# EDGAR Filing Document

**Accession Number:** 0001232860
**File Stem:** 0001752724-25-157807
**Filing Date:** 2025-6
**Character Count:** 122230
**Document Hash:** 817d06abb576bef15f90fa54e9ddf733
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157807.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157807

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Municipal Credit Alpha Portfolio, Inc.
- **CENTRAL INDEX KEY:** 0001232860

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21348
- **FILM NUMBER:** 251076880

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNICIPAL INCOME FUND, INC.
- **DATE OF NAME CHANGE:** 20211001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.
- **DATE OF NAME CHANGE:** 20120921

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNI INTERMEDIATE DURATION FUND INC
- **DATE OF NAME CHANGE:** 20061026

## Nport-Ex

April 30, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Municipal Credit Alpha Portfolio, Inc. (BMCAP)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc. (BMCAP)** 

**(formerly known as BlackRock Municipal Income Fund, Inc.)**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Fixed Income Funds — 0.5%** | **Fixed Income Funds — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund, <br> Class EB<br>| 200000 | &nbsp;&nbsp; $2176000 |
| **Total Investment Companies — 0.5%** <br>**(Cost: $2,382,240)** | **Total Investment Companies — 0.5%** <br>**(Cost: $2,382,240)** | &nbsp;&nbsp; 2176000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 5.1%** | **Alabama — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series A, 5.25%, <br> 01/01/54<sup>(a)</sup><br>| $3365 | &nbsp;&nbsp; 3538470 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, <br> Series B-1, 5.75%, 04/01/54<sup>(a)</sup><br>| 10455 | &nbsp;&nbsp; 11403032 |
| Mobile County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 06/01/54 | 1500 | &nbsp;&nbsp; 1421271 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.75%, 12/01/54 | 4250 | &nbsp;&nbsp; 3868410 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A-1, 5.50%, 01/01/53<sup>(a)</sup><br>| 3315 | &nbsp;&nbsp; 3512866 |
|  |  | &nbsp;&nbsp; 23744049 |
| **Arizona**<sup>(b)</sup> **— 1.0%** | **Arizona**<sup>(b)</sup> **— 1.0%** |  |
| Arizona Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 815 | &nbsp;&nbsp; 720040 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 965 | &nbsp;&nbsp; 841268 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 745 | &nbsp;&nbsp; 629913 |
| &nbsp;&nbsp;&nbsp; Series B, 4.25%, 07/01/27 | 205 | &nbsp;&nbsp; 204460 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> RB, 5.00%, 07/01/29<br>| 300 | &nbsp;&nbsp; 300970 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> Refunding RB, 5.00%, 06/15/49<br>| 950 | &nbsp;&nbsp; 887278 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> 6.38%, 07/01/58<br>| 1050 | &nbsp;&nbsp; 1005691 |
|  |  | &nbsp;&nbsp; 4589620 |
| **Arkansas**<sup>(b)</sup> **— 1.0%** | **Arkansas**<sup>(b)</sup> **— 1.0%** |  |
| Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.50%, 09/01/49 | 4245 | &nbsp;&nbsp; 3740872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 6.88%, <br> 07/01/48<br>| 1000 | &nbsp;&nbsp; 1050461 |
|  |  | &nbsp;&nbsp; 4791333 |
| **California — 11.4%** | **California — 11.4%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Sustainability Bonds, 5.50%, 10/01/54<sup>(a)</sup><br>| 2600 | &nbsp;&nbsp; 2798410 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, <br> 8.00%, 11/15/62<sup>(b)</sup><br>| 1450 | &nbsp;&nbsp; 1412528 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, Class B, AMT, <br> Sustainability Bonds, 9.50%, 01/01/65<sup>(a)(b)</sup><br>| 25030 | &nbsp;&nbsp; 24073688 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, <br> 6.38%, 06/01/59<sup>(b)</sup><br>| 4765 | &nbsp;&nbsp; 4308726 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, AMT, Subordinate, 5.00%, 11/15/31<sup>(c)</sup><br>| 530 | &nbsp;&nbsp; 566767 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 5.00%, 09/01/37<sup>(b)</sup><br>| 150 | &nbsp;&nbsp; 148228 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(d)</sup><br>| 47735 | &nbsp;&nbsp; 5084805 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> Series C-1, 0.00%, 06/01/36<sup>(d)</sup><br>| 2500 | &nbsp;&nbsp; $1111336 |
| &nbsp;&nbsp;&nbsp; Manteca Financing Authority, RB, (AGC-ICC), 5.75%, <br> 12/01/36<br>| 3285 | &nbsp;&nbsp; 3290699 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/47 | 7210 | &nbsp;&nbsp; 7176895 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/40 | 3335 | &nbsp;&nbsp; 3384313 |
| State of California, GO, 5.50%, 04/01/28 | 15 | &nbsp;&nbsp; 15025 |
|  |  | &nbsp;&nbsp; 53371420 |
| **Colorado — 4.5%** | **Colorado — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 11/15/47 | 885 | &nbsp;&nbsp; 892805 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.75%, 11/15/45 | 1315 | &nbsp;&nbsp; 1400625 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/39 | 1000 | &nbsp;&nbsp; 1047119 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 620 | &nbsp;&nbsp; 644389 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 1555 | &nbsp;&nbsp; 1597125 |
| &nbsp;&nbsp;&nbsp; Creekwalk Marketplace Business Improvement District, <br> Refunding RB, Series B, 8.00%, 12/15/54<br>| 2622 | &nbsp;&nbsp; 2633213 |
| &nbsp;&nbsp;&nbsp; Gold Hill North Business Improvement District, GOL, <br> Series A, 5.60%, 12/01/54<sup>(b)</sup><br>| 500 | &nbsp;&nbsp; 483599 |
| &nbsp;&nbsp;&nbsp; Granary Metropolitan District No. 9 Special Assessment <br> District No. 1, SAB, 5.45%, 12/01/44<sup>(b)</sup><br>| 2280 | &nbsp;&nbsp; 2161011 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, GOL, <br> Series B, 7.13%, 12/15/54<br>| 2000 | &nbsp;&nbsp; 2009668 |
| &nbsp;&nbsp;&nbsp; Mayfield Metropolitan District, GOL, Series A, 5.75%, <br> 12/01/50<br>| 1178 | &nbsp;&nbsp; 1181504 |
| &nbsp;&nbsp;&nbsp; Orchard Park Place South Metropolitan District, GOL, <br> 6.00%, 12/01/54<sup>(b)</sup><br>| 1060 | &nbsp;&nbsp; 1075052 |
| &nbsp;&nbsp;&nbsp; Palisade Metropolitan District No. 2, RB, Series C, <br> 8.00%, 12/15/37<sup>(b)</sup><br>| 2575 | &nbsp;&nbsp; 2596991 |
| &nbsp;&nbsp;&nbsp; Palisade Metropolitan District No. 2, Refunding RB, <br> CAB, Series B, Convertible, 5.88%, 12/15/54<sup>(b)(e)</sup><br>| 1605 | &nbsp;&nbsp; 1456197 |
| &nbsp;&nbsp;&nbsp; St. Vrain Lakes Metropolitan District No. 2, Refunding <br> GOL, Series B, 6.38%, 11/15/54<br>| 2000 | &nbsp;&nbsp; 2000867 |
|  |  | &nbsp;&nbsp; 21180165 |
| **Connecticut — 1.1%** | **Connecticut — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, Refunding RB, 5.00%, 12/01/45<br>| 5000 | &nbsp;&nbsp; 5002793 |
| **Florida — 5.6%** | **Florida — 5.6%** |  |
| &nbsp;&nbsp;&nbsp; Arbor Park Phase 1 Community Development District, <br> SAB<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 05/01/45 | 380 | &nbsp;&nbsp; 379613 |
| &nbsp;&nbsp;&nbsp; Series A-1, 05/01/55 | 580 | &nbsp;&nbsp; 570583 |
| &nbsp;&nbsp;&nbsp; Capital Region Community Development District, <br> Refunding SAB, Series A-1, 4.63%, 05/01/28<br>| 300 | &nbsp;&nbsp; 300146 |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | 945 | &nbsp;&nbsp; 840410 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/29 | 420 | &nbsp;&nbsp; 403782 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/45 | 850 | &nbsp;&nbsp; 703664 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 305 | &nbsp;&nbsp; 252787 |
| &nbsp;&nbsp;&nbsp; Curiosity Creek Community Development District, <br> SAB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/01/44 | 230 | &nbsp;&nbsp; 227668 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/55 | 380 | &nbsp;&nbsp; 368057 |
| &nbsp;&nbsp;&nbsp; Esplanade Lake Club Community Development District, <br> SAB, Series A-2, 3.63%, 11/01/30<br>| 55 | &nbsp;&nbsp; 52554 |
| Florida Development Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/30/57<sup>(g)(h)</sup> | 722 | &nbsp;&nbsp; 191720 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc. (BMCAP)** 

**(formerly known as BlackRock Municipal Income Fund, Inc.)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Florida Development Finance Corp., RB<sup>(b)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/01/29 | 2380 | &nbsp;&nbsp; $2404014 |
| &nbsp;&nbsp;&nbsp; AMT, 10.00%, 07/15/59<sup>(a)</sup> | 14780 | &nbsp;&nbsp; 15181965 |
| Seminole Improvement District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 265 | &nbsp;&nbsp; 263944 |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/37 | 300 | &nbsp;&nbsp; 294618 |
| &nbsp;&nbsp;&nbsp; Sterling Hill Community Development District, <br> Refunding SAB, Series B, 5.50%, 11/01/10<sup>(g)(h)</sup><br>| 143 | &nbsp;&nbsp; 65029 |
| &nbsp;&nbsp;&nbsp; Tolomato Community Development District, Refunding <br> SAB, Sub-Series A-2, 3.85%, 05/01/29<br>| 140 | &nbsp;&nbsp; 137342 |
| &nbsp;&nbsp;&nbsp; Viera Stewardship District, SAB, Series 2023, 5.50%, <br> 05/01/54<br>| 910 | &nbsp;&nbsp; 879593 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 14, SAB, <br> 5.50%, 05/01/53<br>| 1920 | &nbsp;&nbsp; 1970725 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 825 | &nbsp;&nbsp; 825981 |
|  |  | &nbsp;&nbsp; 26314195 |
| **Georgia — 2.3%** | **Georgia — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 740 | &nbsp;&nbsp; 499500 |
| Main Street Natural Gas, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | 860 | &nbsp;&nbsp; 864955 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/53<sup>(a)</sup> | 8890 | &nbsp;&nbsp; 9180822 |
|  |  | &nbsp;&nbsp; 10545277 |
| **Illinois — 5.1%** | **Illinois — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, GO, Series A, 5.00%, <br> 12/01/40<br>| 720 | &nbsp;&nbsp; 701584 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57<br>| 1000 | &nbsp;&nbsp; 1002733 |
| &nbsp;&nbsp;&nbsp; City of Marion Illinois Sales Tax Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/01/45 | 645 | &nbsp;&nbsp; 632177 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/55 | 1190 | &nbsp;&nbsp; 1180907 |
| &nbsp;&nbsp;&nbsp; County of Cook Illinois, RB, M/F Housing, 6.50%, <br> 01/01/45<br>| 3000 | &nbsp;&nbsp; 3026687 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/34 | 5000 | &nbsp;&nbsp; 5060318 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 03/01/42 | 6000 | &nbsp;&nbsp; 6320783 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 03/01/47 | 5500 | &nbsp;&nbsp; 5680384 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/28 | 350 | &nbsp;&nbsp; 360618 |
|  |  | &nbsp;&nbsp; 23966191 |
| **Indiana — 0.1%** | **Indiana — 0.1%** |  |
| Indiana Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/51 | 405 | &nbsp;&nbsp; 344389 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/56 | 360 | &nbsp;&nbsp; 300172 |
|  |  | &nbsp;&nbsp; 644561 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky, RB, Series A, AMT, 4.70%, <br> 01/01/52<sup>(b)</sup><br>| 1885 | &nbsp;&nbsp; 1710073 |
| &nbsp;&nbsp;&nbsp; County of Boyle Kentucky, Refunding RB, Series A, <br> 4.25%, 06/01/46<br>| 810 | &nbsp;&nbsp; 727522 |
|  |  | &nbsp;&nbsp; 2437595 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland — 0.5%** | **Maryland — 0.5%** |  |
| City of Baltimore Maryland, RB, 5.00%, 06/01/51 | $820 | &nbsp;&nbsp; $801287 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, 6.25%, 07/01/63<sup>(b)</sup><br>| 1655 | &nbsp;&nbsp; 1603475 |
|  |  | &nbsp;&nbsp; 2404762 |
| **Michigan — 0.8%** | **Michigan — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Detroit Michigan Water Supply System Revenue, <br> RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36<br>| 10 | &nbsp;&nbsp; 10017 |
| &nbsp;&nbsp;&nbsp; Lansing Board of Water & Light, RB, Series A, 5.00%, <br> 07/01/51<br>| 3760 | &nbsp;&nbsp; 3848778 |
|  |  | &nbsp;&nbsp; 3858795 |
| **Minnesota**<sup>(b)</sup> **— 0.3%** | **Minnesota**<sup>(b)</sup> **— 0.3%** |  |
| City of Eagan Minnesota, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.38%, 02/01/55 | 250 | &nbsp;&nbsp; 231194 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 02/01/65 | 1250 | &nbsp;&nbsp; 1151736 |
| &nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. <br> Paul Minnesota, RB, Series A, 4.75%, 07/01/29<br>| 150 | &nbsp;&nbsp; 148476 |
|  |  | &nbsp;&nbsp; 1531406 |
| **Mississippi — 2.7%** | **Mississippi — 2.7%** |  |
| Mississippi Development Bank, RB |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 6.75%, 12/01/31 | 3775 | &nbsp;&nbsp; 3779466 |
| &nbsp;&nbsp;&nbsp; (AGM), 6.75%, 12/01/33 | 2350 | &nbsp;&nbsp; 2352566 |
| &nbsp;&nbsp;&nbsp; (AGM), 6.88%, 12/01/40 | 6405 | &nbsp;&nbsp; 6501690 |
|  |  | &nbsp;&nbsp; 12633722 |
| **New Hampshire — 1.0%** | **New Hampshire — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, <br> 12/15/33<sup>(b)(f)</sup><br>| 1945 | &nbsp;&nbsp; 1931781 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, CAB, <br> 0.00%, 04/01/32<sup>(b)(d)</sup><br>| 1250 | &nbsp;&nbsp; 823926 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing, Class B, 5.75%, 04/28/42<br>| 860 | &nbsp;&nbsp; 866718 |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities <br> Authority Act, Refunding RB, 4.00%, 07/01/37<sup>(b)</sup><br>| 1000 | &nbsp;&nbsp; 824733 |
|  |  | &nbsp;&nbsp; 4447158 |
| **New Jersey — 3.2%** | **New Jersey — 3.2%** |  |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority, RB, <br> Sustainability Bonds, 6.00%, 06/15/47<br>| 940 | &nbsp;&nbsp; 981401 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/44 | 10500 | &nbsp;&nbsp; 10636552 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 01/01/31 | 2425 | &nbsp;&nbsp; 2435943 |
| &nbsp;&nbsp;&nbsp; Newark Housing Authority, RB, M/F Housing, Series A, <br> 5.00%, 12/01/25<br>| 690 | &nbsp;&nbsp; 690770 |
|  |  | &nbsp;&nbsp; 14744666 |
| **New Mexico — 0.2%** | **New Mexico — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 820 | &nbsp;&nbsp; 780181 |
| **New York — 5.3%** | **New York — 5.3%** |  |
| &nbsp;&nbsp;&nbsp; Buffalo & Erie County Industrial Land Development <br> Corp., Refunding RB, Series A, 5.00%, 06/01/35<br>| 415 | &nbsp;&nbsp; 423674 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., RB, Series A, 4.88%, <br> 05/01/31<sup>(b)</sup><br>| 330 | &nbsp;&nbsp; 331186 |
| &nbsp;&nbsp;&nbsp; Huntington Local Development Corp., RB, Series A, <br> 5.00%, 07/01/36<br>| 940 | &nbsp;&nbsp; 871768 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Refunding RB, <br> Class 1, 5.00%, 11/15/44<sup>(b)</sup><br>| 1730 | &nbsp;&nbsp; 1719250 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc. (BMCAP)** 

**(formerly known as BlackRock Municipal Income Fund, Inc.)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 1810 | &nbsp;&nbsp; $1875478 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/40 | 1865 | &nbsp;&nbsp; 1879305 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., RB, AMT, <br> Sustainability Bonds, 5.38%, 06/30/60<br>| 4450 | &nbsp;&nbsp; 4440192 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding RB, Series A, AMT, Sustainability Bonds, <br> 5.50%, 12/31/60<br>| 5000 | &nbsp;&nbsp; 5048641 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.00%, 11/15/49<br>| 4860 | &nbsp;&nbsp; 4962280 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series C, 5.25%, 05/15/52<br>| 1805 | &nbsp;&nbsp; 1875076 |
| TSASC, Inc., Refunding RB, Series B, 5.00%, 06/01/48 | 1810 | &nbsp;&nbsp; 1606101 |
|  |  | &nbsp;&nbsp; 25032951 |
| **North Carolina — 0.5%** | **North Carolina — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.00%, 07/01/47<br>| 1650 | &nbsp;&nbsp; 1575276 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, RB, 5.00%, <br> 02/01/49<br>| 620 | &nbsp;&nbsp; 665310 |
|  |  | &nbsp;&nbsp; 2240586 |
| **Ohio — 2.6%** | **Ohio — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 11265 | &nbsp;&nbsp; 9698290 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, CAB, Series B-3, Class 2, 0.00%, <br> 06/01/57<sup>(d)</sup><br>| 24530 | &nbsp;&nbsp; 2319800 |
|  |  | &nbsp;&nbsp; 12018090 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Tulsa Airports Improvement Trust, Refunding RB, <br> Series C, AMT, 5.50%, 12/01/35<br>| 390 | &nbsp;&nbsp; 389760 |
| **Pennsylvania — 2.8%** | **Pennsylvania — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, RB, <br> 4.00%, 07/01/46<br>| 245 | &nbsp;&nbsp; 202764 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 2365 | &nbsp;&nbsp; 2432311 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 3910 | &nbsp;&nbsp; 3919311 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, RB, <br> 5.25%, 11/01/52<br>| 745 | &nbsp;&nbsp; 762723 |
| School District of Philadelphia, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (SAW), 5.50%, 09/01/48 | 3630 | &nbsp;&nbsp; 3813899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, (SAW), 5.00%, <br> 09/01/48<br>| 2085 | &nbsp;&nbsp; 2098262 |
|  |  | &nbsp;&nbsp; 13229270 |
| **Puerto Rico — 3.7%** | **Puerto Rico — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 8000 | &nbsp;&nbsp; 7372596 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 8165 | &nbsp;&nbsp; 7759171 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 2500 | &nbsp;&nbsp; 2284382 |
|  |  | &nbsp;&nbsp; 17416149 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **South Carolina — 1.2%** | **South Carolina — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, <br> Series A1, 5.25%, 10/01/54<sup>(a)</sup><br>| $5210 | &nbsp;&nbsp; $5527275 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, Refunding RB, S/F Housing, Series A, <br> 4.95%, 07/01/53<br>| 295 | &nbsp;&nbsp; 304971 |
|  |  | &nbsp;&nbsp; 5832246 |
| **Tennessee — 2.9%** | **Tennessee — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, ARB, <br> Series A, AMT, 5.00%, 07/01/49<br>| 3230 | &nbsp;&nbsp; 3192819 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational cilities Board, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/48 | 820 | &nbsp;&nbsp; 822040 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/40 | 4000 | &nbsp;&nbsp; 4003835 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 5395 | &nbsp;&nbsp; 5652104 |
|  |  | &nbsp;&nbsp; 13670798 |
| **Texas — 8.4%** | **Texas — 8.4%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 1630 | &nbsp;&nbsp; 1565671 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 1410 | &nbsp;&nbsp; 1428833 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.00%, 11/15/44<br>| 5130 | &nbsp;&nbsp; 5146604 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series A, AMT, 6.63%, 07/15/38<br>| 700 | &nbsp;&nbsp; 700772 |
| City of Pilot Point Texas, SAB<sup>(b)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 09/15/55 | 2000 | &nbsp;&nbsp; 2011870 |
| &nbsp;&nbsp;&nbsp; 09/15/55 | 1000 | &nbsp;&nbsp; 1001452 |
| County of Denton Texas, SAB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/31/55 | 1145 | &nbsp;&nbsp; 1112732 |
| &nbsp;&nbsp;&nbsp; Series A, Senior Lien, 5.63%, 12/31/54 | 2000 | &nbsp;&nbsp; 1933880 |
| &nbsp;&nbsp;&nbsp; Love Field Airport Modernization Corp., ARB, 5.00%, <br> 11/01/28<br>| 700 | &nbsp;&nbsp; 700186 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/50<sup>(b)</sup> | 800 | &nbsp;&nbsp; 620936 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 10/01/55 | 150 | &nbsp;&nbsp; 149300 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, ARB, <br> 1st Lien, 5.00%, 10/01/53<br>| 1850 | &nbsp;&nbsp; 1899177 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, Series A, 5.00%, 02/15/47<br>| 8590 | &nbsp;&nbsp; 8606127 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 445 | &nbsp;&nbsp; 385762 |
| &nbsp;&nbsp;&nbsp; Texas Community Housing & Economic Development <br> Corp., RB, M/F Housing, Series A1, Senior Lien, <br> 01/01/65<sup>(b)(f)</sup><br>| 1510 | &nbsp;&nbsp; 1385635 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/30 | 1720 | &nbsp;&nbsp; 1788955 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/32 | 6585 | &nbsp;&nbsp; 6860992 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation <br> Corp., RB, AMT, 5.00%, 06/30/58<br>| 2000 | &nbsp;&nbsp; 1959184 |
|  |  | &nbsp;&nbsp; 39258068 |
| **Utah — 2.9%** | **Utah — 2.9%** |  |
| City of Salt Lake City Utah Airport Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/34 | 3500 | &nbsp;&nbsp; 3530653 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/51 | 1805 | &nbsp;&nbsp; 1793675 |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, <br> TA<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1, 5.13%, 06/15/54 | 795 | &nbsp;&nbsp; 743393 |
| &nbsp;&nbsp;&nbsp; Series 2, 6.00%, 06/15/54 | 5000 | &nbsp;&nbsp; 4950419 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc. (BMCAP)** 

**(formerly known as BlackRock Municipal Income Fund, Inc.)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utah (continued)** | **Utah (continued)** |  |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 4.50%, 06/15/27<sup>(b)</sup><br>| 805 | &nbsp;&nbsp; $799094 |
| &nbsp;&nbsp;&nbsp; Wolf Creek Infrastructure Financing District No. 1, SAB, <br> 5.75%, 12/01/44<br>| 2000 | &nbsp;&nbsp; 1974926 |
|  |  | &nbsp;&nbsp; 13792160 |
| **Virginia — 0.5%** | **Virginia — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, M/F <br> Housing, Series G, 5.15%, 11/01/52<br>| 2065 | &nbsp;&nbsp; 2096589 |
| **Wisconsin — 3.5%** | **Wisconsin — 3.5%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/56<sup>(b)</sup> | 1000 | &nbsp;&nbsp; 750610 |
| &nbsp;&nbsp;&nbsp; Class A, 6.45%, 04/01/60<sup>(b)</sup> | 1000 | &nbsp;&nbsp; 940978 |
| &nbsp;&nbsp;&nbsp; Class B, 5.65%, 07/01/62<sup>(a)(b)</sup> | 15000 | &nbsp;&nbsp; 10950000 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 09/30/51 | 1595 | &nbsp;&nbsp; 1268928 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 03/31/56 | 1520 | &nbsp;&nbsp; 1179002 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, CAB, 0.00%, <br> 12/15/38<sup>(b)(d)</sup><br>| 1805 | &nbsp;&nbsp; 804665 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Refunding RB, 5.00%, <br> 09/01/49<sup>(b)</sup><br>| 520 | &nbsp;&nbsp; 474417 |
|  |  | &nbsp;&nbsp; 16368600 |
| **Total Municipal Bonds — 80.8%** <br>**(Cost: $375,669,820)** | **Total Municipal Bonds — 80.8%** <br>**(Cost: $375,669,820)** | &nbsp;&nbsp; 378333156 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> |
| **Alabama — 4.5%** | **Alabama — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series C-1, 5.25%, <br> 02/01/53<sup>(a)</sup><br>| 20000 | &nbsp;&nbsp; 20882507 |
| **California — 2.4%** | **California — 2.4%** |  |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/45 | 6415 | &nbsp;&nbsp; 6491731 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 05/15/45 | 5000 | &nbsp;&nbsp; 4991304 |
|  |  | &nbsp;&nbsp; 11483035 |
| **Colorado — 1.6%** | **Colorado — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 11/15/53<br>| 7310 | &nbsp;&nbsp; 7620301 |
| **Florida — 5.7%** | **Florida — 5.7%** |  |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer <br> Revenue, RB, Series A, 5.50%, 09/01/48<br>| 5310 | &nbsp;&nbsp; 5728566 |
| &nbsp;&nbsp;&nbsp; City of Tampa Florida Water & Wastewater System <br> Revenue, RB, Series A, Sustainability Bonds, 5.25%, <br> 10/01/57<br>| 20000 | &nbsp;&nbsp; 20821631 |
|  |  | &nbsp;&nbsp; 26550197 |
| **Idaho — 1.5%** | **Idaho — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, Series A, <br> 5.25%, 08/15/48<sup>(j)</sup><br>| 6880 | &nbsp;&nbsp; 7262151 |
| **Illinois — 2.6%** | **Illinois — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series A, <br> 5.00%, 01/01/46<br>| 11860 | &nbsp;&nbsp; 12230701 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Michigan — 5.5%** | **Michigan — 5.5%** |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, 5.00%, <br> 12/01/45<br>| $15520 | &nbsp;&nbsp; $15469019 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Refunding <br> RB, 5.00%, 11/15/47<br>| 10000 | &nbsp;&nbsp; 10263216 |
|  |  | &nbsp;&nbsp; 25732235 |
| **Nebraska — 1.8%** | **Nebraska — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, RB, Series A, 5.25%, <br> 02/01/48<br>| 8045 | &nbsp;&nbsp; 8472033 |
| **Oregon — 1.8%** | **Oregon — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 7910 | &nbsp;&nbsp; 8261548 |
| **Pennsylvania — 4.1%** | **Pennsylvania — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, RB, Series B-1, <br> 5.25%, 06/01/47<br>| 18910 | &nbsp;&nbsp; 19085351 |
| **Texas — 4.4%** | **Texas — 4.4%** |  |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series A, 5.50%, 02/01/50<br>| 5940 | &nbsp;&nbsp; 6374152 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District, GO, (PSF-GTD), <br> 5.00%, 08/15/48<br>| 6640 | &nbsp;&nbsp; 6874071 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 7130 | &nbsp;&nbsp; 7271307 |
|  |  | &nbsp;&nbsp; 20519530 |
| **Washington — 1.2%** | **Washington — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, Refunding ARB, Series C, <br> AMT, 5.00%, 08/01/46<br>| 5755 | &nbsp;&nbsp; 5719297 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 37.1%** <br>**(Cost: $172,311,875)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 37.1%** <br>**(Cost: $172,311,875)** | &nbsp;&nbsp; 173818886 |
| **Total Long-Term Investments — 118.4%** <br>**(Cost: $550,363,935)** | **Total Long-Term Investments — 118.4%** <br>**(Cost: $550,363,935)** | &nbsp;&nbsp; 554328042 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 3.05%<sup>(k)(l)</sup><br>| 16828120 | &nbsp;&nbsp; 16829803 |
| **Total Short-Term Securities — 3.6%** <br>**(Cost: $16,829,803)** | **Total Short-Term Securities — 3.6%** <br>**(Cost: $16,829,803)** | &nbsp;&nbsp; 16829803 |
| **Total Investments — 122.0%** <br>**(Cost: $567,193,738)** | **Total Investments — 122.0%** <br>**(Cost: $567,193,738)** | &nbsp;&nbsp; 571157845 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | &nbsp;&nbsp; 2524240 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (22.5)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (22.5)%** | &nbsp;&nbsp; (105470865)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $468211220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc. (BMCAP)** 

**(formerly known as BlackRock Municipal Income Fund, Inc.)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Zero-coupon bond.

<sup>(e)</sup> 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. 

<sup>(f)</sup> When-issued security.

<sup>(g)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(h)</sup> Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(i)</sup> 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. 

<sup>(j)</sup> 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 agreement, which expires on August 15, 2031, is $3,625,617. 

<sup>(k)</sup> Affiliate of the Fund.

<sup>(l)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $375440715 | $—<br> $(358610912 )<sup>(a)</sup><br>| &nbsp;&nbsp; $2013 | $(2013)<br>| $16829803 | 16828120 | $1466691 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; $2176000 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2176000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378333156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378333156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173818886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173818886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 16829803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16829803 |
|  | &nbsp;&nbsp; $19005803 | &nbsp;&nbsp;&nbsp;&nbsp; $552152042 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $571157845 |

---

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, TOB Trust Certificates of $104,484,866 are categorized as Level 2 within the fair value hierarchy.

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc. (BMCAP)** 

**(formerly known as BlackRock Municipal Income Fund, Inc.)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGC-ICC | Assured Guaranty Corp. – Insured Custody Certificate |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| CAB | Capital Appreciation Bonds |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| GTD | GTD Guaranteed |
| M/F | Multi-Family |
| PSF-GTD | Permanent School Fund Guaranteed |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAW | State Aid Withholding |
| TA | Tax Allocation |

---

Schedule of Investments

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Municipal Credit Alpha Portfolio, Inc.

- **b. Investment Company Act file number:** 811-21348

- **c. CIK number of Registrant:** 0001232860

- **d. LEI of Registrant:** W7IEW9KTXVCYG8ZQQV11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Municipal Credit Alpha Portfolio, Inc.

- **c. LEI of Series:** W7IEW9KTXVCYG8ZQQV11

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $580755513.04

**Total Liabilities:** $116274602.43

**Net Assets:** $464480910.61

**Delayed Delivery Securities:** $7270166.65

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 141542.15000000 | **1-Year:** 7114.98000000 | **5-Year:** 103949.36000000 | **10-Year:** 7987.14000000 | **30-Year:** 39800.31000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 334.96000000 | **1-Year:** 1180.69000000 | **5-Year:** 13373.62000000 | **10-Year:** 33156.53000000 | **30-Year:** 105920.87000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A |  | 0.14%                | -1.20%               |
| Class ID N/A |  | 0.14%                | -1.20%               |
| Class ID N/A | 0.94%                | -1.60%               | -1.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $224138.63               | $2136254.67                                |
| Month 2  | $415731.92               | $-9173089.58                               |
| Month 3  | $239254.54               | $-7693243.00                               |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 645918Z97<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2435942.76   | 0.52%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XGW9<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824732.97    | 0.18%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2432310.62   | 0.52%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QSE0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   7129999 | PA      | $7271306.92   | 1.57%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAB8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2404014.08   | 0.52%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4440191.93   | 0.96%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5130000 | PA      | $5146604.22   | 1.11%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole Improvement District                                                    | SEMINOLE FL IMPT DIST UTILS REVENUE                          | CUSIP: 816751AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $263943.57    | 0.06%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDUCTNL FACS REVENUE          | CUSIP: 56678RAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1005690.79   | 0.22%             | 2058-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $632176.72    | 0.14%             | 2045-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  11860000 | PA      | $12230701.02  | 2.63%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mayfield Metropolitan District                                                   | MAYFIELD MET DIST CO                                         | CUSIP: 578287AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1178000 | PA      | $1181504.47   | 0.25%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13062T4C5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15025.46     | 0.00%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ENN2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    330000 | PA      | $331185.99    | 0.07%             | 2031-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1879305.09   | 0.40%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389R26<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5754999 | PA      | $5719297.05   | 1.23%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   6405000 | PA      | $6501689.24   | 1.40%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Capital Region Community Development District                                    | CAPITAL REGION FL CDD REVENUE                                | CUSIP: 14044NBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300146.16    | 0.06%             | 2028-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                    | BUCKS CNTY PA INDL DEV AUTH HOSP REVENUE                     | CUSIP: 11861MBL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $202764.38    | 0.04%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orchard Park Place South Metropolitan District                                   | ORCHARD PARK PLACE SOUTH MET DIST CO                         | CUSIP: 685655AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1075051.98   | 0.23%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    520000 | PA      | $474417.28    | 0.10%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQE8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3779466.16   | 0.81%             | 2031-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Independence Metropolitan District No 3                                          | INDEPENDENCE MET DIST #3 CO                                  | CUSIP: 453625AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009667.80   | 0.43%             | 2054-12-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YYL5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5002792.75   | 1.08%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10640000 | PA      | $9160213.48   | 1.97%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2798410.29   | 0.60%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $823926.16    | 0.18%             | 2032-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $743393.12    | 0.16%             | 2054-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                     | VILLAGE CDD NO 15 SPL ASSMNT REVENUE                         | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $825981.27    | 0.18%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1112732.23   | 0.24%             | 2055-12-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                                 | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658YZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5310000 | PA      | $5728565.60   | 1.23%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| East Point Business & Industrial Development Authority                           | EAST PT GA BUSINESS & INDL DEV AUTHORITY REVENUE             | CUSIP: 274502AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $499500.00    | 0.11%             | 2062-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Granary Metropolitan District No 9 Special Assessment District No 1              | GRANARY MET DIST #9 CO SPL IMPT DIST #1 SPECIAL ASSESSMENT R | CUSIP: 385038AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2161011.63   | 0.47%             | 2044-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RFZ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4860000 | PA      | $4962279.82   | 1.07%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6414999 | PA      | $6491731.02   | 1.40%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $804665.32    | 0.17%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sterling Hill Community Development District                                     | STERLING HILL FL CDD CAPITAL IMPT REVENUE                    | CUSIP: 85933TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    142545 | PA      | $65029.03     | 0.01%             | 2010-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  11280000 | PA      | $11777734.14  | 2.54%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7372595.84   | 1.59%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148228.29    | 0.03%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole Improvement District                                                    | SEMINOLE FL IMPT DIST UTILS REVENUE                          | CUSIP: 816751AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $294618.39    | 0.06%             | 2037-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5048640.80   | 1.09%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8165000 | PA      | $7759171.33   | 1.67%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XBE5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10636551.56  | 2.29%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $620936.28    | 0.13%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                                 | EAGAN MN CHRTR SCH LEASE REVENUE                             | CUSIP: 26940AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $231194.12    | 0.05%             | 2055-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWP5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047119.22   | 0.23%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE            | CUSIP: 83712D2W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $304971.01    | 0.07%             | 2053-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1180906.95   | 0.25%             | 2055-06-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver CO Airport System Revenue            | CUSIP: 249182QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7309875 | PA      | $7620300.77   | 1.64%             | 2053-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005897.37   | 0.22%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041WG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4003834.52   | 0.86%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp                              | TEXAS CMNTY HSG & ECON DEV CORP RSDL DEV REVENUE             | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1385635.36   | 0.30%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Palisade Metropolitan District No 2                                              | PALISADE CO MET DIST #2 LIMITED TAX                          | CUSIP: 696392AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2596990.76   | 0.56%             | 2037-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CCZ0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    850000 | PA      | $703663.84    | 0.15%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL MF HSG REVENUE                                  | CUSIP: 213226AE3<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026687.40   | 0.65%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Arbor Park Phase 1 Community Development District                                | ARBOR PK PHASE 1 CDD FL SPL ASSMNT REVENUE                   | CUSIP: 038922AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $379613.02    | 0.08%             | 2045-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD | CUSIP: 592029CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $822040.24    | 0.18%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1268927.80   | 0.27%             | 2051-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TFM0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   8590000 | PA      | $8606126.61   | 1.85%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EML1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940978.32    | 0.20%             | 2060-04-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883D41<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2098262.23   | 0.45%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3365000 | PA      | $3538469.55   | 0.76%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |  10455000 | PA      | $11403032.32  | 2.46%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005972.67   | 0.22%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700771.55    | 0.15%             | 2038-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                                 | EAGAN MN CHRTR SCH LEASE REVENUE                             | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1151735.88   | 0.25%             | 2065-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3315000 | PA      | $3512865.59   | 0.76%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $799094.17    | 0.17%             | 2027-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153DA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6320782.92   | 1.36%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1428832.85   | 0.31%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2284381.48   | 0.49%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933880.16   | 0.42%             | 2054-12-31      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576FT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3530652.51   | 0.76%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4245000 | PA      | $3740871.61   | 0.81%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Palisade Metropolitan District No 2                                              | PALISADE CO MET DIST #2 LIMITED TAX                          | CUSIP: 696392AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1456197.45   | 0.31%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1959183.80   | 0.42%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                          | MEMPHIS-SHELBY CNTY TN ARPT AUTH ARPT REVENUE                | CUSIP: 586111PN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3192819.47   | 0.69%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24530000 | PA      | $2319799.65   | 0.50%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Love Field Airport Modernization Corp                                            | LOVE FIELD TX ARPT MODERNIZATION CORP SPL FACS REVENUE       | CUSIP: 54714FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700186.01    | 0.15%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                             | CUSIP: 709224WR6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  18910000 | PA      | $19085351.20  | 4.11%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $892805.20    | 0.19%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $720040.18    | 0.16%             | 2039-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBH0<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   6585000 | PA      | $6860991.57   | 1.48%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp                                        | INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1111336.33   | 0.24%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gold Hill North Business Improvement District                                    | GOLD HILL NORTH BUSINESS IMPT DIST CO                        | CUSIP: 38061PAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483598.67    | 0.10%             | 2054-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177PCC2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300970.48    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBW1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    860000 | PA      | $864955.21    | 0.19%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445Q51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $566766.77    | 0.12%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $368056.78    | 0.08%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TM8<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1400625.09   | 0.30%             | 2045-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1710073.17   | 0.37%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4950419.25   | 1.07%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5652103.80   | 1.22%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV UNIV REVENUE               | CUSIP: 71780TBL6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    745000 | PA      | $762723.19    | 0.16%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445RF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4991304.40   | 1.07%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                                    | Nuveen AMT-Free Quality Municipal Income Fund                | CUSIP: 670657105<br>LEI: 549300OTYQOOXS64NI63 | Long             | EC               | RF                | US        |    200000 | NS      | $2176000.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    945000 | PA      | $840409.91    | 0.18%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    720000 | PA      | $701583.84    | 0.15%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DRK7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   7210000 | PA      | $7176894.56   | 1.55%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001JU7<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   8044998 | PA      | $8472032.83   | 1.82%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Esplanade Lake Club Community Development District                               | ESPLANADE LAKE CLUB CMNTY DEV DIST FL CAP IMPT REVENUE       | CUSIP: 29665MAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $52554.06     | 0.01%             | 2030-11-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $629912.98    | 0.14%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Creekwalk Marketplace Business Improvement District                              | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO                  | CUSIP: 225515AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2622000 | PA      | $2633212.72   | 0.57%             | 2054-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061ULD8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    722110 | PA      | $191720.17    | 0.04%             | 2057-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Tolomato Community Development District                                          | TOLOMATO FL CDD                                              | CUSIP: 889560DF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $137341.75    | 0.03%             | 2029-05-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3868410.48   | 0.83%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576KC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1793675.09   | 0.39%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050461.58   | 0.23%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1597124.83   | 0.34%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Boyle KY                                                               | BOYLE CNTY KY EDUCTNL FACS REVENUE                           | CUSIP: 10346PAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $727521.42    | 0.16%             | 2046-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1179001.60   | 0.25%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001451.95   | 0.22%             | 2055-09-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1788955.11   | 0.39%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQG3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2352566.20   | 0.51%             | 2033-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GU0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $750609.89    | 0.16%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207T70<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1575275.92   | 0.34%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DRY7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3384312.58   | 0.73%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL Water & Wastewater System Revenue                               | TAMPA FL WTR & WSTWTR SYS REVENUE                            | CUSIP: 875291BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19999999 | PA      | $20821631.16  | 4.48%             | 2057-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $360618.06    | 0.08%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 57421CFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1603474.93   | 0.35%             | 2063-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                               | DENTON TX INDEP SCH DIST                                     | CUSIP: 249002MB9<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |   6639999 | PA      | $6874071.29   | 1.48%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TYG2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  15520000 | PA      | $15469019.36  | 3.33%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas City Industrial Development Corp                                           | TEXAS CITY TX INDL DEV CORP INDL REVENUE                     | CUSIP: 882275AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $385761.85    | 0.08%             | 2045-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                       | CUSIP: 63610CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $866717.55    | 0.19%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI POOLED CHRTSCH CTFS SER 2023-1            | CUSIP: 74448GAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $10950000.00  | 2.36%             | 2062-07-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152M99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5060318.00   | 1.09%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   8890000 | PA      | $9180821.41   | 1.98%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  17671001 | NS      | $17672768.47  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN SALES TAX REVENUE                    | CUSIP: 45130ABT1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   6880000 | PA      | $7262150.94   | 1.56%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  43230000 | PA      | $4604925.31   | 0.99%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1931780.96   | 0.42%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GGT4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5940000 | PA      | $6374152.22   | 1.37%             | 2050-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASCENSION HLTH                                                                   | ASCENSION HLTH                                               | CUSIP: 59465HYT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10263216.40  | 2.21%             | 2047-11-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1606100.48   | 0.35%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI Water Supply System Revenue                                   | DETROIT MI WTR SPLY SYS REVENUE                              | CUSIP: 251256CQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10016.70     | 0.00%             | 2036-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                               | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $780181.03    | 0.17%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   5210000 | PA      | $5527274.88   | 1.19%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PDN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002732.77   | 0.22%             | 2057-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Viera Stewardship District                                                       | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE                 | CUSIP: 92670TAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $879593.05    | 0.19%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $227667.66    | 0.05%             | 2044-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EAS4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    405000 | PA      | $344388.98    | 0.07%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 14                                     | VLG FL CDD #14 SPL ASSMNT REVENUE                            | CUSIP: 92708JAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1970725.06   | 0.42%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lansing Board of Water & Light                                                   | LANSING MICH BRD WTR & LT UTIL SYS REV                       | CUSIP: 516391EP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3760000 | PA      | $3848778.19   | 0.83%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    620000 | PA      | $644388.90    | 0.14%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                 | PORT HOUSTON TX AUTH                                         | CUSIP: 734262GW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1899177.46   | 0.41%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RCZ4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1412528.24   | 0.30%             | 2062-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $801287.43    | 0.17%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3910000 | PA      | $3919311.12   | 0.84%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp                           | BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE            | CUSIP: 11943KCX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $423673.83    | 0.09%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CFG9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    305000 | PA      | $252786.60    | 0.05%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HDR5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1875076.36   | 0.40%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  14780000 | PA      | $15181965.45  | 3.27%             | 2059-07-15      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  25030000 | PA      | $24073688.05  | 5.18%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WGT5<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2096589.44   | 0.45%             | 2052-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403J0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7909999 | PA      | $8261547.92   | 1.78%             | 2048-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arbor Park Phase 1 Community Development District                                | ARBOR PK PHASE 1 CDD FL SPL ASSMNT REVENUE                   | CUSIP: 038922AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $570583.18    | 0.12%             | 2055-05-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBT5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    420000 | PA      | $403782.55    | 0.09%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Huntington Local Development Corp                                                | HUNTINGTON NY LOCAL DEV CORP REVENUE                         | CUSIP: 446490AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $871767.82    | 0.19%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883A77<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   3630000 | PA      | $3813898.63   | 0.82%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $841267.79    | 0.18%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1421271.51   | 0.31%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1875478.14   | 0.40%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                      | UNIV OF NORTH CAROLINA AT CHAPEL HILL NC HOSP REVENUE        | CUSIP: 914714CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $665310.21    | 0.14%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1565671.51   | 0.34%             | 2062-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4765000 | PA      | $4308725.57   | 0.93%             | 2059-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8720000 | PA      | $9104773.18   | 1.96%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wolf Creek Infrastructure Financing District No 1                                | WOLF CREEK INFRASTRUCTURE FING DIST #1 UT SPL ASSMNT         | CUSIP: 977695AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1974925.54   | 0.43%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1719250.45   | 0.37%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE        | CUSIP: 852297CG3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148475.59    | 0.03%             | 2029-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EAT2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    360000 | PA      | $300172.41    | 0.06%             | 2056-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MSV0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    950000 | PA      | $887277.76    | 0.19%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                          | CAMDEN CNTY NJ IMPT AUTH SCH REVENUE                         | CUSIP: 13281PAB3<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    940000 | PA      | $981401.46    | 0.21%             | 2047-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5680384.00   | 1.22%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tulsa Airports Improvement Trust                                                 | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $389760.18    | 0.08%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Newark Housing Authority                                                         | NEWARK NJ HSG AUTH CAPITAL FUND PROGRAM REVENUE              | CUSIP: 650359AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $690770.06    | 0.15%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $204460.14    | 0.04%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No 2                                        | ST VRAIN LAKES MET DIST NO 2                                 | CUSIP: 85236GBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000866.80   | 0.43%             | 2054-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Manteca Financing Authority                                                      | MANTECA CA FING AUTH SWR REVENUE                             | CUSIP: 56452NBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3285000 | PA      | $3290699.48   | 0.71%             | 2036-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149299.99    | 0.03%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** BlackRock Municipal Credit Alpha Portfolio, Inc.

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer