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      <invstOrSec>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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          <maturityDt>2044-06-15</maturityDt>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp</name>
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        <name>SAN FRANCISCO CALIF CITY &amp;CNTY</name>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp</name>
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        <name>FLORIDA ST PORTS FING COMMISSI</name>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
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          <maturityDt>2020-11-01</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>LOS ANGELES CA DEPT OF WTR &amp; P</name>
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        <name>BROWARD CNTY FL WTR &amp; SWR UTILITY REVENUE</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>ALABAMA ST PORT AUTH DOCKS FAC</name>
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        <name>Chicago Board of Education</name>
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        <name>LUCAS CNTY OH HOSP REVENUE</name>
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        <name>Chicago Board of Education</name>
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        <name>BURKE CNTY GA DEV AUTH POLL CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALABAMA ST SPL CARE FACS FING</name>
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          <isin value="US01039VAP94"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-15</maturityDt>
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        <name>ILLINOIS ST FIN AUTH REVENUE</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
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          <isin value="US45203HBK77"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-15</maturityDt>
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        <name>LOUISIANA PUB FACS AUTH REVENU</name>
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          <isin value="US546399HU32"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>ILLINOIS ST TOLL HIGHWAY AUTH</name>
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        <title>Illinois State Toll Highway Authority</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PUBLIC FIN AUTH WI REVENUE</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
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          <isin value="US74442PEU57"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
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        <name>KENTUCKY ST ASSET/LIABILITY CO</name>
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          <isin value="US491189FY74"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2020-06-25</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>KALISPELL MT HSG &amp; HLTHCARE FA</name>
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          <maturityDt>2047-05-15</maturityDt>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>Ohio Air Quality Development Authority</name>
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        <name>TENDER OPTION BOND TRUST RECEI</name>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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        <name>PUBLIC FIN AUTH WI CHRT SCH RE</name>
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        <name>KALISPELL MT HSG &amp; HLTHCARE FA</name>
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        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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        <name>OHIO ST AIR QUALITY DEV AUTH E OHSDEV 07/49 FIXED 5</name>
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        <name>N TX TOLLWAY AUTH REVENUE</name>
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        <title>North Texas Tollway Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS ST WTR DEV BRD</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CHICAGO IL BRD OF EDU</name>
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        <name>UTAH CNTY UT HOSP REVENUE</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>BURKE CNTY GA DEV AUTH POLL CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arizona Industrial Development Authority</name>
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        <name>BlackRock Liquidity Funds</name>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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        <title>Metropolitan Transportation Authority</title>
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        <name>RAILSPLITTER IL TOBACCO SETTLE</name>
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        <name>Illinois Finance Authority</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US46246PMG36"/>
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        <name>BUTLER CNTY OH PORT AUTH PROJ</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>NEW HOPE CULTURAL EDU FACS FIN</name>
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        <title>Massachusetts Development Finance Agency</title>
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        <name>ILLINOIS ST TOLL HIGHWAY AUTH</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>SAN JOSE CA SPL HOTEL TAX REVE</name>
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        <name>LOUISIANA PUB FACS AUTH REVENU</name>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
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        <name>MASSACHUSETTS ST SCH BLDG AUTH</name>
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        <name>iShares National Muni Bond ETF</name>
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        <name>CYPRESS-FAIRBANKS TX INDEP SCH DIST</name>
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        <name>MESA AZ UTILITY SYS REVENUE</name>
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        <name>WASHINGTON ST HLTH CARE FACS A</name>
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        <name>Kentucky Public Energy Authority</name>
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        <name>Chicago Board of Education</name>
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        <name>INDIANA ST FIN AUTH REVENUE</name>
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        <name>CHICAGO IL O'HARE INTERNATIONA</name>
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        <name>Chicago Board of Education</name>
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        <name>PUBLIC FIN AUTH WI REVENUE</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Chicago Board of Education</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL O'HARE INTERNATIONA</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>MICHIGAN ST FIN AUTH REVENUE</name>
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        <name>NEW YORK CITY NY TRANSITIONALF</name>
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        <name>N TX TOLLWAY AUTH REVENUE</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
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      <invstOrSec>
        <name>HANOVER CNTY VA ECON DEV AUTHR</name>
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        <name>IOWA ST STUDENT LOAN LIQUIDITY</name>
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          <isin value="US462590JK70"/>
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        <curCd>USD</curCd>
        <valUSD>1106514.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>TAMPA FL SPL ASSMNT REVENUE</name>
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        <cusip>875143AY5</cusip>
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          <isin value="US875143AY52"/>
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          <maturityDt>2046-05-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <cusip>74529JQG3</cusip>
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          <isin value="US74529JQG30"/>
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        <balance>97980000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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          <isin value="US74529JQW89"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <cusip>018444AY5</cusip>
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          <isin value="US018444AY55"/>
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        <balance>6305000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
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        <title>MET TRANSPRTN AUTH NY REVENUE</title>
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          <isin value="US59261AA495"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-01</maturityDt>
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        <name>VIRGINIA ST PUBLIC SCH AUTH SC</name>
        <lei>N/A</lei>
        <title>Virginia Public School Authority</title>
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        <name>LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>PALOMAR CA CMNTY CLG DIST</name>
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        <name>PEFA INC IA GAS PROJ REVENUE</name>
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        <name>Greater Orlando Aviation Authority</name>
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        <name>State of California</name>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
        <lei>N/A</lei>
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        <name>MIAMI-DADE CNTY FL SEAPORT REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
        <lei>5493003476LG35QAKM08</lei>
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        <name>Chicago Board of Education</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Lakewood Ranch Stewardship District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>LUCAS CNTY OH HOSP REVENUE</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>LOWER COLORADO RIVER TX AUTH R</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>KALISPELL MT HSG &amp; HLTHCARE FA</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CENTERRA CO MET DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRANT CNTY WA PUBLIC UTIL DIST</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-01</maturityDt>
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        <name>AMERICAN MUNI PWR-OHIO INC OH</name>
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          <couponKind>Floating</couponKind>
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        <name>NEW YORK NY</name>
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        <name>Nevada Department of Business &amp; Industry</name>
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        <name>PHOENIX AZ INDL DEV AUTH EDU R</name>
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        <name>NATIONAL FIN AUTH NH REVENUE NFADEV</name>
        <lei>N/A</lei>
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        <name>MASSACHUSETTS ST SCH BLDG AUTH</name>
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        <name>Lakewood Ranch Stewardship District</name>
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        <name>RHODE ISLAND ST STUDENT LOAN A</name>
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        <name>ESSEX CNTY NJ IMPT AUTH SOL WS</name>
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        <name>Arizona Industrial Development Authority</name>
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          <isin value="US04052BJS43"/>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
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        <name>COLORADO ST BLDG EXCELLENT SCH</name>
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        <name>ATLANTA GA ARPT REVENUE</name>
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        <name>WASHINGTON ST HLTH CARE FACS A</name>
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        <name>VALPARAISO IN EXEMPT FACS REVE</name>
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        <name>LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE</name>
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        <name>Chicago Board of Education</name>
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        <name>HILLSBOROUGH CNTY FL PORT DIST</name>
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        <name>Mission Economic Development Corp</name>
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        <name>NEW YORK CITY NY TRANSITIONALF</name>
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        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
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      <invstOrSec>
        <name>WESTCHESTER NY TOBACCO ASSET S</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONNECTICUT ST HLTH &amp; EDUCTNL</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST PUBLIC WKS BRD L</name>
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          <isin value="US130685A263"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp</name>
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          <isin value="US38122NZW54"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH SALES TA</name>
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        <title>New York State Dormitory Authority</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-03-15</maturityDt>
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        <name>Chicago Board of Education</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-01</maturityDt>
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        <name>Indiana Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</maturityDt>
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        <name>ROYAL OAK MI HOSP FIN AUTH</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>DIST OF COLUMBIA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHOENIX AZ INDL DEV AUTH EDU R</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
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        <name>TEXAS ST</name>
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        <name>S E ALABAMA ST GAS SPLY DIST G</name>
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        <name>UTAH CNTY UT HOSP REVENUE</name>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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        <name>UNIV OF WASHINGTON WA UNIV REV</name>
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        <name>NORTHSIDE TX INDEP SCH DIST</name>
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        <name>NEW JERSEY ST ECON DEV AUTH RE</name>
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        <name>WASHINGTON DC MET AREA TRANSIT</name>
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      </invstOrSec>
      <invstOrSec>
        <name>PASADENA TX INDEP SCH DIST</name>
        <lei>549300QY114RR4MXVU24</lei>
        <title>Pasadena Independent School District</title>
        <cusip>702334AZ6</cusip>
        <identifiers>
          <isin value="US702334AZ64"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27798500.00000000</valUSD>
        <pctVal>0.232960484974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MET TRANSPRTN AUTH NY REVENUE</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority</title>
        <cusip>59261AFS1</cusip>
        <identifiers>
          <isin value="US59261AFS15"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11952300.00000000</valUSD>
        <pctVal>0.100164167295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>NEW JERSEY ST TRANSPRTN TRUST</title>
        <cusip>6461365K3</cusip>
        <identifiers>
          <isin value="US6461365K35"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7454020.00000000</valUSD>
        <pctVal>0.062467115643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Education</name>
        <lei>54930099NR6T9V7LVB43</lei>
        <title>CHICAGO IL BRD OF EDU</title>
        <cusip>167505WK8</cusip>
        <identifiers>
          <isin value="US167505WK80"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5417500.00000000</valUSD>
        <pctVal>0.045400414675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO IL O'HARE INTERNATIONA</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>Chicago O'Hare International Airport</title>
        <cusip>167593GF3</cusip>
        <identifiers>
          <isin value="US167593GF31"/>
        </identifiers>
        <balance>29835000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31754583.90000000</valUSD>
        <pctVal>0.266113756695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OAKLAND CA UNIF SCH DIST ALAME</name>
        <lei>N/A</lei>
        <title>Oakland Unified School District/Alameda County</title>
        <cusip>672325XA0</cusip>
        <identifiers>
          <isin value="US672325XA05"/>
        </identifiers>
        <balance>3750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4121737.50000000</valUSD>
        <pctVal>0.034541502848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kentucky Public Energy Authority</name>
        <lei>N/A</lei>
        <title>KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 12/49 ADJUSTABLE VAR</title>
        <cusip>74440DBR4</cusip>
        <identifiers>
          <isin value="US74440DBR44"/>
        </identifiers>
        <balance>85000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93619850.00000000</valUSD>
        <pctVal>0.784564838362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARROLL CNTY KY ENVRNMNTL FACS</name>
        <lei>N/A</lei>
        <title>County of Carroll KY</title>
        <cusip>14483RAS6</cusip>
        <identifiers>
          <isin value="US14483RAS67"/>
        </identifiers>
        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29832600.00000000</valUSD>
        <pctVal>0.250006905554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN ST FIN AUTH REVENUE</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447TQS5</cusip>
        <identifiers>
          <isin value="US59447TQS59"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30233500.00000000</valUSD>
        <pctVal>0.253366578141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>


    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Municipal Bond Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Ann Frechette</ncom:signature>
      <ncom:signerName>Ann Frechette</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
