines IA GO, 5.00%, 06/01/28		765		807,754
Iowa Finance Authority
5.00%, 08/01/28		220		232,952
5.00%, 08/01/30 (Call 08/01/28)		125		131,958
Iowa Finance Authority RB
5.00%, 08/01/28		255		270,241
5.00%, 08/01/28 (Call 08/01/27)		100		104,523
5.00%, 08/01/32 (Call 08/01/28)		270		284,545
Series A, 5.00%, 08/01/31 (Call 08/01/28)		125		131,767
State of Iowa RB, Series A, 5.00%, 06/01/28
(Call 06/01/26)		30		30,809

				1,994,549

Kansas — 0.1%
Sedgwick County Unified School District No. 266 Maize
GO, Series A, 4.00%, 09/01/28 (Call 09/01/27)		50		49,839
State of Kansas Department of Transportation RB,
Series A, 5.00%, 09/01/28 (Call 09/01/27)		200		208,765

				258,604

Louisiana — 0.5%
State of Louisiana GO
5.00%, 03/01/28		145		152,227
Series B, 5.00%, 08/01/28 (Call 08/01/26)		130		134,153
Series B, 5.00%, 10/01/28 (Call 10/01/27)		365		380,521
State of Louisiana RB
5.00%, 09/01/28		60		63,027
Series A, 5.00%, 09/01/29 (Call 09/01/28)		495		516,537

				1,246,465

Maine — 0.7%
City of Portland ME GO, 5.00%, 04/01/28		190		201,011
Maine Municipal Bond Bank RB
Series A, 5.00%, 09/01/28 (Call 09/01/26)		80		82,551
Series A, 5.00%, 11/01/28		190		201,364
Series C, 5.00%, 11/01/28 (Call 11/01/27)		75		78,624
Maine Turnpike Authority RB, 5.00%, 07/01/28		200		211,297
State of Maine GO
Series B, 5.00%, 06/01/28		575		607,880
Series D, 5.00%, 06/01/28		125		132,148

				1,514,875

Maryland — 4.4%
City of Baltimore MD GO, Series A, 5.00%, 10/15/28		45		47,666
County of Anne Arundel MD GOL
5.00%, 10/01/28		375		399,458
5.00%, 10/01/28 (Call 10/01/27)		190		199,331
County of Baltimore MD GO
5.00%, 03/01/28		195		205,836
5.00%, 03/01/29 (Call 03/01/28)		755		795,522
County of Frederick MD GO
5.00%, 08/01/28		75		79,718
5.00%, 10/01/28		150		159,783
County of Howard MD GO
5.00%, 02/15/28		55		58,114


Security	Par (000)		Value

Maryland (continued)
5.00%, 08/15/29 (Call 08/15/28)	$	115	$	121,704
Series A, 5.00%, 08/15/28		300		319,034
Series B, 5.00%, 02/15/28 (Call 02/15/27)		70		72,870
Series D, 5.00%, 02/15/28		220		232,454
County of Montgomery MD GO
5.00%, 11/01/28		225		239,938
Series A, 5.00%, 11/01/28		300		319,917
Series A, 5.00%, 11/01/29 (Call 11/01/28)		130		137,857
Series B, 4.00%, 11/01/28		150		152,592
County of Prince George’s MD GOL
5.00%, 07/15/30 (Call 07/15/28)		155		163,625
Series A, 4.00%, 07/15/32 (Call 07/15/28)		280		279,391
Series A, 5.00%, 07/15/31 (Call 07/15/28)		365		384,394
Series B, 5.00%, 09/15/28		285		303,412
Maryland Stadium Authority RB,
5.00%, 05/01/47 (PR 05/01/28)		100		105,147
Maryland State Transportation Authority RB,
5.00%, 07/01/28		135		142,626
State of Maryland Department of Transportation RB
4.00%, 05/01/30 (Call 05/01/28)		95		95,905
5.00%, 09/01/28 (Call 09/01/27)		160		167,740
5.00%, 10/01/28 (Call 10/01/26)		200		206,770
5.00%, 10/01/28 (Call 10/01/27)		30		31,484
5.00%, 12/01/28		140		148,949
State of Maryland GO
5.00%, 03/01/28		250		264,304
5.00%, 03/15/28		40		42,310
5.00%, 08/01/28		345		366,703
First Series, 5.00%, 03/15/28		555		587,054
Second Series, 5.00%, 08/01/29 (Call 08/01/28)		275		290,925
Second Series, 5.00%, 08/01/30 (Call 08/01/28)		280		295,462
Second Series A, 5.00%, 08/01/28		115		122,235
Series A, 5.00%, 03/15/28 (Call 03/15/27)		100		104,207
Series A, 5.00%, 08/01/28		1,000		1,062,909
Series A, 5.00%, 03/15/29 (Call 03/15/28)		340		358,387
Washington Suburban Sanitary Commission RB
5.00%, 06/01/28		200		212,130
5.00%, 06/01/28 (GTD)		210		222,737
5.00%, 12/01/28 (GTD)		110		117,399
5.00%, 06/01/30 (Call 06/01/28) (GTD)		295		311,037

				9,929,036

Massachusetts — 2.2%
Commonwealth of Massachusetts GO
5.00%, 02/01/28		140		147,907
5.00%, 09/01/28		140		149,032
Commonwealth of Massachusetts GOL
5.00%, 03/01/28		100		105,763
5.00%, 11/01/28		365		389,404
Series B, 5.00%, 07/01/28		725		770,105
Series B, 5.00%, 01/01/30 (Call 01/01/28)		395		414,378
Series B, 5.25%, 08/01/28		440		472,645
Series C, 5.00%, 05/01/28		280		296,790
Massachusetts Bay Transportation Authority RB
Series A, 5.25%, 07/01/28		1,250		1,346,106
Series A-2, 5.00%, 07/01/28 (Call 07/01/27)		30		31,376
Massachusetts Bay Transportation Authority Sales Tax
Revenue, 5.50%, 07/01/28 (NPFGC)		150		162,530
Massachusetts Department of Transportation RB,
Series A, 0.00%, 01/01/28 (NPFGC)^(a)		50		41,667
Massachusetts Health & Educational Facilities Authority
RB, Series M, 5.25%, 07/01/28		100		107,823


Security	Par (000)		Value

Massachusetts (continued)
Massachusetts State College Building Authority RB,
5.00%, 05/01/29 (Call 05/01/28) (ST INTERCEPT)	$	155	$	162,838
Massachusetts Water Resources Authority RB
Series B, 5.00%, 08/01/28 (Call 08/01/26)		120		123,725
Series B, 5.25%, 08/01/28 (AGM)		135		145,628
University of Massachusetts Building Authority RB,
Series 2019-1, 5.00%, 05/01/28		160		169,663

				5,037,380

Michigan — 1.4%
Great Lakes Water Authority Water Supply System
Revenue RB, Series C, 5.00%, 07/01/28
(Call 07/01/26)		35		35,576
Michigan Finance Authority RB
5.00%, 10/01/28		130		137,877
5.00%, 10/01/30 (Call 10/01/28)		470		495,916
5.00%, 10/01/31 (Call 10/01/28)		125		131,740
Series B, 5.00%, 10/01/28 (Call 10/01/26)		485		503,363
Michigan State Building Authority RB, Series I,
5.00%, 04/15/28		365		383,894
Michigan State University RB, Series B,
5.00%, 02/15/28		185		193,972
State of Michigan Trunk Line Revenue RB
5.00%, 11/15/28		325		344,862
Series B, 5.00%, 11/15/28		770		817,055
University of Michigan, 5.00%, 04/01/28		70		73,939
University of Michigan RB, 5.00%, 04/01/32
(Call 04/01/28)		100		104,094

				3,222,288

Minnesota — 2.0%
County of Hennepin, 5.00%, 12/01/28		75		79,615
County of Hennepin MN GO
5.00%, 12/01/28		140		148,615
5.00%, 12/01/28 (Call 12/01/26)		340		351,566
Metropolitan Council GO
4.00%, 03/01/28 (Call 03/01/26)		40		40,156
5.00%, 03/01/28		385		406,079
5.00%, 03/01/28 (Call 03/01/27)		95		98,727
5.00%, 12/01/28		100		106,440
Series C, 4.00%, 03/01/28 (Call 03/01/27)		120		120,920
Series C, 5.00%, 12/01/28		375		399,149
Minneapolis-St Paul Metropolitan Airports Commission
RB, Series A, 5.00%, 01/01/28 (Call 01/01/27)		100		103,338
Minnesota Public Facilities Authority RB, Series A,
5.00%, 03/01/28 (Call 03/01/26)		155		159,905
State of Minnesota GO
5.00%, 08/01/28		430		456,472
5.00%, 09/01/28		500		531,344
Series A, 5.00%, 10/01/28 (Call 10/01/27)		175		183,925
Series A, 5.00%, 08/01/29 (Call 08/01/28)		670		709,099
Series A, 5.00%, 08/01/32 (Call 08/01/28)		485		512,857
Series B, 5.00%, 10/01/28 (Call 10/01/27)		130		136,630

				4,544,837

Mississippi — 0.3%
State of Mississippi GO
5.00%, 12/01/28 (Call 12/01/26)		175		180,886
Series A, 5.00%, 10/01/28 (Call 10/01/27)		455		475,654

				656,540


Security	Par (000)		Value

Missouri — 0.5%
City of Kansas City MO Sanitary Sewer System
Revenue RB, Series A, 5.00%, 01/01/29
(Call 01/01/28)	$	170	$	178,616
Missouri Highway & Transportation Commission RB,
5.00%, 05/01/28		205		216,682
Missouri State Board of Public Buildings RB, Series B,
4.00%, 10/01/28		655		661,639

				1,056,937

Nebraska — 1.0%
Nebraska Public Power District RB
5.00%, 01/01/28		150		157,058
5.00%, 07/01/28 (Call 01/01/28)		255		266,502
Omaha Public Power District RB
5.00%, 02/01/28		840		884,392
5.00%, 02/01/29 (Call 02/01/28)		220		231,240
Series A, 5.00%, 02/01/28 (Call 02/01/26)		265		271,633
University of Nebraska Facilities Corp. RB (The)
5.00%, 07/15/28		180		190,575
5.00%, 07/15/29 (Call 07/15/28)		100		105,097
5.00%, 07/15/30 (Call 07/15/28)		150		157,262

				2,263,759

Nevada — 2.0%
Clark County School District GOL
5.00%, 06/15/28		145		151,980
5.00%, 06/15/28 (AGM)		205		214,869
Series C, 5.00%, 06/15/28 (Call 12/15/27)		145		150,493
County of Clark Department of Aviation RB, Series B,
5.00%, 07/01/28		365		384,657
County of Clark NV GOL
5.00%, 12/01/28		395		417,804
5.00%, 06/01/29 (Call 06/01/28)		245		257,665
5.00%, 12/01/30 (Call 12/01/28)		270		284,557
5.00%, 12/01/31 (Call 12/01/28)		175		184,039
County of Clark NV RB, Series B, 5.00%, 07/01/28		430		453,723
County of Washoe NV RB, 5.00%, 02/01/28		220		230,127
Las Vegas Valley Water District GOL, 5.00%, 06/01/28		340		359,149
Nevada System of Higher Education RB,
5.00%, 07/01/28		200		211,122
State of Nevada GOL
4.00%, 04/01/31 (Call 04/01/28)		105		104,796
5.00%, 05/01/28		145		153,324
Series A, 5.00%, 04/01/28		60		63,377
Series A, 5.00%, 05/01/28		350		370,093
State of Nevada Highway Improvement Revenue,
5.00%, 12/01/29 (Call 06/01/28)		200		210,291
State of Nevada Highway Improvement Revenue RB
5.00%, 12/01/28 (Call 06/01/26)		150		154,409
5.00%, 12/01/28 (Call 06/01/28)		125		131,565
5.00%, 12/01/30 (Call 06/01/28)		160		167,849

				4,655,889

New Hampshire — 0.4%
New Hampshire Municipal Bond Bank RB, Series B,
5.00%, 08/15/28		595		630,867
State of New Hampshire GO
5.00%, 12/01/28		170		181,110
Series A, 5.00%, 12/01/31 (Call 12/01/28)		100		106,065

				918,042

New Jersey — 3.1%
County of Monmouth NJ GO, 5.00%, 07/15/28
(Call 07/15/27)		100		105,177


Security	Par (000)		Value

New Jersey (continued)
New Jersey Economic Development Authority RB
5.00%, 03/01/28	$	435	$	451,620
5.00%, 06/15/28		1,060		1,102,980
5.00%, 11/01/28		110		114,795
New Jersey Transportation Trust Fund Authority RB
5.00%, 06/15/28		820		853,672
5.00%, 06/15/30 (Call 12/15/28)		75		77,640
Series A, 5.00%, 06/15/28 (Call 06/15/26)		650		660,996
New Jersey Turnpike Authority, 5.25%, 01/01/28
(AGM)		185		196,351
New Jersey Turnpike Authority RB
Series B, 5.00%, 01/01/31 (Call 01/01/28)		195		202,604
Series B, 5.00%, 01/01/32 (Call 01/01/28)		390		405,234
Series E, 5.00%, 01/01/29 (Call 01/01/28)		620		649,469
State of New Jersey GO
5.00%, 06/01/28 (Call 06/01/27)		135		139,794
Series A, 5.00%, 06/01/28		2,100		2,205,610

				7,165,942

New Mexico — 1.1%
New Mexico Finance Authority RB
5.00%, 06/15/28		365		385,736
Series A, 5.00%, 06/15/28		470		495,678
Series D, 5.00%, 06/01/29 (Call 06/01/28)		70		73,847
State of New Mexico GO
5.00%, 03/01/28		320		337,257
5.50%, 03/01/28		110		118,117
State of New Mexico Severance Tax Permanent Fund
RB, 5.00%, 07/01/28		1,035		1,093,464

				2,504,099

New York — 11.6%
City of New York, 5.00%, 08/01/28		270		284,811
City of New York NY GO
5.00%, 08/01/28		1,060		1,118,148
5.00%, 08/01/28 (Call 02/01/28)		410		429,152
5.00%, 08/01/30 (Call 02/01/28)		275		286,511
5.00%, 08/01/31 (Call 02/01/28)		100		103,960
Series A, 5.00%, 08/01/28 (Call 08/01/27)		325		337,020
Series A, 5.00%, 08/01/29 (Call 02/01/28)		130		135,753
Series A-2, 5.00%, 08/01/29 (Call 02/01/28)		220		229,737
Series B-1, 5.00%, 10/01/28		330		348,777
Series C, 5.00%, 08/01/28 (Call 02/01/27)		175		180,661
Series C, 5.00%, 08/01/29 (Call 02/01/28)		310		323,720
Series C, 5.00%, 08/01/31 (Call 02/01/28)		250		259,900
Series D, 5.00%, 08/01/28 (Call 02/01/26)		210		213,264
Series E, 5.00%, 08/01/28		420		443,040
Hudson Yards Infrastructure Corp. RB,
5.00%, 02/15/28		120		126,989
Long Island Power Authority RB
5.00%, 09/01/28		165		174,968
5.00%, 09/01/29 (Call 09/01/28)		175		183,542
Series A, 0.00%, 12/01/28 (AGM)^(a)		170		136,948
Metropolitan Transportation Authority RB
Series B, 5.00%, 11/15/28		435		445,340
Series C-1, 5.00%, 11/15/28 (Call 05/15/28)		475		485,467
Series C-1, 5.00%, 11/15/29 (Call 05/15/28)		445		453,404
New York City Municipal Water Finance Authority,
5.00%, 06/15/28		125		132,702
New York City Municipal Water Finance Authority RB
5.00%, 06/15/28 (Call 12/15/26)		355		366,775
Series EE, 5.00%, 06/15/28		365		387,489


Security	Par (000)		Value

New York (continued)
New York City Transitional Finance Authority Building
Aid Revenue RB
5.00%, 07/15/28 (SAW)	$	110	$	116,219
5.00%, 07/15/30 (Call 07/15/28) (SAW)		560		585,499
5.00%, 07/15/31 (Call 07/15/28) (SAW)		215		224,444
Series S, 5.00%, 07/15/30 (Call 07/15/28) (SAW)		215		224,790
Series S-2A, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		355		370,593
Series S-2A, 5.00%, 07/15/32 (Call 07/15/28) (SAW)		195		203,279
Series S-4A, 5.00%, 07/15/28 (SAW)		80		84,523
Series S-4A, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		200		208,785
New York City Transitional Finance Authority Future Tax
Secured Revenue, 5.00%, 05/01/28		195		205,284
New York City Transitional Finance Authority Future Tax
Secured Revenue RB
5.00%, 11/01/28		1,405		1,487,716
5.00%, 11/01/28 (Call 11/01/27)		250		258,136
5.00%, 08/01/29 (Call 08/01/28)		105		109,499
Series A1, 5.00%, 08/01/32 (Call 08/01/28)		50		52,031
Series B-1, 5.00%, 08/01/28 (Call 08/01/27)		100		102,960
Series C-1, 5.00%, 11/01/28		50		52,944
Series C-2, 5.00%, 05/01/32 (Call 05/01/28)		285		296,044
New York City Water & Sewer System RB
5.00%, 06/15/28		300		318,484
5.00%, 06/15/28 (Call 06/15/27)		175		181,783
Series CC-1, 5.00%, 06/15/28		135		143,318
New York State Dormitory Authority RB
5.00%, 03/15/28		480		504,349
5.00%, 07/01/28		390		413,920
5.00%, 03/15/29 (Call 09/15/28)		240		251,392
5.00%, 03/15/31 (Call 09/15/28)		130		135,618
Series A, 5.00%, 02/15/28 (PR 02/15/27)		415		433,427
Series A, 5.00%, 03/15/28		175		183,877
Series A, 5.00%, 03/15/28 (Call 09/15/26)		65		66,588
Series A, 5.00%, 03/15/29 (Call 03/15/28)		310		322,948
Series A, 5.00%, 07/01/29 (Call 07/01/28)		170		178,661
Series A, 5.00%, 03/15/31 (Call 03/15/28)		405		420,691
Series A, 5.00%, 03/15/32 (Call 03/15/28)		210		217,833
Series A, 5.00%, 03/15/32 (Call 09/15/28)		490		510,834
Series B, 5.00%, 02/15/28 (PR 08/15/27)		340		357,674
Series C, 5.00%, 03/15/29 (Call 03/15/28)		250		260,442
Series C, 5.00%, 03/15/31 (Call 03/15/28)		210		218,136
Series C, 5.00%, 03/15/32 (Call 03/15/28)		285		295,631
Series D, 5.00%, 02/15/28		805		845,017
Series E, 5.00%, 03/15/30 (Call 09/15/28)		795		829,926
New York State Environmental Facilities Corp RB,
5.00%, 06/15/28		85		90,461
New York State Environmental Facilities Corp.,
5.00%, 06/15/28		50		53,212
New York State Environmental Facilities Corp. RB
5.00%, 06/15/28 (Call 06/15/26)		160		164,861
5.00%, 06/15/28 (Call 06/15/27)		275		285,847
5.00%, 06/15/29 (Call 06/15/28)		125		131,537
Series B, 5.00%, 06/15/28		335		356,522
Series B, 5.00%, 06/15/32 (Call 06/15/28)		120		125,841
New York State Thruway Authority RB
5.00%, 03/15/28		215		225,906
Series L, 5.00%, 01/01/30 (Call 01/01/28)		265		276,130
Series L, 5.00%, 01/01/31 (Call 01/01/28)		110		114,554
New York State Urban Development Corp. RB
5.00%, 03/15/28		105		110,586
Series A, 5.00%, 03/15/28 (PR 03/15/26)		380		390,855


Security	Par (000)		Value

New York (continued)
Series A, 5.00%, 03/15/28 (PR 03/15/27)	$	155	$	162,078
Series C-2, 5.00%, 03/15/28 (Call 09/15/27)		105		109,183
Port Authority of New York & New Jersey RB
5.00%, 09/01/29 (Call 09/01/28)		160		167,881
Series 205TH, 5.00%, 11/15/28 (Call 11/15/27)		175		180,933
Series 209TH, 5.00%, 07/15/30 (Call 07/15/28)		260		272,066
Series 211TH, 5.00%, 09/01/32 (Call 09/01/28)		275		287,208
State of New York GO, 5.00%, 03/15/28		200		211,302
Triborough Bridge & Tunnel Authority RB
5.00%, 05/15/28		850		897,403
5.00%, 11/15/28		775		820,898
5.00%, 11/15/28 (Call 05/15/26)		75		76,915
5.00%, 11/15/28 (Call 08/15/28)		500		528,471
Series B, 0.00%, 11/15/28^(a)		210		169,000
Series B, 5.00%, 11/15/28		450		476,651
Series C-1, 5.00%, 11/15/28		290		307,175
Utility Debt Securitization Authority RB, Series A,
5.00%, 06/15/28 (Call 06/15/26)		215		220,183

				26,475,032

North Carolina — 2.5%
City of Charlotte NC GO, Series A, 5.00%, 06/01/28		200		212,217
City of Charlotte NC Storm Water Revenue RB,
5.00%, 12/01/28		100		106,775
City of Charlotte NC Water & Sewer System Revenue
RB, 5.00%, 07/01/28		235		249,620
City of Greensboro NC GO, 5.00%, 10/01/28		325		346,348
County of Guilford NC GO
5.00%, 02/01/28 (Call 02/01/26)		5		5,115
Series B, 5.00%, 05/01/28 (Call 05/01/27)		100		104,643
County of Mecklenburg, 5.00%, 03/01/28		140		148,068
County of Mecklenburg NC GO, Series A,
5.00%, 04/01/28 (Call 04/01/27)		100		104,363
County of Wake NC GO
5.00%, 03/01/28		415		436,871
5.00%, 04/01/28		175		185,288
Series A, 5.00%, 04/01/28		15		15,882
Series A, 5.00%, 03/01/31 (Call 03/01/28)		135		141,007
County of Wake NC RB
5.00%, 04/01/28		185		194,948
Series A, 5.00%, 12/01/28 (Call 12/01/26)		145		149,621
Mecklenburg County Public Facilities Corp. RB,
5.00%, 02/01/28		160		168,263
North Carolina State University at Raleigh RB,
5.00%, 10/01/28		100		105,967
State of North Carolina GO
5.00%, 06/01/28		1,100		1,167,193
Series A, 5.00%, 06/01/28		275		291,798
Series A, 5.00%, 06/01/29 (Call 06/01/28)		250		264,822
Series B, 5.00%, 06/01/28		115		122,025
State of North Carolina RB
5.00%, 03/01/28		350		367,158
5.00%, 05/01/28		435		459,233
Series B, 5.00%, 05/01/28 (Call 05/01/27)		325		338,462

				5,685,687

North Dakota — 0.1%
North Dakota Building Authority RB, 5.00%, 12/01/28		120		127,213


Ohio — 3.0%
American Municipal Power Inc. RB, Series A,
5.00%, 02/15/28 (Call 02/15/26)		230		234,836
City of Columbus OH, 5.00%, 04/01/29 (Call 10/01/28)		195		206,649


Security	Par (000)		Value

Ohio (continued)
City of Columbus OH GO
5.00%, 04/01/28	$	185	$	195,412
5.00%, 04/01/28 (Call 10/01/27)		165		173,060
Series 3, 5.00%, 02/15/28 (Call 02/15/27)		50		52,042
Series A, 5.00%, 04/01/31 (Call 10/01/28)		495		522,800
County of Franklin OH Sales Tax Revenue RB,
4.00%, 06/01/31 (Call 06/01/28)		145		144,451
Ohio Turnpike & Infrastructure Commission RB
5.00%, 02/15/31 (Call 02/15/28)		230		239,742
Series A, 5.00%, 02/15/28 (Call 02/15/27)		355		368,843
Ohio Water Development Authority RB
5.00%, 06/01/28		165		174,650
5.00%, 06/01/28 (Call 03/01/28)		740		780,899
5.00%, 12/01/28		175		186,353
5.00%, 12/01/28 (Call 12/01/26)		105		108,603
Series A, 5.00%, 06/01/28		440		465,732
Series A, 5.00%, 12/01/28		555		591,005
State of Ohio, 5.00%, 05/01/28		50		52,807
State of Ohio GO
5.00%, 03/01/28		170		179,168
5.00%, 03/15/28		75		79,083
5.00%, 05/01/28		465		491,102
5.00%, 09/01/28		315		334,030
Series B, 5.00%, 09/01/28		225		238,592
Series B, 5.00%, 09/15/28		210		222,795
Series S, 5.00%, 05/01/28 (Call 05/01/26)		310		318,869
Series V, 5.00%, 05/01/32 (Call 05/01/28)		125		131,417
State of Ohio RB
Series A, 5.00%, 04/01/28		115		121,232
Series C, 5.00%, 12/01/28 (Call 12/01/26)		165		170,358

				6,784,530

Oklahoma — 0.2%
Grand River Dam Authority RB, Series A,
5.00%, 06/01/28 (Call 12/01/26)		120		123,300
Oklahoma Capitol Improvement Authority RB,
5.00%, 07/01/28		25		26,270
Oklahoma Department of Transportation RB, Series A,
5.00%, 09/01/28		170		179,961
Oklahoma Turnpike Authority RB, 5.00%, 01/01/28		150		157,058

				486,589

Oregon — 1.1%
City of Portland OR GOL, Series B, 5.00%, 06/15/29
(Call 06/15/28)		170		178,448
City of Portland OR Sewer System Revenue RB,
Series A, 5.00%, 05/01/28 (Call 05/01/26)		310		318,534
County of Clackamas OR GOL, 5.00%, 06/01/28		95		100,350
County of Multnomah OR GO, Series A,
5.00%, 06/15/28		315		333,582
Multnomah County School District No. 1 Portland/OR
GO, 5.00%, 06/15/28 (GTD)		225		237,782
Oregon Health & Science University RB, Series A,
5.00%, 07/01/28		135		140,977
Oregon State Bond Bank RB, 5.00%, 01/01/28
(Call 01/01/26)		90		92,148
Portland Community College District, 5.00%, 06/15/28		180		190,069
Portland Community College District GO,
5.00%, 06/15/28 (Call 06/15/26)		165		169,935
Salem-Keizer School District No. 24J GO, Series B,
0.00%, 06/15/28 (GTD)^(a)		90		74,171


Security	Par (000)		Value

Oregon (continued)
State of Oregon GO
5.00%, 05/01/28	$	125	$	132,442
5.00%, 06/01/28		95		100,762
Series A, 5.00%, 05/01/28		40		42,382
Series D, 5.00%, 06/01/28		300		318,195
Series Q, 5.00%, 05/01/28 (Call 05/01/26)		70		71,961

				2,501,738

Pennsylvania — 2.2%
City of Philadelphia PA Water & Wastewater Revenue
RB, Series B, 5.00%, 11/01/28 (Call 11/01/27)		120		124,487
Commonwealth of Pennsylvania GO 5.00%, 01/15/28 (Call 01/15/27)		345		357,312
5.00%, 05/01/28		320		337,419
5.00%, 07/15/28		530		560,197
First Series, 5.00%, 01/01/28 (Call 01/01/27)		1,035		1,073,088
Second Series, 5.00%, 09/15/28 (Call 09/15/26)		480		493,689
Series 1, 5.00%, 02/01/28 (Call 02/01/26)		160		163,589
County of Chester PA GO, Series A, 4.00%, 07/15/28 (Call 07/15/26)		105		105,661
Lower Merion School District GOL 4.00%, 11/15/30 (Call 11/15/28) (SAW)		80		81,158
4.00%, 11/15/31 (Call 11/15/28) (SAW)		235		238,213
Pennsylvania State University (The) RB, 5.00%, 09/01/28 (Call 09/01/26)		200		205,890
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue RB, 5.00%, 12/01/28		185		196,032
Pennsylvania Turnpike Commission RB 5.00%, 12/01/28		100		105,963
Second Series, 5.00%, 12/01/28 (Call 12/01/27)		150		154,540
Series A, 5.25%, 07/15/28 (AGM)		430		457,574
Pittsburgh Water & Sewer Authority RB, Series A, 5.00%, 09/01/28 (Call 09/01/27) (AGM)		160		166,606
West Chester Area School District/PA GO, 5.00%, 05/15/28		200		212,012

				5,033,430

Rhode Island — 1.0%
Rhode Island Commerce Corp. RB 5.00%, 05/15/28		415		434,081
5.00%, 06/15/28 (Call 06/15/26)		400		408,657
Rhode Island Health and Educational Building Corp. RB, 5.00%, 09/01/28		210		222,495
State of Rhode Island GO 5.00%, 01/15/28		345		362,624
5.00%, 05/01/28		85		89,663
Series B, 5.00%, 08/01/28 (Call 08/01/27)		625		653,380

				2,170,900

South Carolina — 0.7%
County of Beaufort SC GO, Series A, 5.00%, 02/01/28 (Call 02/01/27) (SAW)		120		124,672
County of Charleston SC GO 5.00%, 11/01/28		115		122,635
Series B, 5.00%, 11/01/28		115		122,689
South Carolina Transportation Infrastructure Bank RB 5.00%, 10/01/28		825		871,185
Series A, 5.00%, 10/01/29 (Call 10/01/28)		220		231,593
State of South Carolina GO, Series A, 5.00%, 04/01/28 (Call 10/01/27) (SAW)		115		120,617

				1,593,391


Security	Par (000)		Value

Tennessee — 2.0%
City of Clarksville TN Water Sewer & Gas Revenue RB, 5.00%, 02/01/28 (Call 02/01/26)	$	100	$	102,308
City of Knoxville TN GO, 5.00%, 05/01/28		85		90,097
City of Memphis TN Sanitary Sewerage System Revenue RB, Series B, 5.00%, 10/01/28		410		434,652
County of Blount TN GO, 5.00%, 06/01/28 (Call 06/01/26)		175		179,881
County of Hamilton, 5.00%, 03/01/28		95		100,475
County of Hamilton TN GO 5.00%, 04/01/29 (Call 04/01/28)		165		173,863
Series A, 5.00%, 04/01/28		210		222,346
County of Montgomery TN GO, 5.00%, 04/01/28		70		73,735
County of Rutherford TN GO, 5.00%, 04/01/28		100		105,795
County of Shelby TN GO, 5.00%, 04/01/28		110		116,006
County of Williamson TN GO, 5.00%, 05/01/28		275		291,491
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/28 (Call 05/15/27)		130		135,314
Metropolitan Government of Nashville & Davidson County TN GO 4.00%, 01/01/28 (Call 07/01/26)		125		124,487
4.00%, 07/01/28		255		258,239
4.00%, 07/01/28 (Call 07/01/27)		40		39,998
5.00%, 01/01/28 (Call 07/01/26)		210		215,957
5.00%, 07/01/30 (Call 07/01/28)		230		241,898
5.00%, 07/01/32 (Call 07/01/28)		230		241,391
State of Tennessee GO 5.00%, 09/01/28 (Call 09/01/27)		85		89,019
5.00%, 11/01/28		555		591,062
Series A, 5.00%, 02/01/29 (Call 02/01/28)		290		305,896
Series A, 5.00%, 02/01/32 (Call 02/01/28)		75		78,560
Tennessee State School Bond Authority RB Series A, 5.00%, 11/01/28 (Call 11/01/27)		145		151,512
Series B, 5.00%, 11/01/28 (Call 11/01/27)
(ST INTERCEPT)		220		229,881

				4,593,863

Texas — 9.1%
Abilene Independent School District GO, 5.00%, 02/15/28		55		57,912
Aldine Independent School District GO, 5.00%, 02/15/28 (Call 02/15/27) (PSF)		90		92,576
Alvin Independent School District/TX GO, Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF)		100		102,591
Austin Community College District RB, 5.00%, 02/01/28 (Call 02/01/26)		155		158,644
Austin Independent School District GO 5.00%, 08/01/28 (PSF)		670		705,860
5.00%, 08/01/28 (Call 08/01/26) (PSF)		100		102,859
5.00%, 08/01/31 (Call 08/01/28) (PSF)		210		219,601
Board of Regents of the University of Texas System RB 5.00%, 08/15/28		510		538,448
Series H, 5.00%, 08/15/28 (Call 08/15/26)		105		108,359
City of Austin TX GOL, 5.00%, 09/01/28		510		538,264
City of Austin TX Water & Wastewater System Revenue RB 5.00%, 11/15/28 (Call 11/15/26)		175		179,998
5.00%, 11/15/28 (Call 11/15/27)		200		208,213
City of Dallas TX Waterworks & Sewer System Revenue RB 5.00%, 10/01/28		40		42,147
5.00%, 10/01/28 (Call 10/01/27)		150		155,872


Security	Par (000)		Value

Texas (continued)
Series C, 5.00%, 10/01/29 (Call 10/01/28)	$	50	$	52,749
City of Fort Worth Water & Sewer System Revenue RB, 4.00%, 02/15/28		290		291,431
City of Houston TX Combined Utility System Revenue RB Series A, 0.00%, 12/01/28 (AGM)^(a)		170		136,676
Series B, 5.00%, 11/15/28 (Call 11/15/27)		130		135,240
Series D, 5.00%, 11/15/30 (Call 11/15/28)		145		152,831
City of Houston TX GOL 5.00%, 03/01/28 (Call 03/01/26)		300		306,296
Series A, 5.00%, 03/01/28		150		157,415
Series A, 5.00%, 03/01/28 (Call 03/01/27)		115		119,013
City of Lewisville TX GOL, 5.00%, 02/15/30 (Call 02/15/28)		325		339,401
City of San Antonio TX Electric & Gas Systems Revenue RB 4.00%, 02/01/28 (Call 08/01/26)		105		103,218
5.00%, 02/01/28		60		62,666
5.00%, 02/01/28 (Call 08/01/26)		125		128,495
City of San Antonio TX GOL 5.00%, 08/01/28		485		510,311
5.00%, 08/01/28 (Call 08/01/27)		95		98,757
Conroe Independent School District GO, 5.00%, 02/15/28 (PSF)		250		262,832
County of Bexar TX RB, 5.00%, 06/15/30 (Call 06/15/28)		100		104,957
County of El Paso TX GOL, 5.00%, 02/15/28 (Call 08/15/27)		120		124,591
County of Fort Bend TX GO, 5.00%, 03/01/28 (Call 03/01/26)		40		40,825
County of Harris TX GOL, 5.00%, 10/01/28		250		264,340
Cypress-Fairbanks Independent School District GO 5.00%, 02/15/28 (PSF)		160		168,213
5.00%, 02/15/28 (Call 02/15/26) (PSF)		55		56,595
Dallas Area Rapid Transit, 5.00%, 12/01/28		65		68,722
Dallas Fort Worth International Airport RB, 5.00%, 11/01/28		135		142,255
Dallas Independent School District GO 5.00%, 02/15/28 (PSF)		220		231,025
Series A, 5.00%, 02/15/28		395		414,795
Fort Bend Independent School District GO Series B, 4.00%, 02/15/32 (Call 02/15/28) (PSF)		290		284,763
Series C, 5.00%, 08/15/28 (PSF)		90		94,818
Fort Worth Independent School District GO, 5.00%, 02/15/28 (PSF)		400		421,180
Frisco Independent School District GO, 5.00%, 08/15/28 (PSF)		300		317,003
Georgetown Independent School District GO 5.00%, 08/15/28 (Call 08/15/27) (PSF)		100		104,140
Series A, 5.00%, 08/15/29 (Call 08/15/28) (PSF)		105		110,650
Grand Parkway Transportation Corp. RB 5.00%, 10/01/52 (Put 04/01/28)		200		207,031
Series A, 5.00%, 10/01/30 (Call 04/01/28)		130		135,806
Grand Prairie Independent School District GO, Series A, 5.00%, 02/15/28 (Call 08/15/26) (PSF)		80		82,538
Harris County Toll Road Authority (The) RB 5.00%, 08/15/28		200		210,707
Series A, 5.00%, 08/15/32 (Call 02/15/28)		295		308,089
Houston Independent School District GOL, 5.00%, 07/15/29 (Call 07/15/28)		170		178,793


Security	Par (000)		Value

Texas (continued)
Katy Independent School District GO, 5.00%, 02/15/31 (Call 02/15/28) (PSF)	$	125	$	131,099
Killeen Independent School District GO, 5.00%, 02/15/30 (Call 02/15/28) (PSF)		385		403,610
Klein Independent School District GO, 5.00%, 08/01/28 (Call 08/01/26) (PSF)		195		201,192
Laredo Independent School District GO, 5.00%, 08/01/28 (Call 08/01/27) (PSF)		110		114,701
Leander Independent School District GO 5.00%, 08/15/31 (Call 08/15/28) (PSF)		180		189,811
Series A, 5.00%, 08/15/31 (Call 02/15/28) (PSF)		190		199,357
Lewisville Independent School District GO, 5.00%, 08/15/32 (Call 08/15/28) (PSF)		375		392,506
Lone Star College System GOL, 5.00%, 02/15/28 (Call 02/15/26)		95		97,147
North East Independent School District/TX GO, 5.00%, 08/01/30 (Call 08/01/28) (PSF)		75		78,808
North Texas Municipal Water District RB, 5.00%, 06/01/28 (Call 06/01/26)		220		226,357
North Texas Municipal Water District Water System Revenue, 5.00%, 09/01/28		435		458,124
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/28		50		52,658
North Texas Tollway Authority RB First Series, 0.00%, 01/01/28^(a)		465		389,239
Series A, 5.00%, 01/01/28 (Call 01/01/26)		310		316,388
Series B, 5.00%, 01/01/28		170		176,935
Northside Independent School District GO 5.00%, 08/15/28 (Call 08/15/27) (PSF)		150		156,049
5.00%, 08/15/31 (Call 08/15/28) (PSF)		250		262,620
Northwest Independent School District GO, 5.00%, 02/15/28 (PSF)		75		78,547
Permanent University Fund - University of Texas System RB, 5.00%, 07/01/28		525		555,579
Pflugerville Independent School District GO, Series A, 5.00%, 02/15/30 (Call 02/15/28) (PSF)		100		104,592
Richardson Independent School District GO, 5.00%, 02/15/30 (Call 02/15/28) (PSF)		395		415,851
Round Rock Independent School District GO 5.00%, 08/01/31 (Call 08/01/28) (PSF)		220		231,616
5.00%, 08/01/32 (Call 08/01/28) (PSF)		100		105,076
Series A, 5.00%, 08/01/28 (PSF)		495		523,921
San Antonio Independent School District/TX GO 5.00%, 08/15/29 (Call 08/15/28) (PSF)		200		210,941
5.00%, 08/15/32 (Call 08/15/28) (PSF)		505		530,374
San Antonio Water System RB, 5.00%, 05/15/28		220		230,488
Spring Branch Independent School District, 5.00%, 02/01/28 (PSF)		150		157,505
Spring Independent School District GO, 5.00%, 08/15/32 (Call 08/15/28) (PSF)		240		251,524
State of Texas GO 5.00%, 10/01/28		310		328,353
Series A, 5.00%, 08/01/29 (Call 08/01/28)		225		237,728
Temple Independent School District/TX GO, 4.00%, 02/01/28 (Call 02/01/27) (PSF)		110		109,870
Texas A&M University RB 4.00%, 05/15/28 (Call 05/15/26)		40		39,939
5.00%, 05/15/28		110		115,805
Series E, 5.00%, 05/15/28 (Call 05/15/27)		175		181,828


Security	Par (000)		Value

Texas (continued)
Texas Transportation Commission State Highway Fund RB 5.00%, 10/01/28 (Call 10/01/26)	$	225	$	231,885
5.25%, 04/01/28		50		52,943
Texas Water Development Board RB 5.00%, 08/01/28		600		634,252
5.00%, 08/01/28 (Call 08/01/27)		70		72,942
Series A, 5.00%, 10/15/28 (Call 04/15/28)		295		310,485
Series A, 5.00%, 10/15/31 (Call 04/15/28)		100		104,842
Series B, 5.00%, 04/15/28		245		258,093
Series B, 5.00%, 10/15/29 (Call 10/15/28)		115		121,365
Series B, 5.00%, 04/15/31 (Call 10/15/28)		115		121,184
Series B, 5.00%, 10/15/31 (Call 10/15/28)		335		352,878
Trinity River Authority Central Regional Wastewater System Revenue RB 5.00%, 08/01/28		105		111,182
5.00%, 08/01/32 (Call 08/01/28)		100		105,032

				20,873,732

Utah — 1.5%
Alpine School District/UT GO, Series B, 5.00%, 03/15/28 (Call 03/15/27) (GTD)		225		234,422
Central Valley Water Reclamation Facility RB, 5.00%, 03/01/28		90		94,780
City of Provo UT GO 5.00%, 02/01/28		240		252,973
5.00%, 01/01/29 (Call 01/01/28)		150		157,366
5.00%, 02/01/30 (Call 08/01/28)		100		105,199
City of Salt Lake City UT Public Utilities Revenue RB, 5.00%, 02/01/28		205		216,081
Intermountain Power Agency RB, 5.00%, 07/01/28		620		652,848
Salt Lake City Corp. RB, 5.00%, 02/01/28 (Call 02/01/27)		265		275,355
State of Utah GO 5.00%, 07/01/28		615		652,990
5.00%, 07/01/28 (Call 07/01/27)		145		152,077
Series B, 5.00%, 07/01/28		110		116,795
University of Utah (The) RB Series A, 5.00%, 08/01/28 (Call 08/01/27) (SAP)		200		208,797
Series B-1, 5.00%, 08/01/28 (Call 08/01/27) (SAP)		205		214,017
Utah Water Finance Agency RB, Series A, 5.00%, 03/01/28 (Call 03/01/27)		80		83,128

				3,416,828

Virginia — 3.8%
City of Virginia Beach VA GO 5.00%, 09/01/28 (SAW)		100		106,223
5.00%, 04/01/30 (Call 04/01/28)		185		195,653
Commonwealth of Virginia GO, Series A, 5.00%, 06/01/30 (Call 06/01/28)		245		259,590
County of Arlington VA GO, 5.00%, 08/15/29 (Call 08/15/28)		125		132,682
County of Chesterfield VA GO, Series A, 5.00%, 01/01/29 (Call 01/01/28) (SAW)		55		58,096
County of Fairfax VA GO 5.00%, 10/01/28 (SAW)		105		111,702
Series A, 5.00%, 10/01/28 (Call 04/01/27) (SAW)		250		261,300
Series A, 5.00%, 10/01/28 (Call 04/01/28) (SAW)		160		169,191
Series A, 5.00%, 10/01/30 (Call 04/01/28) (SAW)		205		216,184
County of Fairfax VA Sewer Revenue RB, 5.00%, 07/15/28		70		74,268
County of Henrico VA, 5.00%, 08/01/28		185		196,638


Security	Par (000)		Value

Virginia (continued)
County of Loudoun VA GO, 5.00%, 12/01/28 (SAW)	$	660	$	705,029
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/28		200		209,280
Fairfax County Water Authority RB, 4.00%, 04/01/28 (Call 04/01/27)		15		15,098
Hampton Roads Transportation Accountability Commission, 5.00%, 07/01/52 (PR 01/01/28)		1,000		1,055,737
Hampton Roads Transportation Accountability Commission RB, Series A, 5.00%, 07/01/28		185		195,613
Virginia College Building Authority RB 5.00%, 02/01/28 (Call 02/01/27)		110		114,453
Series A, 5.00%, 09/01/28 (Call 09/01/26)
(ST INTERCEPT)		75		77,636
Series A, 5.00%, 09/01/28 (PR 09/01/26)
(ST INTERCEPT)		5		5,160
Series B, 5.00%, 02/01/28		135		142,134
Series C, 5.00%, 02/01/28		275		288,760
Series E, 5.00%, 02/01/28		165		173,256
Series E, 5.00%, 02/01/29 (Call 02/01/28)		545		570,659
Series E, 5.00%, 02/01/30 (Call 02/01/28)		375		392,002
Virginia Commonwealth Transportation Board RB 5.00%, 03/15/28 (Call 09/15/26)		400		411,627
5.00%, 05/15/28		590		622,904
5.00%, 03/15/32 (Call 09/15/28)		85		89,584
Series A, 5.00%, 05/15/28 (Call 11/15/27)		100		104,600
Virginia Public Building Authority RB 5.00%, 08/01/28		140		148,055
Series A, 5.00%, 08/01/28		410		433,588
Virginia Public School Authority RB 5.00%, 03/01/28 (SAW)		45		47,575
5.00%, 08/01/28		125		132,359
5.00%, 08/01/28 (SAW)		195		206,480
Series B, 5.00%, 08/01/28 (Call 08/01/27) (SAW)		215		224,916
Virginia Resources Authority RB 5.00%, 11/01/28		270		287,035
Series A, 5.00%, 11/01/28		145		154,149
Series A, 5.00%, 11/01/30 (Call 11/01/28)		150		159,384

				8,748,600

Washington — 4.3%
Auburn School District No. 408 of King & Pierce Counties GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD)		195		204,583
Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/28 (Call 11/01/26)		235		242,567
City of Everett WA Water & Sewer Revenue RB, 5.00%, 12/01/28 (Call 12/01/26)		100		103,394
City of Seattle WA Drainage & Wastewater Revenue RB, 4.00%, 07/01/28 (Call 07/01/27)		195		195,805
City of Seattle WA GOL, 5.00%, 12/01/28		245		260,543
City of Seattle WA Municipal Light & Power Revenue RB 5.00%, 07/01/28		65		68,729
Series A, 5.00%, 04/01/28		155		163,399
Series B, 5.00%, 04/01/28 (Call 04/01/26)		135		138,645
Series C, 4.00%, 10/01/28 (Call 10/01/26)		65		64,955
City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/28 (Call 01/01/27)		30		30,937
Clark County School District No. 37 Vancouver GO, 5.00%, 12/01/28 (GTD)		145		153,715
County of King WA GOL 4.00%, 07/01/28 (Call 07/01/27)		80		80,375


Security	Par (000)		Value

Washington (continued)
5.00%, 01/01/28	$	180	$	189,534
5.00%, 07/01/28		120		127,148
County of King WA Sewer Revenue RB 5.00%, 07/01/30 (Call 07/01/28)		185		194,301
Series B, 5.00%, 07/01/28		135		142,744
Series B, 5.00%, 07/01/29 (Call 07/01/28)		465		488,961
County of Snohomish WA GOL, 5.00%, 12/01/28		135		143,436
County of Spokane WA GOL, Series B, 5.00%, 12/01/28		140		148,815
Energy Northwest, 5.00%, 07/01/32 (Call 07/01/28)		210		220,827
Energy Northwest RB 5.00%, 07/01/28		1,120		1,186,715
Series A, 5.00%, 07/01/28		125		132,446
Series A, 5.00%, 07/01/28 (Call 07/01/27)		425		441,888
Series C, 5.00%, 07/01/30 (Call 07/01/28)		130		136,763
King & Snohomish Counties School District No. 417 Northshore GO, 5.00%, 12/01/29 (Call 06/01/28) (GTD)		170		179,406
King County School District No. 405 Bellevue GO, 5.00%, 12/01/28 (Call 12/01/26) (GTD)		185		191,402
King County School District No. 414 Lake Washington GO 4.00%, 12/01/28 (GTD)		180		182,134
4.00%, 12/01/28 (Call 06/01/26) (GTD)		50		50,015
5.00%, 12/01/28 (Call 06/01/27)		150		156,215
Port of Seattle WA RB 5.00%, 05/01/28 (Call 05/01/27)		100		103,127
5.00%, 06/01/28		100		104,986
State of Washington COP, Series B, 5.00%, 07/01/30 (Call 07/01/28)		230		241,463
State of Washington GO 5.00%, 02/01/28		280		294,685
5.00%, 06/01/28		400		422,701
5.00%, 07/01/28		100		105,781
5.00%, 02/01/31 (Call 02/01/28)		190		199,427
5.00%, 06/01/31 (Call 06/01/28)		100		105,340
Series 2017-A, 5.00%, 08/01/28 (Call 08/01/26)		150		154,368
Series B, 5.00%, 08/01/28 (Call 08/01/26)		140		144,077
Series C, 0.00%, 06/01/28 (NPFGC)^(a)		75		62,859
Series C, 5.00%, 02/01/28		430		452,551
Series C, 5.00%, 02/01/30 (Call 02/01/28)		355		372,730
Series D, 5.00%, 02/01/31 (Call 02/01/28)		105		110,210
Series R, 4.00%, 07/01/28		340		344,319
Series R, 5.00%, 08/01/28 (Call 08/01/26)		130		133,785
University of Washington RB, Series C, 5.00%, 04/01/28		295		310,249
Washington State University RB, 5.00%, 10/01/28 (Call 04/01/26)		145		148,478

				9,831,533

West Virginia — 0.7%
State of West Virginia GO 5.00%, 12/01/28		305		324,058
5.00%, 12/01/28 (Call 06/01/28)		110		116,010
5.00%, 12/01/29 (Call 06/01/28)		100		105,181


Security	Par (000)		Value

West Virginia (continued)
5.00%, 12/01/30 (Call 06/01/28)	$	125	$	131,185
Series A, 5.00%, 06/01/28		85		89,787
Series B, 5.00%, 06/01/31 (Call 06/01/28)		385		403,740
Series B, 5.00%, 12/01/32 (Call 06/01/28)		180		188,586
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/28 (Call 09/01/27)		195		202,066
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/30 (Call 07/01/28)		75		78,651

				1,639,264

Wisconsin — 1.7%
City of Madison WI GO, 4.00%, 10/01/28		140		142,425
Milwaukee Metropolitan Sewerage District GO, 4.00%, 10/01/28		75		76,164
State of Wisconsin, 5.00%, 05/01/28		360		381,127
State of Wisconsin Environmental Improvement Fund Revenue RB, 5.00%, 06/01/28		320		338,437
State of Wisconsin GO 4.00%, 05/01/28 (Call 05/01/26)		205		205,891
4.00%, 05/01/28 (Call 05/01/27)		210		211,152
5.00%, 05/01/28		65		68,815
5.00%, 11/01/28 (Call 05/01/27)		325		338,212
5.00%, 05/01/31 (Call 05/01/28)		130		136,948
Series 2, 5.00%, 11/01/28 (Call 05/01/26)		125		128,711
Series 2021-2, 5.00%, 05/01/28		140		148,216
Series 3, 5.00%, 11/01/28 (Call 05/01/27)		440		457,887
State of Wisconsin RB, 5.00%, 05/01/28 (PR 05/01/27)		300		313,211
Wisconsin Department of Transportation RB 5.00%, 07/01/28		645		682,852
5.00%, 07/01/28 (Call 07/01/27)		45		47,274
Series 1, 5.00%, 07/01/28 (Call 07/01/27)		220		231,039

				3,908,361


Total Long-Term Investments — 97.9% (Cost: $ 235,201,921)				223,484,668


	Shares

Short-Term Securities

Money Market Funds — 2.5%
BlackRock Liquidity Funds: MuniCash, 3.82%^(b)(c)		5,757,568		5,757,568


Total Short-Term Securities — 2.5% (Cost: $ 5,757,556)				5,757,568


Total Investments — 100.4% (Cost: $ 240,959,477)				229,242,236

Liabilities in Excess of Other Assets — (0.4)%				(977,021	)


Net Assets — 100.0%			$	228,265,215

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 0.5%
Alabama Public School and College Authority RB, Series A,
5.00%, 11/01/29		$ 30		$ 32,088


Alaska — 0.5%
State of Alaska GO, 5.00%, 08/01/29		30		31,987


Arizona — 2.5%
Arizona Board of Regents, 5.00%, 07/01/29		65		69,257
Arizona State University RB, 5.00%, 07/01/29		25		26,637
City of Mesa AZ Utility System Revenue RB, 5.00%, 07/01/29		25		26,637
Salt River Project Agricultural Improvement & Power District
RB, 5.00%, 01/01/29		50		53,286

				175,817

California — 13.2%
California State Public Works Board, 5.00%, 11/01/31
(Call 11/01/29)		100		106,836
California State Public Works Board RB, 5.00%, 11/01/29		25		26,726
California State University RB, 5.00%, 11/01/29		15		16,245
Chabot-Las Positas Community College District, 3.00%,
08/01/33 (Call 08/01/29)		65		56,392
Coast Community College District, 4.00%, 08/01/29
(Call 02/01/29)		45		45,941
Contra Costa Community College District GO, 4.00%, 08/01/29		35		35,813
Los Angeles County Sanitation Districts Financing Authority RB, 5.00%, 10/01/29		30		32,246
Los Angeles Department of Water & Power, 5.00%, 07/01/33
(Call 01/01/29)		40		42,680
Los Angeles Department of Water & Power Water System
Revenue, 5.00%, 07/01/29		80		86,341
Los Rios Community College District, 3.00%, 08/01/32
(Call 08/01/29)		15		13,104
Metropolitan Water District of Southern California, 5.00%,
10/01/29		25		27,177
Metropolitan Water District of Southern California RB,
Series A, 5.00%, 07/01/31 (Call 01/01/29)		25		26,766
Orange County Water District, 5.00%, 08/15/30
(Call 08/15/29)		35		37,900
San Jose Evergreen Community College District, 4.00%,
09/01/29 (Call 09/01/28)		5		5,085
State of California, 5.00%, 08/01/29 (Call 08/01/27)		75		78,115
State of California Department of Water Resources
5.00%, 12/01/29		40		43,521
5.00%, 12/01/29 (Call 06/01/29)		5		5,405
State of California GO
5.00%, 10/01/29		50		53,606
5.00%, 11/01/29		105		112,601
5.00%, 04/01/31 (Call 04/01/29)		75		79,615
University of California, 4.00%, 05/15/29 (Call 05/15/28)		5		5,063

				937,178

Colorado — 1.3%
City & County of Denver, 5.00%, 08/01/29		55		58,937
City & County of Denver Co. GO, Series B, 5.00%, 08/01/29		30		32,147

				91,084

Connecticut — 1.7%
State of Connecticut GO, Series A, 5.00%, 01/15/29		115		122,042


Security	Par (000)		Value

Delaware — 1.1%
Delaware Transportation Authority, 5.00%, 07/01/32
(Call 07/01/29)		$ 30		$ 32,034
State of Delaware, 5.00%, 02/01/30 (Call 02/01/29)		45		48,104

				80,138

District of Columbia — 2.0%
District of Columbia, 5.00%, 03/01/29		55		58,598
District of Columbia GO, 5.00%, 01/01/29		15		15,964
Washington Metropolitan Area Transit Authority Dedicated
Revenue, 5.00%, 07/15/29		25		26,501
Washington Metropolitan Area Transit Authority RB,
Series A-1, 5.00%, 07/01/29 (Call 07/01/27)		40		41,152

				142,215

Florida — 2.8%
State of Florida
3.00%, 06/01/33 (Call 06/01/29)		45		39,168
5.00%, 07/01/29		40		42,767
State of Florida Department of Transportation RB, 5.00%, 07/01/29 (Call 07/01/28)		75		79,259
State of Florida GO, 5.00%, 07/01/29		35		37,421

				198,615

Georgia — 2.6%
Georgia State Road & Tollway Authority RB, 5.00%,
06/01/29		100		106,579
State of Georgia, 4.00%, 07/01/29		45		45,898
State of Georgia GO, Series A, 5.00%, 08/01/29		30		32,260

				184,737

Hawaii — 2.4%
City & County of Honolulu, 5.00%, 11/01/29		75		80,137
State of Hawaii GO, Series FW, 5.00%, 01/01/33
(Call 01/01/29)		85		89,588

				169,725

Illinois — 2.8%
Chicago O’Hare International Airport, 5.25%, 01/01/29
(Call 01/01/27)		25		25,864
Illinois State Toll Highway Authority RB, 5.00%, 01/01/29		45		47,566
State of Illinois, 5.00%, 03/01/29		120		123,681

				197,111

Indiana — 2.4%
Indiana Finance Authority, 5.00%, 02/01/31 (Call 02/01/29)		50		52,962
Indiana Finance Authority RB, 5.00%, 10/01/29		70		74,397
Purdue University RB, 5.00%, 07/01/29		40		42,662

				170,021

Louisiana — 1.1%
State of Louisiana, 5.00%, 04/01/29		75		78,915


Maryland — 4.2%
Maryland State Transportation Authority, 5.00%, 07/01/29		30		31,965
State of Maryland Department of Transportation, 4.00%,
10/01/30 (Call 10/01/29)		75		75,906
State of Maryland GO, First Series, 5.00%, 03/15/32
(Call 03/15/29)		115		122,050
Washington Suburban Sanitary Commission RB, 5.00%,
06/01/29 (GTD)		65		69,615

				299,536

Massachusetts — 2.6%
Commonwealth of Massachusetts, 5.00%, 07/01/29		155		166,461
University of Massachusetts Building Authority, 5.00%,
05/01/32 (Call 05/01/29)		20		21,141

				187,602


Security	Par (000)		Value

Michigan — 1.9%
Michigan State Building Authority, 5.00%, 10/15/29	$	75		$ 79,859
University of Michigan, 5.00%, 04/01/30 (Call 04/01/29)		50		53,118

				132,977

Minnesota — 1.0%
County of Hennepin MN GO, 5.00%, 12/01/29		20		21,375
State of Minnesota, 5.00%, 10/01/29 (Call 10/01/27)		50		52,452

				73,827

Nebraska — 0.4%
Omaha Public Power District, 5.00%, 02/01/32
(Call 02/01/29)		30		31,633


Nevada — 1.5%
County of Clark
5.00%, 07/01/29		25		26,571
5.00%, 06/01/31 (Call 06/01/29)		35		37,056
State of Nevada, 3.00%, 05/01/31 (Call 05/01/29)		50		45,191

				108,818

New Hampshire — 1.1%
New Hampshire Municipal Bond Bank RB
5.00%, 02/15/29 (ST INTERCEPT)		30		31,949
5.00%, 08/15/29		45		48,141

				80,090

New Jersey — 1.4%
New Jersey Economic Development Authority, 5.00%,
06/15/29 (Call 12/15/28)		25		25,844
New Jersey Educational Facilities Authority RB, Series B,
5.00%, 07/01/29 (Call 07/01/27)		15		15,727
New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/29		5		5,234
State of New Jersey GO, Series A, 5.00%, 06/01/29		50		52,850

				99,655

New Mexico — 0.4%
State of New Mexico GO, 5.00%, 03/01/29		30		31,948


New York — 12.0%
City of New York
5.00%, 08/01/29		25		26,536
5.00%, 08/01/29 (Call 02/01/29)		40		42,186
5.00%, 10/01/29		25		26,571
City of New York NY GO, 5.00%, 10/01/29		55		58,455
County of Onondaga NY GOL, 3.00%, 08/15/33
(Call 08/15/29)		65		58,267
County of Suffolk NY GOL, 5.00%, 06/15/29 (BAM)		25		26,693
County of Westchester, 4.00%, 07/01/29 (Call 07/01/27)		15		15,187
New York City Municipal Water Finance Authority, 5.00%,
06/15/29		60		64,377
New York City Transitional Finance Authority Building
Aid Revenue
5.00%, 07/15/29 (SAW)		40		42,633
5.00%, 07/15/33 (Call 07/15/29) (SAW)		25		26,567
New York City Transitional Finance Authority Building Aid
Revenue RB, Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW)		50		51,602
New York City Transitional Finance Authority Future Tax
Secured Revenue RB
5.00%, 11/01/29		50		53,204
Series B-1, 5.00%, 08/01/29 (Call 08/01/27)		75		77,164
New York State Dormitory Authority, 5.00%, 07/01/29		5		5,341


Security	Par (000)		Value

New York (continued)
New York State Dormitory Authority RB
5.00%, 03/15/29	$	40		$ 42,432
Series A, 5.00%, 03/15/29		40		42,432
New York State Environmental Facilities Corp.
5.00%, 06/15/29 (Call 06/15/28)		5		5,261
5.00%, 06/15/31 (Call 06/15/29)		50		53,439
New York State Thruway Authority RB, 5.00%, 01/01/29		75		78,989
New York State Urban Development Corp RB, 5.00%, 03/15/29		15		15,882
Port Authority of New York & New Jersey RB, 5.00%, 09/01/29		35		37,250

				850,468

North Carolina — 3.2%
City of Charlotte Water & Sewer System Revenue, 5.00%, 07/01/29		25		26,809
County of Mecklenburg, 5.00%, 03/01/29		90		96,338
County of Wake, 5.00%, 03/01/29		25		26,748
State of North Carolina, 5.00%, 05/01/31 (Call 05/01/29)		70		74,332

				224,227

Ohio — 3.1%
City of Columbus, 5.00%, 04/01/29		50		53,414
Ohio State University (The), 5.00%, 12/01/29		30		32,129
Ohio Water Development Authority, 5.00%, 12/01/29		35		37,632
Ohio Water Development Authority Water Pollution Control
Loan Fund RB, 5.00%, 06/01/29		50		53,498
State of Ohio, 5.00%, 06/15/32 (Call 06/15/29)		40		42,591

				219,264

Oregon — 2.6%
City of Portland Sewer System Revenue, 5.00%, 03/01/33
(Call 09/01/29)		65		69,274
State of Oregon, 5.00%, 05/01/30 (Call 11/01/29)		50		53,557
State of Oregon Department of Transportation, 5.00%, 11/15/29		35		37,606
State of Oregon GO, 5.00%, 05/01/29		25		26,781

				187,218

Pennsylvania — 3.9%
City of Philadelphia, 5.00%, 05/01/29		50		52,365
Commonwealth of Pennsylvania, 5.00%, 01/15/29
(Call 01/15/27)		50		51,820
Pennsylvania Higher Educational Facilities Authority, 5.00%,
08/15/29 (Call 02/15/27)		30		31,079
Pennsylvania Turnpike Commission RB, 5.00%, 12/01/29		85		90,842
West Chester Area School District GOL, 3.00%, 05/15/32
(Call 05/15/29) (SAW)		55		49,431

				275,537

Rhode Island — 0.5%
State of Rhode Island GO, 5.00%, 05/01/29		35		37,313


Tennessee — 1.6%
County of Shelby, 5.00%, 04/01/30 (Call 04/01/29)		80		84,988
State of Tennessee GO, 5.00%, 05/01/29		30		32,044

				117,032

Texas — 9.4%
Austin Independent School District, 5.00%, 08/01/29 (PSF)		50		52,993
Board of Regents of the University of Texas System, 5.00%,
08/15/31 (Call 08/15/29)		55		58,267
City of Austin TX GOL, 5.00%, 09/01/29		40		42,507
City of Dallas TX Waterworks & Sewer System Revenue RB,
5.00%, 10/01/29		65		69,048


Security	Par (000)		Value

Texas (continued)
Comal Independent School District GO, 5.00%, 02/01/29
(PSF)		$ 25	$	26,456
County of Harris TX Toll Road Revenue RB, 5.00%, 08/15/29		30		31,853
Cypress-Fairbanks Independent School District GO, 5.00%,
02/15/32 (Call 02/15/29) (PSF)		120		126,899
Dallas Area Rapid Transit, 5.00%, 12/01/29		35		37,249
Dallas Fort Worth International Airport RB, 5.00%, 11/01/29		60		63,712
North East Independent School District/TX GO, 5.25%,
02/01/29 (PSF)		20		21,391
North Texas Tollway Authority, 0.00%, 01/01/29 (AGC)^(a)		50		40,050
Northside Independent School District GO, 5.00%, 08/15/29
(Call 08/15/27) (PSF)		45		46,789
Texas Water Development Board, 5.00%, 10/15/29		50		53,294

				670,508

Utah — 1.4%
State of Utah
5.00%, 07/01/32 (Call 01/01/29)		55		58,306
5.00%, 07/01/33 (Call 01/01/29)		40		42,389

				100,695

Vermont — 0.5%
State of Vermont, 5.00%, 08/15/29		35		37,556


Virginia — 3.0%
Virginia College Building Authority RB
5.00%, 09/01/29		55		58,447
Series E, 5.00%, 02/01/29 (Call 02/01/28)		50		52,354
Virginia Public Building Authority
5.00%, 08/01/29		55		58,672
5.00%, 08/01/32 (Call 08/01/29)		40		42,637

				212,110

Washington — 3.3%
City of Seattle WA GOL, 5.00%, 11/01/29		50		53,564
County of Snohomish WA GOL, 5.00%, 12/01/29		30		32,163
State of Washington GO
5.00%, 08/01/29		40		42,756
Series R-2018-C, 5.00%, 08/01/29 (Call 08/01/27)		100		104,255

				232,738


Security	Par (000)		Value

West Virginia — 0.8%
State of West Virginia, 5.00%, 06/01/29	$	50	$	53,368


Wisconsin — 1.3%
State of Wisconsin
4.00%, 05/01/29 (Call 05/01/28)		40		40,258
5.00%, 05/01/32 (Call 05/01/29)		20		21,253
State of Wisconsin Environmental Improvement Fund
Revenue RB, 5.00%, 06/01/29		30		32,052

				93,563


Total Long-Term Investments — 98.0%
(Cost: $7,236,617)				6,969,356


		Shares

Short-Term Securities

Money Market Funds — 0.7%
BlackRock Liquidity Funds: MuniCash, 3.82%^(b)(c)		48,295		48,295


Total Short-Term Securities — 0.7%
(Cost: $48,295)				48,295


Total Investments — 98.7%
(Cost: $7,284,912)				7,017,651

Other Assets Less Liabilities — 1.3%			91,414


Net Assets — 100.0%			$7,109,065

^(a)

Zero-coupon bond.

^(b)

Affiliate of the Fund.

^(c)

Annualized 7-day yield as of period end.

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

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.18%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

For the year ended October 31, 2023, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

As of October 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries

deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also

pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2023 Term Muni Bond ETF ceased trading after the close of business on December 1, 2023, when all of the bonds included in the Fund’s underlying index matured. Proceeds of the liquidation were sent to shareholders on December 8, 2023.

To the Board of Trustees of iShares Trust and Shareholders of each of the seven funds listed in the table below

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more BlackRock investment companies since 2000.

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2023:

iShares iBonds Dec 2023 Term Muni Bond ETF, iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Muni Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Agreement. At a meeting held on March 29-30, 2023, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreement are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Agreement.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other matters related to BFA’s portfolio compliance program.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement supported the Board’s approval of the Advisory Agreement.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreement or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Agreement.

including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Agreement.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreement.

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		2.98	%		2.16	%		1.79	%		2.98	%		11.28	%		12.31	%
Fund Market		2.98			2.14			1.78			2.98			11.17			12.28
Index		3.37			2.41			1.96			3.37			12.63			13.56


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,015.30	$ 0.91			$ 1,000.00	$ 1,024.30	$ 0.92		0.18	%



S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	40.2	%
AA+	20.2
AA	10.1
AA-	10.1
A+	2.4
A	—	^(b)
A-	1.8
BBB	0.2
Not Rated	14.1
Short-Term and Other Assets	0.9


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		2.72	%		2.04	%		1.94	%		2.72	%		10.64	%		11.41	%
Fund Market		2.62			2.00			1.93			2.62			10.42			11.32
Index		2.98			2.22			2.07			2.98			11.62			12.20


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,009.30	$ 0.91			$ 1,000.00	$ 1,024.30	$ 0.92		0.18	%


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T


	Page

The Markets in Review		2

Annual Report:

Market Overview		4

Fund Summary		5

About Fund Performance		18

Disclosure of Expenses		18

Schedules of Investments		19

Financial Statements

Statements of Assets and Liabilities		102

Statements of Operations		103

Statements of Changes in Net Assets		105

Financial Highlights		109

Notes to Financial Statements		116

Report of Independent Registered Public Accounting Firm		123

Important Tax Information		124

Board Review and Approval of Investment Advisory Contract		125

Supplemental Information		129

Trustee and Officer Information		130

General Information		133

Glossary of Terms Used in this Report		134


4		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S



State^(a)	Percent of Net Assets
California	19.6	%
New York	12.5
Massachusetts	9.3
Ohio	9.1
Texas	5.1
Washington	4.9
Pennsylvania	4.8
Michigan	4.3
Illinois	4.2
District of Columbia	3.9



S&P Credit Rating^*	Percent of Net Assets	^(a)
AAA	31.8	%
AA+	22.8
AA	12.7
AA-	11.6
A+	3.8
A	1.9
A-	2.7
BBB	0.3
Not Rated	10.9
Short-Term and Other Assets	1.5



S&P Credit Rating*	Percent of Net Assets	^(a)
AAA	30.3	%
AA+	22.5
AA	13.8
AA-	13.4
A+	5.4
A	1.6
A-	3.0
Not Rated	8.3
Short-Term and Other Assets	1.7



S&P Credit Rating^*	Percent of Net Assets	^(a)
AAA	27.7	%
AA+	22.3
AA	14.5
AA-	14.1
A+	2.9
A	1.5
A-	3.8
Not Rated	11.4
Short-Term and Other Assets	1.8


	Cumulative Total Returns

	Since Inception


Fund NAV		(4.45	)%
Fund Market		(4.12	)
Index		(4.93	)


Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash	$	2,259,207	$	—	$	(2,156,421	)^(a)	$	6,287	$	—	$	109,073		109,073	$	91,930	$	—



	Level 1		Level 2		Level 3		Total
Assets

Investments

Long-Term Investments

Municipal Debt Obligations	$	—	$	419,097,089	$	—	$	419,097,089

Short-Term Securities

Money Market Funds		109,073		—		—		109,073

	$	109,073	$	419,097,089	$	—	$	419,206,162


Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash	$	1,305,035	$	2,309,972	^(a)	$	—	$	(809	)	$	9	$	3,614,207		3,614,207	$	50,573	$	—


Affiliated Issuer		Value at 05/09/23	^(a)	Purchases at Cost			Proceeds from Sale		Net Realized Gain(Loss)			Change in Unrealized Appreciation (Depreciation	)	Value at 10/31/23	Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds: MuniCash	$	—		$ 48,296	^(b)	$	—	$	(1	)	$	—		$48,295	48,295	$	818	$	—


	iShares iBonds Dec 2023 Term Muni Bond ETF		iShares iBonds Dec 2024 Term Muni Bond ETF			iShares iBonds Dec 2025 Term Muni Bond ETF			iShares iBonds Dec 2026 Term Muni Bond ETF

ASSETS
Investments, at value — unaffiliated^(a)	$	419,097,089	$	496,177,860		$	514,309,730		$	317,849,399
Investments, at value — affiliated^(b)		109,073		493,644			3,614,207			550,785
Cash		314		—			—			—
Receivables:
Investments sold		—		5,059			—			—
Capital shares sold		—		—			—			3,717,110
Dividends — affiliated		12,814		1,981			4,378			3,280
Interest — unaffiliated		3,777,440		7,019,328			7,250,808			4,426,050

Total assets		422,996,730		503,697,872			525,179,123			326,546,624


LIABILITIES
Payables:
Investments purchased		—		—			3,043,694			3,265,332
Investment advisory fees		65,844		76,892			77,495			48,239

Total liabilities		65,844		76,892			3,121,189			3,313,571

Commitments and contingent liabilities

NET ASSETS	$	422,930,886	$	503,620,980		$	522,057,934		$	323,233,053


NET ASSETS CONSIST OF
Paid-in capital	$	422,048,314	$	509,330,530		$	535,916,672		$	337,564,923
Accumulated earnings (loss)		882,572		(5,709,550	)		(13,858,738	)		(14,331,870	)

NET ASSETS	$	422,930,886	$	503,620,980		$	522,057,934		$	323,233,053


NET ASSETVALUE
Shares outstanding		16,550,000		19,550,000			20,000,000			13,050,000

Net asset value	$	25.55	$	25.76		$	26.10		$	24.77

Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited

Par value		None		None			None			None


^(a) Investments, at cost — unaffiliated	$	419,202,425	$	502,571,236		$	528,900,963		$	331,750,166
^(b) Investments, at cost — affiliated	$	109,073	$	493,630		$	3,614,198		$	550,771


	iShares iBonds Dec 2027 Term Muni Bond ETF			iShares iBonds Dec 2028 Term Muni Bond ETF			iShares iBonds Dec 2029 Term Muni Bond ETF

ASSETS
Investments, at value — unaffiliated^(a)	$	293,372,811		$	223,484,668		$	6,969,356
Investments, at value — affiliated^(b)		4,717,248			5,757,568			48,295
Receivables:
Capital shares sold		4,881,861			6,076,500			—
Dividends — affiliated		3,885			3,558			317
Interest — unaffiliated		4,123,573			3,037,750			92,028

Total assets		307,099,378			238,360,044			7,109,996


LIABILITIES
Payables:
Investments purchased		8,264,684			10,062,525			—
Investment advisory fees		43,634			32,304			931

Total liabilities		8,308,318			10,094,829			931

Commitments and contingent liabilities

NET ASSETS	$	298,791,060		$	228,265,215		$	7,109,065


NET ASSETS CONSIST OF
Paid-in capital	$	311,139,199		$	239,618,237		$	7,362,389
Accumulated loss		(12,348,139	)		(11,353,022	)		(253,324	)

NET ASSETS	$	298,791,060		$	228,265,215		$	7,109,065


NET ASSETVALUE
Shares outstanding		12,250,000			9,400,000			300,000

Net asset value	$	24.39		$	24.28		$	23.70

Shares authorized		Unlimited			Unlimited			Unlimited

Par value		None			None			None


^(a) Investments, at cost — unaffiliated	$	306,018,194		$	235,201,921		$	7,236,617
^(b) Investments, at cost — affiliated	$	4,717,235		$	5,757,556		$	48,295


	iShares iBonds Dec 2023 Term Muni Bond ETF			iShares iBonds Dec 2024 Term Muni Bond ETF			iShares iBonds Dec 2025 Term Muni Bond ETF			iShares iBonds Dec 2026 Term Muni Bond ETF

INVESTMENT INCOME
Dividends — affiliated	$	91,930		$	36,911		$	50,573		$	33,859
Interest — unaffiliated		9,821,457			10,464,820			8,114,463			5,181,161

Total investment income		9,913,387			10,501,731			8,165,036			5,215,020


EXPENSES
Investment advisory		898,776			1,014,298			793,589			527,721

Total expenses		898,776			1,014,298			793,589			527,721

Net investment income		9,014,611			9,487,433			7,371,447			4,687,299


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,238	)		(29,369	)		(49,805	)		(688,926	)
Investments — affiliated		6,287			(597	)		(809	)		(624	)
In-kind redemptions — unaffiliated^(a)		—			(1,598,704	)		—			—

		1,049			(1,628,670	)		(50,614	)		(689,550	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		5,559,881			6,662,871			455,727			145,970
Investments — affiliated		—			14			9			14

		5,559,881			6,662,885			455,736			145,984

Net realized and unrealized gain (loss)		5,560,930			5,034,215			405,122			(543,566	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,575,541		$	14,521,648		$	7,776,569		$	4,143,733


	iShares iBonds Dec 2027 Term Muni Bond ETF			iShares iBonds Dec 2028 Term Muni Bond ETF			iShares iBonds Dec 2029 Term Muni Bond ETF^(a)

INVESTMENT INCOME
Dividends — affiliated	$	28,124		$	29,544		$	818
Interest — unaffiliated		5,680,151			3,422,544			53,077

Total investment income		5,708,275			3,452,088			53,895


EXPENSES
Investment advisory		458,134			291,541			3,659

Total expenses		458,134			291,541			3,659

Net investment income		5,250,141			3,160,547			50,236


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(218,914	)		(13,326	)		—
Investments — affiliated		(85	)		387			(1	)

		(218,999	)		(12,939	)		(1	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,650,793	)		(3,519,355	)		(267,261	)
Investments — affiliated		13			12			—

		(2,650,780	)		(3,519,343	)		(267,261	)

Net realized and unrealized loss		(2,869,779	)		(3,532,282	)		(267,262	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,380,362		$	(371,735	)	$	(217,026	)


	iShares iBonds Dec 2023 Term Muni Bond ETF						iShares iBonds Dec 2024 Term Muni Bond ETF
	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/23			Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	9,014,611		$	4,558,318		$	9,487,433		$	3,634,226
Net realized gain (loss)		1,049			(39,340	)		(1,628,670	)		(16,088	)
Net change in unrealized appreciation (depreciation)		5,559,881			(10,987,665	)		6,662,885			(16,971,263	)

Net increase (decrease) in net assets resulting from operations		14,575,541			(6,468,687	)		14,521,648			(13,353,125	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,457,538	)		(4,402,542	)		(9,314,347	)		(3,252,271	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(72,899,421	)		164,108,809			(7,663,705	)		279,449,453


NET ASSETS
Total increase (decrease) in net assets		(66,781,418	)		153,237,580			(2,456,404	)		262,844,057
Beginning of year		489,712,304			336,474,724			506,077,384			243,233,327

End of year	$	422,930,886		$	489,712,304		$	503,620,980		$	506,077,384


	iShares						iShares
	iBonds Dec 2025 Term Muni Bond ETF						iBonds Dec 2026 Term Muni Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/23			Year Ended 10/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,371,447		$	2,179,573		$	4,687,299		$	1,371,417
Net realized loss		(50,614	)		(300	)		(689,550	)		(201,820	)
Net change in unrealized appreciation (depreciation)		455,736			(17,069,417	)		145,984			(14,541,901	)

Net increase (decrease) in net assets resulting from operations		7,776,569			(14,890,144	)		4,143,733			(13,372,304	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,901,027	)		(1,962,656	)		(4,438,111	)		(1,245,087	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		209,170,763			146,374,083			112,193,997			102,749,159


NET ASSETS
Total increase in net assets		210,046,305			129,521,283			111,899,619			88,131,768
Beginning of year		312,011,629			182,490,346			211,333,434			123,201,666

End of year	$	522,057,934		$	312,011,629		$	323,233,053		$	211,333,434


							iShares
	iShares iBonds Dec 2027 Term Muni Bond ETF						iBonds Dec 2028 Term Muni Bond ETF

	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/23			Year Ended 10/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	5,250,141		$	1,277,300		$	3,160,547		$	939,318
Net realized loss		(218,999	)		(8,137	)		(12,939	)		(10,543	)
Net change in unrealized appreciation (depreciation)		(2,650,780	)		(10,458,420	)		(3,519,343	)		(9,129,523	)

Net increase (decrease) in net assets resulting from operations		2,380,362			(9,189,257	)		(371,735	)		(8,200,748	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,955,733	)		(1,087,220	)		(2,880,001	)		(895,195	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		128,793,172			121,047,488			133,759,142			35,120,500


NET ASSETS
Total increase in net assets		126,217,801			110,771,011			130,507,406			26,024,557
Beginning of year		172,573,259			61,802,248			97,757,809			71,733,252

End of year	$	298,791,060		$	172,573,259		$	228,265,215		$	97,757,809


	iShares iBonds Dec 2029 Term Muni Bond ETF





		Period From 05/09/23 to 10/31/23	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	50,236
Net realized loss		(1	)
Net change in unrealized appreciation (depreciation)		(267,261	)

Net decrease in net assets resulting from operations		(217,026	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(36,298	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,362,389


NET ASSETS
Total increase in net assets		7,109,065
Beginning of period		—

End of period	$	7,109,065



	iShares iBonds Dec 2023 Term Muni Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19


Net asset value, beginning of year	$	25.24		$	25.98		$	26.17		$	25.79		$	24.68

Net investment income^(a)		0.46			0.29			0.30			0.39			0.45
Net realized and unrealized gain (loss)^(b)		0.29			(0.75	)		(0.19	)		0.38			1.10

Net increase (decrease) from investment operations		0.75			(0.46	)		0.11			0.77			1.55

Distributions from net investment income^(c)		(0.44	)		(0.28	)		(0.30	)		(0.39	)		(0.44	)


Net asset value, end of year	$	25.55		$	25.24		$	25.98		$	26.17		$	25.79


Total Return^(d)
Based on net asset value		2.98	%		(1.76	)%		0.43	%		3.02	%		6.31	%


Ratios to Average Net Assets^(e)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%

Net investment income		1.81	%		1.13	%		1.15	%		1.49	%		1.75	%


Supplemental Data
Net assets, end of year (000)	$	422,931		$	489,712		$	336,475		$	276,079		$	215,376

Portfolio turnover rate^(f)		94	%		1	%		0	%^(g)		1	%		0	%^(g)



	iShares iBonds Dec 2024 Term Muni Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19


Net asset value, beginning of year	$	25.50		$	26.88		$	27.00		$	26.38		$	24.90

Net investment income^(a)		0.43			0.28			0.24			0.36			0.48
Net realized and unrealized gain (loss)^(b)		0.25			(1.41	)		(0.12	)		0.62			1.48

Net increase (decrease) from investment operations		0.68			(1.13	)		0.12			0.98			1.96


Distributions^(c)
Distributions from net investment income		(0.42	)		(0.25	)		(0.24	)		(0.36	)		(0.48	)
From net realized gain		—			—			—			(0.00	)^(d)		—

Total distributions		(0.42	)		(0.25	)		(0.24	)		(0.36	)		(0.48	)


Net asset value, end of year	$	25.76		$	25.50		$	26.88		$	27.00		$	26.38


Total Return^(e)
Based on net asset value		2.72	%		(4.20	)%		0.42	%		3.75	%		7.91	%


Ratios to Average Net Assets^(f)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%

Net investment income		1.68	%		1.08	%		0.90	%		1.35	%		1.85	%


Supplemental Data
Net assets, end of year (000)	$	503,621		$	506,077		$	243,233		$	179,566		$	104,214

Portfolio turnover rate^(g)		0	%^(h)		0	%		0	%		0	%^(h)		0	%^(h)



	iShares iBonds Dec 2025 Term Muni Bond ETF


		Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 11/13/18 to 10/31/19	^(a)


Net asset value, beginning of period	$	25.89		$	27.86		$	28.00		$	27.13		$	25.00

Net investment income^(b)		0.44			0.25			0.20			0.34			0.46
Net realized and unrealized gain (loss)^(c)		0.18			(2.00	)		(0.13	)		0.88			2.08

Net increase (decrease) from investment operations		0.62			(1.75	)		0.07			1.22			2.54

Distributions from net investment income^(d)		(0.41	)		(0.22	)		(0.21	)		(0.35	)		(0.41	)


Net asset value, end of period	$	26.10		$	25.89		$	27.86		$	28.00		$	27.13


Total Return^(e)
Based on net asset value		2.41	%		(6.31	)%		0.23	%		4.53	%		10.22	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%^(h)

Net investment income		1.67	%		0.93	%		0.73	%		1.21	%		1.76	%^(h)


Supplemental Data
Net assets, end of period (000)	$	522,058		$	312,012		$	182,490		$	119,021		$	43,407

Portfolio turnover rate⁽ⁱ⁾		1	%		0	%		0	%^(j)		0	%^(j)		0	%^(j)



		iShares iBonds Dec 2026 Term Muni Bond ETF


		Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 04/02/19 to 10/31/19	^(a)
		Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 04/02/19 to 10/31/19	^(a)

Net asset value, beginning of period	$	24.57		$	26.78		$	26.81		$	25.89		$	25.00

Net investment income^(b)		0.40			0.21			0.18			0.30			0.21
Net realized and unrealized gain (loss)^(c)		0.18			(2.23	)		(0.03	)		0.92			0.87

Net increase (decrease) from investment operations		0.58			(2.02	)		0.15			1.22			1.08

Distributions from net investment income^(d)		(0.38	)		(0.19	)		(0.18	)		(0.30	)		(0.19	)

Net asset value, end of period	$	24.77		$	24.57		$	26.78		$	26.81		$	25.89


Total Return^(e)
Based on net asset value		2.34	%		(7.55	)%		0.54	%		4.80	%		4.28	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%^(h)

Net investment income		1.60	%		0.83	%		0.66	%		1.13	%		1.42	%^(h)


Supplemental Data
Net assets, end of period (000)	$	323,233		$	211,333		$	123,202		$	62,997		$	20,711

Portfolio turnover rate⁽ⁱ⁾		5	%		2	%		2	%		0	%		0	%



	iShares iBonds Dec 2027 Term Muni Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 04/09/19^(a) to 10/31/19

Net asset value, beginning of period	$	24.31		$	26.87		$	26.92		$	25.97		$	25.00

Net investment income^(b)		0.52			0.32			0.24			0.33			0.22
Net realized and unrealized gain (loss)^(c)		0.05			(2.62	)		(0.05	)		0.95			0.95

Net increase (decrease) from investment operations		0.57			(2.30	)		0.19			1.28			1.17

Distributions from net investment income^(d)		(0.49	)		(0.26	)		(0.24	)		(0.33	)		(0.20	)

Net asset value, end of period	$	24.39		$	24.31		$	26.87		$	26.92		$	25.97


Total Return^(e)
Based on net asset value		2.34	%		(8.60	)%		0.72	%		5.00	%		4.63	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%^(h)

Net investment income		2.06	%		1.26	%		0.89	%		1.24	%		1.53	%^(h)


Supplemental Data
Net assets, end of period (000)	$	298,791		$	172,573		$	61,802		$	37,687		$	16,877

Portfolio turnover rate⁽ⁱ⁾		3	%		0	%		0	%^(j)		0	%		0	%


	iShares iBonds Dec 2028 Term Muni Bond ETF


		Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Period From 04/16/19 to 10/31/19	^(a)


Net asset value, beginning of period	$	24.14		$	27.07		$	27.12		$	26.10		$	25.00

Net investment income^(b)		0.49			0.30			0.30			0.36			0.21
Net realized and unrealized gain (loss)^(c)		0.10			(2.94	)		(0.05	)		1.00			1.08


Net increase (decrease) from investment operations		0.59			(2.64	)		0.25			1.36			1.29


Distributions from net investment income^(d)		(0.45	)		(0.29	)		(0.30	)		(0.34	)		(0.19	)


Net asset value, end of period	$	24.28		$	24.14		$	27.07		$	27.12		$	26.10


Total Return^(e)

Based on net asset value		2.43	%		(9.82	)%		0.90	%		5.26	%		5.15	%^(f)


Ratios to Average Net Assets^(g)

Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%^(h)


Net investment income		1.95	%		1.18	%		1.08	%		1.33	%		1.49	%^(h)


Supplemental Data

Net assets, end of period (000)	$	228,265		$	97,758		$	71,733		$	51,525		$	24,796


Portfolio turnover rate⁽ⁱ⁾		0	%^(j)		0	%		0	%		0	%		0	%


	iShares iBonds Dec 2029 Term Muni Bond ETF

		Period From 05/09/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.29
Net realized and unrealized loss^(c)		(1.39	)


Net decrease from investment operations		(1.10	)


Distributions from net investment income^(d)		(0.20	)


Net asset value, end of period	$	23.70


Total Return^(e)

Based on net asset value		(4.45	)%^(f)


Ratios to Average Net Assets^(g)

Total expenses		0.18	%^(h)


Net investment income		2.47	%^(h)


Supplemental Data

Net assets, end of period (000)	$	7,109


Portfolio turnover rate⁽ⁱ⁾		0	%



iShares ETF		Diversification Classification

iBonds Dec 2023 Term Muni Bond		Diversified
iBonds Dec 2024 Term Muni Bond		Diversified
iBonds Dec 2025 Term Muni Bond		Diversified
iBonds Dec 2026 Term Muni Bond		Diversified
iBonds Dec 2027 Term Muni Bond		Diversified
iBonds Dec 2028 Term Muni Bond		Diversified
iBonds Dec 2029 Term Muni Bond^(a)		Non-Diversified



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

iBonds Dec 2023 Term Muni Bond	$	12,306,207	$	9,124,725	$	—



iShares ETF	In-kind Purchases		In-kind Sales

iBonds Dec 2024 Term Muni Bond	$	—	$	105,946,217