|
2025 Quarterly Report
(Unaudited)
|
|
BlackRock MuniYield Quality Fund, Inc. (MQY)
|
|
Not FDIC Insured • May Lose Value • No Bank Guarantee
|
|
Security
|
|
Par
(000)
|
Value
|
|
Municipal Bonds
|
|||
|
Alabama — 8.0%
|
|
||
|
Black Belt Energy Gas District, RB(a)
|
|
|
|
|
Series A, 5.25%, 01/01/54
|
$
|
3,065
|
$ 3,301,283
|
|
Series A, 5.25%, 05/01/56
|
|
4,000
|
4,167,913
|
|
Series C, 5.50%, 10/01/54
|
|
7,575
|
8,407,030
|
|
Series F, 5.50%, 11/01/53
|
|
2,920
|
3,086,033
|
|
County of Jefferson Alabama Sewer Revenue,
Refunding RB, 5.25%, 10/01/49
|
|
6,495
|
6,770,204
|
|
Energy Southeast A Cooperative District, RB(a)
|
|
|
|
|
Series A-1, 5.50%, 11/01/53
|
|
4,900
|
5,405,728
|
|
Series B-1, 5.75%, 04/01/54
|
|
10,925
|
12,277,790
|
|
Southeast Alabama Gas Supply District, Refunding RB,
Series B, 5.00%, 06/01/49(a)
|
|
4,040
|
4,375,805
|
|
Southeast Energy Authority A Cooperative District,
RB(a)
|
|
|
|
|
Series A, 5.00%, 01/01/56
|
|
11,185
|
11,973,707
|
|
Series A-1, 5.50%, 01/01/53
|
|
2,665
|
2,888,214
|
|
Series B, 5.25%, 03/01/55
|
|
1,825
|
1,965,572
|
|
Series B-1, 5.00%, 05/01/53
|
|
7,530
|
7,838,937
|
|
|
|
|
72,458,216
|
|
Arizona — 5.0%
|
|
||
|
Arizona Industrial Development Authority, RB
|
|
|
|
|
4.38%, 07/01/39(b)
|
|
875
|
795,923
|
|
5.00%, 07/01/54(b)
|
|
615
|
529,596
|
|
7.10%, 01/01/55(b)
|
|
250
|
251,268
|
|
Series A, 5.00%, 07/01/49(b)
|
|
1,445
|
1,312,079
|
|
Series A, 5.00%, 07/15/49
|
|
1,000
|
922,547
|
|
Series A, 5.00%, 07/01/54(b)
|
|
1,110
|
987,603
|
|
Arizona Industrial Development Authority, Refunding
RB
|
|
|
|
|
5.50%, 07/01/52(b)
|
|
600
|
561,598
|
|
Series A, 5.13%, 07/01/37(b)
|
|
500
|
501,661
|
|
Series A, 5.38%, 07/01/50(b)
|
|
1,645
|
1,626,566
|
|
Series G, 5.00%, 07/01/47(b)
|
|
2,360
|
2,248,227
|
|
Series S, (SD CRED PROG), 5.00%, 07/01/37
|
|
750
|
760,018
|
|
City of Mesa Arizona Utility System Revenue, RB,
(AGM), 4.50%, 07/01/49
|
|
1,660
|
1,664,010
|
|
City of Phoenix Civic Improvement Corp., ARB
|
|
|
|
|
Series B, AMT, Junior Lien, 5.00%, 07/01/44
|
|
4,515
|
4,600,084
|
|
Junior Lien, 5.00%, 07/01/49
|
|
2,330
|
2,387,014
|
|
City of Phoenix Civic Improvement Corp., RB,
Series B, (BHAC-CR FGIC), 5.50%, 07/01/41(c)
|
|
100
|
120,215
|
|
Industrial Development Authority of the City of Phoenix
Arizona, RB
|
|
|
|
|
5.00%, 07/01/44
|
|
2,000
|
2,000,123
|
|
Series A, 5.00%, 07/01/46(b)
|
|
1,570
|
1,513,596
|
|
Industrial Development Authority of the City of Phoenix
Arizona, Refunding RB, 5.00%, 07/01/45(b)
|
|
500
|
486,946
|
|
Industrial Development Authority of the County of
Pima, RB, 5.00%, 07/01/49(b)
|
|
1,150
|
1,045,601
|
|
Industrial Development Authority of the County of
Pima, Refunding RB(b)
|
|
|
|
|
5.00%, 06/15/49
|
|
1,985
|
1,836,723
|
|
5.00%, 06/15/52
|
|
530
|
482,683
|
|
Maricopa County Industrial Development Authority, RB
|
|
|
|
|
5.00%, 07/01/47
|
|
1,000
|
938,003
|
|
4.00%, 07/01/50
|
|
1,500
|
1,350,266
|
|
Maricopa County Industrial Development Authority,
Refunding RB
|
|
|
|
|
5.00%, 07/01/47(b)
|
|
1,000
|
914,741
|
|
5.00%, 07/01/54(b)
|
|
440
|
418,962
|
|
Security
|
|
Par
(000)
|
Value
|
|
Arizona (continued)
|
|
||
|
Maricopa County Industrial Development Authority,
Refunding RB (continued)
|
|
|
|
|
Series A, 5.00%, 09/01/37
|
$
|
1,525
|
$ 1,587,107
|
|
Series A, 4.13%, 09/01/42
|
|
750
|
730,927
|
|
McAllister Academic Village LLC, Refunding RB,
5.00%, 07/01/39
|
|
500
|
503,736
|
|
Phoenix-Mesa Gateway Airport Authority, ARB, 5.00%,
07/01/38
|
|
3,600
|
3,602,212
|
|
Pinal County Industrial Development Authority, RB,
6.25%, 06/01/26
|
|
55
|
55,053
|
|
Salt River Project Agricultural Improvement & Power
District, RB, Series B, 5.25%, 01/01/53
|
|
4,560
|
4,862,173
|
|
Salt Verde Financial Corp., RB
|
|
|
|
|
5.50%, 12/01/29
|
|
2,000
|
2,144,666
|
|
5.00%, 12/01/32
|
|
155
|
169,918
|
|
5.00%, 12/01/37
|
|
1,500
|
1,641,338
|
|
|
|
|
45,553,183
|
|
Arkansas — 0.2%
|
|
||
|
Arkansas Development Finance Authority, RB, AMT,
Sustainability Bonds, 5.70%, 05/01/53
|
|
1,550
|
1,582,031
|
|
California — 10.9%
|
|
||
|
Alvord Unified School District, Refunding GO, Series B,
Election 2007, (AGM), 0.00%, 08/01/41(d)
|
|
1,175
|
587,970
|
|
California Community Choice Financing Authority, RB(a)
|
|
|
|
|
Sustainability Bonds, 5.50%, 10/01/54
|
|
2,355
|
2,590,436
|
|
Class B, Sustainability Bonds, 5.00%, 03/01/56
|
|
3,325
|
3,649,681
|
|
California Enterprise Development Authority, RB,
8.00%, 11/15/62(b)
|
|
1,355
|
1,344,489
|
|
California Infrastructure & Economic Development
Bank, Refunding RB, Series A, Class B, AMT,
Sustainability Bonds, 9.50%, 01/01/65(a)(b)
|
|
4,305
|
3,444,000
|
|
California Municipal Finance Authority, RB, S/F
Housing, Series A-1, 3.44%, 02/20/41(a)
|
|
9,862
|
9,196,191
|
|
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(b)
|
|
290
|
294,718
|
|
Grossmont Union High School District, GO, Election
2004, 0.00%, 08/01/31(d)
|
|
5,000
|
4,243,001
|
|
Grossmont-Cuyamaca Community College District,
GO, Series C, Election 2002, (AGM), 0.00%,
08/01/30(d)
|
|
10,030
|
8,834,931
|
|
Hartnell Community College District, GO
|
|
|
|
|
Series D, 7.00%, 08/01/34(c)
|
|
4,125
|
4,445,659
|
|
Series C, Election 2008, 0.00%, 07/01/38(d)
|
|
3,800
|
2,446,395
|
|
Sustainability Bonds, 4.00%, 07/01/53
|
|
5,515
|
5,241,828
|
|
Hartnell Community College District, Refunding GO,
CAB, Series R-1, 0.00%, 07/01/30(d)
|
|
5,000
|
4,393,176
|
|
Mt San Antonio Community College District, Refunding
GO, CAB, Series A, Convertible, Election 2008,
6.25%, 08/01/43(c)
|
|
4,445
|
4,483,119
|
|
Norman Y Mineta San Jose International Airport SJC,
Refunding RB, Series A, AMT, 5.00%, 03/01/41
|
|
2,050
|
2,065,212
|
|
Poway Unified School District, Refunding GO, 0.00%,
08/01/36(d)
|
|
8,750
|
6,224,665
|
|
Rio Hondo Community College District, GO(d)
|
|
|
|
|
Series C, Election 2004, 0.00%, 08/01/37
|
|
4,005
|
2,683,040
|
|
Series C, Election 2004, 0.00%, 08/01/38
|
|
5,000
|
3,182,541
|
|
San Diego Unified School District, Refunding GO,
CAB, Series R-1, 0.00%, 07/01/31(d)
|
|
3,005
|
2,562,345
|
|
San Mateo County Community College District, GO,
Series C, (NPFGC), 0.00%, 09/01/30(d)
|
|
12,740
|
11,307,820
|
|
State of California, GO, 5.50%, 04/01/28
|
|
5
|
5,010
|
|
Security
|
|
Par
(000)
|
Value
|
|
California (continued)
|
|
||
|
Walnut Valley Unified School District, GO, Series B,
Election 2007, 0.00%, 08/01/36(d)
|
$
|
5,500
|
$ 3,673,515
|
|
Washington Township Health Care District, GO,
Series B, Election 2004, 5.50%, 08/01/40
|
|
625
|
628,884
|
|
Yosemite Community College District, GO, Series D,
Election 2004, 0.00%, 08/01/36(d)
|
|
15,000
|
10,862,125
|
|
|
|
|
98,390,751
|
|
Colorado — 1.3%
|
|
||
|
Centerra Metropolitan District No. 1, TA, 5.00%,
12/01/47(b)
|
|
345
|
342,036
|
|
City & County of Denver Colorado Airport System
Revenue, Refunding ARB
|
|
|
|
|
Series A, AMT, 5.00%, 11/15/47
|
|
875
|
900,669
|
|
Series A, AMT, 5.00%, 12/01/48
|
|
1,615
|
1,627,103
|
|
City & County of Denver Colorado Pledged Excise Tax
Revenue, RB, CAB, Series A-2, 0.00%, 08/01/37(d)
|
|
1,760
|
1,077,889
|
|
Colorado Health Facilities Authority, RB, 5.50%,
11/01/47
|
|
2,400
|
2,529,485
|
|
Colorado Health Facilities Authority, Refunding RB
|
|
|
|
|
Series A, 4.00%, 08/01/44
|
|
1,060
|
959,899
|
|
Series A, 5.00%, 05/15/52
|
|
4,010
|
4,119,964
|
|
|
|
|
11,557,045
|
|
Connecticut — 0.1%
|
|
||
|
Connecticut State Health & Educational Facilities
Authority, RB, 4.25%, 07/15/53
|
|
705
|
662,955
|
|
Delaware — 0.7%
|
|
||
|
Delaware Transportation Authority, RB, 5.00%,
06/01/55
|
|
6,585
|
6,584,980
|
|
District of Columbia — 1.9%
|
|
||
|
District of Columbia Housing Finance Agency, RB, M/F
Housing, Series B-2, 4.10%, 09/01/39
|
|
3,050
|
3,021,959
|
|
District of Columbia Income Tax Revenue, Refunding
RB, Series A, 5.25%, 06/01/50
|
|
3,810
|
4,117,061
|
|
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.50%,
10/01/54
|
|
1,680
|
1,777,773
|
|
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, Refunding RB, Series B,
Subordinate, 4.00%, 10/01/49
|
|
2,875
|
2,560,945
|
|
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB
|
|
|
|
|
Series A, 2nd Lien, Sustainability Bonds, 4.38%,
07/15/59
|
|
3,305
|
3,257,440
|
|
Series A, 2nd Lien, Sustainability Bonds, 5.25%,
07/15/59
|
|
2,565
|
2,711,975
|
|
|
|
|
17,447,153
|
|
Florida — 9.3%
|
|
||
|
Capital Trust Agency, Inc., RB(b)
|
|
|
|
|
5.00%, 01/01/55
|
|
825
|
699,248
|
|
Series A, 5.00%, 06/01/55
|
|
1,285
|
1,042,889
|
|
Series A, 5.50%, 06/01/57
|
|
460
|
401,034
|
|
City of Fort Lauderdale Florida Water & Sewer
Revenue, RB
|
|
|
|
|
Series A, 5.50%, 09/01/48
|
|
5,275
|
5,763,478
|
|
Series B, 5.50%, 09/01/48
|
|
4,615
|
5,042,361
|
|
City of South Miami Health Facilities Authority, Inc.,
Refunding RB, 5.00%, 08/15/42
|
|
4,215
|
4,281,509
|
|
Security
|
|
Par
(000)
|
Value
|
|
Florida (continued)
|
|
||
|
City of Tampa Florida Water & Wastewater System
Revenue, RB, Series A, Sustainability Bonds,
5.25%, 10/01/57
|
$
|
5,055
|
$ 5,377,623
|
|
County of Broward Florida Airport System Revenue,
ARB, Series A, AMT, 5.00%, 10/01/42
|
|
5,100
|
5,145,380
|
|
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB, Series A, AMT, 5.00%, 10/01/44
|
|
1,745
|
1,768,103
|
|
County of Miami-Dade Seaport Department, Refunding
RB
|
|
|
|
|
Series A, AMT, 5.00%, 10/01/41
|
|
1,315
|
1,376,952
|
|
Series A, AMT, 5.25%, 10/01/52
|
|
4,585
|
4,684,363
|
|
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(d)
|
|
|
|
|
Series A-2, 0.00%, 10/01/46
|
|
1,840
|
616,090
|
|
Series A-2, 0.00%, 10/01/47
|
|
2,970
|
934,728
|
|
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54
|
|
660
|
709,471
|
|
Florida Development Finance Corp., RB, AMT, 5.00%,
05/01/29(b)
|
|
1,275
|
1,287,679
|
|
Florida Development Finance Corp., Refunding RB
|
|
|
|
|
5.00%, 09/15/40(b)
|
|
710
|
671,087
|
|
AMT, (AGM), 5.00%, 07/01/44
|
|
9,390
|
9,348,559
|
|
AMT, (AGM), 5.25%, 07/01/47
|
|
2,200
|
2,188,666
|
|
Florida Housing Finance Corp., RB, S/F Housing,
Series 5, (FHLMC, FNMA, GNMA), 5.05%,
01/01/56
|
|
3,525
|
3,563,971
|
|
Florida State Board of Governors, RB, Series A,
(BAM), 4.25%, 10/01/53
|
|
3,070
|
2,900,435
|
|
Greater Orlando Aviation Authority, ARB
|
|
|
|
|
Series A, AMT, 4.00%, 10/01/52
|
|
3,340
|
2,978,812
|
|
Sub-Series A, AMT, 5.00%, 10/01/47
|
|
7,865
|
7,898,993
|
|
Lakewood Ranch Stewardship District, SAB
|
|
|
|
|
5.25%, 05/01/37
|
|
240
|
243,871
|
|
5.38%, 05/01/47
|
|
260
|
261,394
|
|
4.00%, 05/01/49
|
|
665
|
554,806
|
|
6.30%, 05/01/54
|
|
755
|
796,632
|
|
Lakewood Ranch Stewardship District, SAB, S/F
Housing
|
|
|
|
|
4.00%, 05/01/40
|
|
365
|
346,349
|
|
4.00%, 05/01/50
|
|
600
|
499,225
|
|
Orange County Health Facilities Authority, RB
|
|
|
|
|
5.00%, 10/01/47
|
|
1,930
|
1,969,510
|
|
Series A, 5.00%, 10/01/53
|
|
6,605
|
6,771,867
|
|
Seminole Improvement District, RB
|
|
|
|
|
5.00%, 10/01/32
|
|
255
|
265,026
|
|
5.30%, 10/01/37
|
|
290
|
303,152
|
|
Storey Creek Community Development District, SAB
|
|
|
|
|
4.00%, 12/15/39
|
|
415
|
391,575
|
|
4.13%, 12/15/49
|
|
350
|
299,875
|
|
Village Community Development District No. 14, SAB,
5.50%, 05/01/53
|
|
1,840
|
1,873,233
|
|
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
|
|
770
|
772,340
|
|
|
|
|
84,030,286
|
|
Georgia — 2.0%
|
|
||
|
City of Atlanta Georgia Department of Aviation, ARB,
Series B-1, AMT, Sustainability Bonds, 5.50%,
07/01/55
|
|
1,575
|
1,684,178
|
|
East Point Business & Industrial Development
Authority, RB, Series A, 5.25%, 06/15/62(b)
|
|
715
|
469,109
|
|
Security
|
|
Par
(000)
|
Value
|
|
Georgia (continued)
|
|
||
|
Gainesville & Hall County Hospital Authority, RB,
Series A, 4.00%, 02/15/51
|
$
|
2,875
|
$ 2,536,456
|
|
Georgia Housing & Finance Authority, Refunding RB,
S/F Housing, Series C, 4.60%, 12/01/54
|
|
2,065
|
2,047,513
|
|
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
06/01/53(a)
|
|
7,480
|
7,929,891
|
|
Municipal Electric Authority of Georgia, RB
|
|
|
|
|
Class A, 5.50%, 07/01/63
|
|
1,275
|
