# EDGAR Filing Document

**Accession Number:** 0001071899
**File Stem:** 0001752724-25-157912
**Filing Date:** 2025-6
**Character Count:** 157854
**Document Hash:** 48e4b8c40378c16371c0f9b609f29947
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157912.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157912

**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 MUNIHOLDINGS QUALITY FUND II, INC.
- **CENTRAL INDEX KEY:** 0001071899

**ORGANIZATION NAME:**
- **EIN:** 223636347
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09191
- **FILM NUMBER:** 251076982

**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 MUNIHOLDINGS INSURED FUND II, INC.
- **DATE OF NAME CHANGE:** 20080619

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNIHOLDINGS INSURED FUND II INC
- **DATE OF NAME CHANGE:** 19981009

## Nport-Ex

April 30, 2025

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

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

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)**<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 MuniHoldings Quality Fund II, Inc. (MUE)** 

**(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* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 5.7%** | **Alabama — 5.7%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $2000 | &nbsp;&nbsp; $2103102 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 840 | &nbsp;&nbsp; 878679 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB, 5.50%, 10/01/53<br>| 520 | &nbsp;&nbsp; 530868 |
| Mobile County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 06/01/54 | 2640 | &nbsp;&nbsp; 2501438 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.75%, 12/01/54 | 1100 | &nbsp;&nbsp; 1001236 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 470 | &nbsp;&nbsp; 488291 |
| Southeast Energy Authority A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 610 | &nbsp;&nbsp; 624893 |
| &nbsp;&nbsp;&nbsp; Series A-2, 5.32%, 01/01/53 | 5090 | &nbsp;&nbsp; 5144836 |
|  |  | &nbsp;&nbsp; 13273343 |
| **Arizona — 1.3%** | **Arizona — 1.3%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 550 | &nbsp;&nbsp; 485917 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 525 | &nbsp;&nbsp; 457684 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 405 | &nbsp;&nbsp; 342436 |
| &nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, RB, AMT, <br> 4.10%, 12/01/37<sup>(a)</sup><br>| 535 | &nbsp;&nbsp; 535102 |
| &nbsp;&nbsp;&nbsp; City of Mesa Arizona Utility System Revenue, RB, <br> (AGC), 07/01/49<sup>(c)</sup><br>| 445 | &nbsp;&nbsp; 434021 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB, 5.00%, 07/01/54<sup>(b)</sup><br>| 280 | &nbsp;&nbsp; 253831 |
| Salt Verde Financial Corp., RB, 5.00%, 12/01/37 | 450 | &nbsp;&nbsp; 467584 |
|  |  | &nbsp;&nbsp; 2976575 |
| **Arkansas — 0.7%** | **Arkansas — 0.7%** |  |
| Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.50%, 09/01/49<sup>(b)</sup> | 1270 | &nbsp;&nbsp; 1119177 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.70%, 05/01/53 | 415 | &nbsp;&nbsp; 417565 |
|  |  | &nbsp;&nbsp; 1536742 |
| **California — 3.3%** | **California — 3.3%** |  |
| California Community Choice Financing Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-2, Sustainability Bonds, 4.07%, 02/01/52 | 1500 | &nbsp;&nbsp; 1397233 |
| &nbsp;&nbsp;&nbsp; Series E-2, Sustainability Bonds, 4.57%, 02/01/54 | 1550 | &nbsp;&nbsp; 1549896 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 365 | &nbsp;&nbsp; 355567 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br> Refunding RB, Series A, 3.00%, 08/15/51<br>| 1100 | &nbsp;&nbsp; 788751 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Class B, AMT, Sustainability <br> Bonds, 9.50%, 01/01/65<sup>(a)(b)</sup><br>| 1115 | &nbsp;&nbsp; 1072399 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, 6.38%, <br> 06/01/59<sup>(b)</sup><br>| 1725 | &nbsp;&nbsp; 1559822 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 5.00%, 09/01/37<sup>(b)</sup><br>| 100 | &nbsp;&nbsp; 98819 |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, GO, Series B, <br> Election 2004, 5.50%, 08/01/40<br>| 940 | &nbsp;&nbsp; 941920 |
|  |  | &nbsp;&nbsp; 7764407 |
| **Colorado — 1.3%** | **Colorado — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.00%, <br> 12/01/48<br>| 1700 | &nbsp;&nbsp; 1606551 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado (continued)** | **Colorado (continued)** |  |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, RB, 5.50%, <br> 11/01/47<br>| 205 | &nbsp;&nbsp; $213064 |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Refunding <br> RB, 5.00%, 12/01/40<br>| 830 | &nbsp;&nbsp; 804747 |
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Refunding RB, Series B, <br> 3.67%, 09/01/39<sup>(a)</sup><br>| 485 | &nbsp;&nbsp; 481439 |
|  |  | &nbsp;&nbsp; 3105801 |
| **Connecticut — 1.5%** | **Connecticut — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, RB, Series A, <br> 5.25%, 07/01/42<br>| 1725 | &nbsp;&nbsp; 1855999 |
| State of Connecticut, GO, Series A, 5.00%, 04/15/38 | 1690 | &nbsp;&nbsp; 1751043 |
|  |  | &nbsp;&nbsp; 3607042 |
| **Delaware — 0.6%** | **Delaware — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, RB, 5.00%, <br> 06/01/48<br>| 1345 | &nbsp;&nbsp; 1292643 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, 2nd Lien, <br> Sustainability Bonds, 4.38%, 07/15/59<br>| 105 | &nbsp;&nbsp; 97778 |
| **Florida — 9.9%** | **Florida — 9.9%** |  |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/45 | 465 | &nbsp;&nbsp; 384945 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 165 | &nbsp;&nbsp; 136753 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer Revenue, <br> RB, Series B, 5.50%, 09/01/53<br>| 1700 | &nbsp;&nbsp; 1819629 |
| &nbsp;&nbsp;&nbsp; Collier County Health Facilities Authority, RB, 4.00%, <br> 05/01/52<br>| 1070 | &nbsp;&nbsp; 845339 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Tourist Development Tax <br> Revenue, Refunding RB, Convertible, 4.00%, <br> 09/01/51<br>| 1700 | &nbsp;&nbsp; 1464059 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, (AGM), 4.00%, 10/01/49 | 1700 | &nbsp;&nbsp; 1492353 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/38 | 950 | &nbsp;&nbsp; 980618 |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, (AGM), 4.00%, 10/01/45 | 3530 | &nbsp;&nbsp; 3019787 |
| &nbsp;&nbsp;&nbsp; Series B-1, AMT, Subordinate, 4.00%, 10/01/46 | 1700 | &nbsp;&nbsp; 1444992 |
| &nbsp;&nbsp;&nbsp; Cypress Bluff Community Development District, SAB, <br> Series A, 3.80%, 05/01/50<sup>(b)</sup><br>| 725 | &nbsp;&nbsp; 556030 |
| Finley Woods Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 265 | &nbsp;&nbsp; 232390 |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 | 450 | &nbsp;&nbsp; 369344 |
| Florida Development Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/30/57<sup>(d)(e)</sup> | 190 | &nbsp;&nbsp; 50572 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/01/29 | 470 | &nbsp;&nbsp; 474742 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 07/01/44 | 1760 | &nbsp;&nbsp; 1735947 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.25%, 07/01/47 | 400 | &nbsp;&nbsp; 401644 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 210 | &nbsp;&nbsp; 217475 |
| Lee County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B-2, 4.38%, 11/15/29 | 505 | &nbsp;&nbsp; 507327 |
| &nbsp;&nbsp;&nbsp; Series B-3, 4.13%, 11/15/29 | 525 | &nbsp;&nbsp; 523629 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, 4.00%, <br> 10/01/52<br>| 1000 | &nbsp;&nbsp; 859082 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding RB, <br> Series A, 5.25%, 10/01/56<br>| 770 | &nbsp;&nbsp; 787658 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Osceola Chain Lakes Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 670 | &nbsp;&nbsp; $580127 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/50 | 640 | &nbsp;&nbsp; 498954 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, <br> Refunding RB, 4.00%, 08/15/49<br>| 2065 | &nbsp;&nbsp; 1729951 |
| &nbsp;&nbsp;&nbsp; Southern Groves Community Development District No. 5, <br> Refunding SAB, 4.00%, 05/01/43<br>| 380 | &nbsp;&nbsp; 318049 |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54 | 965 | &nbsp;&nbsp; 1013527 |
| &nbsp;&nbsp;&nbsp; University of Florida Department of Housing & Residence <br> Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), <br> 3.00%, 07/01/51<br>| 1000 | &nbsp;&nbsp; 689540 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 210 | &nbsp;&nbsp; 210250 |
|  |  | &nbsp;&nbsp; 23344713 |
| **Georgia — 2.8%** | **Georgia — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, Refunding RB, 4.13%, <br> 12/01/34<br>| 1820 | &nbsp;&nbsp; 1768396 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 195 | &nbsp;&nbsp; 131625 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 05/15/49<br>| 1950 | &nbsp;&nbsp; 1961236 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, Series E-2, <br> 4.62%, 12/01/53<sup>(a)</sup><br>| 2830 | &nbsp;&nbsp; 2799310 |
|  |  | &nbsp;&nbsp; 6660567 |
| **Hawaii — 0.8%** | **Hawaii — 0.8%** |  |
| State of Hawaii Airports System Revenue, COP |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 08/01/25 | 740 | &nbsp;&nbsp; 740504 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 08/01/26 | 1205 | &nbsp;&nbsp; 1207231 |
|  |  | &nbsp;&nbsp; 1947735 |
| **Illinois — 4.9%** | **Illinois — 4.9%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/34 | 1225 | &nbsp;&nbsp; 1225703 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 1165 | &nbsp;&nbsp; 1135202 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/27<sup>(f)</sup> | 30 | &nbsp;&nbsp; 30426 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/41 | 970 | &nbsp;&nbsp; 892587 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, RB, S/F Housing, <br> Series G, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.85%, 10/01/42<br>| 515 | &nbsp;&nbsp; 527569 |
| &nbsp;&nbsp;&nbsp; Illinois Municipal Electric Agency, Refunding RB, <br> Series A, 5.00%, 02/01/32<br>| 880 | &nbsp;&nbsp; 879721 |
| Illinois State Toll Highway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/40 | 4885 | &nbsp;&nbsp; 4886470 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/45 | 980 | &nbsp;&nbsp; 1005272 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/46 | 1000 | &nbsp;&nbsp; 906933 |
|  |  | &nbsp;&nbsp; 11489883 |
| **Indiana — 0.1%** | **Indiana — 0.1%** |  |
| Indiana Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/51 | 220 | &nbsp;&nbsp; 187076 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/56 | 190 | &nbsp;&nbsp; 158424 |
|  |  | &nbsp;&nbsp; 345500 |
| **Iowa — 0.3%** | **Iowa — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Refunding RB, Series A, 5.13%, <br> 05/15/59<br>| 850 | &nbsp;&nbsp; 805143 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Kentucky — 1.4%** | **Kentucky — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky, RB, Series A, AMT, 4.70%, <br> 01/01/52<sup>(b)</sup><br>| $150 | &nbsp;&nbsp; $136080 |
| &nbsp;&nbsp;&nbsp; Fayette County School District Finance Corp., RB, (BAM-<br> TCRS), 5.00%, 06/01/47<br>| 1995 | &nbsp;&nbsp; 2034142 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Refunding RB, <br> Series B, 5.00%, 01/01/55<sup>(a)</sup><br>| 990 | &nbsp;&nbsp; 1035833 |
|  |  | &nbsp;&nbsp; 3206055 |
| **Louisiana — 2.4%** | **Louisiana — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, AMT, 5.75%, <br> 09/01/64<br>| 1070 | &nbsp;&nbsp; 1108432 |
| &nbsp;&nbsp;&nbsp; New Orleans Aviation Board, Refunding RB, Series B, <br> AMT, 5.25%, 01/01/45<br>| 4275 | &nbsp;&nbsp; 4415310 |
|  |  | &nbsp;&nbsp; 5523742 |
| **Maryland — 2.7%** | **Maryland — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Howard County Housing Commission, RB, M/F Housing, <br> 5.00%, 12/01/42<br>| 2450 | &nbsp;&nbsp; 2474088 |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br> Refunding RB, S/F Housing, Series C, Sustainability <br> Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49<br>| 1095 | &nbsp;&nbsp; 1016505 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, Class B, <br> AMT, Sustainability Bonds, 5.00%, 12/31/40<br>| 525 | &nbsp;&nbsp; 527563 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, Series B, 4.00%, 04/15/50<br>| 1000 | &nbsp;&nbsp; 865880 |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 | 1480 | &nbsp;&nbsp; 1504373 |
|  |  | &nbsp;&nbsp; 6388409 |
| **Massachusetts — 2.8%** | **Massachusetts — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, Series I, <br> 12/01/51<sup>(c)</sup><br>| 2200 | &nbsp;&nbsp; 2524899 |
| Commonwealth of Massachusetts, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series D, 4.00%, 02/01/43 | 1550 | &nbsp;&nbsp; 1454749 |
| &nbsp;&nbsp;&nbsp; Series D, 10/01/51<sup>(c)</sup> | 1210 | &nbsp;&nbsp; 1242587 |
| Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/42 | 940 | &nbsp;&nbsp; 942356 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/47 | 420 | &nbsp;&nbsp; 398822 |
|  |  | &nbsp;&nbsp; 6563413 |
| **Michigan — 2.2%** | **Michigan — 2.2%** |  |
| Michigan Finance Authority, RB, 4.00%, 02/15/44 | 2500 | &nbsp;&nbsp; 2254793 |
| Michigan Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/46 | 550 | &nbsp;&nbsp; 478983 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/46 | 1300 | &nbsp;&nbsp; 1074867 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 895 | &nbsp;&nbsp; 894998 |
| Ottawa County Building Authority, RB, 4.00%, 05/01/47 | 500 | &nbsp;&nbsp; 458164 |
|  |  | &nbsp;&nbsp; 5161805 |
| **Minnesota — 1.5%** | **Minnesota — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission, <br> ARB, AMT, 5.25%, 01/01/49<br>| 1900 | &nbsp;&nbsp; 1936468 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series M, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.10%, 07/01/42<br>| 1520 | &nbsp;&nbsp; 1607036 |
|  |  | &nbsp;&nbsp; 3543504 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mississippi — 2.1%** | **Mississippi — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, RB, (AGM), 6.88%, <br> 12/01/40<br>| $2225 | &nbsp;&nbsp; $2258589 |
| &nbsp;&nbsp;&nbsp; State of Mississippi Gaming Tax Revenue, RB, Series A, <br> 4.00%, 10/15/38<br>| 2815 | &nbsp;&nbsp; 2674083 |
|  |  | &nbsp;&nbsp; 4932672 |
| **Missouri — 0.3%** | **Missouri — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series A, 5.25%, 02/01/48<br>| 330 | &nbsp;&nbsp; 329647 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), 5.00%, <br> 11/01/55<br>| 380 | &nbsp;&nbsp; 381879 |
|  |  | &nbsp;&nbsp; 711526 |
| **Montana — 0.5%** | **Montana — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Flathead County School District No. 44 Whitefish, GO, <br> (BAM), 5.25%, 07/01/44<br>| 1000 | &nbsp;&nbsp; 1073293 |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, RB, S/F Housing, <br> Series B-2, 3.60%, 12/01/47<br>| 165 | &nbsp;&nbsp; 138246 |
|  |  | &nbsp;&nbsp; 1211539 |
| **Nevada — 0.5%** | **Nevada — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Las Vegas Nevada Special Improvement District <br> No. 814, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/39 | 120 | &nbsp;&nbsp; 106781 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/44 | 310 | &nbsp;&nbsp; 260302 |
| Tahoe-Douglas Visitors Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | 305 | &nbsp;&nbsp; 308834 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/45 | 400 | &nbsp;&nbsp; 401355 |
|  |  | &nbsp;&nbsp; 1077272 |
| **New Hampshire — 1.5%** | **New Hampshire — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; National Finance Authority Affordable Housing <br> Certificates, Series 2024-1, Class A, 4.15%, 10/20/40<br>| 2310 | &nbsp;&nbsp; 2175094 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, <br> Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup><br>| 365 | &nbsp;&nbsp; 346310 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class B, 5.75%, 04/28/42 | 460 | &nbsp;&nbsp; 463593 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 548 | &nbsp;&nbsp; 522116 |
