EX-BBN


Security	Par (000)		Value

Corporate Bonds

Diversified Financial Services — 0.2%
Western Group Housing LP, 6.75%, 03/15/57^(a)(b)	$	2,450	$	3,485,569


Education — 3.2%
George Washington University, Series 2018, 4.13%, 09/15/48		7,191		8,482,582
Rensselaer Polytechnic Institute, 5.25%, 09/01/48		18,190		22,133,719
Wesleyan University, 4.78%, 07/01/16^(a)		11,000		13,550,717

				44,167,018

Health Care Providers & Services — 4.3%
Baptist Health Obligated Group, Series 2019, 4.10%, 12/01/49		11,300		11,287,266
CommonSpirit Health, 3.82%, 10/01/49		7,750		8,115,613
Ochsner Clinic Foundation, 5.90%, 05/15/45		5,000		6,244,727
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48		5,065		6,327,985
Tower Health,, Series 2020, 4.45%, 02/01/50		4,593		3,845,173
West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48		20,000		24,352,936

				60,173,700


Total Corporate Bonds — 7.7% (Cost: $92,815,881)				107,826,287


Municipal Bonds

Arizona — 2.3%
Salt River Project Agricultural Improvement & Power District, RB, BAB, 4.84%, 01/01/41^(a)		24,545		32,550,597


California — 25.4%
Alameda County Joint Powers Authority, RB, BAB, Series A, 7.05%, 12/01/44^(a)		11,000		18,080,920
Bay Area Toll Authority, RB, BAB
Series S-1, 6.92%, 04/01/40^(a)		13,700		21,067,723
Series S-1, 7.04%, 04/01/50		1,015		1,764,395
Series S-3, 6.91%, 10/01/50^(a)		14,000		24,806,600
California State Public Works Board, RB, BAB, Series G-2, 8.36%, 10/01/34^(a)		18,145		29,500,504
City of Riverside California, RB, Series A, 3.86%, 06/01/45		8,265		8,589,732
City of San Francisco California Public Utilities Commission Water Revenue, RB, BAB, Series DE, 6.00%, 11/01/40^(a)		21,255		30,614,214
County of Riverside California, RB, 3.82%, 02/15/38		11,450		12,830,641
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29^(a)		13,785		16,597,002
Foothill-Eastern Transportation Corridor Agency, Refunding RB, Series A, 4.09%, 01/15/49		14,540		15,163,475
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38		9,425		9,705,865
Los Angeles Community College District, GO, BAB, 6.60%, 08/01/42^(a)		10,000		16,394,700
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series B, (AGM), 6.60%, 03/01/41^(a)		10,000		10,171,300
Orange County Local Transportation Authority, Refunding RB, BAB, Series A, 6.91%, 02/15/41^(a)		5,000		7,363,700
San Diego County Regional Airport Authority, ARB, Series B, 5.59%, 07/01/43		4,000		4,213,320
State of California, GO, BAB
7.55%, 04/01/39^(a)		9,035		15,547,067


Security	Par (000)		Value

California (continued)
State of California, GO, BAB (continued)
7.63%, 03/01/40	$	8,950	$	15,278,276
7.60%, 11/01/40		15,000		26,475,300
University of California, RB, BAB^(a)
5.95%, 05/15/45		24,000		33,947,520
6.30%, 05/15/50		27,010		35,333,672

				353,445,926

Colorado — 4.2%
Colorado Health Facilities Authority, Refunding RB, Series B, 4.48%, 12/01/40		9,485		9,674,890
Denver City & County School District No.1, Refunding COP, Series B, 7.02%, 12/15/37		6,000		8,950,800
Regional Transportation District, COP, BAB, Series B, 7.67%, 06/01/40^(a)		23,000		35,160,560
State of Colorado, COP, BAB, Series E, 7.02%, 03/15/31^(c)		5,000		5,120,100

				58,906,350

Connecticut — 0.4%
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series G-2, 4.25%, 07/01/27^(b)		5,055		4,998,081


District of Columbia — 2.3%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, BAB, Series D, 8.00%, 10/01/47		10,750		15,962,782
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46		9,235		15,844,305

				31,807,087

Florida — 3.9%
Excelsior Academies, Inc., RB, Series C, 5.25%, 11/01/25		610		611,690
Florida Development Finance Corp., RB, 7.00%, 12/01/48^(b)		4,500		4,102,020
Florida Development Finance Corp., Refunding RB, Series B, 4.11%, 04/01/50		15,000		14,576,400
Miami-Dade County Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50		12,250		15,524,302
Miami-Dade County Industrial Development Authority, RB, 5.25%, 11/01/25		225		225,632
Sumter Landing Community Development District, RB, 4.17%, 10/01/47		2,575		2,798,639
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36		13,500		16,807,230

				54,645,913

Georgia — 6.4%
Municipal Electric Authority of Georgia, Refunding RB, BAB
6.64%, 04/01/57		26,656		38,616,547
6.66%, 04/01/57		24,635		36,186,105
7.06%, 04/01/57		9,851		13,982,904

				88,785,556

Idaho — 0.1%
Idaho Housing & Finance Association, RB, Series B, 7.15%, 06/15/31		980		939,359


Illinois — 16.6%
Chicago Board of Education, GO, 6.32%, 11/01/29		9,465		9,990,213
Chicago Board of Education, GO, BAB 6.04%, 12/01/29		12,935		13,429,246


Security	Par (000)		Value

Illinois (continued)
Chicago Board of Education, GO, BAB (continued)
6.14%, 12/01/39	$	2,085	$	2,064,942
6.52%, 12/01/40		9,745		9,757,863
Chicago O’Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40		1,500		2,162,925
Chicago Transit Authority Sales Tax Receipts Fund, RB
Series A, 6.90%, 12/01/40		4,075		5,693,020
Series B, 6.90%, 12/01/40		4,900		6,847,162
Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40^(a)		16,015		21,579,252
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series B, 3.91%, 12/01/40		3,960		4,190,195
City of Chicago Illinois Wastewater Transmission Revenue, RB, BAB, Series B, 6.90%, 01/01/40^(a)		36,000		49,493,880
City of Chicago Illinois Waterworks Revenue, RB, BAB, Series B, 6.74%, 11/01/40		15,250		21,276,495
City of Chicago Illinois, Refunding GO, Series B, 5.43%, 01/01/42		2,565		2,395,402
Illinois Finance Authority, RB, Series A, 5.75%, 08/15/34		5,000		5,196,850
Illinois Municipal Electric Agency, RB, BAB, 7.29%, 02/01/35^(a)		15,000		21,632,100
Northern Illinois Municipal Power Agency, RB, BAB, 7.82%, 01/01/40		5,000		7,791,550
State of Illinois, GO, BAB
6.73%, 04/01/35		6,320		7,017,538
7.35%, 07/01/35		35,855		40,691,481

				231,210,114

Indiana — 1.8%
Indiana Finance Authority, RB, BAB, Series B, 6.60%, 02/01/39		7,900		12,165,447
Indiana Municipal Power Agency, RB, BAB, Series A, 5.59%, 01/01/42		10,000		13,404,000

				25,569,447

Kansas — 0.1%
Wyandotte County-Kansas City Unified Government Utility System Revenue, Refunding RB, Series B, 2.68%, 09/01/37		1,000		1,009,720


Kentucky — 1.3%
Westvaco Corp., RB, 7.67%, 01/15/27^(b)		13,800		17,877,072


Louisiana — 0.3%
Louisiana Local Government Environmental Facilities & Community Development Auth, Refunding RB, (AGM), 2.59%, 02/01/43		4,800		4,560,288


Maryland — 0.1%
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 6.25%, 03/01/27^(b)		1,000		934,690


Massachusetts — 1.9%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, 5.73%, 06/01/40^(a)		5,000		6,994,200
Massachusetts Educational Financing Authority, RB, Series A, 3.61%, 07/01/36		20,175		19,911,515

				26,905,715

Michigan — 4.2%
Michigan Finance Authority, RB, Series D, 5.02%, 11/01/43		7,500		9,050,175


Security	Par (000)		Value

Michigan (continued)
Michigan Finance Authority, Refunding RB, Series A, 3.27%, 06/01/39	$	10,000	$	10,039,100
Michigan Finance Authority, Refunding RB, CAB, Series B, 0.00%, 06/01/45^(d)		50,000		10,915,000
Michigan State University, RB, BAB, Series A, 6.17%, 02/15/50		5,500		7,016,460
Michigan State University, Refunding RB, Series A, 4.50%, 08/15/48		14,575		16,340,615
Michigan Tobacco Settlement Finance Authority, RB, Series A, 7.31%, 06/01/34		5,230		5,592,387

				58,953,737

Minnesota — 1.4%
Southern Minnesota Municipal Power Agency, Refunding RB, BAB, Series A, 5.93%, 01/01/43		8,000		11,530,240
Western Minnesota Municipal Power Agency, RB, BAB, 6.77%, 01/01/46		5,000		8,077,500

				19,607,740

Mississippi — 0.5%
Mississippi Development Bank, RB, BAB, 6.41%, 01/01/40		5,000		7,477,350


Missouri — 2.0%
Curators of the University of Missouri, RB, BAB, 5.79%, 11/01/41^(a)		7,000		10,611,790
Missouri Joint Municipal Electric Utility Commission, RB, BAB, 7.73%, 01/01/39		11,000		16,537,840

				27,149,630

Nevada — 0.4%
City of North Las Vegas Nevada, GO, BAB, 6.57%, 06/01/40		1,420		2,052,511
County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45		2,000		3,209,300

				5,261,811

New Hampshire — 0.4%
New Hampshire Business Finance Authority, Refunding RB, 2.87%, 07/01/35		5,090		5,243,056


New Jersey — 12.0%
New Jersey Economic Development Authority, RB, Series A, (NPFGC), 7.43%, 02/15/29^(a)		20,974		25,679,936
New Jersey Educational Facilities Authority, Refunding RB, (AGM), 3.51%, 07/01/42		20,000		19,856,000
New Jersey Housing & Mortgage Finance Agency, RB, M/F Housing, Series C, (AGM), 6.65%, 11/01/44		14,360		14,384,556
New Jersey Transportation Trust Fund Authority, RB, BAB, Series C, 5.75%, 12/15/28		4,500		5,076,720
New Jersey Transportation Trust Fund Authority, Refunding RB, Series B, 4.13%, 06/15/42		29,355		27,975,022
New Jersey Turnpike Authority, RB, BAB
Series A, 7.10%, 01/01/41^(a)		34,000		54,663,500
Series F, 7.41%, 01/01/40		6,790		11,147,550
Rutgers The State University of New Jersey, RB, Series P, 3.92%, 05/01/21		7,275		8,201,326

				166,984,610

New York — 11.0%
Metropolitan Transportation Authority, RB, BAB
6.67%, 11/15/39		2,220		2,672,347
7.34%, 11/15/39^(a)		13,245		20,228,426


Security	Par (000)		Value

New York (continued)
Metropolitan Transportation Authority, RB, BAB (continued)
6.69%, 11/15/40^(a)	$	13,000	$	15,664,740
Series E, 7.13%, 11/15/30		15,000		15,014,700
Metropolitan Transportation Authority, Refunding RB, Series C-2, 5.18%, 11/15/49		4,370		4,468,412
Nassau County Tobacco Settlement Corp., Refunding RB, Series A-1, 6.83%, 06/01/21		8,250		8,267,831
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB^(a)
5.93%, 11/01/36		6,060		6,081,392
5.57%, 11/01/38		19,000		25,273,230
New York State Dormitory Authority, RB, BAB, Series H, 5.39%, 03/15/40^(a)		15,000		20,106,900
New York State Dormitory Authority, Refunding RB, Series B, 5.75%, 01/01/29		6,010		6,626,085
Port Authority of New York & New Jersey, ARB, Consolidated, 192nd Series, 4.81%, 10/15/65		14,825		18,973,035
Port Authority of New York & New Jersey, RB
Consolidated, 165th Series, 5.65%, 11/01/40		2,750		3,751,633
Consolidated, 168th Series, 4.93%, 10/01/51		3,860		5,037,995

				152,166,726

Ohio — 7.4%
American Municipal Power, Inc., RB, Series B, 7.83%, 02/15/41		10,000		15,996,800
American Municipal Power, Inc., Refunding RB, BAB, Series B, 6.45%, 02/15/44		10,000		14,300,300
Franklin County Convention Facilities Authority, RB, BAB, 6.64%, 12/01/42^(a)		30,575		48,018,037
Mariemont City School District, Refunding GO, BAB, 6.55%, 12/01/47^(a)(c)		10,055		10,102,661
Ohio University, RB, 5.59%, 12/01/14		10,100		13,730,445

				102,148,243

Oklahoma — 0.4%
Oklahoma Municipal Power Authority, RB, BAB, 6.44%, 01/01/45^(a)		3,500		5,080,600


Pennsylvania — 4.2%
Commonwealth Financing Authority, RB
Series A, 3.86%, 06/01/38		2,210		2,484,946
Series A, 4.14%, 06/01/38		6,200		7,174,144
Series A, 3.81%, 06/01/41		4,920		5,555,270
Lehigh County Authority, Refunding RB, (BAM), 3.48%, 12/01/55		900		911,115
Pennsylvania Economic Development Financing Authority, RB, BAB, Series B, 6.53%, 06/15/39		23,050		32,269,309
Temple University-of The Commonwealth System of Higher Education, Refunding RB, Series 2020, 3.08%, 04/01/40		10,000		10,169,000

				58,563,784

Puerto Rico — 4.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB
Series B, Senior Lien, 5.00%, 07/01/23		2,355		2,342,848
Series B, Senior Lien, 5.35%, 07/01/27		16,755		16,498,481
Series B, Senior Lien, 6.15%, 07/01/38		2,160		2,160,303
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, 4.55%, 07/01/40		14,899		13,925,201


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series A-1, Restructured, 4.75%, 07/01/53	$	3,465	$	3,632,498
Series A-2, Restructured, 4.33%, 07/01/40		5,000		5,146,650
Series A-2, Restructured, 4.78%, 07/01/58		12,447		13,067,981

				56,773,962

South Carolina — 3.1%
South Carolina Public Service Authority, RB, Series F, (AGM), 5.74%, 01/01/30		5,000		6,244,050
South Carolina Public Service Authority, RB, BAB, Series C, (AGM), 6.45%, 01/01/50		11,290		17,865,409
South Carolina Public Service Authority, Refunding RB, Series D, 4.77%, 12/01/45		10,085		12,670,794
South Carolina Student Loan Corp., RB, Series A, 3.59%, 12/01/39		6,285		6,501,078

				43,281,331

Tennessee — 4.2%
Memphis-Shelby County Industrial Development Board, Refunding TA, Series C, 7.00%, 07/01/45		5,800		5,093,502
Metropolitan Government of Nashville & Davidson County Convention Center Auth, RB, BAB, Series A2, 7.43%, 07/01/43^(a)		35,105		52,516,027

				57,609,529

Texas — 3.6%
City of Austin Texas, ARB, 5.75%, 11/15/42		5,000		5,281,350
City of San Antonio Texas Customer Facility Charge Revenue, ARB, 5.87%, 07/01/45^(a)		7,500		8,314,050
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48		2,500		3,469,250
Dallas Fort Worth International Airport, Refunding RB, Series C, 3.09%, 11/01/40		10,155		10,256,449
Port Beaumont Navigation District, Refunding RB, Series B, 6.00%, 01/01/25^(b)		1,085		1,064,515
Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49		20,000		21,134,800

				49,520,414

Utah — 2.5%
Utah Transit Authority, RB, BAB, 5.71%, 06/15/40^(a)		26,405		35,138,190


Virginia — 3.0%
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46		31,990		33,142,600
Virginia Housing Development Authority, RB, M/F Housing, Series D, 3.64%, 06/01/45		8,435		8,916,385

				42,058,985

Washington — 2.3%
Washington State Convention Center Public Facilities District, RB, BAB, 6.79%, 07/01/40		26,100		32,192,262


West Virginia — 6.0%
Tobacco Settlement Finance Authority, RB, Series A, 7.47%, 06/01/47		29,400		31,862,250
Tobacco Settlement Finance Authority, Refunding RB
Series A, Class 1, 4.31%, 06/01/49		40,000		39,795,200
Series B, Class 2, 4.88%, 06/01/49		12,175		12,187,905

				83,845,355

Wisconsin — 0.9%
Public Finance Authority, RB
6.75%, 11/01/24^(b)		3,580		3,592,852
Series A, 7.55%, 12/01/30^(b)		1,470		1,496,196


Security	Par (000)		Value

Wisconsin (continued)
Public Finance Authority, RB (continued)
Series A, 7.63%, 12/01/48^(b)	$	5,310	$	4,965,487
Series B, 6.00%, 06/15/24		435		433,008
Public Finance Authority, Refunding RB,
Series B, 6.13%, 10/01/49^(b)		1,470		1,372,730

				11,860,273


Total Municipal Bonds — 140.7% (Cost: $1,573,509,109)				1,955,063,503


Total Long-Term Investments — 148.4% (Cost: $1,666,324,990)				2,062,889,790


	Shares

Short-Term Securities

Money Market Funds — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%^(e)(f)		847,820		847,820


Total Short-Term Securities — 0.1% (Cost: $847,820)				847,820


Total Investments — 148.5% (Cost: $1,667,172,810)				2,063,737,610

Liabilities in Excess of Other Assets — (48.5)%				(673,817,957	)


Net Assets — 100.0%			$	1,389,919,653

^(a⁾	All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

^(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)	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.

^(d)	Zero-coupon bond.

^(e)	Affiliate of the Trust.

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

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

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

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $707,927,501 are categorized as Level 2 within the disclosure hierarchy.


Affiliated Issuer	Value at 07/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	6,321,745	$	—	$	(5,473,925	)^(a)	$	—	$	—	$	847,820		847,820	$	1,875	$	—


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		390		12/21/20	$	53,905	$	308,865
U.S. Long Treasury Bond		346		12/21/20		59,674		1,317,487

							$	1,626,352


Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

ARB		Airport Revenue Bonds

BAB		Build America Bond

BAM		Build America Mutual Assurance Co.

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

GO		General Obligation Bonds

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

RB		Revenue Bond

TA		Tax Allocation


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds	$	—	$	107,826,287	$	—	$	107,826,287
Municipal Bonds		—		1,955,063,503		—		1,955,063,503
Short-Term Securities
Money Market Funds		847,820		—		—		847,820

	$	847,820	$	2,062,889,790	$	—	$	2,063,737,610

Derivative Financial Instruments^(a)
Assets
Interest Rate Contracts	$	1,626,352	$	—	$	—	$	1,626,352


SCHEDULES OF INVESTMENTS		1


SCHEDULE OF INVESTMENTS		3


SCHEDULES OF INVESTMENTS		5