1,305,883
|
|
Series A, 5.00%, 01/01/59
|
|
1,870
|
1,868,164
|
|
|
|
|
17,841,194
|
|
Hawaii — 0.1%
|
|
||
|
State of Hawaii Airports System Revenue, ARB, AMT,
5.25%, 08/01/26
|
|
525
|
525,980
|
|
Idaho — 0.7%
|
|
||
|
Idaho Health Facilities Authority, Refunding RB
|
|
|
|
|
(AGM-CR), 4.38%, 03/01/53
|
|
3,630
|
3,554,711
|
|
4.38%, 03/01/53
|
|
1,480
|
1,416,419
|
|
Idaho Housing & Finance Association, RB, S/F
Housing, Series A, (FHLMC, FNMA, GNMA), 4.60%,
01/01/49
|
|
1,125
|
1,116,005
|
|
|
|
|
6,087,135
|
|
Illinois — 11.8%
|
|
||
|
Chicago Board of Education, GO
|
|
|
|
|
Series A, 5.00%, 12/01/34
|
|
3,665
|
3,688,249
|
|
Series A, 5.00%, 12/01/40
|
|
4,090
|
3,955,591
|
|
Series A, 6.25%, 12/01/50
|
|
2,460
|
2,571,571
|
|
Series C, 5.25%, 12/01/35
|
|
330
|
329,994
|
|
Series D, 5.00%, 12/01/46
|
|
1,230
|
1,116,078
|
|
Series H, 5.00%, 12/01/36
|
|
295
|
293,400
|
|
Chicago Board of Education, Refunding GO
|
|
|
|
|
Series B, 12/01/43(e)
|
|
1,500
|
1,563,621
|
|
Series G, 5.00%, 12/01/34
|
|
290
|
290,007
|
|
Chicago Midway International Airport, Refunding ARB
|
|
|
|
|
Series B, 5.00%, 01/01/46
|
|
7,060
|
7,083,561
|
|
Series A, AMT, Senior Lien, (BAM), 5.75%,
01/01/48
|
|
1,010
|
1,084,310
|
|
Chicago O’Hare International Airport, ARB, Class A,
AMT, Senior Lien, 4.63%, 01/01/53
|
|
3,220
|
3,142,836
|
|
Chicago O’Hare International Airport, Refunding ARB
|
|
|
|
|
Series A, AMT, Senior Lien, 5.00%, 01/01/48
|
|
8,230
|
8,257,084
|
|
Series A, AMT, Senior Lien, 5.25%, 01/01/48
|
|
2,215
|
2,320,484
|
|
Series A, AMT, Senior Lien, 4.38%, 01/01/53
|
|
2,780
|
2,584,377
|
|
Series A, AMT, Senior Lien, 5.00%, 01/01/53
|
|
2,585
|
2,589,830
|
|
Series B, Senior Lien, 5.50%, 01/01/59
|
|
4,510
|
4,845,881
|
|
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57
|
|
2,575
|
2,615,404
|
|
City of Chicago Illinois Wastewater Transmission
Revenue, RB
|
|
|
|
|
Series A, 2nd Lien, (AGM), 5.25%, 01/01/53
|
|
3,710
|
3,883,149
|
|
Series A, 2nd Lien, (AGM), 5.25%, 01/01/58
|
|
1,185
|
1,237,337
|
|
Illinois Finance Authority, Refunding RB
|
|
|
|
|
Series A, 5.00%, 11/15/45
|
|
2,945
|
2,945,871
|
|
Series C, 4.00%, 02/15/27(f)
|
|
25
|
25,437
|
|
Series C, 4.00%, 02/15/41
|
|
5
|
4,869
|
|
Illinois State Toll Highway Authority, RB, Series A,
5.00%, 01/01/40
|
|
1,950
|
1,951,742
|
|
Metropolitan Pier & Exposition Authority, RB
|
|
|
|
|
5.00%, 06/15/57
|
|
3,005
|
2,991,779
|
|
Series A, (NPFGC), 0.00%, 12/15/26(d)
|
|
5,000
|
4,820,886
|
|
Series A, (NPFGC), 0.00%, 12/15/33(d)
|
|
9,950
|
7,475,835
|
|
Security
|
|
Par
(000)
|
Value
|
|
Illinois (continued)
|
|
||
|
Metropolitan Pier & Exposition Authority, RB, CAB(d)
|
|
|
|
|
(NPFGC), 0.00%, 06/15/30(g)
|
$
|
800
|
$ 697,713
|
|
(BAM-TCRS), 0.00%, 12/15/56
|
|
2,965
|
659,114
|
|
Series A, (NPFGC), 0.00%, 06/15/30
|
|
14,205
|
12,160,121
|
|
Metropolitan Pier & Exposition Authority, Refunding
RB(d)
|
|
|
|
|
Series B, (AGM), 0.00%, 06/15/44
|
|
8,075
|
3,461,079
|
|
Series B, (AGM), 0.00%, 06/15/47
|
|
3,000
|
1,090,576
|
|
Regional Transportation Authority, RB, Series B,
(NPFGC), 5.75%, 06/01/33
|
|
3,200
|
3,591,787
|
|
State of Illinois, GO
|
|
|
|
|
5.50%, 05/01/39
|
|
2,785
|
2,982,433
|
|
Series B, 5.25%, 05/01/41
|
|
2,345
|
2,504,461
|
|
Series D, 5.00%, 11/01/27
|
|
440
|
457,630
|
|
Series F, 5.25%, 09/01/47
|
|
3,135
|
3,264,038
|
|
Series F, 5.25%, 09/01/48
|
|
2,440
|
2,537,376
|
|
|
|
|
107,075,511
|
|
Indiana — 1.2%
|
|
||
|
City of Valparaiso Indiana, Refunding RB, AMT, 4.50%,
01/01/34(b)
|
|
550
|
569,049
|
|
Indiana Finance Authority, RB, Series A, 5.00%,
10/01/53
|
|
150
|
154,897
|
|
Indiana Finance Authority, Refunding RB
|
|
|
|
|
5.50%, 10/01/50
|
|
2,460
|
2,663,867
|
|
Series C, 5.25%, 10/01/46
|
|
2,345
|
2,529,960
|
|
Series C, 5.25%, 10/01/47
|
|
815
|
876,891
|
|
Indianapolis Local Public Improvement Bond Bank,
Refunding ARB, Series B1, 5.25%, 01/01/55
|
|
3,695
|
3,896,499
|
|
|
|
|
10,691,163
|
|
Iowa — 0.5%
|
|
||
|
Iowa Finance Authority, RB, S/F Housing, Series E,
Sustainability Bonds, (FHLMC, FNMA, GNMA),
4.63%, 07/01/54
|
|
4,510
|
4,477,863
|
|
Kansas — 0.1%
|
|
||
|
City of Lenexa Kansas, Refunding RB, Series A,
5.00%, 05/15/43
|
|
550
|
541,957
|
|
Kentucky — 2.0%
|
|
||
|
City of Henderson Kentucky, RB, Series A, AMT,
4.70%, 01/01/52(b)
|
|
555
|
524,734
|
|
County of Boyle Kentucky, Refunding RB
|
|
|
|
|
Series A, 4.25%, 06/01/46
|
|
740
|
675,155
|
|
Series A, 5.25%, 06/01/49
|
|
2,820
|
2,912,224
|
|
Kentucky Public Energy Authority, Refunding RB(a)
|
|
|
|
|
Series A-1, 5.25%, 04/01/54
|
|
6,790
|
7,486,763
|
|
Series B, 5.00%, 01/01/55
|
|
6,045
|
6,566,283
|
|
|
|
|
18,165,159
|
|
Louisiana — 2.5%
|
|
||
|
Louisiana Public Facilities Authority, RB
|
|
|
|
|
5.25%, 10/01/53
|
|
5,665
|
5,659,001
|
|
AMT, 5.75%, 09/01/64
|
|
4,540
|
4,707,485
|
|
Louisiana Stadium & Exposition District, Refunding RB
|
|
|
|
|
Series A, 5.00%, 07/01/48
|
|
3,950
|
4,051,165
|
|
Series A, 5.25%, 07/01/53
|
|
4,690
|
4,874,637
|
|
New Orleans Aviation Board, ARB, Series B, AMT,
5.00%, 01/01/48
|
|
1,990
|
1,991,997
|
|
Port New Orleans Board of Commissioners, ARB,
Series B, AMT, (AGM), 5.50%, 04/01/51
|
|
1,595
|
1,701,587
|
|
|
|
|
22,985,872
|
|
Security
|
|
Par
(000)
|
Value
|
|
Maine — 0.7%
|
|
||
|
Maine Health & Higher Educational Facilities Authority,
RB, Series B, (AGM), 4.75%, 07/01/53
|
$
|
3,000
|
$ 3,026,344
|
|
Maine State Housing Authority, RB, S/F Housing,
Series C, Sustainability Bonds, (HUD SECT 8),
4.75%, 11/15/49
|
|
3,365
|
3,411,971
|
|
|
|
|
6,438,315
|
|
Maryland — 0.7%
|
|
||
|
Anne Arundel County Consolidated Special Taxing
District, Refunding ST, 5.00%, 07/01/32
|
|
495
|
495,394
|
|
City of Baltimore Maryland, Refunding RB, Series A,
4.50%, 09/01/33
|
|
185
|
186,132
|
|
City of Baltimore Maryland, Refunding TA, Series A,
Senior Lien, 3.50%, 06/01/39(b)
|
|
650
|
589,068
|
|
City of Baltimore Maryland, TA(b)
|
|
|
|
|
Series B, 3.70%, 06/01/39
|
|
200
|
185,301
|
|
Series B, 3.88%, 06/01/46
|
|
300
|
262,498
|
|