|  |  | &nbsp;&nbsp; 3507113 |
| **New Jersey — 6.1%** | **New Jersey — 6.1%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34 | 635 | &nbsp;&nbsp; 666179 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/36 | 810 | &nbsp;&nbsp; 844223 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 01/01/31 | 1355 | &nbsp;&nbsp; 1361115 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 1940 | &nbsp;&nbsp; 1940633 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 1500 | &nbsp;&nbsp; 1342853 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB, Series B, AMT, 4.25%, 12/01/45<br>| 235 | &nbsp;&nbsp; 228932 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 12/01/41 | 935 | &nbsp;&nbsp; 904169 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 12/01/52 | 1355 | &nbsp;&nbsp; 1285376 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br> Refunding RB, Series A, AMT, 3.80%, 10/01/32<br>| 1820 | &nbsp;&nbsp; 1744734 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 1000 | &nbsp;&nbsp; 993721 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 2240 | &nbsp;&nbsp; $2249740 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 755 | &nbsp;&nbsp; 722843 |
|  |  | &nbsp;&nbsp; 14284518 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 135 | &nbsp;&nbsp; 128444 |
| **New York — 11.0%** | **New York — 11.0%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, 4.00%, 04/01/50 | 1190 | &nbsp;&nbsp; 1053447 |
| &nbsp;&nbsp;&nbsp; Series - G-1, 5.25%, 02/01/53 | 195 | &nbsp;&nbsp; 205607 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, 5.00%, <br> 05/01/47<br>| 1250 | &nbsp;&nbsp; 1296438 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44<sup>(b)</sup> | 760 | &nbsp;&nbsp; 755278 |
| &nbsp;&nbsp;&nbsp; Series 1, 4.00%, 02/15/43 | 1750 | &nbsp;&nbsp; 1615469 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 210 | &nbsp;&nbsp; 144232 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/36 | 3500 | &nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/54 | 3525 | &nbsp;&nbsp; 3109104 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/55 | 750 | &nbsp;&nbsp; 768689 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, RB, Sustainability <br> Bonds, 4.13%, 03/15/56<br>| 1675 | &nbsp;&nbsp; 1472898 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., ARB, AMT, <br> 5.63%, 04/01/40<br>| 465 | &nbsp;&nbsp; 481822 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 1025 | &nbsp;&nbsp; 1039320 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 04/30/53 | 605 | &nbsp;&nbsp; 484337 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 2055 | &nbsp;&nbsp; 2069776 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.38%, 06/30/60 | 5350 | &nbsp;&nbsp; 5338208 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series D-2, <br> Senior Lien, Sustainability Bonds, 5.50%, 05/15/52<br>| 1550 | &nbsp;&nbsp; 1638031 |
| TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 | 895 | &nbsp;&nbsp; 899972 |
|  |  | &nbsp;&nbsp; 25872628 |
| **North Carolina — 2.6%** | **North Carolina — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Raleigh North Carolina Combined Enterprise <br> System Revenue, Refunding RB, Series A, 4.00%, <br> 12/01/35<br>| 1200 | &nbsp;&nbsp; 1184877 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, Refunding <br> RB, Series A, 3.57%, 12/01/41<sup>(a)</sup><br>| 4970 | &nbsp;&nbsp; 4969058 |
|  |  | &nbsp;&nbsp; 6153935 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Grand Forks North Dakota, RB, Series A, (AGM), <br> 5.00%, 12/01/48<br>| 880 | &nbsp;&nbsp; 885334 |
| **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>| 2155 | &nbsp;&nbsp; 1855288 |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, RB, M/F <br> Housing, (FHLMC), 4.82%, 11/01/43<br>| 705 | &nbsp;&nbsp; 702453 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Ohio, RB, Series CC, 5.00%, <br> 11/15/49<br>| 270 | &nbsp;&nbsp; 278718 |
| State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39 | 1325 | &nbsp;&nbsp; 1325489 |
| State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 | 2275 | &nbsp;&nbsp; 1897111 |
|  |  | &nbsp;&nbsp; 6059059 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oklahoma — 2.3%** | **Oklahoma — 2.3%** |  |
| Oklahoma Turnpike Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 | $2055 | &nbsp;&nbsp; $2179183 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/48 | 3600 | &nbsp;&nbsp; 3326702 |
|  |  | &nbsp;&nbsp; 5505885 |
| **Oregon — 0.3%** | **Oregon — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Portland Oregon Sewer System Revenue, <br> Refunding RB, Series A, 2nd Lien, 5.00%, 10/01/49<br>| 735 | &nbsp;&nbsp; 762473 |
| **Pennsylvania — 12.8%** | **Pennsylvania — 12.8%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> (AGM), 5.50%, 01/01/53<br>| 670 | &nbsp;&nbsp; 692394 |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, RB, <br> 4.00%, 07/01/46<br>| 200 | &nbsp;&nbsp; 165522 |
| &nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities Authority, <br> Refunding RB, Series A, 5.00%, 10/01/52<br>| 2000 | &nbsp;&nbsp; 1928289 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, (AGM), 4.50%, <br> 09/01/48<br>| 1415 | &nbsp;&nbsp; 1364094 |
| Geisinger Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/50 | 3080 | &nbsp;&nbsp; 2634877 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 02/15/47 | 2815 | &nbsp;&nbsp; 2429604 |
| &nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, RB, 5.00%, <br> 12/01/44<br>| 675 | &nbsp;&nbsp; 651927 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class B, 4.00%, 05/01/52 | 2115 | &nbsp;&nbsp; 1762353 |
| &nbsp;&nbsp;&nbsp; Class B, 05/01/57<sup>(c)</sup> | 2500 | &nbsp;&nbsp; 2423052 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> RB, Series C, 5.00%, 11/15/45<br>| 590 | &nbsp;&nbsp; 585724 |
| &nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, <br> Refunding RB, 4.00%, 11/01/38<br>| 5930 | &nbsp;&nbsp; 5797586 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/43 | 515 | &nbsp;&nbsp; 528783 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 1000 | &nbsp;&nbsp; 1002381 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 143A, Sustainability Bonds, 5.45%, <br> 04/01/51<br>| 3300 | &nbsp;&nbsp; 3427386 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 12/01/37 | 750 | &nbsp;&nbsp; 783500 |
| &nbsp;&nbsp;&nbsp; Series A-1, Subordinate, 5.00%, 12/01/46 | 1300 | &nbsp;&nbsp; 1299014 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, RB, <br> 5.25%, 11/01/52<br>| 1285 | &nbsp;&nbsp; 1315570 |
| &nbsp;&nbsp;&nbsp; Pittsburgh School District, GOL, (SAW), 3.00%, <br> 09/01/41<br>| 1165 | &nbsp;&nbsp; 919548 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, GOL, Series A, (SAW), <br> 5.50%, 09/01/48<br>| 400 | &nbsp;&nbsp; 420264 |
|  |  | &nbsp;&nbsp; 30131868 |
| **Puerto Rico — 5.3%** | **Puerto Rico — 5.3%** |  |
| &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 | 5022 | &nbsp;&nbsp; 4628147 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 4244 | &nbsp;&nbsp; 4033059 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 264 | &nbsp;&nbsp; 241231 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 1709 | &nbsp;&nbsp; 1602638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 394 | &nbsp;&nbsp; $361225 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, 0.00%, <br> 07/01/46<sup>(g)</sup><br>| 4757 | &nbsp;&nbsp; 1525012 |
|  |  | &nbsp;&nbsp; 12391312 |
| **South Carolina — 1.7%** | **South Carolina — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| 1970 | &nbsp;&nbsp; 2089968 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | 825 | &nbsp;&nbsp; 686982 |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62 | 390 | &nbsp;&nbsp; 357076 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 05/01/43<br>| 860 | &nbsp;&nbsp; 868435 |
|  |  | &nbsp;&nbsp; 4002461 |
| **Tennessee — 1.7%** | **Tennessee — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, ARB, Series A, <br> AMT, 5.00%, 07/01/49<br>| 3000 | &nbsp;&nbsp; 2965467 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Sports Authority, RB, Series A, Senior Lien, (AGM), <br> 5.25%, 07/01/48<br>| 1020 | &nbsp;&nbsp; 1069056 |
|  |  | &nbsp;&nbsp; 4034523 |
| **Texas — 8.4%** | **Texas — 8.4%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 410 | &nbsp;&nbsp; 393819 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 360 | &nbsp;&nbsp; 364808 |
| &nbsp;&nbsp;&nbsp; Aubrey Independent School District, GO, (PSF), 4.00%, <br> 02/15/52<br>| 1000 | &nbsp;&nbsp; 893862 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, AMT, <br> 5.00%, 11/15/33<br>| 2500 | &nbsp;&nbsp; 2474627 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/37<br>| 360 | &nbsp;&nbsp; 362147 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, Refunding GO, <br> (PSF), 4.00%, 02/15/53<br>| 900 | &nbsp;&nbsp; 803303 |
| &nbsp;&nbsp;&nbsp; Del Valle Independent School District Texas, GO, (PSF), <br> 4.00%, 06/15/47<br>| 1410 | &nbsp;&nbsp; 1292656 |
| &nbsp;&nbsp;&nbsp; EP Royal Estates PFC, RB, M/F Housing, 4.25%, <br> 10/01/39<br>| 335 | &nbsp;&nbsp; 318258 |
| &nbsp;&nbsp;&nbsp; Gunter Independent School District, GO, (PSF), 4.00%, <br> 02/15/53<br>| 815 | &nbsp;&nbsp; 709767 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB, Series A, 5.00%, 08/15/50<sup>(b)</sup><br>| 440 | &nbsp;&nbsp; 341515 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University <br> System, Refunding RB, Series A, 5.00%, 07/01/54<br>| 635 | &nbsp;&nbsp; 659142 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/51 | 1620 | &nbsp;&nbsp; 1652106 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/36 | 2500 | &nbsp;&nbsp; 2563629 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 11/15/40<br>| 2500 | &nbsp;&nbsp; 2462190 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 255 | &nbsp;&nbsp; 221055 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB, 5.00%, 12/15/32<br>| 2935 | &nbsp;&nbsp; $3058012 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation <br> Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58<br>| 1050 | &nbsp;&nbsp; 1066687 |
|  |  | &nbsp;&nbsp; 19637583 |
| **Utah — 1.2%** | **Utah — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 135 | &nbsp;&nbsp; 131384 |
| County of Utah, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 05/15/50 | 1840 | &nbsp;&nbsp; 1287565 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/15/47 | 1340 | &nbsp;&nbsp; 1152532 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 5.00%, 06/15/40<sup>(b)</sup><br>| 325 | &nbsp;&nbsp; 310584 |
|  |  | &nbsp;&nbsp; 2882065 |
| **Virginia — 1.4%** | **Virginia — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 955 | &nbsp;&nbsp; 844510 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, RB, AMT, <br> 5.00%, 12/31/52<br>| 2525 | &nbsp;&nbsp; 2412928 |
|  |  | &nbsp;&nbsp; 3257438 |
| **Washington — 1.2%** | **Washington — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; County of King Washington Sewer Revenue, Refunding <br> RB, Series A, Junior Lien, 3.85%, 01/01/40<sup>(a)</sup><br>| 615 | &nbsp;&nbsp; 604004 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.00%, 08/01/44<br>| 875 | &nbsp;&nbsp; 863267 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, <br> M/F Housing, Series 2, Class 1, Sustainability Bonds, <br> 4.08%, 03/20/40<sup>(a)</sup><br>| 892 | &nbsp;&nbsp; 820131 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 215 | &nbsp;&nbsp; 215464 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 205 | &nbsp;&nbsp; 203611 |
|  |  | &nbsp;&nbsp; 2706477 |
| **West Virginia — 1.1%** | **West Virginia — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; West Virginia Parkways Authority, RB, Senior Lien, <br> 4.00%, 06/01/51<br>| 2810 | &nbsp;&nbsp; 2488725 |
| **Wisconsin — 1.8%** | **Wisconsin — 1.8%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/51<sup>(b)</sup> | 550 | &nbsp;&nbsp; 421571 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/55<sup>(b)</sup> | 305 | &nbsp;&nbsp; 256600 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(b)</sup> | 475 | &nbsp;&nbsp; 459619 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.75%, 07/01/49 | 1350 | &nbsp;&nbsp; 1389333 |
| Public Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/49<sup>(b)</sup> | 285 | &nbsp;&nbsp; 260017 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/55 | 475 | &nbsp;&nbsp; 483875 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/42 | 990 | &nbsp;&nbsp; 955914 |
|  |  | &nbsp;&nbsp; 4226929 |
| **Wyoming — 0.3%** | **Wyoming — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; University of Wyoming, RB, Series C, (AGM), 4.00%, <br> 06/01/51<br>| 855 | &nbsp;&nbsp; 754629 |
| **Total Municipal Bonds — 113.4%** <br>**(Cost: $273,250,686)** | **Total Municipal Bonds — 113.4%** <br>**(Cost: $273,250,686)** | &nbsp;&nbsp; 266241208 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> |
| **Florida — 6.8%** | **Florida — 6.8%** |  |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, AMT, 5.25%, <br> 10/01/48<br>| $6218 | &nbsp;&nbsp; $6353080 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, ARB, Class B, <br> AMT, 5.50%, 10/01/54<br>| 4100 | &nbsp;&nbsp; 4249821 |
| &nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, Refunding RB, <br> Series A, 5.25%, 10/01/49<br>| 5000 | &nbsp;&nbsp; 5293436 |
|  |  | &nbsp;&nbsp; 15896337 |
| **Massachusetts — 1.5%** | **Massachusetts — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, Series E, 5.00%, <br> 08/01/54<br>| 3380 | &nbsp;&nbsp; 3486921 |
| **Missouri — 1.8%** | **Missouri — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, RB, 4.00%, 06/01/53<sup>(i)</sup><br>| 5000 | &nbsp;&nbsp; 4188638 |
| **New York — 17.6%** | **New York — 17.6%** |  |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series BB, 5.00%, 06/15/52<sup>(i)</sup><br>| 6478 | &nbsp;&nbsp; 6722738 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series H-1, 5.00%, 11/01/50<br>| 5434 | &nbsp;&nbsp; 5594939 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, RB, Series A, Sustainability <br> Bonds, (AGM), 5.13%, 11/15/63<br>| 3373 | &nbsp;&nbsp; 3439442 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/53<sup>(i)</sup> | 3073 | &nbsp;&nbsp; 3157814 |
| &nbsp;&nbsp;&nbsp; Series D, 4.00%, 02/15/47 | 4995 | &nbsp;&nbsp; 4548617 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., RB, AMT, <br> Sustainability Bonds, (AGM), 5.13%, 06/30/60<br>| 10000 | &nbsp;&nbsp; 10043324 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.50%, 05/15/63<br>| 8263 | &nbsp;&nbsp; 7862203 |
|  |  | &nbsp;&nbsp; 41369077 |
| **Oregon — 2.3%** | **Oregon — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 30A, AMT, Sustainability Bonds, 5.25%, <br> 07/01/44<br>| 5320 | &nbsp;&nbsp; 5504462 |
| **Pennsylvania — 5.2%** | **Pennsylvania — 5.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, (AGM), 5.50%, <br> 09/01/53<br>| 2831 | &nbsp;&nbsp; 2991002 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 143A, Sustainability Bonds, 5.38%, <br> 10/01/46<br>| 3989 | &nbsp;&nbsp; 4100967 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series B, 5.25%, 12/01/52<br>| 4995 | &nbsp;&nbsp; 5218878 |
|  |  | &nbsp;&nbsp; 12310847 |
| **South Carolina — 4.5%** | **South Carolina — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding RB, <br> Series B-1, 5.25%, 02/01/54<sup>(a)</sup><br>| 10005 | &nbsp;&nbsp; 10568903 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 39.7%** <br>**(Cost: $94,913,947)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 39.7%** <br>**(Cost: $94,913,947)** | &nbsp;&nbsp; 93325185 |
| **Total Long-Term Investments — 153.1%** <br>**(Cost: $368,164,633)** | **Total Long-Term Investments — 153.1%** <br>**(Cost: $368,164,633)** | &nbsp;&nbsp; 359566393 |

