BlackRock Multi-State Municipal Series Trust |
BlackRock New York Municipal Opportunities Fund |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Shares | $73 | 0.71% |
- The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market from November 2023 onward.
- Municipal bonds were well supported by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Institutional Shares | 6.14% | 1.47% | 3.04% |
Bloomberg Municipal Bond Index | 3.21% | 1.16% | 2.39% |
Customized Reference Benchmark | 3.72% | 1.26% | N/A |
Key Fund statistics | |
Net Assets | $1,197,825,174% |
Number of Portfolio Holdings | $363% |
Net Investment Advisory Fees | $4,913,673% |
Portfolio Turnover Rate | $31% |
Sector allocation | |
Sector(a) | Percent of Total Investments(b) |
Transportation | 27.0% |
State | 17.9% |
Utilities | 17.0% |
County/City/Special District/School District | 16.4% |
Education | 10.7% |
Housing | 4.6% |
Tobacco | 3.2% |
Health | 1.7% |
Corporate | 1.4% |
Hotels, Restaurants & Leisure | 0.1% |
Credit quality allocation | |
Credit Rating(c) | Percent of Total Investments(b) |
AAA/Aaa | 11.6% |
AA/Aa | 54.7% |
A | 14.5% |
BBB/Baa | 7.9% |
BB/Ba | 0.6% |
B | 0.8% |
N/R(d) | 9.9% |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(b) | Excludes short-term securities. |
(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of total investments. |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor A Shares | $99 | 0.96% |
- The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market from November 2023 onward.
- Municipal bonds were well supported by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Investor A Shares | 5.87% | 1.22% | 2.79% |
Investor A Shares (with sales charge) | 1.37% | 0.34% | 2.34% |
Bloomberg Municipal Bond Index | 3.21% | 1.16% | 2.39% |
Customized Reference Benchmark | 3.72% | 1.26% | N/A |
Key Fund statistics | |
Net Assets | $1,197,825,174% |
Number of Portfolio Holdings | $363% |
Net Investment Advisory Fees | $4,913,673% |
Portfolio Turnover Rate | $31% |
Sector allocation | |
Sector(a) | Percent of Total Investments(b) |
Transportation | 27.0% |
State | 17.9% |
Utilities | 17.0% |
County/City/Special District/School District | 16.4% |
Education | 10.7% |
Housing | 4.6% |
Tobacco | 3.2% |
Health | 1.7% |
Corporate | 1.4% |
Hotels, Restaurants & Leisure | 0.1% |
Credit quality allocation | |
Credit Rating(c) | Percent of Total Investments(b) |
AAA/Aaa | 11.6% |
AA/Aa | 54.7% |
A | 14.5% |
BBB/Baa | 7.9% |
BB/Ba | 0.6% |
B | 0.8% |
N/R(d) | 9.9% |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(b) | Excludes short-term securities. |
(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of total investments. |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor A1 Shares | $83 | 0.81% |
- The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market from November 2023 onward.
- Municipal bonds were well supported by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Investor A1 Shares | 6.03% | 1.38% | 2.93% |
Bloomberg Municipal Bond Index | 3.21% | 1.16% | 2.39% |
Customized Reference Benchmark | 3.72% | 1.26% | N/A |
Key Fund statistics | |
Net Assets | $1,197,825,174% |
Number of Portfolio Holdings | $363% |
Net Investment Advisory Fees | $4,913,673% |
Portfolio Turnover Rate | $31% |
Sector allocation | |
Sector(a) | Percent of Total Investments(b) |
Transportation | 27.0% |
State | 17.9% |
Utilities | 17.0% |
County/City/Special District/School District | 16.4% |
Education | 10.7% |
Housing | 4.6% |
Tobacco | 3.2% |
Health | 1.7% |
Corporate | 1.4% |
Hotels, Restaurants & Leisure | 0.1% |
Credit quality allocation | |
Credit Rating(c) | Percent of Total Investments(b) |
AAA/Aaa | 11.6% |
AA/Aa | 54.7% |
A | 14.5% |
BBB/Baa | 7.9% |
BB/Ba | 0.6% |
B | 0.8% |
N/R(d) | 9.9% |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(b) | Excludes short-term securities. |
(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of total investments. |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor C Shares | $175 | 1.71% |
- The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market from November 2023 onward.
- Municipal bonds were well supported by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Investor C Shares | 5.08% | 0.46% | 2.17% |
Investor C Shares (with sales charge) | 4.08% | 0.46% | 2.17% |
Bloomberg Municipal Bond Index | 3.21% | 1.16% | 2.39% |
Customized Reference Benchmark | 3.72% | 1.26% | N/A |
Key Fund statistics | |
Net Assets | $1,197,825,174% |
Number of Portfolio Holdings | $363% |
Net Investment Advisory Fees | $4,913,673% |
Portfolio Turnover Rate | $31% |
Sector allocation | |
Sector(a) | Percent of Total Investments(b) |
Transportation | 27.0% |
State | 17.9% |
Utilities | 17.0% |
County/City/Special District/School District | 16.4% |
Education | 10.7% |
Housing | 4.6% |
Tobacco | 3.2% |
Health | 1.7% |
Corporate | 1.4% |
Hotels, Restaurants & Leisure | 0.1% |
Credit quality allocation | |
Credit Rating(c) | Percent of Total Investments(b) |
AAA/Aaa | 11.6% |
AA/Aa | 54.7% |
A | 14.5% |
BBB/Baa | 7.9% |
BB/Ba | 0.6% |
B | 0.8% |
N/R(d) | 9.9% |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(b) | Excludes short-term securities. |
(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of total investments. |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class K Shares | $68 | 0.66% |
- The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market from November 2023 onward.
- Municipal bonds were well supported by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Class K Shares | 6.19% | 1.52% | 3.07% |
Bloomberg Municipal Bond Index | 3.21% | 1.16% | 2.39% |
Customized Reference Benchmark | 3.72% | 1.26% | N/A |
Key Fund statistics | |
Net Assets | $1,197,825,174% |
Number of Portfolio Holdings | $363% |
Net Investment Advisory Fees | $4,913,673% |
Portfolio Turnover Rate | $31% |
Sector allocation | |
Sector(a) | Percent of Total Investments(b) |
Transportation | 27.0% |
State | 17.9% |
Utilities | 17.0% |
County/City/Special District/School District | 16.4% |
Education | 10.7% |
Housing | 4.6% |
Tobacco | 3.2% |
Health | 1.7% |
Corporate | 1.4% |
Hotels, Restaurants & Leisure | 0.1% |
Credit quality allocation | |
Credit Rating(c) | Percent of Total Investments(b) |
AAA/Aaa | 11.6% |
AA/Aa | 54.7% |
A | 14.5% |
BBB/Baa | 7.9% |
BB/Ba | 0.6% |
B | 0.8% |
N/R(d) | 9.9% |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(b) | Excludes short-term securities. |
(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of total investments. |
(b) Not Applicable
Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Lorenzo A. Flores
Catherine A. Lynch
Arthur P. Steinmetz
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | ||||||||
BlackRock New York Municipal Opportunities Fund | $33,864 | $33,864 | $0 | $44 | $15,080 | $16,300 | $407 | $0 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under
common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees1 | $0 | $0 | ||
(c) Tax Fees2 | $0 | $0 | ||
(d) All Other Fees3 | $2,149,000 | $2,154,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | ||
BlackRock New York Municipal Opportunities Fund | $15,487 | $16,344 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End | Previous Fiscal Year End | |
$2,149,000 | $2,154,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not Applicable
(j) Not Applicable
Item 5 – Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
2024 Annual Financial Statements |
BlackRock Multi-State Municipal Series Trust |
• BlackRock New York Municipal Opportunities Fund |
BlackRock Municipal Bond Fund, Inc. |
• BlackRock High Yield Municipal Fund |
• BlackRock National Municipal Fund |
• BlackRock Short-Term Municipal Fund |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Security | Par (000) | Value | |
Corporate Bonds | |||
Hotels, Restaurants & Leisure — 0.1% | |||
YMCA of Greater New York, 2.30%, 08/01/26 | $ | 1,000 | $ 922,988 |
Total Corporate Bonds — 0.1% (Cost: $1,000,000) | 922,988 | ||
Municipal Bonds | |||
Florida — 0.5% | |||
Transportation — 0.5% | |||
Florida Development Finance Corp., Refunding RB, AMT, 12.00%, 07/15/32(a)(b) | 5,510 | 5,850,738 | |
Illinois — 0.0% | |||
County/City/Special District/School District — 0.0% | |||
Chicago Board of Education, GO, BAB, 6.14%, 12/01/39 | 615 | 577,812 | |
New York — 83.7% | |||
Corporate — 1.5% | |||
Build NYC Resource Corp., Refunding RB(b) | |||
AMT, 4.50%, 01/01/25 | 100 | 99,976 | |
AMT, 5.00%, 01/01/35 | 100 | 100,078 | |
New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35 | 14,365 | 16,592,879 | |
New York State Energy Research & Development Authority, Refunding RB, Series C, 4.00%, 04/01/34 | 650 | 652,998 | |
17,445,931 | |||
County/City/Special District/School District — 13.9% | |||
Battery Park City Authority, Refunding RB | |||
Series B, 5.00%, 11/01/38 | 3,750 | 4,097,499 | |
Series B, 5.00%, 11/01/40 | 8,500 | 9,202,355 | |
City of New York, GO | |||
Series B, 5.25%, 10/01/43 | 1,500 | 1,673,349 | |
Series B-1, 5.00%, 10/01/43 | 3,000 | 3,184,088 | |
Series C, 5.25%, 03/01/49 | 5,000 | 5,554,705 | |
Series D, 5.38%, 06/01/32 | 15 | 15,016 | |
Series D, 5.50%, 04/01/48 | 8,000 | 9,097,980 | |
Series D-1, 5.00%, 03/01/43 | 2,000 | 2,135,469 | |
Series D-1, 5.50%, 05/01/44 | 2,500 | 2,809,312 | |
Series E-1, 5.00%, 03/01/40 | 6,000 | 6,288,052 | |
Series I, 5.00%, 03/01/36 | 1,750 | 1,751,154 | |
Sub-Series E1, 5.25%, 04/01/47 | 5,000 | 5,539,238 | |
Sub-Series E-1, 4.00%, 04/01/45 | 2,425 | 2,422,014 | |
City of New York, Refunding GO, Series C-3, 2.46%, 08/01/33 | 2,145 | 1,757,494 | |
County of Nassau New York, GOL | |||
Series A, 4.00%, 04/01/39 | 1,000 | 1,038,510 | |
Series A, 4.00%, 04/01/42 | 3,145 | 3,184,071 | |
Series A, 5.00%, 04/01/45 | 5,000 | 5,558,351 | |
Series A, 5.00%, 04/01/47 | 3,925 | 4,330,260 | |
Series B, (AGM), 5.00%, 07/01/42 | 4,190 | 4,396,665 | |
Series B, (AGM), 5.00%, 07/01/45 | 4,960 | 5,184,096 | |
County of Nassau New York, Refunding GOL | |||
Series B, 5.00%, 04/01/41 | 1,250 | 1,400,706 | |
Series B, 5.00%, 04/01/42 | 1,500 | 1,672,001 | |
Series B, (AGM), 5.00%, 04/01/44 | 2,425 | 2,600,037 | |
New York City Industrial Development Agency, RB(c) | |||
(AGC), 0.00%, 03/01/41 | 4,155 | 1,997,726 | |
(AGC), 0.00%, 03/01/42 | 5,500 | 2,489,183 |
Security | Par (000) | Value | |
County/City/Special District/School District (continued) | |||
New York City Industrial Development Agency, RB(c) (continued) | |||
(AGC), 0.00%, 03/01/43 | $ | 2,000 | $ 852,236 |
(AGC), 0.00%, 03/01/45 | 2,450 | 926,721 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | |||
Sub-Series B-1, 5.00%, 11/01/35 | 200 | 200,204 | |
Sub-Series B-1, 5.00%, 11/01/36 | 680 | 680,640 | |
Series A, Subordinate, 5.00%, 05/01/45 | 6,700 | 7,333,443 | |
Series A, Subordinate, 5.00%, 05/01/46 | 4,000 | 4,352,183 | |
Series C-1, Subordinate, 4.00%, 02/01/42 | 6,000 | 6,051,660 | |
Series C-3, Subordinate, 5.00%, 05/01/40 | 15,000 | 15,756,612 | |
New York City Transitional Finance Authority, RB, Series F-1, 5.25%, 02/01/53 | 5,960 | 6,590,245 | |
New York Convention Center Development Corp., RB, CAB, Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55(c) | 5,500 | 1,167,666 | |
New York Convention Center Development Corp., Refunding RB | |||
5.00%, 11/15/40 | 4,000 | 4,039,565 | |
5.00%, 11/15/45 | 8,490 | 8,557,544 | |
New York Liberty Development Corp., Refunding RB | |||
Class 1, 5.00%, 11/15/44(b) | 5,320 | 5,317,874 | |
Series A, Sustainability Bonds, 2.75%, 11/15/41 | 17,000 | 13,602,314 | |
Suffolk Regional Off-Track Betting Co., RB, 5.00%, 12/01/34 | 1,245 | 1,256,957 | |
166,065,195 | |||
Education — 10.9% | |||
Albany Capital Resource Corp., Refunding RB(d)(e) | |||
4.00%, 07/01/41 | 1,650 | 891,000 | |
4.00%, 07/01/51 | 1,705 | 920,700 | |
Amherst Development Corp., Refunding RB | |||
5.00%, 10/01/43 | 85 | 85,856 | |
5.00%, 10/01/48 | 1,040 | 1,041,969 | |
Buffalo & Erie County Industrial Land Development Corp., Refunding RB | |||
Series A, 4.50%, 06/01/27 | 630 | 624,215 | |
Series A, 5.00%, 06/01/35 | 655 | 670,627 | |
Build NYC Resource Corp., RB(b) | |||
5.00%, 02/01/33 | 705 | 682,420 | |
5.63%, 02/01/39 | 1,285 | 1,289,040 | |
5.75%, 02/01/49 | 1,145 | 1,134,121 | |
Series A, 4.88%, 05/01/31 | 600 | 600,214 | |
Series A, 5.13%, 05/01/38 | 140 | 141,392 | |
Series A, 5.50%, 05/01/48 | 2,175 | 2,186,379 | |
Sustainability Bonds, 5.75%, 06/01/42 | 500 | 528,564 | |
Build NYC Resource Corp., Refunding RB | |||
5.00%, 08/01/33 | 275 | 282,288 | |
5.00%, 06/01/35 | 250 | 251,586 | |
5.00%, 08/01/35 | 740 | 758,979 | |
5.00%, 06/01/40 | 310 | 311,963 | |
5.00%, 08/01/47 | 725 | 729,039 | |
5.00%, 11/01/47 | 2,900 | 3,234,724 | |
Series A, 5.00%, 06/01/43 | 325 | 325,143 | |
County of Cattaraugus New York, RB | |||
5.00%, 05/01/34 | 130 | 130,087 | |
5.00%, 05/01/39 | 225 | 225,151 | |
Dobbs Ferry Local Development Corp., RB, 5.00%, 07/01/39 | 1,000 | 1,000,581 |
Security | Par (000) | Value | |
Education (continued) | |||
Dutchess County Local Development Corp., RB | |||
5.00%, 07/01/43 | $ | 1,910 | $ 1,985,208 |
5.00%, 07/01/48 | 480 | 493,993 | |
5.00%, 07/01/52 | 9,145 | 9,630,705 | |
Dutchess County Local Development Corp., Refunding RB | |||
5.00%, 07/01/42 | 1,980 | 2,043,676 | |
5.00%, 07/01/45 | 8,710 | 9,310,985 | |
Hempstead Town Local Development Corp., Refunding RB | |||
5.00%, 10/01/34 | 570 | 570,792 | |
5.00%, 10/01/35 | 265 | 265,361 | |
5.00%, 07/01/47 | 2,165 | 2,211,091 | |
Monroe County Industrial Development Corp., RB | |||
Series A, 5.00%, 07/01/53 | 3,230 | 3,452,293 | |
Series B, 5.13%, 07/01/33 | 3,145 | 3,180,264 | |
Monroe County Industrial Development Corp., Refunding RB, Series C, 4.00%, 07/01/37 | 1,765 | 1,780,815 | |
New York State Dormitory Authority, RB | |||
5.00%, 07/01/26 | 1,015 | 1,016,025 | |
Series 1, (BHAC-CR AMBAC), 5.50%, 07/01/31 | 475 | 526,363 | |
Series 1, (AMBAC), 5.50%, 07/01/40 | 500 | 584,018 | |
Series A, 5.25%, 07/01/24(f) | 250 | 250,000 | |
Series A, 5.50%, 07/01/24(f) | 500 | 500,000 | |
Series A, 5.00%, 07/01/43 | 8,065 | 8,435,027 | |
Series A, 5.00%, 07/01/49 | 6,380 | 6,676,147 | |
Series A, Sustainability Bonds, 5.00%, 07/01/48 | 735 | 795,745 | |
New York State Dormitory Authority, Refunding RB | |||
2.26%, 07/01/30 | 4,000 | 3,475,568 | |
5.00%, 07/01/44 | 5,000 | 5,482,881 | |
Series A, 2.58%, 07/01/33 | 2,190 | 1,822,546 | |
Series A, 4.00%, 07/01/37 | 1,000 | 1,028,081 | |
Series A, 5.00%, 07/01/37 | 350 | 352,948 | |
Series A, 5.00%, 07/01/41 | 500 | 508,567 | |
Series A, 4.00%, 07/01/46 | 10,180 | 9,951,773 | |
Series A, 5.00%, 07/01/46 | 675 | 687,332 | |
Series A, 5.00%, 07/01/51 | 3,000 | 3,203,247 | |
Series A, 5.50%, 07/01/54 | 7,500 | 8,570,752 | |
Series B, 1.64%, 07/01/26 | 2,000 | 1,869,581 | |
Series B, 3.78%, 07/01/34 | 2,100 | 1,907,984 | |
Series B, 5.00%, 10/01/38 | 10,000 | 10,652,410 | |
Onondaga County Trust for Cultural Resources, Refunding RB | |||
5.00%, 05/01/40 | 135 | 137,932 | |
4.00%, 12/01/41 | 3,760 | 3,777,937 | |
5.00%, 12/01/45 | 3,650 | 3,860,070 | |
Schenectady County Capital Resource Corp., Refunding RB, 5.25%, 07/01/52 | 285 | 309,859 | |
Trust for Cultural Resources of The City of New York, Refunding RB, Series A, 5.00%, 07/01/37 | 885 | 885,152 | |
130,239,166 | |||
Health — 1.7% | |||
Buffalo & Erie County Industrial Land Development Corp., RB, 5.25%, 07/01/35 | 665 | 617,664 | |
Dutchess County Local Development Corp., RB, Series A, 5.00%, 07/01/24(f) | 750 | 750,000 | |
Genesee County Funding Corp., Refunding RB, Series A, 5.25%, 12/01/52 | 4,345 | 4,488,941 | |
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 | 355 | 280,430 |
Security | Par (000) | Value | |
Health (continued) | |||
Monroe County Industrial Development Corp., RB | |||
5.00%, 12/01/29 | $ | 660 | $ 669,276 |
4.00%, 12/01/41 | 100 | 94,756 | |
Series A, 5.00%, 12/01/37 | 370 | 369,999 | |
New York State Dormitory Authority, Refunding RB | |||
5.00%, 05/01/38 | 1,705 | 1,867,670 | |
4.00%, 07/01/38 | 110 | 88,067 | |
4.00%, 07/01/39 | 140 | 110,756 | |
4.00%, 07/01/40 | 325 | 253,976 | |
5.00%, 07/01/41 | 450 | 394,520 | |
4.00%, 07/01/45 | 460 | 339,401 | |
5.00%, 05/01/52 | 4,000 | 4,195,461 | |
Southold Local Development Corp., RB, 4.00%, 12/01/45 | 1,900 | 1,688,687 | |
Suffolk County Economic Development Corp., RB, Series C, 5.00%, 07/01/32 | 285 | 285,153 | |
Tompkins County Development Corp., Refunding RB, 5.00%, 07/01/44 | 1,145 | 1,144,954 | |
Westchester County Healthcare Corp., Refunding RB, Series B, Senior Lien, 6.00%, 11/01/30 | 105 | 105,055 | |
Westchester County Local Development Corp., Refunding RB | |||
5.00%, 11/01/34 | 500 | 487,093 | |
5.00%, 07/01/41(b) | 1,150 | 1,160,607 | |
5.00%, 07/01/56(b) | 1,270 | 1,224,783 | |
20,617,249 | |||
Housing — 4.6% | |||
New York City Housing Development Corp., RB, M/F Housing | |||
Sustainability Bonds, 3.15%, 11/01/36 | 400 | 363,330 | |
Class F-1, Sustainability Bonds, 4.60%, 11/01/42 | 2,000 | 2,029,271 | |
Class F-1, Sustainability Bonds, 4.75%, 11/01/47 | 1,500 | 1,515,353 | |
Series A-1, Sustainability Bonds, 4.55%, 11/01/44 | 1,650 | 1,668,135 | |
Series E-1, Sustainability Bonds, 4.55%, 11/01/43 | 5,000 | 5,050,428 | |
New York City Housing Development Corp., Refunding RB | |||
Sustainability Bonds, 3.76%, 01/01/29 | 3,000 | 2,860,958 | |
Series A, Sustainability Bonds, 4.25%, 11/01/43 | 580 | 574,937 | |
New York City Housing Development Corp., Refunding RB, M/F Housing, Series D, Sustainability Bonds, 4.10%, 11/01/38 | 2,500 | 2,152,932 | |
New York State Housing Finance Agency, RB, M/F Housing | |||
Series A, (SONYMA), 4.90%, 02/15/38 | 645 | 633,152 | |
Series A, (SONYMA), 5.10%, 02/15/38 | 875 | 875,245 | |
Series C, (FHLMC, FNMA, GNMA, SONYMA), 2.75%, 11/01/31 | 1,000 | 928,924 | |
Series E, (SONYMA), 4.15%, 11/01/47 | 165 | 149,076 | |
Series C, Sustainability Bonds, (SONYMA), 3.25%, 05/01/27 | 5,000 | 4,753,485 | |
Series J, Sustainability Bonds, (SONYMA), 1.10%, 11/01/61(a) | 1,000 | 921,423 | |
Series J-1, Sustainability Bonds, (SONYMA), 2.80%, 11/01/51 | 4,500 | 3,110,493 | |
Series L-2, Sustainability Bonds, (SONYMA), 0.75%, 11/01/25 | 4,960 | 4,745,849 | |
Series M-2, Sustainability Bonds, (SONYMA), 0.75%, 11/01/25 | 2,520 | 2,411,166 | |
New York State Housing Finance Agency, Refunding RB, Series C, (SONYMA), 3.85%, 11/01/39 | 4,425 | 4,272,522 |
Security | Par (000) | Value | |
Housing (continued) | |||
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 250, Sustainability Bonds, (SONYMA), 4.80%, 10/01/48 | $ | 5,000 | $ 5,040,022 |
State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB, S/F Housing | |||
AMT, Sustainability Bonds, 1.40%, 10/01/27 | 5,460 | 4,861,365 | |
AMT, Sustainability Bonds, 1.50%, 04/01/28 | 5,475 | 4,803,592 | |
Yonkers Industrial Development Agency, RB | |||
Series A, (SONYMA), 4.80%, 10/01/26 | 260 | 260,108 | |
Series A, (SONYMA), 5.00%, 10/01/37 | 1,640 | 1,640,337 | |
55,622,103 | |||
State — 9.5% | |||
Hudson Yards Infrastructure Corp., Refunding RB, Series 2022, Sustainability Bonds, 4.00%, 02/15/42 | 2,660 | 2,686,414 | |
New York City Transitional Finance Authority Building Aid Revenue, RB | |||
Series S-1, Subordinate, (SAW), 4.00%, 07/15/45 | 2,460 | 2,457,895 | |
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 | 5,000 | 5,265,223 | |
New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, Series S-1A, (SAW), 4.00%, 07/15/39 | 2,000 | 2,054,714 | |
New York State Dormitory Authority, RB | |||
Series A, 4.80%, 12/01/34 | 15,220 | 15,144,949 | |
Series A, 5.00%, 03/15/42 | 3,945 | 4,127,066 | |
New York State Dormitory Authority, Refunding RB | |||
Series A, 5.25%, 03/15/39 | 5,000 | 5,390,266 | |
Series A, 5.00%, 03/15/41 | 10,000 | 10,631,790 | |
Series A, 4.00%, 03/15/43 | 5,000 | 5,008,456 | |
Series A, 5.00%, 03/15/44 | 5,050 | 5,587,221 | |
Series A, 5.00%, 03/15/45 | 4,000 | 4,404,288 | |
Series A-1, 5.00%, 03/15/42 | 3,105 | 3,447,905 | |
Series B, 5.00%, 08/15/27(f) | 5 | 5,297 | |
Series C, 2.15%, 03/15/31 | 2,000 | 1,682,182 | |
Series C, 5.00%, 03/15/41 | 5,000 | 5,241,834 | |
Series E, 5.00%, 03/15/40 | 5,165 | 5,474,372 | |
Series E, 5.00%, 03/15/42 | 3,535 | 3,724,643 | |
New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/45 | 7,500 | 8,263,642 | |
New York State Urban Development Corp., Refunding RB | |||
4.00%, 03/15/44 | 2,800 | 2,804,408 | |
4.00%, 03/15/46 | 2,625 | 2,587,215 | |
Series B, 2.77%, 03/15/31 | 7,500 | 6,593,151 | |
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.25%, 05/15/52 | 10,465 | 11,464,032 | |
114,046,963 | |||
Tobacco — 3.3% | |||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 06/01/39 | 825 | 804,250 | |
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 4,595 | 4,250,492 | |
New York Counties Tobacco Trust IV, Refunding RB, Series A, 5.00%, 06/01/42 | 3,775 | 3,674,219 | |
New York Counties Tobacco Trust VI, Refunding RB | |||
Series A-2B, 5.00%, 06/01/51 | 10,305 | 9,510,972 | |
Series B, 5.00%, 06/01/28 | 90 | 92,126 | |
Series B, 5.00%, 06/01/29 | 105 | 107,490 | |
Series C, 4.00%, 06/01/51 | 4,055 | 3,266,707 | |
Niagara Tobacco Asset Securitization Corp., Refunding RB, 5.25%, 05/15/40 | 1,250 | 1,250,966 |
Security | Par (000) | Value | |
Tobacco (continued) | |||
TSASC, Inc., Refunding RB | |||
Series A, 5.00%, 06/01/30 | $ | 775 | $ 804,177 |
Series A, 5.00%, 06/01/33 | 3,000 | 3,099,326 | |
Series A, 5.00%, 06/01/36 | 5,835 | 6,027,358 | |
Westchester Tobacco Asset Securitization Corp., Refunding RB | |||
Sub-Series C, 4.00%, 06/01/42 | 4,275 | 4,116,780 | |
Sub-Series C, 5.13%, 06/01/51 | 2,375 | 2,395,589 | |
39,400,452 | |||
Transportation — 24.2% | |||
Albany County Airport Authority, Refunding RB | |||
Series B, AMT, 4.00%, 12/15/35 | 120 | 115,184 | |
Series B, AMT, 4.00%, 12/15/34 | 235 | 225,225 | |
Metropolitan Transportation Authority Payroll Mobility Tax Revenue, RB, Series A, 5.37%, 12/19/24 | 10,000 | 9,988,455 | |
Metropolitan Transportation Authority, RB | |||
Series A-2, 4.00%, 11/15/43 | 5,000 | 4,855,006 | |
Sub-Series A-1, 5.00%, 11/15/40 | 645 | 649,798 | |
Series A-1, Sustainability Bonds, 4.00%, 11/15/44 | 2,500 | 2,436,629 | |
Series D-3, Sustainability Bonds, 4.00%, 11/15/47 | 8,800 | 8,365,746 | |
Metropolitan Transportation Authority, Refunding RB | |||
Series B, 5.00%, 11/15/37 | 1,500 | 1,535,949 | |
Series A, Sustainability Bonds, 5.50%, 11/15/47 | 5,000 | 5,608,206 | |
Series B-1, Sustainability Bonds, 5.00%, 11/15/42 | 1,530 | 1,590,167 | |
Series C, Sustainability Bonds, (AGM-CR), 5.00%, 11/15/38 | 3,385 | 3,617,112 | |
Series C, Sustainability Bonds, (BAM-TCRS), 5.00%, 11/15/42 | 3,000 | 3,158,343 | |
Series C, Sustainability Bonds, (BAM), 5.00%, 11/15/44 | 7,345 | 7,694,529 | |
New York City Industrial Development Agency, Refunding RB, Series A, 5.00%, 07/01/28 | 1,545 | 1,545,304 | |
New York Liberty Development Corp., Refunding RB, Series 1, 2.75%, 02/15/44 | 6,125 | 4,731,101 | |
New York State Bridge Authority, RB | |||
Series A, 4.00%, 01/01/39 | 275 | 282,112 | |
Series A, 4.00%, 01/01/41 | 165 | 166,977 | |
New York State Thruway Authority, RB, Series N, 4.00%, 01/01/45 | 940 | 940,401 | |
New York State Thruway Authority, Refunding RB | |||
5.00%, 03/15/42 | 4,000 | 4,410,551 | |
Series O, 4.00%, 01/01/37 | 4,400 | 4,578,455 | |
Series O, 4.00%, 01/01/45 | 1,550 | 1,556,266 | |
Series O, 4.00%, 01/01/47 | 2,345 | 2,338,638 | |
Series P, 5.00%, 01/01/49 | 6,250 | 6,814,856 | |
Series P, 5.25%, 01/01/54 | 5,675 | 6,272,249 | |
New York Transportation Development Corp., ARB | |||
AMT, 5.00%, 12/01/33 | 4,645 | 5,013,524 | |
AMT, 5.00%, 12/01/35 | 1,510 | 1,631,914 | |
AMT, 5.00%, 12/01/37 | 5,310 | 5,682,987 | |
AMT, 5.63%, 04/01/40 | 5,755 | 6,269,751 | |
AMT, 5.00%, 12/01/41 | 4,565 | 4,759,090 | |
AMT, 5.00%, 12/01/42 | 1,755 | 1,824,319 | |
Series A, AMT, 5.00%, 07/01/34 | 250 | 250,025 | |
Series A, AMT, 5.00%, 07/01/41 | 750 | 750,001 | |
Series A, AMT, 5.25%, 01/01/50 | 10,190 | 10,189,772 | |
New York Transportation Development Corp., RB | |||
AMT, 5.00%, 10/01/35 | 3,245 | 3,406,654 | |
AMT, 4.00%, 10/31/46 | 4,355 | 3,850,719 | |
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49 | 13,175 | 13,620,757 | |
AMT, Sustainability Bonds, 5.50%, 06/30/54 | 15,000 | 15,869,667 |
Security | Par (000) | Value | |
Transportation (continued) | |||
New York Transportation Development Corp., RB (continued) | |||
AMT, Sustainability Bonds, 6.00%, 06/30/54 | $ | 19,465 | $ 21,343,606 |
New York Transportation Development Corp., Refunding RB, 5.00%, 12/01/38 | 4,250 | 4,565,707 | |
Niagara Falls Bridge Commission, RB, (AGM), 4.16%, 10/01/33 | 1,650 | 1,563,079 | |
Niagara Frontier Transportation Authority, Refunding ARB | |||
AMT, 5.00%, 04/01/32 | 400 | 412,274 | |
AMT, 5.00%, 04/01/33 | 375 | 386,039 | |
AMT, 5.00%, 04/01/34 | 225 | 231,638 | |
AMT, 5.00%, 04/01/35 | 200 | 206,671 | |
AMT, 5.00%, 04/01/36 | 210 | 217,347 | |
AMT, 5.00%, 04/01/38 | 250 | 258,043 | |
AMT, 5.00%, 04/01/39 | 175 | 180,859 | |
Niagara Frontier Transportation Authority, Refunding RB, AMT, 5.00%, 04/01/37 | 250 | 258,299 | |
Port Authority of New York & New Jersey, ARB | |||
Series 221, AMT, 4.00%, 07/15/38 | 1,000 | 990,557 | |
Series 218, AMT, 5.00%, 11/01/44 | 1,960 | 2,030,370 | |
Port Authority of New York & New Jersey, Refunding ARB | |||
Series 23, 5.25%, 08/01/52 | 3,900 | 4,288,273 | |
Series 244, 5.00%, 07/15/49 | 6,000 | 6,569,670 | |
Series 197, AMT, 5.00%, 11/15/41 | 1,250 | 1,266,562 | |
Series 202, AMT, 5.00%, 04/15/37 | 5,000 | 5,110,566 | |
Series 206, AMT, 5.00%, 11/15/37 | 1,525 | 1,568,937 | |
Series 223, AMT, 4.00%, 07/15/41 | 2,370 | 2,294,258 | |
Series 231, AMT, 5.00%, 08/01/38 | 2,500 | 2,693,807 | |
Series 231, AMT, 5.50%, 08/01/39 | 5,900 | 6,582,155 | |
Series 234, AMT, 5.25%, 08/01/47 | 4,000 | 4,290,819 | |
Series 238, AMT, 5.00%, 07/15/39 | 7,500 | 8,116,577 | |
Triborough Bridge & Tunnel Authority, RB | |||
Series A, 5.00%, 11/15/47 | 5,000 | 5,377,757 | |
Series A, 5.00%, 11/15/49 | 4,630 | 4,898,687 | |
Sub-Series B-1, 5.00%, 11/15/48 | 7,760 | 8,397,921 | |
Triborough Bridge & Tunnel Authority, Refunding RB | |||
Series B, 5.00%, 11/15/38 | 5,000 | 5,163,656 | |
Series C, 5.25%, 05/15/52 | 8,610 | 9,371,396 | |
Series C-2, 5.00%, 11/15/42 | 10,000 | 10,340,458 | |
Series B-1, Sustainability Bonds, 5.25%, 05/15/54 | 9,025 | 10,002,488 | |
Series C, Sustainability Bonds, 5.25%, 11/15/42 | 4,200 | 4,733,201 | |
290,308,116 | |||
Utilities — 14.1% | |||
Long Island Power Authority, RB | |||
5.00%, 09/01/39 | 9,875 | 10,466,439 | |
5.00%, 09/01/42 | 1,000 | 1,035,934 | |
5.00%, 09/01/47 | 2,225 | 2,294,343 | |
Series C, (AGC), 5.25%, 09/01/29 | 3,500 | 3,785,306 | |
Series E, Sustainability Bonds, 5.00%, 09/01/48 | 6,335 | 6,910,981 | |
Long Island Power Authority, Refunding RB | |||
Series A, 4.00%, 09/01/38 | 2,900 | 3,032,739 | |
Series A, 4.00%, 09/01/39 | 2,000 | 2,074,485 | |
Series A, 4.00%, 09/01/41 | 2,030 | 2,087,421 | |
Series A, 5.00%, 09/01/43 | 3,170 | 3,471,602 | |
Series B, 1.50%, 09/01/51(a) | 2,500 | 2,350,610 | |
New York City Municipal Water Finance Authority, RB | |||
Series AA, 4.00%, 06/15/43 | 5,000 | 4,963,761 | |
Sub-Series BB-1, 5.25%, 06/15/54 | 5,000 | 5,532,042 |
Security | Par (000) | Value | |
Utilities (continued) | |||
New York City Municipal Water Finance Authority, RB (continued) | |||
Sub-Series CC-1, 5.25%, 06/15/54 | $ | 7,500 | $ 8,353,246 |
New York City Municipal Water Finance Authority, Refunding RB | |||
Series DD, 4.13%, 06/15/46 | 7,500 | 7,495,339 | |
Series DD, 5.25%, 06/15/46 | 7,500 | 8,346,076 | |
Series EE, 4.00%, 06/15/39 | 2,500 | 2,534,876 | |
Series FF, 5.00%, 06/15/40 | 8,800 | 9,254,202 | |
Series BB-2, VRDN, 4.90%, 07/01/24(a)(g) | 15,000 | 15,000,000 | |
New York Power Authority, RB | |||
Series A, (AGM), 5.75%, 11/15/33(h) | 5,000 | 5,342,180 | |
Sustainability Bonds, (AGM), 4.00%, 11/15/47 | 10,000 | 9,909,573 | |
Series A, Sustainability Bonds, (AGM), 5.00%, 11/15/48 | 3,025 | 3,297,071 | |
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/45 | 12,240 | 12,013,677 | |
New York State Environmental Facilities Corp., Refunding RB, Series A, 5.25%, 06/15/45 | 1,750 | 1,995,015 | |
Utility Debt Securitization Authority, RB | |||
Restructured, 5.00%, 12/15/38 | 2,875 | 3,050,779 | |
Restructured, 5.00%, 12/15/40 | 14,695 | 15,425,603 | |
Utility Debt Securitization Authority, Refunding RB | |||
Series 1, 5.00%, 12/15/40 | 3,000 | 3,474,116 | |
Restructured, 5.00%, 12/15/36 | 1,865 | 1,904,607 | |
Restructured, 5.00%, 12/15/37 | 500 | 511,177 | |
Series TE1, Restructured, 5.00%, 12/15/38 | 9,000 | 10,372,959 | |
Series 2, Sustainability Bonds, 5.00%, 12/15/50 | 2,500 | 2,765,515 | |
169,051,674 | |||
Total Municipal Bonds in New York | 1,002,796,849 | ||
Puerto Rico — 6.3% | |||
State — 4.3% | |||
Commonwealth of Puerto Rico, GO | |||
0.00%, 11/01/51(a) | 11,450 | 5,903,451 | |
Series A-1, 0.00%, 11/01/43(a) | 6,964 | 4,264,073 | |
Series A-1, Restructured, 5.63%, 07/01/29 | 2,619 | 2,814,378 | |
Series A-1, Restructured, 5.75%, 07/01/31 | 1,092 | 1,208,935 | |
Series A-1, Restructured, 4.00%, 07/01/33 | 1,036 | 1,027,818 | |
Series A-1, Restructured, 4.00%, 07/01/35 | 931 | 914,787 | |
Series A-1, Restructured, 4.00%, 07/01/37 | 799 | 771,520 | |
Series A-1, Restructured, 4.00%, 07/01/41 | 1,087 | 1,016,732 | |
Series A-1, Restructured, 4.00%, 07/01/46 | 1,130 | 1,026,692 | |
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(c) | 1,333 | 899,658 | |
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a) | 528 | 223,138 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | |||
Series A-1, Restructured, 4.75%, 07/01/53 | 7,005 | 6,904,459 | |
Series A-2, Restructured, 4.54%, 07/01/53 | 49 | 46,625 | |
Series A-2, Restructured, 4.78%, 07/01/58 | 5,323 | 5,240,876 | |
Series A-2, Restructured, 4.33%, 07/01/40 | 6,888 | 6,788,540 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c) | |||
Series A-1, Restructured, 0.00%, 07/01/29 | 490 | 405,703 | |
Series A-1, Restructured, 0.00%, 07/01/33 | 1,423 | 994,493 | |
Series A-1, Restructured, 0.00%, 07/01/46 | 30,024 | 9,577,426 | |
Series B-1, Restructured, 0.00%, 07/01/46 | 2,677 | 855,509 | |
50,884,813 |
Security | Par (000) | Value | |
Utilities — 2.0% | |||
Puerto Rico Electric Power Authority, RB | |||
Series A, 5.00%, 07/01/29 | $ | 1,860 | $ 874,200 |
Series A, 7.00%, 07/01/33(d)(e) | 1,025 | 481,750 | |
Series A, 6.75%, 07/01/36(d)(e) | 3,560 | 1,673,200 | |
Series A, 5.00%, 07/01/42(d)(e) | 2,185 | 1,026,950 | |
Series A, 7.00%, 07/01/43(d)(e) | 410 | 192,700 | |
Series A-3, 10.00%, 07/01/19(d)(e) | 999 | 469,554 | |
Series B-3, 10.00%, 07/01/19(d)(e) | 999 | 469,555 | |
Series C-1, 5.40%, 01/01/18(d)(e) | 2,745 | 1,290,075 | |
Series C-2, 5.40%, 07/01/18(d)(e) | 2,745 | 1,290,284 | |
Series C-3, 5.40%, 01/01/20 | 278 | 130,426 | |
Series C-4, 5.40%, 07/01/20(d)(e) | 278 | 130,426 | |
Series CCC, 5.25%, 07/01/26 | 770 | 361,900 | |
Series CCC, 5.25%, 07/01/28(d)(e) | 440 | 206,800 | |
Series D-4, 7.50%, 07/01/20(d)(e) | 1,726 | 811,256 | |
Series TT, 5.00%, 07/01/25(d)(e) | 210 | 98,700 | |
Series TT, 5.00%, 07/01/26 | 565 | 265,550 | |
Series WW, 5.50%, 07/01/17(d)(e) | 610 | 286,700 | |
Series WW, 5.50%, 07/01/18(d)(e) | 535 | 251,450 | |
Series WW, 5.50%, 07/01/19(d)(e) | 435 | 204,450 | |
Series WW, 5.38%, 07/01/24(d)(e) | 385 | 180,950 | |
Series WW, 5.25%, 07/01/33(d)(e) | 420 | 197,400 | |
Series WW, 5.50%, 07/01/38 | 520 | 244,400 | |
Series XX, 5.25%, 07/01/17(d)(e) | 285 | 133,950 | |
Series XX, 5.25%, 07/01/35(d)(e) | 185 | 86,950 | |
Series XX, 5.75%, 07/01/36(d)(e) | 260 | 122,200 | |
Series XX, 5.25%, 07/01/40 | 5,345 | 2,512,150 | |
Puerto Rico Electric Power Authority, Refunding RB | |||
Series AAA, 5.25%, 07/01/22 | 990 | 465,300 | |
Series AAA, 5.25%, 07/01/23 | 2,670 | 1,254,900 | |
Series AAA, 5.25%, 07/01/28(d)(e) | 5,655 | 2,657,850 | |
Series AAA, 5.25%, 07/01/29(d)(e) | 235 | 110,450 | |
Series BBB, 5.40%, 07/01/28 | 1,240 | 582,800 | |
Series UU, 0.00%, 07/01/17(a)(d)(e) | 185 | 86,950 | |
Series UU, 0.00%, 07/01/18(a)(d)(e) | 165 | 77,550 | |
Series UU, 4.43%, 07/01/31(a) | 1,755 | 824,850 | |
Series UU, 0.00%, 07/01/49(a) | 1,475 | 693,250 | |
Series ZZ, 5.25%, 07/01/19(d)(e) | 1,370 | 643,900 | |
Series ZZ, 5.00%, 07/01/20 | 2,220 | 1,043,400 | |
Series ZZ, 5.25%, 07/01/24 | 875 | 411,250 | |
Series ZZ, 5.00%, 07/01/28 | 435 | 204,450 | |
Series ZZ, 5.00%, 12/29/49(d)(e) | 430 | 202,100 | |
Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40 | 1,860 | 874,200 | |
24,127,126 | |||
Total Municipal Bonds in Puerto Rico | 75,011,939 | ||
Total Municipal Bonds — 90.5% (Cost: $1,095,260,096) | 1,084,237,338 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) | |||
New York — 10.9% | |||
County/City/Special District/School District — 2.7% | |||
City of New York, GO, Series A-1, 5.25%, 09/01/43(a) | 10,000 | 11,138,701 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | |||
Series D-1, 5.25%, 11/01/43(a) | 2,960 | 3,296,703 |
Security | Par (000) | Value | |
County/City/Special District/School District (continued) | |||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued) | |||
Series D-1, 5.50%, 11/01/45(a) | $ | 5,910 | $ 6,695,017 |
Series D-1, 5.25%, 11/01/48 | 10,000 | 10,984,612 | |
32,115,033 | |||
State — 4.4% | |||
Hudson Yards Infrastructure Corp., Refunding RB | |||
Series A, 5.00%, 02/15/38(a) | 17,485 | 18,201,138 | |
Series A, 5.00%, 02/15/39 | 9,005 | 9,353,591 | |
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/42 | 9,410 | 9,914,820 | |
New York State Urban Development Corp., Refunding RB | |||
5.00%, 03/15/41 | 10,000 | 11,082,266 | |
5.00%, 03/15/44(a) | 4,220 | 4,609,600 | |
53,161,415 | |||
Transportation — 2.7% | |||
Metropolitan Transportation Authority, Refunding RB, Sustainability Bonds, Series C, 5.00%, 11/15/41 | 11,365 | 11,971,901 | |
Triborough Bridge & Tunnel Authority, RB, Senior Lien, Sustainability Bonds, Series D-2, 5.25%, 05/15/47 | 8,410 | 9,278,243 | |
Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 11/15/45(a) | 10,000 | 10,368,255 | |
31,618,399 | |||
Utilities — 1.1% | |||
New York City Municipal Water Finance Authority, Refunding RB, Series AA-3, 5.00%, 06/15/47 | 12,500 | 13,535,602 | |
Total Municipal Bonds in New York | 130,430,449 | ||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.9% (Cost: $125,756,108) | 130,430,449 | ||
Total Long-Term Investments — 101.5% (Cost: $1,222,016,204) | 1,215,590,775 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 0.8% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.88%(j)(k) | 9,232,896 | 9,233,820 |
Par (000) | |||
U.S. Treasury Obligations — 1.2% | |||
U.S. Treasury Bills, 5.40%, 08/01/24(l) | $ | 15,000 | 14,932,161 |
Total Short-Term Securities — 2.0% (Cost: $24,166,104) | 24,165,981 | ||
Total Investments — 103.5% (Cost: $1,246,182,308) | 1,239,756,756 | ||
Other Assets Less Liabilities — 1.6% | 19,208,554 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.1)% | (61,140,136 ) | ||
Net Assets — 100.0% | $ 1,197,825,174 |
(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) | Zero-coupon bond. |
(d) | Issuer filed for bankruptcy and/or is in default. |
(e) | Non-income producing 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) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(h) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(i) | 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. See Note 4 of the Notes to Financial Statements for details. |
(j) | Affiliate of the Fund. |
(k) | Annualized 7-day yield as of period end. |
(l) | Rates are discount rates or a range of discount rates as of period end. |
Affiliated Issuer | Value at 06/30/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds New York Money Fund Portfolio(a) | $ 32,373,529 | $ — | $ (32,373,529 )(b) | $ 337 | $ (337 ) | $ — | — | $ 839,601 | $ — |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | — | 9,233,820 (b) | — | — | — | 9,233,820 | 9,232,896 | 643,005 | — |
$ 337 | $ (337 ) | $ 9,233,820 | $ 1,482,606 | $ — |
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts | ||||
10-Year U.S. Treasury Note | 114 | 09/19/24 | $ 12,522 | $ 71,088 |
U.S. Long Bond | 91 | 09/19/24 | 10,727 | 56,817 |
5-Year U.S. Treasury Note | 99 | 09/30/24 | 10,545 | 41,053 |
$ 168,958 |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Assets — Derivative Financial Instruments | |||||||
Futures contracts Unrealized appreciation on futures contracts(a) | $ — | $ — | $ — | $ — | $ 168,958 | $ — | $ 168,958 |
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) from: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ 9,113,741 | $ — | $ 9,113,741 |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ (4,302,152 ) | $ — | $ (4,302,152 ) |
Futures contracts: | |
Average notional value of contracts — short | $135,181,496 |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Corporate Bonds | $ — | $ 922,988 | $ — | $ 922,988 |
Municipal Bonds | — | 1,084,237,338 | — | 1,084,237,338 |
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 130,430,449 | — | 130,430,449 |
Short-Term Securities | ||||
Money Market Funds | 9,233,820 | — | — | 9,233,820 |
U.S. Treasury Obligations | — | 14,932,161 | — | 14,932,161 |
Unfunded Commitments(a) | — | — | 7,354,522 | 7,354,522 |
$9,233,820 | $1,230,522,936 | $7,354,522 | $1,247,111,278 | |
Derivative Financial Instruments(b) | ||||
Assets | ||||
Interest Rate Contracts | $ 168,958 | $ — | $ — | $ 168,958 |
(a) | Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Security | Par (000) | Value | |
Municipal Bonds | |||
Alabama — 5.7% | |||
Black Belt Energy Gas District, RB(a) | |||
Series A, 5.25%, 01/01/54 | $ | 4,770 | $ 5,091,177 |
Series A, 5.25%, 05/01/55 | 2,180 | 2,351,335 | |
Series C-1, 5.25%, 02/01/53 | 13,790 | 14,502,840 | |
Series F, 5.50%, 11/01/53 | 1,825 | 1,932,341 | |
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a) | 8,585 | 8,588,797 | |
Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48 | 920 | 872,827 | |
County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49 | 2,230 | 2,388,002 | |
Energy Southeast A Cooperative District, RB, Series B, 5.25%, 07/01/54(a) | 2,065 | 2,207,293 | |
Hoover Industrial Development Board, RB, AMT, Sustainability Bonds, 6.38%, 11/01/50(a) | 5,620 | 6,280,272 | |
MidCity Improvement District, SAB | |||
4.25%, 11/01/32 | 350 | 323,239 | |
4.50%, 11/01/42 | 745 | 631,374 | |
4.75%, 11/01/49 | 795 | 664,940 | |
Mobile County Industrial Development Authority, RB, Series A, AMT, 5.00%, 06/01/54 | 11,890 | 12,072,384 | |
Southeast Alabama Gas Supply District, Refunding RB(a) | |||
Series A, 5.00%, 08/01/54 | 5,000 | 5,365,297 | |
Series B, 5.00%, 06/01/49 | 5,000 | 5,272,186 | |
Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53(a) | 20,435 | 21,303,729 | |
Stadium Trace Village Improvement District, RB, 3.63%, 03/01/36 | 3,430 | 3,160,409 | |
Sumter County Industrial Development Authority, RB, AMT, Sustainability Bonds, 6.00%, 07/15/52(a) | 250 | 47,350 | |
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) | 1,110 | 1,109,115 | |
94,164,907 | |||
Arizona — 2.2% | |||
Arizona Industrial Development Authority, RB | |||
7.10%, 01/01/55(b) | 4,495 | 4,639,380 | |
Series A, 5.00%, 12/15/39(b) | 150 | 147,080 | |
Series A, 5.00%, 07/01/49(b) | 1,440 | 1,322,538 | |
Series A, 5.00%, 07/15/49 | 675 | 665,123 | |
Series A, 5.00%, 07/01/54(b) | 1,110 | 1,004,397 | |
Series B, 5.13%, 07/01/47(b) | 420 | 396,327 | |
Series B, 5.25%, 07/01/51(b) | 570 | 542,374 | |
Sustainability Bonds, 5.00%, 07/01/45(b) | 1,135 | 1,096,129 | |
Sustainability Bonds, 5.00%, 07/01/55(b) | 1,215 | 1,137,466 | |
Arizona Industrial Development Authority, Refunding RB(b) | |||
Series A, 5.00%, 07/01/26 | 325 | 323,100 | |
Series A, 5.50%, 07/01/52 | 2,970 | 2,977,285 | |
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 | 275 | 246,575 | |
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 6.75%, 07/01/44(b) | 810 | 810,933 | |
Industrial Development Authority of the County of Pima, RB | |||
5.13%, 07/01/39 | 700 | 673,554 | |
5.25%, 07/01/49 | 870 | 795,068 | |
Industrial Development Authority of the County of Pima, Refunding RB(b) | |||
4.00%, 06/15/51 | 6,995 | 5,642,937 |
Security | Par (000) | Value | |
Arizona (continued) | |||
Industrial Development Authority of the County of Pima, Refunding RB(b) (continued) | |||
5.00%, 07/01/56 | $ | 1,255 | $ 1,196,858 |
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b) | 1,340 | 1,237,589 | |
Maricopa County Industrial Development Authority, RB | |||
5.25%, 10/01/40(b) | 1,255 | 1,206,703 | |
5.50%, 10/01/51(b) | 1,255 | 1,156,286 | |
Series A, 3.00%, 09/01/51 | 2,995 | 2,297,063 | |
AMT, 4.00%, 10/15/47(b) | 5,375 | 4,958,120 | |
Sierra Vista Industrial Development Authority, RB(b) | |||
5.38%, 06/15/34 | 325 | 320,550 | |
6.00%, 06/15/44 | 545 | 543,929 | |
6.30%, 06/15/54 | 890 | 894,177 | |
36,231,541 | |||
Arkansas — 2.9% | |||
Arkansas Development Finance Authority, RB | |||
AMT, 4.50%, 09/01/49(b) | 14,525 | 14,307,867 | |
AMT, 4.75%, 09/01/49(b) | 17,005 | 16,845,452 | |
AMT, Sustainability Bonds, 7.38%, 07/01/48(b) | 7,700 | 8,662,881 | |
AMT, Sustainability Bonds, 5.70%, 05/01/53 | 2,040 | 2,142,725 | |
Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48(b) | 5,100 | 5,601,933 | |
47,560,858 | |||
California — 3.5% | |||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 | 2,560 | 2,376,954 | |
California Municipal Finance Authority, RB(b) | |||
5.50%, 08/01/34 | 250 | 250,065 | |
6.00%, 08/01/44 | 655 | 655,213 | |
6.13%, 08/01/49 | 570 | 570,197 | |
Series A, 5.00%, 05/01/34 | 300 | 303,680 | |
Series A, 5.50%, 05/01/44 | 350 | 355,385 | |
Series A, 5.75%, 05/01/54 | 435 | 441,260 | |
Series A, 5.88%, 05/01/59 | 190 | 193,603 | |
California Municipal Finance Authority, ST | |||
Series A, 5.00%, 09/01/44 | 325 | 328,828 | |
Series A, 5.00%, 09/01/49 | 675 | 669,595 | |
Series A, 5.00%, 09/01/54 | 345 | 344,266 | |
California Statewide Financing Authority, RB, Series L, 0.00%, 06/01/55(b)(c) | 65,000 | 3,684,950 | |
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.25%, 05/15/47 | 8,000 | 8,627,912 | |
CMFA Special Finance Agency I, RB, M/F Housing, Series A, Sustainability Bonds, 4.00%, 04/01/56(b) | 6,255 | 4,876,528 | |
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) | 1,845 | 1,624,625 | |
CSCDA Community Improvement Authority, RB, M/F Housing(b) | |||
Series A, 3.00%, 09/01/56 | 5,550 | 3,988,019 | |
Mezzanine Lien, 4.00%, 03/01/57 | 2,465 | 1,746,333 | |
Mezzanine Lien, Sustainability Bonds, 4.00%, 06/01/57 | 1,130 | 768,981 | |
Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 | 4,645 | 2,980,202 | |
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 | 2,380 | 1,650,385 | |
Sustainability Bonds, 4.00%, 07/01/56 | 1,660 | 1,300,722 | |
Sustainability Bonds, 4.00%, 07/01/58 | 1,405 | 987,205 | |
Series B, Sustainability Bonds, 4.00%, 07/01/58 | 1,585 | 1,100,042 |
Security | Par (000) | Value | |
California (continued) | |||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c) | $ | 112,065 | $ 12,375,126 |
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, Sustainability Bonds, 6.75%, 07/01/61(b)(d) | 4,420 | 2,201,097 | |
Rancho Mirage Community Facilities District, ST | |||
Series A, 5.00%, 09/01/49 | 1,030 | 1,052,926 | |
Series A, 5.00%, 09/01/54 | 200 | 204,079 | |
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56 | 1,965 | 1,777,590 | |
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(c) | 1,155 | 821,364 | |
58,257,132 | |||
Colorado — 4.5% | |||
9th Avenue Metropolitan District No. 2, GOL, 5.00%, 12/01/48 | 1,563 | 1,423,659 | |
Aurora Crossroads Metropolitan District No. 2, GOL | |||
Series A, 5.00%, 12/01/40 | 1,000 | 1,008,055 | |
Series A, 5.00%, 12/01/50 | 500 | 491,034 | |
Aviation Station North Metropolitan District No. 2, GOL | |||
Series A, 5.00%, 12/01/39 | 750 | 737,283 | |
Series A, 5.00%, 12/01/48 | 1,350 | 1,239,855 | |
Banning Lewis Ranch Metropolitan District No. 8, GOL, 4.88%, 12/01/51(b) | 2,335 | 1,834,198 | |
Cascade Ridge Metropolitan District, GOL, 5.00%, 12/01/51 | 3,000 | 2,624,950 | |
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) | 820 | 768,449 | |
City & County of Denver Colorado Airport System Revenue, Refunding ARB | |||
Series A, AMT, 4.13%, 11/15/47 | 5,875 | 5,640,874 | |
Series A, AMT, 4.13%, 11/15/53 | 3,225 | 3,016,891 | |
Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 12/01/30(b) | 805 | 753,624 | |
Colorado Health Facilities Authority, RB | |||
5.50%, 11/01/47 | 780 | 868,114 | |
5.25%, 11/01/52 | 1,630 | 1,762,015 | |
Series A, 5.00%, 05/15/35 | 1,255 | 1,003,639 | |
Series A, 5.00%, 05/15/44 | 1,415 | 963,028 | |
Series A, 5.00%, 05/15/49 | 2,175 | 1,395,060 | |
Constitution Heights Metropolitan District, Refunding GOL, 5.00%, 12/01/49 | 1,260 | 1,151,657 | |
Eagle Brook Meadows Metropolitan District No. 3, GOL, Series 2021, 5.00%, 12/01/51 | 1,600 | 1,423,550 | |
Fitzsimons Village Metropolitan District No. 3, Refunding GOL | |||
Series A-1, 4.00%, 12/01/26 | 800 | 779,507 | |
Series A-1, 4.00%, 12/01/41 | 1,500 | 1,250,976 | |
Series A-1, 4.25%, 12/01/55 | 3,095 | 2,349,419 | |
Four Corners Business Improvement District, GOL, 6.00%, 12/01/52 | 2,000 | 2,033,539 | |
Green Valley Ranch East Metropolitan District No. 6, GOL, Series A, 5.88%, 12/01/50 | 2,615 | 2,625,906 | |
Home Place Metropolitan District, GOL, Series A, 5.75%, 12/01/50 | 2,345 | 2,306,187 | |
Horizon Metropolitan District No. 2, GOL, 4.50%, 12/01/51(b) | 1,675 | 1,213,866 |
Security | Par (000) | Value | |
Colorado (continued) | |||
Jefferson Center Metropolitan District No. 1, RB | |||
Series A-2, 4.13%, 12/01/40 | $ | 580 | $ 544,124 |
Series A-2, 4.38%, 12/01/47 | 1,000 | 920,809 | |
Karl’s Farm Metropolitan District No. 2, GOL(b) | |||
Series A, 5.38%, 12/01/40 | 515 | 504,657 | |
Series A, 5.63%, 12/01/50 | 1,350 | 1,303,231 | |
Lanterns Metropolitan District No. 2, GOL, Series A, 4.50%, 12/01/50 | 1,810 | 1,360,845 | |
Longs Peak Metropolitan District, GOL, 5.25%, 12/01/51(b) | 5,000 | 4,926,351 | |
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 | 2,640 | 2,118,701 | |
North Holly Metropolitan District, GOL, Series A, 5.50%, 12/01/48 | 760 | 748,410 | |
North Range Metropolitan District No. 3, GOL, Series A, 5.25%, 12/01/50 | 1,000 | 1,004,037 | |
Palisade Metropolitan District No. 2, GOL, Subordinate, 7.25%, 12/15/49 | 2,825 | 2,662,950 | |
Palisade Park West Metropolitan District, GOL, Series A, 5.13%, 12/01/49 | 1,500 | 1,269,522 | |
Pomponio Terrace Metropolitan District, GOL, Series A, 5.00%, 12/01/49 | 1,442 | 1,205,918 | |
Prairie Farm Metropolitan District, GOL, Series A, 5.25%, 12/01/48 | 1,238 | 1,240,805 | |
Pronghorn Valley Metropolitan District, GOL, Series A, 4.00%, 12/01/51 | 1,300 | 997,459 | |
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) | 3,045 | 2,062,987 | |
Reunion Metropolitan District, RB, Series A, 3.63%, 12/01/44 | 1,484 | 1,143,448 | |
Sky Ranch Community Authority Board, RB, Series A, 5.75%, 12/01/52 | 1,500 | 1,462,213 | |
Sterling Ranch Community Authority Board, RB, Series B, Subordinate, 7.13%, 12/15/50 | 708 | 708,837 | |
Thompson Crossing Metropolitan District No. 4, Refunding GOL, 5.00%, 12/01/49 | 1,480 | 1,458,228 | |
Timberleaf Metropolitan District, GOL, Series A, 5.75%, 12/01/50 | 1,730 | 1,616,427 | |
Waters’ Edge Metropolitan District No. 2, GOL, 5.00%, 12/01/51 | 2,595 | 2,302,381 | |
Westcreek Metropolitan District No. 2, GOL, Series A, 5.38%, 12/01/48 | 800 | 800,076 | |
Wild Plum Metropolitan District, GOL, Series A, 5.00%, 12/01/24(e) | 595 | 616,691 | |
73,644,442 | |||
Connecticut — 0.9% | |||
Connecticut State Health & Educational Facilities Authority, RB | |||
Series A, 5.00%, 01/01/45(b) | 845 | 763,735 | |
Series A, 5.00%, 01/01/55(b) | 1,500 | 1,276,195 | |
Series A, Sustainability Bonds, 07/01/54(f) | 2,915 | 2,906,793 | |
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) | 10,290 | 10,252,858 | |
15,199,581 | |||
Delaware — 0.3% | |||
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b) | 3,622 | 3,523,136 | |
County of Kent Delaware, RB, Series A, 5.00%, 07/01/53 | 1,000 | 1,002,237 |
Security | Par (000) | Value | |
Delaware (continued) | |||
Town of Bridgeville Delaware, ST(b) | |||
5.25%, 07/01/44 | $ | 135 | $ 140,830 |
5.63%, 07/01/53 | 315 | 331,338 | |
4,997,541 | |||
District of Columbia — 1.7% | |||
District of Columbia Tobacco Settlement Financing Corp., RB(c) | |||
Series A, 0.00%, 06/15/46 | 15,740 | 3,777,692 | |
Series B, 0.00%, 06/15/46 | 43,620 | 9,407,407 | |
Series C, 0.00%, 06/15/55 | 57,200 | 6,946,773 | |
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 325 | 334,863 | |
District of Columbia, RB, Series A, AMT, Sustainability Bonds, 5.50%, 02/28/37 | 880 | 1,012,411 | |
District of Columbia, Refunding RB, 5.00%, 06/01/46 | 2,205 | 2,203,043 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB | |||
Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(c) | 3,005 | 2,372,709 | |
Series B, Subordinate, 4.00%, 10/01/49 | 2,170 | 2,016,234 | |
28,071,132 | |||
Florida — 13.7% | |||
Antillia Community Development District, SAB | |||
5.00%, 05/01/31 | 250 | 252,430 | |
5.60%, 05/01/44 | 570 | 584,976 | |
Artisan Lakes East Community Development District, SAB, Series 2021-1, 4.00%, 05/01/51 | 450 | 370,944 | |
Babcock Ranch Community Independent Special District, SAB | |||
Series 2022, 5.00%, 05/01/42 | 1,570 | 1,584,305 | |
Series 2022, 5.00%, 05/01/53 | 1,175 | 1,150,678 | |
Boggy Branch Community Development District, SAB, 4.00%, 05/01/51 | 1,365 | 1,120,181 | |
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 | 1,090 | 1,089,988 | |
Brevard County Health Facilities Authority, Refunding RB(b) | |||
4.00%, 11/15/45 | 4,040 | 3,099,190 | |
4.00%, 11/15/55 | 5,960 | 4,204,682 | |
Buckhead Trails Community Development District, SAB | |||
5.60%, 05/01/44 | 400 | 402,579 | |
5.88%, 05/01/54 | 975 | 982,482 | |
Series 2022, 5.63%, 05/01/42 | 740 | 784,481 | |
Series 2022, 5.75%, 05/01/52 | 495 | 517,841 | |
Cabot Citrus Farms Community Development District, SAB, 5.25%, 03/01/29 | 2,755 | 2,795,646 | |
Capital Projects Finance Authority, RB(b) | |||
6.13%, 06/15/44 | 210 | 211,046 | |
6.50%, 06/15/54 | 275 | 279,623 | |
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 | 2,120 | 2,136,046 | |
Capital Trust Agency, Inc., RB | |||
4.50%, 01/01/35(b) | 2,250 | 2,167,148 | |
4.88%, 06/15/56(b) | 6,670 | 5,715,902 | |
Series A, 5.00%, 06/15/49(b) | 500 | 483,631 | |
Series A, 5.75%, 06/01/54(b) | 1,925 | 1,609,615 | |
Series B, 0.00%, 01/01/35(c) | 3,135 | 1,600,162 | |
Series B, 0.00%, 01/01/60(c) | 64,500 | 4,651,574 | |
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(c) | 41,470 | 2,730,902 |
Security | Par (000) | Value | |
Florida (continued) | |||
Celebration Pointe Community Development District No. 1, SAB, 5.00%, 05/01/34 | $ | 1,180 | $ 1,180,048 |
Central Parc Community Development District, SAB | |||
5.70%, 05/01/44 | 750 | 763,887 | |
6.00%, 05/01/54 | 650 | 664,505 | |
Charles Cove Community Development District, SAB | |||
3.75%, 05/01/30 | 360 | 348,896 | |
4.25%, 05/01/40 | 975 | 903,281 | |
4.38%, 05/01/50 | 1,505 | 1,328,324 | |
Charlotte County Industrial Development Authority, RB(b) | |||
5.00%, 10/01/49 | 3,040 | 3,041,898 | |
AMT, 4.00%, 10/01/51 | 1,575 | 1,338,736 | |
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b) | 370 | 6,882 | |
Coral Creek Community Development District, SAB, 5.75%, 05/01/54 | 545 | 564,744 | |
County of Lake Florida, RB, 5.00%, 01/15/49(b) | 825 | 764,523 | |
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) | |||
Series A-2, 0.00%, 10/01/48 | 5,125 | 1,626,035 | |
Series A-2, 0.00%, 10/01/49 | 1,770 | 485,375 | |
Crosswinds East Community Development District, SAB, 5.75%, 05/01/54 | 380 | 393,766 | |
Darby Community Development District, SAB, Series A-2, 5.88%, 05/01/35 | 4,325 | 4,455,824 | |
Elevation Pointe Community Development District, SAB | |||
Series A-1, 4.40%, 05/01/42 | 700 | 651,253 | |
Series A-1, 4.60%, 05/01/52 | 1,090 | 987,467 | |
Series A-2, 4.40%, 05/01/32 | 2,200 | 2,112,758 | |
Escambia County Health Facilities Authority, Refunding RB | |||
(AGM), 3.00%, 08/15/50 | 10,000 | 7,475,648 | |
4.00%, 08/15/50 | 6,530 | 5,700,360 | |
Florida Development Finance Corp., RB | |||
5.25%, 06/01/55(b) | 2,830 | 2,526,365 | |
6.50%, 06/30/57(b) | 1,515 | 1,069,893 | |
Series A, 5.75%, 06/15/29(b) | 695 | 695,221 | |
Series A, 6.00%, 06/15/34(b) | 835 | 835,470 | |
Series A, 4.00%, 06/15/52 | 2,875 | 2,389,502 | |
Series A, 5.00%, 06/15/56 | 1,525 | 1,503,139 | |
Series A, 5.13%, 06/15/55(b) | 10,455 | 9,052,786 | |
Series B, 4.50%, 12/15/56(b) | 5,945 | 4,605,773 | |
Series C, 5.75%, 12/15/56(b) | 2,030 | 1,740,047 | |
AMT, 5.00%, 05/01/29(b) | 3,550 | 3,591,871 | |
AMT, 6.13%, 07/01/32(a)(b) | 5,000 | 5,160,329 | |
Florida Development Finance Corp., Refunding RB | |||
Series A, 4.00%, 06/01/36(b) | 2,110 | 1,825,632 | |
Series A, 4.00%, 06/01/46(b) | 1,700 | 1,295,783 | |
Series A, 4.00%, 06/01/55(b) | 2,750 | 1,916,609 | |
AMT, 12.00%, 07/15/32(b) | 15,745 | 16,718,668 | |
AMT, (AGM), 5.25%, 07/01/53 | 12,075 | 12,580,458 | |
AMT, 5.50%, 07/01/53 | 1,640 | 1,709,145 | |
Series C, AMT, 8.25%, 07/01/57(a)(b) | 4,000 | 4,143,057 | |
Gardens at Hammock Beach Community Development District, SAB | |||
Series 1, 4.80%, 05/01/31 | 195 | 195,722 | |
Series 1, 5.38%, 05/01/44 | 305 | 308,693 | |
Series 1, 5.65%, 05/01/54 | 525 | 532,326 | |
Series 2, 5.00%, 05/01/31 | 270 | 269,933 |
Security | Par (000) | Value | |
Florida (continued) | |||
Gardens at Hammock Beach Community Development District, SAB (continued) | |||
Series 2, 5.60%, 05/01/44 | $ | 995 | $ 1,004,113 |
Series 2, 5.88%, 05/01/55 | 360 | 363,148 | |
Golden Gem Community Development District, SAB | |||
5.15%, 05/01/31 | 535 | 540,240 | |
5.70%, 05/01/44 | 2,900 | 2,971,958 | |
6.00%, 05/01/55 | 1,010 | 1,036,986 | |
Grand Oaks Community Development District, SAB | |||
4.25%, 05/01/40 | 910 | 843,063 | |
4.50%, 05/01/52 | 1,015 | 904,156 | |
Hammock Oaks Community Development District, SAB | |||
5.85%, 05/01/44 | 125 | 129,430 | |
6.15%, 05/01/54 | 865 | 898,628 | |
Hills of Minneola Community Development District, SAB(b) | |||
4.00%, 05/01/40 | 1,025 | 938,555 | |
4.00%, 05/01/50 | 1,500 | 1,269,310 | |
Hobe-St Lucie Conservancy District, SAB, 5.88%, 05/01/55 | 635 | 665,525 | |
Lakeside Preserve Community Development District, SAB, Series 2023, 6.38%, 05/01/54 | 1,000 | 1,083,701 | |
Lakewood Ranch Stewardship District, SAB | |||
4.95%, 05/01/29(b) | 175 | 176,821 | |
4.63%, 05/01/31 | 215 | 214,444 | |
4.88%, 05/01/35 | 265 | 265,036 | |
3.75%, 05/01/39(b) | 570 | 501,216 | |
5.50%, 05/01/39(b) | 160 | 164,048 | |
3.75%, 05/01/40 | 525 | 466,140 | |
5.30%, 05/01/44 | 385 | 388,549 | |
4.88%, 05/01/45 | 530 | 515,235 | |
5.13%, 05/01/46 | 835 | 837,099 | |
5.65%, 05/01/48(b) | 225 | 229,558 | |
4.00%, 05/01/49(b) | 355 | 296,728 | |
3.90%, 05/01/50 | 525 | 436,749 | |
5.55%, 05/01/54 | 180 | 180,505 | |
Series 1A, 4.25%, 05/01/28 | 440 | 437,131 | |
Series 1A, 5.00%, 05/01/38 | 1,175 | 1,179,678 | |
Series 1A, 5.10%, 05/01/48 | 2,545 | 2,520,879 | |
Series 1B, 4.75%, 05/01/29 | 955 | 959,766 | |
Series 1B, 5.30%, 05/01/39 | 1,090 | 1,108,297 | |
Series 1B, 5.45%, 05/01/48 | 1,930 | 1,952,778 | |
Laurel Road Community Development District, SAB | |||
Series A-1, 3.25%, 05/01/41 | 1,010 | 814,304 | |
Series A-1, 4.00%, 05/01/52 | 1,155 | 945,519 | |
Lee County Industrial Development Authority, RB, Series B-1, 11/15/29(f) | 985 | 982,708 | |
LT Ranch Community Development District, SAB | |||
5.50%, 05/01/44 | 795 | 816,371 | |
5.85%, 05/01/54 | 600 | 620,587 | |
LTC Ranch West Residential Community Development District, SAB | |||
Series AA2, 5.70%, 05/01/44 | 185 | 190,887 | |
Series AA2, 6.00%, 05/01/54 | 250 | 258,839 | |
Marion Ranch Community Development District, SAB | |||
5.10%, 05/01/31 | 250 | 252,093 | |
5.70%, 05/01/44 | 595 | 608,139 | |
5.95%, 05/01/54 | 230 | 235,222 | |
Midtown Miami Community Development District, Refunding SAB, Series A, 5.00%, 05/01/37 | 890 | 890,020 | |
Mirada II Community Development District, SAB, 4.00%, 05/01/51 | 1,485 | 1,224,117 |
Security | Par (000) | Value | |
Florida (continued) | |||
North AR-1 Pasco Community Development District, SAB | |||
Series A, 5.75%, 05/01/44 | $ | 240 | $ 248,139 |
Series A, 6.00%, 05/01/54 | 425 | 439,457 | |
North River Ranch Community Development District, SAB | |||
Series A-1, 4.00%, 05/01/40 | 845 | 759,805 | |
Series A-1, 4.25%, 05/01/51 | 1,430 | 1,229,553 | |
Series A-2, 4.20%, 05/01/35 | 485 | 443,516 | |
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 | 2,310 | 2,192,645 | |
Parrish Plantation Community Development District, SAB | |||
5.80%, 05/01/44 | 480 | 496,431 | |
5.88%, 05/01/54 | 375 | 387,645 | |
6.05%, 05/01/54 | 900 | 930,458 | |
Poitras East Community Development District, SAB | |||
5.00%, 05/01/43 | 460 | 458,271 | |
5.25%, 05/01/52 | 1,650 | 1,650,340 | |
Sandridge Community Development District, SAB | |||
Series A1, 3.88%, 05/01/41 | 615 | 550,076 | |
Series A1, 4.00%, 05/01/51 | 600 | 504,205 | |
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 | 3,520 | 2,921,231 | |
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54 | 2,420 | 2,317,641 | |
Shadowlawn Community Development District, SAB, 5.85%, 05/01/54 | 355 | 370,544 | |
Somerset Bay Community Development District, SAB(b) | |||
4.85%, 05/01/31 | 350 | 350,243 | |
5.63%, 05/01/44 | 925 | 945,418 | |
5.90%, 05/01/54 | 905 | 927,589 | |
South Broward Hospital District, RB, (BAM-TCRS), 3.00%, 05/01/51 | 415 | 318,626 | |
Southern Groves Community Development District No. 5, SAB | |||
3.38%, 05/01/25 | 100 | 98,950 | |
4.00%, 05/01/30 | 175 | 170,128 | |
4.30%, 05/01/40 | 825 | 749,293 | |
4.50%, 05/01/46 | 600 | 536,426 | |
Talavera Community Development District, SAB, 4.35%, 05/01/40 | 520 | 486,933 | |
Tolomato Community Development District, Refunding SAB | |||
Series 2015-2, 6.61%, 05/01/40(d) | 125 | 123,252 | |
Series A-2, 4.25%, 05/01/37 | 910 | 856,737 | |
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40 | 135 | 1 | |
Trout Creek Community Development District, SAB | |||
5.38%, 05/01/38 | 670 | 685,296 | |
5.50%, 05/01/49 | 1,695 | 1,721,324 | |
Two Rivers West Community Development District, SAB(b) | |||
Series 2024, 4.80%, 05/01/31 | 250 | 249,877 | |
Series 2024, 5.63%, 05/01/44 | 750 | 765,745 | |
Series 2024, 5.88%, 05/01/54 | 895 | 914,181 | |
V-Dana Community Development District, SAB(b) | |||
3.50%, 05/01/31 | 525 | 500,773 | |
4.00%, 05/01/40 | 750 | 673,697 | |
4.00%, 05/01/51 | 1,200 | 989,240 | |
Village Community Development District No. 14, SAB | |||
5.38%, 05/01/42 | 3,285 | 3,443,112 |
Security | Par (000) | Value | |
Florida (continued) | |||
Village Community Development District No. 14, SAB (continued) | |||
5.50%, 05/01/53 | $ | 2,450 | $ 2,550,173 |
Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b) | 1,040 | 1,072,030 | |
Volusia County Educational Facility Authority, RB, 5.25%, 06/01/49 | 2,680 | 2,805,639 | |
West Villages Improvement District, SAB | |||
4.25%, 05/01/29 | 400 | 399,482 | |
4.75%, 05/01/39 | 885 | 889,618 | |
5.38%, 05/01/44 | 500 | 511,761 | |
5.00%, 05/01/50 | 1,415 | 1,419,944 | |
5.63%, 05/01/54 | 355 | 364,490 | |
Westside Haines City Community Development District, SAB, 6.00%, 05/01/54 | 805 | 830,828 | |
225,555,723 | |||
Georgia — 1.0% | |||
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b) | 2,805 | 2,284,624 | |
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 | 3,135 | 3,057,149 | |
Development Authority of Cobb County, RB, Series A, 6.38%, 06/15/58(b) | 690 | 708,080 | |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 875 | 851,665 | |
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a) | 2,000 | 2,096,028 | |
Municipal Electric Authority of Georgia, RB | |||
Series A, 5.00%, 01/01/49 | 5,235 | 5,325,693 | |
Series A, 5.00%, 07/01/52 | 2,765 | 2,864,981 | |
17,188,220 | |||
Idaho — 0.3% | |||
Idaho Health Facilities Authority, Refunding RB, 3.50%, 09/01/33 | 375 | 335,427 | |
Idaho Housing & Finance Association, RB(b) | |||
Series A, 6.00%, 07/01/39 | 370 | 380,796 | |
Series A, 6.00%, 07/01/49 | 595 | 603,198 | |
Series A, 6.00%, 07/01/54 | 570 | 577,459 | |
Series A, 6.95%, 06/15/55 | 1,540 | 1,647,958 | |
Series C, 5.00%, 12/01/46 | 1,000 | 981,854 | |
Power County Industrial Development Corp., RB, 6.45%, 08/01/32 | 265 | 265,428 | |
4,792,120 | |||
Illinois — 2.5% | |||
Chicago Board of Education, GO, Series A, 5.00%, 12/01/42 | 4,650 | 4,634,102 | |
Chicago Board of Education, Refunding GO | |||
Series B, 4.00%, 12/01/35 | 655 | 636,521 | |
Series B, 4.00%, 12/01/41 | 4,905 | 4,577,365 | |
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 | 5,550 | 5,708,341 | |
City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/37 | 6,469 | 6,325,734 | |
Illinois Finance Authority, Refunding RB | |||
6.00%, 02/01/34 | 335 | 335,089 | |
6.13%, 02/01/45 | 790 | 790,114 | |
Series A, 5.00%, 05/15/56 | 815 | 648,347 |
Security | Par (000) | Value | |
Illinois (continued) | |||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46 | $ | 4,640 | $ 4,965,416 |
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 | 9,695 | 9,212,243 | |
State of Illinois, GO, 5.50%, 05/01/39 | 2,460 | 2,694,607 | |
40,527,879 | |||
Indiana — 0.5% | |||
City of Valparaiso Indiana, Refunding RB, AMT, 4.50%, 01/01/34(b) | 665 | 680,467 | |
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b) | 2,325 | 1,615,875 | |
Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39 | 2,785 | 3,119,639 | |
Indianapolis Local Public Improvement Bond Bank, RB, Series E, 6.00%, 03/01/53 | 1,850 | 2,042,625 | |
7,458,606 | |||
Iowa — 0.2% | |||
Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51 | 1,000 | 937,580 | |
PEFA, Inc., RB, 5.00%, 09/01/49(a) | 1,600 | 1,631,329 | |
2,568,909 | |||
Kansas(b) — 0.2% | |||
City of Shawnee Kansas, RB | |||
5.00%, 08/01/41 | 770 | 768,721 | |
5.00%, 08/01/56 | 1,900 | 1,758,747 | |
2,527,468 | |||
Kentucky — 1.2% | |||
City of Henderson Kentucky, RB(b) | |||
Series A, AMT, 4.70%, 01/01/52 | 2,435 | 2,370,175 | |
Series B, AMT, 4.45%, 01/01/42 | 2,540 | 2,515,367 | |
Series B, AMT, 4.70%, 01/01/52 | 6,000 | 5,933,534 | |
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(c) | 250 | 247,668 | |
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a) | 9,000 | 8,963,837 | |
20,030,581 | |||
Louisiana(b) — 0.7% | |||
Louisiana Public Facilities Authority, RB | |||
Series A, 5.25%, 06/01/51 | 1,830 | 1,534,950 | |
Series A, 5.25%, 06/01/60 | 3,385 | 2,746,319 | |
Series A, 6.50%, 06/01/62 | 855 | 837,500 | |
Class R2, AMT, 6.50%, 10/01/53 | 2,160 | 2,323,946 | |
Parish of St. James Louisiana, RB, Series 2, 6.35%, 07/01/40 | 3,160 | 3,460,905 | |
10,903,620 | |||
Maine — 1.1% | |||
Finance Authority of Maine, RB, AMT, Sustainability Bonds, 8.00%, 12/01/51(b) | 5,600 | 3,672,113 | |
Maine Health & Higher Educational Facilities Authority, RB, Series A, 4.00%, 07/01/50 | 7,490 | 7,058,327 | |
Maine Health & Higher Educational Facilities Authority, Refunding RB, 4.00%, 07/01/37(b) | 8,100 | 7,286,157 | |
18,016,597 | |||
Maryland — 0.9% | |||
City of Baltimore Maryland, RB | |||
4.88%, 06/01/42 | 260 | 263,315 | |
5.00%, 06/01/51 | 780 | 774,557 |
Security | Par (000) | Value | |
Maryland (continued) | |||
City of Baltimore Maryland, Refunding RB, Convertible, 5.00%, 09/01/46 | $ | 1,500 | $ 1,413,457 |
Maryland Economic Development Corp., TA, 4.00%, 09/01/50 | 4,805 | 4,204,521 | |
Maryland Health & Higher Educational Facilities Authority, RB, 7.00%, 03/01/55(b) | 8,165 | 8,494,954 | |
15,150,804 | |||
Massachusetts — 0.5% | |||
Massachusetts Development Finance Agency, RB, Series D, Sustainability Bonds, 4.00%, 07/01/45 | 715 | 651,682 | |
Massachusetts Development Finance Agency, Refunding RB(b) | |||
4.00%, 10/01/32 | 355 | 355,658 | |
4.13%, 10/01/42 | 855 | 785,553 | |
5.00%, 10/01/57 | 1,900 | 1,905,553 | |
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 | 4,415 | 4,579,489 | |
8,277,935 | |||
Michigan — 0.4% | |||
Advanced Technology Academy, Refunding RB | |||
3.50%, 11/01/24 | 65 | 64,631 | |
5.00%, 11/01/44 | 160 | 157,210 | |
Michigan Strategic Fund, RB | |||
5.00%, 11/15/42 | 280 | 270,741 | |
AMT, 5.00%, 12/31/43 | 2,030 | 2,060,144 | |
AMT, Sustainability Bonds, 4.00%, 10/01/61(a) | 4,450 | 4,466,611 | |
7,019,337 | |||
Minnesota — 0.5% | |||
City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55 | 3,895 | 3,333,625 | |
Duluth Economic Development Authority, Refunding RB | |||
Series A, 4.25%, 02/15/48 | 1,925 | 1,793,506 | |
Series A, 5.25%, 02/15/58 | 2,790 | 2,843,398 | |
7,970,529 | |||
Missouri — 0.3% | |||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB | |||
Series A, 4.88%, 06/15/34 | 450 | 453,261 | |
Series A, 4.38%, 11/15/35 | 1,020 | 837,706 | |
Series A, 5.75%, 06/15/54 | 1,665 | 1,688,843 | |
Kansas City Industrial Development Authority, RB, Series C, 7.50%, 11/15/46 | 425 | 344,777 | |
Kansas City Industrial Development Authority, Refunding RB | |||
Class B, 5.00%, 11/15/46 | 772 | 609,382 | |
Class D, 2.00%, 11/15/46 | 345 | 15,245 | |
Kansas City Land Clearance Redevelopment Authority, TA, Series B, 5.00%, 02/01/40(b) | 1,240 | 1,212,315 | |
5,161,529 | |||
Montana — 0.4% | |||
City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31(a) | 7,500 | 7,326,237 | |
Nebraska — 0.3% | |||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) | 4,545 | 4,751,807 |
Security | Par (000) | Value | |
Nevada — 0.3% | |||
City of Las Vegas Nevada Special Improvement District No. 613, SAB | |||
5.00%, 12/01/39 | $ | 300 | $ 304,717 |
5.25%, 12/01/47 | 440 | 444,870 | |
5.50%, 12/01/53 | 250 | 255,470 | |
City of Las Vegas Nevada Special Improvement District No. 815, SAB, 5.00%, 12/01/49 | 785 | 757,057 | |
Tahoe-Douglas Visitors Authority, RB | |||
5.00%, 07/01/40 | 1,490 | 1,533,388 | |
5.00%, 07/01/45 | 1,460 | 1,479,881 | |
4,775,383 | |||
New Hampshire — 0.6% | |||
New Hampshire Business Finance Authority, RB | |||
Series A, 4.13%, 08/15/40 | 1,435 | 1,264,368 | |
Series A, 4.25%, 08/15/46 | 1,610 | 1,340,930 | |
Series A, 4.50%, 08/15/55 | 3,350 | 2,755,752 | |
New Hampshire Business Finance Authority, RB, M/F Housing, Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 2,458 | 2,405,395 | |
New Hampshire Business Finance Authority, Refunding RB, Series C, AMT, 4.88%, 11/01/42(b) | 2,515 | 2,384,204 | |
10,150,649 | |||
New Jersey — 0.9% | |||
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(g) | 170 | 171,011 | |
Middlesex County Improvement Authority, RB | |||
Series B, 6.13%, 01/01/25 | 2,495 | 30,813 | |
Series B, 6.25%, 01/01/37 | 5,400 | 66,690 | |
New Jersey Economic Development Authority, RB | |||
5.00%, 12/15/28(e) | 2,060 | 2,232,281 | |
Series A, 5.00%, 07/01/37 | 375 | 377,684 | |
Series A, 5.25%, 11/01/54(b) | 3,955 | 3,498,817 | |
Series B, 6.50%, 04/01/31 | 2,010 | 2,044,281 | |
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 1,960 | 1,875,011 | |
New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 4.25%, 12/01/45 | 1,030 | 1,027,657 | |
New Jersey Transportation Trust Fund Authority, RB, Series AA, 4.00%, 06/15/50 | 3,000 | 2,856,432 | |
14,180,677 | |||
New York — 7.9% | |||
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/41 | 3,750 | 2,025,000 | |
Build NYC Resource Corp., RB | |||
Series A, 5.00%, 07/01/32 | 2,255 | 2,194,871 | |
Series A, 5.13%, 07/01/33 | 620 | 621,447 | |
Series A, 6.13%, 07/01/43 | 1,780 | 1,856,223 | |
Series A, 6.38%, 07/01/53 | 3,260 | 3,370,459 | |
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b) | 2,165 | 2,166,680 | |
City of New York, GO, Series A-1, 4.00%, 09/01/46 | 3,825 | 3,745,216 | |
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 | 585 | 462,117 | |
New York City Housing Development Corp., RB, M/F Housing | |||
Series C-1A, 4.15%, 11/01/39 | 3,105 | 3,085,530 | |
Series C-1A, 4.20%, 11/01/44 | 3,190 | 3,096,015 | |
Series C-1A, 4.30%, 11/01/47 | 4,655 | 4,450,129 | |
New York Liberty Development Corp., Refunding RB | |||
3.25%, 09/15/52 | 4,045 | 3,065,464 |
Security | Par (000) | Value | |
New York (continued) | |||
New York Liberty Development Corp., Refunding RB (continued) | |||
Series 1, 2.75%, 02/15/44 | $ | 14,320 | $ 11,061,122 |
Series A, Sustainability Bonds, 3.00%, 11/15/51 | 2,300 | 1,689,932 | |
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/50 | 9,000 | 8,785,547 | |
New York State Dormitory Authority, Refunding RB | |||
Series A, 3.00%, 03/15/51 | 4,200 | 3,260,461 | |
Series D, 4.00%, 02/15/47 | 7,925 | 7,740,952 | |
New York Transportation Development Corp., ARB | |||
AMT, 5.00%, 01/01/25 | 1,000 | 1,004,087 | |
AMT, 5.00%, 12/01/35 | 10,000 | 10,807,374 | |
AMT, 4.00%, 01/01/36 | 5,000 | 4,954,095 | |
AMT, 5.63%, 04/01/40 | 2,215 | 2,413,119 | |
New York Transportation Development Corp., RB | |||
AMT, 5.00%, 10/01/35 | 3,845 | 4,036,543 | |
AMT, 4.00%, 04/30/53 | 2,220 | 1,830,745 | |
AMT, Sustainability Bonds, 5.50%, 06/30/54 | 7,750 | 8,199,328 | |
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 | 3,665 | 3,937,651 | |
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b) | 530 | 495,303 | |
Oneida Indian Nation of New York, RB, Series B, 6.00%, 09/01/43(b) | 1,140 | 1,259,253 | |
Onondaga Civic Development Corp., Refunding RB(f) | |||
08/01/44 | 640 | 645,553 | |
08/01/54 | 870 | 889,597 | |
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/61 | 10,000 | 8,924,226 | |
Suffolk Regional Off-Track Betting Co., RB | |||
5.00%, 12/01/34 | 1,570 | 1,585,079 | |
5.75%, 12/01/44 | 2,600 | 2,677,013 | |
6.00%, 12/01/53 | 3,800 | 3,951,622 | |
Westchester County Local Development Corp., Refunding RB | |||
5.00%, 07/01/41(b) | 3,300 | 3,330,436 | |
5.00%, 07/01/46(b) | 2,205 | 2,193,606 | |
Series A, 5.13%, 07/01/55 | 1,100 | 914,561 | |
Westchester Tobacco Asset Securitization Corp., Refunding RB | |||
Sub-Series C, 4.00%, 06/01/42 | 670 | 645,203 | |
Sub-Series C, 5.13%, 06/01/51 | 2,000 | 2,017,338 | |
129,388,897 | |||
North Carolina — 0.0% | |||
North Carolina Medical Care Commission, RB, Series A, 4.00%, 10/01/35 | 350 | 350,152 | |
North Dakota — 0.2% | |||
City of Grand Forks North Dakota, RB, Series A, (AGM), 5.00%, 12/01/48 | 1,765 | 1,877,300 | |
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 | 1,785 | 1,836,817 | |
3,714,117 | |||
Ohio — 2.3% | |||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 18,695 | 17,141,700 | |
County of Hamilton Ohio, Refunding RB, 5.00%, 01/01/46 | 1,435 | 1,376,747 |
Security | Par (000) | Value | |
Ohio (continued) | |||
County of Hardin Ohio, Refunding RB | |||
5.00%, 05/01/30 | $ | 620 | $ 610,076 |
5.25%, 05/01/40 | 615 | 588,608 | |
5.50%, 05/01/50 | 2,895 | 2,705,816 | |
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b) | 4,840 | 4,517,057 | |
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51(b) | 4,125 | 3,011,325 | |
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 3,900 | 3,631,972 | |
Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47 | 3,500 | 3,231,879 | |
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) | 1,065 | 951,668 | |
37,766,848 | |||
Oklahoma — 1.4% | |||
Oklahoma Development Finance Authority, RB | |||
7.25%, 09/01/51(b) | 14,390 | 15,321,303 | |
Series A-2, 7.25%, 09/01/51(b) | 1,920 | 2,044,226 | |
Series B, 5.00%, 08/15/38 | 785 | 803,220 | |
Series B, 5.50%, 08/15/52 | 2,415 | 2,486,327 | |
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b) | 1,165 | 1,095,115 | |
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 | 1,050 | 1,053,248 | |
22,803,439 | |||
Oregon — 0.1% | |||
Clackamas County Hospital Facility Authority, Refunding RB, Series A, 5.25%, 11/15/50 | 800 | 771,257 | |
Oregon State Facilities Authority, RB(b) | |||
Series A, 5.00%, 06/15/49 | 915 | 795,004 | |
Series A, 5.25%, 06/15/55 | 505 | 445,931 | |
2,012,192 | |||
Pennsylvania — 2.3% | |||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b) | 8,785 | 8,983,994 | |
Beaver County Industrial Development Authority, Refunding RB, Series B, 3.75%, 10/01/47 | 2,910 | 2,503,767 | |
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 | 475 | 369,139 | |
Doylestown Hospital Authority, Refunding RB(b) | |||
5.00%, 07/01/31 | 485 | 501,406 | |
5.38%, 07/01/39 | 1,125 | 1,191,459 | |
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/24(e) | 1,750 | 1,750,000 | |
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49 | 880 | 817,201 | |
Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 12/01/46 | 1,000 | 1,002,471 | |
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 830 | 831,161 | |
Pennsylvania Economic Development Financing Authority, RB | |||
AMT, 5.75%, 06/30/48 | 2,890 | 3,178,039 | |
AMT, 5.25%, 06/30/53 | 4,830 | 5,071,684 | |
Pennsylvania Economic Development Financing Authority, Refunding RB | |||
Series B, 5.25%, 12/01/38(a) | 1,750 | 1,767,076 |
Security | Par (000) | Value | |
Pennsylvania (continued) | |||
Pennsylvania Economic Development Financing Authority, Refunding RB (continued) | |||
Series C, 5.25%, 12/01/37(a) | $ | 3,065 | $ 3,094,995 |
AMT, 5.50%, 11/01/44 | 5,390 | 5,392,987 | |
Pennsylvania Higher Education Assistance Agency, RB, Series 1C, AMT, 5.00%, 06/01/51 | 640 | 634,359 | |
School District of Philadelphia, GOL, Series A, (SAW), 5.50%, 09/01/48 | 490 | 540,663 | |
37,630,401 | |||
Puerto Rico — 10.5% | |||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c) | 38,360 | 2,708,933 | |
Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(c) | 2,000 | 221,908 | |
Commonwealth of Puerto Rico, GO | |||
0.00%, 11/01/51(a) | 83,476 | 47,870,793 | |
Series A-1, 0.00%, 11/01/43(a) | 11,034 | 6,755,721 | |
Series A-1, Restructured, 5.38%, 07/01/25 | — (h) | 1 | |
Series A-1, Restructured, 5.63%, 07/01/29 | 11,002 | 11,823,520 | |
Series A-1, Restructured, 5.75%, 07/01/31 | 5,352 | 5,922,172 | |
Series A-1, Restructured, 4.00%, 07/01/33 | 1,849 | 1,834,372 | |
Series A-1, Restructured, 4.00%, 07/01/35 | 2,010 | 1,974,528 | |
Series A-1, Restructured, 4.00%, 07/01/37 | 4,281 | 4,133,144 | |
Series A-1, Restructured, 4.00%, 07/01/41 | 4,939 | 4,621,744 | |
Series A-1, Restructured, 4.00%, 07/01/46 | 2,017 | 1,832,364 | |
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(c) | 5,283 | 3,565,394 | |
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a) | 28,947 | 8,529,598 | |
PRIFA Custodial Trust, RB, Series 2005, 0.00%, 03/15/49 | 3,300 | 1,003,253 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, 4.00%, 07/01/42(b) | 1,075 | 1,006,422 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series B, 4.00%, 07/01/42(b) | 7,000 | 6,556,355 | |
Puerto Rico Electric Power Authority, RB | |||
Series A, 7.25%, 07/01/30 | 250 | 117,500 | |
Series A, 7.00%, 07/01/33(i)(j) | 8,735 | 4,105,450 | |
Series A, 6.75%, 07/01/36(i)(j) | 5,830 | 2,740,100 | |
Series A, 7.00%, 07/01/40 | 1,000 | 470,000 | |
Series A, 5.00%, 07/01/42(i)(j) | 1,605 | 754,350 | |
Series A, 5.05%, 07/01/42(i)(j) | 1,080 | 507,600 | |
Series A, 7.00%, 07/01/43(i)(j) | 775 | 364,250 | |
Series A-1, 10.00%, 07/01/19 | 230 | 108,200 | |
Series A-2, 10.00%, 07/01/19(i)(j) | 1,161 | 545,871 | |
Series A-3, 10.00%, 07/01/19(i)(j) | 748 | 351,404 | |
Series B-3, 10.00%, 07/01/19(i)(j) | 748 | 351,404 | |
Series C-1, 5.40%, 01/01/18(i)(j) | 2,054 | 965,463 | |
Series C-2, 5.40%, 07/01/18(i)(j) | 2,054 | 965,619 | |
Series C-3, 5.40%, 01/01/20(i)(j) | 208 | 97,608 | |
Series C-4, 5.40%, 07/01/20(i)(j) | 208 | 97,608 | |
Series CCC, 5.00%, 07/01/22 | 715 | 336,050 | |
Series CCC, 5.00%, 07/01/25 | 620 | 291,400 | |
Series CCC, 5.25%, 07/01/26(i)(j) | 590 | 277,300 | |
Series CCC, 5.25%, 07/01/28(i)(j) | 1,945 | 914,150 | |
Series D-1, 7.50%, 01/01/20 | 2,332 | 1,096,148 | |
Series D-2, 7.50%, 01/01/20 | 4,430 | 2,082,068 | |
Series D-4, 7.50%, 07/01/20(i)(j) | 709 | 333,350 | |
Series TT, 5.00%, 07/01/18(i)(j) | 900 | 423,000 |
Security | Par (000) | Value | |
Puerto Rico (continued) | |||
Puerto Rico Electric Power Authority, RB (continued) | |||
Series TT, 5.00%, 07/01/25(i)(j) | $ | 3,270 | $ 1,536,900 |
Series TT, 5.00%, 07/01/26(i)(j) | 455 | 213,850 | |
Series WW, 5.50%, 07/01/17(i)(j) | 475 | 223,250 | |
Series WW, 5.50%, 07/01/18(i)(j) | 415 | 195,050 | |
Series WW, 5.50%, 07/01/19(i)(j) | 335 | 157,450 | |
Series WW, 5.38%, 07/01/22 | 4,500 | 2,115,000 | |
Series WW, 5.38%, 07/01/24(i)(j) | 815 | 383,050 | |
Series WW, 5.25%, 07/01/25 | 1,940 | 911,800 | |
Series WW, 5.25%, 07/01/33(i)(j) | 315 | 148,050 | |
Series WW, 5.50%, 07/01/38(i)(j) | 415 | 195,050 | |
Series XX, 5.25%, 07/01/17(i)(j) | 230 | 108,100 | |
Series XX, 5.25%, 07/01/35(i)(j) | 705 | 331,350 | |
Series XX, 5.75%, 07/01/36(i)(j) | 2,870 | 1,348,900 | |
Series XX, 5.25%, 07/01/40(i)(j) | 8,385 | 3,940,950 | |
Puerto Rico Electric Power Authority, Refunding RB | |||
Series AAA, 5.25%, 07/01/22(i)(j) | 765 | 359,550 | |
Series AAA, 5.25%, 07/01/25 | 3,560 | 1,673,200 | |
Series AAA, 5.25%, 07/01/28(i)(j) | 3,655 | 1,717,850 | |
Series AAA, 5.25%, 07/01/29(i)(j) | 190 | 89,300 | |
Series UU, 0.00%, 07/01/17(a)(i)(j) | 2,660 | 1,250,200 | |
Series UU, 0.00%, 07/01/18(a)(i)(j) | 125 | 58,750 | |
Series UU, 4.43%, 07/01/31(a)(i)(j) | 1,345 | 632,150 | |
Series UU, 0.00%, 07/01/49(a) | 1,135 | 533,450 | |
Series ZZ, 5.25%, 07/01/19(i)(j) | 1,050 | 493,500 | |
Series ZZ, 5.25%, 07/01/23(i)(j) | 370 | 173,900 | |
Series ZZ, 5.25%, 07/01/24(i)(j) | 5,050 | 2,373,500 | |
Series ZZ, 5.25%, 07/01/25 | 265 | 124,550 | |
Series ZZ, 5.00%, 07/01/28 | 345 | 162,150 | |
Series ZZ, 5.00%, 12/29/49(i)(j) | 330 | 155,100 | |
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Authority, ARB | |||
Series A-1, AMT, 6.75%, 01/01/45 | 680 | 810,197 | |
Series A-2, AMT, 6.50%, 01/01/42 | 445 | 528,584 | |
Series A-2, AMT, 6.75%, 01/01/45 | 680 | 809,401 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Series A-2, Restructured, 4.54%, 07/01/53 | 1,564 | 1,488,186 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c) | |||
Series A-1, Restructured, 0.00%, 07/01/33 | 2,574 | 1,798,894 | |
Series A-1, Restructured, 0.00%, 07/01/46 | 32,941 | 10,507,926 | |
Series A-1, Restructured, 0.00%, 07/01/51 | 18,000 | 4,211,391 | |
Series B-1, Restructured, 0.00%, 07/01/46 | 8,066 | 2,577,713 | |
172,994,307 | |||
South Carolina — 0.7% | |||
City of Hardeeville South Carolina, SAB(b) | |||
3.00%, 05/01/27 | 180 | 172,551 | |
3.50%, 05/01/32 | 235 | 216,323 | |
3.88%, 05/01/41 | 560 | 490,519 | |
4.00%, 05/01/52 | 465 | 379,894 | |
County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b) | 2,240 | 2,293,037 | |
South Carolina Jobs-Economic Development Authority, RB | |||
7.50%, 08/15/62(b) | 1,935 | 1,831,796 | |
Series A, 5.00%, 11/15/42 | 585 | 572,567 |
Security | Par (000) | Value | |
South Carolina (continued) | |||
South Carolina Jobs-Economic Development Authority, RB (continued) | |||
Series A, 5.50%, 11/01/54 | $ | 3,945 | $ 4,378,772 |
South Carolina Jobs-Economic Development Authority, Refunding RB, 4.00%, 11/15/27 | 385 | 379,184 | |
10,714,643 | |||
Tennessee — 1.3% | |||
Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b) | 4,060 | 149,002 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 4.00%, 10/01/49 | 1,635 | 1,382,074 | |
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, 4.00%, 06/01/51(b) | 3,445 | 2,930,341 | |
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(c) | 4,000 | 1,495,670 | |
Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b) | 500 | 506,273 | |
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) | 7,435 | 7,953,616 | |
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) | 6,360 | 6,718,424 | |
21,135,400 | |||
Texas — 7.6% | |||
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) | 2,340 | 1,618,202 | |
Arlington Higher Education Finance Corp., RB(b) | |||
5.63%, 08/15/54 | 6,260 | 5,285,509 | |
7.50%, 04/01/62 | 1,970 | 2,015,571 | |
7.88%, 11/01/62 | 1,670 | 1,754,198 | |
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 | 1,555 | 1,463,904 | |
Central Texas Regional Mobility Authority, Refunding RB(c) | |||
0.00%, 01/01/28 | 3,000 | 2,643,167 | |
0.00%, 01/01/29 | 500 | 423,454 | |
0.00%, 01/01/30 | 1,330 | 1,082,115 | |
0.00%, 01/01/31 | 4,000 | 3,127,950 | |
City of Crandall Texas, SAB(b) | |||
4.00%, 09/15/31 | 200 | 193,709 | |
4.75%, 09/15/31 | 100 | 99,463 | |
4.25%, 09/15/41 | 770 | 705,261 | |
5.00%, 09/15/41 | 500 | 493,346 | |
City of Fate Texas, SAB, 5.75%, 08/15/54(b) | 290 | 295,018 | |
City of Houston Texas Airport System Revenue, ARB | |||
AMT, 5.00%, 07/15/28 | 6,685 | 6,935,095 | |
Series A, AMT, 6.63%, 07/15/38 | 1,110 | 1,111,394 | |
Series A, AMT, 4.00%, 07/01/41 | 3,600 | 3,397,544 | |
Series B-1, AMT, 5.00%, 07/15/35 | 5,000 | 5,033,556 | |
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 615 | 633,973 | |
City of Houston Texas Airport System Revenue, Refunding RB | |||
AMT, 4.75%, 07/01/24 | 910 | 910,062 | |
AMT, 5.00%, 07/01/29 | 6,600 | 6,604,173 | |
Series C, AMT, 5.00%, 07/15/27 | 5,525 | 5,691,210 | |
City of Marble Falls Texas, SAB(b) | |||
4.63%, 09/01/31 | 100 | 99,215 | |
4.88%, 09/01/41 | 295 | 289,170 |
Security | Par (000) | Value | |
Texas (continued) | |||
City of Marble Falls Texas, SAB(b) (continued) | |||
5.13%, 09/01/51 | $ | 500 | $ 485,435 |
City of San Marcos Texas, SAB(b) | |||
3.75%, 09/01/27 | 228 | 225,673 | |
4.00%, 09/01/32 | 237 | 228,443 | |
4.25%, 09/01/42 | 750 | 676,958 | |
4.50%, 09/01/51 | 520 | 456,614 | |
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | 1,380 | 1,380,745 | |
Harris County Cultural Education Facilities Finance Corp., Refunding RB | |||
Series A, 5.00%, 01/01/38 | 510 | 475,808 | |
Series A, 5.00%, 01/01/43 | 520 | 470,622 | |
Series A, 5.13%, 01/01/48 | 1,535 | 1,361,308 | |
Hemphill County Hospital District, GOL | |||
4.63%, 02/01/39 | 1,500 | 1,432,601 | |
4.75%, 02/01/45 | 2,500 | 2,332,330 | |
Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51 | 1,400 | 1,084,742 | |
New Hope Cultural Education Facilities Finance Corp., RB | |||
Series A, 5.00%, 01/01/55 | 700 | 553,992 | |
Series A, 5.00%, 07/01/57 | 3,000 | 2,463,039 | |
Series A-1, 5.50%, 01/01/57 | 1,620 | 1,515,676 | |
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 | 5,000 | 4,779,907 | |
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b) | 5,580 | 5,080,823 | |
Newark Higher Education Finance Corp., RB(b) | |||
Series A, 5.50%, 08/15/35 | 375 | 377,709 | |
Series A, 5.75%, 08/15/45 | 735 | 744,400 | |
Port of Beaumont Navigation District, ARB(b) | |||
Series A, AMT, 5.00%, 01/01/39 | 21,345 | 21,714,582 | |
Series A, AMT, 5.13%, 01/01/44 | 9,535 | 9,536,273 | |
Port of Beaumont Navigation District, RB, AMT, 2.88%, 01/01/41(b) | 2,050 | 1,503,149 | |
Port of Beaumont Navigation District, Refunding RB(b) | |||
Series A, AMT, 3.63%, 01/01/35 | 3,580 | 3,181,160 | |
Series A, AMT, 4.00%, 01/01/50 | 1,155 | 965,470 | |
San Antonio Education Facilities Corp., RB | |||
Series A, 5.00%, 10/01/41 | 645 | 561,992 | |
Series A, 5.00%, 10/01/51 | 885 | 709,899 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 | 1,500 | 1,563,643 | |
Texas Transportation Commission State Highway 249 System, RB, CAB(c) | |||
0.00%, 08/01/46 | 2,580 | 876,358 | |
0.00%, 08/01/47 | 3,850 | 1,234,072 | |
0.00%, 08/01/48 | 4,070 | 1,253,754 | |
0.00%, 08/01/49 | 3,825 | 1,117,504 | |
0.00%, 08/01/50 | 5,485 | 1,511,560 | |
0.00%, 08/01/51 | 3,230 | 841,596 | |
0.00%, 08/01/52 | 3,230 | 757,245 | |
0.00%, 08/01/53 | 290 | 67,509 | |
125,428,850 | |||
Utah — 1.0% | |||
Black Desert Public Infrastructure District, SAB, 5.63%, 12/01/53(b) | 1,475 | 1,517,771 | |
County of Utah, RB, Series A, 3.00%, 05/15/50 | 940 | 717,300 | |
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b) | 1,320 | 1,101,068 |
Security | Par (000) | Value | |
Utah (continued) | |||
Utah Housing Corp., RB, S/F Housing | |||
Series A, (GNMA), 4.50%, 01/21/49 | $ | 1,111 | $ 1,067,529 |
Series B, (GNMA), 4.50%, 02/21/49 | 1,803 | 1,731,705 | |
Series C, (GNMA), 4.50%, 03/21/49 | 962 | 908,509 | |
Series D, (GNMA), 4.50%, 04/21/49 | 2,022 | 1,940,488 | |
Series E, (GNMA), 4.50%, 05/21/49 | 1,353 | 1,299,072 | |
Series F-G2, (GNMA), 4.50%, 06/21/49 | 2,345 | 2,252,753 | |
Series G-G2, (GNMA), 4.50%, 07/21/49 | 1,350 | 1,296,162 | |
Series H, (GNMA), 4.50%, 08/21/49 | 1,168 | 1,121,487 | |
Series I, (GNMA), 4.50%, 11/21/48 | 645 | 618,999 | |
Series J, (GNMA), 4.50%, 12/21/48 | 895 | 859,548 | |
Wood Ranch Public Infrastructure District, SAB, 5.63%, 12/01/53(b) | 485 | 484,908 | |
16,917,299 | |||
Vermont(b) — 0.7% | |||
East Central Vermont Telecommunications District, RB | |||
Series A, 4.75%, 12/01/40 | 2,850 | 2,547,439 | |
Series A, 4.50%, 12/01/44 | 3,695 | 3,030,337 | |
Series A, 6.88%, 12/01/46 | 3,630 | 3,834,124 | |
Series A, 4.50%, 12/01/50 | 3,000 | 2,272,449 | |
11,684,349 | |||
Virginia — 1.7% | |||
Ballston Quarter Community Development Authority, TA, Series A-1, 5.50%, 03/01/46 | 1,154 | 1,161,324 | |
Ballston Quarter Community Development Authority, TA, CAB, Series A-2, 7.13%, 03/01/30(d) | 2,770 | 2,190,737 | |
Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/40(b) | 1,790 | 1,431,836 | |
James City County Economic Development Authority, RB | |||
Series A, 6.88%, 12/01/58 | 1,475 | 1,610,275 | |
Series C3, 5.25%, 12/01/27 | 990 | 989,997 | |
Lower Magnolia Green Community Development Authority, SAB(b) | |||
5.00%, 03/01/35 | 460 | 462,269 | |
5.00%, 03/01/45 | 475 | 464,309 | |
Norfolk Economic Development Authority, Refunding RB, Series B, 4.00%, 11/01/48 | 10,745 | 10,366,970 | |
Norfolk Redevelopment & Housing Authority, RB | |||
Series A, 5.00%, 01/01/49 | 1,250 | 1,135,600 | |
Series B, 4.00%, 01/01/25 | 305 | 304,461 | |
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 2,500 | 2,404,553 | |
Virginia Beach Development Authority, RB | |||
Series A, 7.00%, 09/01/53 | 1,800 | 2,058,104 | |
Series B3, 5.38%, 09/01/29 | 1,085 | 1,112,867 | |
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48 | 2,885 | 2,444,476 | |
28,137,778 | |||
Washington — 0.6% | |||
Washington Economic Development Finance Authority, RB, Series A, AMT, Sustainability Bonds, 5.63%, 12/01/40(b) | 3,470 | 3,514,437 | |
Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/50(b) | 1,240 | 1,152,320 |
Security | Par (000) | Value | |
Washington (continued) | |||
Washington State Housing Finance Commission, Refunding RB | |||
5.00%, 01/01/26(b) | $ | 900 | $ 904,158 |
5.75%, 01/01/35(b) | 355 | 355,368 | |
5.00%, 01/01/43(b) | 2,000 | 1,940,681 | |
6.00%, 01/01/45(b) | 940 | 938,878 | |
Series A, 5.00%, 07/01/43 | 920 | 958,659 | |
Series A, 5.00%, 07/01/48 | 620 | 639,228 | |
10,403,729 | |||
Wisconsin — 4.4% | |||
Public Finance Authority, ARB | |||
AMT, 4.00%, 07/01/41 | 530 | 452,429 | |
AMT, 4.25%, 07/01/54 | 3,690 | 2,914,221 | |
Public Finance Authority, RB | |||
7.00%, 10/01/31(b) | 910 | 127,400 | |
5.00%, 06/15/41(b) | 925 | 919,370 | |
6.25%, 10/01/47(b) | 910 | 127,400 | |
5.63%, 06/15/49(b) | 5,925 | 5,318,422 | |
5.00%, 06/15/53 | 645 | 627,220 | |
5.00%, 06/15/55(b) | 2,405 | 2,293,803 | |
5.00%, 01/01/56(b) | 3,790 | 3,306,526 | |
Series A, 12.00%, 05/16/29(b) | 1,895 | 1,907,838 | |
Series A, 4.25%, 06/15/31(b) | 170 | 154,521 | |
Series A, 5.00%, 06/01/40(b) | 750 | 699,793 | |
Series A, 5.00%, 06/15/41(b) | 510 | 457,306 | |
Series A, 7.75%, 07/01/43(b) | 9,100 | 9,371,653 | |
Series A, 6.85%, 11/01/46(b) | 1,325 | 640,969 | |
Series A, 7.00%, 11/01/46(b) | 805 | 389,419 | |
Series A, 5.38%, 07/15/47(b) | 1,595 | 1,597,432 | |
Series A, 5.00%, 06/01/49(b) | 1,340 | 1,164,492 | |
Series A, 5.63%, 06/15/49(b) | 7,850 | 7,442,790 | |
Series A, 5.00%, 06/15/51(b) | 1,060 | 893,176 | |
Series A, 5.25%, 12/01/51(b) | 5,280 | 3,604,001 | |
Series A, 5.00%, 06/15/55(b) | 11,540 | 9,586,009 | |
Series A, 4.75%, 06/15/56(b) | 2,395 | 1,714,732 | |
Series A-1, 4.50%, 01/01/35(b) | 845 | 813,877 | |
Series B, 0.00%, 01/01/35(b)(c) | 1,050 | 535,886 | |
Series B, 0.00%, 01/01/60(b)(c) | 31,635 | 2,281,594 | |
AMT, Sustainability Bonds, 4.00%, 09/30/51 | 4,000 | 3,327,675 | |
AMT, Sustainability Bonds, 4.00%, 03/31/56 | 3,370 | 2,738,291 | |
Public Finance Authority, Refunding RB(b) | |||
5.00%, 05/15/32 | 980 | 980,425 | |
5.00%, 03/01/52 | 1,300 | 1,150,415 | |
Wisconsin Health & Educational Facilities Authority, RB, Series A, Senior Lien, 5.75%, 08/15/54 | 1,375 | 1,418,298 | |
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 01/01/47 | 2,540 | 1,862,082 | |
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 | 740 | 732,642 | |
71,552,107 | |||
Total Municipal Bonds — 90.9% (Cost: $1,539,322,665) | 1,495,096,252 |
Security | Par (000) | Value | |
Municipal Bonds Transferred to Tender Option Bond Trusts(k) | |||
New York — 0.8% | |||
Triborough Bridge & Tunnel Authority, Refunding RB, Sub-Series B-1, Senior Lien, 5.00%, 05/15/56 | $ | 12,000 | $ 12,382,590 |
Pennsylvania — 0.8% | |||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 5.45%, 04/01/51 | 12,495 | 13,374,689 | |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.6% (Cost: $24,701,509) | 25,757,279 | ||
Total Long-Term Investments — 92.5% (Cost: $1,564,024,174) | 1,520,853,531 | ||
Short-Term Securities | |||
Commercial Paper — 1.8% | |||
City of San Antonio, 3.75%, 09/20/24(l) | 29,750 | 29,751,202 |
Shares | |||
Money Market Funds — 5.8% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.88%(m)(n) | 95,546,758 | 95,556,313 | |
Total Short-Term Securities — 7.6% (Cost: $125,272,427) | 125,307,515 | ||
Total Investments — 100.1% (Cost: $1,689,296,601) | 1,646,161,046 | ||
Other Assets Less Liabilities — 0.9% | 15,182,577 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.0)% | (16,442,540 ) | ||
Net Assets — 100.0% | $ 1,644,901,083 |
(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) | Zero-coupon bond. |
(d) | 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. |
(e) | 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. |
(f) | When-issued security. |
(g) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(h) | Rounds to less than 1,000. |
(i) | Issuer filed for bankruptcy and/or is in default. |
(j) | Non-income producing security. |
(k) | 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. See Note 4 of the Notes to Financial Statements for details. |
(l) | Rates are discount rates or a range of discount rates as of period end. |
(m) | Affiliate of the Fund. |
(n) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 06/30/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 79,899,513 | $ 15,644,518 (a) | $ — | $ 14,418 | $ (2,136 ) | $ 95,556,313 | 95,546,758 | $ 3,044,836 | $ — |
(a) | Represents net amount purchased (sold). |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts | ||||
10-Year U.S. Treasury Note | 118 | 09/19/24 | $ 12,962 | $ (95,471 ) |
U.S. Long Bond | 120 | 09/19/24 | 14,145 | (55,657 ) |
$ (151,128 ) |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Liabilities — Derivative Financial Instruments | |||||||
Futures contracts Unrealized depreciation on futures contracts(a) | $ — | $ — | $ — | $ — | $ 151,128 | $ — | $ 151,128 |
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) from: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ (312,808 ) | $ — | $ (312,808 ) |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ (151,128 ) | $ — | $ (151,128 ) |
Futures contracts: | |
Average notional value of contracts — short | $21,348,496 |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Municipal Bonds | $ — | $ 1,495,096,252 | $ — | $ 1,495,096,252 |
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 25,757,279 | — | 25,757,279 |
Short-Term Securities | ||||
Commercial Paper | — | 29,751,202 | — | 29,751,202 |
Level 1 | Level 2 | Level 3 | Total | |
Money Market Funds | $ 95,556,313 | $ — | $ — | $ 95,556,313 |
Unfunded Commitments(a) | — | — | 12,193,953 | 12,193,953 |
$95,556,313 | $1,550,604,733 | $12,193,953 | $1,658,354,999 | |
Derivative Financial Instruments(b) | ||||
Liabilities | ||||
Interest Rate Contracts | $ (151,128 ) | $ — | $ — | $ (151,128 ) |
(a) | Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Security | Par (000) | Value | |
Municipal Bonds | |||
Alabama — 5.2% | |||
Black Belt Energy Gas District, RB(a) | |||
Series C, 5.50%, 10/01/54 | $ | 54,000 | $ 59,154,073 |
Series F, 5.50%, 11/01/53 | 11,170 | 11,826,986 | |
County of Jefferson Alabama Sewer Revenue, Refunding RB | |||
5.25%, 10/01/41 | 6,900 | 7,638,660 | |
5.25%, 10/01/42 | 7,575 | 8,340,375 | |
5.25%, 10/01/43 | 6,250 | 6,840,197 | |
5.25%, 10/01/44 | 6,500 | 7,083,235 | |
5.25%, 10/01/45 | 12,330 | 13,400,043 | |
5.25%, 10/01/49 | 10,000 | 10,708,530 | |
Energy Southeast A Cooperative District, RB(a) | |||
Series A-1, 5.50%, 11/01/53 | 93,715 | 100,849,872 | |
Series B-1, 5.75%, 04/01/54 | 25,150 | 27,577,344 | |
Southeast Energy Authority A Cooperative District, RB(a) | |||
Series A, 4.00%, 11/01/51 | 102,970 | 103,500,099 | |
Series B, 4.00%, 12/01/51 | 9,220 | 9,144,622 | |
Series B-1, 5.00%, 05/01/53 | 20,000 | 20,850,236 | |
386,914,272 | |||
Arizona — 1.3% | |||
Arizona Industrial Development Authority, Refunding RB(b) | |||
Series A, 5.25%, 07/01/37 | 1,230 | 1,244,996 | |
Series A, 5.50%, 07/01/52 | 2,450 | 2,456,010 | |
City of Phoenix Civic Improvement Corp., RB | |||
Junior Lien, 5.00%, 07/01/40 | 2,000 | 2,250,463 | |
Junior Lien, 5.00%, 07/01/42 | 7,815 | 8,676,859 | |
Junior Lien, Sustainability Bonds, 5.00%, 07/01/44 | 20,000 | 21,405,363 | |
Subordinate, 5.00%, 07/01/44 | 5,000 | 5,439,284 | |
Pinal County Industrial Development Authority, RB, 6.25%, 06/01/26 | 150 | 153,148 | |
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/38 | 45,000 | 45,129,597 | |
Tucson Industrial Development Authority/Pima County Industrial Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 6.00%, 01/01/55 | 6,125 | 6,491,553 | |
93,247,273 | |||
Arkansas — 1.0% | |||
Arkansas Development Finance Authority, RB(b) | |||
AMT, 4.75%, 09/01/49 | 34,660 | 34,334,805 | |
AMT, Sustainability Bonds, 7.38%, 07/01/48 | 15,700 | 17,663,276 | |
Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48 | 18,200 | 19,991,212 | |
University of Arkansas, RB, Series A, 5.00%, 12/01/45 | 4,540 | 4,865,256 | |
76,854,549 | |||
California — 7.4% | |||
California Community Choice Financing Authority, RB, Sustainability Bonds, 5.50%, 10/01/54(a) | 10,000 | 10,949,910 | |
California Health Facilities Financing Authority, RB, Series A, 5.00%, 12/01/36 | 21,850 | 24,262,870 | |
California Statewide Communities Development Authority, SAB, Series C, 3.00%, 09/02/30 | 3,115 | 3,020,664 | |
City of Los Angeles Department of Airports, ARB | |||
Series A, AMT, 5.00%, 05/15/44 | 8,000 | 8,213,466 | |
Series A, AMT, 5.25%, 05/15/48 | 7,000 | 7,207,899 | |
Sub-Series A, AMT, 5.00%, 05/15/47 | 2,855 | 2,893,216 |
Security | Par (000) | Value | |
California (continued) | |||
City of Los Angeles Department of Airports, ARB (continued) | |||
AMT, Sustainability Bonds, 5.00%, 05/15/47 | $ | 26,170 | $ 27,649,448 |
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/45 | 18,000 | 18,924,405 | |
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) | 7,590 | 6,683,416 | |
CSCDA Community Improvement Authority, RB, M/F Housing(b) | |||
Mezzanine Lien, Sustainability Bonds, 4.00%, 06/01/57 | 7,220 | 4,913,315 | |
Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 | 6,125 | 3,929,760 | |
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 | 15,875 | 11,008,346 | |
Series B, Sustainability Bonds, 4.00%, 07/01/58 | 10,330 | 7,169,356 | |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | |||
Series A, AMT, 5.00%, 05/01/39 | 14,500 | 15,201,259 | |
Series A, AMT, 5.25%, 05/01/42 | 17,000 | 18,903,208 | |
Series A, AMT, 5.00%, 05/01/49 | 26,000 | 26,702,680 | |
Series B, AMT, 5.00%, 05/01/46 | 45,000 | 45,390,399 | |
Series D, AMT, 5.00%, 05/01/43 | 17,735 | 18,317,706 | |
Series D, AMT, 5.00%, 05/01/48 | 50,880 | 52,081,952 | |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/38 | 10,000 | 11,018,968 | |
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, Sustainability Bonds, 1.00%, 10/01/26(c) | 100,000 | 94,325,645 | |
University of California, RB | |||
Series M, 5.00%, 05/15/37 | 15,410 | 16,142,234 | |
Series M, 5.00%, 05/15/42 | 25,000 | 25,880,970 | |
University of California, Refunding RB, Series Q, 5.00%, 05/15/46 | 83,420 | 91,423,959 | |
552,215,051 | |||
Colorado — 2.9% | |||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | |||
Series A, AMT, 5.00%, 12/01/36 | 7,360 | 7,695,375 | |
Series A, AMT, 5.00%, 12/01/38 | 17,750 | 18,520,239 | |
Series A, AMT, 5.00%, 12/01/43 | 13,860 | 14,212,060 | |
Series A, AMT, 5.25%, 12/01/43 | 45,235 | 47,072,579 | |
Series A, AMT, 5.25%, 12/01/48 | 41,110 | 42,300,428 | |
Series D, AMT, 5.75%, 11/15/45 | 3,290 | 3,660,316 | |
Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 07/01/31(b) | 500 | 472,534 | |
Colorado Health Facilities Authority, RB, Series A, 5.00%, 12/01/34 | 45,150 | 51,536,311 | |
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/15/47 | 25,000 | 26,862,310 | |
Mayfield Metropolitan District, GOL, Series A, 5.75%, 12/01/50 | 1,189 | 1,192,734 | |
213,524,886 | |||
Connecticut — 1.2% | |||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series B, Sustainability Bonds, 5.75%, 11/15/53 | 14,070 | 14,835,580 | |
Connecticut State Health & Educational Facilities Authority, Refunding RB(a) | |||
Series 2015-A, 0.38%, 07/01/35 | 39,965 | 39,898,393 |
Security | Par (000) | Value | |
Connecticut (continued) | |||
Connecticut State Health & Educational Facilities Authority, Refunding RB(a) (continued) | |||
Series B, 07/01/49(d) | $ | 9,705 | $ 10,448,350 |
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) | 1,165 | 1,160,795 | |
State of Connecticut Special Tax Revenue, RB | |||
Series A, 4.00%, 05/01/40 | 2,335 | 2,375,574 | |
Series A, 5.00%, 07/01/41 | 15,285 | 16,897,062 | |
State of Connecticut, GO, Series A, 5.00%, 04/15/39 | 1,000 | 1,071,953 | |
86,687,707 | |||
Delaware — 0.4% | |||
Delaware State Economic Development Authority, Refunding RB, Series A, 1.25%, 10/01/45(a) | 25,165 | 23,837,027 | |
Delaware State Housing Authority, RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 6.00%, 01/01/55 | 7,515 | 8,194,159 | |
32,031,186 | |||
District of Columbia — 3.3% | |||
District of Columbia Income Tax Revenue, RB, Series C, 5.00%, 05/01/45 | 11,670 | 12,372,438 | |
District of Columbia Water & Sewer Authority, Refunding RB, Series B, 5.00%, 10/01/49 | 5,745 | 5,946,246 | |
District of Columbia, GO, Series D, 5.00%, 06/01/42 | 27,440 | 28,396,973 | |
District of Columbia, Refunding GO, Series A, 5.25%, 01/01/48 | 18,355 | 20,355,174 | |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB | |||
Series A, AMT, 10/01/29(d) | 14,000 | 14,770,504 | |
Series A, AMT, 10/01/30(d) | 16,500 | 17,585,569 | |
Series A, AMT, 10/01/33(d) | 20,000 | 21,953,537 | |
Series A, AMT, 5.00%, 10/01/48 | 12,400 | 12,722,859 | |
Washington Metropolitan Area Transit Authority, RB | |||
5.00%, 07/01/43 | 22,315 | 23,014,777 | |
Series B, 5.00%, 07/01/42 | 81,415 | 84,053,286 | |
Washington Metropolitan Area Transit Authority, Refunding RB, Series A-1, 5.00%, 07/01/31 | 6,860 | 7,138,484 | |
248,309,847 | |||
Florida — 2.4% | |||
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49(b) | 4,365 | 4,222,099 | |
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 | 30,000 | 30,664,975 | |
Florida Development Finance Corp., RB(b) | |||
6.50%, 06/30/57 | 8,670 | 6,122,754 | |
Series C, 5.75%, 12/15/56 | 6,295 | 5,395,861 | |
AMT, 5.00%, 05/01/29 | 1,820 | 1,841,466 | |
AMT, 6.13%, 07/01/32(a) | 11,725 | 12,100,973 | |
Florida Development Finance Corp., Refunding RB, Series A, 4.50%, 12/15/56(b) | 18,065 | 13,995,506 | |
Greater Orlando Aviation Authority, ARB | |||
Series A, AMT, 5.00%, 10/01/44 | 28,000 | 29,097,266 | |
Sub-Series A, AMT, 5.00%, 10/01/42 | 43,040 | 44,339,222 | |
Sub-Series A, AMT, 5.00%, 10/01/47 | 17,500 | 17,867,450 | |
Lakewood Ranch Stewardship District, SAB, 4.63%, 05/01/27 | 1,135 | 1,137,085 | |
Live Oak Lake Community Development District, SAB | |||
4.40%, 05/01/40 | 1,600 | 1,508,482 | |
4.60%, 05/01/51 | 2,840 | 2,583,292 | |
Miami-Dade County Industrial Development Authority, RB, 5.10%, 11/01/43 | 8,370 | 7,769,864 |
Security | Par (000) | Value | |
Florida (continued) | |||
River Landing Community Development District, SAB | |||
Series A, 4.13%, 05/01/40 | $ | 860 | $ 785,017 |
Series B, 4.25%, 11/01/35 | 190 | 189,873 | |
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10 | 147 | 72,175 | |
Windward Community Development District, SAB, Series A-2, 4.40%, 11/01/35 | 440 | 439,931 | |
180,133,291 | |||
Georgia — 3.4% | |||
City of Atlanta Georgia Airport Passenger Facility Charge, ARB, Series D, AMT, Subordinate, 4.00%, 07/01/34 | 20,615 | 20,705,340 | |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 5,030 | 4,895,860 | |
Main Street Natural Gas, Inc., RB(a) | |||
Series A, 5.00%, 05/01/54 | 45,000 | 47,649,745 | |
Series B, 5.00%, 07/01/53 | 11,610 | 12,194,851 | |
Series C, 4.00%, 03/01/50 | 20,710 | 20,744,638 | |
Series C, 5.00%, 09/01/53 | 98,000 | 103,096,154 | |
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a) | 43,000 | 45,283,561 | |
254,570,149 | |||
Idaho — 0.1% | |||
Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48 | 10,000 | 11,011,577 | |
Illinois — 5.5% | |||
Chicago Board of Education, GO | |||
Series A, 5.00%, 12/01/42 | 2,200 | 2,192,478 | |
Series H, 5.00%, 12/01/36 | 4,620 | 4,715,115 | |
Chicago Board of Education, Refunding GO | |||
Series A, 5.00%, 12/01/28 | 4,000 | 4,154,920 | |
Series B, 4.00%, 12/01/35 | 11,640 | 11,311,613 | |
Series C, 5.00%, 12/01/24 | 4,445 | 4,466,756 | |
Series C, 5.00%, 12/01/25 | 12,760 | 12,920,504 | |
Series C, 5.00%, 12/01/26 | 3,060 | 3,125,682 | |
Series F, 5.00%, 12/01/24 | 9,585 | 9,618,769 | |
Series G, 5.00%, 12/01/34 | 5,000 | 5,111,484 | |
Chicago O’Hare International Airport, ARB | |||
Series A, AMT, Senior Lien, (AGM), 5.25%, 01/01/45 | 3,030 | 3,227,736 | |
Series D, AMT, Senior Lien, 5.00%, 01/01/42 | 16,340 | 16,528,029 | |
Series D, Senior Lien, 5.25%, 01/01/42 | 50,000 | 51,524,296 | |
Series D, Senior Lien, 5.00%, 01/01/47 | 20,000 | 20,343,541 | |
Chicago O’Hare International Airport, Refunding RB, Series A, AMT, 5.00%, 01/01/33 | 5,600 | 5,611,060 | |
Illinois Finance Authority, Refunding RB | |||
Series A, 5.00%, 10/01/38 | 7,050 | 7,065,233 | |
Series A, 5.00%, 07/15/42 | 10,000 | 10,372,445 | |
Series A, 5.00%, 10/01/48 | 31,850 | 32,756,522 | |
Series C, 5.00%, 02/15/41 | 30,000 | 30,660,354 | |
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.75%, 10/01/53 | 9,260 | 9,825,982 | |
Illinois State Toll Highway Authority, RB | |||
Series A, 5.00%, 01/01/44 | 7,075 | 7,448,259 | |
Series A, 5.00%, 01/01/45 | 7,940 | 8,443,147 | |
Series A, 5.25%, 01/01/45 | 35,000 | 38,969,068 | |
State of Illinois, GO | |||
5.50%, 05/01/39 | 9,040 | 9,902,134 | |
Series A, 5.00%, 11/01/29 | 27,500 | 29,510,138 | |
Series C, 5.50%, 10/01/42 | 28,000 | 31,151,999 |
Security | Par (000) | Value | |
Illinois (continued) | |||
State of Illinois, GO, BAB, Series B, 5.00%, 11/01/32 | $ | 14,000 | $ 15,018,202 |
State of Illinois, Refunding GO, Series A, 5.00%, 10/01/28 | 19,250 | 20,395,950 | |
406,371,416 | |||
Indiana — 0.1% | |||
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/44 | 6,490 | 6,781,372 | |
Kentucky — 0.5% | |||
Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54(a) | 12,000 | 12,856,196 | |
University of Kentucky, RB | |||
Series B, 4.00%, 04/01/40 | 11,720 | 11,938,882 | |
Series B, 4.00%, 04/01/41 | 12,185 | 12,330,739 | |
37,125,817 | |||
Louisiana — 3.8% | |||
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a) | 205,960 | 203,474,061 | |
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 0.88%, 02/01/46(a) | 10,580 | 10,372,667 | |
Louisiana Public Facilities Authority, RB | |||
5.00%, 10/01/43(a)(b) | 50,000 | 50,374,756 | |
5.25%, 10/01/48 | 6,185 | 6,498,884 | |
Series A, 5.00%, 04/01/39(b) | 1,425 | 1,348,489 | |
Series A, 5.00%, 06/01/39(b) | 1,300 | 1,305,000 | |
Series A, 5.00%, 06/01/49(b) | 3,000 | 2,882,487 | |
Series A, 5.00%, 06/01/58(b) | 4,500 | 4,289,850 | |
280,546,194 | |||
Maryland — 1.1% | |||
City of Baltimore Maryland, Refunding RB | |||
Series A, 4.50%, 09/01/33 | 2,735 | 2,691,455 | |
Series A, 5.00%, 09/01/38 | 1,400 | 1,407,895 | |
County of Anne Arundel Maryland, GOL, 5.00%, 10/01/47 | 11,255 | 11,609,280 | |
County of Montgomery Maryland, RB | |||
5.00%, 12/01/44 | 26,780 | 27,061,816 | |
Series 2016, 5.00%, 12/01/45 | 13,955 | 14,135,435 | |
County of Prince George’s Maryland, COP, 5.00%, 10/01/48 | 6,175 | 6,422,978 | |
Washington Suburban Sanitary Commission, RB | |||
(GTD), 4.00%, 06/01/38 | 5,380 | 5,427,365 | |
(GTD), 4.00%, 06/01/41 | 9,750 | 9,734,438 | |
78,490,662 | |||
Massachusetts — 6.9% | |||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 5.00%, 06/01/42 | 14,000 | 14,474,323 | |
Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47 | 7,500 | 8,289,675 | |
Commonwealth of Massachusetts, GOL | |||
Series A, 5.00%, 01/01/41 | 8,750 | 9,838,901 | |
Series A, 5.00%, 01/01/42 | 12,280 | 13,722,867 | |
Series A, 5.25%, 01/01/44 | 21,915 | 23,335,379 | |
Series A, 5.25%, 04/01/47 | 49,650 | 51,552,702 | |
Series E, 5.25%, 09/01/43 | 70,000 | 74,465,352 | |
Series F, 5.00%, 11/01/43 | 5,000 | 5,185,865 | |
Commonwealth of Massachusetts, Refunding GOL, Series B, 5.00%, 11/01/41 | 10,000 | 11,220,749 | |
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB | |||
Series A, 5.00%, 07/01/39 | 30,000 | 34,059,000 |
Security | Par (000) | Value | |
Massachusetts (continued) | |||
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB (continued) | |||
Series A-2, 5.00%, 07/01/42 | $ | 5,000 | $ 5,169,961 |
Sub-Series A-1, 5.25%, 07/01/48 | 57,645 | 63,773,009 | |
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 | 21,640 | 22,628,078 | |
Massachusetts Port Authority, Refunding ARB | |||
Series A, AMT, 5.00%, 07/01/47 | 5,670 | 5,760,468 | |
Series B, AMT, 5.00%, 07/01/43 | 22,430 | 22,798,133 | |
Series C, AMT, 5.00%, 07/01/44 | 15,000 | 15,536,318 | |
Series C, AMT, 5.00%, 07/01/49 | 20,000 | 20,581,216 | |
Massachusetts School Building Authority, RB, Series B, 5.25%, 02/15/48 | 50,000 | 52,336,521 | |
Nauset Regional School District, Refunding GO | |||
4.00%, 05/15/42 | 5,415 | 5,450,091 | |
4.00%, 05/15/43 | 5,120 | 5,133,304 | |
4.00%, 05/15/44 | 5,480 | 5,487,385 | |
University of Massachusetts Building Authority, Refunding RB, Series 1, 5.25%, 11/01/42 | 40,000 | 42,042,383 | |
512,841,680 | |||
Michigan — 3.0% | |||
Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44 | 10,000 | 10,496,067 | |
Michigan Finance Authority, RB | |||
5.00%, 11/01/44 | 10,000 | 10,089,888 | |
Series A, 6.50%, 06/01/57(b) | 5,980 | 2,603,692 | |
Sustainability Bonds, 5.50%, 02/28/49 | 3,660 | 4,036,529 | |
Michigan Finance Authority, Refunding RB | |||
5.00%, 11/15/41 | 58,080 | 59,039,136 | |
Series 2016, 5.25%, 12/01/41 | 25,630 | 26,203,058 | |
Series A, 5.00%, 12/01/41 | 12,130 | 12,855,327 | |
Series A, 5.00%, 12/01/42 | 10,150 | 10,486,865 | |
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 | 5,850 | 5,939,250 | |
Michigan State University, Refunding RB, Series A, 5.00%, 08/15/49 | 40,000 | 43,474,444 | |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 16,470 | 16,714,567 | |
State of Michigan Trunk Line Revenue, RB | |||
4.00%, 11/15/37 | 13,000 | 13,482,715 | |
4.00%, 11/15/38 | 9,865 | 10,235,889 | |
225,657,427 | |||
Minnesota — 0.7% | |||
Minnesota Agricultural & Economic Development Board, RB | |||
5.00%, 01/01/41 | 3,000 | 3,312,565 | |
5.00%, 01/01/42 | 3,500 | 3,842,297 | |
5.25%, 01/01/47 | 12,500 | 13,842,708 | |
Minnesota Housing Finance Agency, RB, S/F Housing | |||
Series F, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.75%, 07/01/53 | 4,420 | 4,688,778 | |
Series O, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 | 3,775 | 4,047,103 | |
State of Minnesota, GO | |||
Series A, 4.00%, 09/01/40 | 14,745 | 15,039,199 | |
Series A, 4.00%, 09/01/41 | 6,255 | 6,349,423 | |
51,122,073 |
Security | Par (000) | Value | |
Mississippi — 0.1% | |||
Medical Center Educational Building Corp., Refunding RB, 5.00%, 06/01/47 | $ | 8,975 | $ 9,188,959 |
State of Mississippi, GO, Series C, 4.00%, 10/01/40 | 1,865 | 1,837,150 | |
11,026,109 | |||
Missouri — 0.5% | |||
Health & Educational Facilities Authority of the State of Missouri, RB | |||
4.50%, 01/01/39 | 15,085 | 15,085,689 | |
Series A, 5.00%, 10/01/46 | 6,000 | 6,304,299 | |
Missouri Housing Development Commission, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 6.00%, 05/01/55 | 15,510 | 16,993,680 | |
38,383,668 | |||
Montana — 0.1% | |||
Montana Board of Housing, RB, S/F Housing, Series A, 5.75%, 12/01/53 | 9,265 | 9,831,519 | |
Nebraska — 0.1% | |||
Omaha School District, GO, 4.00%, 12/15/42 | 6,725 | 6,680,835 | |
Nevada — 0.4% | |||
County of Clark Nevada, GOL, Series A, 5.00%, 06/01/43 | 30,000 | 31,481,692 | |
State of Nevada Department of Business & Industry, RB | |||
Series A, 4.50%, 12/15/29(b) | 245 | 239,620 | |
Series A, 5.00%, 07/15/37 | 875 | 875,475 | |
32,596,787 | |||
New Jersey — 3.1% | |||
New Jersey Economic Development Authority, RB, 5.00%, 06/15/43 | 7,550 | 7,876,981 | |
New Jersey Health Care Facilities Financing Authority, Refunding RB | |||
Series A, 5.00%, 07/01/37 | 3,000 | 3,115,112 | |
Series A, 5.00%, 07/01/38 | 29,350 | 30,457,723 | |
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series K, Sustainability Bonds, 6.00%, 10/01/55 | 6,520 | 7,025,754 | |
New Jersey Transportation Trust Fund Authority, RB | |||
5.25%, 06/15/43 | 9,000 | 9,918,178 | |
5.00%, 06/15/46 | 12,350 | 12,840,346 | |
Series C, 5.25%, 06/15/32 | 20,010 | 20,173,909 | |
New Jersey Transportation Trust Fund Authority, Refunding RB | |||
Series AA, 5.00%, 06/15/39 | 8,500 | 9,426,160 | |
Series AA, 5.00%, 06/15/40 | 3,985 | 4,382,142 | |
New Jersey Turnpike Authority, RB | |||
Series B, 5.00%, 01/01/46 | 20,000 | 21,707,068 | |
Series B, 5.25%, 01/01/49 | 30,000 | 33,247,568 | |
Series E, 5.00%, 01/01/32 | 4,425 | 4,461,911 | |
State of New Jersey, GO | |||
5.00%, 06/01/40 | 12,500 | 13,003,527 | |
5.00%, 06/01/41 | 11,500 | 11,932,633 | |
5.00%, 06/01/42 | 10,500 | 10,871,074 |
Security | Par (000) | Value | |
New Jersey (continued) | |||
Tobacco Settlement Financing Corp., Refunding RB | |||
Series A, 5.00%, 06/01/46 | $ | 15,000 | $ 15,476,175 |
Series A, 5.25%, 06/01/46 | 10,000 | 10,429,600 | |
226,345,861 | |||
New Mexico — 0.1% | |||
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 02/01/27 | 95 | 98,365 | |
New Mexico Mortgage Finance Authority, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.75%, 03/01/54 | 6,445 | 6,867,923 | |
6,966,288 | |||
New York — 11.2% | |||
City of New York, GO | |||
Series E-1, 5.00%, 03/01/39 | 10,375 | 10,913,056 | |
Sub-Series F-1, 5.00%, 04/01/43 | 30,000 | 31,308,799 | |
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 | 10,000 | 10,300,894 | |
New York City Municipal Water Finance Authority, Refunding RB | |||
5.00%, 06/15/40 | 3,325 | 3,580,543 | |
Series CC1, 5.00%, 06/15/37 | 24,000 | 25,103,187 | |
Series EE, 5.00%, 06/15/40 | 24,040 | 25,134,327 | |
Series EE, 5.00%, 06/15/45 | 7,000 | 7,261,946 | |
Series EE2, 5.00%, 06/15/40 | 39,865 | 42,642,323 | |
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S, Subordinate, (SAW), 5.00%, 07/15/41 | 3,675 | 3,724,198 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | |||
Series B-1, 5.00%, 08/01/39 | 7,590 | 7,594,708 | |
Series D-1, 5.50%, 11/01/45 | 19,690 | 22,305,395 | |
Series E-1, 5.00%, 02/01/41 | 20,000 | 20,106,294 | |
Sub-Series A-1, 5.00%, 08/01/37 | 8,015 | 8,020,894 | |
Sub-Series E-1, 5.00%, 02/01/39 | 2,525 | 2,613,125 | |
Sub-Series F-1, 5.00%, 05/01/42 | 3,000 | 3,091,662 | |
Series C-3, Subordinate, 5.00%, 05/01/39 | 2,600 | 2,739,686 | |
Series F-1, Subordinate, 5.00%, 02/01/44 | 4,000 | 4,333,602 | |
New York City Transitional Finance Authority, RB | |||
Series C, 5.50%, 05/01/40 | 3,000 | 3,521,622 | |
Series C, 5.50%, 05/01/41 | 10,000 | 11,681,403 | |
Series G-1, 5.00%, 05/01/40 | 6,035 | 6,811,925 | |
Series G-1, 5.00%, 05/01/41 | 5,960 | 6,670,985 | |
Series G-1, 5.00%, 05/01/42 | 10,000 | 11,178,299 | |
New York State Dormitory Authority, RB | |||
Series A, 5.00%, 03/15/40 | 3,495 | 3,624,575 | |
Series A, 5.00%, 03/15/41 | 3,240 | 3,349,353 | |
Series A, 5.00%, 07/01/43 | 2,050 | 2,144,055 | |
New York State Dormitory Authority, Refunding RB | |||
5.00%, 07/01/44 | 2,130 | 2,335,707 | |
Series A, 5.25%, 03/15/38 | 5,000 | 5,400,365 | |
Series A, 5.00%, 03/15/39 | 5,275 | 6,027,723 | |
Series A, 4.00%, 03/15/40 | 34,960 | 35,717,951 | |
Series A, 5.00%, 03/15/40 | 8,500 | 9,219,988 | |
Series A, 5.00%, 03/15/41 | 14,710 | 16,543,154 | |
Series A, 5.00%, 03/15/42 | 11,585 | 12,963,799 | |
Series A, 5.00%, 03/15/46 | 39,000 | 42,245,749 | |
Series E, 5.00%, 03/15/40 | 2,270 | 2,405,968 |
Security | Par (000) | Value | |
New York (continued) | |||
New York State Dormitory Authority, Refunding RB (continued) | |||
Series E, 5.00%, 03/15/42 | $ | 36,535 | $ 38,495,002 |
New York State Housing Finance Agency, RB, M/F Housing, Series J, Sustainability Bonds, (SONYMA), 1.10%, 11/01/61(a) | 36,070 | 33,235,740 | |
New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/44 | 14,075 | 15,561,155 | |
New York State Urban Development Corp., Refunding RB | |||
5.00%, 03/15/47 | 10,000 | 10,643,611 | |
Series A, 5.00%, 03/15/46 | 12,225 | 13,276,298 | |
Series E, 4.00%, 03/15/41 | 24,000 | 24,276,308 | |
New York Transportation Development Corp., ARB | |||
AMT, 6.00%, 04/01/35 | 14,215 | 16,036,848 | |
AMT, 5.00%, 12/01/35 | 1,650 | 1,783,217 | |
AMT, 5.00%, 12/01/38 | 10,000 | 10,621,984 | |
New York Transportation Development Corp., RB | |||
AMT, 5.00%, 10/01/35 | 25,020 | 26,266,402 | |
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49 | 13,380 | 13,898,406 | |
AMT, Sustainability Bonds, 5.25%, 06/30/49 | 47,200 | 49,362,179 | |
Port Authority of New York & New Jersey, ARB, AMT, 5.00%, 11/01/49 | 33,555 | 34,712,493 | |
Port Authority of New York & New Jersey, Refunding ARB | |||
5.00%, 10/15/42 | 10,000 | 10,291,643 | |
Series 205, 5.00%, 11/15/47 | 14,610 | 15,169,164 | |
AMT, 5.00%, 01/15/47 | 12,550 | 13,230,765 | |
Series 207, AMT, 5.00%, 09/15/31 | 14,950 | 15,472,132 | |
Series 207, AMT, 5.00%, 09/15/32 | 4,000 | 4,119,536 | |
Series 231, AMT, 5.50%, 08/01/39 | 5,710 | 6,370,187 | |
Series 231, AMT, 5.50%, 08/01/47 | 40,000 | 43,555,328 | |
Triborough Bridge & Tunnel Authority, Refunding RB | |||
Series A, 5.00%, 11/15/41 | 10,000 | 10,160,216 | |
Series C, Sustainability Bonds, 5.25%, 11/15/40 | 5,335 | 6,090,655 | |
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 | 2,500 | 2,521,672 | |
827,768,201 | |||
North Carolina — 0.1% | |||
North Carolina Housing Finance Agency, RB, S/F Housing, Series 52A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 01/01/55 | 9,345 | 10,122,015 | |
Ohio — 1.3% | |||
Ohio University, Refunding RB | |||
Series A, 5.00%, 12/01/44 | 16,500 | 16,973,423 | |
Series A, 5.00%, 12/01/45 | 7,000 | 7,192,075 | |
Ohio Water Development Authority Water Pollution Control Loan Fund, RB | |||
Series B, Sustainability Bonds, 5.00%, 12/01/39 | 10,000 | 11,319,847 | |
Series B, Sustainability Bonds, 5.00%, 12/01/40 | 11,500 | 12,915,547 | |
Series B, Sustainability Bonds, 5.00%, 12/01/41 | 10,000 | 11,163,507 | |
State of Ohio, GO, Series A, 5.00%, 03/01/41 | 5,000 | 5,653,762 | |
State of Ohio, RB, 4.00%, 01/01/40 | 3,190 | 3,204,637 | |
University of Cincinnati, RB | |||
Series A, 5.25%, 06/01/49 | 20,000 | 22,068,552 | |
Series C, 5.00%, 06/01/41 | 2,600 | 2,651,212 | |
93,142,562 |
Security | Par (000) | Value | |
Oklahoma — 0.6% | |||
Oklahoma County Finance Authority, RB | |||
(BAM), 5.00%, 10/01/41 | $ | 2,000 | $ 2,197,261 |
(BAM), 5.00%, 10/01/42 | 3,000 | 3,279,332 | |
(BAM), 5.00%, 10/01/43 | 2,500 | 2,729,445 | |
(BAM), 5.00%, 10/01/44 | 1,850 | 2,003,823 | |
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(b) | 7,990 | 8,507,103 | |
Oklahoma Industries Authority, RB | |||
5.00%, 04/01/28 | 11,890 | 12,610,117 | |
5.00%, 04/01/32 | 10,475 | 11,725,086 | |
43,052,167 | |||
Pennsylvania — 1.5% | |||
Allentown Neighborhood Improvement Zone Development Authority, RB(b) | |||
5.00%, 05/01/27 | 2,070 | 2,114,054 | |
5.00%, 05/01/32 | 3,750 | 3,828,858 | |
Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/47 | 5,500 | 5,662,879 | |
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1,535 | 1,537,148 | |
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53 | 11,975 | 12,978,748 | |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, 5.25%, 12/01/44 | 30,000 | 31,754,860 | |
Pennsylvania Turnpike Commission, RB | |||
Sub-Series A, 5.50%, 12/01/46 | 40,000 | 41,163,660 | |
Series A, Subordinate, 5.00%, 12/01/44 | 5,000 | 5,205,506 | |
Sub-Series A-1, Subordinate, 5.00%, 12/01/41 | 4,200 | 4,235,805 | |
108,481,518 | |||
Puerto Rico — 0.9% | |||
Commonwealth of Puerto Rico, GO | |||
Series A-1, Restructured, 5.75%, 07/01/31 | 13,205 | 14,612,707 | |
Series A-1, Restructured, 4.00%, 07/01/33 | 20,418 | 20,258,356 | |
Series A-1, Restructured, 4.00%, 07/01/35 | 8,168 | 8,024,402 | |
Series A-1, Restructured, 4.00%, 07/01/37 | 25,180 | 24,308,557 | |
67,204,022 | |||
South Carolina — 3.4% | |||
County of Dorchester South Carolina, SAB(b) | |||
5.88%, 10/01/40 | 1,245 | 1,288,064 | |
6.00%, 10/01/51 | 3,000 | 3,071,032 | |
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) | 48,600 | 51,902,332 | |
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54(a) | 96,375 | 104,040,464 | |
South Carolina Jobs-Economic Development Authority, RB | |||
7.50%, 08/15/62(b) | 10,135 | 9,594,445 | |
Series A, 5.25%, 11/01/41 | 8,965 | 10,107,126 | |
Series A, 5.25%, 11/01/43 | 24,385 | 27,282,094 | |
Series A, 5.50%, 11/01/48 | 8,290 | 9,306,038 | |
Series A, 5.50%, 11/01/49 | 18,635 | 20,865,367 | |
South Carolina Jobs-Economic Development Authority, Refunding RB, 5.25%, 11/15/37 | 3,005 | 3,032,091 | |
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B, 6.00%, 01/01/54 | 9,820 | 10,644,490 | |
251,133,543 |
Security | Par (000) | Value | |
South Dakota — 0.0% | |||
South Dakota State Building Authority, Refunding RB, Series C, 4.00%, 06/01/40 | $ | 1,000 | $ 1,010,337 |
Tennessee — 2.1% | |||
County of Knox Tennessee, GO | |||
4.00%, 06/01/42 | 6,230 | 6,272,312 | |
4.00%, 06/01/43 | 4,980 | 4,980,185 | |
4.00%, 06/01/44 | 5,765 | 5,747,675 | |
Tennergy Corp., RB, Series A, 10/01/54(a)(d) | 36,450 | 38,271,971 | |
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) | 75,000 | 77,916,796 | |
Tennessee Housing Development Agency, RB, S/F Housing, Series 2A, Sustainability Bonds, 5.75%, 01/01/54 | 12,670 | 13,425,103 | |
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 3A, Sustainability Bonds, 6.25%, 01/01/54 | 5,450 | 5,897,579 | |
152,511,621 | |||
Texas — 12.9% | |||
Arlington Higher Education Finance Corp., RB | |||
7.88%, 11/01/62(b) | 9,425 | 9,900,191 | |
Series A, 5.30%, 04/01/62(b) | 6,415 | 5,030,209 | |
Series A, 5.75%, 08/15/62 | 4,950 | 4,817,307 | |
Austin Independent School District, GO | |||
(PSF), 5.00%, 08/01/39 | 6,300 | 7,197,499 | |
(PSF), 5.00%, 08/01/40 | 4,775 | 5,297,777 | |
(PSF), 5.00%, 08/01/41 | 8,935 | 9,861,908 | |
(PSF), 5.00%, 08/01/42 | 7,255 | 7,975,364 | |
5.00%, 08/01/48 | 20,000 | 20,951,678 | |
(PSF), 5.00%, 08/01/49 | 26,100 | 28,616,713 | |
(PSF), 5.25%, 08/01/49 | 13,395 | 15,022,952 | |
Board of Regents of the University of Texas System, Refunding RB, Series A, 5.00%, 08/15/43 | 11,035 | 12,185,813 | |
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB | |||
4.00%, 10/01/40 | 4,535 | 4,540,257 | |
Series C, 5.00%, 10/01/45 | 21,635 | 23,053,366 | |
City of Dallas Texas, Refunding GOL, Series A, 4.00%, 02/15/37 | 4,080 | 4,122,215 | |
City of Houston Texas, Refunding GOL | |||
Series A, 5.25%, 03/01/42 | 1,375 | 1,533,045 | |
Series A, 5.25%, 03/01/43 | 1,380 | 1,530,129 | |
City of Midland Texas, Refunding GOL, Series B, 5.00%, 03/01/47 | 10,000 | 10,697,965 | |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB | |||
Series A, 5.25%, 02/01/40 | 10,000 | 11,397,173 | |
Series A, 5.25%, 02/01/41 | 25,625 | 28,999,771 | |
Series A, 5.25%, 02/01/42 | 9,150 | 10,279,792 | |
Series A, 5.25%, 02/01/49 | 10,550 | 11,620,185 | |
Series B, 5.25%, 02/01/49 | 10,000 | 11,013,301 | |
Conroe Independent School District, GO | |||
(PSF), 5.00%, 02/15/40 | 7,375 | 8,329,496 | |
(PSF), 5.00%, 02/15/41 | 3,360 | 3,767,040 | |
County of Harris Texas Toll Road Revenue, Refunding RB | |||
Series A, 1st Lien, 5.25%, 08/15/49 | 8,000 | 8,838,364 | |
Series A, Senior Lien, 5.00%, 08/15/43 | 16,890 | 17,490,400 | |
County of Lubbock Texas, GO, 5.00%, 02/15/41 | 2,215 | 2,466,752 | |
Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48 | 30,980 | 33,076,501 |
Security | Par (000) | Value | |
Texas (continued) | |||
Del Mar College District, GOL, 4.00%, 08/15/36 | $ | 10,050 | $ 10,069,345 |
Grand Parkway Transportation Corp., RB | |||
Series A, 5.00%, 10/01/43 | 82,000 | 85,273,957 | |
Series A, 5.00%, 10/01/48 | 7,305 | 7,552,927 | |
Greater Texoma Utility Authority, RB | |||
Series A, (BAM), 5.25%, 10/01/48 | 22,400 | 24,216,069 | |
Series R, (BAM), 5.00%, 10/01/42 | 5,770 | 6,280,918 | |
Series R, (BAM), 5.00%, 10/01/43 | 6,095 | 6,602,182 | |
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33 | 40 | 40,019 | |
Lewisville Independent School District, GO | |||
(PSF), 5.00%, 08/15/40 | 9,000 | 9,996,194 | |
(PSF), 4.00%, 08/15/41 | 10,500 | 10,427,460 | |
Lower Colorado River Authority, Refunding RB | |||
5.00%, 05/15/44 | 5,050 | 5,174,032 | |
5.25%, 05/15/48 | 30,000 | 32,898,441 | |
(AGM), 5.50%, 05/15/48 | 17,850 | 19,703,303 | |
(AGM), 5.00%, 05/15/49 | 16,260 | 17,331,273 | |
5.00%, 05/15/50 | 10,310 | 10,704,114 | |
Series A, 5.50%, 05/15/47 | 5,000 | 5,525,261 | |
Midland Independent School District, GO | |||
(PSF), 4.00%, 02/15/40 | 2,450 | 2,492,233 | |
(PSF), 4.00%, 02/15/41 | 5,000 | 5,025,211 | |
New Hope Cultural Education Facilities Finance Corp., RB | |||
Series A, 5.00%, 07/01/40 | 3,960 | 3,618,232 | |
Series A, 5.00%, 07/01/57 | 7,000 | 5,747,092 | |
New Hope Cultural Education Facilities Finance Corp., Refunding RB | |||
Series A, 4.00%, 08/15/40 | 2,000 | 1,966,020 | |
Series A, 6.75%, 10/01/52 | 580 | 554,469 | |
Series B2, 4.50%, 10/01/26 | 2,970 | 2,937,381 | |
North Fort Bend Water Authority, Refunding RB, Series A, 4.00%, 12/15/41 | 2,055 | 2,054,428 | |
North Texas Tollway Authority, Refunding RB | |||
Series A, 5.00%, 01/01/40 | 20,000 | 21,971,977 | |
Series A, 5.00%, 01/01/43 | 10,845 | 11,233,585 | |
Series B, 5.00%, 01/01/43 | 10,000 | 10,231,072 | |
Northwest Independent School District, GO, (PSF), 5.00%, 02/15/49 | 24,250 | 26,177,562 | |
Pasadena Independent School District, Refunding GO, (PSF), 4.00%, 02/15/39 | 5,000 | 5,146,489 | |
Pflugerville Independent School District, GO, Series A, 5.00%, 02/15/41 | 7,225 | 7,913,235 | |
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/48 | 24,945 | 26,900,190 | |
Tarrant County Cultural Education Facilities Finance Corp., RB | |||
5.50%, 11/15/47 | 11,905 | 13,241,771 | |
Series B, 5.00%, 07/01/38 | 19,115 | 20,198,905 | |
Series B, 5.00%, 07/01/43 | 48,000 | 50,146,476 | |
Series B, 5.00%, 07/01/48 | 11,560 | 11,909,397 | |
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB | |||
Series A, 5.00%, 02/15/41 | 15,900 | 16,215,672 | |
Series A, 5.00%, 11/15/45 | 7,300 | 7,394,972 | |
Series A, 5.00%, 02/15/47 | 8,650 | 8,788,153 | |
Texas Department of Housing & Community Affairs, RB, S/F Housing | |||
Series A, (GNMA), 5.75%, 03/01/54 | 28,995 | 31,220,827 |
Security | Par (000) | Value | |
Texas (continued) | |||
Texas Department of Housing & Community Affairs, RB, S/F Housing (continued) | |||
Series B, (GNMA), 6.00%, 03/01/53 | $ | 11,800 | $ 12,751,174 |
Texas Water Development Board, RB | |||
4.00%, 10/15/44 | 7,100 | 7,074,142 | |
4.00%, 10/15/45 | 14,075 | 13,705,927 | |
Series B, 4.00%, 10/15/43 | 11,100 | 10,990,645 | |
Series B, 5.00%, 04/15/49 | 45,315 | 47,084,515 | |
956,100,410 | |||
Utah — 1.1% | |||
County of Utah Utah, Refunding RB, Series A, 5.00%, 05/15/41 | 40,000 | 40,906,332 | |
Intermountain Power Agency, RB, Series A, 5.25%, 07/01/45 | 25,585 | 28,383,131 | |
Utah Charter School Finance Authority, RB(b) | |||
5.00%, 06/15/42 | 1,810 | 1,569,892 | |
5.00%, 06/15/52 | 5,420 | 4,406,438 | |
5.63%, 06/15/54 | 4,930 | 4,878,637 | |
Utah Charter School Finance Authority, Refunding RB, 5.25%, 06/15/37(b) | 3,795 | 3,658,725 | |
83,803,155 | |||
Vermont — 0.1% | |||
East Central Vermont Telecommunications District, RB(b) | |||
Series A, 4.00%, 12/01/30 | 2,010 | 1,933,599 | |
Series A, 4.25%, 12/01/40 | 4,030 | 3,390,048 | |
Series A, 4.50%, 12/01/50 | 960 | 727,183 | |
Vermont Housing Finance Agency, RB, S/F Housing, Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.75%, 11/01/53 | 4,500 | 4,824,298 | |
10,875,128 | |||
Virginia — 3.0% | |||
Ballston Quarter Community Development Authority, TA, Series A-1, 5.50%, 03/01/46 | 693 | 697,398 | |
Ballston Quarter Community Development Authority, TA, CAB, Series A-2, 7.13%, 03/01/30(e) | 1,662 | 1,314,442 | |
Hanover County Economic Development Authority, Refunding RB, 5.00%, 07/01/38 | 125 | 117,996 | |
Prince William County Industrial Development Authority, RB, Series A, 5.00%, 10/01/41 | 2,460 | 2,747,512 | |
University of Virginia, Refunding RB | |||
Series A, 5.00%, 04/01/39 | 21,600 | 22,441,855 | |
Series A, 5.00%, 04/01/42 | 24,825 | 25,751,540 | |
Series A, 5.00%, 04/01/47 | 9,630 | 9,919,007 | |
Virginia Commonwealth Transportation Board, RB | |||
5.00%, 05/15/40 | 5,000 | 5,607,040 | |
4.00%, 05/15/41 | 10,000 | 10,078,883 | |
5.00%, 05/15/42 | 5,000 | 5,554,857 | |
Virginia Port Authority Commonwealth Port Fund, ARB, Series A, 5.25%, 07/01/48 | 32,500 | 36,499,066 | |
Virginia Public Building Authority, ARB | |||
Series A, 4.00%, 08/01/35 | 5,690 | 5,861,592 | |
Series A, 4.00%, 08/01/38 | 10,310 | 10,544,462 | |
Series B, AMT, 4.00%, 08/01/36 | 8,830 | 8,949,126 | |
Virginia Public Building Authority, RB | |||
Series A, 4.00%, 08/01/41 | 29,800 | 30,506,495 |
Security | Par (000) | Value | |
Virginia (continued) | |||
Virginia Public Building Authority, RB (continued) | |||
Series A, 4.00%, 08/01/42 | $ | 20,000 | $ 20,382,701 |
Series A-2, 4.00%, 08/01/38 | 24,000 | 24,891,480 | |
221,865,452 | |||
Washington — 1.0% | |||
King & Snohomish Counties School District No. 417 Northshore, Refunding GO | |||
(GTD), 5.00%, 12/01/39 | 2,150 | 2,444,407 | |
(GTD), 5.00%, 12/01/40 | 2,370 | 2,673,614 | |
Port of Seattle Washington, ARB | |||
Series A, AMT, 5.00%, 05/01/43 | 2,000 | 2,027,045 | |
Series C, AMT, Intermediate Lien, 5.25%, 05/01/42 | 47,930 | 49,256,486 | |
State of Washington, GO | |||
Series 2020A, 5.00%, 08/01/40 | 5,000 | 5,352,877 | |
Series C, 5.00%, 02/01/42 | 2,020 | 2,189,086 | |
Series F, 5.00%, 06/01/45 | 3,795 | 4,084,937 | |
State of Washington, Refunding GO, Series D, 4.00%, 07/01/37 | 5,000 | 5,177,513 | |
73,205,965 | |||
West Virginia — 0.1% | |||
West Virginia University, RB, 5.00%, 10/01/49 | 5,000 | 5,236,702 | |
Wisconsin — 0.7% | |||
Milwaukee Metropolitan Sewerage District, GO, Series D, Sustainability Bonds, 4.00%, 10/01/40 | 5,680 | 5,750,311 | |
Public Finance Authority, ARB | |||
AMT, 4.00%, 07/01/41 | 2,715 | 2,317,631 | |
AMT, 4.25%, 07/01/54 | 4,745 | 3,747,420 | |
Public Finance Authority, RB(b) | |||
7.00%, 10/01/31(f)(g) | 1,715 | 240,100 | |
6.25%, 10/01/47(f)(g) | 1,715 | 240,100 | |
Series A, 7.00%, 07/01/33 | 6,580 | 6,589,677 | |
Series A, 5.25%, 03/01/45 | 4,000 | 3,826,146 | |
Series A, 7.00%, 11/01/46 | 6,385 | 3,088,744 | |
Series A, 5.63%, 06/15/49 | 11,960 | 11,339,588 | |
Series A, 4.75%, 06/15/56 | 7,745 | 5,545,136 | |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 03/01/54 | 7,100 | 7,710,429 | |
50,395,282 | |||
Total Municipal Bonds — 94.6% (Cost: $6,978,388,123) | 7,022,175,576 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(h) | |||
California — 0.6% | |||
California State University, RB, Series A, 5.00%, 11/01/51 | 40,470 | 42,934,893 | |
District of Columbia — 0.7% | |||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 5.00%, 07/15/45 | 50,585 | 53,670,603 |
Security | Par (000) | Value | |
Massachusetts — 0.8% | |||
Commonwealth of Massachusetts, GO, Series C, 5.25%, 10/01/47 | $ | 50,000 | $ 55,264,504 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.1% (Cost: $155,156,185) | 151,870,000 | ||
Total Long-Term Investments — 96.7% (Cost: $7,133,544,308) | 7,174,045,576 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 5.2% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.88%(i)(j) | 388,514,633 | 388,553,485 | |
Total Short-Term Securities — 5.2% (Cost: $388,464,926) | 388,553,485 | ||
Total Investments — 101.9% (Cost: $7,522,009,234) | 7,562,599,061 | ||
Liabilities in Excess of Other Assets — (0.9)% | (70,977,368 ) | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.0)% | (71,287,668 ) | ||
Net Assets — 100.0% | $ 7,420,334,025 |
(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) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(d) | When-issued security. |
(e) | 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. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non-income producing security. |
(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. See Note 4 of the Notes to Financial Statements for details. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 06/30/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 623,096,181 | $ — | $ (234,570,176 )(a) | $ 68,152 | $ (40,672 ) | $ 388,553,485 | 388,514,633 | $ 13,898,253 | $ — |
iShares National Muni Bond ETF(b) | — | 246,484,949 | (245,759,758 ) | (725,191 ) | — | — | — | 759,194 | — |
$ (657,039 ) | $ (40,672 ) | $ 388,553,485 | $ 14,657,447 | $ — |
(a) | Represents net amount purchased (sold). |
(b) | As of period end, the entity is no longer held. |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) from: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ 4,709,515 | $ — | $ 4,709,515 |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ (4,223,162 ) | $ — | $ (4,223,162 ) |
Futures contracts: | |
Average notional value of contracts — long | $— (a) |
Average notional value of contracts — short | $120,418,313 |
(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Municipal Bonds | $ — | $ 7,022,175,576 | $ — | $ 7,022,175,576 |
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 151,870,000 | — | 151,870,000 |
Short-Term Securities | ||||
Money Market Funds | 388,553,485 | — | — | 388,553,485 |
$388,553,485 | $7,174,045,576 | $— | $7,562,599,061 |
Security | Par (000) | Value | |
Municipal Bonds | |||
Alabama — 10.3% | |||
Black Belt Energy Gas District, RB | |||
4.00%, 10/01/52(a) | $ | 3,485 | $ 3,487,205 |
Series A, 5.00%, 09/01/25 | 150 | 151,571 | |
Series A, 5.00%, 09/01/26 | 250 | 255,011 | |
Series A, 5.00%, 09/01/27 | 225 | 231,964 | |
Series A, 5.00%, 09/01/28 | 260 | 270,015 | |
Series A, 5.00%, 09/01/29 | 250 | 260,795 | |
Series A, 5.00%, 09/01/30 | 350 | 367,046 | |
Series A, 5.25%, 01/01/54(a) | 2,000 | 2,134,666 | |
Series C-1, 5.25%, 02/01/53(a) | 3,570 | 3,754,542 | |
Series F, 5.25%, 12/01/26 | 5,140 | 5,285,131 | |
Black Belt Energy Gas District, Refunding RB, Series D2, 4.98%, 07/01/52(a) | 2,650 | 2,678,841 | |
Columbia Industrial Development Board, Refunding RB, Series A, VRDN, 4.80%, 07/01/24(a)(b) | 4,600 | 4,600,000 | |
County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.00%, 10/01/29 | 1,250 | 1,342,497 | |
Energy Southeast A Cooperative District, RB | |||
Series B, 5.00%, 12/01/26 | 100 | 102,210 | |
Series B, 5.00%, 06/01/27 | 115 | 118,190 | |
Series B, 5.00%, 12/01/27 | 100 | 103,222 | |
Series B, 5.00%, 06/01/28 | 240 | 248,721 | |
Series B, 5.00%, 12/01/28 | 250 | 259,816 | |
Southeast Energy Authority A Cooperative District, RB | |||
Series A, 5.25%, 01/01/54(a) | 10,700 | 11,297,241 | |
Series A-1, 5.00%, 12/01/26 | 1,000 | 1,021,604 | |
Series B, 5.00%, 01/01/54(a) | 10,000 | 10,488,790 | |
48,459,078 | |||
Arizona — 2.7% | |||
Arizona Health Facilities Authority, RB, Series B, 4.13%, 01/01/46(a) | 4,975 | 4,921,024 | |
Chandler Industrial Development Authority, RB(a) | |||
AMT, 4.00%, 06/01/49 | 3,300 | 3,318,889 | |
Series 2, AMT, 5.00%, 09/01/52 | 2,925 | 3,043,897 | |
Salt Verde Financial Corp., RB, 5.50%, 12/01/29 | 1,475 | 1,580,870 | |
12,864,680 | |||
California — 1.5% | |||
California Community Choice Financing Authority, RB, Sustainability Bonds, 5.52%, 12/01/53(a) | 7,000 | 7,080,293 | |
Colorado — 2.2% | |||
Colorado Health Facilities Authority, RB(a) | |||
Series A, 5.00%, 11/15/59 | 4,900 | 5,281,544 | |
Series B-2, 5.00%, 08/01/49 | 4,515 | 4,647,525 | |
Regional Transportation District, Refunding RB, Series A, 3.00%, 01/15/26 | 610 | 603,505 | |
10,532,574 | |||
Connecticut — 1.4% | |||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing | |||
Series D-1, Sustainability Bonds, 5.00%, 11/15/26 | 555 | 577,083 | |
Series D-1, Sustainability Bonds, 5.00%, 05/15/27 | 655 | 686,089 | |
Series D-1, Sustainability Bonds, 5.00%, 11/15/27 | 350 | 368,835 | |
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series L-1, 4.00%, 07/01/24 | 650 | 649,981 | |
State of Connecticut, GO, Series A, 4.87%, 03/01/25(a) | 4,155 | 4,184,954 | |
6,466,942 |
Security | Par (000) | Value | |
Delaware — 1.6% | |||
Delaware State Economic Development Authority, Refunding RB, Series B, 1.25%, 10/01/40(a) | $ | 8,000 | $ 7,577,835 |
District of Columbia — 0.4% | |||
District of Columbia, RB, Series A, AMT, Sustainability Bonds, 5.00%, 02/28/27 | 865 | 890,510 | |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/27 | 1,000 | 1,001,479 | |
1,891,989 | |||
Florida — 2.2% | |||
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/28 | 3,000 | 3,033,543 | |
County of Broward Florida Port Facilities Revenue, ARB, AMT, 5.00%, 09/01/26 | 500 | 512,072 | |
County of Miami-Dade Florida Aviation Revenue, Refunding RB | |||
AMT, 5.00%, 10/01/30 | 500 | 500,656 | |
Series A, AMT, 5.00%, 10/01/28 | 2,350 | 2,354,186 | |
Greater Orlando Aviation Authority, ARB, Series A, AMT, 5.00%, 10/01/30 | 1,335 | 1,420,686 | |
Miami-Dade County Expressway Authority, Refunding RB, Series B, 5.00%, 07/01/30 | 410 | 410,311 | |
School Board of Miami-Dade County, Refunding COP, Series D, 5.00%, 11/01/27 | 2,110 | 2,118,725 | |
10,350,179 | |||
Georgia(a) — 3.8% | |||
Development Authority of Burke County, RB, 3.38%, 11/01/48 | 2,000 | 1,974,653 | |
Main Street Natural Gas, Inc., RB | |||
Series A, 5.00%, 06/01/53 | 5,000 | 5,240,069 | |
Series B, 5.00%, 07/01/53 | 10,045 | 10,551,014 | |
17,765,736 | |||
Guam — 0.5% | |||
Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/25 | 2,500 | 2,522,916 | |
Illinois — 2.6% | |||
Chicago O’Hare International Airport, Refunding RB, Series C, Senior Lien, 5.00%, 01/01/30 | 1,320 | 1,346,311 | |
City of Chicago Illinois Waterworks Revenue, Refunding RB, Series B, 2nd Lien, 5.00%, 11/01/24 | 1,185 | 1,190,657 | |
City of Chicago Illinois, Refunding GO, Series A, 5.00%, 01/01/26 | 575 | 584,370 | |
Illinois Finance Authority, Refunding RB, Series B, 4.58%, 05/01/42(a) | 1,000 | 985,387 | |
Illinois Housing Development Authority, RB, S/F Housing | |||
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.50%, 04/01/28 | 300 | 321,017 | |
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.50%, 10/01/28 | 250 | 268,943 | |
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.50%, 04/01/29 | 355 | 383,599 | |
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.50%, 10/01/29 | 375 | 406,868 | |
State of Illinois, GO | |||
Series B, 5.00%, 05/01/25 | 2,000 | 2,022,205 | |
Series B, 5.00%, 05/01/29 | 2,000 | 2,133,538 | |
Series D, 5.00%, 11/01/28 | 2,380 | 2,479,153 | |
12,122,048 |
Security | Par (000) | Value | |
Indiana(a) — 1.3% | |||
City of Whiting Indiana, RB, AMT, 5.00%, 11/01/47 | $ | 1,000 | $ 1,002,028 |
City of Whiting Indiana, Refunding RB, AMT, 5.00%, 12/01/44 | 5,010 | 5,101,366 | |
6,103,394 | |||
Kansas — 3.8% | |||
City of Burlington Kansas, Refunding RB, Series A, VRDN, 4.15%, 07/05/24(a)(b) | 18,000 | 18,000,000 | |
Kentucky — 2.7% | |||
Kentucky Public Energy Authority, Refunding RB | |||
Series B, 5.00%, 02/01/28 | 575 | 591,306 | |
Series B, 5.00%, 02/01/29 | 650 | 672,819 | |
Series B, 5.00%, 02/01/30 | 550 | 573,161 | |
Series B, 5.00%, 02/01/31 | 1,445 | 1,513,784 | |
Kentucky State Property & Building Commission, Refunding RB | |||
Series B, 5.00%, 11/01/25 | 5,250 | 5,357,167 | |
Series B, (SAP), 5.00%, 11/01/25 | 630 | 643,349 | |
Louisville/Jefferson County Metropolitan Government, Refunding RB, 5.00%, 10/01/30 | 3,340 | 3,409,298 | |
12,760,884 | |||
Louisiana(a) — 10.2% | |||
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51 | 13,515 | 13,351,874 | |
Louisiana Public Facilities Authority, RB, 5.00%, 10/01/43(c) | 10,000 | 10,074,951 | |
Parish of St. James Louisiana, RB, Series A-1, VRDN, 4.07%, 07/05/24(b) | 24,700 | 24,700,000 | |
48,126,825 | |||
Massachusetts — 1.2% | |||
Massachusetts Educational Financing Authority, RB | |||
AMT, 5.00%, 07/01/26 | 1,000 | 1,020,377 | |
Series B, AMT, 5.00%, 07/01/26 | 1,250 | 1,275,321 | |
Massachusetts Educational Financing Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/28 | 500 | 520,923 | |
Massachusetts Housing Finance Agency, RB, M/F Housing | |||
Series A-2, Sustainability Bonds, 0.45%, 12/01/24 | 1,500 | 1,478,204 | |
Series C2, Sustainability Bonds, 4.00%, 12/01/27 | 1,250 | 1,265,474 | |
5,560,299 | |||
Michigan — 4.2% | |||
Michigan Finance Authority, RB, 4.73%, 12/01/39(a) | 6,115 | 6,105,798 | |
Michigan Finance Authority, Refunding RB | |||
4.63%, 04/15/47(a) | 3,150 | 3,150,208 | |
Series D-1, 0.55%, 10/15/24 | 1,300 | 1,288,260 | |
Michigan State Housing Development Authority, RB, M/F Housing | |||
Series A, 0.55%, 04/01/25 | 975 | 950,148 | |
Series A-1, 0.65%, 10/01/24 | 460 | 455,937 | |
Michigan Strategic Fund, RB | |||
0.58%, 08/01/27(a) | 1,600 | 1,595,617 | |
AMT, 5.00%, 06/30/29 | 6,015 | 6,276,205 | |
19,822,173 | |||
Minnesota — 0.8% | |||
Hastings Independent School District No. 200, GO, CAB, Series A, 0.00%, 02/01/26(d) | 1,040 | 987,620 | |
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 5.00%, 07/01/28 | 500 | 505,738 | |
Minnesota Housing Finance Agency, RB, S/F Housing | |||
Series E, AMT, Sustainability Bonds, 0.70%, 01/01/25 | 800 | 782,862 |
Security | Par (000) | Value | |
Minnesota (continued) | |||
Minnesota Housing Finance Agency, RB, S/F Housing (continued) | |||
Series E, AMT, Sustainability Bonds, 0.90%, 01/01/26 | $ | 790 | $ 743,644 |
Series E, AMT, Sustainability Bonds, 1.10%, 01/01/27 | 585 | 532,356 | |
3,552,220 | |||
Missouri — 0.9% | |||
Kansas City Industrial Development Authority, ARB, Series A, AMT, 5.00%, 03/01/30 | 4,200 | 4,436,925 | |
Nebraska — 1.2% | |||
County of Douglas Nebraska, Refunding RB, 4.41%, 07/01/35(a) | 5,825 | 5,749,151 | |
Nevada — 1.8% | |||
Clark County Water Reclamation District, Refunding GO, 5.00%, 07/01/24 | 435 | 435,056 | |
County of Clark Nevada, Refunding GO, Series A, 5.00%, 07/01/24 | 350 | 350,045 | |
County of Clark Nevada, Refunding RB, Series B, 5.00%, 07/01/24 | 545 | 545,065 | |
County of Washoe Nevada, Refunding RB(a) | |||
Series C3, 4.13%, 03/01/36 | 2,000 | 2,018,059 | |
Series F, 4.13%, 03/01/36 | 5,000 | 5,045,146 | |
8,393,371 | |||
New Jersey — 5.8% | |||
Jersey City Municipal Utilities Authority, RB, Series A, (GTD), 5.00%, 05/01/25 | 2,350 | 2,381,843 | |
New Jersey Economic Development Authority, RB | |||
5.00%, 06/15/29 | 1,000 | 1,074,310 | |
5.00%, 11/01/29 | 1,050 | 1,133,004 | |
New Jersey Economic Development Authority, Refunding RB | |||
Series B, 5.00%, 11/01/26 | 10,620 | 11,002,929 | |
Series RRR, 5.00%, 03/01/28 | 6,000 | 6,342,300 | |
New Jersey Transportation Trust Fund Authority, RB | |||
5.00%, 06/15/29 | 1,425 | 1,517,928 | |
Series BB, 5.00%, 06/15/29 | 1,570 | 1,672,392 | |
New Jersey Transportation Trust Fund Authority, Refunding RB, Series AA, 5.00%, 06/15/25 | 1,875 | 1,901,760 | |
27,026,466 | |||
New Mexico — 1.7% | |||
City of Farmington New Mexico, Refunding RB, Series C, 3.88%, 06/01/40(a) | 5,000 | 5,033,224 | |
New Mexico Educational Assistance Foundation, Refunding RB, Series 1A, AMT, 5.00%, 09/01/27 | 2,000 | 2,060,031 | |
New Mexico Mortgage Finance Authority, RB, M/F Housing, 5.00%, 02/01/42(a) | 1,030 | 1,039,305 | |
8,132,560 | |||
New York — 7.1% | |||
Genesee County Funding Corp., Refunding RB | |||
Series A, 5.00%, 12/01/24 | 200 | 200,498 | |
Series A, 5.00%, 12/01/25 | 200 | 201,892 | |
Metropolitan Transportation Authority, Refunding RB, Series D, 5.00%, 11/15/27 | 4,630 | 4,783,061 | |
New York City Housing Development Corp., RB, M/F Housing(a) | |||
Seires A-2, Sustainability Bonds, 3.70%, 05/01/63 | 5,000 | 5,013,372 | |
Series E-2, Sustainability Bonds, 3.80%, 11/01/63 | 1,000 | 1,008,140 | |
New York City Housing Development Corp., Refunding RB, Sustainability Bonds, 1.05%, 05/01/28 | 1,000 | 899,137 | |
New York City Municipal Water Finance Authority, Refunding RB, Series A-1, Class DD, VRDN, 4.95%, 07/01/24(a)(b) | 5,900 | 5,900,000 |
Security | Par (000) | Value | |
New York (continued) | |||
New York Transportation Development Corp., ARB, Series A, AMT, 5.00%, 07/01/30 | $ | 995 | $ 995,305 |
New York Transportation Development Corp., Refunding RB, Series A, AMT, 5.00%, 12/01/25 | 1,000 | 1,017,447 | |
Port Authority of New York & New Jersey, Refunding ARB, Series 207, AMT, 5.00%, 09/15/29 | 1,000 | 1,039,879 | |
Port Authority of New York & New Jersey, Refunding RB, Series 227, AMT, 3.00%, 10/01/27 | 1,230 | 1,208,446 | |
State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB, S/F Housing | |||
AMT, Sustainability Bonds, 0.75%, 10/01/24 | 830 | 821,818 | |
AMT, Sustainability Bonds, 0.88%, 04/01/25 | 1,710 | 1,656,695 | |
Triborough Bridge & Tunnel Authority, Refunding RB, Series E2A, Sustainability Bonds, 4.63%, 04/01/26(a) | 7,500 | 7,501,162 | |
Troy Capital Resource Corp., Refunding RB, 5.00%, 09/01/30 | 1,000 | 1,081,358 | |
33,328,210 | |||
North Carolina — 0.1% | |||
North Carolina Turnpike Authority, Refunding RB, Senior Lien, 5.00%, 01/01/30 | 250 | 263,161 | |
Ohio — 2.8% | |||
Ohio Air Quality Development Authority, Refunding RB(a) | |||
4.00%, 09/01/30 | 4,120 | 4,094,720 | |
Series A, AMT, 4.25%, 11/01/39 | 3,385 | 3,398,768 | |
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.11%, 12/01/42(a) | 5,335 | 5,219,756 | |
State of Ohio, Refunding GO, Series B, 5.00%, 08/01/24 | 275 | 275,380 | |
12,988,624 | |||
Oregon — 0.4% | |||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 28, AMT, 5.00%, 07/01/30 | 1,580 | 1,686,208 | |
Pennsylvania — 2.6% | |||
Allegheny County Hospital Development Authority, RB, Series D2, 4.46%, 11/15/26(a) | 3,850 | 3,844,780 | |
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/28 | 1,000 | 1,040,647 | |
Commonwealth of Pennsylvania, Refunding GO, 5.00%, 08/15/24 | 610 | 611,142 | |
Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/28 | 1,850 | 1,940,209 | |
Pennsylvania Higher Education Assistance Agency, RB, Series A, AMT, 5.00%, 06/01/28 | 1,925 | 1,999,018 | |
School District of Philadelphia, GOL | |||
Series A, (SAW), 5.00%, 09/01/24 | 555 | 556,156 | |
Series A, (SAW), 5.00%, 09/01/29 | 1,350 | 1,458,360 | |
State Public School Building Authority, Refunding RB, Series B, (AGM SAW), 5.00%, 06/01/29 | 740 | 793,335 | |
12,243,647 | |||
Rhode Island — 0.1% | |||
Rhode Island Health and Educational Building Corp., Refunding RB, VRDN, 3.90%, 07/05/24(a)(b) | 600 | 600,000 | |
South Carolina — 0.2% | |||
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/28 | 1,000 | 1,008,578 |
Security | Par (000) | Value | |
Tennessee — 0.8% | |||
Johnson City Health & Educational Facilities Board, Refunding RB | |||
Series A, 5.00%, 07/01/24 | $ | 1,190 | $ 1,190,105 |
Series A, 5.00%, 07/01/25 | 1,000 | 1,012,089 | |
New Memphis Arena Public Building Authority, RB, CAB, Convertible, 4.00%, 04/01/26(e) | 1,855 | 1,758,087 | |
3,960,281 | |||
Texas — 9.3% | |||
Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25 | 1,285 | 1,274,423 | |
Harris County Cultural Education Facilities Finance Corp., Refunding RB(a) | |||
Class B, 5.00%, 06/01/50 | 1,500 | 1,570,347 | |
Class C, 5.00%, 07/01/54 | 5,000 | 5,350,801 | |
Matagorda County Navigation District No. 1, Refunding RB | |||
2.60%, 11/01/29 | 2,125 | 1,958,294 | |
Series B-1, 4.00%, 06/01/30 | 1,125 | 1,125,101 | |
Series B-2, 4.00%, 06/01/30 | 1,800 | 1,800,205 | |
AMT, 4.25%, 05/01/30 | 1,145 | 1,116,486 | |
North Central Texas Housing Finance Corp., RB, M/F Housing, 0.38%, 08/01/40(a) | 3,500 | 3,488,287 | |
North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/27 | 6,000 | 6,254,708 | |
Port Authority of Houston of Harris County Texas, Refunding GO, Series A, AMT, 5.00%, 10/01/27 | 1,020 | 1,064,842 | |
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB | |||
Series B, 5.00%, 07/01/25 | 1,125 | 1,140,685 | |
Series B, 5.00%, 07/01/30 | 3,925 | 4,254,789 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB | |||
5.00%, 12/15/28 | 5,130 | 5,311,835 | |
5.00%, 12/15/29 | 3,785 | 3,923,241 | |
Texas Municipal Gas Acquisition & Supply Corp. IV, RB, Series A, 5.50%, 01/01/54(a) | 1,500 | 1,605,844 | |
Texas Municipal Gas Acquisition and Supply Corp. II, RB, Series C, 4.39%, 09/15/27(a) | 2,500 | 2,497,193 | |
43,737,081 | |||
Virginia — 0.4% | |||
Isle Wight County Industrial Development Authority, RB | |||
(AGM), 5.00%, 07/01/27 | 360 | 375,835 | |
(AGM), 5.00%, 07/01/30 | 200 | 217,006 | |
Louisa Industrial Development Authority, RB, Series C, 3.80%, 11/01/35(a) | 1,125 | 1,131,933 | |
1,724,774 | |||
Washington — 1.6% | |||
State of Washington, GO, Series A, 0.00%, 12/01/28(d) | 1,000 | 866,758 | |
Washington Health Care Facilities Authority, Refunding RB | |||
Series B, 5.00%, 08/15/25 | 635 | 642,721 | |
Series B, 5.00%, 08/01/49(a) | 2,255 | 2,278,918 | |
Series B-3, 5.00%, 08/01/49(a) | 3,730 | 3,839,492 | |
7,627,889 | |||
Wisconsin — 4.1% | |||
State of Wisconsin, GO, Series A, 4.30%, 05/01/25(a) | 10,380 | 10,422,841 |
Security | Par (000) | Value | |
Wisconsin (continued) | |||
Wisconsin Health & Educational Facilities Authority, RB, 5.00%, 08/01/27(c) | $ | 1,000 | $ 1,009,900 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series C-2, 4.06%, 08/15/54(a) | 8,000 | 7,762,678 | |
19,195,419 | |||
Total Long-Term Investments — 94.3% (Cost: $441,726,197) | 443,662,410 | ||
Short-Term Securities | |||
Commercial Paper — 4.3% | |||
Dallas Fort Worth International Airport, 4.00%, 07/02/24 | 10,000 | 9,999,739 | |
El Paso Water & Sewer Revenue, 3.90%, 09/10/24 - 09/17/24 | 10,000 | 9,999,901 | |
19,999,640 |
Shares | |||
Money Market Funds — 0.0% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.88%(f)(g) | 84,858 | 84,866 | |
Total Short-Term Securities — 4.3% (Cost: $20,084,866) | 20,084,506 | ||
Total Investments — 98.6% (Cost: $461,811,063) | 463,746,916 | ||
Other Assets Less Liabilities — 1.4% | 6,671,031 | ||
Net Assets — 100.0% | $ 470,417,947 |
(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) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(c) | 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. |
(d) | Zero-coupon bond. |
(e) | 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. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 06/30/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 69,048 | $ 14,900 (a) | $ — | $ 918 | $ — | $ 84,866 | 84,858 | $ 106,903 | $ — |
(a) | Represents net amount purchased (sold). |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Municipal Bonds | $ — | $ 443,662,410 | $ — | $ 443,662,410 |
Level 1 | Level 2 | Level 3 | Total | |
Short-Term Securities | ||||
Commercial Paper | $ — | $ 19,999,640 | $ — | $ 19,999,640 |
Money Market Funds | 84,866 | — | — | 84,866 |
$84,866 | $463,662,050 | $— | $463,746,916 |
BlackRock New York Municipal Opportunities Fund | BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | |
ASSETS | ||||
Investments, at value — unaffiliated(a) | $ 1,230,522,936 | $ 1,550,604,733 | $ 7,174,045,576 | $ 463,662,050 |
Investments, at value — affiliated(b) | 9,233,820 | 95,556,313 | 388,553,485 | 84,866 |
Cash pledged for futures contracts | 771,000 | 733,000 | — | — |
Receivables: | ||||
Investments sold | 1,444,650 | 510,487 | 22,470,057 | 4,001,000 |
Capital shares sold | 1,187,306 | 2,375,756 | 8,752,404 | 1,382,126 |
Dividends — affiliated | 42,987 | 554,385 | 1,073,512 | 3,860 |
Interest — unaffiliated | 12,892,103 | 20,135,992 | 85,883,584 | 3,422,224 |
Variation margin on futures contracts | 194,136 | 220,447 | — | — |
Unrealized appreciation on unfunded commitments | 7,354,522 | 12,193,953 | — | — |
Prepaid expenses | 455,310 | 756,484 | 163,874 | 53,431 |
Total assets | 1,264,098,770 | 1,683,641,550 | 7,680,942,492 | 472,609,557 |
ACCRUED LIABILITIES | ||||
Bank overdraft | — | 46,913 | 4,050 | — |
Payables: | ||||
Investments purchased | — | 5,827,010 | 158,674,138 | — |
Accounting services fees | 53,181 | 60,445 | 258,491 | 33,434 |
Capital shares redeemed | 3,768,293 | 14,319,388 | 23,328,323 | 1,482,449 |
Custodian fees | 5,455 | 6,187 | 34,916 | 2,571 |
Income dividend distributions | 581,408 | 1,124,736 | 3,267,961 | 465,365 |
Interest expense and fees | 500,139 | 112,540 | 757,661 | — |
Investment advisory fees | 402,850 | 606,869 | 2,195,096 | 95,063 |
Directors’ and Officer’s fees | 12,354 | 859 | 218,166 | 468 |
Other accrued expenses | 21,052 | 18,979 | 58,965 | 17,366 |
Professional fees | 41,290 | 20,133 | 31,549 | 23,278 |
Service and distribution fees | 131,151 | 110,836 | 470,737 | 41,540 |
Transfer agent fees | 116,426 | 155,572 | 778,407 | 30,076 |
Total accrued liabilities | 5,633,599 | 22,410,467 | 190,078,460 | 2,191,610 |
OTHER LIABILITIES | ||||
TOB Trust Certificates | 60,639,997 | 16,330,000 | 70,530,007 | — |
Total liabilities | 66,273,596 | 38,740,467 | 260,608,467 | 2,191,610 |
Commitments and contingent liabilities | ||||
NET ASSETS | $ 1,197,825,174 | $ 1,644,901,083 | $ 7,420,334,025 | $ 470,417,947 |
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ 1,296,385,617 | $ 1,814,200,272 | $ 8,323,842,988 | $ 493,561,794 |
Accumulated loss | (98,560,443) | (169,299,189) | (903,508,963) | (23,143,847) |
NET ASSETS | $ 1,197,825,174 | $ 1,644,901,083 | $ 7,420,334,025 | $ 470,417,947 |
(a) Investments, at cost—unaffiliated | $1,236,948,488 | $1,593,747,361 | $7,133,544,308 | $461,726,197 |
(b) Investments, at cost—affiliated | $9,233,820 | $95,549,240 | $388,464,926 | $84,866 |
BlackRock New York Municipal Opportunities Fund | BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | |
NET ASSET VALUE | ||||
Institutional | ||||
Net assets | $ 616,000,784 | $ 840,630,082 | $ 3,872,636,990 | $ 231,141,748 |
Shares outstanding | 57,777,457 | 91,738,633 | 383,457,452 | 23,487,917 |
Net asset value | $ 10.66 | $ 9.16 | $ 10.10 | $ 9.84 |
Shares authorized | Unlimited | 350 Million | 800 Million | 150 Million |
Par value | $0.10 | $0.10 | $0.10 | $0.10 |
Service | ||||
Net assets | N/A | N/A | $ 726,409 | N/A |
Shares outstanding | N/A | N/A | 71,978 | N/A |
Net asset value | N/A | N/A | $ 10.09 | N/A |
Shares authorized | N/A | N/A | 375 Million | N/A |
Par value | N/A | N/A | $0.10 | N/A |
Investor A | ||||
Net assets | $ 474,422,292 | $ 482,171,873 | $ 2,119,531,946 | $ 190,478,554 |
Shares outstanding | 44,470,232 | 52,756,583 | 209,726,887 | 19,340,796 |
Net asset value | $ 10.67 | $ 9.14 | $ 10.11 | $ 9.85 |
Shares authorized | Unlimited | 100 Million | 800 Million | 150 Million |
Par value | $0.10 | $0.10 | $0.10 | $0.10 |
Investor A1 | ||||
Net assets | $ 62,654,642 | N/A | N/A | $ 8,777,716 |
Shares outstanding | 5,873,308 | N/A | N/A | 891,086 |
Net asset value | $ 10.67 | N/A | N/A | $ 9.85 |
Shares authorized | Unlimited | N/A | N/A | 150 Million |
Par value | $0.10 | N/A | N/A | $0.10 |
Investor C | ||||
Net assets | $ 35,098,107 | $ 19,140,192 | $ 44,990,635 | $ 3,429,343 |
Shares outstanding | 3,291,190 | 2,088,394 | 4,451,298 | 360,230 |
Net asset value | $ 10.66 | $ 9.17 | $ 10.11 | $ 9.52 |
Shares authorized | Unlimited | 100 Million | 375 Million | 150 Million |
Par value | $0.10 | $0.10 | $0.10 | $0.10 |
Class K | ||||
Net assets | $ 9,649,349 | $ 302,958,936 | $ 1,382,448,045 | $ 36,590,586 |
Shares outstanding | 905,272 | 33,073,529 | 136,830,978 | 3,717,414 |
Net asset value | $ 10.66 | $ 9.16 | $ 10.10 | $ 9.84 |
Shares authorized | Unlimited | 2 Billion | 1.35 Billion | 150 Million |
Par value | $0.10 | $0.10 | $0.10 | $0.10 |
BlackRock New York Municipal Opportunities Fund | BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | |
INVESTMENT INCOME | ||||
Dividends — affiliated | $1,482,606 | $3,044,836 | $14,657,447 | $106,903 |
Interest — unaffiliated | 47,640,250 | 76,163,869 | 327,410,454 | 19,089,020 |
Total investment income | 49,122,856 | 79,208,705 | 342,067,901 | 19,195,923 |
EXPENSES | ||||
Investment advisory | 5,610,088 | 7,252,421 | 34,195,861 | 1,568,551 |
Service and distribution — class specific | 1,703,750 | 1,414,990 | 6,200,422 | 570,917 |
Transfer agent — class specific | 814,152 | 846,998 | 5,158,952 | 379,301 |
Accounting services | 160,876 | 183,263 | 752,771 | 95,696 |
Professional | 144,844 | 156,357 | 116,895 | 71,896 |
Registration | 92,514 | 184,728 | 477,725 | 149,563 |
Printing and postage | 59,583 | 33,619 | 56,287 | 30,489 |
Proxy | 19,302 | 50,376 | 209,286 | 11,583 |
Custodian | 15,521 | 17,632 | 99,181 | 6,833 |
Directors and Officer | 10,303 | 10,198 | 117,466 | 2,909 |
Miscellaneous | 33,788 | 18,373 | 213,786 | 29,842 |
Total expenses excluding interest expense and fees | 8,664,721 | 10,168,955 | 47,598,632 | 2,917,580 |
Interest expense and fees — unaffiliated(a) | 2,542,730 | 401,965 | 5,724,168 | 8,768 |
Total expenses | 11,207,451 | 10,570,920 | 53,322,800 | 2,926,348 |
Less: | ||||
Fees waived and/or reimbursed by the Manager | (696,417 ) | (156,740 ) | (2,342,554 ) | (296,896 ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | (215,627 ) | (182,588 ) | (2,054,576 ) | (161,310 ) |
Total expenses after fees waived and/or reimbursed | 10,295,407 | 10,231,592 | 48,925,670 | 2,468,142 |
Net investment income | 38,827,449 | 68,977,113 | 293,142,231 | 16,727,781 |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (19,699,207 ) | (43,133,168 ) | (177,454,793 ) | (3,741,698 ) |
Investments — affiliated | 337 | 14,418 | (657,039 ) | 918 |
Futures contracts | 9,113,741 | (312,808 ) | 4,709,515 | — |
Payment by affiliate | — | 5,419 | 12,317 | — |
(10,585,129 ) | (43,426,139 ) | (173,390,000 ) | (3,740,780 ) | |
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | 36,175,827 | 104,449,804 | 175,950,090 | 7,845,578 |
Investments — affiliated | (337 ) | (2,136 ) | (40,672 ) | — |
Futures contracts | (4,302,152 ) | (151,128 ) | (4,223,162 ) | — |
Unfunded commitments | 7,354,522 | 12,193,953 | — | — |
39,227,860 | 116,490,493 | 171,686,256 | 7,845,578 | |
Net realized and unrealized gain (loss) | 28,642,731 | 73,064,354 | (1,703,744 ) | 4,104,798 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $67,470,180 | $142,041,467 | $291,438,487 | $20,832,579 |
(a) All or a portion of is related to TOB Trusts. |
BlackRock New York Municipal Opportunities Fund | BlackRock High Yield Municipal Fund | |||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/24 | Year Ended 06/30/23 | |
INCREASE (DECREASE) IN NET ASSETS | ||||
OPERATIONS | ||||
Net investment income | $38,827,449 | $38,361,397 | $68,977,113 | $74,792,141 |
Net realized loss | (10,585,129 ) | (18,359,279 ) | (43,426,139 ) | (86,573,767 ) |
Net change in unrealized appreciation (depreciation) | 39,227,860 | 17,953,443 | 116,490,493 | 17,596,287 |
Net increase in net assets resulting from operations | 67,470,180 | 37,955,561 | 142,041,467 | 5,814,661 |
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||
Institutional | (19,659,948 ) | (18,871,586 ) | (33,368,841 ) | (36,868,182 ) |
Investor A | (14,900,011 ) | (15,753,405 ) | (19,294,527 ) | (21,355,817 ) |
Investor A1 | (2,067,642 ) | (2,092,067 ) | — | — |
Investor C | (927,270 ) | (1,107,024 ) | (697,229 ) | (879,081 ) |
Class K | (288,766 ) | (165,888 ) | (12,651,484 ) | (14,355,376 ) |
Decrease in net assets resulting from distributions to shareholders | (37,843,637 ) | (37,989,970 ) | (66,012,081 ) | (73,458,456 ) |
CAPITAL SHARE TRANSACTIONS | ||||
Net decrease in net assets derived from capital share transactions | (105,804,189 ) | (100,671,161 ) | (162,867,748 ) | (124,474,537 ) |
NET ASSETS | ||||
Total decrease in net assets | (76,177,646 ) | (100,705,570 ) | (86,838,362 ) | (192,118,332 ) |
Beginning of year | 1,274,002,820 | 1,374,708,390 | 1,731,739,445 | 1,923,857,777 |
End of year | $1,197,825,174 | $1,274,002,820 | $1,644,901,083 | $1,731,739,445 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
BlackRock National Municipal Fund | BlackRock Short-Term Municipal Fund | |||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/24 | Year Ended 06/30/23 | |
INCREASE (DECREASE) IN NET ASSETS | ||||
OPERATIONS | ||||
Net investment income | $293,142,231 | $321,416,784 | $16,727,781 | $13,764,820 |
Net realized loss | (173,390,000 ) | (522,716,261 ) | (3,740,780 ) | (8,934,263 ) |
Net change in unrealized appreciation (depreciation) | 171,686,256 | 497,352,297 | 7,845,578 | 7,156,997 |
Net increase in net assets resulting from operations | 291,438,487 | 296,052,820 | 20,832,579 | 11,987,554 |
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||
Institutional | (130,085,036 ) | (129,380,210 ) | (8,799,656 ) | (7,459,562 ) |
Service | (29,441 ) | (51,853 ) | — | — |
Investor A | (69,871,437 ) | (77,690,641 ) | (6,174,204 ) | (4,794,472 ) |
Investor A1 | — | — | (297,368 ) | (222,165 ) |
Investor C | (1,259,326 ) | (1,654,404 ) | (92,999 ) | (65,028 ) |
Class K | (89,195,679 ) | (113,373,232 ) | (1,263,544 ) | (1,287,639 ) |
Decrease in net assets resulting from distributions to shareholders | (290,440,919 ) | (322,150,340 ) | (16,627,771 ) | (13,828,866 ) |
CAPITAL SHARE TRANSACTIONS | ||||
Net decrease in net assets derived from capital share transactions | (2,502,014,385 ) | (1,258,303,426 ) | (139,130,692 ) | (237,267,630 ) |
NET ASSETS | ||||
Total decrease in net assets | (2,501,016,817 ) | (1,284,400,946 ) | (134,925,884 ) | (239,108,942 ) |
Beginning of year | 9,921,350,842 | 11,205,751,788 | 605,343,831 | 844,452,773 |
End of year | $7,420,334,025 | $9,921,350,842 | $470,417,947 | $605,343,831 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
BlackRock New York Municipal Opportunities Fund | |||||
Institutional | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.38 | $10.36 | $11.59 | $10.83 | $11.38 |
Net investment income(a) | 0.35 | 0.32 | 0.28 | 0.28 | 0.28 |
Net realized and unrealized gain (loss) | 0.27 | 0.01 | (1.23 ) | 0.76 | (0.55 ) |
Net increase (decrease) from investment operations | 0.62 | 0.33 | (0.95 ) | 1.04 | (0.27 ) |
Distributions from net investment income(b) | (0.34 ) | (0.31 ) | (0.28 ) | (0.28 ) | (0.28 ) |
Net asset value, end of year | $10.66 | $10.38 | $10.36 | $11.59 | $10.83 |
Total Return(c) | |||||
Based on net asset value | 6.14 % | 3.27 %(d) | (8.35 )% | 9.71 % | (2.41 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.80 % | 0.81 % | 0.62 % | 0.61 % | 0.63 % |
Total expenses after fees waived and/or reimbursed | 0.71 % | 0.71 % | 0.56 % | 0.54 % | 0.58 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 0.50 % | 0.50 % | 0.50 % | 0.50 % | 0.50 % |
Net investment income | 3.36 % | 3.06 % | 2.49 % | 2.49 % | 2.52 % |
Supplemental Data | |||||
Net assets, end of year (000) | $616,001 | $617,182 | $646,500 | $706,229 | $702,632 |
Borrowings outstanding, end of year (000) | $60,640 | $69,968 | $119,892 | $104,930 | $94,386 |
Portfolio turnover rate | 31 % | 38 % | 32 % | 15 % | 43 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New York Municipal Opportunities Fund (continued) | |||||
Investor A | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.39 | $10.36 | $11.59 | $10.84 | $11.39 |
Net investment income(a) | 0.32 | 0.29 | 0.25 | 0.25 | 0.25 |
Net realized and unrealized gain (loss) | 0.28 | 0.03 | (1.23 ) | 0.75 | (0.55 ) |
Net increase (decrease) from investment operations | 0.60 | 0.32 | (0.98 ) | 1.00 | (0.30 ) |
Distributions from net investment income(b) | (0.32 ) | (0.29 ) | (0.25 ) | (0.25 ) | (0.25 ) |
Net asset value, end of year | $10.67 | $10.39 | $10.36 | $11.59 | $10.84 |
Total Return(c) | |||||
Based on net asset value | 5.87 % | 3.11 %(d) | (8.58 )% | 9.34 % | (2.65 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 1.03 % | 1.05 % | 0.86 % | 0.85 % | 0.88 %(f) |
Total expenses after fees waived and/or reimbursed | 0.96 % | 0.96 % | 0.81 % | 0.79 % | 0.84 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 3.11 % | 2.81 % | 2.24 % | 2.24 % | 2.27 % |
Supplemental Data | |||||
Net assets, end of year (000) | $474,422 | $533,682 | $585,695 | $697,842 | $756,236 |
Borrowings outstanding, end of year (000) | $60,640 | $69,968 | $119,892 | $104,930 | $94,386 |
Portfolio turnover rate | 31 % | 38 % | 32 % | 15 % | 43 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New York Municipal Opportunities Fund (continued) | |||||
Investor A1 | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.39 | $10.36 | $11.59 | $10.84 | $11.38 |
Net investment income(a) | 0.34 | 0.31 | 0.27 | 0.27 | 0.27 |
Net realized and unrealized gain (loss) | 0.27 | 0.02 | (1.23 ) | 0.75 | (0.54 ) |
Net increase (decrease) from investment operations | 0.61 | 0.33 | (0.96 ) | 1.02 | (0.27 ) |
Distributions from net investment income(b) | (0.33 ) | (0.30 ) | (0.27 ) | (0.27 ) | (0.27 ) |
Net asset value, end of year | $10.67 | $10.39 | $10.36 | $11.59 | $10.84 |
Total Return(c) | |||||
Based on net asset value | 6.03 % | 3.27 %(d) | (8.44 )% | 9.50 % | (2.42 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.87 % | 0.90 % | 0.71 % | 0.70 % | 0.73 %(f) |
Total expenses after fees waived and/or reimbursed | 0.81 % | 0.81 % | 0.66 % | 0.64 % | 0.69 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Net investment income | 3.26 % | 2.96 % | 2.39 % | 2.39 % | 2.42 % |
Supplemental Data | |||||
Net assets, end of year (000) | $62,655 | $67,802 | $74,808 | $89,501 | $91,458 |
Borrowings outstanding, end of year (000) | $60,640 | $69,968 | $119,892 | $104,930 | $94,386 |
Portfolio turnover rate | 31 % | 38 % | 32 % | 15 % | 43 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New York Municipal Opportunities Fund (continued) | |||||
Investor C | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.38 | $10.36 | $11.59 | $10.83 | $11.38 |
Net investment income(a) | 0.25 | 0.21 | 0.17 | 0.17 | 0.17 |
Net realized and unrealized gain (loss) | 0.27 | 0.02 | (1.23 ) | 0.76 | (0.55 ) |
Net increase (decrease) from investment operations | 0.52 | 0.23 | (1.06 ) | 0.93 | (0.38 ) |
Distributions from net investment income(b) | (0.24 ) | (0.21 ) | (0.17 ) | (0.17 ) | (0.17 ) |
Net asset value, end of year | $10.66 | $10.38 | $10.36 | $11.59 | $10.83 |
Total Return(c) | |||||
Based on net asset value | 5.08 % | 2.24 %(d) | (9.27 )% | 8.62 % | (3.38 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 1.79 % | 1.81 % | 1.62 % | 1.62 % | 1.64 % |
Total expenses after fees waived and/or reimbursed | 1.71 % | 1.71 % | 1.56 % | 1.54 % | 1.59 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 1.50 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % |
Net investment income | 2.35 % | 2.06 % | 1.48 % | 1.49 % | 1.52 % |
Supplemental Data | |||||
Net assets, end of year (000) | $35,098 | $47,957 | $62,566 | $87,465 | $111,588 |
Borrowings outstanding, end of year (000) | $60,640 | $69,968 | $119,892 | $104,930 | $94,386 |
Portfolio turnover rate | 31 % | 38 % | 32 % | 15 % | 43 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New York Municipal Opportunities Fund (continued) | |||||
Class K | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.38 | $10.36 | $11.58 | $10.83 | $11.38 |
Net investment income(a) | 0.36 | 0.32 | 0.29 | 0.28 | 0.29 |
Net realized and unrealized gain (loss) | 0.27 | 0.02 | (1.23 ) | 0.75 | (0.55 ) |
Net increase (decrease) from investment operations | 0.63 | 0.34 | (0.94 ) | 1.03 | (0.26 ) |
Distributions from net investment income(b) | (0.35 ) | (0.32 ) | (0.28 ) | (0.28 ) | (0.29 ) |
Net asset value, end of year | $10.66 | $10.38 | $10.36 | $11.58 | $10.83 |
Total Return(c) | |||||
Based on net asset value | 6.19 % | 3.33 % | (8.23 )% | 9.67 % | (2.36 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.72 % | 0.76 % | 0.57 % | 0.57 % | 0.59 % |
Total expenses after fees waived and/or reimbursed | 0.66 % | 0.66 % | 0.51 % | 0.49 % | 0.54 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(e) | 0.45 % | 0.45 % | 0.45 % | 0.45 % | 0.45 % |
Net investment income | 3.41 % | 3.12 % | 2.55 % | 2.53 % | 2.54 % |
Supplemental Data | |||||
Net assets, end of year (000) | $9,649 | $7,380 | $5,139 | $5,202 | $4,097 |
Borrowings outstanding, end of year (000) | $60,640 | $69,968 | $119,892 | $104,930 | $94,386 |
Portfolio turnover rate | 31 % | 38 % | 32 % | 15 % | 43 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock High Yield Municipal Fund | |||||
Institutional | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $8.72 | $9.00 | $10.69 | $9.54 | $9.89 |
Net investment income(a) | 0.39 | 0.36 | 0.32 | 0.35 | 0.36 |
Net realized and unrealized gain (loss) | 0.42 | (0.28 ) | (1.66 ) | 1.15 | (0.35 ) |
Net increase (decrease) from investment operations | 0.81 | 0.08 | (1.34 ) | 1.50 | 0.01 |
Distributions(b) | |||||
From net investment income | (0.37 ) | (0.36 ) | (0.32 ) | (0.35 ) | (0.36 ) |
From net realized gain | — | — | (0.03 ) | — | — |
Total distributions | (0.37 ) | (0.36 ) | (0.35 ) | (0.35 ) | (0.36 ) |
Net asset value, end of year | $9.16 | $8.72 | $9.00 | $10.69 | $9.54 |
Total Return(c) | |||||
Based on net asset value | 9.64 %(d) | 0.90 %(d) | (12.84 )% | 16.00 % | 0.10 % |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.60 % | 0.71 % | 0.61 % | 0.61 % | 0.66 % |
Total expenses after fees waived and/or reimbursed | 0.57 % | 0.65 % | 0.59 % | 0.58 % | 0.64 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 0.54 % | 0.54 % | 0.54 % | 0.54 % | 0.53 % |
Net investment income | 4.45 % | 4.12 % | 3.17 % | 3.44 % | 3.71 % |
Supplemental Data | |||||
Net assets, end of year (000) | $840,630 | $887,272 | $884,648 | $1,190,526 | $757,746 |
Borrowings outstanding, end of year (000) | $16,330 | $— | $99,141 | $114,824 | $102,624 |
Portfolio turnover rate | 34 % | 36 % | 34 % | 23 % | 31 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock High Yield Municipal Fund (continued) | |||||
Investor A | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $8.70 | $8.98 | $10.67 | $9.52 | $9.87 |
Net investment income(a) | 0.37 | 0.34 | 0.30 | 0.32 | 0.34 |
Net realized and unrealized gain (loss) | 0.42 | (0.29 ) | (1.66 ) | 1.15 | (0.35 ) |
Net increase (decrease) from investment operations | 0.79 | 0.05 | (1.36 ) | 1.47 | (0.01 ) |
Distributions(b) | |||||
From net investment income | (0.35 ) | (0.33 ) | (0.30 ) | (0.32 ) | (0.34 ) |
From net realized gain | — | — | (0.03 ) | — | — |
Total distributions | (0.35 ) | (0.33 ) | (0.33 ) | (0.32 ) | (0.34 ) |
Net asset value, end of year | $9.14 | $8.70 | $8.98 | $10.67 | $9.52 |
Total Return(c) | |||||
Based on net asset value | 9.38 %(d) | 0.64 %(d) | (13.09 )% | 15.73 % | (0.16 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.83 % | 0.94 % | 0.84 % | 0.85 % | 0.92 % |
Total expenses after fees waived and/or reimbursed | 0.82 % | 0.90 % | 0.83 % | 0.83 % | 0.89 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 0.79 % | 0.79 % | 0.78 % | 0.78 % | 0.78 % |
Net investment income | 4.21 % | 3.88 % | 2.96 % | 3.20 % | 3.46 % |
Supplemental Data | |||||
Net assets, end of year (000) | $482,172 | $513,184 | $616,248 | $634,326 | $422,270 |
Borrowings outstanding, end of year (000) | $16,330 | $— | $99,141 | $114,824 | $102,624 |
Portfolio turnover rate | 34 % | 36 % | 34 % | 23 % | 31 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock High Yield Municipal Fund (continued) | |||||
Investor C | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $8.72 | $9.01 | $10.70 | $9.55 | $9.89 |
Net investment income(a) | 0.30 | 0.28 | 0.22 | 0.25 | 0.26 |
Net realized and unrealized gain (loss) | 0.44 | (0.30 ) | (1.66 ) | 1.15 | (0.34 ) |
Net increase (decrease) from investment operations | 0.74 | (0.02 ) | (1.44 ) | 1.40 | (0.08 ) |
Distributions(b) | |||||
From net investment income | (0.29 ) | (0.27 ) | (0.22 ) | (0.25 ) | (0.26 ) |
From net realized gain | — | — | (0.03 ) | — | — |
Total distributions | (0.29 ) | (0.27 ) | (0.25 ) | (0.25 ) | (0.26 ) |
Net asset value, end of year | $9.17 | $8.72 | $9.01 | $10.70 | $9.55 |
Total Return(c) | |||||
Based on net asset value | 8.67 %(d) | (0.22 )% | (13.70 )% | 14.83 % | (0.80 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 1.61 % | 1.73 % | 1.62 % | 1.63 % | 1.69 % |
Total expenses after fees waived and/or reimbursed | 1.57 % | 1.65 % | 1.59 % | 1.59 % | 1.65 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 1.54 % | 1.54 % | 1.54 % | 1.54 % | 1.54 % |
Net investment income | 3.46 % | 3.12 % | 2.18 % | 2.49 % | 2.70 % |
Supplemental Data | |||||
Net assets, end of year (000) | $19,140 | $25,562 | $33,626 | $44,050 | $58,114 |
Borrowings outstanding, end of year (000) | $16,330 | $— | $99,141 | $114,824 | $102,624 |
Portfolio turnover rate | 34 % | 36 % | 34 % | 23 % | 31 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock High Yield Municipal Fund (continued) | |||||
Class K | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $8.72 | $9.00 | $10.69 | $9.54 | $9.89 |
Net investment income(a) | 0.39 | 0.37 | 0.33 | 0.35 | 0.36 |
Net realized and unrealized gain (loss) | 0.43 | (0.29 ) | (1.66 ) | 1.15 | (0.34 ) |
Net increase (decrease) from investment operations | 0.82 | 0.08 | (1.33 ) | 1.50 | 0.02 |
Distributions(b) | |||||
From net investment income | (0.38 ) | (0.36 ) | (0.33 ) | (0.35 ) | (0.37 ) |
From net realized gain | — | — | (0.03 ) | — | — |
Total distributions | (0.38 ) | (0.36 ) | (0.36 ) | (0.35 ) | (0.37 ) |
Net asset value, end of year | $9.16 | $8.72 | $9.00 | $10.69 | $9.54 |
Total Return(c) | |||||
Based on net asset value | 9.70 %(d) | 0.95 %(d) | (12.80 )% | 16.05 % | 0.14 % |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.54 % | 0.65 % | 0.55 % | 0.57 % | 0.64 % |
Total expenses after fees waived and/or reimbursed | 0.52 % | 0.60 % | 0.54 % | 0.54 % | 0.60 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 0.49 % | 0.49 % | 0.49 % | 0.49 % | 0.49 % |
Net investment income | 4.48 % | 4.15 % | 3.33 % | 3.47 % | 3.77 % |
Supplemental Data | |||||
Net assets, end of year (000) | $302,959 | $305,721 | $389,335 | $166,379 | $83,809 |
Borrowings outstanding, end of year (000) | $16,330 | $— | $99,141 | $114,824 | $102,624 |
Portfolio turnover rate | 34 % | 36 % | 34 % | 23 % | 31 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock National Municipal Fund | |||||
Institutional | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.08 | $10.08 | $11.47 | $11.07 | $11.06 |
Net investment income(a) | 0.34 | 0.32 | 0.22 | 0.21 | 0.26 |
Net realized and unrealized gain (loss) | 0.02 | — | (1.34 ) | 0.40 | 0.02 |
Net increase (decrease) from investment operations | 0.36 | 0.32 | (1.12 ) | 0.61 | 0.28 |
Distributions(b) | |||||
From net investment income | (0.34 ) | (0.32 ) | (0.22 ) | (0.21 ) | (0.26 ) |
From net realized gain | — | (0.00 )(c) | (0.05 ) | — | (0.01 ) |
Total distributions | (0.34 ) | (0.32 ) | (0.27 ) | (0.21 ) | (0.27 ) |
Net asset value, end of year | $10.10 | $10.08 | $10.08 | $11.47 | $11.07 |
Total Return(d) | |||||
Based on net asset value | 3.62 %(e) | 3.27 %(e) | (9.89 )% | 5.59 % | 2.62 % |
Ratios to Average Net Assets(f) | |||||
Total expenses | 0.56 % | 0.61 % | 0.49 % | 0.49 % | 0.53 % |
Total expenses after fees waived and/or reimbursed | 0.50 % | 0.55 % | 0.44 % | 0.44 % | 0.47 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.43 % | 0.43 % | 0.43 % | 0.43 % | 0.43 % |
Net investment income | 3.37 % | 3.21 % | 2.00 % | 1.89 % | 2.39 % |
Supplemental Data | |||||
Net assets, end of year (000) | $3,872,637 | $4,030,551 | $4,410,891 | $5,801,296 | $4,650,471 |
Borrowings outstanding, end of year (000) | $70,530 | $207,520 | $343,430 | $126,900 | $126,900 |
Portfolio turnover rate | 58 % | 63 % | 74 % | 42 % | 75 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock National Municipal Fund (continued) | |||||
Service | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.07 | $10.07 | $11.46 | $11.07 | $11.06 |
Net investment income(a) | 0.31 | 0.30 | 0.20 | 0.19 | 0.25 |
Net realized and unrealized gain (loss) | 0.02 | — | (1.34 ) | 0.39 | 0.01 |
Net increase (decrease) from investment operations | 0.33 | 0.30 | (1.14 ) | 0.58 | 0.26 |
Distributions(b) | |||||
From net investment income | (0.31 ) | (0.30 ) | (0.20 ) | (0.19 ) | (0.24 ) |
From net realized gain | — | (0.00 )(c) | (0.05 ) | — | (0.01 ) |
Total distributions | (0.31 ) | (0.30 ) | (0.25 ) | (0.19 ) | (0.25 ) |
Net asset value, end of year | $10.09 | $10.07 | $10.07 | $11.46 | $11.07 |
Total Return(d) | |||||
Based on net asset value | 3.36 %(e) | 3.01 % | (10.11 )% | 5.24 % | 2.37 % |
Ratios to Average Net Assets(f) | |||||
Total expenses | 0.82 % | 0.84 % | 0.70 % | 0.71 % | 0.74 % |
Total expenses after fees waived and/or reimbursed | 0.75 % | 0.80 % | 0.68 % | 0.68 % | 0.71 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.68 % | 0.68 % | 0.67 % | 0.67 % | 0.67 % |
Net investment income | 3.10 % | 2.94 % | 1.77 % | 1.65 % | 2.25 % |
Supplemental Data | |||||
Net assets, end of year (000) | $726 | $1,348 | $2,889 | $3,564 | $3,494 |
Borrowings outstanding, end of year (000) | $70,530 | $207,520 | $343,430 | $126,900 | $126,900 |
Portfolio turnover rate | 58 % | 63 % | 74 % | 42 % | 75 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock National Municipal Fund (continued) | |||||
Investor A | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.08 | $10.08 | $11.47 | $11.08 | $11.07 |
Net investment income(a) | 0.31 | 0.30 | 0.19 | 0.19 | 0.24 |
Net realized and unrealized gain (loss) | 0.03 | — | (1.34 ) | 0.39 | 0.02 |
Net increase (decrease) from investment operations | 0.34 | 0.30 | (1.15 ) | 0.58 | 0.26 |
Distributions(b) | |||||
From net investment income | (0.31 ) | (0.30 ) | (0.19 ) | (0.19 ) | (0.24 ) |
From net realized gain | — | (0.00 )(c) | (0.05 ) | — | (0.01 ) |
Total distributions | (0.31 ) | (0.30 ) | (0.24 ) | (0.19 ) | (0.25 ) |
Net asset value, end of year | $10.11 | $10.08 | $10.08 | $11.47 | $11.08 |
Total Return(d) | |||||
Based on net asset value | 3.46 %(e) | 3.01 % | (10.11 )% | 5.23 % | 2.36 % |
Ratios to Average Net Assets(f) | |||||
Total expenses | 0.80 % | 0.85 % | 0.75 % | 0.75 % | 0.80 % |
Total expenses after fees waived and/or reimbursed | 0.75 % | 0.80 % | 0.69 % | 0.69 % | 0.72 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.68 % | 0.68 % | 0.68 % | 0.68 % | 0.68 % |
Net investment income | 3.12 % | 2.96 % | 1.74 % | 1.64 % | 2.13 % |
Supplemental Data | |||||
Net assets, end of year (000) | $2,119,532 | $2,415,682 | $2,976,747 | $4,427,191 | $3,978,736 |
Borrowings outstanding, end of year (000) | $70,530 | $207,520 | $343,430 | $126,900 | $126,900 |
Portfolio turnover rate | 58 % | 63 % | 74 % | 42 % | 75 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock National Municipal Fund (continued) | |||||
Investor C | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.09 | $10.09 | $11.48 | $11.08 | $11.07 |
Net investment income(a) | 0.24 | 0.22 | 0.11 | 0.10 | 0.15 |
Net realized and unrealized gain (loss) | 0.02 | — | (1.34 ) | 0.40 | 0.02 |
Net increase (decrease) from investment operations | 0.26 | 0.22 | (1.23 ) | 0.50 | 0.17 |
Distributions(b) | |||||
From net investment income | (0.24 ) | (0.22 ) | (0.11 ) | (0.10 ) | (0.15 ) |
From net realized gain | — | (0.00 )(c) | (0.05 ) | — | (0.01 ) |
Total distributions | (0.24 ) | (0.22 ) | (0.16 ) | (0.10 ) | (0.16 ) |
Net asset value, end of year | $10.11 | $10.09 | $10.09 | $11.48 | $11.08 |
Total Return(d) | |||||
Based on net asset value | 2.59 %(e) | 2.24 % | (10.77 )% | 4.53 % | 1.60 % |
Ratios to Average Net Assets(f) | |||||
Total expenses | 1.55 % | 1.61 % | 1.48 % | 1.48 % | 1.51 % |
Total expenses after fees waived and/or reimbursed | 1.50 % | 1.55 % | 1.44 % | 1.44 % | 1.47 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 1.43 % | 1.43 % | 1.43 % | 1.43 % | 1.43 % |
Net investment income | 2.36 % | 2.21 % | 0.99 % | 0.90 % | 1.39 % |
Supplemental Data | |||||
Net assets, end of year (000) | $44,991 | $64,495 | $87,530 | $129,601 | $232,884 |
Borrowings outstanding, end of year (000) | $70,530 | $207,520 | $343,430 | $126,900 | $126,900 |
Portfolio turnover rate | 58 % | 63 % | 74 % | 42 % | 75 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock National Municipal Fund (continued) | |||||
Class K | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $10.08 | $10.08 | $11.47 | $11.08 | $11.07 |
Net investment income(a) | 0.34 | 0.33 | 0.23 | 0.22 | 0.27 |
Net realized and unrealized gain (loss) | 0.02 | — | (1.34 ) | 0.39 | 0.02 |
Net increase (decrease) from investment operations | 0.36 | 0.33 | (1.11 ) | 0.61 | 0.29 |
Distributions(b) | |||||
From net investment income | (0.34 ) | (0.33 ) | (0.23 ) | (0.22 ) | (0.27 ) |
From net realized gain | — | (0.00 )(c) | (0.05 ) | — | (0.01 ) |
Total distributions | (0.34 ) | (0.33 ) | (0.28 ) | (0.22 ) | (0.28 ) |
Net asset value, end of year | $10.10 | $10.08 | $10.08 | $11.47 | $11.08 |
Total Return(d) | |||||
Based on net asset value | 3.67 %(e) | 3.32 %(e) | (9.84 )% | 5.54 % | 2.67 % |
Ratios to Average Net Assets(f) | |||||
Total expenses | 0.48 % | 0.53 % | 0.41 % | 0.42 % | 0.46 % |
Total expenses after fees waived and/or reimbursed | 0.45 % | 0.50 % | 0.39 % | 0.39 % | 0.42 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.38 % | 0.38 % | 0.38 % | 0.38 % | 0.38 % |
Net investment income | 3.40 % | 3.26 % | 2.06 % | 1.94 % | 2.43 % |
Supplemental Data | |||||
Net assets, end of year (000) | $1,382,448 | $3,409,276 | $3,727,694 | $4,831,923 | $4,524,990 |
Borrowings outstanding, end of year (000) | $70,530 | $207,520 | $343,430 | $126,900 | $126,900 |
Portfolio turnover rate | 58 % | 63 % | 74 % | 42 % | 75 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.00005) per share. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Short-Term Municipal Fund | |||||
Institutional | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $9.76 | $9.80 | $10.17 | $10.15 | $10.15 |
Net investment income(a) | 0.32 | 0.20 | 0.06 | 0.07 | 0.15 |
Net realized and unrealized gain (loss) | 0.08 | (0.03 ) | (0.37 ) | 0.02 | — |
Net increase (decrease) from investment operations | 0.40 | 0.17 | (0.31 ) | 0.09 | 0.15 |
Distributions from net investment income(b) | (0.32 ) | (0.21 ) | (0.06 ) | (0.07 ) | (0.15 ) |
Net asset value, end of year | $9.84 | $9.76 | $9.80 | $10.17 | $10.15 |
Total Return(c) | |||||
Based on net asset value | 4.13 % | 1.72 % | (3.06 )% | 0.90 % | 1.47 % |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.48 % | 0.46 % | 0.44 % | 0.44 % | 0.46 % |
Total expenses after fees waived and/or reimbursed | 0.36 % | 0.36 % | 0.36 % | 0.36 % | 0.36 % |
Net investment income | 3.22 % | 2.09 % | 0.59 % | 0.70 % | 1.46 % |
Supplemental Data | |||||
Net assets, end of year (000) | $231,142 | $316,270 | $499,800 | $502,164 | $418,338 |
Portfolio turnover rate | 90 % | 101 % | 106 % | 41 % | 94 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
BlackRock Short-Term Municipal Fund (continued) | |||||
Investor A | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $9.77 | $9.81 | $10.18 | $10.16 | $10.15 |
Net investment income(a) | 0.29 | 0.18 | 0.03 | 0.05 | 0.12 |
Net realized and unrealized gain (loss) | 0.08 | (0.04 ) | (0.36 ) | 0.02 | 0.01 |
Net increase (decrease) from investment operations | 0.37 | 0.14 | (0.33 ) | 0.07 | 0.13 |
Distributions from net investment income(b) | (0.29 ) | (0.18 ) | (0.04 ) | (0.05 ) | (0.12 ) |
Net asset value, end of year | $9.85 | $9.77 | $9.81 | $10.18 | $10.16 |
Total Return(c) | |||||
Based on net asset value | 3.88 % | 1.48 % | (3.28 )% | 0.66 % | 1.32 % |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.65 % | 0.65 % | 0.63 % | 0.64 % | 0.65 % |
Total expenses after fees waived and/or reimbursed | 0.60 % | 0.59 % | 0.59 % | 0.59 % | 0.60 % |
Net investment income | 2.99 % | 1.86 % | 0.34 % | 0.45 % | 1.19 % |
Supplemental Data | |||||
Net assets, end of year (000) | $190,479 | $227,368 | $256,950 | $287,551 | $199,842 |
Portfolio turnover rate | 90 % | 101 % | 106 % | 41 % | 94 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
BlackRock Short-Term Municipal Fund (continued) | |||||
Investor A1 | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $9.77 | $9.81 | $10.18 | $10.16 | $10.16 |
Net investment income(a) | 0.31 | 0.19 | 0.04 | 0.06 | 0.13 |
Net realized and unrealized gain (loss) | 0.08 | (0.03 ) | (0.36 ) | 0.02 | 0.01 |
Net increase (decrease) from investment operations | 0.39 | 0.16 | (0.32 ) | 0.08 | 0.14 |
Distributions from net investment income(b) | (0.31 ) | (0.20 ) | (0.05 ) | (0.06 ) | (0.14 ) |
Net asset value, end of year | $9.85 | $9.77 | $9.81 | $10.18 | $10.16 |
Total Return(c) | |||||
Based on net asset value | 4.03 % | 1.61 % | (3.15 )% | 0.80 % | 1.37 % |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.53 % | 0.53 % | 0.51 % | 0.51 % | 0.51 % |
Total expenses after fees waived and/or reimbursed | 0.46 % | 0.46 % | 0.46 % | 0.46 % | 0.46 % |
Net investment income | 3.13 % | 1.95 % | 0.44 % | 0.57 % | 1.33 % |
Supplemental Data | |||||
Net assets, end of year (000) | $8,778 | $10,266 | $11,876 | $12,930 | $14,172 |
Portfolio turnover rate | 90 % | 101 % | 106 % | 41 % | 94 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
BlackRock Short-Term Municipal Fund (continued) | |||||
Investor C | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $9.45 | $9.48 | $9.88 | $9.89 | $9.89 |
Net investment income (loss)(a) | 0.21 | 0.08 | (0.07 ) | (0.05 ) | 0.03 |
Net realized and unrealized gain (loss) | 0.07 | (0.01 ) | (0.33 ) | 0.04 | 0.02 |
Net increase (decrease) from investment operations | 0.28 | 0.07 | (0.40 ) | (0.01 ) | 0.05 |
Distributions from net investment income(b) | (0.21 ) | (0.10 ) | — | — | (0.05 ) |
Net asset value, end of year | $9.52 | $9.45 | $9.48 | $9.88 | $9.89 |
Total Return(c) | |||||
Based on net asset value | 3.01 % | 0.80 % | (4.05 )% | (0.10 )% | 0.46 % |
Ratios to Average Net Assets(d) | |||||
Total expenses | 1.47 % | 1.44 % | 1.42 % | 1.43 % | 1.43 % |
Total expenses after fees waived and/or reimbursed | 1.36 % | 1.36 % | 1.36 % | 1.36 % | 1.36 % |
Net investment income (loss) | 2.21 % | 0.88 % | (0.76 )% | (0.53 )% | 0.34 % |
Supplemental Data | |||||
Net assets, end of year (000) | $3,429 | $5,411 | $4,576 | $5,123 | $10,373 |
Portfolio turnover rate | 90 % | 101 % | 106 % | 41 % | 94 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
BlackRock Short-Term Municipal Fund (continued) | |||||
Class K | |||||
Year Ended 06/30/24 | Year Ended 06/30/23 | Year Ended 06/30/22 | Year Ended 06/30/21 | Year Ended 06/30/20 | |
Net asset value, beginning of year | $9.77 | $9.80 | $10.17 | $10.15 | $10.15 |
Net investment income(a) | 0.32 | 0.20 | 0.06 | 0.06 | 0.12 |
Net realized and unrealized gain (loss) | 0.07 | (0.02 ) | (0.37 ) | 0.04 | 0.03 |
Net increase (decrease) from investment operations | 0.39 | 0.18 | (0.31 ) | 0.10 | 0.15 |
Distributions from net investment income(b) | (0.32 ) | (0.21 ) | (0.06 ) | (0.08 ) | (0.15 ) |
Net asset value, end of year | $9.84 | $9.77 | $9.80 | $10.17 | $10.15 |
Total Return(c) | |||||
Based on net asset value | 4.08 % | 1.87 % | (3.01 )% | 0.95 % | 1.52 % |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.37 % | 0.37 % | 0.35 % | 0.36 % | 0.37 % |
Total expenses after fees waived and/or reimbursed | 0.31 % | 0.31 % | 0.31 % | 0.31 % | 0.31 % |
Net investment income | 3.27 % | 2.04 % | 0.64 % | 0.57 % | 1.23 % |
Supplemental Data | |||||
Net assets, end of year (000) | $36,591 | $46,029 | $71,250 | $18,177 | $7,148 |
Portfolio turnover rate | 90 % | 101 % | 106 % | 41 % | 94 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
Registrant Name | Fund Name | Herein Referred To As | Diversification Classification |
BlackRock Multi-State Municipal Series Trust | BlackRock New York Municipal Opportunities Fund | New York Municipal | Diversified |
BlackRock Municipal Bond Fund, Inc. | BlackRock High Yield Municipal Fund | High Yield Municipal | Diversified |
BlackRock National Municipal Fund | National Municipal | Diversified | |
BlackRock Short-Term Municipal Fund | Short-Term Municipal | Diversified |
Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
Institutional, Service and Class K Shares | No | No | None |
Investor A Shares | Yes | No(a) | None |
Investor A1 Shares | No(b) | No(c) | None |
Investor C Shares | No | Yes(d) | To Investor A Shares after approximately 8 years |
(a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. |
(b) | Investor A1 Shares are subject to a maximum sales charge on purchases of 1.00% for all Funds other than New York Municipal, which is subject to a maximum sales charge of 4.00%. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, which are currently the only investors who may invest in Investor A1 Shares. |
(c) | Investor A1 Shares may be subject to CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders. |
(d) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. |
Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||
Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
(ii) | recapitalizations and other transactions across the capital structure; and |
Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||
(iii) | market multiples of comparable issuers. | |
Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
(ii) | quoted prices for similar investments or assets in active markets; and | |
(iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | |
Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
(ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; | |
(iii) | relevant news and other public sources; and | |
(iv) | known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. |
Fund Name | Investment Name | Par | Commitment Amount | Value | Unrealized Appreciation (Depreciation) |
New York Municipal | Puerto Rico Electric Power Authority, Series B-1 | $7,320,315 | $ 7,320,315 | $8,292,625 | $ 972,310 |
Puerto Rico Electric Power Authority, Series B-2 | 35,435,528 | 35,435,528 | 41,817,740 | 6,382,212 | |
$ 7,354,522 | |||||
High Yield Municipal | Puerto Rico Electric Power Authority, Series B-1 | $12,137,236 | $ 12,137,236 | $13,749,347 | 1,612,111 |
Puerto Rico Electric Power Authority, Series B-2 | 58,752,854 | 58,752,854 | 69,334,696 | 10,581,842 | |
$ 12,193,953 |
Fund Name | Interest Expense | Liquidity Fees | Other Expenses | Total |
New York Municipal | $ 2,239,720 | $ 238,570 | $ 64,262 | $ 2,542,552 |
High Yield Municipal | 350,331 | 33,250 | 16,372 | 399,953 |
National Municipal | 4,138,655 | 411,721 | 1,159,744 | 5,710,120 |
Fund Name | Underlying Municipal Bonds Transferred to TOB Trusts(a) | Liability for TOB Trust Certificates(b) | Range of Interest Rates on TOB Trust Certificates at Period End | Average TOB Trust Certificates Outstanding | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
New York Municipal | $ 130,430,449 | $ 60,639,997 | 3.90% — 4.00% | $ 63,020,408 | 4.04 % |
High Yield Municipal | 25,757,279 | 16,330,000 | 3.91 | 10,391,366 | 3.85 |
National Municipal | 151,870,000 | 70,530,007 | 3.90 — 3.91 | 117,298,010 | 4.87 |
(a) | The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |
(b) | TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at June 30, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at June 30, 2024. |
Investment Advisory Fees | ||
Average Daily Net Assets | New York Municipal | High Yield Municipal |
First $1 billion | 0.47 % | 0.47 % |
$1 billion — $3 billion | 0.44 | 0.44 |
$3 billion — $5 billion | 0.42 | 0.42 |
$5 billion — $10 billion | 0.41 | 0.41 |
Greater than $10 billion | 0.40 | 0.40 |
Investment Advisory Fees | ||
Aggregate of Average Daily Net Assets of the Two Combined Funds(a) | National Municipal | Short-Term Municipal |
First $250 Million | 0.410 % | 0.360 % |
$250 Million — $400 Million | 0.385 | 0.340 |
$400 Million — $550 Million | 0.385 | 0.320 |
Greater than $550 Million | 0.385 | 0.290 |
New York Municipal | High Yield Municipal | National Municipal | Short-Term Municipal | |||||
Share Class | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees |
Service | N/A | N/A | N/A | N/A | 0.25 % | N/A | N/A | N/A |
Investor A | 0.25 % | N/A | 0.25 % | N/A | 0.25 | N/A | 0.25 % | N/A |
Investor A1 | 0.10 | N/A | N/A | N/A | N/A | N/A | 0.10 | N/A |
Investor C | 0.25 | 0.75 % | 0.25 | 0.75 % | 0.25 | 0.75 % | 0.25 | 0.75 % |
Fund Name | Service | Investor A | Investor A1 | Investor C | Total |
New York Municipal | $ — | $ 1,231,097 | $ 65,097 | $ 407,556 | $ 1,703,750 |
High Yield Municipal | — | 1,201,561 | — | 213,429 | 1,414,990 |
National Municipal | 2,399 | 5,658,452 | — | 539,571 | 6,200,422 |
Short-Term Municipal | — | 518,980 | 9,561 | 42,376 | 570,917 |
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Total |
New York Municipal | $ 1,131 | $ — | $ 2,105 | $ 1,622 | $ — | $ 28 | $ 4,886 |
High Yield Municipal | 1,525 | — | 2,604 | — | 556 | 486 | 5,171 |
National Municipal | 32,828 | 149 | 9,791 | — | 734 | 11,208 | 54,710 |
Short-Term Municipal | 1,131 | — | 1,041 | 61 | 47 | 91 | 2,371 |
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Total |
New York Municipal | $ 476,934 | $ — | $ 276,411 | $ 33,976 | $ 26,343 | $ 488 | $ 814,152 |
High Yield Municipal | 564,336 | — | 241,283 | — | 18,060 | 23,319 | 846,998 |
National Municipal | 3,375,644 | 912 | 1,658,260 | — | 41,182 | 82,954 | 5,158,952 |
Short-Term Municipal | 294,638 | — | 73,671 | 6,137 | 4,055 | 800 | 379,301 |
Fund Name | Investor A |
New York Municipal | $ 3,724 |
High Yield Municipal | 5,781 |
National Municipal | 12,385 |
Fund Name | Investor A |
Short-Term Municipal | $ 498 |
Fund Name | Investor A | Investor C |
New York Municipal | $ 27,062 | $ 434 |
High Yield Municipal | 55,140 | 964 |
National Municipal | 69,983 | 4,614 |
Short-Term Municipal | 6,803 | — |
Fund Name | Fees Waived and/or Reimbursed by the Manager |
New York Municipal | $ 40,012 |
High Yield Municipal | 90,796 |
National Municipal | 417,522 |
Short-Term Municipal | 3,384 |
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K |
New York Municipal | 0.50 % | 0.00 % | 0.75 % | 0.60 % | 1.50 % | 0.45 % |
High Yield Municipal | 0.54 | 0.00 | 0.79 | 0.00 | 1.54 | 0.49 |
National Municipal | 0.43 | 0.68 | 0.68 | 0.00 | 1.43 | 0.38 |
Short-Term Municipal | 0.36 | 0.00 | 0.61 | 0.46 | 1.36 | 0.31 |
Fund Name | Fees Waived and/or Reimbursed by the Manager |
New York Municipal | $ 656,405 |
High Yield Municipal | 65,944 |
National Municipal | 1,806,023 |
Short-Term Municipal | 293,512 |
Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | |||||||
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Total |
New York Municipal | $ 177,268 | $ — | $ 30,426 | $ 1,459 | $ 5,986 | $ 488 | $ 215,627 |
High Yield Municipal | 150,246 | — | 2,909 | — | 6,865 | 22,568 | 182,588 |
National Municipal | 1,429,311 | 432 | 527,651 | — | 14,228 | 82,954 | 2,054,576 |
Short-Term Municipal | 157,218 | — | — | 1,357 | 1,936 | 799 | 161,310 |
Fund Name | Purchases | Sales | Net Realized Gain (Loss) |
Short-Term Municipal | $11,222,169 | $37,082,180 | $— |
Fund Name | Purchases | Sales |
New York Municipal | $ 379,773,203 | $ 484,832,284 |
High Yield Municipal | 506,592,621 | 690,745,092 |
National Municipal | 4,926,100,225 | 7,221,211,669 |
Short-Term Municipal | 466,251,098 | 597,584,773 |
Fund Name | Year Ended 06/30/24 | Year Ended 06/30/23 |
New York Municipal | ||
Tax-exempt income | $ 35,599,779 | $ 36,173,402 |
Ordinary income | 2,243,858 | 1,816,568 |
$ 37,843,637 | $ 37,989,970 | |
High Yield Municipal | ||
Tax-exempt income | $ 65,169,658 | $ 72,388,731 |
Ordinary income | 842,423 | 1,069,725 |
$ 66,012,081 | $ 73,458,456 |
Fund Name | Year Ended 06/30/24 | Year Ended 06/30/23 |
National Municipal | ||
Tax-exempt income | $ 288,633,255 | $ 320,985,801 |
Ordinary income | 1,807,664 | 1,164,539 |
$ 290,440,919 | $ 322,150,340 | |
Short-Term Municipal | ||
Tax-exempt income | $ 16,627,771 | $ 13,828,695 |
Ordinary income | — | 171 |
$ 16,627,771 | $ 13,828,866 |
Fund Name | Undistributed Tax-Exempt Income | Undistributed Ordinary Income | Non-Expiring Capital Loss Carryforwards(a) | Net Unrealized Gains (Losses)(b) | Total |
New York Municipal | $ 1,131,001 | $ 181,000 | $ (102,166,051 ) | $ 2,293,607 | $ (98,560,443 ) |
High Yield Municipal | 1,439,925 | 665,308 | (140,357,807 ) | (31,046,615 ) | (169,299,189 ) |
National Municipal | 14,694,286 | — | (960,628,199 ) | 42,424,950 | (903,508,963 ) |
Short-Term Municipal | 467,576 | — | (25,546,426 ) | 1,935,003 | (23,143,847 ) |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis net unrealized gains was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums fixed income securities, the accrual of income on securities in default, the realization for tax purposes of unrealized gains/losses on certain futures contracts, the treatment of residual interests in TOB Trusts and the deferral of compensation to trustees. |
Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
New York Municipal | $ 1,184,166,010 | $ 35,283,159 | $ (32,977,888 ) | $ 2,305,271 |
High Yield Municipal | 1,673,071,614 | 64,642,126 | (95,688,741 ) | (31,046,615 ) |
National Municipal | 7,449,444,721 | 132,050,600 | (89,426,267 ) | 42,624,333 |
Short-Term Municipal | 461,811,913 | 4,064,766 | (2,129,763 ) | 1,935,003 |
Year Ended 06/30/24 | Year Ended 06/30/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
New York Municipal | ||||
Institutional | ||||
Shares sold | 19,480,209 | $ 202,353,204 | 32,406,128 | $ 335,027,734 |
Shares issued in reinvestment of distributions | 1,682,698 | 17,525,548 | 1,603,853 | 16,570,892 |
Shares redeemed | (22,842,822) | (235,548,777) | (36,964,555) | (380,414,331) |
(1,679,915) | $ (15,670,025) | (2,954,574) | $ (28,815,705) | |
Investor A | ||||
Shares sold and automatic conversion of shares | 5,920,081 | $ 62,009,868 | 10,346,524 | $ 107,423,413 |
Shares issued in reinvestment of distributions | 1,345,005 | 14,009,786 | 1,406,363 | 14,539,454 |
Shares redeemed | (14,175,327) | (147,499,528) | (16,879,571) | (174,209,177) |
(6,910,241) | $ (71,479,874) | (5,126,684) | $ (52,246,310) | |
Investor A1 | ||||
Shares sold | — | $ 1,547 | — | $ — |
Shares issued in reinvestment of distributions | 139,511 | 1,452,871 | 141,242 | 1,459,876 |
Shares redeemed | (794,258) | (8,326,288) | (830,894) | (8,579,031) |
(654,747) | $ (6,871,870) | (689,652) | $ (7,119,155) | |
Investor C | ||||
Shares sold | 255,783 | $ 2,678,759 | 420,509 | $ 4,336,131 |
Shares issued in reinvestment of distributions | 87,099 | 905,836 | 103,781 | 1,072,286 |
Shares redeemed and automatic conversion of shares | (1,670,416) | (17,389,168) | (1,944,163) | (20,149,277) |
(1,327,534) | $ (13,804,573) | (1,419,873) | $ (14,740,860) | |
Class K | ||||
Shares sold | 401,689 | $ 4,166,809 | 468,916 | $ 4,870,303 |
Shares issued in reinvestment of distributions | 27,115 | 282,578 | 15,497 | 160,163 |
Shares redeemed | (234,588) | (2,427,234) | (269,561) | (2,779,597) |
194,216 | $ 2,022,153 | 214,852 | $ 2,250,869 | |
(10,378,221) | $ (105,804,189) | (9,975,931) | $ (100,671,161) |
Year Ended 06/30/24 | Year Ended 06/30/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
High Yield Municipal | ||||
Institutional | ||||
Shares sold | 52,999,321 | $ 456,840,905 | 111,362,980 | $ 984,955,258 |
Shares issued in reinvestment of distributions | 2,822,206 | 24,593,039 | 3,144,469 | 27,603,202 |
Shares redeemed | (65,826,941) | (566,713,215) | (111,018,776) | (975,425,098) |
(10,005,414) | $ (85,279,271) | 3,488,673 | $ 37,133,362 | |
Investor A | ||||
Shares sold and automatic conversion of shares | 14,852,833 | $ 128,866,023 | 21,894,654 | $ 194,013,727 |
Shares issued in reinvestment of distributions | 2,094,046 | 18,173,947 | 2,224,395 | 19,470,725 |
Shares redeemed | (23,187,941) | (200,250,725) | (33,735,457) | (296,812,715) |
(6,241,062) | $ (53,210,755) | (9,616,408) | $ (83,328,263) | |
Investor C | ||||
Shares sold | 189,255 | $ 1,647,040 | 514,995 | $ 4,534,226 |
Shares issued in reinvestment of distributions | 79,600 | 691,363 | 98,158 | 861,513 |
Shares redeemed and automatic conversion of shares | (1,110,932) | (9,625,094) | (1,416,304) | (12,526,652) |
(842,077) | $ (7,286,691) | (803,151) | $ (7,130,913) | |
Class K | ||||
Shares sold | 14,530,613 | $ 126,963,043 | 27,438,350 | $ 240,471,769 |
Shares issued in reinvestment of distributions | 1,412,037 | 12,289,280 | 1,553,326 | 13,630,994 |
Shares redeemed | (17,936,984) | (156,343,354) | (37,176,904) | (325,251,486) |
(1,994,334) | $ (17,091,031) | (8,185,228) | $ (71,148,723) | |
(19,082,887) | $ (162,867,748) | (15,116,114) | $ (124,474,537) |
Year Ended 06/30/24 | Year Ended 06/30/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
National Municipal | ||||
Institutional | ||||
Shares sold | 142,053,898 | $ 1,420,084,013 | 244,446,398 | $ 2,440,723,410 |
Shares issued in reinvestment of distributions | 11,085,079 | 111,012,888 | 10,553,339 | 105,279,780 |
Shares redeemed | (169,627,961) | (1,691,971,481) | (292,758,167) | (2,910,047,193) |
(16,488,984) | $ (160,874,580) | (37,758,430) | $ (364,044,003) | |
Service | ||||
Shares sold | 5,070 | $ 51,631 | 26,659 | $ 268,873 |
Shares issued in reinvestment of distributions | 2,771 | 27,660 | 4,495 | 44,820 |
Shares redeemed | (69,702) | (701,062) | (184,205) | (1,832,566) |
(61,861) | $ (621,771) | (153,051) | $ (1,518,873) | |
Investor A | ||||
Shares sold and automatic conversion of shares | 94,811,708 | $ 927,784,864 | 259,086,337 | $ 2,572,636,824 |
Shares issued in reinvestment of distributions | 6,544,510 | 65,579,381 | 7,223,524 | 72,104,094 |
Shares redeemed | (131,165,404) | (1,293,036,469) | (321,963,496) | (3,197,402,552) |
(29,809,186) | $ (299,672,224) | (55,653,635) | $ (552,661,634) | |
Investor C | ||||
Shares sold | 636,098 | $ 6,354,684 | 980,208 | $ 9,799,188 |
Shares issued in reinvestment of distributions | 122,754 | 1,229,477 | 159,468 | 1,591,332 |
Shares redeemed and automatic conversion of shares | (2,701,753) | (27,073,834) | (3,424,402) | (34,200,726) |
(1,942,901) | $ (19,489,673) | (2,284,726) | $ (22,810,206) | |
Class K | ||||
Shares sold | 70,782,123 | $ 707,883,514 | 101,861,597 | $ 1,015,663,294 |
Shares issued in reinvestment of distributions | 8,533,339 | 85,297,598 | 10,841,140 | 108,197,314 |
Shares redeemed | (280,630,531) | (2,814,537,249) | (144,310,411) | (1,441,129,318) |
(201,315,069) | $ (2,021,356,137) | (31,607,674) | $ (317,268,710) | |
(249,618,001) | $ (2,502,014,385) | (127,457,516) | $ (1,258,303,426) |
Year Ended 06/30/24 | Year Ended 06/30/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
Short-Term Municipal | ||||
Institutional | ||||
Shares sold | 11,346,923 | $ 110,743,284 | 27,952,382 | $ 272,437,165 |
Shares issued in reinvestment of distributions | 578,182 | 5,664,165 | 464,272 | 4,525,411 |
Shares redeemed | (20,829,900) | (203,694,319) | (47,015,164) | (459,749,071) |
(8,904,795) | $ (87,286,870) | (18,598,510) | $ (182,786,495) | |
Investor A | ||||
Shares sold and automatic conversion of shares | 5,499,237 | $ 53,930,280 | 14,839,360 | $ 144,766,174 |
Shares issued in reinvestment of distributions | 587,154 | 5,757,237 | 451,773 | 4,407,135 |
Shares redeemed | (10,015,567) | (98,197,985) | (18,218,805) | (177,952,916) |
(3,929,176) | $ (38,510,468) | (2,927,672) | $ (28,779,607) | |
Investor A1 | ||||
Shares issued in reinvestment of distributions | 16,839 | $ 165,123 | 13,181 | $ 128,594 |
Shares redeemed | (176,274) | (1,728,490) | (173,253) | (1,692,017) |
(159,435) | $ (1,563,367) | (160,072) | $ (1,563,423) | |
Investor C | ||||
Shares sold | 71,944 | $ 682,284 | 442,653 | $ 4,168,650 |
Shares issued in reinvestment of distributions | 9,704 | 91,904 | 6,611 | 62,359 |
Shares redeemed and automatic conversion of shares | (294,240) | (2,786,759) | (359,060) | (3,386,085) |
(212,592) | $ (2,012,571) | 90,204 | $ 844,924 | |
Class K | ||||
Shares sold | 667,185 | $ 6,539,336 | 4,566,177 | $ 44,449,107 |
Shares issued in reinvestment of distributions | 41,024 | 401,868 | 48,977 | 477,254 |
Shares redeemed | (1,704,061) | (16,698,620) | (7,170,154) | (69,909,390) |
(995,852) | $ (9,757,416) | (2,555,000) | $ (24,983,029) | |
(14,201,850) | $ (139,130,692) | (24,151,050) | $ (237,267,630) |
Boston, Massachusetts
August 22, 2024
Fund Name | Exempt-Interest Dividends |
New York Municipal | $ 35,922,981 |
High Yield Municipal | 65,950,740 |
National Municipal | 294,800,943 |
Short-Term Municipal | 16,725,157 |
Fund Name | Federal Obligation Interest |
New York Municipal | $ 252,139 |
Fund Name | Interest Dividends |
New York Municipal | $ 2,379,856 |
High Yield Municipal | 1,144,444 |
National Municipal | 1,130,800 |
Fund Name | Interest- Related Dividends |
New York Municipal | $ 2,379,856 |
High Yield Municipal | 1,144,444 |
National Municipal | 1,130,800 |
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
Wilmington, DE 19809
Boston, MA 02114
Wilmington, DE 19809
New York, NY 10001
Boston, MA 02116
New York, NY 10019
Wilmington, DE 19809
Portfolio Abbreviation | |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AGM-CR | AGM Insured Custodial Receipt |
AMBAC | AMBAC Assurance Corp. |
AMT | Alternative Minimum Tax |
ARB | Airport Revenue Bonds |
BAB | Build America Bond |
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 |
COP | Certificates of Participation |
CR | Custodian Receipt |
ETF | Exchange-Traded Fund |
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 |
M/F | Multi-Family |
NPFGC | National Public Finance Guarantee Corp. |
PSF | Permanent School Fund |
RB | Revenue Bond |
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 |
VRDN | Variable Rate Demand Note |
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
(a)(1) Code of Ethics – See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Multi-State Municipal Series Trust
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Multi-State Municipal Series Trust |
Date: August 22, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Multi-State Municipal Series Trust |
Date: August 22, 2024
By: | /s/ Trent Walker | |
Trent Walker | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Multi-State Municipal Series Trust |
Date: August 22, 2024