County of Prince George’s Maryland, TA, 5.25%,
07/01/48(b)
|
|
300
|
300,717
|
|
Howard County Housing Commission, RB, M/F
Housing, Series A, 5.00%, 06/01/44
|
|
550
|
550,221
|
|
Maryland Economic Development Corp., RB, 5.00%,
07/01/56
|
|
390
|
391,153
|
|
Maryland Economic Development Corp., Refunding
RB, 5.00%, 07/01/37
|
|
500
|
500,242
|
|
Maryland Health & Higher Educational Facilities
Authority, RB, Series C, 5.00%, 05/15/45
|
|
2,305
|
2,324,727
|
|
Maryland Health & Higher Educational Facilities
Authority, Refunding RB, 4.13%, 07/01/47
|
|
500
|
485,363
|
|
|
|
|
6,270,816
|
|
Massachusetts — 2.4%
|
|
||
|
Massachusetts Bay Transportation Authority Sales Tax
Revenue, Refunding RB, Series A, 5.25%, 07/01/29
|
|
730
|
802,479
|
|
Massachusetts Development Finance Agency, RB
|
|
|
|
|
5.00%, 10/01/48
|
|
200
|
182,121
|
|
Series A, (AMBAC), 5.75%, 01/01/42
|
|
650
|
759,904
|
|
Series A, 5.00%, 01/01/47
|
|
6,140
|
5,973,622
|
|
Massachusetts Development Finance Agency,
Refunding RB
|
|
|
|
|
5.00%, 04/15/40
|
|
1,000
|
999,777
|
|
4.13%, 10/01/42(b)
|
|
550
|
510,094
|
|
5.00%, 07/01/47
|
|
7,685
|
7,711,007
|
|
Series P, 5.45%, 05/15/59
|
|
1,500
|
1,617,241
|
|
Massachusetts Health & Educational Facilities
Authority, Refunding RB, Series M, 5.50%, 02/15/27
|
|
1,000
|
1,037,884
|
|
Massachusetts Housing Finance Agency, Refunding
RB
|
|
|
|
|
Series A, AMT, 4.45%, 12/01/42
|
|
910
|
880,389
|
|
Series A, AMT, 4.50%, 12/01/47
|
|
245
|
229,281
|
|
Massachusetts State College Building Authority,
Refunding RB, Series B, (AG SAP), 5.50%,
05/01/39
|
|
825
|
985,536
|
|
|
|
|
21,689,335
|
|
Michigan — 2.1%
|
|
||
|
City of Lansing Michigan, Refunding GO, Series B,
(AGM), 4.13%, 06/01/48
|
|
5,035
|
4,827,800
|
|
Eastern Michigan University, RB, Series A, 4.00%,
03/01/28(f)
|
|
60
|
61,848
|
|
Lansing Board of Water & Light, RB, Series A, 5.00%,
07/01/51
|
|
3,740
|
3,870,822
|
|
Security
|
|
Par
(000)
|
Value
|
|
Michigan (continued)
|
|
||
|
Michigan Finance Authority, RB
|
|
|
|
|
4.00%, 02/15/50
|
$
|
2,805
|
$ 2,484,995
|
|
Series A, 4.00%, 11/15/50
|
|
3,975
|
3,559,936
|
|
Sustainability Bonds, 5.50%, 02/28/57
|
|
1,530
|
1,603,303
|
|
Michigan State Housing Development Authority, RB,
S/F Housing, Series D, Sustainability Bonds, 4.45%,
12/01/49
|
|
1,495
|
1,468,525
|
|
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43
|
|
1,120
|
1,121,214
|
|
|
|
|
18,998,443
|
|
Minnesota — 0.8%
|
|
||
|
Minneapolis-St Paul Metropolitan Airports Commission,
ARB, Series B, AMT, 5.25%, 01/01/49
|
|
4,425
|
4,634,154
|
|
Minnesota Agricultural & Economic Development
Board, RB, 5.25%, 01/01/54
|
|
2,215
|
2,305,166
|
|
|
|
|
6,939,320
|
|
Mississippi — 0.3%
|
|
||
|
Mississippi Home Corp., RB, Series 2025-06FN,
Class PT, 4.55%, 04/01/42
|
|
2,630
|
2,710,901
|
|
Missouri — 1.2%
|
|
||
|
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB, Series A, 4.25%, 04/01/55
|
|
7,145
|
6,755,938
|
|
Kansas City Industrial Development Authority, ARB,
Series B, AMT, 5.00%, 03/01/39
|
|
2,505
|
2,574,740
|
|
Missouri Housing Development Commission, RB, S/F
Housing, Series C, (FHLMC, FNMA, GNMA),
5.00%, 11/01/55
|
|
1,445
|
1,457,293
|
|
|
|
|
10,787,971
|
|
Nebraska — 2.0%
|
|
||
|
Central Plains Energy Project, Refunding RB, Series A,
5.00%, 09/01/37
|
|
4,260
|
4,662,308
|
|
Omaha Public Power District, RB
|
|
|
|
|
Series A, 4.25%, 02/01/47
|
|
4,760
|
4,678,526
|
|
Series A, 5.25%, 02/01/48
|
|
7,985
|
8,487,162
|
|
|
|
|
17,827,996
|
|
Nevada — 0.7%
|
|
||
|
Las Vegas Convention & Visitors Authority, RB,
Series B, 4.00%, 07/01/49
|
|
1,000
|
924,319
|
|
Las Vegas Valley Water District, GOL, Series A, 5.25%,
06/01/55
|
|
5,135
|
5,503,395
|
|
|
|
|
6,427,714
|
|
New Hampshire — 2.6%
|
|
||
|
New Hampshire Business Finance Authority, RB
|
|
|
|
|
Series 2025-1, Class A1, 4.09%, 01/20/41(a)
|
|
1,353
|
1,348,043
|
|
Series A, Sustainability Bonds, 5.50%, 06/01/55
|
|
6,825
|
7,179,690
|
|
New Hampshire Business Finance Authority, RB, M/F
Housing
|
|
|
|
|
1st Series, Class B, 5.75%, 04/28/42
|
|
2,045
|
2,134,899
|
|
Series 2025, Subordinate, 5.15%, 09/28/37
|
|
3,195
|
3,231,815
|
|
Class A-1, Sustainability Bonds, 0.00%, 11/20/42(a)
|
|
8,156
|
8,016,905
|
|
Series 2, Sustainability Bonds, 4.25%, 07/20/41
|
|
1,370
|
1,365,127
|
|
|
|
|
23,276,479
|
|
New Jersey — 6.8%
|
|
||
|
Camden County Improvement Authority, RB,
Sustainability Bonds, 6.00%, 06/15/62
|
|
655
|
681,014
|
|
New Jersey Economic Development Authority, RB
|
|
|
|
|
AMT, (AGM), 5.00%, 01/01/31
|
|
900
|
901,697
|
|
AMT, 5.13%, 01/01/34
|
|
1,620
|
1,622,759
|
|
AMT, 5.38%, 01/01/43
|
|
2,115
|
2,116,892
|
|
Security
|
|
Par
(000)
|
Value
|
|
New Jersey (continued)
|
|
||
|
New Jersey Economic Development Authority,
Refunding RB, Series BBB, 5.50%, 12/15/26(f)
|
$
|
5,360
|
$ 5,528,660
|
|
New Jersey Higher Education Student Assistance
Authority, RB, Series C, AMT, Subordinate, 4.25%,
12/01/50
|
|
2,135
|
1,873,515
|
|
New Jersey Higher Education Student Assistance
Authority, Refunding RB, Series B, AMT, 4.00%,
12/01/41
|
|
2,210
|
2,195,115
|
|
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing, Series M, Sustainability Bonds, 5.10%,
10/01/50
|
|
4,635
|
4,778,970
|
|
New Jersey Transportation Trust Fund Authority, RB
|
|
|
|
|
Series A, 0.00%, 12/15/29(d)
|
|
7,530
|
6,684,034
|
|
Series BB, 5.00%, 06/15/46
|
|
6,200
|
6,509,457
|
|
Series BB, 4.00%, 06/15/50
|
|
4,900
|
4,470,452
|
|
Series S, 4.13%, 06/15/39
|
|
1,210
|
1,222,376
|
|
New Jersey Turnpike Authority, RB, Series A, 5.25%,
01/01/55
|
|
3,965
|
4,263,717
|
|
Tobacco Settlement Financing Corp., Refunding RB
|
|
|
|
|
Series A, 5.00%, 06/01/35
|
|
3,220
|
3,323,356
|
|
Series A, 5.25%, 06/01/46
|
|
8,270
|
8,290,945
|
|
Sub-Series B, 5.00%, 06/01/46
|
|
7,350
|
7,156,239
|
|
|
|
|
61,619,198
|
|
New Mexico — 0.0%
|
|
||
|
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
|
|
415
|
403,020
|
|
New York — 14.1%
|
|
||
|
City of New York, GO, Series G-1, 5.25%, 02/01/53
|
|
735
|
783,237
|
|
Empire State Development Corp., RB, Series A,
5.00%, 03/15/46
|
|
6,000
|
6,311,807
|
|
Metropolitan Transportation Authority, RB, Series D-2,
Sustainability Bonds, 4.00%, 11/15/48
|
|
4,090
|
3,740,831
|
|
New York City Housing Development Corp., RB, M/F
Housing, Series A, Sustainability Bonds, (FHLMC,
FNMA, GNMA, HUD SECT 8), 4.70%, 08/01/54
|
|
3,460
|
3,450,627
|
|
New York City Municipal Water Finance Authority, RB
|
|
|
|
|
Series AA-1, 5.25%, 06/15/52
|
|
5,600
|
5,912,941
|
|
Series BB, 5.25%, 06/15/55
|
|
995
|
1,065,371
|
|
Series GG, 5.00%, 06/15/50
|
|
1,680
|
1,727,760
|
|
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB
|
|
|
|
|
Series A-1, Subordinate, 5.25%, 05/01/52
|
|
3,025
|
3,235,632
|
|
Series F-1, Subordinate, 5.00%, 02/01/43
|
|
7,695
|
8,181,066
|
|
Series H-1, Subordinate, 5.50%, 11/01/51
|
|
1,455
|
1,583,761
|
|
New York Counties Tobacco Trust IV, Refunding RB,
Series A, 6.25%, 06/01/41(b)
|
|
1,081
|
1,040,183
|
|
New York Liberty Development Corp., Refunding RB
|
|
|
|
|
Series A, Sustainability Bonds, (BAM-TCRS),
3.00%, 11/15/51
|
|
7,485
|
5,497,703
|
|
Series A, Sustainability Bonds, 3.00%, 11/15/51
|
|
2,185
|
1,578,912
|
|
New York Power Authority, Refunding RB, Series A,
Sustainability Bonds, 4.00%, 11/15/55
|
|
2,185
|
2,018,887
|
|
New York Transportation Development Corp., ARB
|
|
|
|
|
AMT, 5.00%, 12/01/36
|
|
1,650
|
1,760,611
|
|
AMT, 5.63%, 04/01/40
|
|
1,700
|
1,785,074
|
|
New York Transportation Development Corp., RB
|
|
|
|
|
AMT, 5.00%, 10/01/35
|
|
3,460
|
3,619,414
|
|
AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/44
|
|
3,295
|
3,450,196
|
|
Security
|
|
Par
(000)
|
Value
|
|
New York (continued)
|
|
||
|
New York Transportation Development Corp.,
RB (continued)
|
|
|
|
|
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60
|
$
|
6,855
|
$ 6,978,265
|
|
AMT, Sustainability Bonds, 5.50%, 06/30/60
|
|
19,380
|
19,786,409
|
|
New York Transportation Development Corp.,
Refunding RB, Series A, AMT, Sustainability Bonds,
5.50%, 12/31/60
|
|
4,485
|
4,580,473
|
|
Port Authority of New York & New Jersey, ARB,
Series 218, AMT, 5.00%, 11/01/49
|
|
5,600
|
5,709,864
|
|
State of New York Mortgage Agency Homeowner
Mortgage Revenue, RB, S/F Housing, Series 266,
Sustainability Bonds, (SONYMA), 4.65%, 10/01/50
|
|
5,385
|
5,361,213
|
|
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB
|
|
|
|
|
Series A, 4.25%, 05/15/58
|
|
11,585
|
11,108,038
|
|
Series A, 4.50%, 05/15/63
|
|
3,500
|
3,467,420
|
|
Triborough Bridge & Tunnel Authority, Refunding RB
|
|
|
|
|
Series C, 5.00%, 05/15/47
|
|
5,000
|
5,192,598
|
|
Series B-1, Sustainability Bonds, 5.25%, 05/15/54
|
|
8,475
|
8,990,500
|
|
|
|
|
127,918,793
|
|
North Carolina — 1.2%
|
|
||
|
North Carolina Housing Finance Agency, RB, S/F
Housing
|
|
|
|
|
Series 54-A, (FHLMC, FNMA, GNMA), 4.70%,
07/01/50
|
|
1,955
|
1,970,080
|
|
Series 52-A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.00%, 07/01/46
|
|
1,585
|
1,626,545
|
|
University of North Carolina at Chapel Hill, RB, 5.00%,
02/01/49
|
|
6,510
|
7,276,424
|
|
|
|
|
10,873,049
|
|
North Dakota — 0.4%
|
|
||
|
North Dakota Housing Finance Agency, RB, S/F
Housing, Series C, Sustainability Bonds, 4.75%,
07/01/49
|
|
3,680
|
3,729,173
|
|
Ohio — 2.6%
|
|
||
|
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%,
06/01/55
|
|
7,280
|
6,100,925
|
|
Columbus Regional Airport Authority, Refunding ARB,
Series A, Class A, AMT, 5.50%, 01/01/55
|
|
2,690
|
2,845,884
|
|
Columbus-Franklin County Finance Authority, RB, M/F
Housing, (FNMA), 4.82%, 11/01/43
|
|
2,645
|
2,820,859
|
|
Ohio Housing Finance Agency, RB, S/F Housing,
Series B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.65%, 09/01/49
|
|
4,440
|
4,444,117
|
|
Ohio Turnpike & Infrastructure Commission, RB, CAB,
Series A-2, Junior Lien, 0.00%, 02/15/37(d)
|
|
10,000
|
6,762,376
|
|
State of Ohio, Refunding RB, Series A, (BAM-TCRS),
4.00%, 01/15/50
|
|
1,055
|
928,391
|
|
|
|
|
23,902,552
|
|
Oklahoma — 0.5%
|
|
||
|
Oklahoma Development Finance Authority, RB,
Series B, 5.50%, 08/15/52
|
|
560
|
562,186
|
|
Oklahoma Turnpike Authority, RB, Series A, (AGM),
4.25%, 01/01/55
|
|
1,360
|
1,326,920
|
|
Security
|
|
Par
(000)
|
Value
|
|
Oklahoma (continued)
|
|
||
|
Tulsa County Industrial Authority, Refunding RB,
5.25%, 11/15/37
|
$
|
450
|
$ 456,263
|
|
Tulsa Municipal Airport Trust Trustees, Refunding ARB,
AMT, 6.25%, 12/01/35
|
|
1,795
|
2,069,992
|
|
|
|
|
4,415,361
|
|
Oregon — 0.4%
|
|
||
|
Clackamas County School District No. 12 North
Clackamas, GO, CAB(d)
|
|
|
|
|
Series A, (GTD), 0.00%, 06/15/27(f)
|
|
250
|
146,275
|
|
Series A, (GTD), 0.00%, 06/15/38
|
|
2,105
|
1,195,580
|
|
Port of Portland Oregon Airport Revenue, ARB,
Series 24B, AMT, 5.00%, 07/01/47
|
|
2,155
|
2,160,677
|
|
|
|
|
3,502,532
|
|
Pennsylvania — 7.8%
|
|
||
|
Allegheny County Airport Authority, ARB, Series A,
AMT, 5.00%, 01/01/51
|
|
7,395
|
7,420,160
|
|
Allegheny County Hospital Development Authority,
Refunding RB, Series A, (AGM-CR), 5.00%,
04/01/47
|
|
2,470
|
2,502,147
|
|
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
|
|
425
|
373,978
|
|
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, RB, Series A, 5.00%, 10/01/47
|
|
4,125
|
4,183,970
|
|
Montgomery County Higher Education and Health
Authority, Refunding RB, Class B, 5.00%, 05/01/57
|
|
3,500
|
3,524,331
|
|
Pennsylvania Economic Development Financing
Authority, RB
|
|
|
|
|
5.00%, 06/30/42
|
|
6,910
|
6,926,946
|
|
AMT, 5.50%, 06/30/40
|
|
1,000
|
1,059,501
|
|
AMT, 5.50%, 06/30/41
|
|
3,290
|
3,476,430
|
|
AMT, 5.75%, 06/30/48
|
|
2,855
|
2,976,629
|
|
AMT, 5.25%, 06/30/53
|
|
4,695
|
4,755,504
|
|
Pennsylvania Economic Development Financing
Authority, Refunding RB, AMT, 5.50%, 11/01/44
|
|
1,000
|
1,000,578
|
|
Pennsylvania Higher Educational Facilities Authority,
RB, 4.00%, 08/15/49
|
|
1,855
|
1,685,449
|
|
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Series B2, 4.38%, 11/01/54
|
|
2,500
|
2,296,540
|
|
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 145A, Sustainability Bonds, 4.75%,
10/01/49
|
|
7,985
|
8,020,880
|
|
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing, Series 142-A, Sustainability Bonds,
5.00%, 10/01/50
|
|
1,500
|
1,515,651
|
|
Pennsylvania Turnpike Commission, RB
|
|
|
|
|
Series A-1, 5.00%, 12/01/41
|
|
1,325
|
1,335,233
|
|
Series C, 5.25%, 12/01/54
|
|
1,575
|
1,693,945
|
|
Series A, Subordinate, 5.00%, 12/01/44
|
|
4,700
|
4,865,139
|
|
Series B, Subordinate, 4.00%, 12/01/51
|
|
665
|
603,830
|
|
School District of Philadelphia, GOL
|
|
|
|
|
Series A, (SAW), 5.50%, 09/01/48
|
|
8,015
|
8,546,036
|
|
Series B, Sustainability Bonds, (SAW), 5.00%,
09/01/48
|
|
2,070
|
2,139,471
|
|
|
|
|
70,902,348
|
|
Puerto Rico — 2.7%
|
|
||
|
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
|
|
|
|
|
Series A-1, Restructured, 4.75%, 07/01/53
|
|
1,149
|
1,086,382
|
|
Series A-1, Restructured, 5.00%, 07/01/58
|
|
14,173
|
13,765,394
|
|
Series A-2, Restructured, 4.54%, 07/01/53
|
|
500
|
452,905
|
|
Series A-2, Restructured, 4.78%, 07/01/58
|
|
1,528
|
1,436,926
|
|
Security
|
|
Par
(000)
|
Value
|
|
Puerto Rico (continued)
|
|
||
|
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB (continued)
|
|
|
|
|
Series A-2, Restructured, 4.33%, 07/01/40
|
$
|
2,472
|
$ 2,396,591
|
|
Series B-1, Restructured, 4.75%, 07/01/53
|
|
962
|
909,573
|
|
Series B-2, Restructured, 4.78%, 07/01/58
|
|
1,335
|
1,255,429
|
|
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(d)
|
|
9,999
|
3,479,977
|
|
|
|
|
24,783,177
|
|
Rhode Island — 0.8%
|
|
||
|
Rhode Island Health and Educational Building Corp.,
RB, 5.00%, 11/01/53
|
|
6,955
|
7,164,217
|
|
South Carolina — 4.1%
|
|
||
|
Charleston County Airport District, ARB, Series A, AMT,
5.25%, 07/01/54
|
|
1,575
|
1,637,891
|
|
County of Berkeley South Carolina, SAB
|
|
|
|
|
4.25%, 11/01/40
|
|
485
|
454,529
|
|
4.38%, 11/01/49
|
|
715
|
637,038
|
|
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(a)
|
|
6,040
|
6,588,968
|
|
South Carolina Jobs-Economic Development Authority,
RB
|
|
|
|
|
5.00%, 01/01/55(b)
|
|
2,290
|
1,898,500
|
|
7.50%, 08/15/62(b)
|
|
1,455
|
1,299,575
|
|
Series A, 5.50%, 11/01/50
|
|
2,790
|
2,973,996
|
|
Series A, 4.50%, 11/01/54
|
|
4,435
|
4,361,003
|
|
Series A, 5.50%, 11/01/54
|
|
3,680
|
3,917,403
|
|
South Carolina Jobs-Economic Development Authority,
Refunding RB, Series A, 4.25%, 05/01/48
|
|
1,615
|
1,528,214
|
|
South Carolina Public Service Authority, RB, Series A,
4.00%, 12/01/55
|
|
1,950
|
1,732,567
|
|
South Carolina Public Service Authority, Refunding RB,
Series B, 5.00%, 12/01/46
|
|
1,270
|
1,323,044
|
|
South Carolina State Housing Finance & Development
Authority, RB, S/F Housing
|
|
|
|
|
Series B, 4.60%, 07/01/49
|
|
2,240
|
2,230,070
|
|
Series B, (FHLMC, FNMA, GNMA), 5.00%,
07/01/50
|
|
6,080
|
6,191,320
|
|
South Carolina State Housing Finance & Development
Authority, Refunding RB, S/F Housing, Series A,
4.95%, 07/01/53
|
|
275
|
280,450
|
|
|
|
|
37,054,568
|
|
Tennessee — 3.9%
|
|
||
|
Knox County Health Educational & Housing Facility
Board, RB, Series A-1, (BAM), 5.50%, 07/01/59
|
|
615
|
649,720
|
|
Memphis-Shelby County Airport Authority, ARB,
Series A, AMT, 5.00%, 07/01/49
|
|
3,655
|
3,712,489
|
|
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, RB, 5.25%,
05/01/48
|
|
745
|
775,666
|
|
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, Refunding RB,
5.25%, 10/01/58
|
|
3,070
|
2,968,804
|
|
Metropolitan Government of Nashville & Davidson
County TN Water & Sewer Revenue, Refunding RB,
5.25%, 07/01/55
|
|
2,305
|
2,455,367
|
|
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
|
|
3,805
|
4,126,024
|
|
Security
|
|
Par
(000)
|
Value
|
|
Tennessee (continued)
|
|
||
|
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52(a)
|
$
|
15,950
|
$ 17,204,877
|
|
Tennessee Energy Acquisition Corp., Refunding RB,
Series A, 5.00%, 12/01/35
|
|
3,265
|
3,553,541
|
|
|
|
|
35,446,488
|
|
Texas — 12.5%
|
|
||
|
Alamo Heights Independent School District, GO,
(PSF), 4.00%, 02/01/51
|
|
1,860
|
1,744,771
|
|
Arlington Higher Education Finance Corp., RB(b)
|
|
|
|
|
7.50%, 04/01/62
|
|
1,545
|
772,500
|
|
7.88%, 11/01/62
|
|
1,335
|
801,000
|
|
Celina Independent School District, GO, (PSF), 5.00%,
02/15/47
|
|
4,530
|
4,762,755
|
|
City of Austin Texas Airport System Revenue, ARB
|
|
|
|
|
AMT, 5.00%, 11/15/44
|
|
1,000
|
1,000,136
|
|
AMT, 5.25%, 11/15/47
|
|
3,300
|
3,427,923
|
|
City of Austin Texas Water & Wastewater System
Revenue, Refunding RB, 5.00%, 11/15/53
|
|
2,370
|
2,499,070
|
|
City of Corpus Christi Texas Utility System Revenue,
Refunding RB, 4.13%, 07/15/53
|
|
2,270
|
2,103,344
|
|
City of El Paso Texas Water & Sewer Revenue,
Refunding RB, 5.25%, 03/01/49
|
|
2,495
|
2,651,094
|
|
City of Galveston Texas Wharves & Terminal Revenue,
ARB
|
|
|
|
|
Series A, AMT, 1st Lien, 5.50%, 08/01/43
|
|
395
|
418,434
|
|
Series A, AMT, 1st Lien, 5.50%, 08/01/44
|
|
395
|
414,600
|
|
City of Garland Texas Electric Utility System Revenue,
Refunding RB, (AGM), 4.25%, 03/01/48
|
|
370
|
361,060
|
|
City of Houston Texas Airport System Revenue, ARB
|
|
|
|
|
Series A, AMT, 6.63%, 07/15/38
|
|
1,330
|
1,330,025
|
|
Series B, AMT, 5.50%, 07/15/36
|
|
300
|
329,773
|
|
Series B, AMT, 5.50%, 07/15/37
|
|
935
|
1,021,438
|
|
City of Houston Texas Airport System Revenue,
Refunding ARB, Series A, AMT, 1st Lien,
Subordinate, (AGM), 5.25%, 07/01/48
|
|
2,955
|
3,090,443
|
|
City of Houston Texas Airport System Revenue,
Refunding RB
|
|
|
|
|
Series A, AMT, 5.00%, 07/01/27
|
|
740
|
754,437
|
|
Sub-Series A, AMT, 4.00%, 07/01/46
|
|
2,780
|
2,523,239
|
|
Sub-Series A, AMT, 4.00%, 07/01/48
|
|
10,025
|
8,995,477
|
|
Conroe Independent School District, GO, (PSF),
4.00%, 02/15/50
|
|
3,670
|
3,438,448
|
|
County of Harris Texas Toll Road Revenue, Refunding
RB
|
|
|
|
|
Series A, 1st Lien, 4.00%, 08/15/49
|
|
5,405
|
5,077,815
|
|
Series A, 1st Lien, 4.00%, 08/15/54
|
|
3,855
|
3,547,358
|
|
Dallas Fort Worth International Airport, Refunding ARB,
Series A-1, AMT, 5.50%, 11/01/50
|
|
1,335
|