---

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.1%** | **Money Market Funds — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 3.05%<sup>(j)(k)</sup><br>| 11952549 | &nbsp;&nbsp; $11953744 |
| **Total Short-Term Securities — 5.1%** <br>**(Cost: $11,953,744)** | **Total Short-Term Securities — 5.1%** <br>**(Cost: $11,953,744)** | &nbsp;&nbsp; 11953744 |
| **Total Investments — 158.2%** <br>**(Cost: $380,118,377)** | **Total Investments — 158.2%** <br>**(Cost: $380,118,377)** | &nbsp;&nbsp; 371520137 |
| **Other Assets Less Liabilities — 2.1%** | **Other Assets Less Liabilities — 2.1%** | &nbsp;&nbsp; 5116895 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (27.1)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (27.1)%** | &nbsp;&nbsp; (63730490)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(33.2)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(33.2)%** | &nbsp;&nbsp; (78000000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $234906542 |

---

&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> When-issued security.

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

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

<sup>(f)</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. 

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

<sup>(h)</sup> Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. 

<sup>(i)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between December 15, 2032 to June 1, 2046, is $9,753,733. 

<sup>(j)</sup> Affiliate of the Trust.

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust 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>| *Proceeds* <br>*from Sales*<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>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $401079<br> $11552634 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $152 | $(121)<br>| $11953744 | 11952549 | $213563 | $— |

---

&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 Trust 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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

**Fair Value Hierarchy as of Period End (continued)**

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 Trust's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust's financial instruments categorized in the fair value hierarchy. The breakdown of the Trust'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; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $266241208 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $266241208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93325185 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93325185 |
| &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; 11953744 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11953744 |
|  | &nbsp;&nbsp; $11953744 | &nbsp;&nbsp;&nbsp;&nbsp; $359566393 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $371520137 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(63319004)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(63319004)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78000000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(141319004)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(141319004)<br>|

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM | Build America Mutual Assurance Co. |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |
| COP | Certificates of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| M/F | Multi-Family |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAW | State Aid Withholding |

---

------

## 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 MuniHoldings Quality Fund II, Inc.

- **b. Investment Company Act file number:** 811-09191

- **c. CIK number of Registrant:** 0001071899

- **d. LEI of Registrant:** V04K6JK5YHD4O5SHSC34

- **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 MuniHoldings Quality Fund II, Inc.

- **c. LEI of Series:** V04K6JK5YHD4O5SHSC34

**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:** $400139631.12

**Total Liabilities:** $165285010.21

**Net Assets:** $234854620.91

**Delayed Delivery Securities:** $23474965.70

**Cash Not Reported:** $1760444.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 84843.30000000 | **1-Year:** 1751.95000000 | **5-Year:** 50377.06000000 | **10-Year:** 47721.20000000 | **30-Year:** 113933.75000000

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

- **3-Month:** 5380.91000000 | **1-Year:** 104.57000000 | **5-Year:** 8861.00000000 | **10-Year:** 5910.85000000 | **30-Year:** 28168.15000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.29%                | -3.10%               | -2.12%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-257036.11              | $2574822.07                                |
| Month 2  | $-460259.54              | $-8321083.45                               |
| Month 3  | $-1250035.81             | $-4863179.04                               |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### 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        |   1355000 | PA      | $1361114.41   | 0.58%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                      | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    364745 | PA      | $346309.75    | 0.15%             | 2041-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Collier County Health Facilities Authority                                    | COLLIER CNTY FL HLTH FACS AUTH RSDL CARE FAC REVENUE         | CUSIP: 19463VAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $845338.62    | 0.36%             | 2052-05-01      | Fixed         | 4.00%                 | 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        |    470000 | PA      | $474742.28    | 0.20%             | 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        |   5350000 | PA      | $5338208.28   | 2.27%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                   | WASHINGTON ST HSG FIN COMMISSION                             | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    891898 | PA      | $820130.82    | 0.35%             | 2040-03-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                      | MONTANA ST BRD OF HSG SF MTGE                                | CUSIP: 61212WEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $138245.95    | 0.06%             | 2047-12-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| University of Wyoming                                                         | UNIV OF WYOMING WY UNIV REVENUES                             | CUSIP: 915268J31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $754629.41    | 0.32%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                      | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2069775.49   | 0.88%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTG3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5433439 | PA      | $5594938.64   | 2.38%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                         | RALEIGH NC COMB ENTERPRISE SYS REVENUE                       | CUSIP: 751100KB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1184876.68   | 0.50%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                        | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |  10005000 | PA      | $10568903.34  | 4.50%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582R4D5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1242586.61   | 0.53%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | SOUTHEAST ENERGY AUTH COOPERATIVE DIST AL ENERGY SUPPLY REVE | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    610000 | PA      | $624892.86    | 0.27%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                      | CHESTER CNTY PA HLTH & EDU FACS AUTH HLTH SYS REVENUE        | CUSIP: 16557HEC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1928289.34   | 0.82%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966SCQ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1053447.25   | 0.45%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                      | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080YB1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    235000 | PA      | $228932.10    | 0.10%             | 2045-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                    | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TMQ3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1074866.78   | 0.46%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                   | OKLAHOMA ST TURNPIKE AUTH                                    | CUSIP: 679111D27<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2179183.01   | 0.93%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $523629.26    | 0.22%             | 2029-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                              | TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE             | CUSIP: 873816AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $308834.56    | 0.13%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                               | DEKALB CNTY GA HSG AUTH MF HSG                               | CUSIP: 240471PH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1768396.07   | 0.75%             | 2034-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHC0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $768689.00    | 0.33%             | 2055-03-15      | 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        |   2225000 | PA      | $2258588.38   | 0.96%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Sports Authority          | MET GOVT NASHVILLE & DAVIDSONCNTY TN SPORTS AUTH             | CUSIP: 592090JY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1069055.98   | 0.46%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Finley Woods Community Development District                                   | FINLEY WOODS CMNTY DEV DIST FL CAPITAL IMPT REVENUE          | CUSIP: 318023AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $232389.71    | 0.10%             | 2040-05-01      | Fixed         | 4.00%                 | 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        |    200000 | PA      | $165521.94    | 0.07%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                     | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1940632.60   | 0.83%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Aubrey Independent School District                                            | AUBREY TX INDEP SCH DIST                                     | CUSIP: 050195XB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893861.39    | 0.38%             | 2052-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                       | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1492353.11   | 0.64%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $260017.17    | 0.11%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                         | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790QD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1342853.06   | 0.57%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JJA7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1296438.13   | 0.55%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225GL4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4995000 | PA      | $5218878.30   | 2.22%             | 2052-12-01      | Fixed         | 5.25%                 | 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        |   2155000 | PA      | $1855287.60   | 0.79%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                       | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GJJ9<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    380000 | PA      | $381879.59    | 0.16%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                   | BLACK DESERT PUB INFRASTRUCTURE DIST UT SPL ASSMNT           | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $131384.32    | 0.06%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                      | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2474626.55   | 1.05%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | PUBLIC FIN AUTH WI ARPT FACS REVENUE                         | CUSIP: 74443CAC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    990000 | PA      | $955914.22    | 0.41%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HEQ6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1638031.37   | 0.70%             | 2052-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966SMF0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    195000 | PA      | $205607.13    | 0.09%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                     | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $362147.06    | 0.15%             | 2037-07-15      | Fixed         | 5.50%                 | 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        |    210000 | PA      | $210249.78    | 0.09%             | 2054-05-01      | Fixed         | 5.25%                 | 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        |    195000 | PA      | $131625.00    | 0.06%             | 2062-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                               | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1397233.32   | 0.59%             | 2052-02-01      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                    | DELAWARE ST HLTH FACS AUTH REVENUE                           | CUSIP: 246388TM4<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1292643.39   | 0.55%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ottawa County Building Authority                                              | OTTAWA CNTY MI BLDG AUTH                                     | CUSIP: 689229GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458163.99    | 0.20%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                              | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UB31<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $788750.74    | 0.34%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                        | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1709000 | PA      | $1602638.37   | 0.68%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YDY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $97777.52     | 0.04%             | 2059-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                      | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    548267 | PA      | $522116.42    | 0.22%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV             | CUSIP: 57419T2R1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1016505.23   | 0.43%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EP Royal Estates PFC                                                          | EP ROYAL ESTATES PFC TX RSDL DEV REVENUE                     | CUSIP: 29415NAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $318257.82    | 0.14%             | 2039-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                              | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1735947.03   | 0.74%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GT3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    550000 | PA      | $421571.06    | 0.18%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                      | NEW YORK ST TRANSPRTN DEV CORP EXEMPT FAC REVENUE            | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $484336.77    | 0.21%             | 2053-04-30      | Fixed         | 4.00%                 | 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        |   5022000 | PA      | $4628147.04   | 1.97%             | 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        |    100000 | PA      | $98818.86     | 0.04%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                        | GRAND FORKS ND HLTH CARE SYS REVENUE                         | CUSIP: 38546WEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $885333.77    | 0.38%             | 2048-12-01      | Fixed         | 5.00%                 | 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        |   4244000 | PA      | $4033058.56   | 1.72%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 814                      | LAS VEGAS NV SPL IMPT DIST #814                              | CUSIP: 51778UAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $260302.42    | 0.11%             | 2044-06-01      | Fixed         | 4.00%                 | 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        |    440000 | PA      | $341514.95    | 0.15%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 5742187N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865880.43    | 0.37%             | 2050-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    850000 | PA      | $805143.42    | 0.34%             | 2059-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri            | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637ARH7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4188637.93   | 1.78%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                         | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1108431.98   | 0.47%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                               | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GL69<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   6477353 | PA      | $6722737.95   | 2.86%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBM8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5090000 | PA      | $5144836.20   | 2.19%             | 2053-01-01      | Floating      | 5.32%                 | 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        |    465000 | PA      | $384945.51    | 0.16%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                      | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    935000 | PA      | $904169.01    | 0.38%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                             | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1615469.29   | 0.69%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                           | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497HQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2429603.45   | 1.03%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PPT6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    475000 | PA      | $459618.49    | 0.20%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                   | VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR   | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2412927.70   | 1.03%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                | E-470 CO PUBLIC HIGHWAY AUTH                                 | CUSIP: 26822LMX9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |    485000 | PA      | $481439.50    | 0.20%             | 2039-09-01      | Floating      | 3.67%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                         | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TC68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $310584.32    | 0.13%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                      | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758L50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1855998.76   | 0.79%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                               | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDC7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1549895.82   | 0.66%             | 2054-02-01      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                       | TEXAS ST A & M UNIV PERM UNIV FUND                           | CUSIP: 8821178Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $659142.23    | 0.28%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                        | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MJZ5<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    515000 | PA      | $527569.43    | 0.22%             | 2042-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QUL5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3427386.07   | 1.46%             | 2051-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                         | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KS7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   4885000 | PA      | $4886470.29   | 2.08%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                      | PORTLAND OR SWR SYS REVENUE                                  | CUSIP: 736742K63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $762472.72    | 0.32%             | 2049-10-01      | 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        |   2000000 | PA      | $2103102.26   | 0.90%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                              | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1819629.31   | 0.77%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                              | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NEP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $253830.86    | 0.11%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $507326.92    | 0.22%             | 2029-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                            | DALLAS TX INDEP SCH DIST                                     | CUSIP: 235308M42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $803303.01    | 0.34%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                              | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1472898.30   | 0.63%             | 2056-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                         | HAMILTON CNTY OH HOSP FACS REVENUE                           | CUSIP: 407272W25<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    270000 | PA      | $278718.58    | 0.12%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                              | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416TXY9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1607036.10   | 0.68%             | 2042-07-01      | Fixed         | 5.10%                 | 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        |    360000 | PA      | $364808.39    | 0.16%             | 2062-11-01      | Fixed         | 7.88%                 | 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        |   1620000 | PA      | $1652106.34   | 0.70%             | 2051-11-15      | Fixed         | 5.00%                 | 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        |    264000 | PA      | $241230.68    | 0.10%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                  | TSASC INC NY                                                 | CUSIP: 898526FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $899971.55    | 0.38%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/VA                                          | TOBACCO SETTLEMENT FING CORP VA                              | CUSIP: 88880NAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $844510.59    | 0.36%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Florida Department of Housing & Residence Education Hsg Sys Rev | FLORIDA ST BRD OF GOVERNORS UNIV OF FLORIDA DORM REVENUE     | CUSIP: 34157TEJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $689539.87    | 0.29%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396FT4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    305000 | PA      | $256600.10    | 0.11%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                          | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $530868.14    | 0.23%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                     | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $859082.26    | 0.37%             | 2052-10-01      | Fixed         | 4.00%                 | 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        |   1270000 | PA      | $1119177.14   | 0.48%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    840000 | PA      | $878678.70    | 0.37%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Groves Community Development District No 5                           | SOUTHERN GROVE CMNTY DEV DIST #5  SPL ASSMNT                 | CUSIP: 843021AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $318048.77    | 0.14%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224MW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1299014.43   | 0.55%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress Bluff Community Development District                                  | CYPRESS BLUFF CDD FL SPL ASSMNT                              | CUSIP: 232677AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $556030.01    | 0.24%             | 2050-05-01      | Fixed         | 3.80%                 | 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        |   3000000 | PA      | $2965467.00   | 1.26%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                              | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401643.83    | 0.17%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                    | COLUMBUS-FRANKLIN CNTY OH FIN AUTH MF HSG REVENUE            | CUSIP: 19910XAL0<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |    705000 | PA      | $702453.34    | 0.30%             | 2043-11-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                     | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7L2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    810000 | PA      | $844223.04    | 0.36%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                             | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $144231.77    | 0.06%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                     | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGL1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2563629.15   | 1.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                    | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TVA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2254792.78   | 0.96%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                         | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 61360PCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $585723.90    | 0.25%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                    | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FYG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    970000 | PA      | $892586.57    | 0.38%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XD57<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    420000 | PA      | $398822.10    | 0.17%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                             | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1606550.71   | 0.68%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                          | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE  | CUSIP: 603827Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1936467.65   | 0.82%             | 2049-01-01      | Fixed         | 5.25%                 | 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        |    550000 | PA      | $485916.68    | 0.21%             | 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        |   2935000 | PA      | $3058012.19   | 1.30%             | 2032-12-15      | 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        |   1950000 | PA      | $1961235.65   | 0.84%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | MARYLAND STADIUM AUTH BUILT TO LEARN REVENUE                 | CUSIP: 574294CV4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1504373.28   | 0.64%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                     | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU | CUSIP: 87638RFP7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2462190.05   | 1.05%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHA4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3073206 | PA      | $3157813.72   | 1.34%             | 2053-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finley Woods Community Development District                                   | FINLEY WOODS CMNTY DEV DIST FL CAPITAL IMPT REVENUE          | CUSIP: 318023AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $369344.11    | 0.16%             | 2050-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                   | OKLAHOMA ST TURNPIKE AUTH                                    | CUSIP: 679111ZM9<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3326701.90   | 1.42%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Convention Center Hotel Authority                                      | DENVER CO CONVENTION CENTER HOTEL AUTH REVENUE               | CUSIP: 249189DS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $804746.91    | 0.34%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                      | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1039320.06   | 0.44%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                          | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    150000 | PA      | $136080.09    | 0.06%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                               | KING CNTY WA SWR REVENUE                                     | CUSIP: 495290EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $604003.36    | 0.26%             | 2040-01-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                     | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $787658.50    | 0.34%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                              | TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE             | CUSIP: 873816AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401354.64    | 0.17%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                       | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $894998.70    | 0.38%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                      | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9999998 | PA      | $10043324.85  | 4.28%             | 2060-06-30      | Fixed         | 5.13%                 | 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        |   1285000 | PA      | $1315569.53   | 0.56%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                            | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | CUSIP: 83704MCH7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    390000 | PA      | $357075.78    | 0.15%             | 2062-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582R4D5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |         0 | PA      | $0.00         | 0.00%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582TAR3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3380000 | PA      | $3486920.55   | 1.48%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                             | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393DC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1287564.97   | 0.55%             | 2050-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                            | MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE              | CUSIP: 57422JBT4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    525000 | PA      | $527562.59    | 0.22%             | 2040-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                        | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905453N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $434020.99    | 0.18%             | 2049-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                         | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PQ6<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1005271.99   | 0.43%             | 2045-01-01      | 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        |   1165000 | PA      | $1135201.63   | 0.48%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gunter Independent School District                                            | GUNTER TX INDEP SCH DIST                                     | CUSIP: 403126QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $709767.05    | 0.30%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990BNJ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 1.49%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flathead County School District No 44 Whitefish                               | FLATHEAD CNTY MT HIGH SCH DIST #44 WHITEFISH                 | CUSIP: 338729DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073293.46   | 0.46%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                              | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1035832.89   | 0.44%             | 2055-01-01      | Floating      | 5.00%                 | 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        |    405000 | PA      | $342435.92    | 0.15%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                             | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993721.31    | 0.42%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                              | JEA FL WTR & SWR REVENUE                                     | CUSIP: 46615SGJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5293435.68   | 2.25%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                             | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $722843.26    | 0.31%             | 2046-06-01      | Fixed         | 5.00%                 | 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        |    190478 | PA      | $50571.86     | 0.02%             | 2057-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772KBF5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1751043.05   | 0.75%             | 2038-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                           | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352404E0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5320000 | PA      | $5504462.01   | 2.34%             | 2044-07-01      | Fixed         | 5.25%                 | 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        |   1100000 | PA      | $1001235.65   | 0.43%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL29<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    475000 | PA      | $483875.19    | 0.21%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                 | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ABM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1729950.94   | 0.74%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fayette County School District Finance Corp                                   | FAYETTE CNTY KY SCH DIST FIN CORP                            | CUSIP: 312432Y84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2034141.86   | 0.87%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                        | ARKANSAS DEV FIN AUTH ENVIRONMENTAL REVENUE                  | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $417564.62    | 0.18%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                       | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1066687.11   | 0.45%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                            | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $692393.97    | 0.29%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                        | TRIBOROUGH NY BRIDGE & TUNNEL AUTH SALES TAX REVENUE         | CUSIP: 896035CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8263347 | PA      | $7862202.80   | 3.35%             | 2063-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                        | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    394000 | PA      | $361225.18    | 0.15%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                      | NEW YORK ST PWR AUTH GREEN TRANSMISSION PROJ REVENUE         | CUSIP: 65000XBW9<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   3373312 | PA      | $3439441.79   | 1.46%             | 2063-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Del Valle Independent School District TX                                      | DEL VALLE TX INDEP SCH DIST                                  | CUSIP: 245505XT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1292656.16   | 0.55%             | 2047-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                   | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DGC0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2799310.49   | 1.19%             | 2053-12-01      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | OHIO ST HOSP REVENUE                                         | CUSIP: 67756CEG9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $1897110.69   | 0.81%             | 2050-01-15      | Fixed         | 4.00%                 | 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        |    255000 | PA      | $221054.55    | 0.09%             | 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        |    460000 | PA      | $463593.11    | 0.20%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                           | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $2634877.11   | 1.12%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                     | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  10189290 | NS      | $10190308.44  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington State Housing Finance Commission                                   | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783Q66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215464.28    | 0.09%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                            | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031ZN6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    825000 | PA      | $686982.57    | 0.29%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                       | MISSISSIPPI ST GAMING TAX REVENUE                            | CUSIP: 605638BR5<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2674083.35   | 1.14%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                             | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1152531.47   | 0.49%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178932Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2831356 | PA      | $2991002.21   | 1.27%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                   | UNIV OF NORTH CAROLINA NC AT CHAPEL HILL  REVENUE            | CUSIP: 914713U26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4970000 | PA      | $4969058.48   | 2.12%             | 2041-12-01      | Floating      | 3.57%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                  | NORTHAMPTON CNTY PA GEN PURPOSE AUTH CLG REVENUE             | CUSIP: 66353LDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5930000 | PA      | $5797586.18   | 2.47%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                    | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FYF6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30426.13     | 0.01%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                              | HOWARD CO MD HSG COMMN                                       | CUSIP: 442577DU3<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2474087.67   | 1.05%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                        | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4757000 | PA      | $1525012.24   | 0.65%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                            | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP REVENUE            | CUSIP: 83703FLN0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    860000 | PA      | $868434.66    | 0.37%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582TCB6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   8790000 | PA      | $9062327.56   | 3.86%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990F6W9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3109103.69   | 1.32%             | 2054-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | OHIO ST PRIVATE ACTIVITY REVENUE                             | CUSIP: 67759YAX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1325488.66   | 0.56%             | 2039-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224P29<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $783500.29    | 0.33%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                           | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $217475.32    | 0.09%             | 2054-05-01      | Fixed         | 6.30%                 | 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        |    135000 | PA      | $128444.44    | 0.05%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                                                    | NEW ORLEANS LA AVIATION BRD                                  | CUSIP: 64763HMS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4275000 | PA      | $4415309.95   | 1.88%             | 2045-01-01      | Fixed         | 5.25%                 | 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        |   1970000 | PA      | $2089967.66   | 0.89%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri            | MISSOURI ST HLTH & EDUCTNL FACS AUTH                         | CUSIP: 60635H4B2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    330000 | PA      | $329646.62    | 0.14%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                   | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783Q74<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    205000 | PA      | $203611.33    | 0.09%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                       | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2423051.83   | 1.03%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                        | HILLSBOROUGH CNTY FL AVIATION AUTH                           | CUSIP: 432308X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4249821.48   | 1.81%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Osceola Chain Lakes Community Development District                            | OSCEOLA CHAIN LAKES CDD FL CAPITAL IMPT REVENUE              | CUSIP: 688017AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $580126.70    | 0.25%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                            | ILLINOIS ST MUNI ELEC AGY PWR SPLY                           | CUSIP: 452024JA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $879720.64    | 0.37%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                    | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE                       | CUSIP: 594479GJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    550000 | PA      | $478982.94    | 0.20%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QUK7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3988691 | PA      | $4100966.65   | 1.75%             | 2046-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EAS4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    220000 | PA      | $187075.50    | 0.08%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                    | LANCASTER PA INDL DEV AUTH                                   | CUSIP: 514349CW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $651926.50    | 0.28%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XD65<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    940000 | PA      | $942355.88    | 0.40%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                       | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KEV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $980617.77    | 0.42%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                             | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2249740.01   | 0.96%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                          | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    205000 | PA      | $213064.07    | 0.09%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RPM2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1454749.00   | 0.62%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 814                      | LAS VEGAS NV SPL IMPT DIST #814                              | CUSIP: 51778UAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $106780.62    | 0.05%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                   | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HWK7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    875000 | PA      | $863267.02    | 0.37%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                      | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                     | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2175093.92   | 0.93%             | 2040-10-20      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                   | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RCZ4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    365000 | PA      | $355567.45    | 0.15%             | 2062-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1389332.84   | 0.59%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                     | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                   | CUSIP: 158862CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $535102.33    | 0.23%             | 2037-12-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                          | BROWARD CNTY FL TOURIST DEV TAX REVENUE                      | CUSIP: 115085AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1464058.72   | 0.62%             | 2051-09-01      | 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: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002381.36   | 0.43%             | 2053-06-30      | Fixed         | 5.25%                 | 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        |    165000 | PA      | $136753.41    | 0.06%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                  | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613ABC5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1744734.21   | 0.74%             | 2032-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                               | TAMPA BAY FL WTR REGL WTR SPLY AUTH UTILITY SYS REVENUE      | CUSIP: 875124HX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1013526.61   | 0.43%             | 2054-10-01      | Fixed         | 5.25%                 | 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        |   1115000 | PA      | $1072399.61   | 0.46%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                            | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392275FJ7<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   6218302 | PA      | $6353080.07   | 2.71%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                       | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603G52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $1762353.21   | 0.75%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh School District                                                    | PITTSBURGH PA SCH DIST                                       | CUSIP: 725277RJ8<br>LEI: 549300DCE2NGMJO6P377 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $919547.84    | 0.39%             | 2041-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District                                      | WASHINGTON TWP CA HLTH CARE DIST                             | CUSIP: 940642CF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $941919.71    | 0.40%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                       | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3530000 | PA      | $3019786.65   | 1.29%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                           | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883A77<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    400000 | PA      | $420264.31    | 0.18%             | 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        |    525000 | PA      | $457684.55    | 0.19%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                      | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080WQ0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1285376.17   | 0.55%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FPV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4995000 | PA      | $4548616.85   | 1.94%             | 2047-02-15      | Fixed         | 4.00%                 | 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        |   2640000 | PA      | $2501437.86   | 1.07%             | 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        |    465000 | PA      | $481821.73    | 0.21%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                       | HAWAII ST DEPT OF TRANSPRTN ARPTS DIV LEASE REVENUE COPS     | CUSIP: 419808AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $740503.66    | 0.32%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                         | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906932.60    | 0.39%             | 2046-01-01      | Fixed         | 4.00%                 | 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        |    410000 | PA      | $393819.21    | 0.17%             | 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        |   1725000 | PA      | $1559821.95   | 0.66%             | 2059-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                       | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1444991.82   | 0.62%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178932X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1364093.59   | 0.58%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                    | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XK7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1225703.20   | 0.52%             | 2034-12-01      | Fixed         | 5.00%                 | 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        |    760000 | PA      | $755277.66    | 0.32%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EAT2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    190000 | PA      | $158424.33    | 0.07%             | 2056-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Parkways Authority                                              | WEST VIRGINIA ST PARKWAYS AUTH TURNPIKE TOLL REVENUE         | CUSIP: 956510BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2488725.03   | 1.06%             | 2051-06-01      | 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: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $528783.14    | 0.23%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                     | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    450000 | PA      | $467583.58    | 0.20%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                     | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    470000 | PA      | $488291.03    | 0.21%             | 2049-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                       | HAWAII ST DEPT OF TRANSPRTN ARPTS DIV LEASE REVENUE COPS     | CUSIP: 419808AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1207231.15   | 0.51%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                     | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7J7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    635000 | PA      | $666178.67    | 0.28%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Osceola Chain Lakes Community Development District                            | OSCEOLA CHAIN LAKES CDD FL CAPITAL IMPT REVENUE              | CUSIP: 688017AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $498954.35    | 0.21%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** BlackRock MuniHoldings Quality Fund II, Inc.

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer