BlackRock MuniYield Quality Fund II


Security	Par (000)		Value

Municipal Bonds

Alabama — 0.7%
City of Birmingham Alabama, GO, CAB, Series A-1, 5.00%, 09/01/25^(a)	$	915	$	1,031,981
Homewood Educational Building Authority, Refunding RB
Series A, 5.00%, 12/01/34		240		274,225
Series A, 5.00%, 12/01/47		655		739,572


				2,045,778

Arizona — 2.3%
Arizona Industrial Development Authority, RB^(b)5.00%, 07/01/54		545		587,117
Series A, 5.00%, 07/01/39		480		499,616
Series A, 5.00%, 07/01/49		545		563,576
Series A, 5.00%, 07/01/54		420		433,759
City of Phoenix Civic Improvement Corp., Refunding RB, AMT, Senior Lien, 5.00%, 07/01/32		1,000		1,051,758
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		305		338,644
Industrial Development Authority of the County of Pima, RB^(b)5.00%, 07/01/39		500		522,612
5.00%, 06/15/47		830		841,195
Industrial Development Authority of the County of Pima, Refunding RB^(b)5.00%, 06/15/49		485		505,975
5.00%, 06/15/52		470		489,844
Maricopa County Industrial Development Authority, Refunding RB 5.00%, 07/01/39^(b)		200		226,757
5.00%, 07/01/54^(b)		470		520,852
Series A, 5.00%, 09/01/36		575		683,300


				7,265,005

Arkansas — 0.5%
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49^(b)		1,375		1,481,164


California — 9.9%
California Community Housing Agency, RB, M/F Housing^(b)
Series A, 5.00%, 04/01/49		205		220,166
Series A-2, 4.00%, 08/01/47		1,325		1,240,064
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/23^(a)		945		1,000,033
Sub-Series A-2, 5.00%, 11/01/47		1,140		1,596,921
California Housing Finance Agency, RB, M/F Housing 3.25%, 08/20/36		848		905,467
Series 2021-1, Class A, 3.50%, 11/20/35		810		885,231
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42		1,290		1,297,934
California Statewide Communities Development Authority, Refunding RB, Series A, 4.00%, 12/01/53		865		884,402
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57^(b)		135		112,735
CSCDA Community Improvement Authority, RB, M/F Housing^(b)3.13%, 06/01/57		730		581,862
4.00%, 06/01/58		1,085		1,022,864


Security	Par (000)		Value

California (continued)
CSCDA Community Improvement Authority, RB, M/F Housing^(b)(continued) 4.00%, 12/01/58	$	855	$	801,398
Golden State Tobacco Securitization Corp., Refunding RB 0.00%, 06/01/66^(c)		1,860		288,144
Series A-1, 3.50%, 06/01/22^(a)		795		802,999
Series A-1, 5.00%, 06/01/22^(a)		785		796,775
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, 6.25%, 08/01/43^(d)		5,000		5,622,720
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/36		365		419,890
Series A, AMT, 5.00%, 03/01/37		400		459,294
San Diego Community College District, GO, CAB^(c)0.00%, 08/01/31		1,855		1,154,815
0.00%, 08/01/32		2,320		1,356,376
San Diego County Regional Airport Authority, ARB
Series B, AMT, 4.00%, 07/01/51		245		265,909
Series B, AMT, 4.00%, 07/01/56		255		276,710
San Diego Unified School District, GO, CAB^(c)
Series C, Election 2008, 0.00%, 07/01/38		1,400		938,846
Series G, Election 2008, 0.00%, 01/01/24^(a)		2,730		1,392,508
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31^(c)		1,110		913,312
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB,
Series A, AMT, 5.00%, 05/01/49		705		828,406
State of California, GO, 5.00%, 04/01/42		1,500		1,509,891
Yosemite Community College District, GO^(c)
Series D, 0.00%, 08/01/36		2,000		1,419,796
Series D, Election 2004, 0.00%, 08/01/37		2,790		1,915,380


				30,910,848

Colorado — 1.9%
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48		1,165		1,242,989
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46		945		1,013,891
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		940		1,027,105
Regional Transportation District, COP, Series A, 5.00%, 06/01/39		2,500		2,618,613


				5,902,598

Connecticut — 1.0%
Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series E-1, (HUD SECT 8), 3.25%, 11/15/54		620		625,256
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-1, 3.80%, 11/15/39		65		67,070
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 07/01/41		1,650		1,815,734
State of Connecticut, GO, Series C, 5.00%, 06/15/32		545		652,652


				3,160,712

District of Columbia — 0.3%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B,
Subordinate, 4.00%, 10/01/49		875		961,767


Security	Par (000)		Value

Florida — 9.5%
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39	$	1,420	$	1,519,262
Capital Trust Agency, Inc., RB^(b)
Series A, 5.00%, 06/01/55		480		489,953
Series SE, 3.00%, 07/01/31		100		100,632
Series SE, 4.00%, 07/01/41		165		174,015
Series SE, 4.00%, 07/01/51		190		197,288
Series SE, 4.00%, 07/01/56		160		165,404
City of Tampa Florida, RB, CAB^(c)
Series A, 0.00%, 09/01/49		525		182,931
Series A, 0.00%, 09/01/53		560		163,442
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38		425		470,135
County of Miami-Dade Florida Aviation Revenue, Refunding RB
AMT, 5.00%, 10/01/34		160		174,800
Series A, AMT, 5.00%, 10/01/22^(a)		1,730		1,780,397
County of Miami-Dade Seaport Department, ARB^(a)
Series A, 6.00%, 10/01/23		1,780		1,930,577
Series B, AMT, 6.00%, 10/01/23		1,150		1,246,491
Series B, AMT, 6.25%, 10/01/23		360		391,435
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/41		505		265,713
Series A-2, 0.00%, 10/01/42		675		341,468
Series A-2, 0.00%, 10/01/43		615		298,784
Series A-2, 0.00%, 10/01/44		625		292,279
Series A-2, 0.00%, 10/01/45		525		236,521
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45		850		917,923
Florida Development Finance Corp., RB^(b)AMT, 5.00%, 05/01/29		480		506,773
Series A, AMT, 5.00%, 08/01/29^(e)		185		188,428
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50^(b)		270		288,975
Greater Orlando Aviation Authority, ARB
Sub-Series A, AMT, 5.00%, 10/01/37		660		766,549
Sub-Series A, AMT, 5.00%, 10/01/47		2,170		2,474,672
Sub-Series A, AMT, 5.00%, 10/01/52		1,330		1,513,951
Lakewood Ranch Stewardship District, SAB, S/F Housing 4.00%, 05/01/40		235		244,162
4.00%, 05/01/50		395		403,940
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40		2,635		2,917,214
Miami-Dade County Seaport Department, Refunding RB, Series A-1, AMT, (AGM), 4.00%, 10/01/45		790		884,715
Orange County Health Facilities Authority, Refunding RB 5.00%, 08/01/41		495		537,589
5.00%, 08/01/47		1,435		1,555,695
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47		150		156,639
Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41		140		156,063
Putnam County Development Authority, Refunding RB, Series A, 5.00%, 03/15/42		1,560		1,779,667


Security	Par (000)		Value

Florida (continued)
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23^(a)	$	1,040	$	1,101,444
State of Florida, GO, Series B, 4.00%, 07/01/39		1,840		2,070,631
Storey Creek Community Development District, SAB, 4.13%, 12/15/49		500		525,451


				29,412,008

Georgia — 1.5%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25^(a)		440		494,136
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54		280		302,010
LaGrange-Troup County Hospital Authority, Refunding RB, 4.00%, 04/01/47		1,110		1,199,576
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/43		615		714,216
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49		470		513,041
5.00%, 01/01/56		645		743,735
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24^(a)		670		723,803


				4,690,517

Hawaii — 0.4%
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45		1,150		1,261,925


Illinois — 10.4%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/36		985		1,150,036
Series A, 5.00%, 12/01/38		400		466,308
Series A, 5.00%, 12/01/39		360		419,081
Series A, 5.00%, 12/01/40		730		847,764
Series A, 5.00%, 12/01/41		470		546,774
Chicago Board of Education, Refunding GO, Series A, 5.00%, 12/01/30		840		989,549
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25^(c)		225		209,036
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/34		505		537,150
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42		2,585		3,002,519
Chicago O’Hare International Airport, Refunding ARB, Series C, AMT, Senior Lien, 5.38%, 01/01/39		3,235		3,350,554
Illinois Finance Authority, Refunding RB
Series C, 4.13%, 08/15/37		665		711,041
Series C, 5.00%, 08/15/44		305		335,386
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38		360		391,938
Illinois State Toll Highway Authority, RB
Series A, 4.00%, 01/01/46		1,760		1,990,363
Series B, 5.00%, 01/01/37		2,465		2,783,909
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		670		757,035
Metropolitan Pier & Exposition Authority, RB, CAB, Series A, (NPFGC), 0.00%, 12/15/36^(c)		10,000		6,463,660
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50		515		546,050
Series B, (AGM), 0.00%, 06/15/44^(c)		2,980		1,492,059


Security	Par (000)		Value

Illinois (continued)
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33	$	2,000	$	2,573,450
State of Illinois, GO 5.25%, 02/01/32		870		931,472
5.50%, 07/01/33		710		749,622
5.25%, 02/01/34		600		642,394
5.50%, 07/01/38		390		411,764


				32,298,914

Indiana — 0.4%
Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/23^(a)		1,215		1,282,763


Louisiana — 1.8%
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/46		2,400		2,739,943
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40		2,620		2,835,466


				5,575,409

Maine — 0.1%
Maine State Housing Authority, RB, S/F Housing, Series B, 3.35%, 11/15/44		175		180,087


Maryland — 0.3%
City of Baltimore Maryland, Refunding TA, Series A, Senior Lien, 3.63%, 06/01/46^(b)		655		660,893
Maryland Economic Development Corp., RB, 5.00%, 07/01/56		145		169,138


				830,031

Massachusetts — 2.0%
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47		1,855		2,073,882
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/41		815		896,880
Massachusetts Educational Financing Authority, RB, Series C, AMT, Subordinate, 3.00%, 07/01/51		515		489,822
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.85%, 06/01/46		55		57,162
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42		660		678,090
Massachusetts School Building Authority, RB
Series A, 5.00%, 05/15/23^(a)		1,110		1,169,131
Sub-Series B, 4.00%, 02/15/43		670		703,791


				6,068,758

Michigan — 4.2%
Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44		545		591,203
Michigan Finance Authority, Refunding RB 4.00%, 11/15/46		1,050		1,118,293
Series A, 4.00%, 12/01/40		2,630		2,907,231
Michigan State Housing Development Authority, RB, M/F Housing
Series A, 2.45%, 10/01/46		625		573,488
Series A, 4.15%, 10/01/53		1,680		1,774,038
Series A, 2.70%, 10/01/56		2,240		2,070,322
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39		450		452,165
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48		570		684,377


Security	Par (000)		Value

Michigan (continued)
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43	$	1,465	$	1,682,917
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39		720		772,601
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23^(a)		340		364,367


				12,991,002

Missouri — 0.6%
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		1,140		1,253,941
Missouri Housing Development Commission, RB, S/F Housing, (FHLMC, FNMA, GNMA), 2.20%, 11/01/46		740		642,363


				1,896,304

Nebraska — 0.9%
Central Plains Energy Project, RB, 5.25%, 09/01/37		2,650		2,714,045


New Jersey — 8.8%
New Jersey Economic Development Authority, RB
Series WW, 5.25%, 06/15/25^(a)		15		16,973
Series WW, 5.25%, 06/15/33		135		150,966
Series WW, 5.00%, 06/15/34		180		199,647
Series WW, 5.00%, 06/15/36		800		885,830
Series WW, 5.25%, 06/15/40		305		336,544
AMT, 5.13%, 01/01/34		610		650,821
AMT, 5.38%, 01/01/43		790		843,323
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32		295		320,443
New Jersey Educational Facilities Authority, Refunding RB, Series A, 5.00%, 07/01/42		800		907,742
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50		800		832,098
New Jersey Higher Education Student Assistance Authority, Refunding RB 1st Series, AMT, 5.50%, 12/01/25		165		165,147
1st Series, AMT, 5.50%, 12/01/26		115		115,100
1st Series, AMT, 5.75%, 12/01/28		65		65,059
Series B, AMT, 3.25%, 12/01/39		2,150		2,239,118
Sub-Series C, AMT, 3.63%, 12/01/49		645		631,218
New Jersey Housing & Mortgage Finance Agency, Refunding RB, 2nd Series, AMT, 4.35%, 11/01/33		840		851,581
New Jersey Transportation Trust Fund Authority, RB
Series A, (NPFGC), 5.75%, 06/15/25		1,400		1,599,563
Series A, 0.00%, 12/15/29^(c)		225		187,020
Series AA, 5.25%, 06/15/33		1,315		1,384,652
Series AA, 5.00%, 06/15/38		1,180		1,272,293
Series AA, 5.50%, 06/15/39		4,650		4,901,444
Series AA, 5.00%, 06/15/45		790		943,055
Series AA, 3.00%, 06/15/50		235		231,923
Series D, 5.00%, 06/15/32		525		575,946
New Jersey Transportation Trust Fund Authority, Refunding RB, 4.00%, 12/15/39		925		1,019,872
South Jersey Transportation Authority, RB, Series A, 4.00%, 11/01/50		510		563,163
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/34		820		965,153
Series A, 5.00%, 06/01/36		1,220		1,432,851


Security	Par (000)		Value

New Jersey (continued)
Tobacco Settlement Financing Corp., Refunding RB (continued)
Series A, 4.00%, 06/01/37	$	745	$	823,509
Sub-Series B, 5.00%, 06/01/46.		2,005		2,256,930


				27,368,984

New Mexico — 0.2%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/39		170		187,368
New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/44		325		360,222


				547,590

New York — 8.5%
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/56		1,330		1,451,526
New York City Housing Development Corp., RB, M/F Housing, Series I-1, (FHA), 2.55%, 11/01/45		1,000		936,733
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-3, Subordinate, (SAW), 4.00%, 07/15/46		1,000		1,098,268
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Series B, 5.00%, 11/01/32		2,200		2,265,910
New York City Water & Sewer System, RB, Series DD-1, 4.00%, 06/15/48.		5,000		5,440,060
New York Liberty Development Corp., Refunding RB Series 1, Class 1, 5.00%, 11/15/44^(b)		975		1,048,928
Series A, 2.88%, 11/15/46		4,030		3,841,251
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		395		438,763
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		4,950		5,253,871
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		350		418,686
AMT, 5.00%, 10/01/40		1,000		1,182,649
Port Authority of New York & New Jersey, Refunding ARB
Consolidated, 186th Series, AMT, 5.00%, 10/15/36		555		606,322
Consolidated, 186th Series, AMT, 5.00%, 10/15/44		1,110		1,202,926
Series 207, AMT, 4.00%, 09/15/43		410		441,004
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44		830		796,492


				26,423,389

Ohio — 3.2%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		4,245		4,649,846
County of Butler Ohio, Refunding RB, 4.00%, 11/15/37		890		978,878
Montgomery County, Refunding RB, 4.00%, 08/01/51		2,310		2,576,858
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48		120		125,323
Ohio Turnpike & Infrastructure Commission, RB
Series A-1, Junior Lien, 5.25%, 02/15/32		610		634,872
Series A-1, Junior Lien, 5.25%, 02/15/33		850		884,430


				9,850,207

Oklahoma — 0.2%
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		495		551,781


Security	Par (000)		Value

Oregon — 0.4%
Clackamas Community College District, GO, Series A, 5.00%, 06/15/40	$	390	$	456,579
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38^(c)		875		481,693
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43		245		251,999


				1,190,271

Pennsylvania — 12.3%
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/56		1,610		1,907,356
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46		100		109,142
4.00%, 07/01/51		100		108,601
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB
Series B, AMT, 5.00%, 07/01/35		670		771,192
Series B, AMT, 5.00%, 07/01/47		765		874,836
Commonwealth Financing Authority, RB (AGM), 4.00%, 06/01/39		935		1,040,598
Series B, 5.00%, 06/01/22^(a)		2,110		2,141,382
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		840		890,265
Montgomery County, Refunding RB, 4.00%, 05/01/52^(f)		1,050		1,142,798
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 4.00%, 04/15/50		875		972,534
Series B, 4.00%, 03/15/40		3,000		3,199,974
AMT, 5.00%, 12/31/34		2,220		2,511,586
AMT, 5.00%, 12/31/38		1,155		1,295,082
AMT, 5.00%, 06/30/42		3,300		3,670,128
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42		835		914,251
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47		180		164,310
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50		3,175		3,463,512
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 128B, AMT, 3.85%, 04/01/38		1,760		1,868,280
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/38		550		605,365
Series A-1, 5.00%, 12/01/41		730		834,149
Series B, 5.00%, 12/01/40		285		320,524
Series C, 5.50%, 12/01/23^(a)		490		530,085
Series C, 5.00%, 12/01/39		2,900		3,184,261
Sub-Series A-1, Subordinate, 5.00%, 12/01/41		1,755		1,954,661
Pennsylvania Turnpike Commission, Refunding RB 3rd Series, 4.00%, 12/01/38		1,835		2,032,004
Series A-1, 5.00%, 12/01/40		680		758,401
School District of Philadelphia, GO, Series A, (SAW), 4.00%, 09/01/46		575		641,768
School District of Philadelphia, Refunding, Series F, (SAW), 5.00%, 09/01/38		270		308,015


				38,215,060

Puerto Rico — 4.7%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		5,407		5,916,139
Series A-1, Restructured, 5.00%, 07/01/58		3,922		4,363,696


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series A-2, Restructured, 4.33%, 07/01/40	$	1,324	$	1,437,202
Series A-2, Restructured, 4.78%, 07/01/58		276		303,059
Series B-1, Restructured, 4.75%, 07/01/53		424		464,940
Series B-2, Restructured, 4.78%, 07/01/58		411		451,602
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(c)		5,089		1,645,889


				14,582,527

Rhode Island — 1.6%
Rhode Island Housing and Mortgage Finance Corp., Refunding RB, S/F Housing, Series 75-A, 2.35%, 10/01/44		1,075		972,966
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40		415		470,709
Tobacco Settlement Financing Corp., Refunding RB
Series B, 4.50%, 06/01/45		945		1,002,549
Series B, 5.00%, 06/01/50		2,340		2,541,998


				4,988,222

South Carolina — 6.9%
Charleston County Airport District, ARB, Series A, AMT, 5.50%, 07/01/41		1,360		1,436,322
County of Berkeley South Carolina, SAB
4.25%, 11/01/40		315		338,448
4.38%, 11/01/49		465		495,253
South Carolina Jobs-Economic Development Authority, RB
5.00%, 11/01/48		2,010		2,354,693
5.00%, 01/01/55^(b)		855		874,022
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/38		2,220		2,597,193
South Carolina Ports Authority, ARB
AMT, 5.25%, 07/01/25^(a)		2,040		2,314,317
AMT, 5.00%, 07/01/48		470		543,493
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		3,935		4,282,437
Series E, 5.50%, 12/01/53		2,820		3,021,131
South Carolina Public Service Authority, Refunding RB, Series B, 5.00%, 12/01/38		1,840		1,961,994
South Carolina State Housing Finance & Development Authority, RB, S/F Housing, Series A, 2.25%, 07/01/46		1,310		1,182,260


				21,401,563

South Dakota — 0.4%
South Dakota Health & Educational Facilities Authority, Refunding RB, 4.00%, 07/01/37		1,085		1,191,335


Tennessee — 0.7%
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40		750		828,469


Security	Par (000)		Value

Tennessee (continued)
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/46	$	1,110	$	1,247,677
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49		210		221,406

				2,297,552

Texas — 13.5%
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		115		102,419
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/37		1,240		1,348,650
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/22^(a)		605		619,357
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38		405		406,588
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		230		262,788
City of Houston Texas Airport System Revenue, Refunding RB
Series A, AMT, 5.00%, 07/01/27		225		256,770
Sub-Series A, AMT, 4.00%, 07/01/39		450		507,944
Sub-Series A, AMT, 4.00%, 07/01/40		360		404,933
Sub-Series A, AMT, 4.00%, 07/01/47		350		381,190
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23^(a)		500		520,844
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33		865		925,127
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24^(a)(c)		3,020		1,500,487
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/36^(c)		1,850		1,047,901
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50^(b)		450		474,359
North Texas Tollway Authority, RB, CAB, Series C, 6.75%, 09/01/31^(a)		10,000		14,068,640
North Texas Tollway Authority, Refunding RB
4.25%, 01/01/49		1,090		1,198,290
Series A, 5.00%, 01/01/43		790		934,162
Series B, 5.00%, 01/01/40		530		547,466
San Antonio Public Facilities Corp., Refunding RB^(c)
0.00%, 09/15/35		1,150		604,161
0.00%, 09/15/36		3,875		1,919,621
0.00%, 09/15/37		17,775		8,292,038
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/35		1,815		2,178,073
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39		750		801,896
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		260		272,316
Texas Department of Housing & Community Affairs, RB, S/F Housing 3.13%, 07/01/47^(f)		900		906,764


Security	Par (000)		Value

Texas (continued)
Texas Department of Housing & Community Affairs, RB, S/F Housing (continued)
Series A, (GNMA), 4.25%, 09/01/43	$	275	$	288,655
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/45		1,135		1,264,025


				42,035,464

Utah — 0.7%
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/42		1,095		1,252,373
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48		395		457,206
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39^(b)		185		194,781
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40^(b)		335		376,368


				2,280,728

Virginia — 0.0%
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/55		105		115,853


Washington — 3.4%
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		1,730		1,977,378
Series C, AMT, 5.00%, 04/01/40		900		979,937
Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46		2,145		2,600,701
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44		430		463,662
Washington Health Care Facilities Authority, RB 4.00%, 10/01/45		630		660,239
Series B, 5.00%, 08/15/44		3,000		3,057,087
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		856		901,836


				10,640,840

West Virginia — 0.3%
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51		870		938,477


Wisconsin — 2.5%
Public Finance Authority, RB^(b)5.00%, 06/15/51		555		557,862
5.00%, 10/15/56		215		229,030
Series A, 5.00%, 07/15/39		100		109,732
Series A, 5.00%, 07/01/40		300		323,244
Series A, 5.00%, 07/15/49		355		383,699
Series A, 5.00%, 07/15/54		170		183,107
Series A-1, 5.00%, 01/01/55		535		574,665
Public Finance Authority, Refunding RB, 5.00%, 09/01/39^(b)		295		314,343
Wisconsin Health & Educational Facilities Authority, RB, 4.00%, 08/15/51		1,805		1,988,025


Security	Par (000)		Value

Wisconsin (continued)
Wisconsin Housing & Economic Development Authority, RB, M/F Housing
Series A, 4.15%, 11/01/48	$	1,920	$	2,088,348
Series A, 4.45%, 05/01/57		1,030		1,098,275


				7,850,330


Total Municipal Bonds — 117.0% (Cost: $333,977,754)				363,399,808


Municipal Bonds Transferred to Tender Option Bond Trusts^(g)

California^(h)— 1.7%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47		3,392		3,635,931
Los Angeles Unified School District, GO, Series B-1, 5.25%, 07/01/42		1,391		1,660,357


				5,296,288

Colorado — 0.8%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48^(h)		2,084		2,476,673


Connecticut — 0.4%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45		1,231		1,390,734


District of Columbia — 1.0%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39		920		984,405
Metropolitan Washington Airports Authority, Refunding RB, Series A, AMT, 5.00%, 10/01/30		2,190		2,244,570


				3,228,975

Florida — 6.2%
City of Miami Beach Florida, RB, 5.00%, 09/01/45		2,740		3,033,753
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47		2,340		2,716,075
County of Broward Florida Port Facilities Revenue, ARB, Series B, AMT, 4.00%, 09/01/49		2,050		2,237,160
County of Miami-Dade Florida Transit System, Refunding RB, 5.00%, 07/01/22^(a)		1,540		1,582,951
County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31		4,200		5,335,491
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49^(h)		2,117		2,331,946
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35		2,100		2,106,875


				19,344,251

Georgia — 1.1%
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49		1,739		1,844,108
Georgia Ports Authority, RB, 4.00%, 07/01/51^(h)		1,471		1,688,533


				3,532,641

Illinois — 4.9%
City of Chicago IIllinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33		490		491,714
Illinois State Toll Highway Authority, RB Series A, 5.00%, 01/01/38		1,858		1,921,293


Security	Par (000)		Value

Illinois (continued)
Illinois State Toll Highway Authority, RB (continued) Series B, 5.00%, 01/01/40	$	930	$	1,041,902
Regional Transportation Authority, RB, (NPFGC), 6.50%, 07/01/26		10,000		11,752,590


				15,207,499

Louisiana — 0.5%
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25^(a)		1,350		1,470,907


Maryland — 1.3%
City of Baltimore Maryland, RB
Series A, 5.00%, 07/01/41		2,478		2,860,064
Series A, 5.00%, 07/01/46		939		1,080,481


				3,940,545

Massachusetts — 0.5%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46		1,321		1,417,879


Michigan — 1.8%
Michigan Finance Authority, RB
Series A, 5.00%, 11/01/44		1,750		1,946,116
Series A, 4.00%, 02/15/50		2,550		2,779,663
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45		760		852,179


				5,577,958

Nevada — 2.2%
County of Clark Nevada, GO, Series A, 5.00%, 06/01/38		2,716		3,227,383
Las Vegas Valley Water District, Refunding GO,
Series A, 5.00%, 06/01/46		3,080		3,490,340


				6,717,723

New Jersey — 1.7%
Hudson County Improvement Authority, RB, 5.25%, 05/01/51		720		822,675
New Jersey Turnpike Authority, Refunding RB
Series B, 4.00%, 01/01/37		2,054		2,301,011
Series G, 4.00%, 01/01/43		1,906		2,100,812


				5,224,498

New York — 7.7%
Metropolitan Transportation Authority, RB, Sub- Series D-1, 5.25%, 11/15/44		3,080		3,337,185
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		1,940		2,070,081
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, (SAW), 4.00%, 07/15/42^(h)		1,500		1,518,711
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series A-3, 5.00%, 08/01/40^(h)		2,714		3,188,516
New York City Water & Sewer System, Refunding RB
Series CC, 5.00%, 06/15/23^(a)		2,312		2,433,243
Series CC, 5.00%, 06/15/47		2,608		2,744,204
Series DD, 5.00%, 06/15/35		1,470		1,598,882
Series FF, 5.00%, 06/15/39		2,595		2,883,509


Security	Par (000)		Value

New York (continued)
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60	$	1,573	$	1,708,932
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56		2,001		2,306,185
				23,789,448

Ohio — 1.6%
Northeast Ohio Regional Sewer District, Refunding RB 4.00%, 11/15/24^(a)(h)		1,110		1,183,617
4.00%, 11/15/43		2,581		2,895,237
4.00%, 11/15/49^(h)		765		814,985


				4,893,839

Pennsylvania — 1.1%
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49		1,362		1,402,007
Philadelphia Authority for Industrial Development, RB, Series A, 4.00%, 07/01/44		1,094		1,132,623
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42		800		884,942


				3,419,572

South Carolina — 0.6%
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49^(h)		1,770		1,931,173


Texas — 3.3%
Harris County Toll Road Authority, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43		1,094		1,302,070
Houston Community College System, GO, 4.00%, 02/15/23^(a)		1,305		1,347,931
San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42		1,649		1,671,928
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/41		3,080		3,523,307
Texas Department of Housing & Community Affairs, RB, S/F Housing
Series A, (GNMA), 3.63%, 09/01/44		805		838,372
Series A, (GNMA), 3.00%, 09/01/45		408		405,122
Series A, (GNMA), 3.75%, 09/01/49		442		459,641
Series A, (GNMA), 3.00%, 03/01/50		772		767,615


				10,315,986

Utah — 1.7%
County of Utah, RB, Series B, 4.00%, 05/15/47		5,135		5,359,839


Virginia — 0.8%
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 5.50%, 07/01/57		1,962		2,357,677


Washington — 1.0%
Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/38		2,565		3,138,109


Security	Par (000)		Value

Wisconsin — 0.6%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/42	$	1,920	$	1,967,593


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 42.5% (Cost: $124,720,521)			131,999,807


Total Long-Term Investments — 159.5% (Cost: $458,698,275)			495,399,615


	Shares

Short-Term Securities

Money Market Funds — 2.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(i)(j)		7,562,191		7,562,191


Total Short-Term Securities — 2.4% (Cost: $7,562,910)			7,562,191


Total Investments — 161.9% (Cost: $466,261,185)			502,961,806
Other Assets Less Liabilities — 0.3%			884,502
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.7)%			(76,640,782)
VMTP Shares at Liquidation Value — (37.5)%			(116,500,000)


Net Assets Applicable to Common Shares — 100.0%			$ 310,705,526

^(a)	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.

^(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)	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.

^(f)	When-issued security.

^(g)	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.

^(h)	All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 2, 2022 to July 1, 2029, is $12,620,583.

⁽ⁱ⁾	Affiliate of the Fund.

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

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Various inputs are used in determining the fair value of financial instruments. 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:


Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	1,059,716	$	6,503,229	^(a)	$	—	$	(35	)	$	(719	)	$	7,562,191		7,562,191	$	432	$	—


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts 10-Year U.S. Treasury Note		96		03/22/22	$	12,285	$	154,477
U.S. Long Bond		56		03/22/22		8,710		165,025
5-Year U.S. Treasury Note		125		03/31/22		14,902		144,940

							$	464,442


Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

CAB		Capital Appreciation Bonds

COP		Certificates of Participation


Portfolio Abbreviation (continued)

FHA		Federal Housing Administration

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	363,399,808	$	—	$	363,399,808
Municipal Bonds Transferred to Tender Option Bond Trusts		—		131,999,807		—		131,999,807
Short-Term Securities
Money Market Funds		7,562,191		—		—		7,562,191

	$	7,562,191	$	495,399,615	$	—	$	502,961,806

Derivative Financial Instruments^(a)
Assets
Interest Rate Contracts	$	464,442	$	—	$	—	$	464,442


Portfolio Abbreviation (continued)

HUD SECT 8		U.S. Department of Housing and Urban Development Section 8

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PSF		Permanent School Fund

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

SAW		State Aid Withholding

SONYMA		State of New York Mortgage Agency

TA		Tax Allocation