1,426,440
|
|
Denton Independent School District, GO, (PSF),
5.00%, 08/15/48
|
|
2,440
|
2,559,583
|
|
Dickinson Independent School District, GO, (PSF),
4.13%, 02/15/48
|
|
1,285
|
1,252,904
|
|
Eagle Mountain & Saginaw Independent School
District, GO, (PSF), 4.00%, 08/15/54
|
|
650
|
602,286
|
|
Fort Bend Independent School District, Refunding GO,
Series A, (PSF), 4.00%, 08/15/49
|
|
1,415
|
1,332,369
|
|
Harris County Cultural Education Facilities Finance
Corp., Refunding RB, Class A, 4.13%, 07/01/52
|
|
1,120
|
1,032,488
|
|
Longview Independent School District, GO, (PSF),
4.00%, 02/15/49
|
|
1,580
|
1,496,011
|
|
Security
|
|
Par
(000)
|
Value
|
|
Texas (continued)
|
|
||
|
Mansfield Independent School District, GO, (PSF),
5.00%, 02/15/50
|
$
|
4,500
|
$ 4,746,853
|
|
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(d)(f)
|
|
5,000
|
3,032,341
|
|
New Hope Cultural Education Facilities Finance Corp.,
RB, Series A, 5.00%, 08/15/50(b)
|
|
1,210
|
1,028,853
|
|
North Texas Tollway Authority, Refunding RB, 4.25%,
01/01/49
|
|
3,175
|
2,957,228
|
|
Northwest Independent School District, GO, (PSF),
5.25%, 02/15/55
|
|
2,565
|
2,740,282
|
|
Port Authority of Houston of Harris County Texas, ARB
|
|
|
|
|
5.00%, 10/01/51
|
|
2,480
|
2,555,927
|
|
1st Lien, 5.00%, 10/01/53
|
|
1,840
|
1,899,738
|
|
Spring Branch Independent School District, GO, (PSF),
4.00%, 02/01/48
|
|
1,705
|
1,625,341
|
|
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, 5.00%, 10/01/49
|
|
410
|
405,693
|
|
Tarrant County Hospital District, GOL, 4.25%,
08/15/53
|
|
980
|
916,717
|
|
Tarrant Regional Water District, RB, 4.25%, 09/01/55
|
|
4,585
|
4,407,313
|
|
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
|
|
690
|
611,917
|
|
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
|
|
5,395
|
5,890,757
|
|
Texas State University System, Refunding RB, 4.00%,
03/15/49
|
|
4,455
|
4,086,368
|
|
Texas Transportation Commission State Highway
249 System, RB, CAB(d)
|
|
|
|
|
0.00%, 08/01/35
|
|
310
|
208,282
|
|
0.00%, 08/01/36
|
|
170
|
108,221
|
|
0.00%, 08/01/37
|
|
225
|
135,287
|
|
0.00%, 08/01/38
|
|
810
|
459,343
|
|
0.00%, 08/01/41
|
|
1,950
|
925,402
|
|
0.00%, 08/01/44
|
|
695
|
278,798
|
|
0.00%, 08/01/45
|
|
1,775
|
674,993
|
|
Texas Water Development Board, RB
|
|
|
|
|
4.75%, 10/15/55
|
|
5,635
|
5,712,251
|
|
Series A, 4.38%, 10/15/59
|
|
6,635
|
6,405,441
|
|
|
|
|
112,580,567
|
|
Utah — 3.0%
|
|
||
|
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
|
|
530
|
535,371
|
|
City of Salt Lake City Utah Airport Revenue, ARB
|
|
|
|
|
Series A, AMT, 5.00%, 07/01/43
|
|
2,910
|
2,947,469
|
|
Series A, AMT, 5.00%, 07/01/47
|
|
11,685
|
11,726,988
|
|
Series A, AMT, 5.00%, 07/01/51
|
|
5,330
|
5,410,171
|
|
Downtown Revitalization Public Infrastructure District,
RB
|
|
|
|
|
Series A, 1st Lien, (AGM), 5.50%, 06/01/55
|
|
2,380
|
2,563,719
|
|
Series B, 2nd Lien, (AGM), 5.50%, 06/01/55
|
|
845
|
909,546
|
|
Utah Charter School Finance Authority, Refunding RB,
5.00%, 06/15/55(b)
|
|
935
|
817,564
|
|
Utah Housing Corp., RB, S/F Housing, Series E,
(FHLMC, FNMA, GNMA), 4.70%, 01/01/50
|
|
2,435
|
2,453,606
|
|
|
|
|
27,364,434
|
|
Virginia — 0.9%
|
|
||
|
Fairfax County Industrial Development Authority, RB,
4.13%, 05/15/54
|
|
900
|
829,094
|
|
Security
|
|
Par
(000)
|
Value
|
|
Virginia (continued)
|
|
||
|
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
|
$
|
4,420
|
$ 3,703,982
|
|
Virginia Housing Development Authority, RB, M/F
Housing, Series A, 4.60%, 09/01/50
|
|
3,750
|
3,716,475
|
|
|
|
|
8,249,551
|
|
Washington — 0.8%
|
|
||
|
Port of Seattle Washington, 0, 5.00%, 10/01/50
|
|
680
|
700,719
|
|
Vancouver Housing Authority, RB, M/F Housing,
5.00%, 08/01/40
|
|
1,165
|
1,203,698
|
|
Washington Health Care Facilities Authority, Refunding
RB, Series A, 5.50%, 09/01/55
|
|
705
|
748,718
|
|
Washington State Housing Finance Commission, RB,
M/F Housing, Series A-1, 0.00%, 11/20/41(a)
|
|
4,303
|
4,140,955
|
|
|
|
|
6,794,090
|
|
Wisconsin — 0.9%
|
|
||
|
Public Finance Authority, RB
|
|
|
|
|
Series A, 5.00%, 07/01/40(b)
|
|
450
|
433,255
|
|
Series A-1, 4.50%, 01/01/35(b)
|
|
535
|
523,858
|
|
AMT, 5.75%, 06/30/60
|
|
3,545
|
3,660,879
|
|
AMT, 6.50%, 12/31/65
|
|
2,825
|
3,102,664
|
|
Public Finance Authority, Refunding RB, 5.00%,
09/01/49(b)
|
|
825
|
759,852
|
|
|
|
|
8,480,508
|
|
Total Municipal Bonds — 135.2%
(Cost: $1,176,794,036)
|
1,223,209,350
|
||
|
Municipal Bonds Transferred to Tender Option Bond Trusts(h)
|
|||
|
Alabama — 1.1%
|
|
||
|
Black Belt Energy Gas District, RB, Series C-1, 5.25%,
02/01/53(a)
|
|
9,335
|
9,951,970
|
|
Connecticut — 1.7%
|
|
||
|
Connecticut Housing Finance Authority, Refunding RB,
S/F Housing, Series F-1, Sustainability Bonds,
4.75%, 11/15/49
|
|
15,000
|
15,178,208
|
|
Florida — 7.6%
|
|
||
|
City of Tampa Florida Water & Wastewater System
Revenue, RB, Series A, Sustainability Bonds,
5.25%, 10/01/57
|
|
7,850
|
8,351,007
|
|
County of Seminole Florida Sales Tax Revenue,
Refunding RB, Series B, 5.25%, 10/01/31
|
|
6,300
|
6,948,966
|
|
Greater Orlando Aviation Authority, ARB, AMT, 5.25%,
10/01/51
|
|
12,077
|
12,695,887
|
|
Hillsborough County Industrial Development Authority,
Refunding RB, Series C, 5.25%, 11/15/49
|
|
13,256
|
14,148,152
|
|
Tampa Bay Water, RB, Series A, 5.25%, 10/01/54(i)
|
|
24,765
|
26,477,671
|
|
|
|
|
68,621,683
|
|
Georgia — 1.2%
|
|
||
|
Main Street Natural Gas, Inc., Refunding RB,
Series E-1, 5.00%, 12/01/53(a)(i)
|
|
10,159
|
10,940,123
|
|
Idaho — 0.8%
|
|
||
|
Idaho Housing & Finance Association, RB, Series A,
5.25%, 08/15/48(i)
|
|
6,825
|
7,355,903
|
|
Security
|
|
Par
(000)
|
Value
|
|
Illinois — 0.8%
|
|
||
|
Illinois Finance Authority, Refunding RB, Series A,
5.00%, 08/15/51
|
$
|
7,123
|
$ 7,245,410
|
|
Indiana — 1.2%
|
|
||
|
Indiana Finance Authority, RB, Series A, 5.00%,
10/01/53
|
|
10,290
|
10,625,953
|
|
Massachusetts — 1.0%
|
|
||
|
Massachusetts Port Authority, ARB, Series E, AMT,
5.00%, 07/01/51
|
|
9,084
|
9,219,392
|
|
Michigan — 0.3%
|
|
||
|
Michigan State Housing Development Authority, RB,
M/F Housing, Series A, 4.05%, 10/01/48
|
|
2,748
|
2,596,342
|
|
Missouri — 0.6%
|
|
||
|
Health & Educational Facilities Authority of the State of
Missouri, RB, 4.00%, 06/01/53(i)
|
|
5,660
|
4,987,318
|
|
New York — 7.2%
|
|
||
|
City of New York, GO, Series E, 5.25%, 08/01/50
|
|
10,750
|
11,451,463
|
|
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB, Series H, Subordinate,
5.25%, 11/01/48
|
|
9,620
|
10,331,597
|
|
New York State Dormitory Authority, Refunding RB
|
|
|
|
|
Series A, 4.00%, 03/15/47
|
|
6,600
|
6,215,725
|
|
Series A, 5.00%, 03/15/55
|
|
12,500
|
13,092,508
|
|
Port Authority of New York & New Jersey, Refunding
ARB, Series 200, 5.25%, 10/15/57
|
|
5,090
|
5,177,800
|
|
Triborough Bridge & Tunnel Authority, RB, Series A,
5.00%, 11/15/51
|
|
7,270
|
7,466,759
|
|
Triborough Bridge & Tunnel Authority, Refunding RB
|
|
|
|
|
Series A, 5.00%, 05/15/47
|
|
6,120
|
6,355,740
|
|
Series C, 4.13%, 05/15/52
|
|
5,520
|
5,223,269
|
|
|
|
|
65,314,861
|
|
Oregon — 0.9%
|
|
||
|
Port of Portland Oregon Airport Revenue, Refunding
ARB, Series 29, AMT, Sustainability Bonds, 5.50%,
07/01/48
|
|
7,450
|
7,930,701
|
|
Texas — 5.3%
|
|
||
|
City of Houston Texas Airport System Revenue,
Refunding ARB, Series A, AMT, Subordinate Lien,
5.50%, 07/01/55
|
|
9,575
|
10,215,169
|
|
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB, Series A, 5.50%, 02/01/50
|
|
5,890
|
6,392,576
|
|
Permanent University Fund - Texas A&M University
System, Refunding RB, Series A, 5.00%, 07/01/54
|
|
10,000
|
10,561,138
|
|
Tarrant County Cultural Education Facilities Finance
Corp., RB, 5.00%, 11/15/51
|
|
9,242
|
9,526,578
|
|
Texas Water Development Board, RB, Series A,
4.38%, 10/15/59
|
|
11,885
|
11,473,797
|
|
|
|
|
48,169,258
|
|
Security
|
|
Par
(000)
|
Value
|
|
Washington — 1.1%
|
|
||
|
Port of Seattle Washington, ARB, series B, AMT,
Intermediate Lien, 5.50%, 10/01/50
|
$
|
9,414
|
$ 10,164,857
|
|
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 30.8%
(Cost: $271,081,294)
|
278,301,979
|
||
|
Total Long-Term Investments — 166.0%
(Cost: $1,447,875,330)
|
1,501,511,329
|
||
|
|
|
Shares
|
|
|
Short-Term Securities
|
|||
|
Money Market Funds — 1.3%
|
|
||
|
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.01%(j)(k)
|
|
11,268,997
|
11,270,124
|
|
Total Short-Term Securities — 1.3%
(Cost: $11,269,783)
|
11,270,124
|
||
|
Total Investments — 167.3%
(Cost: $1,459,145,113)
|
1,512,781,453
|
||
|
Other Assets Less Liabilities — 1.5%
|
13,887,494
|
||
|
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (19.1)%
|
(172,707,469
)
|
||
|
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(49.7)%
|
(449,480,851
)
|
||
|
Net Assets Applicable to Common Shares — 100.0%
|
$ 904,480,627
|
||
|
(a)
|
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and
spread if published and available.
|
|
(b)
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933,
as amended. These securities may be resold in transactions exempt from registration
to
qualified institutional investors.
|
|
(c)
|
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently
in effect.
|
|
(d)
|
Zero-coupon bond.
|
|
(e)
|
When-issued security.
|
|
(f)
|
U.S. Government securities held in escrow, are used to pay interest on this security
as
well as to retire the bond in full at the date indicated, typically at a premium to
par.
|
|
(g)
|
Security is collateralized by municipal bonds or U.S. Treasury obligations.
|
|
(h)
|
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing.
|
|
(i)
|
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Fund could ultimately be required to pay under the
agreements, which expire between June 1, 2029 to June 1, 2046, is $32,818,659.
|
|
(j)
|
Affiliate of the Fund.
|
|
(k)
|
Annualized 7-day yield as of period end.
|
|
Affiliated Issuer
|
Value at
07/31/25
|
Purchases
at Cost
|
Proceeds
from Sales
|
Net
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Value at
10/31/25
|
Shares
Held at
10/31/25
|
Income
|
Capital Gain
Distributions
from
Underlying
Funds
|
|
BlackRock Liquidity Funds, MuniCash, Institutional
Shares
|
$ 26,665,508
|
$ —
|
$ (15,395,384
)(a)
|
$ —
|
$ —
|
$ 11,270,124
|
11,268,997
|
$ 103,815
|
$ —
|
|
(a)
|
Represents net amount purchased (sold).
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Municipal Bonds
|
$ —
|
$ 1,223,209,350
|
$ —
|
$ 1,223,209,350
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts
|
—
|
278,301,979
|
—
|
278,301,979
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
11,270,124
|
—
|
—
|
11,270,124
|
|
|
$11,270,124
|
$1,501,511,329
|
$—
|
$1,512,781,453
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Liabilities
|
|
|
|
|
|
TOB Trust Certificates
|
$—
|
$(171,953,265
)
|
$—
|
$(171,953,265
)
|
|
VRDP Shares at Liquidation Value
|
—
|
(450,300,000
)
|
—
|
(450,300,000
)
|
|
|
$—
|
$(622,253,265
)
|
$—
|
$(622,253,265
)
|
|
Portfolio Abbreviation
|
|
|
AGM
|
Assured Guaranty Municipal Corp.
|
|
AGM-CR
|
AGM Insured Custodial Receipt
|
|
AMBAC
|
AMBAC Assurance Corp.
|
|
AMT
|
Alternative Minimum Tax
|
|
ARB
|
Airport Revenue Bonds
|
|
BAM
|
Build America Mutual Assurance Co.
|
|
BAM-TCRS
|
Build America Mutual Assurance Co. - Transferable
Custodial Receipts
|
|
BHAC-CR
|
Berkshire Hathaway Assurance Corp. - Custodian Receipt
|
|
CAB
|
Capital Appreciation Bonds
|
|
CR
|
Custodian Receipt
|
|
FGIC
|
Financial Guaranty Insurance Co.
|
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
General Obligation Bonds
|
|
GOL
|
General Obligation Ltd.
|
|
GTD
|
GTD Guaranteed
|
|
Portfolio Abbreviation (continued)
|
|
|
HUD SECT 8
|
U.S. Department of Housing and Urban Development
Section 8
|
|
M/F
|
Multi-Family
|
|
NPFGC
|
National Public Finance Guarantee Corp.
|
|
PSF
|
Permanent School Fund
|
|
RB
|
Revenue Bonds
|
|
S/F
|
Single-Family
|
|
SAB
|
Special Assessment Bonds
|
|
SAP
|
Subject to Appropriations
|
|
SAW
|
State Aid Withholding
|
|
SONYMA
|
State of New York Mortgage Agency
|
|
ST
|
Special Tax
|
|
TA
|
Tax Allocation
|