# EDGAR Filing Document

**Accession Number:** 0001176194
**File Stem:** 0001752724-25-157977
**Filing Date:** 2025-6
**Character Count:** 213110
**Document Hash:** f0d34c820c49384338334a80377bdc09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157977.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157977

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MUNICIPAL INCOME TRUST II
- **CENTRAL INDEX KEY:** 0001176194

**ORGANIZATION NAME:**
- **EIN:** 010722216
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21126
- **FILM NUMBER:** 251077048

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 888-441-7762

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

## Nport-Ex

April 30, 2025

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

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

**BlackRock Municipal Income Trust II (BLE)**<br>

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

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

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock Municipal Income Trust II (BLE)** 

**(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 — 3.5%** | **Alabama — 3.5%** |  |
| Black Belt Energy Gas District, RB, 4.00%, 10/01/52<sup>(a)</sup> | $2925 | &nbsp;&nbsp; $2919962 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB, 5.25%, 10/01/49<br>| 4580 | &nbsp;&nbsp; 4604736 |
| Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 | 2170 | &nbsp;&nbsp; 2209595 |
| Southeast Energy Authority A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/51 | 5290 | &nbsp;&nbsp; 5259456 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 1720 | &nbsp;&nbsp; 1761993 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 1960 | &nbsp;&nbsp; 2076988 |
|  |  | &nbsp;&nbsp; 18832730 |
| **Arizona — 2.8%** | **Arizona — 2.8%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 225 | &nbsp;&nbsp; 198784 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 210 | &nbsp;&nbsp; 183074 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 165 | &nbsp;&nbsp; 139511 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Refunding RB, <br> Series A, 5.38%, 07/01/50<sup>(b)</sup><br>| 1185 | &nbsp;&nbsp; 1163480 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior Lien, <br> 5.25%, 07/01/47<br>| 1740 | &nbsp;&nbsp; 1842979 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, RB, 5.00%, <br> 05/15/56<br>| 100 | &nbsp;&nbsp; 90111 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB, Series A, 5.00%, 07/01/46<sup>(b)</sup><br>| 1825 | &nbsp;&nbsp; 1703844 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, RB, <br> 5.00%, 07/01/49<sup>(b)</sup><br>| 350 | &nbsp;&nbsp; 318091 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> 6.38%, 07/01/58<sup>(b)</sup><br>| 620 | &nbsp;&nbsp; 593837 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB, Series A, 4.13%, 09/01/38<br>| 820 | &nbsp;&nbsp; 771822 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 5635 | &nbsp;&nbsp; 5908735 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 2000 | &nbsp;&nbsp; 2078149 |
|  |  | &nbsp;&nbsp; 14992417 |
| **Arkansas — 0.7%** | **Arkansas — 0.7%** |  |
| Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.50%, 09/01/49<sup>(b)</sup> | 1920 | &nbsp;&nbsp; 1691985 |
| &nbsp;&nbsp;&nbsp; AMT, 4.75%, 09/01/49<sup>(b)</sup> | 1175 | &nbsp;&nbsp; 1071987 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.70%, 05/01/53 | 975 | &nbsp;&nbsp; 981025 |
|  |  | &nbsp;&nbsp; 3744997 |
| **California — 4.5%** | **California — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Refunding <br> RB, Series A, 5.00%, 06/01/36<br>| 335 | &nbsp;&nbsp; 334631 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, RB, Series U-7, <br> 5.00%, 06/01/46<br>| 2315 | &nbsp;&nbsp; 2510171 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 855 | &nbsp;&nbsp; 832905 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Refunding <br> RB, Sustainability Bonds, 5.00%, 08/01/55<br>| 1500 | &nbsp;&nbsp; 1505891 |
| &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>| 2555 | &nbsp;&nbsp; 2457382 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ARB, AMT, Senior <br> Lien, 4.00%, 12/31/47<br>| 780 | &nbsp;&nbsp; 660773 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, AMT, <br> 5.00%, 11/21/45<sup>(b)</sup><br>| 2130 | &nbsp;&nbsp; 2089410 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Refunding RB, <br> Series A, 5.00%, 07/01/51<sup>(b)</sup><br>| 1700 | &nbsp;&nbsp; 1683278 |
| City of Los Angeles Department of Airports, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.00%, 05/15/46 | 1265 | &nbsp;&nbsp; 1277002 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, 05/15/55 | 2320 | &nbsp;&nbsp; $2425357 |
| &nbsp;&nbsp;&nbsp; Indio Finance Authority, Refunding RB, Series A, (BAM), <br> 4.50%, 11/01/52<br>| 2405 | &nbsp;&nbsp; 2314337 |
| &nbsp;&nbsp;&nbsp; Riverside County Transportation Commission, Refunding <br> RB, Class B1, Senior Lien, 4.00%, 06/01/46<br>| 2255 | &nbsp;&nbsp; 1999751 |
| San Marcos Unified School District, GO, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/33 | 3000 | &nbsp;&nbsp; 2212545 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/43 | 2500 | &nbsp;&nbsp; 1059329 |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, GO, Series B, <br> Election 2004, 5.50%, 08/01/40<br>| 830 | &nbsp;&nbsp; 831695 |
|  |  | &nbsp;&nbsp; 24194457 |
| **Colorado — 1.1%** | **Colorado — 1.1%** |  |
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47<sup>(b)</sup> | 250 | &nbsp;&nbsp; 222816 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System Revenue, <br> Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.13%, 11/15/53 | 1290 | &nbsp;&nbsp; 1140302 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.75%, 11/15/45 | 1315 | &nbsp;&nbsp; 1400625 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/39 | 595 | &nbsp;&nbsp; 623036 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 370 | &nbsp;&nbsp; 384555 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 920 | &nbsp;&nbsp; 944923 |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Refunding RB, <br> 5.00%, 12/01/40<br>| 1325 | &nbsp;&nbsp; 1284686 |
|  |  | &nbsp;&nbsp; 6000943 |
| **District of Columbia — 4.1%** | **District of Columbia — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, RB, Series A, <br> 5.25%, 05/01/48<br>| 890 | &nbsp;&nbsp; 937987 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing Corp., <br> Refunding RB, 6.75%, 05/15/40<br>| 9630 | &nbsp;&nbsp; 9808286 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Refunding GO, Series A, 5.25%, <br> 01/01/48<br>| 1700 | &nbsp;&nbsp; 1783465 |
| District of Columbia, Refunding RB, 5.00%, 10/01/48 | 2525 | &nbsp;&nbsp; 2397312 |
| District of Columbia, TA, 5.13%, 06/01/41 | 540 | &nbsp;&nbsp; 540546 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road <br> Revenue, Refunding RB, Series B, Subordinate, 4.00%, <br> 10/01/49<br>| 5985 | &nbsp;&nbsp; 5155666 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated <br> Revenue, RB, Series A, Sustainability Bonds, 4.13%, <br> 07/15/47<br>| 1285 | &nbsp;&nbsp; 1168039 |
|  |  | &nbsp;&nbsp; 21791301 |
| **Florida — 6.9%** | **Florida — 6.9%** |  |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Refunding RB, <br> Series A, 5.00%, 04/01/47<br>| 2460 | &nbsp;&nbsp; 2493237 |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/45 | 190 | &nbsp;&nbsp; 157290 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 100 | &nbsp;&nbsp; 82881 |
| &nbsp;&nbsp;&nbsp; Celebration Pointe Community Development District No. 1, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 | 160 | &nbsp;&nbsp; 158400 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/48 | 530 | &nbsp;&nbsp; 524700 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer Revenue, <br> RB, Series B, 5.50%, 09/01/48<br>| 2920 | &nbsp;&nbsp; 3150254 |
| &nbsp;&nbsp;&nbsp; City of Tampa Florida, RB, CAB, Series A, 0.00%, <br> 09/01/45<sup>(c)</sup><br>| 6275 | &nbsp;&nbsp; 2316978 |
| &nbsp;&nbsp;&nbsp; County of Lee Florida Airport Revenue, ARB, Series B, AMT, <br> 5.00%, 10/01/46<br>| 2230 | &nbsp;&nbsp; 2229174 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding RB, <br> Series A, AMT, 5.25%, 10/01/52<br>| 6370 | &nbsp;&nbsp; 6454282 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| County of Pasco Florida, RB |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 09/01/48 | 8525 | &nbsp;&nbsp; $8684148 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.75%, 09/01/54 | 955 | &nbsp;&nbsp; 1013896 |
| Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/30/57<sup>(b)(d)(e)</sup> | 427 | &nbsp;&nbsp; 113221 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/56 | 115 | &nbsp;&nbsp; 104842 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/01/29<sup>(b)</sup> | 180 | &nbsp;&nbsp; 181816 |
| &nbsp;&nbsp;&nbsp; Florida State Board of Governors, RB, Series A, (BAM), <br> 4.25%, 10/01/48<br>| 7000 | &nbsp;&nbsp; 6494307 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 5.25%, 11/15/49<br>| 465 | &nbsp;&nbsp; 487668 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/37 | 180 | &nbsp;&nbsp; 180179 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 | 185 | &nbsp;&nbsp; 180746 |
| &nbsp;&nbsp;&nbsp; 6.30%, 05/01/54 | 475 | &nbsp;&nbsp; 491908 |
| &nbsp;&nbsp;&nbsp; Osceola Chain Lakes Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 270 | &nbsp;&nbsp; 233782 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/50 | 260 | &nbsp;&nbsp; 202700 |
| &nbsp;&nbsp;&nbsp; Stevens Plantation Community Development District, SAB, <br> Series A, 7.10%, 05/01/35<sup>(d)(e)</sup><br>| 1670 | &nbsp;&nbsp; 956271 |
|  |  | &nbsp;&nbsp; 36892680 |
| **Georgia — 2.7%** | **Georgia — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, RB, <br> Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 435 | &nbsp;&nbsp; 293625 |
| Main Street Natural Gas, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/38 | 325 | &nbsp;&nbsp; 341593 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | 6195 | &nbsp;&nbsp; 6230695 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/52<sup>(a)</sup> | 5000 | &nbsp;&nbsp; 5152642 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB, Series A, <br> 5.00%, 07/01/52<br>| 1870 | &nbsp;&nbsp; 1883439 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Refunding RB, <br> Series A, 4.00%, 01/01/51<br>| 520 | &nbsp;&nbsp; 434008 |
|  |  | &nbsp;&nbsp; 14336002 |
| **Hawaii — 0.2%** | **Hawaii — 0.2%** |  |
| State of Hawaii Airports System Revenue, COP |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 08/01/25 | 250 | &nbsp;&nbsp; 250170 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 08/01/26 | 810 | &nbsp;&nbsp; 811500 |
|  |  | &nbsp;&nbsp; 1061670 |
| **Idaho — 0.9%** | **Idaho — 0.9%** |  |
| Idaho Housing & Finance Association, RB |  |  |
| &nbsp;&nbsp;&nbsp; (GTD), 5.50%, 05/01/52 | 1250 | &nbsp;&nbsp; 1285916 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 08/15/48 | 3460 | &nbsp;&nbsp; 3652186 |
|  |  | &nbsp;&nbsp; 4938102 |
| **Illinois — 8.2%** | **Illinois — 8.2%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 535 | &nbsp;&nbsp; 521316 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 2790 | &nbsp;&nbsp; 2790257 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 3605 | &nbsp;&nbsp; 3411096 |
| &nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/36 | 495 | &nbsp;&nbsp; 467241 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/27 | 1600 | &nbsp;&nbsp; 1620171 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/31 | 150 | &nbsp;&nbsp; 150585 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/34 | 710 | &nbsp;&nbsp; 709918 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Class A, AMT, <br> Senior Lien, 5.50%, 01/01/55<br>| 2565 | &nbsp;&nbsp; 2621404 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd <br> Lien, 5.00%, 12/01/46<br>| 1385 | &nbsp;&nbsp; 1387031 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Wastewater Transmission Revenue, <br> RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48<br>| 2665 | &nbsp;&nbsp; $2760890 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Waterworks Revenue, RB, Series A, <br> 2nd Lien, (AGM), 5.25%, 11/01/48<br>| 5125 | &nbsp;&nbsp; 5313392 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/27<sup>(f)</sup> | 45 | &nbsp;&nbsp; 45639 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/41 | 1360 | &nbsp;&nbsp; 1251462 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/47 | 3920 | &nbsp;&nbsp; 3492669 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/15/41 | 1600 | &nbsp;&nbsp; 1607123 |
| Illinois Housing Development Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 6.25%, 10/01/52<br>| 3060 | &nbsp;&nbsp; 3272692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 6.25%, 04/01/54<br>| 1760 | &nbsp;&nbsp; 1888949 |
| Metropolitan Pier & Exposition Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/57 | 2745 | &nbsp;&nbsp; 2605231 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/15/53 | 280 | &nbsp;&nbsp; 280283 |
| Metropolitan Pier & Exposition Authority, RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (BAM-TCRS), 0.00%, 12/15/56 | 2165 | &nbsp;&nbsp; 402683 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/56 | 3020 | &nbsp;&nbsp; 533823 |
| Metropolitan Pier & Exposition Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/50 | 1680 | &nbsp;&nbsp; 1387849 |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 0.00%, 06/15/44<sup>(c)</sup> | 8680 | &nbsp;&nbsp; 3384936 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/43 | 1115 | &nbsp;&nbsp; 1150221 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/28 | 505 | &nbsp;&nbsp; 520320 |
| State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 | 180 | &nbsp;&nbsp; 185923 |
|  |  | &nbsp;&nbsp; 43763104 |
| **Kansas — 0.1%** | **Kansas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Lenexa Kansas, Refunding RB, Series A, 5.00%, <br> 05/15/43<br>| 400 | &nbsp;&nbsp; 376472 |
| **Kentucky — 1.7%** | **Kentucky — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, <br> Refunding RB, Series A, 5.00%, 08/01/44<br>| 1115 | &nbsp;&nbsp; 1094129 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, RB, Series A-1, 4.00%, <br> 08/01/52<sup>(a)</sup><br>| 6085 | &nbsp;&nbsp; 6031508 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, RB, <br> CAB, Convertible, 6.75%, 07/01/43<sup>(g)</sup><br>| 1655 | &nbsp;&nbsp; 1875384 |
|  |  | &nbsp;&nbsp; 9001021 |
| **Louisiana — 0.9%** | **Louisiana — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Lafayette Louisiana Utilities Revenue, RB, (AGC), <br> 5.00%, 11/01/49<br>| 770 | &nbsp;&nbsp; 786360 |
| Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 | 2705 | &nbsp;&nbsp; 2689986 |
| &nbsp;&nbsp;&nbsp; Parish of East Baton Rouge Capital Improvements District, <br> RB, 5.00%, 08/01/46<br>| 1370 | &nbsp;&nbsp; 1424085 |
|  |  | &nbsp;&nbsp; 4900431 |
| **Maryland — 0.3%** | **Maryland — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Baltimore Maryland, Refunding RB, Series A, 4.50%, <br> 09/01/33<br>| 135 | &nbsp;&nbsp; 134035 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, Class B, AMT, <br> Sustainability Bonds, 5.25%, 06/30/47<br>| 1550 | &nbsp;&nbsp; 1555194 |
|  |  | &nbsp;&nbsp; 1689229 |
| **Massachusetts — 1.9%** | **Massachusetts — 1.9%** |  |
| Commonwealth of Massachusetts, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/47 | 1810 | &nbsp;&nbsp; 1869944 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/52 | 1875 | &nbsp;&nbsp; 1922195 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, Series A, <br> 5.00%, 01/01/47<br>| 4555 | &nbsp;&nbsp; $4325320 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Refunding RB, <br> Series A, AMT, 4.50%, 12/01/47<br>| 645 | &nbsp;&nbsp; 601620 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, <br> 07/01/46<br>| 1220 | &nbsp;&nbsp; 1224467 |
|  |  | &nbsp;&nbsp; 9943546 |
| **Michigan — 1.3%** | **Michigan — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Detroit Michigan Water Supply System Revenue, RB, <br> Series B, 2nd Lien, (AGM), 6.25%, 07/01/36<br>| 5 | &nbsp;&nbsp; 5008 |
| Michigan Finance Authority, RB, 4.00%, 02/15/50 | 5250 | &nbsp;&nbsp; 4629075 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Refunding RB, Series I, <br> 4.00%, 10/15/52<br>| 555 | &nbsp;&nbsp; 477190 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 1680 | &nbsp;&nbsp; 1679997 |
|  |  | &nbsp;&nbsp; 6791270 |
| **Minnesota — 2.3%** | **Minnesota — 2.3%** |  |
| Duluth Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 02/15/48 | 5685 | &nbsp;&nbsp; 5052116 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/53 | 615 | &nbsp;&nbsp; 616646 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/58 | 3050 | &nbsp;&nbsp; 3050840 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, RB, <br> Series A, Sustainability Bonds, 5.00%, 10/01/47<br>| 1495 | &nbsp;&nbsp; 1513627 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 6.00%, 01/01/53<br>| 1815 | &nbsp;&nbsp; 1903554 |
|  |  | &nbsp;&nbsp; 12136783 |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, RB, (AGM), 6.88%, <br> 12/01/40<br>| 1190 | &nbsp;&nbsp; 1207964 |
| **Missouri — 1.3%** | **Missouri — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series C, 4.00%, 11/15/49<br>| 3455 | &nbsp;&nbsp; 2914948 |
| Kansas City Industrial Development Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 03/01/49 | 1710 | &nbsp;&nbsp; 1696261 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 03/01/55 | 1725 | &nbsp;&nbsp; 1710776 |
| &nbsp;&nbsp;&nbsp; St. Johns County Industrial Development Authority, <br> Refunding RB, 5.00%, 09/01/37<br>| 500 | &nbsp;&nbsp; 494929 |
|  |  | &nbsp;&nbsp; 6816914 |
| **New Hampshire — 0.4%** | **New Hampshire — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Series 2025-1, <br> Class A1, 4.17%, 01/20/41<sup>(a)</sup><br>| 829 | &nbsp;&nbsp; 787499 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing, Class B, 5.75%, 04/28/42<br>| 1050 | &nbsp;&nbsp; 1058201 |
|  |  | &nbsp;&nbsp; 1845700 |
| **New Jersey — 10.5%** | **New Jersey — 10.5%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(f)</sup> | 1375 | &nbsp;&nbsp; 1464798 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | 2335 | &nbsp;&nbsp; 2366176 |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 6405 | &nbsp;&nbsp; 6439547 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 01/01/31 | 530 | &nbsp;&nbsp; 532392 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 1500 | &nbsp;&nbsp; 1500489 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> RB, Series BBB, 5.50%, 12/15/26<sup>(f)</sup><br>| 775 | &nbsp;&nbsp; 803963 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/28 | 4190 | &nbsp;&nbsp; 4285727 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/31 | 705 | &nbsp;&nbsp; 721165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, RB, <br> 4.00%, 07/01/51<br>| 4980 | &nbsp;&nbsp; $4458272 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, <br> RB, Series C, AMT, Subordinate, 4.25%, 12/01/50<br>| 1810 | &nbsp;&nbsp; 1520703 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, <br> Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49<br>| 665 | &nbsp;&nbsp; 491323 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(f)</sup> | 1740 | &nbsp;&nbsp; 1853617 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/46 | 3240 | &nbsp;&nbsp; 3258550 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/45 | 415 | &nbsp;&nbsp; 409444 |
| &nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/50 | 1730 | &nbsp;&nbsp; 1502058 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.00%, 06/15/46 | 3465 | &nbsp;&nbsp; 3528719 |
| &nbsp;&nbsp;&nbsp; Series S, 5.25%, 06/15/43 | 1145 | &nbsp;&nbsp; 1172021 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Refunding <br> RB, Series A, 4.25%, 06/15/40<br>| 7330 | &nbsp;&nbsp; 7111207 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series B, 5.25%, <br> 01/01/49<br>| 5385 | &nbsp;&nbsp; 5715425 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 275 | &nbsp;&nbsp; 273273 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 4140 | &nbsp;&nbsp; 4158002 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 2760 | &nbsp;&nbsp; 2642447 |
|  |  | &nbsp;&nbsp; 56209318 |
| **New Mexico — 0.0%** | **New Mexico — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 100 | &nbsp;&nbsp; 95144 |
| **New York — 17.6%** | **New York — 17.6%** |  |
| &nbsp;&nbsp;&nbsp; Buffalo & Erie County Industrial Land Development Corp., <br> Refunding RB, Series A, 5.00%, 06/01/35<br>| 500 | &nbsp;&nbsp; 510450 |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 09/01/46 | 1550 | &nbsp;&nbsp; 1409972 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 10/01/39 | 1030 | &nbsp;&nbsp; 1113217 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 10/01/40 | 790 | &nbsp;&nbsp; 851460 |
| &nbsp;&nbsp;&nbsp; Series - G-1, 5.25%, 02/01/53 | 445 | &nbsp;&nbsp; 469206 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, 4.00%, <br> 03/15/49<br>| 2940 | &nbsp;&nbsp; 2634784 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., Refunding RB, 4.00%, <br> 03/15/45<br>| 6575 | &nbsp;&nbsp; 6073482 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/25 | 100 | &nbsp;&nbsp; 100884 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/26 | 65 | &nbsp;&nbsp; 66525 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | 6795 | &nbsp;&nbsp; 6765578 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 575 | &nbsp;&nbsp; 577606 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Refunding <br> RB, Series A, 4.00%, 07/01/50<br>| 1760 | &nbsp;&nbsp; 1580901 |
| New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA-1, 5.25%, 06/15/52 | 1080 | &nbsp;&nbsp; 1130831 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.25%, 06/15/55 | 1075 | &nbsp;&nbsp; 1142075 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/46 | 7250 | &nbsp;&nbsp; 6872085 |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/47 | 3165 | &nbsp;&nbsp; 2969099 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Subordinate, 4.00%, 08/01/48 | 2240 | &nbsp;&nbsp; 2037192 |
| &nbsp;&nbsp;&nbsp; Series B-1, Subordinate, 4.00%, 08/01/48 | 2500 | &nbsp;&nbsp; 2228788 |
| New York City Transitional Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 11/01/53 | 3260 | &nbsp;&nbsp; 3357437 |
| &nbsp;&nbsp;&nbsp; Series H-1, 5.00%, 11/01/50 | 3055 | &nbsp;&nbsp; 3145804 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(b)</sup><br>| 3100 | &nbsp;&nbsp; 3099940 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44<sup>(b)</sup> | 4910 | &nbsp;&nbsp; $4879491 |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40<sup>(b)</sup> | 1175 | &nbsp;&nbsp; 1174955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, <br> 11/15/51<br>| 1270 | &nbsp;&nbsp; 843165 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 1040 | &nbsp;&nbsp; 714291 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/44 | 1200 | &nbsp;&nbsp; 1121904 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/47 | 3830 | &nbsp;&nbsp; 3509885 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/55 | 1700 | &nbsp;&nbsp; 1742362 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 1050 | &nbsp;&nbsp; 1087985 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/40 | 2250 | &nbsp;&nbsp; 2267258 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 1600 | &nbsp;&nbsp; 1578936 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 1910 | &nbsp;&nbsp; 1936684 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/31/46 | 425 | &nbsp;&nbsp; 357607 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49 | 1880 | &nbsp;&nbsp; 1864357 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 4380 | &nbsp;&nbsp; 4411492 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 2525 | &nbsp;&nbsp; 2545781 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, Series 218, <br> AMT, 4.00%, 11/01/47<br>| 380 | &nbsp;&nbsp; 327761 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding ARB, <br> Series 223, AMT, 4.00%, 07/15/41<br>| 1150 | &nbsp;&nbsp; 1046574 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax Revenue, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/15/48 | 6855 | &nbsp;&nbsp; 6171150 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/52 | 900 | &nbsp;&nbsp; 938020 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series C, 5.00%, 05/15/47<br>| 6930 | &nbsp;&nbsp; 7138744 |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., Refunding <br> RB, Sub-Series C, 4.00%, 06/01/42<br>| 190 | &nbsp;&nbsp; 166000 |
|  |  | &nbsp;&nbsp; 93961718 |
| **North Carolina — 0.4%** | **North Carolina — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F Housing, <br> Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, <br> 07/01/53<br>| 2090 | &nbsp;&nbsp; 2204796 |
| **North Dakota — 0.9%** | **North Dakota — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; County of Cass North Dakota, Refunding RB, Series B, <br> 5.25%, 02/15/58<br>| 1035 | &nbsp;&nbsp; 1043446 |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F Housing, <br> Series C, Sustainability Bonds, 4.75%, 07/01/49<br>| 3985 | &nbsp;&nbsp; 3921633 |
|  |  | &nbsp;&nbsp; 4965079 |
| **Ohio — 0.9%** | **Ohio — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Class 1, 4.00%, 06/01/48 | 915 | &nbsp;&nbsp; 769932 |
| &nbsp;&nbsp;&nbsp; Series B-2, Class 2, 5.00%, 06/01/55 | 3155 | &nbsp;&nbsp; 2716210 |
| County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 | 435 | &nbsp;&nbsp; 436011 |
| County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 | 590 | &nbsp;&nbsp; 609052 |
|  |  | &nbsp;&nbsp; 4531205 |
| **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, Series B, <br> 5.50%, 08/15/52<br>| 1640 | &nbsp;&nbsp; 1642010 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oklahoma (continued)** | **Oklahoma (continued)** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, RB, (OK CERF), 4.00%, <br> 04/01/48<br>| 240 | &nbsp;&nbsp; $218915 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Refunding RB, 5.25%, <br> 11/15/45<br>| 1435 | &nbsp;&nbsp; 1444632 |
|  |  | &nbsp;&nbsp; 3305557 |
| **Oregon — 0.1%** | **Oregon — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North Clackamas, <br> GO, CAB, Series A, (GTD), 0.00%, 06/15/38<sup>(c)</sup><br>| 1445 | &nbsp;&nbsp; 762157 |
| **Pennsylvania — 6.0%** | **Pennsylvania — 6.0%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> (AGM), 5.50%, 01/01/48<br>| 535 | &nbsp;&nbsp; 555412 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series C, (AGC), 5.25%, 09/01/49<br>| 1540 | &nbsp;&nbsp; 1612360 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, (AGM), 5.50%, <br> 09/01/53<br>| 5195 | &nbsp;&nbsp; 5487921 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, <br> Refunding RB, 5.00%, 09/01/48<br>| 385 | &nbsp;&nbsp; 375925 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, RB, <br> Series C, 5.00%, 11/15/45<br>| 205 | &nbsp;&nbsp; 203514 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 3680 | &nbsp;&nbsp; 3624371 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 1405 | &nbsp;&nbsp; 1444988 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 2330 | &nbsp;&nbsp; 2335549 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> Refunding RB, AMT, 5.50%, 11/01/44<br>| 480 | &nbsp;&nbsp; 476944 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, RB, <br> 4.00%, 08/15/44<br>| 3695 | &nbsp;&nbsp; 3359430 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGC), 5.25%, 11/01/48 | 1075 | &nbsp;&nbsp; 1110401 |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGC), 4.25%, 11/01/51 | 4635 | &nbsp;&nbsp; 4085646 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax <br> Revenue, Refunding RB, Series B, 4.00%, 12/01/53<br>| 2915 | &nbsp;&nbsp; 2484474 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.25%, 06/01/47 | 2500 | &nbsp;&nbsp; 2523182 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 4.00%, 12/01/46 | 2065 | &nbsp;&nbsp; 1865146 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, RB, <br> 5.25%, 11/01/52<br>| 440 | &nbsp;&nbsp; 450467 |
|  |  | &nbsp;&nbsp; 31995730 |
| **Puerto Rico — 4.5%** | **Puerto Rico — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, Series A-1, <br> Restructured, 5.75%, 07/01/31<br>| 1596 | &nbsp;&nbsp; 1680399 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 5838 | &nbsp;&nbsp; 5380152 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 11913 | &nbsp;&nbsp; 11320883 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 3256 | &nbsp;&nbsp; 2975178 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 159 | &nbsp;&nbsp; 145774 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, <br> RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46<sup>(c)</sup><br>| 8343 | &nbsp;&nbsp; 2674622 |
|  |  | &nbsp;&nbsp; 24177008 |
| **South Carolina — 2.4%** | **South Carolina — 2.4%** |  |
| South Carolina Jobs-Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(b)</sup> | 335 | &nbsp;&nbsp; 278957 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/46 | 2640 | &nbsp;&nbsp; 2839948 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/48 | 1890 | &nbsp;&nbsp; 2030134 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **South Carolina (continued)** | **South Carolina (continued)** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/43 | 2430 | &nbsp;&nbsp; $2453833 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/48 | 3395 | &nbsp;&nbsp; 3408011 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/51<br>| 1785 | &nbsp;&nbsp; 1794020 |
|  |  | &nbsp;&nbsp; 12804903 |
| **Tennessee — 1.0%** | **Tennessee — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational cilities Board, Refunding RB, <br> 4.00%, 10/01/49<br>| 445 | &nbsp;&nbsp; 354729 |
| Metropolitan Nashville Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/35 | 950 | &nbsp;&nbsp; 1004493 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/01/36 | 795 | &nbsp;&nbsp; 853638 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 3130 | &nbsp;&nbsp; 3279163 |
|  |  | &nbsp;&nbsp; 5492023 |
| **Texas — 12.4%** | **Texas — 12.4%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 965 | &nbsp;&nbsp; 926916 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 815 | &nbsp;&nbsp; 825886 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.00%, 11/15/44<br>| 1980 | &nbsp;&nbsp; 1986409 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, (AGM), 4.25%, 03/01/48<br>| 425 | &nbsp;&nbsp; 397117 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/37<br>| 720 | &nbsp;&nbsp; 724294 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, Refunding <br> RB, AMT, 5.00%, 07/01/29<br>| 595 | &nbsp;&nbsp; 595218 |
| City of Houston Texas, GOL, Series A, 5.25%, 03/01/49 | 3085 | &nbsp;&nbsp; 3238749 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas, Refunding GOL, Series A, 5.25%, <br> 03/01/42<br>| 470 | &nbsp;&nbsp; 502064 |
| City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49 | 1065 | &nbsp;&nbsp; 963519 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Refunding RB, <br> Series A, (PSF-GTD), 4.13%, 08/15/49<br>| 2595 | &nbsp;&nbsp; 2330685 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas Toll Road Revenue, Refunding RB, <br> Series A, 1st Lien, 4.00%, 08/15/49<br>| 3750 | &nbsp;&nbsp; 3324567 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas, Refunding GO, Series A, 4.25%, <br> 09/15/48<br>| 890 | &nbsp;&nbsp; 831942 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, GO, (PSF-<br> GTD), 4.00%, 02/15/48<br>| 1415 | &nbsp;&nbsp; 1258181 |
| &nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Refunding RB, <br> Series A, Senior Lien, (AGM NPFGC), 0.00%, <br> 11/15/38<sup>(c)</sup><br>| 4750 | &nbsp;&nbsp; 2222439 |
| &nbsp;&nbsp;&nbsp; Hutto Independent School District, GO, (PSF), 5.00%, <br> 08/01/48<br>| 200 | &nbsp;&nbsp; 207033 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(c)(f)</sup><br>| 10540 | &nbsp;&nbsp; 5904833 |
| &nbsp;&nbsp;&nbsp; New Caney Independent School District, GO, (PSF), 4.00%, <br> 02/15/49<br>| 1575 | &nbsp;&nbsp; 1403514 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., RB, <br> Series A, 5.00%, 08/15/50<sup>(b)</sup><br>| 180 | &nbsp;&nbsp; 139711 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, RB, Series B, 0.00%, <br> 09/01/31<sup>(c)(f)</sup><br>| 640 | &nbsp;&nbsp; 320097 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, 4.25%, <br> 01/01/49<br>| 2340 | &nbsp;&nbsp; 2096282 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System, <br> Refunding RB, Series A, 5.00%, 07/01/54<br>| 1435 | &nbsp;&nbsp; 1489558 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System, <br> Refunding RB, Series A, 5.00%, 07/01/50<br>| 3450 | &nbsp;&nbsp; 3575413 |
| Port Authority of Houston of Harris County Texas, ARB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/46 | 2110 | &nbsp;&nbsp; 1912530 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, <br> ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Lien, 5.00%, 10/01/48 | 1470 | &nbsp;&nbsp; $1518593 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/51 | 1280 | &nbsp;&nbsp; 1305368 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/53 | 1435 | &nbsp;&nbsp; 1267407 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/48 | 4955 | &nbsp;&nbsp; 4965148 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, Series 2012, <br> 4.13%, 12/01/45<br>| 95 | &nbsp;&nbsp; 82354 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, RB, S/F <br> Housing, Series C, (GNMA), 5.00%, 09/01/48<br>| 3650 | &nbsp;&nbsp; 3656623 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., <br> RB, AMT, 5.00%, 06/30/58<br>| 3110 | &nbsp;&nbsp; 3046531 |
| &nbsp;&nbsp;&nbsp; Texas State University System, Refunding RB, 4.00%, <br> 03/15/49<br>| 4690 | &nbsp;&nbsp; 4180601 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission State Highway <br> 249 System, RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/40 | 500 | &nbsp;&nbsp; 241652 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/41 | 2000 | &nbsp;&nbsp; 907328 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/42 | 2345 | &nbsp;&nbsp; 1001831 |
| Texas Water Development Board, RB, 4.45%, 10/15/36 | 675 | &nbsp;&nbsp; 706251 |
| &nbsp;&nbsp;&nbsp; University of Houston, Refunding RB, Series A, 5.00%, <br> 02/15/56<br>| 2500 | &nbsp;&nbsp; 2519594 |
| &nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, GO, <br> Series A, (PSF), 4.00%, 02/15/48<br>| 1710 | &nbsp;&nbsp; 1543228 |
| &nbsp;&nbsp;&nbsp; Waxahachie Independent School District, GO, (PSF), <br> 4.00%, 02/15/49<br>| 2515 | &nbsp;&nbsp; 2294624 |
|  |  | &nbsp;&nbsp; 66414090 |
| **Utah**<sup>(b)</sup> **— 0.1%** | **Utah**<sup>(b)</sup> **— 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<br>| 305 | &nbsp;&nbsp; 296831 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, 5.00%, <br> 06/15/39<br>| 100 | &nbsp;&nbsp; 94384 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 5.00%, 06/15/40<br>| 135 | &nbsp;&nbsp; 129012 |
|  |  | &nbsp;&nbsp; 520227 |
| **Virginia — 1.5%** | **Virginia — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, TA, <br> Series A-1, 5.50%, 03/01/46<br>| 416 | &nbsp;&nbsp; 430647 |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, TA, <br> CAB, Series A-2, 7.13%, 03/01/59<sup>(g)</sup><br>| 997 | &nbsp;&nbsp; 828535 |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, RB, <br> 11/01/48<sup>(h)</sup><br>| 1485 | &nbsp;&nbsp; 1488579 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 1010 | &nbsp;&nbsp; 893147 |
| Virginia Housing Development Authority, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.60%, 09/01/49 | 2330 | &nbsp;&nbsp; 2240988 |
| &nbsp;&nbsp;&nbsp; Series G, 5.05%, 11/01/47 | 1825 | &nbsp;&nbsp; 1854530 |
|  |  | &nbsp;&nbsp; 7736426 |
| **Washington — 1.1%** | **Washington — 1.1%** |  |
| State of Washington, GO, Series C, 5.00%, 02/01/47 | 3455 | &nbsp;&nbsp; 3562011 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Refunding <br> RB, 5.00%, 01/01/43<sup>(b)</sup><br>| 2165 | &nbsp;&nbsp; 2005139 |
|  |  | &nbsp;&nbsp; 5567150 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Martinsburg West Virginia, RB, M/F Housing, <br> Series A-1, 4.63%, 12/01/43<br>| 570 | &nbsp;&nbsp; 486338 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin — 2.2%** | **Wisconsin — 2.2%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/55<sup>(b)</sup> | $120 | &nbsp;&nbsp; $100957 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(b)</sup> | 195 | &nbsp;&nbsp; 188686 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 09/30/51 | 5615 | &nbsp;&nbsp; 4467103 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 03/31/56 | 1835 | &nbsp;&nbsp; 1423334 |
| Public Finance Authority, Refunding RB, 5.00%, 09/01/49<sup>(b)</sup> | 120 | &nbsp;&nbsp; 109481 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, 4.00%, 12/01/51<br>| 3280 | &nbsp;&nbsp; 2830322 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Home Ownership Revenue, RB, S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 4.85%, 09/01/43<br>| 720 | &nbsp;&nbsp; 727731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 4.75%, 03/01/51<br>| 2075 | &nbsp;&nbsp; 1975882 |
|  |  | &nbsp;&nbsp; 11823496 |
| **Total Municipal Bonds — 108.3%** <br>**(Cost: $586,452,162)** | **Total Municipal Bonds — 108.3%** <br>**(Cost: $586,452,162)** | &nbsp;&nbsp; 578310098 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> |
| **Alabama**<sup>(a)</sup> **— 3.8%** | **Alabama**<sup>(a)</sup> **— 3.8%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/53 | 12500 | &nbsp;&nbsp; 13228364 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53 | 6702 | &nbsp;&nbsp; 6997573 |
|  |  | &nbsp;&nbsp; 20225937 |
| **California — 1.9%** | **California — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Series E-1, Sustainability Bonds, 5.00%, 02/01/54<sup>(a)</sup><br>| 10000 | &nbsp;&nbsp; 10445316 |
| **Colorado — 1.5%** | **Colorado — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System Revenue, <br> Refunding ARB, Series A, AMT, 5.50%, 11/15/53<br>| 7685 | &nbsp;&nbsp; 8011487 |
| **District of Columbia — 2.7%** | **District of Columbia — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, RB, M/F <br> Housing, Series B-2, 4.10%, 09/01/39<br>| 2361 | &nbsp;&nbsp; 2277803 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 10/01/54<br>| 11620 | &nbsp;&nbsp; 11972615 |
|  |  | &nbsp;&nbsp; 14250418 |
| **Florida — 5.7%** | **Florida — 5.7%** |  |
| &nbsp;&nbsp;&nbsp; City of Melbourne Florida Water & Sewer Revenue, RB, <br> 5.00%, 11/15/50<br>| 6910 | &nbsp;&nbsp; 7074843 |
| Greater Orlando Aviation Authority, RB, 5.25%, 10/01/49 | 8660 | &nbsp;&nbsp; 8888220 |
| Hillsborough County Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class B, AMT, 5.50%, 10/01/54 | 6920 | &nbsp;&nbsp; 7172869 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 10/01/49 | 6920 | &nbsp;&nbsp; 7231479 |
|  |  | &nbsp;&nbsp; 30367411 |
| **Illinois — 0.9%** | **Illinois — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 5.00%, 12/01/49<br>| 4635 | &nbsp;&nbsp; 4702649 |
| **Michigan — 2.5%** | **Michigan — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, M/F <br> Housing, Series A, 5.00%, 10/01/48<br>| 12964 | &nbsp;&nbsp; 13186458 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Missouri — 1.2%** | **Missouri — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, Series E, <br> (FHLMC, FNMA, GNMA), 4.60%, 11/01/49<br>| $6920 | &nbsp;&nbsp; $6657493 |
| **Nebraska — 1.0%** | **Nebraska — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, RB, Series 1, 5.00%, <br> 05/01/53<sup>(a)</sup><br>| 5240 | &nbsp;&nbsp; 5391151 |
| **New York — 11.1%** | **New York — 11.1%** |  |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Series E-1, Sustainability Bonds, 4.70%, <br> 11/01/48<sup>(j)</sup><br>| 5540 | &nbsp;&nbsp; 5367381 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, Series C, <br> 5.25%, 05/01/48<br>| 9510 | &nbsp;&nbsp; 10053009 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series E, 5.00%, <br> 03/15/46<br>| 8820 | &nbsp;&nbsp; 8967178 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/47 | 10370 | &nbsp;&nbsp; 10789149 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/53 | 6971 | &nbsp;&nbsp; 7162846 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, Series 221, <br> AMT, 4.00%, 07/15/55<br>| 2820 | &nbsp;&nbsp; 2410014 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding ARB, <br> Series 234, AMT, 5.25%, 08/01/47<br>| 8838 | &nbsp;&nbsp; 9016727 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series B-1, Sustainability Bonds, 5.25%, 05/15/54<br>| 5336 | &nbsp;&nbsp; 5598501 |
|  |  | &nbsp;&nbsp; 59364805 |
| **Oregon — 2.3%** | **Oregon — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding ARB, <br> Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48<br>| 11628 | &nbsp;&nbsp; 12144875 |
| **Pennsylvania — 6.4%** | **Pennsylvania — 6.4%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, Series 147 A, <br> Sustainability Bonds, 4.70%, 10/01/49<br>| 6750 | &nbsp;&nbsp; 6589310 |
| Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 143A, Sustainability Bonds, 6.25%, 10/01/53 | 10701 | &nbsp;&nbsp; 11562809 |
| &nbsp;&nbsp;&nbsp; Series 145A, Sustainability Bonds, 4.75%, 10/01/49 | 8620 | &nbsp;&nbsp; 8613317 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series B, 5.25%, 12/01/47<br>| 7107 | &nbsp;&nbsp; 7470087 |
|  |  | &nbsp;&nbsp; 34235523 |
| **South Carolina — 1.0%** | **South Carolina — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding RB, <br> Series B-1, 5.25%, 02/01/54<sup>(a)</sup><br>| 4842 | &nbsp;&nbsp; 5115053 |
| **Texas — 3.6%** | **Texas — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems Revenue, <br> Refunding RB, Series A, 5.25%, 02/01/49<br>| 6702 | &nbsp;&nbsp; 7065513 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, GO, <br> (AGM), 5.50%, 02/15/58<br>| 11760 | &nbsp;&nbsp; 12369338 |
|  |  | &nbsp;&nbsp; 19434851 |
| **Utah — 1.8%** | **Utah — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, Series A, <br> AMT, 5.50%, 07/01/53<br>| 9063 | &nbsp;&nbsp; 9413488 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Washington — 3.6%** | **Washington — 3.6%** |  |
| Port of Seattle Washington, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 | $6912 | &nbsp;&nbsp; $7010254 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 08/01/46 | 12100 | &nbsp;&nbsp; 12024936 |
|  |  | &nbsp;&nbsp; 19035190 |
| **Wisconsin — 1.0%** | **Wisconsin — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Housing Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.10%, 11/01/43 | 2658 | &nbsp;&nbsp; 2438628 |
| &nbsp;&nbsp;&nbsp; Series A, 4.45%, 05/01/57 | 3322 | &nbsp;&nbsp; 3048285 |
|  |  | &nbsp;&nbsp; 5486913 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 52.0%** <br>**(Cost: $279,536,637)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 52.0%** <br>**(Cost: $279,536,637)** | &nbsp;&nbsp; 277469018 |
| **Total Investments — 160.3%** <br>**(Cost: $865,988,799)** | **Total Investments — 160.3%** <br>**(Cost: $865,988,799)** | &nbsp;&nbsp; 855779116 |
| **Other Assets Less Liabilities — 3.1%** | **Other Assets Less Liabilities — 3.1%** | &nbsp;&nbsp; 16486479 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (30.8)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (30.8)%** | &nbsp;&nbsp; (164292836)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.6)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.6)%** | &nbsp;&nbsp; (174100000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $533872759 |

---

&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> Zero-coupon bond.

<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> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

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

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

<sup>(j)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on July 1, 2031 to October 1, 2042, is $38,517,021. 

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares<sup>(a)</sup> | &nbsp;&nbsp; $3534225 | $—<br> $(3534225 )<sup>(b)</sup><br>| &nbsp;&nbsp; $1060 | $(1060)<br>| $— |  | $65113 | $— |

---

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

<sup>(a)</sup> As of period end, the entity is no longer held.

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

**Fair Value Hierarchy as of Period End**

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

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

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

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

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust II (BLE)** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $578310098 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $578310098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 277469018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 277469018 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $855779116 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $855779116 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(163256385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(163256385)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (174100000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (174100000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(337356385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(337356385)<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. |
| GTD | GTD Guaranteed |
| M/F | Multi-Family |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| PSF-GTD | Permanent School Fund Guaranteed |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| TA | Tax Allocation |

---

Schedule of Investments

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Municipal Income Trust II

- **b. Investment Company Act file number:** 811-21126

- **c. CIK number of Registrant:** 0001176194

- **d. LEI of Registrant:** 17UVWS2OK706BUPLKK60

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** BlackRock Municipal Income Trust II

- **c. LEI of Series:** 17UVWS2OK706BUPLKK60

**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:** $875127925.06

**Total Liabilities:** $341255166.02

**Net Assets:** $533872759.04

**Delayed Delivery Securities:** $2494019.75

**Cash Not Reported:** $5104102.23

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 266785.16000000 | **1-Year:** 8296.79000000 | **5-Year:** 193915.00000000 | **10-Year:** 86720.15000000 | **30-Year:** 228017.94000000

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

- **3-Month:** 555.95000000 | **1-Year:** 116.86000000 | **5-Year:** 13309.60000000 | **10-Year:** 8540.14000000 | **30-Year:** 55131.66000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.18%                | -3.12%               | -1.92%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-607569.58              | $5144128.59                                |
| Month 2  | $-2219535.20             | $-17431578.52                              |
| Month 3  | $-3685565.57             | $-8891784.90                               |

**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        |    530000 | PA      | $532391.61    | 0.10%             | 2031-01-01      | Fixed         | 5.00%                 | 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        |   4842139 | PA      | $5115052.84   | 0.96%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ballston Quarter Community Development Authority                                 | BALLSTON QUARTER CMNTY DEV AUTH VA REVENUE                   | CUSIP: 058696AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    997000 | PA      | $828534.68    | 0.16%             | 2059-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1444987.92   | 0.27%             | 2048-06-30      | Fixed         | 5.75%                 | 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        |    829421 | PA      | $787498.88    | 0.15%             | 2041-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2545781.48   | 0.48%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                          | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603YY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $375924.60    | 0.07%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145SU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2330685.44   | 0.44%             | 2049-08-15      | Fixed         | 4.13%                 | 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        |    180000 | PA      | $181816.19    | 0.03%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $134035.34    | 0.03%             | 2033-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | AUSTIN TX ARPT SYS REVENUE                                   | CUSIP: 052398GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1986408.65   | 0.37%             | 2044-11-15      | Fixed         | 5.00%                 | 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        |   4380000 | PA      | $4411492.29   | 0.83%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDUCTNL FACS REVENUE          | CUSIP: 56678RAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $593836.47    | 0.11%             | 2058-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $476943.90    | 0.09%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                                 | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658ZX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $3150254.32   | 0.59%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Lafayette LA Utilities Revenue                                           | LAFAYETTE LA UTILITIES REVENUE                               | CUSIP: 506498F41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $786359.27    | 0.15%             | 2049-11-01      | 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        |   1720000 | PA      | $1761992.97   | 0.33%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KBB0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   5540000 | PA      | $5367380.53   | 1.01%             | 2048-11-01      | Fixed         | 4.70%                 | 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: 64972GE42<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $6872084.76   | 1.29%             | 2046-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250DE1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $402682.86    | 0.08%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AQM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8820000 | PA      | $8967178.11   | 1.68%             | 2046-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1224466.85   | 0.23%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5152642.05   | 0.97%             | 2052-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2267258.15   | 0.42%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $769932.23    | 0.14%             | 2048-06-01      | Fixed         | 4.00%                 | 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        |   1700000 | PA      | $1742361.74   | 0.33%             | 2055-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $180745.88    | 0.03%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530BA6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1444631.78   | 0.27%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1207964.12   | 0.23%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | District of Columbia Housing Finance Agency                  | CUSIP: 254768SQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050939 | PA      | $1013931.71   | 0.19%             | 2039-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036AP1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2634783.90   | 0.49%             | 2049-03-15      | Fixed         | 4.00%                 | 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: 64972GB60<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1130830.50   | 0.21%             | 2052-06-15      | Fixed         | 5.25%                 | 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        |   1500000 | PA      | $1500489.12   | 0.28%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                         | TEXAS ST TRANSPRTN COMMISSION ST HIGHWAY 249 SYS TOLL REV    | CUSIP: 88283NAM4<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $1001830.71   | 0.19%             | 2042-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $109480.91    | 0.02%             | 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        |   4980000 | PA      | $4458272.14   | 0.84%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                               | GARLAND TX ELEC UTILITY SYS REVENUE                          | CUSIP: 366133TJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $397116.74    | 0.07%             | 2048-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                    | TEXAS ST UNIV SYS FING REVENUE                               | CUSIP: 88278PJ88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4690000 | PA      | $4180600.86   | 0.78%             | 2049-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCU0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7330000 | PA      | $7111206.76   | 1.33%             | 2040-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RY59<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1922195.16   | 0.36%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cass ND                                                                | CASS CNTY ND HLTH FAC REVENUE                                | CUSIP: 148047BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1043446.25   | 0.20%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4635000 | PA      | $4085645.76   | 0.77%             | 2051-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | CUSIP: 64577HMG3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4190249 | PA      | $4285727.13   | 0.80%             | 2028-04-01      | Fixed         | 6.50%                 | 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        |   3155000 | PA      | $2716209.92   | 0.51%             | 2055-06-01      | 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        |   6920000 | PA      | $7172869.43   | 1.34%             | 2054-10-01      | Fixed         | 5.50%                 | 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        |    305000 | PA      | $296831.23    | 0.06%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                           | HARRIS CNTY-HOUSTON TX SPORTS AUTH                           | CUSIP: 413893CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $2222439.17   | 0.42%             | 2038-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP EXEMPT FAC REVENUE            | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $357607.19    | 0.07%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SMF0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    445000 | PA      | $469206.01    | 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        |    720000 | PA      | $724294.12    | 0.14%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PHX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3624371.57   | 0.68%             | 2042-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                            | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE               | CUSIP: 26444CHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5685000 | PA      | $5052116.52   | 0.95%             | 2048-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                 | TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION               | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6275000 | PA      | $2316977.61   | 0.43%             | 2045-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH HOSP REVENUE                  | CUSIP: 56678PAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $771822.43    | 0.14%             | 2038-09-01      | Fixed         | 4.13%                 | 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        |    435000 | PA      | $293625.00    | 0.05%             | 2062-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp                                    | WESTCHESTER NY TOBACCO ASSET SECURITIZATION                  | CUSIP: 957480BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $166000.08    | 0.03%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TYL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94383.63     | 0.02%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TG1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    710000 | PA      | $709918.31    | 0.13%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1168039.13   | 0.22%             | 2047-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FA38<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3830000 | PA      | $3509885.31   | 0.66%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGQ0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4955000 | PA      | $4965147.64   | 0.93%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1864357.23   | 0.35%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 6262077H1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    520000 | PA      | $434008.42    | 0.08%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 6589098A7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $3921632.56   | 0.73%             | 2049-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1578935.55   | 0.30%             | 2046-07-01      | Fixed         | 5.00%                 | 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: 64972GL85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1142075.14   | 0.21%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FFG7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1703844.38   | 0.32%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $595218.12    | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9630000 | PA      | $9808286.35   | 1.84%             | 2040-05-15      | Fixed         | 6.75%                 | 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        |   5838000 | PA      | $5380151.81   | 1.01%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1174955.09   | 0.22%             | 2040-11-15      | Fixed         | 5.38%                 | 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        |  11913000 | PA      | $11320882.80  | 2.12%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $139710.66    | 0.03%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                            | NEW CANEY TX INDEP SCH DIST                                  | CUSIP: 643154KZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1403513.64   | 0.26%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGV9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1267407.11   | 0.24%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWP5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    595000 | PA      | $623035.94    | 0.12%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13228367.81  | 2.48%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1596248 | PA      | $1680399.45   | 0.31%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL                                                               | PASCO CNTY FL CAPITAL IMPT CIGARETTE TAX ALLOCATION          | CUSIP: 70252AAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8525000 | PA      | $8684147.85   | 1.63%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver CO Airport System Revenue            | CUSIP: 249182QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7685125 | PA      | $8011486.64   | 1.50%             | 2053-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hutto Independent School District                                                | HUTTO TX INDEP SCH DIST                                      | CUSIP: 4484924U9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207033.02    | 0.04%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736U88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5313392.39   | 1.00%             | 2048-11-01      | Fixed         | 5.25%                 | 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        |   5195000 | PA      | $5487921.06   | 1.03%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                 | HUTTO TX                                                     | CUSIP: 448474ZR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $963519.25    | 0.18%             | 2049-08-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Transportation Infrastructure Authority                          | KENTUCKY PUB TRANSPRTN INFRASTRUCTURE AUTH TOLL REVENUE      | CUSIP: 491397AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1875384.25   | 0.35%             | 2043-07-01      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                          | INDIO CA PUBLIC FING AUTH                                    | CUSIP: 45571LDS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2314337.27   | 0.43%             | 2052-11-01      | Fixed         | 4.50%                 | 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        |    190000 | PA      | $157289.56    | 0.03%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                               | SAN MARCOS CA UNIF SCH DIST                                  | CUSIP: 798755DB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2212545.33   | 0.41%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | CUSIP: 592190QR6<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    795000 | PA      | $853637.74    | 0.16%             | 2036-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225GJ9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   7106545 | PA      | $7470087.09   | 1.40%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF                                                   | PENNSYLVANIA ST HSG FIN AGY SF                               | CUSIP: 70879QWL3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   8620000 | PA      | $8613316.91   | 1.61%             | 2049-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505SX5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150584.70    | 0.03%             | 2031-12-01      | Fixed         | 5.00%                 | 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: 64972GE59<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $2969099.22   | 0.56%             | 2047-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP REVENUE                         | CUSIP: 61075TUV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1580901.15   | 0.30%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XEH5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2366176.34   | 0.44%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EFC7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1607123.04   | 0.30%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors                                                 | FLORIDA ST BRD GOVERNORS FL STUNIV ATHLETICS ASSN REVENUE    | CUSIP: 34157NAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6494306.70   | 1.22%             | 2048-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PPT6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    195000 | PA      | $188685.48    | 0.04%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PGE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1094128.79   | 0.20%             | 2044-08-01      | Fixed         | 5.00%                 | 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        |    135000 | PA      | $129011.95    | 0.02%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261APR2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100884.19    | 0.02%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $843164.72    | 0.16%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5615000 | PA      | $4467103.20   | 0.84%             | 2051-09-30      | 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: 646080VG3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1520702.56   | 0.28%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | TRIBOROUGH NY BRIDGE & TUNNEL AUTH SALES TAX REVENUE         | CUSIP: 896035BZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6855000 | PA      | $6171149.52   | 1.16%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GJR5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   6701648 | PA      | $7065512.81   | 1.32%             | 2049-02-01      | Fixed         | 5.25%                 | 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        |   1435000 | PA      | $1489557.64   | 0.28%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | CUSIP: 592190QQ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1004493.45   | 0.19%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                            | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE               | CUSIP: 26444CHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $616646.26    | 0.12%             | 2053-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BZ3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2640000 | PA      | $2839947.69   | 0.53%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PBU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1387030.81   | 0.26%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917S6W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3359430.22   | 0.63%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                 | PORT HOUSTON TX AUTH                                         | CUSIP: 734262GV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1518592.70   | 0.28%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1960000 | PA      | $2076988.40   | 0.39%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | HAMILTON CNTY OH HOSP FACS REVENUE                           | CUSIP: 407272W25<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    590000 | PA      | $609051.71    | 0.11%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No 1                                              | CENTERRA CO MET DIST #1 SPL REVENUE                          | CUSIP: 15200XAG8<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    250000 | PA      | $222816.41    | 0.04%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389R26<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |  12100000 | PA      | $12024936.26  | 2.25%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                               | Wisconsin Housing & Economic Development Authority           | CUSIP: 976904Q54<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   2657778 | PA      | $2438627.58   | 0.46%             | 2057-05-01      | Fixed         | 4.10%                 | 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        |    815000 | PA      | $825885.65    | 0.15%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1642010.21   | 0.31%             | 2052-08-15      | Fixed         | 5.50%                 | 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        |   1280000 | PA      | $1305367.97   | 0.24%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | CUSIP: 64577HMH1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    705000 | PA      | $721165.16    | 0.14%             | 2031-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EVQ6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3455000 | PA      | $3562011.37   | 0.67%             | 2047-02-01      | 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: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3256000 | PA      | $2975178.43   | 0.56%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140FX6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   5385000 | PA      | $5715425.32   | 1.07%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XX94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2037191.59   | 0.38%             | 2048-08-01      | Fixed         | 4.00%                 | 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        |   1010000 | PA      | $893147.32    | 0.17%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399RQ1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2705000 | PA      | $2689986.22   | 0.50%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5290000 | PA      | $5259456.33   | 0.99%             | 2051-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396FT4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $100957.42    | 0.02%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261APW1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66524.58     | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1691984.33   | 0.32%             | 2049-09-01      | Fixed         | 4.50%                 | 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        |   3055000 | PA      | $3145804.41   | 0.59%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3110000 | PA      | $3046530.81   | 0.57%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364X6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1172020.69   | 0.22%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4580000 | PA      | $4604735.53   | 0.86%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QC35<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6589310.01   | 1.23%             | 2049-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505SW7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1620171.02   | 0.30%             | 2027-12-01      | 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        |   1040000 | PA      | $714290.65    | 0.13%             | 2051-11-15      | Fixed         | 3.00%                 | 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        |    205000 | PA      | $203514.24    | 0.04%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250BM5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280282.77    | 0.05%             | 2053-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FYG4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1251461.58   | 0.23%             | 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        |   4555000 | PA      | $4325320.59   | 0.81%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                       | CUSIP: 64613CFC7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1853616.54   | 0.35%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1110400.57   | 0.21%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2410013.93   | 0.45%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $198784.10    | 0.04%             | 2039-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505QP4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2790000 | PA      | $2790257.13   | 0.52%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RY26<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1869943.96   | 0.35%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBW1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6195000 | PA      | $6230694.78   | 1.17%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of East Baton Rouge Capital Improvements District                         | EAST BATON ROUGE PARISH LA CAPITAL IMPTS DIST MOVEBR SALES T | CUSIP: 270773BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1424085.18   | 0.27%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHA4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6970931 | PA      | $7162845.75   | 1.34%             | 2053-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MKB6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   3060000 | PA      | $3272691.85   | 0.61%             | 2052-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Stevens Plantation Community Development District                                | STEVENS PLANTATION FL CDD SPL ASSMNT REVENUE                 | CUSIP: 860242AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670052 | PA      | $956271.53    | 0.18%             | 2035-05-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG                  | CUSIP: 48504NBF5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1710775.51   | 0.32%             | 2055-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TM8<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1400625.09   | 0.26%             | 2045-11-15      | Fixed         | 5.75%                 | 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        |   1325000 | PA      | $1284686.33   | 0.24%             | 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        |   1910000 | PA      | $1936684.21   | 0.36%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445S67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1277002.02   | 0.24%             | 2046-05-15      | 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: 646080UP4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    665000 | PA      | $491323.29    | 0.09%             | 2049-12-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9063452 | PA      | $9413487.95   | 1.76%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                   | LAMAR TX CONSOL INDEP SCH DIST                               | CUSIP: 513174J29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11760000 | PA      | $12369337.61  | 2.32%             | 2058-02-15      | Fixed         | 5.50%                 | 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        |   1680000 | PA      | $1679997.56   | 0.31%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $3279163.09   | 0.61%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV UNIV REVENUE               | CUSIP: 71780TBL6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    440000 | PA      | $450467.39    | 0.08%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE      | CUSIP: 97689QWC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1975881.84   | 0.37%             | 2051-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE  | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2089410.21   | 0.39%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS                         | CUSIP: 88275FYX1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3656622.63   | 0.68%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | NEW YORK CNTYS NY TOBACCO TRUST IV                           | CUSIP: 62947YAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3099940.17   | 0.58%             | 2041-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250CK8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3020000 | PA      | $533822.81    | 0.10%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5985000 | PA      | $5155665.73   | 0.97%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE        | CUSIP: 43233KAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $487668.47    | 0.09%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224WR6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2523182.30   | 0.47%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | TRIBOROUGH NY BRIDGE & TUNNEL AUTH SALES TAX REVENUE         | CUSIP: 896035BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $938020.18    | 0.18%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GKM6<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1285915.56   | 0.24%             | 2052-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AMK5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3455000 | PA      | $2914948.26   | 0.55%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                            | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE               | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3050839.57   | 0.57%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    535000 | PA      | $521315.77    | 0.10%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WNV2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2240988.15   | 0.42%             | 2049-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225BC9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1865145.81   | 0.35%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $942177.68    | 0.18%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1071987.06   | 0.20%             | 2049-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416TYA0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1903554.23   | 0.36%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XGM8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   8838454 | PA      | $9016727.29   | 1.69%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GWB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $937986.74    | 0.18%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | HILLSBOROUGH CNTY FL AVIATION AUTH                           | CUSIP: 432308W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6920000 | PA      | $7231479.20   | 1.35%             | 2049-10-01      | Fixed         | 5.50%                 | 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        |    165000 | PA      | $139510.93    | 0.03%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1140301.86   | 0.21%             | 2053-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                   | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PUG6<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    240000 | PA      | $218915.04    | 0.04%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $273273.36    | 0.05%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2760000 | PA      | $2642446.88   | 0.49%             | 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        |    426443 | PA      | $113220.58    | 0.02%             | 2057-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   6085000 | PA      | $6031507.86   | 1.13%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                           | UNIV OF TEXAS TX PERMANENT UNIV FND                          | CUSIP: 915130CH9<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3575413.37   | 0.67%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE                  | CUSIP: 59465PEJ3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  12964173 | PA      | $13186457.92  | 2.47%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XAW2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1046574.41   | 0.20%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    920000 | PA      | $944922.73    | 0.18%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | UNIV OF HOUSTON TX UNIV REVENUES                             | CUSIP: 914302KP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2519594.38   | 0.47%             | 2056-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1423334.17   | 0.27%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2919961.72   | 0.55%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90110.61     | 0.02%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY                                 | CUSIP: 57586NS51<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    645000 | PA      | $601619.78    | 0.11%             | 2047-12-01      | Fixed         | 4.50%                 | 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        |    975000 | PA      | $981025.31    | 0.18%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                            | FRANKLIN CNTY OH REVENUE                                     | CUSIP: 353202FP4<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    435000 | PA      | $436010.80    | 0.08%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151YZ6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1794020.46   | 0.34%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1387848.66   | 0.26%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Waller Consolidated Independent School District                                  | WALLER TX INDEP SCH DIST                                     | CUSIP: 932493LX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1543227.77   | 0.29%             | 2048-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QG79<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1409971.87   | 0.26%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593Y48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2621404.09   | 0.49%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JCD8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   9510000 | PA      | $10053008.59  | 1.88%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ballston Quarter Community Development Authority                                 | BALLSTON QUARTER CMNTY DEV AUTH VA REVENUE                   | CUSIP: 058696AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    416000 | PA      | $430646.99    | 0.08%             | 2046-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG                  | CUSIP: 48504NBD0<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1696260.71   | 0.32%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153FK0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1150220.85   | 0.22%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JPT9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3357437.13   | 0.63%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VCA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    780000 | PA      | $660772.80    | 0.12%             | 2047-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JEQ2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3280000 | PA      | $2830321.77   | 0.53%             | 2051-12-01      | 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: 74529JRP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    159000 | PA      | $145773.62    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Waxahachie Independent School District                                           | WAXAHACHIE TX INDEP SCH DIST                                 | CUSIP: 944097A61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2294623.78   | 0.43%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No 12 North Clackamas                           | CLACKAMAS CNTY OR SCH DIST #12 NORTH CLACKAMAS               | CUSIP: 179093HN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $762156.64    | 0.14%             | 2038-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    505000 | PA      | $520320.34    | 0.10%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                      | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2510171.47   | 0.47%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250CL6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2605231.44   | 0.49%             | 2057-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN SALES TAX REVENUE                    | CUSIP: 45130ABT1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3652186.39   | 0.68%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178933W9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1612360.10   | 0.30%             | 2049-09-01      | Fixed         | 5.25%                 | 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        |     95000 | PA      | $82353.65     | 0.02%             | 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        |   1050000 | PA      | $1058201.66   | 0.20%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032CB5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2030134.14   | 0.38%             | 2048-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TVE0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4629074.73   | 0.87%             | 2050-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $334630.71    | 0.06%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WGS7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1854529.96   | 0.35%             | 2047-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FA57<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1783464.75   | 0.33%             | 2048-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    495000 | PA      | $467240.88    | 0.09%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615KN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $477189.74    | 0.09%             | 2052-10-15      | Fixed         | 4.00%                 | 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        |    335000 | PA      | $278956.56    | 0.05%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lenexa KS                                                                | LENEXA KS HLTH CARE FAC REVENUE                              | CUSIP: 526039CU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $376471.65    | 0.07%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WHD1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    640000 | PA      | $320097.58    | 0.06%             | 2037-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   5240000 | PA      | $5391150.73   | 1.01%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                         | TEXAS ST TRANSPRTN COMMISSION ST HIGHWAY 249 SYS TOLL REV    | CUSIP: 88283NAK8<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |    500000 | PA      | $241651.86    | 0.05%             | 2040-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE              | CUSIP: 57422JBY3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1555193.55   | 0.29%             | 2047-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HHH3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   5336046 | PA      | $5598500.98   | 1.05%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XEG7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1464797.87   | 0.27%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207T88<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2204796.28   | 0.41%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UYK8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505891.31   | 0.28%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midland County Fresh Water Supply District No 1                                  | MIDLAND CNTY TX FRESH WTR SPLY DIST #1 REVENUE               | CUSIP: 597495BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10540000 | PA      | $5904832.95   | 1.11%             | 2037-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FYF6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45639.19     | 0.01%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP REVENUE            | CUSIP: 83703FLP5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3408011.51   | 0.64%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GDE6<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   6920000 | PA      | $6657492.78   | 1.25%             | 2049-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   6701851 | PA      | $6997572.50   | 1.31%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEG9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3465000 | PA      | $3528719.37   | 0.66%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WYA8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2096282.03   | 0.39%             | 2049-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036CG9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   6575000 | PA      | $6073481.68   | 1.14%             | 2045-03-15      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8343000 | PA      | $2674622.05   | 0.50%             | 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        |   2430000 | PA      | $2453832.81   | 0.46%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y54<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    415000 | PA      | $409443.80    | 0.08%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HDP9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   6930000 | PA      | $7138743.87   | 1.34%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VUQ5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2397311.73   | 0.45%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission                                       | RIVERSIDE CNTY CA TRANSPRTN COMMISSION TOLL REVENUE          | CUSIP: 76912DAZ1<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $1999750.53   | 0.37%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444453D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2425357.39   | 0.45%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180179.05    | 0.03%             | 2037-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                   | LOWER AL GAS DIST GAS PROJ REVENUE                           | CUSIP: 547804AE4<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2209594.82   | 0.41%             | 2046-09-01      | 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        |    475000 | PA      | $491908.47    | 0.09%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                               | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727E28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2760889.95   | 0.52%             | 2048-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005Y85<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    890000 | PA      | $831942.43    | 0.16%             | 2048-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177PCF5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $318091.10    | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221WV3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2484473.94   | 0.47%             | 2053-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI Water Supply System Revenue                                   | DETROIT MI WTR SPLY SYS REVENUE                              | CUSIP: 251256CQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5008.35      | 0.00%             | 2036-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                               | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95144.03     | 0.02%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PMN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1842979.29   | 0.35%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XG69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2228788.18   | 0.42%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Celebration Pointe Community Development District No 1                           | CELEBRATION POINTE CMNTY DEV DIST NO 1 FL SPL ASSMNT REVENUE | CUSIP: 15102HAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $524700.00    | 0.10%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1502057.66   | 0.28%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PDY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3324567.30   | 0.62%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GA                                         | CUSIP: 62620HEL2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1883439.33   | 0.35%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    575000 | PA      | $577605.77    | 0.11%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Celebration Pointe Community Development District No 1                           | CELEBRATION POINTE CMNTY DEV DIST NO 1 FL SPL ASSMNT REVENUE | CUSIP: 15102HAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $158400.00    | 0.03%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KGU1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  10370000 | PA      | $10789149.07  | 2.02%             | 2047-03-15      | Fixed         | 5.00%                 | 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        |    270000 | PA      | $233782.40    | 0.04%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B5G5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   6405000 | PA      | $6439547.48   | 1.21%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                               | SAN MARCOS CA UNIF SCH DIST                                  | CUSIP: 798755DM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1059328.55   | 0.20%             | 2043-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Martinsburg WV                                                           | MARTINSBURG WV MF HSG REVENUE                                | CUSIP: 573612AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $486337.83    | 0.09%             | 2043-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442332ED0<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   3085000 | PA      | $3238749.61   | 0.61%             | 2049-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2468918.11   | 0.46%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway 249 System                         | TEXAS ST TRANSPRTN COMMISSION ST HIGHWAY 249 SYS TOLL REV    | CUSIP: 88283NAL6<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $907327.66    | 0.17%             | 2041-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4140000 | PA      | $4158001.63   | 0.78%             | 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        |    370000 | PA      | $384554.66    | 0.07%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UKQ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    115000 | PA      | $104841.98    | 0.02%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA TAX INCR REVENUE                            | CUSIP: 254840DA6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    540000 | PA      | $540546.50    | 0.10%             | 2041-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | District of Columbia Housing Finance Agency                  | CUSIP: 254768SQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1263870.66   | 0.24%             | 2039-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783VW3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2005138.65   | 0.38%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | MINNESOTA ST HGR EDU FACS AUTH REVENUE                       | CUSIP: 60416JFK1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1513626.59   | 0.28%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RCZ4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    855000 | PA      | $832904.59    | 0.16%             | 2062-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | CYPRESS-FAIRBANKS TX INDEP SCH DIST                          | CUSIP: 232769MN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1258181.59   | 0.24%             | 2048-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Louis County Industrial Development Authority                                 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS         | CUSIP: 791524CD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494929.16    | 0.09%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE      | CUSIP: 97689QSN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $727731.46    | 0.14%             | 2043-09-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285ABA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $706251.04    | 0.13%             | 2036-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                          | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KFB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6370000 | PA      | $6454282.23   | 1.21%             | 2052-10-01      | Fixed         | 5.25%                 | 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        |   2330000 | PA      | $2335548.57   | 0.44%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp                           | BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE            | CUSIP: 11943KCX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510450.40    | 0.10%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CFG9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82880.85     | 0.02%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                               | Wisconsin Housing & Economic Development Authority           | CUSIP: 976904Q54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3322222 | PA      | $3048284.52   | 0.57%             | 2057-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $555411.77    | 0.10%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442332DF6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    470000 | PA      | $502063.82    | 0.09%             | 2042-03-01      | 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        |   2555000 | PA      | $2457382.06   | 0.46%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    775000 | PA      | $803963.22    | 0.15%             | 2031-06-15      | Fixed         | 5.50%                 | 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        |    830000 | PA      | $831695.06    | 0.16%             | 2040-08-01      | 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        |    210000 | PA      | $183073.82    | 0.03%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1683277.70   | 0.32%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MUH2<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1888949.48   | 0.35%             | 2054-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL                                                               | PASCO CNTY FL CAPITAL IMPT CIGARETTE TAX ALLOCATION          | CUSIP: 70252AAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1013896.23   | 0.19%             | 2054-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QK74<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    790000 | PA      | $851460.18    | 0.16%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EA32<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3920000 | PA      | $3492668.49   | 0.65%             | 2047-07-15      | Fixed         | 4.00%                 | 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        |   1050000 | PA      | $1087984.56   | 0.20%             | 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        |    250000 | PA      | $250170.16    | 0.05%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6795000 | PA      | $6765578.26   | 1.27%             | 2045-11-15      | Fixed         | 4.75%                 | 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        |    965000 | PA      | $926915.96    | 0.17%             | 2062-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353892S6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   6911542 | PA      | $7010254.15   | 1.31%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   5635000 | PA      | $5908734.66   | 1.11%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                       | CUSIP: 64613CFG8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3258550.30   | 0.61%             | 2046-06-15      | 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        |   4910000 | PA      | $4879491.17   | 0.91%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBT8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    325000 | PA      | $341593.02    | 0.06%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QK58<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1113216.71   | 0.21%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392275EN9<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   8660000 | PA      | $8888219.60   | 1.66%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W4B7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    380000 | PA      | $327761.48    | 0.06%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   8680000 | PA      | $3384936.13   | 0.63%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Melbourne FL Water & Sewer Revenue                                       | MELBOURNE FL WTR & SWR REVENUE                               | CUSIP: 5853953N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6910000 | PA      | $7074842.65   | 1.33%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1163479.75   | 0.22%             | 2050-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11620000 | PA      | $11972615.12  | 2.24%             | 2054-10-01      | 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        |   2000000 | PA      | $2078149.26   | 0.39%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521522Z3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    180000 | PA      | $185923.33    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QUM3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  10701459 | PA      | $11562808.60  | 2.17%             | 2053-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FYM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1121903.69   | 0.21%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH REVENUE                       | CUSIP: 107416QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2493236.79   | 0.47%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                 | PORT HOUSTON TX AUTH                                         | CUSIP: 734262FX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $1912530.54   | 0.36%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403J0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11628081 | PA      | $12144875.12  | 2.27%             | 2048-07-01      | Fixed         | 5.50%                 | 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        |    810000 | PA      | $811499.78    | 0.15%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041YP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $354728.95    | 0.07%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10445316.30  | 1.96%             | 2054-02-01      | 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        |    260000 | PA      | $202700.20    | 0.04%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2229173.65   | 0.42%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4635000 | PA      | $4702648.67   | 0.88%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** BlackRock Municipal Income Trust II

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer