# EDGAR Filing Document

**Accession Number:** 0000799113
**File Stem:** 0001410368-25-017909
**Filing Date:** 2025-10
**Character Count:** 359887
**Document Hash:** 0d98e32ec27592752a4d401716bdc5f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-017909.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001410368-25-017909

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000799113

**ORGANIZATION NAME:**
- **EIN:** 226419427
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04802
- **FILM NUMBER:** 251418994

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK INTERMEDIATE MUNICIPAL FUND OF BLACKROCK MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH MUNICIPAL INTERMEDIATE TERM FUND OF MERRILL LYNCH MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20051216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH MUN INTERM TERM FD OF ML MUN SER TR
- **DATE OF NAME CHANGE:** 19931123

## Series and Classes Contracts Data

### BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust (Series ID: S000004053)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011339 | Investor A1   |  |
| C000011342 | Institutional |  |
| C000038983 | Investor A    |  |
| C000038984 | Investor C    |  |
| C000199785 | Class K       |  |

## Nport-Ex

August 31, 2025

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

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

---

| |
|:---|
| **BlackRock Municipal Series Trust** |
| • BlackRock Strategic Municipal Opportunities Fund |

---

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

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

------

Schedule of Investments (unaudited)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |  |
| TimberHp By Go Lab, Inc.<sup>(a)</sup> | 1943710 | &nbsp;&nbsp; $13042294 |
| **Total Common Stocks — 0.4%** <br>**(Cost: $3,338)** | **Total Common Stocks — 0.4%** <br>**(Cost: $3,338)** | &nbsp;&nbsp; 13042294 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** |  |
| Nuveen AMT-Free Quality Municipal Income Fund | 1750000 | &nbsp;&nbsp; 19250000 |
| **Total Investment Companies — 0.6%** <br>**(Cost: $19,868,710)** | **Total Investment Companies — 0.6%** <br>**(Cost: $19,868,710)** | &nbsp;&nbsp; 19250000 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 6.9%** | **Alabama — 6.9%** |  |
| Black Belt Energy Gas District, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $31050 | &nbsp;&nbsp; 33320605 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/55 | 7450 | &nbsp;&nbsp; 7837278 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54 | 25000 | &nbsp;&nbsp; 27431667 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/49 | 5485 | &nbsp;&nbsp; 5500487 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/53 | 5000 | &nbsp;&nbsp; 5096186 |
| Energy Southeast A Cooperative District, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 11/01/53 | 30150 | &nbsp;&nbsp; 32794658 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 07/01/54 | 21885 | &nbsp;&nbsp; 23618804 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.75%, 04/01/54 | 52565 | &nbsp;&nbsp; 58098349 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, <br> RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 6200 | &nbsp;&nbsp; 6362031 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/54 | 31495 | &nbsp;&nbsp; 33570700 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 03/01/55 | 4000 | &nbsp;&nbsp; 4210565 |
|  |  | &nbsp;&nbsp; 237841330 |
| **Alaska — 0.0%** | **Alaska — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Refunding RB, <br> Series A, Class 1, 4.00%, 06/01/50<br>| 1000 | &nbsp;&nbsp; 820359 |
| **Arizona — 2.5%** | **Arizona — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, RB, 7.10%, <br> 01/01/55<sup>(c)</sup><br>| 3130 | &nbsp;&nbsp; 3146476 |
| City of Mesa Arizona Utility System Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | 7535 | &nbsp;&nbsp; 7864397 |
| &nbsp;&nbsp;&nbsp; (AGM), 4.00%, 07/01/44 | 2000 | &nbsp;&nbsp; 1799975 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 | 10000 | &nbsp;&nbsp; 10249268 |
| &nbsp;&nbsp;&nbsp; (AGM), 4.50%, 07/01/49 | 980 | &nbsp;&nbsp; 911555 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 3330 | &nbsp;&nbsp; 3543485 |
| &nbsp;&nbsp;&nbsp; Maricopa County & Phoenix Industrial Development <br> Authorities, RB, S/F Housing, Series C, (FHLMC, <br> FNMA, GNMA), 6.25%, 03/01/55<br>| 6350 | &nbsp;&nbsp; 7119446 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> RB, 7.38%, 10/01/29<sup>(c)</sup><br>| 17415 | &nbsp;&nbsp; 18273339 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power <br> District, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/50 | 4000 | &nbsp;&nbsp; 4054216 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | 5000 | &nbsp;&nbsp; 5201770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Arizona (continued)** | **Arizona (continued)** |  |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power <br> District, RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/48 | 6250 | &nbsp;&nbsp; $6383325 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power <br> District, Refunding RB, Series A, 5.00%, 01/01/44<br>| 12000 | &nbsp;&nbsp; 12517040 |
| &nbsp;&nbsp;&nbsp; Yuma Industrial Development Authority, Refunding <br> RB, Series A, 5.25%, 08/01/54<br>| 4135 | &nbsp;&nbsp; 4153913 |
|  |  | &nbsp;&nbsp; 85218205 |
| **Arkansas — 0.7%** | **Arkansas — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 7.38%, 07/01/48<sup>(c)</sup><br>| 23000 | &nbsp;&nbsp; 24928170 |
| **California — 4.7%** | **California — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign, ARB, Series B, AMT, 5.25%, 07/01/49<br>| 3115 | &nbsp;&nbsp; 3159880 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, RB, <br> Series D, 0.00%, 06/01/55<sup>(d)</sup><br>| 12395 | &nbsp;&nbsp; 879091 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, <br> 10.00%, 11/15/32<sup>(c)</sup><br>| 670 | &nbsp;&nbsp; 670642 |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, RB, M/F Housing, <br> Series A, 4.25%, 01/15/35<br>| 18 | &nbsp;&nbsp; 18052 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, Class B, AMT, <br> Sustainability Bonds, 9.50%, 01/01/65<sup>(b)(c)</sup><br>| 58575 | &nbsp;&nbsp; 53596849 |
| California Municipal Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/34<sup>(c)</sup> | 1000 | &nbsp;&nbsp; 1000362 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/01/44<sup>(c)</sup> | 2760 | &nbsp;&nbsp; 2687582 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 07/15/29 | 2120 | &nbsp;&nbsp; 2106757 |
| California School Finance Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 06/01/54 | 895 | &nbsp;&nbsp; 812752 |
| &nbsp;&nbsp;&nbsp; Series B, 9.00%, 06/01/34 | 100 | &nbsp;&nbsp; 102954 |
| &nbsp;&nbsp;&nbsp; California Statewide Financing Authority, RB, <br> Series D, 0.00%, 06/01/55<sup>(c)(d)</sup><br>| 10750 | &nbsp;&nbsp; 643094 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, <br> AMT, Sustainability Bonds, 5.25%, 05/15/47<br>| 1500 | &nbsp;&nbsp; 1525471 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series S, AMT, 5.00%, 05/15/40 | 9500 | &nbsp;&nbsp; 9833223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 3750 | &nbsp;&nbsp; 3864242 |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, Refunding RB, <br> 5.25%, 11/01/52<br>| 5000 | &nbsp;&nbsp; 5189313 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 4.00%, 07/01/58 | 5880 | &nbsp;&nbsp; 3790509 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 4.00%, 07/01/58 | 6700 | &nbsp;&nbsp; 3746614 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(d)</sup><br>| 136220 | &nbsp;&nbsp; 12466247 |
| &nbsp;&nbsp;&nbsp; Las Virgenes Unified School District, GO, Series B, <br> Election 2022, 5.25%, 08/01/51<br>| 5000 | &nbsp;&nbsp; 5262242 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Refunding RB, <br> Series H, Sustainability Bonds, 5.00%, 08/15/50<br>| 11670 | &nbsp;&nbsp; 11817604 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, Class A, AMT, 5.25%, 05/01/42 | 1285 | &nbsp;&nbsp; 1322504 |
| &nbsp;&nbsp;&nbsp; Series 2, Class A, AMT, 5.25%, 05/01/49 | 9785 | &nbsp;&nbsp; 9949310 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 05/01/55 | 19000 | &nbsp;&nbsp; 19585498 |
| State of California, Refunding GO, 5.00%, 09/01/43 | 7080 | &nbsp;&nbsp; 7427680 |
|  |  | &nbsp;&nbsp; 161458472 |

---

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado — 2.6%** | **Colorado — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Arapahoe County School District No. 5 Cherry Creek, <br> GO, (SAW), 5.25%, 12/15/43<br>| $5720 | &nbsp;&nbsp; $6103225 |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University <br> System, RB, Series C, 5.25%, 03/01/50<br>| 1550 | &nbsp;&nbsp; 1592663 |
| &nbsp;&nbsp;&nbsp; City of Aurora Colorado Water Revenue, RB, 1st Lien, <br> 4.00%, 08/01/54<br>| 5680 | &nbsp;&nbsp; 4861706 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Colorado Utilities System <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/43 | 3550 | &nbsp;&nbsp; 3729038 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/47 | 13000 | &nbsp;&nbsp; 13235035 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise, RB, Series A, <br> (AGM), 5.25%, 12/01/50<br>| 3000 | &nbsp;&nbsp; 3067479 |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, <br> RB, Series B, Subordinate Lien, 8.50%, <br> 02/01/59<sup>(c)</sup><br>| 5175 | &nbsp;&nbsp; 5275370 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Refunding RB, <br> Series A, 3.00%, 11/15/51<br>| 1395 | &nbsp;&nbsp; 957472 |
| &nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, RB, M/F <br> Housing, Series A, Class A, Sustainability Bonds, <br> (FNMA), 4.48%, 03/01/44<br>| 2630 | &nbsp;&nbsp; 2491051 |
| County of Adams Colorado, COP, 5.25%, 12/01/49 | 10065 | &nbsp;&nbsp; 10400089 |
| &nbsp;&nbsp;&nbsp; Denver City & County School District No. 1, GO, <br> Series C, (SAW), 5.50%, 12/01/47<br>| 6990 | &nbsp;&nbsp; 7472770 |
| &nbsp;&nbsp;&nbsp; Douglas County School District No. Re-1 Douglas & <br> Elbert Counties, GO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1, (SAW), 5.00%, 12/15/43 | 9980 | &nbsp;&nbsp; 10413884 |
| &nbsp;&nbsp;&nbsp; Series 1, (SAW), 5.00%, 12/15/44 | 12000 | &nbsp;&nbsp; 12434746 |
| &nbsp;&nbsp;&nbsp; Flying Horse Metropolitan District No. 3, Refunding <br> GOL, 6.00%, 12/01/49<sup>(c)</sup><br>| 2965 | &nbsp;&nbsp; 2840368 |
| &nbsp;&nbsp;&nbsp; Red Barn Metropolitan District, Refunding GOL, <br> Series A, 5.50%, 12/01/55<br>| 2100 | &nbsp;&nbsp; 1989864 |
| &nbsp;&nbsp;&nbsp; University of Colorado, RB, Series A, 5.00%, <br> 06/01/50<br>| 3335 | &nbsp;&nbsp; 3375046 |
|  |  | &nbsp;&nbsp; 90239806 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Refunding <br> RB, S/F Housing, Series A, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 4.60%, 11/15/49<br>| 5000 | &nbsp;&nbsp; 4697304 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, 5.25%, 07/15/48<br>| 1760 | &nbsp;&nbsp; 1789973 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Finance Authority, RB, 7.00%, <br> 02/01/45<sup>(c)</sup><br>| 3090 | &nbsp;&nbsp; 3078918 |
| &nbsp;&nbsp;&nbsp; Waterbury Housing Authority, RB, M/F Housing, <br> Series A, (FHLMC, HUD SECT 8), 4.50%, <br> 02/01/42<br>| 3705 | &nbsp;&nbsp; 3558344 |
|  |  | &nbsp;&nbsp; 13124539 |
| **Delaware**<sup>(c)</sup> **— 0.4%** | **Delaware**<sup>(c)</sup> **— 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Affordable Housing Opportunities Trust, RB, <br> Series AH-01, Class B, 6.88%, 05/01/39<br>| 14874 | &nbsp;&nbsp; 14408023 |
| Town of Bridgeville Delaware, ST |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/44 | 340 | &nbsp;&nbsp; 327230 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/01/53 | 795 | &nbsp;&nbsp; 761841 |
|  |  | &nbsp;&nbsp; 15497094 |
| **District of Columbia — 1.1%** | **District of Columbia — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/43 | 1750 | &nbsp;&nbsp; 1823919 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/50 | 5000 | &nbsp;&nbsp; 5165758 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., RB, Series A, 0.00%, 06/15/46<sup>(d)</sup><br>| 3645 | &nbsp;&nbsp; 798839 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **District of Columbia (continued)** | **District of Columbia (continued)** |  |
| District of Columbia, GO, Series A, 5.00%, 08/01/49 | 10135 | &nbsp;&nbsp; $10265691 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/44 | 3500 | &nbsp;&nbsp; 3443135 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 10/01/44 | 2395 | &nbsp;&nbsp; 2490037 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 10/01/45 | 3000 | &nbsp;&nbsp; 3118680 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/15/45 | 3945 | &nbsp;&nbsp; 4006967 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/15/48 | 5570 | &nbsp;&nbsp; 5609547 |
|  |  | &nbsp;&nbsp; 36722573 |
| **Florida — 5.8%** | **Florida — 5.8%** |  |
| Alta Lakes Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/01/29 | 450 | &nbsp;&nbsp; 434138 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/49 | 1775 | &nbsp;&nbsp; 1531358 |
| &nbsp;&nbsp;&nbsp; Babcock Ranch Community Independent Special <br> District, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/26 | 195 | &nbsp;&nbsp; 195133 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/31 | 500 | &nbsp;&nbsp; 500097 |
| &nbsp;&nbsp;&nbsp; Series 2024, 5.00%, 05/01/44<sup>(c)</sup> | 1375 | &nbsp;&nbsp; 1303293 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Refunding <br> RB, 4.00%, 11/15/31<sup>(c)</sup><br>| 580 | &nbsp;&nbsp; 558800 |
| Capital Trust Agency, Inc., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/56 | 12000 | &nbsp;&nbsp; 9215099 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49 | 5000 | &nbsp;&nbsp; 4258017 |
| &nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 01/01/26 | 245 | &nbsp;&nbsp; 244513 |
| &nbsp;&nbsp;&nbsp; Celebration Pointe Community Development District <br> No. 1, SAB<sup>(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/34 | 710 | &nbsp;&nbsp; 578650 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/45 | 985 | &nbsp;&nbsp; 738750 |
| &nbsp;&nbsp;&nbsp; Charlotte County Industrial Development Authority, <br> RB, AMT, 5.50%, 10/01/36<sup>(c)</sup><br>| 2745 | &nbsp;&nbsp; 2745394 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/43 | 3425 | &nbsp;&nbsp; 3569896 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/44 | 2595 | &nbsp;&nbsp; 2684002 |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 09/01/48 | 8510 | &nbsp;&nbsp; 9005697 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville Florida, Refunding RB, 5.00%, <br> 10/01/43<br>| 5000 | &nbsp;&nbsp; 5179908 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Convention Center Hotel <br> Revenue, RB, 5.00%, 01/01/47<br>| 10000 | &nbsp;&nbsp; 10104357 |
| &nbsp;&nbsp;&nbsp; County of Lee Florida Airport Revenue, ARB, AMT, <br> 5.25%, 10/01/54<br>| 11890 | &nbsp;&nbsp; 11944163 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.25%, 10/01/50<br>| 2100 | &nbsp;&nbsp; 2107903 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida, RB, 0.00%, <br> 10/01/39<sup>(d)</sup><br>| 15765 | &nbsp;&nbsp; 8101614 |
| County of Monroe Florida, RB, 5.00%, 04/01/48 | 5560 | &nbsp;&nbsp; 5467217 |
| &nbsp;&nbsp;&nbsp; County of Pasco Florida, RB, (AGM), 5.00%, <br> 09/01/48<br>| 1000 | &nbsp;&nbsp; 1000084 |
| &nbsp;&nbsp;&nbsp; County of Sarasota Florida Utility System Revenue, <br> RB, 5.25%, 10/01/47<br>| 14795 | &nbsp;&nbsp; 15320241 |
| &nbsp;&nbsp;&nbsp; Crossings At Fleming Island Community Development <br> District, Refunding SAB, Series A-3, Senior Lien, <br> 6.50%, 05/01/44<br>| 1995 | &nbsp;&nbsp; 1997488 |
| &nbsp;&nbsp;&nbsp; Epperson North Community Development District, <br> SAB, Series A, 4.00%, 11/01/51<br>| 860 | &nbsp;&nbsp; 656916 |
| Florida Development Finance Corp., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/15/29 | 300 | &nbsp;&nbsp; 300301 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 06/15/34 | 440 | &nbsp;&nbsp; 440289 |
| &nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/56 | 4090 | &nbsp;&nbsp; 3289952 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Florida Development Finance Corp., RB<sup>(c)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Class A, AMT, 4.38%, 10/01/54<sup>(b)</sup> | 1390 | &nbsp;&nbsp; $1385980 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 0.00%, 07/15/59<sup>(b)(e)(f)</sup> | 19225 | &nbsp;&nbsp; 11919500 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/15/56<sup>(c)</sup> | 11970 | &nbsp;&nbsp; 8465015 |
| &nbsp;&nbsp;&nbsp; AMT, 0.00%, 07/15/32<sup>(b)(c)(e)(f)</sup> | 7850 | &nbsp;&nbsp; 4867000 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.25%, 07/01/53 | 2000 | &nbsp;&nbsp; 1900003 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, AMT, 5.25%, <br> 10/01/41<br>| 5065 | &nbsp;&nbsp; 5314185 |
| &nbsp;&nbsp;&nbsp; Harbor Bay Community Development District, <br> Refunding SAB, Series A-2, 3.75%, 05/01/34<br>| 990 | &nbsp;&nbsp; 911411 |
| &nbsp;&nbsp;&nbsp; Harbor Bay Community Development District, SAB, <br> Series A-1, 4.10%, 05/01/48<br>| 1400 | &nbsp;&nbsp; 1124302 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, ARB, <br> Series B, AMT, 5.50%, 10/01/49<br>| 3005 | &nbsp;&nbsp; 3103631 |
| &nbsp;&nbsp;&nbsp; Hobe-St Lucie Conservancy District, SAB, 5.88%, <br> 05/01/55<br>| 1610 | &nbsp;&nbsp; 1614792 |
| &nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, Refunding RB, <br> Series A, 5.25%, 10/01/49<br>| 7255 | &nbsp;&nbsp; 7502120 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/01/26 | 50 | &nbsp;&nbsp; 49367 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/35 | 1100 | &nbsp;&nbsp; 1092491 |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/39 | 415 | &nbsp;&nbsp; 380093 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/45 | 2215 | &nbsp;&nbsp; 2036635 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/46 | 4965 | &nbsp;&nbsp; 4672565 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/49 | 480 | &nbsp;&nbsp; 406360 |
| &nbsp;&nbsp;&nbsp; North AR-1 Pasco Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 05/01/44 | 400 | &nbsp;&nbsp; 406946 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 05/01/54 | 710 | &nbsp;&nbsp; 718856 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/45 | 4875 | &nbsp;&nbsp; 4884736 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/47 | 2000 | &nbsp;&nbsp; 1981773 |
| Orlando Utilities Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/48 | 10000 | &nbsp;&nbsp; 10096533 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/50 | 5000 | &nbsp;&nbsp; 5063848 |
| &nbsp;&nbsp;&nbsp; Reunion East Community Development District, SAB, <br> Series 2021, 2.40%, 05/01/26<br>| 75 | &nbsp;&nbsp; 74184 |
| &nbsp;&nbsp;&nbsp; Sarasota County Public Hospital District, RB, 4.00%, <br> 07/01/52<br>| 9230 | &nbsp;&nbsp; 7552646 |
| &nbsp;&nbsp;&nbsp; Sawyers Landing Community Development District, <br> SAB, 4.25%, 05/01/53<br>| 3015 | &nbsp;&nbsp; 2377125 |
| &nbsp;&nbsp;&nbsp; Shadowlawn Community Development District, SAB, <br> 5.50%, 05/01/44<br>| 1545 | &nbsp;&nbsp; 1477093 |
| &nbsp;&nbsp;&nbsp; Sterling Hill Community Development District, <br> Refunding SAB, Series B, 5.50%, 11/01/10<sup>(e)(f)</sup><br>| 143 | &nbsp;&nbsp; 64102 |
| &nbsp;&nbsp;&nbsp; Talavera Community Development District, SAB, <br> 4.50%, 05/01/50<br>| 770 | &nbsp;&nbsp; 646977 |
| &nbsp;&nbsp;&nbsp; Village Center Community Development District, <br> Refunding RB, 5.02%, 11/01/36<br>| 1500 | &nbsp;&nbsp; 1521694 |
| &nbsp;&nbsp;&nbsp; Westside Haines City Community Development <br> District, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/01/26 | 65 | &nbsp;&nbsp; 64335 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/44 | 1190 | &nbsp;&nbsp; 1170628 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/54 | 460 | &nbsp;&nbsp; 446896 |
|  |  | &nbsp;&nbsp; 198767092 |
| **Georgia — 1.1%** | **Georgia — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Atlanta Urban Redevelopment Agency, RB, (BAM-<br> TCRS), 3.63%, 07/01/42<sup>(c)</sup><br>| 5605 | &nbsp;&nbsp; 4531597 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** |  |
| &nbsp;&nbsp;&nbsp; Columbia County Hospital Authority, RB, Series A, <br> (AGM), 5.00%, 04/01/48<br>| 3445 | &nbsp;&nbsp; $3431021 |
| &nbsp;&nbsp;&nbsp; Development Authority for Fulton County, RB, (BAM-<br> TCRS), 4.00%, 07/01/49<br>| 5085 | &nbsp;&nbsp; 4376687 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development <br> Authority, RB, Series A, 5.25%, 06/15/62<sup>(c)</sup><br>| 3355 | &nbsp;&nbsp; 2264625 |
| Main Street Natural Gas, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/53 | 12500 | &nbsp;&nbsp; 13255868 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/01/54 | 7725 | &nbsp;&nbsp; 8207586 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, RB, <br> Series A, Sustainability Bonds, 5.25%, 07/01/50<br>| 3295 | &nbsp;&nbsp; 3409935 |
|  |  | &nbsp;&nbsp; 39477319 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, Refunding <br> RB, Series C, AMT, 5.00%, 07/01/44<br>| 3000 | &nbsp;&nbsp; 3002644 |
| **Idaho — 0.4%** | **Idaho — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Refunding RB, <br> Series A, 5.00%, 03/01/42<br>| 5600 | &nbsp;&nbsp; 5666965 |
| Idaho Housing & Finance Association, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/15/62 | 5910 | &nbsp;&nbsp; 4062024 |
| &nbsp;&nbsp;&nbsp; Series A, 6.95%, 06/15/55 | 5150 | &nbsp;&nbsp; 5331592 |
|  |  | &nbsp;&nbsp; 15060581 |
| **Illinois — 2.4%** | **Illinois — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, GO, BAB, 6.04%, <br> 12/01/29<br>| 5310 | &nbsp;&nbsp; 5394244 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Refunding ARB, <br> Series A, AMT, Senior Lien, (BAM), 5.50%, <br> 01/01/53<br>| 3285 | &nbsp;&nbsp; 3313097 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Refunding RB, <br> Series C, AMT, 5.00%, 01/01/38<br>| 1240 | &nbsp;&nbsp; 1272171 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series A, AMT, Senior Lien, 5.25%, 01/01/42<br>| 1850 | &nbsp;&nbsp; 1903070 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding RB, <br> Series C, AMT, 5.25%, 01/01/45<br>| 1000 | &nbsp;&nbsp; 1011765 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 5.00%, 12/01/49<br>| 5360 | &nbsp;&nbsp; 5292688 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Lakeshore East Special <br> Assessment Area, Refunding SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.53%, 12/01/25 | 327 | &nbsp;&nbsp; 325462 |
| &nbsp;&nbsp;&nbsp; 2.69%, 12/01/26 | 267 | &nbsp;&nbsp; 261885 |
| &nbsp;&nbsp;&nbsp; 2.87%, 12/01/27 | 221 | &nbsp;&nbsp; 214285 |
| Illinois Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 07/01/43 | 1000 | &nbsp;&nbsp; 1042819 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 07/01/44 | 1000 | &nbsp;&nbsp; 1036092 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Refunding <br> RB, Series H-1, 4.00%, 01/01/42<br>| 5275 | &nbsp;&nbsp; 4685817 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Refunding <br> RB, S/F Housing, Series H, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 4.65%, 10/01/43<br>| 4875 | &nbsp;&nbsp; 4679784 |
| Illinois State Toll Highway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/44 | 9250 | &nbsp;&nbsp; 9451773 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/45 | 10000 | &nbsp;&nbsp; 10313177 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series A, <br> 5.00%, 06/01/50<br>| 5000 | &nbsp;&nbsp; 5057938 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 09/01/48<sup>(g)</sup> | 2950 | &nbsp;&nbsp; 2972700 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/44 | 11920 | &nbsp;&nbsp; 12177087 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/49 | 4000 | &nbsp;&nbsp; 4019159 |

---

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| State of Illinois, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/46 | 4850 | &nbsp;&nbsp; $4775038 |
| State of Illinois, Refunding GO, 5.00%, 02/01/37 | 2400 | &nbsp;&nbsp; 2560950 |
|  |  | &nbsp;&nbsp; 81761001 |
| **Indiana — 1.4%** | **Indiana — 1.4%** |  |
| Indiana Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/53 | 8060 | &nbsp;&nbsp; 8076097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 1st Lien, Sustainability Bonds, 5.25%, <br> 10/01/47<br>| 5000 | &nbsp;&nbsp; 5104908 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 02/01/43 | 5000 | &nbsp;&nbsp; 5195806 |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/45 | 1375 | &nbsp;&nbsp; 1413842 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/42 | 2650 | &nbsp;&nbsp; 2743063 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 5.00%, 02/01/44 | 3510 | &nbsp;&nbsp; 3612139 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Refunding RB, <br> Series A, (AGM), 5.00%, 01/01/43<br>| 13025 | &nbsp;&nbsp; 13491970 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> RB, Series D, 6.00%, 02/01/48<br>| 3150 | &nbsp;&nbsp; 3400673 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Refunding ARB, Series B1, 5.25%, 01/01/55<br>| 4000 | &nbsp;&nbsp; 4054050 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., Refunding RB, <br> Sustainability Bonds, 5.00%, 07/15/44<br>| 1500 | &nbsp;&nbsp; 1526570 |
|  |  | &nbsp;&nbsp; 48619118 |
| **Iowa — 0.1%** | **Iowa — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; County of Polk Iowa, GO, Series A, AMT, 5.25%, <br> 06/01/45<br>| 5000 | &nbsp;&nbsp; 5086710 |
| **Kansas — 1.2%** | **Kansas — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, RB, <br> Series SR, 5.00%, 05/01/41<br>| 7495 | &nbsp;&nbsp; 7925102 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 09/01/42 | 6295 | &nbsp;&nbsp; 6520457 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 09/01/46 | 7690 | &nbsp;&nbsp; 7806081 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation, <br> Refunding RB, Series A, 5.00%, 09/01/44<br>| 2050 | &nbsp;&nbsp; 2128675 |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. <br> 500 Kansas City, GO, (BAM), 5.00%, 09/01/50<br>| 17090 | &nbsp;&nbsp; 17018791 |
|  |  | &nbsp;&nbsp; 41399106 |
| **Kentucky — 0.1%** | **Kentucky — 0.1%** |  |
| Westvaco Corp., RB, 7.67%, 01/15/27<sup>(c)</sup> | 3100 | &nbsp;&nbsp; 3172567 |
| **Louisiana — 0.5%** | **Louisiana — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Lafayette Louisiana Utilities Revenue, RB, <br> (AGM), 5.00%, 11/01/44<br>| 5910 | &nbsp;&nbsp; 6041699 |
| &nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Refunding <br> RB, Series A, 5.00%, 07/01/48<br>| 10000 | &nbsp;&nbsp; 9887098 |
|  |  | &nbsp;&nbsp; 15928797 |
| **Maine — 0.9%** | **Maine — 0.9%** |  |
| Finance Authority of Maine, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 9.50%, 06/01/32 | 3250 | &nbsp;&nbsp; 2687007 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 8.50%, 06/01/32 | 3250 | &nbsp;&nbsp; 2670995 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 8.50%, 06/01/35 | 17065 | &nbsp;&nbsp; 8532500 |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities <br> Authority, Refunding RB, 4.00%, 07/01/37<sup>(c)</sup><br>| 18500 | &nbsp;&nbsp; 17502387 |
|  |  | &nbsp;&nbsp; 31392889 |
| **Maryland — 1.3%** | **Maryland — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Baltimore Maryland, RB, Series A, 5.00%, <br> 07/01/50<br>| 9090 | &nbsp;&nbsp; 9113070 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland (continued)** | **Maryland (continued)** |  |
| &nbsp;&nbsp;&nbsp; County of Prince George's Maryland, Refunding GOL, <br> Series A, 5.00%, 08/01/40<br>| 4500 | &nbsp;&nbsp; $4786937 |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br> RB, M/F Housing, Series D-1, Sustainability Bonds, <br> (FNMA), 4.35%, 02/01/44<br>| 11375 | &nbsp;&nbsp; 10402995 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, 7.00%, 03/01/55<sup>(c)</sup><br>| 10405 | &nbsp;&nbsp; 10488212 |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, RB, <br> (GTD), 5.00%, 06/01/43<br>| 9270 | &nbsp;&nbsp; 9829304 |
|  |  | &nbsp;&nbsp; 44620518 |
| **Massachusetts — 2.0%** | **Massachusetts — 2.0%** |  |
| Commonwealth of Massachusetts, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/01/45 | 9905 | &nbsp;&nbsp; 10240771 |
| &nbsp;&nbsp;&nbsp; Series I, 5.00%, 12/01/47 | 1000 | &nbsp;&nbsp; 1021026 |
| Commonwealth of Massachusetts, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/48 | 6220 | &nbsp;&nbsp; 6304562 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 10/01/50 | 10000 | &nbsp;&nbsp; 10117966 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 10/01/53 | 10000 | &nbsp;&nbsp; 10082007 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales <br> Tax Revenue, Refunding RB, Series A, 5.00%, <br> 07/01/46<br>| 5560 | &nbsp;&nbsp; 5695210 |
| Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/38 | 5000 | &nbsp;&nbsp; 4746918 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/43 | 5000 | &nbsp;&nbsp; 4536611 |
| &nbsp;&nbsp;&nbsp; Series J2, 5.00%, 07/01/48 | 3000 | &nbsp;&nbsp; 2926351 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB, 4.13%, 10/01/42<sup>(c)</sup><br>| 4225 | &nbsp;&nbsp; 3683648 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, Refunding ARB, <br> Series C, AMT, 5.00%, 07/01/49<br>| 5000 | &nbsp;&nbsp; 4866419 |
| &nbsp;&nbsp;&nbsp; Town of Nantucket Mmassachusetts, Refunding GOL, <br> 4.00%, 03/15/47<br>| 1240 | &nbsp;&nbsp; 1119604 |
| &nbsp;&nbsp;&nbsp; Town of Wakefield Massachusetts, GOL, 5.00%, <br> 08/15/50<br>| 5000 | &nbsp;&nbsp; 5092864 |
|  |  | &nbsp;&nbsp; 70433957 |
| **Michigan — 1.9%** | **Michigan — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal <br> System Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 07/01/53 | 2000 | &nbsp;&nbsp; 2047143 |
| &nbsp;&nbsp;&nbsp; Series C, Senior Lien, 5.25%, 07/01/48 | 4375 | &nbsp;&nbsp; 4519297 |
| Michigan Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/47 | 8000 | &nbsp;&nbsp; 6721906 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/44 | 11060 | &nbsp;&nbsp; 9552817 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/57<sup>(c)(e)(f)</sup> | 4020 | &nbsp;&nbsp; 1623075 |
| Michigan Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/26<sup>(h)</sup> | 145 | &nbsp;&nbsp; 147800 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/46 | 10000 | &nbsp;&nbsp; 8667966 |
| &nbsp;&nbsp;&nbsp; Series A, Class 1, 4.00%, 06/01/49 | 22745 | &nbsp;&nbsp; 18722219 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, <br> M/F Housing, Series A, 4.15%, 10/01/53<br>| 8765 | &nbsp;&nbsp; 7461207 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 5.00%, <br> 11/15/46<br>| 6340 | &nbsp;&nbsp; 6496424 |
|  |  | &nbsp;&nbsp; 65959854 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** |  |
| City of Minneapolis Minnesota, RB, 4.00%, 11/15/40 | 2000 | &nbsp;&nbsp; 1799226 |
| **Mississippi — 0.1%** | **Mississippi — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Home Corp., RB, Series 2025-06FN, <br> Class PT, 4.55%, 04/01/42<br>| 3975 | &nbsp;&nbsp; 3861829 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Missouri — 1.4%** | **Missouri — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; City of St Louis Missouri Airport Revenue, ARB, <br> Series A, (AGM), 5.25%, 07/01/49<br>| $17400 | &nbsp;&nbsp; $17824794 |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State <br> of Missouri, RB, Series A, 4.00%, 05/15/48<br>| 4395 | &nbsp;&nbsp; 3735009 |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State <br> of Missouri, Refunding RB, Series A, 4.00%, <br> 04/01/45<br>| 5000 | &nbsp;&nbsp; 4418542 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, ARB, <br> Series A, AMT, 5.00%, 03/01/44<br>| 5000 | &nbsp;&nbsp; 4921221 |
| Kansas City Industrial Development Authority, RB<sup>(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 10.00%, 11/15/37 | 2735 | &nbsp;&nbsp; 2274318 |
| &nbsp;&nbsp;&nbsp; Series C, 7.50%, 11/15/46 | 1701 | &nbsp;&nbsp; 1306584 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, RB, <br> M/F Housing, Sustainability Bonds, (FNMA), <br> 4.39%, 09/01/42<br>| 7475 | &nbsp;&nbsp; 6990282 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, <br> Refunding RB<sup>(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Class B, 5.00%, 11/15/46 | 8060 | &nbsp;&nbsp; 5343596 |
| &nbsp;&nbsp;&nbsp; Class D, 2.00%, 11/15/46 | 3597 | &nbsp;&nbsp; 164591 |
|  |  | &nbsp;&nbsp; 46978937 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, S/F <br> Housing, Series E, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 5.00%, 03/01/49<br>| 1750 | &nbsp;&nbsp; 1746556 |
| &nbsp;&nbsp;&nbsp; Omaha Airport Authority, ARB, AMT, (AGM), 5.25%, <br> 12/15/49<br>| 4415 | &nbsp;&nbsp; 4446217 |
| Omaha Public Power District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/53 | 4000 | &nbsp;&nbsp; 4100844 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/01/49 | 4100 | &nbsp;&nbsp; 3505290 |
|  |  | &nbsp;&nbsp; 13798907 |
| **Nevada — 1.0%** | **Nevada — 1.0%** |  |
| Clark County Water Reclamation District, GOL |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 12020 | &nbsp;&nbsp; 12557838 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/46 | 12335 | &nbsp;&nbsp; 12615002 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/47 | 3290 | &nbsp;&nbsp; 3351725 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, GOL, Series A, <br> 5.00%, 06/01/45<br>| 4230 | &nbsp;&nbsp; 4364842 |
| &nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry, <br> RB, Series A, 4.50%, 12/15/29<sup>(c)</sup><br>| 185 | &nbsp;&nbsp; 185257 |
|  |  | &nbsp;&nbsp; 33074664 |
| **New Hampshire — 1.0%** | **New Hampshire — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; National Finance Authority Affordable Housing <br> Certificates, RB, Series 2024-1, Class A, 4.15%, <br> 10/20/40<br>| 1663 | &nbsp;&nbsp; 1562067 |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/15/33<sup>(c)</sup> | 3763 | &nbsp;&nbsp; 3780654 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/55 | 2700 | &nbsp;&nbsp; 2553239 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 12179 | &nbsp;&nbsp; 11651692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class 3-A, Sustainability Bonds, 0.00%, <br> 10/20/41<sup>(b)</sup><br>| 11212 | &nbsp;&nbsp; 10271009 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, <br> Refunding RB, 3.30%, 04/01/32<br>| 8545 | &nbsp;&nbsp; 6019812 |
|  |  | &nbsp;&nbsp; 35838473 |
| **New Jersey — 2.7%** | **New Jersey — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RB, <br> Series B, 5.50%, 11/01/26<sup>(c)</sup><br>| 265 | &nbsp;&nbsp; 265074 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/46 | 2435 | &nbsp;&nbsp; 2487825 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series CC, 5.00%, 06/15/41 | 3725 | &nbsp;&nbsp; $3850125 |
| &nbsp;&nbsp;&nbsp; Series CC, 5.25%, 06/15/50 | 17700 | &nbsp;&nbsp; 18029459 |
| &nbsp;&nbsp;&nbsp; Series CC, 5.25%, 06/15/55 | 16320 | &nbsp;&nbsp; 16543536 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series AA, 5.25%, 06/15/41 | 7250 | &nbsp;&nbsp; 7677477 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/42 | 15520 | &nbsp;&nbsp; 15901941 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/50<br>| 5125 | &nbsp;&nbsp; 5315500 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/35 | 5505 | &nbsp;&nbsp; 5625498 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 11300 | &nbsp;&nbsp; 11261047 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 7780 | &nbsp;&nbsp; 7509154 |
|  |  | &nbsp;&nbsp; 94466636 |
| **New York — 10.6%** | **New York — 10.6%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/51 | 2500 | &nbsp;&nbsp; 2500317 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/42 | 4000 | &nbsp;&nbsp; 4181610 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/48 | 10000 | &nbsp;&nbsp; 10130018 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 10/01/47 | 4015 | &nbsp;&nbsp; 4098459 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/47 | 6925 | &nbsp;&nbsp; 6981733 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 03/01/49 | 11675 | &nbsp;&nbsp; 11960294 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 09/01/44 | 16365 | &nbsp;&nbsp; 16711891 |
| &nbsp;&nbsp;&nbsp; Series F-1, 4.00%, 03/01/47 | 2000 | &nbsp;&nbsp; 1739842 |
| &nbsp;&nbsp;&nbsp; Series F-1, 5.00%, 03/01/50 | 7415 | &nbsp;&nbsp; 7414944 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.25%, 02/01/50 | 7470 | &nbsp;&nbsp; 7654139 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, <br> 5.00%, 03/15/43<br>| 7000 | &nbsp;&nbsp; 7260279 |
| Empire State Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series E, 4.00%, 03/15/42 | 8000 | &nbsp;&nbsp; 7334467 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 03/15/55 | 4070 | &nbsp;&nbsp; 4082510 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Sustainability Bonds, (HUD SECT 8), <br> 4.80%, 02/01/53<br>| 7570 | &nbsp;&nbsp; 7219942 |
| New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series BB, 5.25%, 06/15/55 | 6900 | &nbsp;&nbsp; 7111304 |
| &nbsp;&nbsp;&nbsp; Series BB-1, 5.00%, 06/15/50 | 3025 | &nbsp;&nbsp; 3033418 |
| &nbsp;&nbsp;&nbsp; Sub-Series AA-1, 5.25%, 06/15/53 | 3825 | &nbsp;&nbsp; 3920346 |
| &nbsp;&nbsp;&nbsp; Sub-Series BB-1, 5.25%, 06/15/54 | 1000 | &nbsp;&nbsp; 1027297 |
| &nbsp;&nbsp;&nbsp; Series AA, Class 1, Subordinate, 5.00%, 06/15/51 | 4000 | &nbsp;&nbsp; 4038710 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, Series BB-2, 4.00%, 06/15/42<br>| 3835 | &nbsp;&nbsp; 3563795 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building <br> Aid Revenue, RB, Series S-1, (SAW), 5.00%, <br> 07/15/37<br>| 4865 | &nbsp;&nbsp; 5321034 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D-1, 5.25%, 11/01/48 | 13315 | &nbsp;&nbsp; 13686873 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 05/01/43 | 5520 | &nbsp;&nbsp; 5684082 |
| New York City Transitional Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/53 | 10555 | &nbsp;&nbsp; 11089840 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 05/01/42 | 5000 | &nbsp;&nbsp; 5229592 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/01/46 | 10295 | &nbsp;&nbsp; 10460120 |
| &nbsp;&nbsp;&nbsp; Series F-1, 5.25%, 02/01/53 | 3425 | &nbsp;&nbsp; 3517034 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.00%, 05/01/52 | 4000 | &nbsp;&nbsp; 4027756 |
| &nbsp;&nbsp;&nbsp; Series H-1, 5.00%, 11/01/46 | 1250 | &nbsp;&nbsp; 1268518 |
| &nbsp;&nbsp;&nbsp; Series H-1, 5.00%, 11/01/50 | 6000 | &nbsp;&nbsp; 6042375 |
| &nbsp;&nbsp;&nbsp; Series I-1, 5.00%, 05/01/50 | 10000 | &nbsp;&nbsp; 10069809 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 5.00%, 05/01/45 | 1500 | &nbsp;&nbsp; 1527823 |

---

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 5.00%, 05/01/46 | 1000 | &nbsp;&nbsp; $1014015 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/40 | 10000 | &nbsp;&nbsp; 9495461 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/42 | 3000 | &nbsp;&nbsp; 2739861 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/46 | 5000 | &nbsp;&nbsp; 4396837 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/48 | 5000 | &nbsp;&nbsp; 5063384 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/50 | 16150 | &nbsp;&nbsp; 16288153 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/15/52 | 5000 | &nbsp;&nbsp; 5141377 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/15/54 | 5000 | &nbsp;&nbsp; 5042686 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/15/28<sup>(h)</sup> | 5 | &nbsp;&nbsp; 5386 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, RB, Series A, <br> 5.00%, 03/15/43<br>| 10000 | &nbsp;&nbsp; 10375720 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Refunding RB, <br> Series P, 5.00%, 01/01/49<br>| 2000 | &nbsp;&nbsp; 2007889 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., ARB, <br> AMT, Sustainability Bonds, 6.00%, 06/30/55<br>| 8000 | &nbsp;&nbsp; 8202368 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/43 | 3000 | &nbsp;&nbsp; 2982937 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/44 | 4000 | &nbsp;&nbsp; 3958719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.00%, <br> 06/30/54<br>| 5000 | &nbsp;&nbsp; 4752716 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.38%, 06/30/60 | 14010 | &nbsp;&nbsp; 13261053 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 4945 | &nbsp;&nbsp; 4766493 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, (AGM), <br> 5.25%, 12/31/54<br>| 1675 | &nbsp;&nbsp; 1642522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, <br> 12/31/60<br>| 4110 | &nbsp;&nbsp; 3961577 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> RB, Series 250, 5.00%, 10/15/42<br>| 2025 | &nbsp;&nbsp; 2132855 |
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp., RB, 5.00%, <br> 12/01/34<br>| 4075 | &nbsp;&nbsp; 4118726 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.25%, 05/15/58<br>| 2500 | &nbsp;&nbsp; 2203104 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series C-<br> 1A, Senior Lien, 5.00%, 05/15/51<br>| 10750 | &nbsp;&nbsp; 10793348 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/57 | 11120 | &nbsp;&nbsp; 11158067 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 05/15/52 | 23785 | &nbsp;&nbsp; 24249469 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 5.25%, 11/15/40 | 4000 | &nbsp;&nbsp; 4300030 |
|  |  | &nbsp;&nbsp; 363944924 |
| **North Carolina — 1.0%** | **North Carolina — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Charlotte North Carolina Water & Sewer <br> System Revenue, Refunding RB, Series A, 5.00%, <br> 07/01/45<br>| 15000 | &nbsp;&nbsp; 15472044 |
| &nbsp;&nbsp;&nbsp; City of Greensboro North Carolina Combined Water & <br> Sewer System Revenue, Refunding RB, Series B, <br> 5.00%, 06/01/49<br>| 6290 | &nbsp;&nbsp; 6442708 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series A, (FHLMC, FNMA, GNMA), <br> 6.25%, 01/01/55<br>| 4945 | &nbsp;&nbsp; 5529974 |
| North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/44 | 375 | &nbsp;&nbsp; 367745 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/49 | 375 | &nbsp;&nbsp; 350633 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 10/01/54 | 195 | &nbsp;&nbsp; 182509 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **North Carolina (continued)** | **North Carolina (continued)** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Refunding <br> RB, Series A, 5.25%, 01/01/41<br>| 2275 | &nbsp;&nbsp; $2208374 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, RB, Series A, <br> (AGM), 5.00%, 01/01/58<br>| 3250 | &nbsp;&nbsp; 3223307 |
| &nbsp;&nbsp;&nbsp; Town of Mooresville North Carolina, SAB, 5.38%, <br> 03/01/40<sup>(c)</sup><br>| 460 | &nbsp;&nbsp; 456058 |
|  |  | &nbsp;&nbsp; 34233352 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F <br> Housing, Series C, Sustainability Bonds, 6.25%, <br> 01/01/55<br>| 4665 | &nbsp;&nbsp; 5225814 |
| **Ohio — 1.1%** | **Ohio — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Class 1, 4.00%, 06/01/48 | 1200 | &nbsp;&nbsp; 969642 |
| &nbsp;&nbsp;&nbsp; Series B-2, Class 2, 5.00%, 06/01/55 | 20435 | &nbsp;&nbsp; 16463744 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, CAB, Series B-3, Class 2, 0.00%, <br> 06/01/57<sup>(d)</sup><br>| 28080 | &nbsp;&nbsp; 2479158 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, AMT, 5.50%, 01/01/50<br>| 4000 | &nbsp;&nbsp; 4092278 |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, RB, <br> M/F Housing, (FNMA), 4.82%, 11/01/43<br>| 2500 | &nbsp;&nbsp; 2492204 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga Ohio, Refunding RB, 5.00%, <br> 02/15/52<br>| 6110 | &nbsp;&nbsp; 5326446 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, S/F Housing, <br> Series B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 7.00%, 03/01/49<br>| 1250 | &nbsp;&nbsp; 1438751 |
| &nbsp;&nbsp;&nbsp; Worthington City School District, GO, Series C, <br> 5.00%, 12/01/48<br>| 4900 | &nbsp;&nbsp; 4958079 |
|  |  | &nbsp;&nbsp; 38220302 |
| **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, RB, <br> Series A, 5.25%, 07/01/50<br>| 2185 | &nbsp;&nbsp; 2270424 |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, <br> 7.25%, 09/01/51<sup>(c)</sup><br>| 4905 | &nbsp;&nbsp; 4719864 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, RB, Series A, 5.00%, <br> 01/01/44<br>| 4500 | &nbsp;&nbsp; 4660181 |
| Oklahoma Water Resources Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/50 | 3000 | &nbsp;&nbsp; 3135992 |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 10/01/53 | 3730 | &nbsp;&nbsp; 3254539 |
|  |  | &nbsp;&nbsp; 18041000 |
| **Oregon — 1.5%** | **Oregon — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Portland Oregon Sewer System Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 2nd Lien, 5.00%, 12/01/43 | 6000 | &nbsp;&nbsp; 6230113 |
| &nbsp;&nbsp;&nbsp; Series A, 2nd Lien, 5.00%, 10/01/49 | 15140 | &nbsp;&nbsp; 15420856 |
| &nbsp;&nbsp;&nbsp; Port of Morrow Oregon, GOL, Series A, 5.15%, <br> 10/01/26<sup>(c)</sup><br>| 7860 | &nbsp;&nbsp; 7870355 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 4000 | &nbsp;&nbsp; 4117630 |
| &nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services <br> Department, RB, M/F Housing, Series B, (FHLMC, <br> FNMA, GNMA), 4.13%, 07/01/43<br>| 165 | &nbsp;&nbsp; 149226 |
| State of Oregon, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/48 | 1840 | &nbsp;&nbsp; 1876249 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oregon (continued)** | **Oregon (continued)** |  |
| State of Oregon, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.00%, 08/01/48 | 2000 | &nbsp;&nbsp; $2039315 |
| University of Oregon, RB, Series A, 5.00%, 04/01/50 | 10000 | &nbsp;&nbsp; 10052949 |
| &nbsp;&nbsp;&nbsp; Washington & Clackamas Counties School District <br> No. 23J Tigard-Tualatin, GO, (GTD), 5.00%, <br> 06/15/43<br>| 3100 | &nbsp;&nbsp; 3233053 |
|  |  | &nbsp;&nbsp; 50989746 |
| **Pennsylvania — 0.9%** | **Pennsylvania — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/25 | 525 | &nbsp;&nbsp; 523962 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/45 | 1500 | &nbsp;&nbsp; 1215219 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & <br> Wastewater Revenue, RB, Series C, (AGM), <br> 5.25%, 09/01/54<br>| 2500 | &nbsp;&nbsp; 2585508 |
| Geisinger Authority, Refunding RB, 4.00%, 04/01/50 | 5985 | &nbsp;&nbsp; 4899694 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB, AMT, 5.50%, 11/01/44<br>| 3250 | &nbsp;&nbsp; 3249512 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, Series B-1, (AGM), 5.00%, <br> 11/01/51<br>| 6510 | &nbsp;&nbsp; 6407716 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 145A, Sustainability Bonds, <br> 6.00%, 10/01/54<br>| 6760 | &nbsp;&nbsp; 7385163 |
| &nbsp;&nbsp;&nbsp; Upper Darby School District, GOL, (BAM SAW), <br> 5.00%, 04/01/55<br>| 5610 | &nbsp;&nbsp; 5631776 |
|  |  | &nbsp;&nbsp; 31898550 |
| **Puerto Rico — 7.4%** | **Puerto Rico — 7.4%** |  |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(d)</sup><br>| 222915 | &nbsp;&nbsp; 10663841 |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/35 | 6482 | &nbsp;&nbsp; 6205663 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/37 | 8158 | &nbsp;&nbsp; 7540211 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/41 | 1591 | &nbsp;&nbsp; 1378561 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/46 | 7867 | &nbsp;&nbsp; 6475129 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, CAB, Series A, <br> Restructured, 0.00%, 07/01/33<sup>(d)</sup><br>| 9280 | &nbsp;&nbsp; 6540771 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(b)(e)(f)</sup><br>| 133095 | &nbsp;&nbsp; 73189363 |
| Puerto Rico Electric Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29<sup>(e)(f)</sup> | 5540 | &nbsp;&nbsp; 3601000 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/33<sup>(e)(f)</sup> | 7445 | &nbsp;&nbsp; 4839250 |
| &nbsp;&nbsp;&nbsp; Series A, 6.75%, 07/01/36<sup>(e)(f)</sup> | 24370 | &nbsp;&nbsp; 15840500 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/43<sup>(e)(f)</sup> | 3350 | &nbsp;&nbsp; 2177500 |
| &nbsp;&nbsp;&nbsp; Series A-1, 10.00%, 07/01/19<sup>(e)(f)</sup> | 928 | &nbsp;&nbsp; 603041 |
| &nbsp;&nbsp;&nbsp; Series A-2, 10.00%, 07/01/19<sup>(e)(f)</sup> | 4681 | &nbsp;&nbsp; 3042364 |
| &nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19<sup>(e)(f)</sup> | 6867 | &nbsp;&nbsp; 4463677 |
| &nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19<sup>(e)(f)</sup> | 6867 | &nbsp;&nbsp; 4463676 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18<sup>(e)(f)</sup> | 18867 | &nbsp;&nbsp; 12263703 |
| &nbsp;&nbsp;&nbsp; Series C-3, 5.40%, 01/01/20<sup>(e)(f)</sup> | 1908 | &nbsp;&nbsp; 1239860 |
| &nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20<sup>(e)(f)</sup> | 1907 | &nbsp;&nbsp; 1239860 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/26<sup>(e)(f)</sup> | 8495 | &nbsp;&nbsp; 5521750 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28<sup>(e)(f)</sup> | 3120 | &nbsp;&nbsp; 2028000 |
| &nbsp;&nbsp;&nbsp; Series D-1, 7.50%, 01/01/20<sup>(e)(f)</sup> | 9399 | &nbsp;&nbsp; 6109285 |
| &nbsp;&nbsp;&nbsp; Series D-2, 7.50%, 01/01/20<sup>(e)(f)</sup> | 5000 | &nbsp;&nbsp; 3250000 |
| &nbsp;&nbsp;&nbsp; Series D-4, 7.50%, 07/01/20<sup>(e)(f)</sup> | 7444 | &nbsp;&nbsp; 4838461 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17<sup>(e)(f)</sup> | 4300 | &nbsp;&nbsp; 2795000 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/18<sup>(e)(f)</sup> | 6025 | &nbsp;&nbsp; 3916250 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/20 | 1000 | &nbsp;&nbsp; 650000 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/24<sup>(e)(f)</sup> | 4545 | &nbsp;&nbsp; 2954250 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33<sup>(e)(f)</sup> | 2725 | &nbsp;&nbsp; 1771250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| Puerto Rico Electric Power Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/38<sup>(e)(f)</sup> | 3980 | &nbsp;&nbsp; $2587000 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35<sup>(e)(f)</sup> | 1310 | &nbsp;&nbsp; 851500 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36<sup>(e)(f)</sup> | 1825 | &nbsp;&nbsp; 1186250 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/40<sup>(e)(f)</sup> | 3040 | &nbsp;&nbsp; 1976000 |
| Puerto Rico Electric Power Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/22<sup>(e)(f)</sup> | 7025 | &nbsp;&nbsp; 4566250 |
| &nbsp;&nbsp;&nbsp; Series BBB, 5.40%, 07/01/28 | 9505 | &nbsp;&nbsp; 6178250 |
| &nbsp;&nbsp;&nbsp; Series DDD, 5.00%, 07/01/20 | 1810 | &nbsp;&nbsp; 1176500 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/17<sup>(b)(e)(f)</sup> | 1295 | &nbsp;&nbsp; 841750 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/18<sup>(b)(e)(f)</sup> | 1165 | &nbsp;&nbsp; 757250 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/20<sup>(b)(e)(f)</sup> | 10400 | &nbsp;&nbsp; 6760000 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/31<sup>(b)(e)(f)</sup> | 12285 | &nbsp;&nbsp; 7985250 |
| &nbsp;&nbsp;&nbsp; Series VV, 5.50%, 07/01/20 | 6440 | &nbsp;&nbsp; 4186000 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/25<sup>(e)(f)</sup> | 2440 | &nbsp;&nbsp; 1586000 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, Refunding RB, <br> BAB, Series YY, 6.13%, 07/01/40<sup>(e)(f)</sup><br>| 13440 | &nbsp;&nbsp; 8736000 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & <br> Envirml Ctl Facs Fing Authority, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 6.75%, 01/01/45 | 1790 | &nbsp;&nbsp; 1984478 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, 6.50%, 01/01/42 | 1170 | &nbsp;&nbsp; 1300787 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, 6.75%, 01/01/45 | 1790 | &nbsp;&nbsp; 1982813 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, Series A-2, Restructured, 4.78%, <br> 07/01/58<br>| 2500 | &nbsp;&nbsp; 2202543 |
|  |  | &nbsp;&nbsp; 256446837 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; State of Rhode Island, GO, Series A, 5.00%, <br> 05/01/43<br>| 4195 | &nbsp;&nbsp; 4386311 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., RB, CAB, <br> Series A, 0.00%, 06/01/52<sup>(d)</sup><br>| 12980 | &nbsp;&nbsp; 1740978 |
|  |  | &nbsp;&nbsp; 6127289 |
| **South Carolina — 2.4%** | **South Carolina — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Charleston South Carolina Waterworks & <br> Sewer System Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/47 | 2500 | &nbsp;&nbsp; 2555194 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/49 | 5955 | &nbsp;&nbsp; 5997421 |
| &nbsp;&nbsp;&nbsp; City of Columbia South Carolina Waterworks & Sewer <br> System Revenue, RB, 5.25%, 02/01/52<br>| 6110 | &nbsp;&nbsp; 6327638 |
| County of Dorchester South Carolina, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/40 | 2310 | &nbsp;&nbsp; 2334700 |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/51 | 6240 | &nbsp;&nbsp; 6261527 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, <br> Series A1, 5.25%, 10/01/54<sup>(b)</sup><br>| 12640 | &nbsp;&nbsp; 13480581 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding <br> RB, Series B-1, 5.25%, 02/01/54<sup>(b)</sup><br>| 5680 | &nbsp;&nbsp; 6140420 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(c)</sup> | 6915 | &nbsp;&nbsp; 6241339 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/43 | 11525 | &nbsp;&nbsp; 11869713 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/54 | 12155 | &nbsp;&nbsp; 12488845 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority, Refunding RB, Series A, 5.25%, <br> 11/01/42<br>| 775 | &nbsp;&nbsp; 811095 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding <br> RB, Series B, (AGM), 5.00%, 12/01/54<br>| 7520 | &nbsp;&nbsp; 7534962 |
|  |  | &nbsp;&nbsp; 82043435 |
| **Tennessee — 1.9%** | **Tennessee — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Memphis Tennessee Sanitary Sewerage <br> System Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/47 | 3825 | &nbsp;&nbsp; 3869018 |

---

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Memphis Tennessee Sanitary Sewerage <br> System Revenue, RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/48 | 4015 | &nbsp;&nbsp; $4049416 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson <br> County Health & Educational Fcilities Board, <br> Refunding RB, 5.25%, 10/01/58<br>| 8925 | &nbsp;&nbsp; 8544973 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County Tennessee Water & Sewer Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/45 | 2750 | &nbsp;&nbsp; 2820016 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/50 | 5050 | &nbsp;&nbsp; 5113951 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County Tennessee, Refunding GO, Series A, <br> 4.00%, 01/01/40<br>| 1665 | &nbsp;&nbsp; 1600297 |
| Metropolitan Nashville Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/44 | 1235 | &nbsp;&nbsp; 1218979 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 07/01/44 | 5130 | &nbsp;&nbsp; 5193393 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 07/01/54 | 5890 | &nbsp;&nbsp; 5830449 |
| &nbsp;&nbsp;&nbsp; New Memphis Arena Public Building Authority, RB, <br> CAB<sup>(i)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, 4.00%, 04/01/29 | 625 | &nbsp;&nbsp; 618503 |
| &nbsp;&nbsp;&nbsp; Convertible, 4.00%, 04/01/30 | 750 | &nbsp;&nbsp; 742226 |
| &nbsp;&nbsp;&nbsp; Convertible, 4.00%, 04/01/31 | 650 | &nbsp;&nbsp; 627620 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Refunding RB, <br> Series A, 5.00%, 12/01/35<br>| 11950 | &nbsp;&nbsp; 12652690 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, RB, S/F <br> Housing, Series 2-A, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 6.00%, 01/01/55<br>| 4455 | &nbsp;&nbsp; 4943120 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, RB, <br> Series A, 5.00%, 11/01/47<br>| 6520 | &nbsp;&nbsp; 6608930 |
|  |  | &nbsp;&nbsp; 64433581 |
| **Texas — 10.4%** | **Texas — 10.4%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 | 210 | &nbsp;&nbsp; 215547 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 5865 | &nbsp;&nbsp; 5903391 |
| &nbsp;&nbsp;&nbsp; Series A, 5.30%, 04/01/62 | 4325 | &nbsp;&nbsp; 2953085 |
| &nbsp;&nbsp;&nbsp; Austin Community College District, GOL, 5.25%, <br> 08/01/53<br>| 8435 | &nbsp;&nbsp; 8611514 |
| Celina Independent School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (PSF), 5.25%, 02/15/41 | 1800 | &nbsp;&nbsp; 1931363 |
| &nbsp;&nbsp;&nbsp; Series A, (PSF), 5.25%, 02/15/42 | 1905 | &nbsp;&nbsp; 2028961 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.00%, 11/15/44<br>| 2970 | &nbsp;&nbsp; 2945232 |
| City of Celina Texas, SAB, 5.50%, 09/01/54<sup>(c)</sup> | 1300 | &nbsp;&nbsp; 1212617 |
| City of Dallas Texas, Refunding GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/40 | 8000 | &nbsp;&nbsp; 8367186 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/41 | 6020 | &nbsp;&nbsp; 6248032 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/44 | 12185 | &nbsp;&nbsp; 10832423 |
| &nbsp;&nbsp;&nbsp; City of El Paso Texas Water & Sewer Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/42 | 3000 | &nbsp;&nbsp; 3116482 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/49 | 17500 | &nbsp;&nbsp; 17962306 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/52 | 15000 | &nbsp;&nbsp; 15031327 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 6.50%, 07/15/30 | 860 | &nbsp;&nbsp; 861080 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 6.63%, 07/15/38 | 3000 | &nbsp;&nbsp; 3002699 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/36 | 1000 | &nbsp;&nbsp; 1054178 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/37 | 3125 | &nbsp;&nbsp; 3273203 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Subordinate Lien, 5.25%, 07/01/41 | 1865 | &nbsp;&nbsp; 1942383 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Subordinate Lien, 5.25%, 07/01/42 | $3585 | &nbsp;&nbsp; $3706516 |
| City of Houston Texas, Refunding GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/38 | 535 | &nbsp;&nbsp; 570047 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/01/40 | 350 | &nbsp;&nbsp; 373360 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/01/43 | 570 | &nbsp;&nbsp; 596501 |
| City of Marble Falls Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/01/26 | 100 | &nbsp;&nbsp; 99074 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 | 200 | &nbsp;&nbsp; 193788 |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/01/41 | 730 | &nbsp;&nbsp; 615969 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/01/51 | 1000 | &nbsp;&nbsp; 794468 |
| &nbsp;&nbsp;&nbsp; City of Midland Texas, Refunding GOL, Series B, <br> 5.00%, 03/01/47<br>| 3220 | &nbsp;&nbsp; 3237654 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/43 |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/46 | 5330 | &nbsp;&nbsp; 5500004 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/49 | 15000 | &nbsp;&nbsp; 15413448 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 02/01/50 | 5000 | &nbsp;&nbsp; 5212517 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 02/01/49 | 1660 | &nbsp;&nbsp; 1743614 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 02/01/43 | 8000 | &nbsp;&nbsp; 8231302 |
| &nbsp;&nbsp;&nbsp; Series E, 5.25%, 02/01/49 | 5500 | &nbsp;&nbsp; 5655813 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas, Refunding GOL, Series A, <br> 5.25%, 09/15/50<br>| 3750 | &nbsp;&nbsp; 3882124 |
| &nbsp;&nbsp;&nbsp; County of Williamson Texas, Refunding GO, 5.00%, <br> 02/15/43<br>| 1985 | &nbsp;&nbsp; 2062754 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding <br> ARB, 5.25%, 11/01/48<br>| 18425 | &nbsp;&nbsp; 19182110 |
| &nbsp;&nbsp;&nbsp; Deer Park Independent School District, GO, (PSF), <br> 5.00%, 08/15/47<br>| 5000 | &nbsp;&nbsp; 5070029 |
| Fort Bend Independent School District, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (PSF), 5.00%, 08/15/44 | 945 | &nbsp;&nbsp; 967195 |
| &nbsp;&nbsp;&nbsp; Series A, (PSF), 5.25%, 08/15/55 | 5000 | &nbsp;&nbsp; 5125464 |
| &nbsp;&nbsp;&nbsp; Fredericksburg Independent School District, GO, <br> (PSF), 5.00%, 02/15/47<br>| 8120 | &nbsp;&nbsp; 8225376 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Refunding GO, <br> Series A, (PSF), 5.00%, 08/15/50<br>| 3545 | &nbsp;&nbsp; 3598200 |
| Lower Colorado River Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; (BAM), 5.25%, 05/15/43 | 3450 | &nbsp;&nbsp; 3617092 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/45 | 2440 | &nbsp;&nbsp; 2461381 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 05/15/49 | 4080 | &nbsp;&nbsp; 4100201 |
| &nbsp;&nbsp;&nbsp; Midland Independent School District, GO, (PSF), <br> 5.00%, 02/15/47<br>| 5000 | &nbsp;&nbsp; 5076575 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance <br> Corp., Refunding RB, Series A, 6.75%, 10/01/52<br>| 395 | &nbsp;&nbsp; 383936 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System <br> Revenue, Refunding RB, 5.25%, 09/01/51<br>| 5800 | &nbsp;&nbsp; 6000783 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, RB, 5.25%, <br> 06/01/43<br>| 4500 | &nbsp;&nbsp; 4759922 |
| Northwest Independent School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/48 | 5865 | &nbsp;&nbsp; 5922693 |
| &nbsp;&nbsp;&nbsp; Series A, (PSF), 5.00%, 02/15/48 | 5130 | &nbsp;&nbsp; 5180462 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas <br> System, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/40 | 3700 | &nbsp;&nbsp; 3914752 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 1750 | &nbsp;&nbsp; 1790964 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, GO, 5.00%, <br> 02/15/41<br>| 5025 | &nbsp;&nbsp; 5224049 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, <br> ARB, 1st Lien, 5.00%, 10/01/53<br>| 20000 | &nbsp;&nbsp; 20288374 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority, <br> RB, 4.10%, 01/01/28<sup>(c)</sup><br>| 16545 | &nbsp;&nbsp; $14800533 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(c)</sup><br>| 20000 | &nbsp;&nbsp; 20131619 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding RB, <br> Series A, AMT, 4.00%, 01/01/50<sup>(c)</sup><br>| 20670 | &nbsp;&nbsp; 14735966 |
| &nbsp;&nbsp;&nbsp; Pottsboro Independent School District, GO, (PSF), <br> 5.00%, 02/15/47<br>| 4180 | &nbsp;&nbsp; 4225585 |
| &nbsp;&nbsp;&nbsp; San Antonio Housing Trust Public Facility Corp., RB, <br> Series 2024-11FN, Class PT, (FNMA), 4.45%, <br> 04/01/43<br>| 3385 | &nbsp;&nbsp; 3194736 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Refunding RB, Series A, <br> Junior Lien, 5.25%, 05/15/48<br>| 7005 | &nbsp;&nbsp; 7212746 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, Series A, 5.00%, 11/15/49<br>| 2450 | &nbsp;&nbsp; 2461633 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 | 7450 | &nbsp;&nbsp; 7607940 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/49 | 1000 | &nbsp;&nbsp; 1028513 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, <br> RB, S/F Housing, Series B, (GNMA), 5.25%, <br> 07/01/53<br>| 3760 | &nbsp;&nbsp; 3799445 |
| Texas Water Development Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/44 | 1370 | &nbsp;&nbsp; 1227789 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/45 | 2800 | &nbsp;&nbsp; 2888736 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/45 | 10000 | &nbsp;&nbsp; 8868655 |
|  |  | &nbsp;&nbsp; 358455416 |
| **Utah — 0.4%** | **Utah — 0.4%** |  |
| City of Salt Lake City Utah Airport Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 07/01/42 | 5430 | &nbsp;&nbsp; 5561050 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 3000 | &nbsp;&nbsp; 2958460 |
| Utah Charter School Finance Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/26 | 50 | &nbsp;&nbsp; 50062 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/54 | 4930 | &nbsp;&nbsp; 4280698 |
|  |  | &nbsp;&nbsp; 12850270 |
| **Virginia — 2.7%** | **Virginia — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Albemarle County Economic Development Authority, <br> RB, Series A, 5.00%, 06/01/42<br>| 5450 | &nbsp;&nbsp; 5694722 |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA, Series A-1, 5.50%, 03/01/46<br>| 2765 | &nbsp;&nbsp; 2696095 |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA, CAB, Series A-2, 7.13%, 03/01/59<sup>(i)</sup><br>| 6638 | &nbsp;&nbsp; 5664045 |
| &nbsp;&nbsp;&nbsp; Cherry Hill Community Development Authority, SAB, <br> 5.15%, 03/01/35<sup>(c)</sup><br>| 1000 | &nbsp;&nbsp; 999959 |
| &nbsp;&nbsp;&nbsp; Chesterfield County Economic Development <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/43 | 2500 | &nbsp;&nbsp; 2602243 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/45 | 6500 | &nbsp;&nbsp; 6677739 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/48 | 1000 | &nbsp;&nbsp; 1014934 |
| &nbsp;&nbsp;&nbsp; City of Norfolk Virginia Water Revenue, RB, 5.00%, <br> 11/01/45<br>| 5230 | &nbsp;&nbsp; 5360941 |
| &nbsp;&nbsp;&nbsp; County of Fairfax Virginia Sewer Revenue, RB, <br> Series A, 5.00%, 07/15/46<br>| 5000 | &nbsp;&nbsp; 5121303 |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, <br> Refunding RB, Series A, 4.00%, 05/15/48<br>| 1780 | &nbsp;&nbsp; 1517027 |
| &nbsp;&nbsp;&nbsp; Hanover County Economic Development Authority, <br> Refunding RB, 4.00%, 07/01/47<sup>(c)</sup><br>| 1960 | &nbsp;&nbsp; 1506963 |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 1425 | &nbsp;&nbsp; 1417302 |
| &nbsp;&nbsp;&nbsp; Lower Magnolia Green Community Development <br> Authority, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/35 | 2695 | &nbsp;&nbsp; 2676231 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia (continued)** | **Virginia (continued)** |  |
| &nbsp;&nbsp;&nbsp; Lower Magnolia Green Community Development <br> Authority, SAB<sup>(c)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/45 | 2780 | &nbsp;&nbsp; $2561443 |
| &nbsp;&nbsp;&nbsp; Prince William County Service Authority, Refunding <br> RB, 5.00%, 07/15/55<br>| 1900 | &nbsp;&nbsp; 1953260 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series A-1, 6.71%, 06/01/46<br>| 24495 | &nbsp;&nbsp; 17864643 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority, RB, Series A, <br> 4.00%, 02/01/44<br>| 5000 | &nbsp;&nbsp; 4509176 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth University Health System <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/49 | 4800 | &nbsp;&nbsp; 4957617 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/54 | 2500 | &nbsp;&nbsp; 2091073 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E-2, 4.40%, 10/01/44 | 680 | &nbsp;&nbsp; 623548 |
| &nbsp;&nbsp;&nbsp; Series E-2, 4.55%, 10/01/49 | 1965 | &nbsp;&nbsp; 1806297 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority, RB, Series A, <br> 5.00%, 08/01/45<br>| 5000 | &nbsp;&nbsp; 5145644 |
| &nbsp;&nbsp;&nbsp; Virginia Resources Authority, Refunding RB, Series B, <br> 5.00%, 11/01/50<br>| 5000 | &nbsp;&nbsp; 5066849 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, RB, AMT, <br> 5.00%, 12/31/49<br>| 2000 | &nbsp;&nbsp; 1869697 |
| &nbsp;&nbsp;&nbsp; Winchester Economic Development Authority, RB, <br> Series A, 5.00%, 08/01/43<br>| 1400 | &nbsp;&nbsp; 1460117 |
|  |  | &nbsp;&nbsp; 92858868 |
| **Washington — 2.0%** | **Washington — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Seattle Washington Drainage & Wastewater <br> Revenue, Refunding RB, 5.25%, 05/01/50<br>| 625 | &nbsp;&nbsp; 646212 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Refunding RB, Series A, 5.00%, <br> 07/01/43<br>| 2000 | &nbsp;&nbsp; 2088382 |
| &nbsp;&nbsp;&nbsp; King County Housing Authority, Refunding RB, 5.38%, <br> 07/01/45<br>| 6000 | &nbsp;&nbsp; 6109487 |
| &nbsp;&nbsp;&nbsp; Mason County Public Hospital District No. 1, RB, <br> 5.00%, 12/01/48<br>| 5000 | &nbsp;&nbsp; 4753691 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, GO, <br> (GTD), 5.00%, 12/01/48<br>| 1000 | &nbsp;&nbsp; 1015934 |
| Port of Seattle Washington, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 05/01/43 | 5000 | &nbsp;&nbsp; 4306447 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Intermediate Lien, 5.25%, 10/01/43 | 7615 | &nbsp;&nbsp; 7839837 |
| State of Washington, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, 5.00%, 08/01/43 | 14025 | &nbsp;&nbsp; 14568705 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/47 | 8220 | &nbsp;&nbsp; 8393470 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/46 | 3365 | &nbsp;&nbsp; 3436438 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/47 | 3310 | &nbsp;&nbsp; 3372836 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority, RB, M/F Housing, <br> 5.00%, 08/01/40<br>| 1675 | &nbsp;&nbsp; 1635349 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/27 | 295 | &nbsp;&nbsp; 294976 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 01/01/44 | 920 | &nbsp;&nbsp; 851859 |
| &nbsp;&nbsp;&nbsp; Series B2, 3.95%, 07/01/29 | 6890 | &nbsp;&nbsp; 6895245 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, <br> M/F Housing, Series 2, Class 1, Sustainability <br> Bonds, 4.22%, 03/01/50<sup>(b)</sup><br>| 3555 | &nbsp;&nbsp; 3335729 |
|  |  | &nbsp;&nbsp; 69544597 |
| **Wisconsin — 1.1%** | **Wisconsin — 1.1%** |  |
| Public Finance Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 07/01/41 | 1755 | &nbsp;&nbsp; 1490771 |
| &nbsp;&nbsp;&nbsp; AMT, 4.25%, 07/01/54 | 6310 | &nbsp;&nbsp; 4851886 |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/31<sup>(c)(e)(f)</sup> | 1285 | &nbsp;&nbsp; 109225 |

---

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** |  |
| Public Finance Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/47<sup>(c)(e)(f)</sup> | 1285 | &nbsp;&nbsp; $109225 |
| &nbsp;&nbsp;&nbsp; Class B, 7.00%, 12/01/30<sup>(c)</sup> | 1620 | &nbsp;&nbsp; 1123171 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 11/01/46<sup>(c)(e)(f)</sup> | 5085 | &nbsp;&nbsp; 2542500 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 06/30/60 | 7500 | &nbsp;&nbsp; 7924039 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Refunding RB, Series B, <br> 6.13%, 10/01/49<sup>(c)</sup><br>| 8530 | &nbsp;&nbsp; 7036269 |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, RB, <br> Series A, Sustainability Bonds, 5.00%, 04/01/49<br>| 1630 | &nbsp;&nbsp; 1619728 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/50 | 8000 | &nbsp;&nbsp; 8180512 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 08/15/59 | 1575 | &nbsp;&nbsp; 1580875 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, Series A, 5.00%, 04/01/44<br>| 1700 | &nbsp;&nbsp; 1741485 |
|  |  | &nbsp;&nbsp; 38309686 |
| **Total Municipal Bonds — 89.5%** <br>**(Cost: $3,200,932,601)** | **Total Municipal Bonds — 89.5%** <br>**(Cost: $3,200,932,601)** | &nbsp;&nbsp; 3083975040 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> |
| **California — 0.8%** | **California — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.25%, <br> 05/15/50<br>| 10000 | &nbsp;&nbsp; 10153643 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> AMT, 5.00%, 07/01/53<br>| 17420 | &nbsp;&nbsp; 17104783 |
|  |  | &nbsp;&nbsp; 27258426 |
| **Colorado — 0.5%** | **Colorado — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.00%, <br> 12/01/48<sup>(k)</sup><br>| 19910 | &nbsp;&nbsp; 19664569 |
| **Florida — 1.9%** | **Florida — 1.9%** |  |
| County of Miami-Dade Florida Transit System, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 | 13815 | &nbsp;&nbsp; 13891604 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/50 | 15000 | &nbsp;&nbsp; 15025658 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/51 | 10000 | &nbsp;&nbsp; 10011440 |
| &nbsp;&nbsp;&nbsp; School District of Broward County, GO, 5.00%, <br> 07/01/51<sup>(k)</sup><br>| 26045 | &nbsp;&nbsp; 26091360 |
|  |  | &nbsp;&nbsp; 65020062 |
| **Georgia — 0.3%** | **Georgia — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Atlanta Georgia Department of Aviation, <br> Refunding ARB, Series B, AMT, 5.00%, 07/01/47<br>| 10000 | &nbsp;&nbsp; 9753563 |
| **Hawaii — 0.3%** | **Hawaii — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, ARB, <br> Series A, AMT, 5.00%, 07/01/48<sup>(k)</sup><br>| 10000 | &nbsp;&nbsp; 9785085 |
| **Illinois — 0.3%** | **Illinois — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Refunding RB, <br> Series A, 2nd Lien, 5.00%, 01/01/33<br>| 10000 | &nbsp;&nbsp; 11071465 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Kansas — 0.8%** | **Kansas — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, Refunding <br> RB, Series C-1, 5.00%, 09/01/50<sup>(k)</sup><br>| $26825 | &nbsp;&nbsp; $27015644 |
| **Kentucky — 0.3%** | **Kentucky — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Sewer <br> District, Refunding RB, Series C, 5.00%, 05/15/49<br>| 11995 | &nbsp;&nbsp; 12046603 |
| **Massachusetts — 0.6%** | **Massachusetts — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, Series I, <br> 5.00%, 12/01/53<br>| 10000 | &nbsp;&nbsp; 10128639 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series C, <br> 5.00%, 10/01/48<br>| 9500 | &nbsp;&nbsp; 9654228 |
|  |  | &nbsp;&nbsp; 19782867 |
| **Nebraska — 0.8%** | **Nebraska — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, RB, Series A, 5.25%, <br> 02/01/48<br>| 28050 | &nbsp;&nbsp; 28933779 |
| **Nevada — 0.3%** | **Nevada — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, GOL, Series A, <br> 5.25%, 06/01/50<br>| 10000 | &nbsp;&nbsp; 10383946 |
| **New York — 1.8%** | **New York — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, <br> 5.00%, 03/15/50<br>| 12000 | &nbsp;&nbsp; 12103010 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB, AMT, 5.00%, 01/15/52<br>| 40000 | &nbsp;&nbsp; 39834466 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series A-1, 5.00%, 05/15/51<br>| 9070 | &nbsp;&nbsp; 9094871 |
|  |  | &nbsp;&nbsp; 61032347 |
| **Pennsylvania — 0.3%** | **Pennsylvania — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Airport Revenue, <br> Refunding ARB, AMT, 5.00%, 07/01/51<sup>(k)</sup><br>| 10000 | &nbsp;&nbsp; 9665278 |
| **Texas — 0.8%** | **Texas — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; City of El Paso Texas Water & Sewer Revenue, <br> Refunding RB, 5.00%, 03/01/52<br>| 10000 | &nbsp;&nbsp; 10020885 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, <br> 5.00%, 10/15/44<br>| 16930 | &nbsp;&nbsp; 17391247 |
|  |  | &nbsp;&nbsp; 27412132 |
| **Utah — 0.3%** | **Utah — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.25%, 07/01/48<sup>(k)</sup><br>| 10000 | &nbsp;&nbsp; 10007973 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 10.1%** <br>**(Cost: $351,743,248)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 10.1%** <br>**(Cost: $351,743,248)** | &nbsp;&nbsp; 348833739 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Series 2025-<br> 04FN, Class PT, 4.63%, 10/01/43<br>| $3300 | &nbsp;&nbsp; $3195208 |
| **Total Non-Agency Mortgage-Backed Securities — 0.1%** <br>**(Cost: $3,300,000)** | **Total Non-Agency Mortgage-Backed Securities — 0.1%** <br>**(Cost: $3,300,000)** | &nbsp;&nbsp; 3195208 |
| **Total Long-Term Investments — 100.7%** <br>**(Cost: $3,575,847,897)** | **Total Long-Term Investments — 100.7%** <br>**(Cost: $3,575,847,897)** | &nbsp;&nbsp; 3468296281 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.8%** | **Money Market Funds — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.73%<sup>(l)(m)</sup><br>| 167362156 | &nbsp;&nbsp; 167378892 |
| **Total Short-Term Securities — 4.8%** <br>**(Cost: $167,378,651)** | **Total Short-Term Securities — 4.8%** <br>**(Cost: $167,378,651)** | &nbsp;&nbsp; 167378892 |
| **Total Investments — 105.5%** <br>**(Cost: $3,743,226,548)** | **Total Investments — 105.5%** <br>**(Cost: $3,743,226,548)** | &nbsp;&nbsp; 3635675173 |
| **Other Assets Less Liabilities — 1.4%** | **Other Assets Less Liabilities — 1.4%** | &nbsp;&nbsp; 47935102 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (6.9)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (6.9)%** | &nbsp;&nbsp; (238927940)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $3444682335 |

---

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

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</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>(c)</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. 

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

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

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

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

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

<sup>(h)</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>(i)</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>(j)</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>(k)</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 agreements, which expire between July 1, 2027 to March 1, 2031, is $75,563,707. 

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 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>*05/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $27152306<br> $140226586 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $167378892 | 167362156 | $867356 | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

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

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

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

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**BlackRock Strategic Municipal Opportunities Fund** 

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13042294 | &nbsp;&nbsp;&nbsp;&nbsp; $13042294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 19250000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3083975040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3083975040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 348833739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 348833739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3195208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3195208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 167378892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167378892 |
| &nbsp;&nbsp;&nbsp; Unfunded Commitments<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp; $186628892 | &nbsp;&nbsp;&nbsp;&nbsp; $3436003987 | &nbsp;&nbsp;&nbsp;&nbsp; $13042321 | &nbsp;&nbsp;&nbsp;&nbsp; $3635675200 |

---

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

<sup>(a)</sup> Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $237,914,965 are categorized as Level 2 within the fair value hierarchy.

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| 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 |
| HUD SECT 8 | &nbsp;&nbsp;&nbsp; U.S. Department of Housing and Urban Development <br> Section 8<br>|
| M/F | Multi-Family |
| PSF | Permanent School Fund |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| SAW | State Aid Withholding |
| ST | Special Tax |
| 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 Series Trust

- **b. Investment Company Act file number:** 811-04802

- **c. CIK number of Registrant:** 0000799113

- **d. LEI of Registrant:** 549300THM7OMQ75Z2202

- **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 Strategic Municipal Opportunities Fund

- **b. EDGAR series identifier (if any):** S000004053

- **c. LEI of Series:** HLP8Y6CXBZOL2TSZQI38

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $3703889159.59

**Total Liabilities:** $263494116.98

**Net Assets:** $3440395042.61

**Delayed Delivery Securities:** $2970915.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 321174.68000000 | **1-Year:** 424.78000000 | **5-Year:** 978382.96000000 | **10-Year:** 1193939.11000000 | **30-Year:** 385119.96000000

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

- **3-Month:** 108332.57000000 | **1-Year:** 8507.86000000 | **5-Year:** 71492.54000000 | **10-Year:** 188972.43000000 | **30-Year:** 242213.60000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011339 | 0.63%                | -1.05%               | 1.42%                |
| Class ID C000011342 | 0.64%                | -1.04%               | 1.42%                |
| Class ID C000038983 | 0.72%                | -1.06%               | 1.30%                |
| Class ID C000199785 | 0.65%                | -1.03%               | 1.43%                |
| Class ID C000038984 | 0.66%                | -1.22%               | 1.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22352328.71            | $34624360.00                               |
| Month 2  | $-3939963.69             | $-43722687.44                              |
| Month 3  | $-14745664.87            | $78031338.27                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1942383.16   | 0.06%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BEJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11071465.30  | 0.32%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                            | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843XV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5125463.85   | 0.15%             | 2055-08-15      | 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        |   6638000 | PA      | $5664044.96   | 0.16%             | 2059-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MENTAL HLTHCARE FACS REVENUE              | CUSIP: 74443XAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1123171.00   | 0.03%             | 2030-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TIMBERHP BY GO LAB INC                                                           | TIMBERHP BY GO LAB INC                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1943710 | NS      | $13042294.10  | 0.38%             |  |  |  | No            |                  3 | 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        |   4945000 | PA      | $4766493.02   | 0.14%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                           | OKLAHOMA ST CAPITOL IMPT AUTH ST HIGHWAY CAP IMPT REVENUE    | CUSIP: 678514EM8<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2270423.58   | 0.07%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chesterfield County Economic Development Authority                               | CHESTERFIELD CNTY VA ECON DEV AUTH REVENUE                   | CUSIP: 16639EBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6677739.32   | 0.19%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS WTR DEV BRD REVENUE                                    | CUSIP: 88285AHR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2888736.03   | 0.08%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14010000 | PA      | $13261053.14  | 0.39%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                             | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3555229 | PA      | $3335728.91   | 0.10%             | 2050-03-01      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University Health System Authority                         | VIRGINIA ST CMWLTH UNIV HLTH SYS AUTH REVENUE                | CUSIP: 92778LDJ6<br>LEI: 07ROV40HIZGU2Q6OXJ58 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4957616.83   | 0.14%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | N TEXAS ST MUNI WTR DIST WTR SYS REVENUE                     | CUSIP: 662903K69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $6000782.60   | 0.17%             | 2051-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEN1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1907477 | PA      | $1239860.05   | 0.04%             | 2020-07-01      | Fixed         | 5.40%                 | 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        |   2970000 | PA      | $2945232.01   | 0.09%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesterfield County Economic Development Authority                               | CHESTERFIELD CNTY VA ECON DEV AUTH REVENUE                   | CUSIP: 16639EBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2602243.05   | 0.08%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Sanitary Sewerage System Revenue                              | MEMPHIS TN SANTN SWR SYS REVENUE                             | CUSIP: 586200UE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3869017.60   | 0.11%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                            | RHODE ISLAND ST                                              | CUSIP: 762223QX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4195000 | PA      | $4386310.79   | 0.13%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 48504LAG8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1700993 | PA      | $1306583.55   | 0.04%             | 2046-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Celina Independent School District                                               | CELINA TX INDEP SCH DIST                                     | CUSIP: 151145B32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1931363.39   | 0.06%             | 2041-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2036635.15   | 0.06%             | 2045-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSX5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    375000 | PA      | $350633.21    | 0.01%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mason County Public Hospital District No 1                                       | MASON CNTY WA PUBLIC HOSP DIST #1 HOSP REVENUE               | CUSIP: 575165AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4753690.70   | 0.14%             | 2048-12-01      | Fixed         | 5.00%                 | 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        |   3250000 | PA      | $3249512.27   | 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        |   8510000 | PA      | $9005696.86   | 0.26%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE                         | CUSIP: 92812U6K9<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1806296.93   | 0.05%             | 2049-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TYF4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147799.58    | 0.00%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KCK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $406359.52    | 0.01%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6362030.55   | 0.18%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp                                                   | IPS MULTI-SCH BLDG CORP IN                                   | CUSIP: 46263RVE2<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526570.09   | 0.04%             | 2044-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HBF3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10750000 | PA      | $10793347.87  | 0.31%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036DG8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7334467.20   | 0.21%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BU33<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3617092.26   | 0.11%             | 2043-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAF2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   6867194 | PA      | $4463676.10   | 0.13%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JNM6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  10295000 | PA      | $10460120.37  | 0.30%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                           | MINNEAPOLIS MN HLTH CARE SYS REVENUE                         | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1799226.22   | 0.05%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO Water Revenue                                                  | AURORA CO WTR REVENUE                                        | CUSIP: 051595DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5680000 | PA      | $4861706.37   | 0.14%             | 2054-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE     | CUSIP: 05616KAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500097.09    | 0.01%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | UNIV OF COLORADO CO ENTERPRISE SYS REVENUE                   | CUSIP: 91417NKR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3375046.11   | 0.10%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Airport Authority                                                          | OMAHA NE ARPT AUTH                                           | CUSIP: 681725NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4415000 | PA      | $4446216.79   | 0.13%             | 2049-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 48504LAF0<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2274317.58   | 0.07%             | 2037-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JLR2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1741484.85   | 0.05%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | PORTLAND OR SWR SYS REVENUE                                  | CUSIP: 736742G50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6230112.78   | 0.18%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AVT9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5386.05      | 0.00%             | 2048-03-15      | 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        |   1200000 | PA      | $969642.61    | 0.03%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Flying Horse Metropolitan District No 3                                          | FLYING HORSE CO MET DIST #3                                  | CUSIP: 34407UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2840367.71   | 0.08%             | 2049-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL SPL OBLIG                                 | CUSIP: 59333NNJ8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |  15765000 | PA      | $8101614.11   | 0.24%             | 2039-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI TOLL REVENUE                              | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7924039.05   | 0.23%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2982936.87   | 0.09%             | 2043-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2687007.02   | 0.08%             | 2032-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5505000 | PA      | $5625497.90   | 0.16%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353894A3<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   7615000 | PA      | $7839836.91   | 0.23%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE                  | CUSIP: 59465M4N2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   8765000 | PA      | $7461206.95   | 0.22%             | 2053-10-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFR1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    927755 | PA      | $603040.75    | 0.02%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PKV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13815000 | PA      | $13891603.71  | 0.40%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reunion East Community Development District                                      | REUNION E FL CDD SPL ASSMNT                                  | CUSIP: 761311AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $74183.81     | 0.00%             | 2026-05-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252QC6<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9451773.49   | 0.27%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAB3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   9070000 | PA      | $9094871.13   | 0.26%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Virgenes Unified School District                                             | LAS VIRGENES CA UNIF SCH DIST                                | CUSIP: 518021ZN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5262242.50   | 0.15%             | 2051-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFE0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7445000 | PA      | $4839250.00   | 0.14%             | 2033-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge & Tunnel Enterprise                                              | COLORADO BRIDGE & TUNNEL ENTERPRISE CO                       | CUSIP: 19633TAZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3067478.70   | 0.09%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828544U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8868654.60   | 0.26%             | 2045-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | REGL TRANSPRTN AUTH IL                                       | CUSIP: 7599116N5<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5057938.40   | 0.15%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GGS6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5330000 | PA      | $5500003.55   | 0.16%             | 2046-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442332DD1<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    350000 | PA      | $373360.24    | 0.01%             | 2040-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MQB0<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4875000 | PA      | $4679783.89   | 0.14%             | 2043-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TVD2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $6721906.16   | 0.20%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | CUSIP: 74528LAB7<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1300787.43   | 0.04%             | 2042-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SPP5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10130017.90  | 0.29%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SME3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   7470000 | PA      | $7654138.64   | 0.22%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675936D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011764.68   | 0.03%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20435000 | PA      | $16463743.64  | 0.48%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1743613.87   | 0.05%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEX2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  15520000 | PA      | $15901940.99  | 0.46%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH DIST                                     | CUSIP: 115067MC1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |  26044996 | PA      | $26091360.27  | 0.76%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |  21885000 | PA      | $23618804.11  | 0.69%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | NORTHWEST TX INDEP SCH DIST                                  | CUSIP: 667826DU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5130000 | PA      | $5180462.01   | 0.15%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesterfield County Economic Development Authority                               | CHESTERFIELD CNTY VA ECON DEV AUTH REVENUE                   | CUSIP: 16639EBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014934.31   | 0.03%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG                  | CUSIP: 48504NAN9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4921220.80   | 0.14%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3443134.87   | 0.10%             | 2044-10-01      | Fixed         | 5.00%                 | 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        |   3125000 | PA      | $3273203.13   | 0.10%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19910000 | PA      | $19664568.56  | 0.57%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8925000 | PA      | $8544973.23   | 0.25%             | 2058-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                     | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579V79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5560000 | PA      | $5695210.25   | 0.17%             | 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: 64972GK29<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4038709.72   | 0.12%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153PJ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2972699.81   | 0.09%             | 2048-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371514Y2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   7520000 | PA      | $7534962.32   | 0.22%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                          | WASHINGTON SUBURBAN SAN DIST MD                              | CUSIP: 940158JP4<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   9270000 | PA      | $9829304.06   | 0.29%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822ZR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3116481.87   | 0.09%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEJ0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4545000 | PA      | $2954250.00   | 0.09%             | 2024-07-01      | Fixed         | 5.38%                 | 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        |   3355000 | PA      | $2264625.00   | 0.07%             | 2062-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HL92<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4697303.75   | 0.14%             | 2049-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   7450000 | PA      | $7837277.60   | 0.23%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BLP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3130000 | PA      | $3146476.01   | 0.09%             | 2055-01-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Convention Center Hotel Revenue                             | BROWARD CNTY FL CONVENTION CTR HOTEL REVENUE                 | CUSIP: 115012AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10104357.10  | 0.29%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Water Reclamation District                                          | CLARK CNTY NV WTR RECLAMATION DIST                           | CUSIP: 181070FZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3351725.14   | 0.10%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647PB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2490036.76   | 0.07%             | 2044-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFK6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3250000.00   | 0.09%             | 2020-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fredericksburg Independent School District                                       | FREDERICKSBURG TX INDEP SCH DIST                             | CUSIP: 355838JP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8120000 | PA      | $8225375.59   | 0.24%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SPH3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4181610.12   | 0.12%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VPN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4509176.25   | 0.13%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140JD6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5315499.94   | 0.15%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Douglas County School District No Re-1 Douglas & Elbert Counties                 | DOUGLAS CNTY CO SCH DIST #RE-1 DOUGLAS & ELBERT CNTYS        | CUSIP: 258885S78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12434746.44  | 0.36%             | 2044-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443JM9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  11950000 | PA      | $12652689.76  | 0.37%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12179332 | PA      | $11651692.01  | 0.34%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGK8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  16320000 | PA      | $16543535.86  | 0.48%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Epperson North Community Development District                                    | EPPERSON N CDD FL CAPITAL IMPT REVENUE                       | CUSIP: 29429VAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $656915.81    | 0.02%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sterling Hill Community Development District                                     | STERLING HILL FL CDD CAPITAL IMPT REVENUE                    | CUSIP: 85933TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    142545 | PA      | $64102.49     | 0.00%             | 2010-11-01      | Fixed         | 5.50%                 | 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        |   6900000 | PA      | $7111304.08   | 0.21%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GRL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17419995 | PA      | $17104782.58  | 0.50%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp                                                            | MISSISSIPPI ST HOME CORP MF REVENUE                          | CUSIP: 60535NDQ7<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   3975000 | PA      | $3861828.97   | 0.11%             | 2042-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647PC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3118680.51   | 0.09%             | 2045-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KGV9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5063383.50   | 0.15%             | 2048-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA Sewer Revenue                                               | FAIRFAX CNTY VA SWR REVENUE                                  | CUSIP: 303867MD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5121302.80   | 0.15%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | CUSIP: 592190NN8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   5890000 | PA      | $5830448.86   | 0.17%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JAW8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527822.99   | 0.04%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $615969.47    | 0.02%             | 2041-09-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8180512.08   | 0.24%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582R4C7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10117966.50  | 0.29%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | CHESTER CNTY PA HLTH & EDU FACS AUTH REVENUE                 | CUSIP: 165579FG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $523961.55    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 48504LAD5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   8059543 | PA      | $5343596.53   | 0.16%             | 2046-11-15      | 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        |   5360000 | PA      | $5292687.57   | 0.15%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | COLUMBUS OH REGL ARPT AUTH REVENUE                           | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4092278.12   | 0.12%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pottsboro Independent School District/TX                                         | POTTSBORO TX INDEP SCH DIST                                  | CUSIP: 738255MX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4180000 | PA      | $4225584.82   | 0.12%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YMZ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4746917.70   | 0.14%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4110000 | PA      | $3961577.26   | 0.12%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westside Haines City Community Development District                              | WESTSIDE HAINES CITY CDD SPL ASSMNT                          | CUSIP: 96150AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $64334.72     | 0.00%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5880000 | PA      | $3790508.60   | 0.11%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3040000 | PA      | $1976000.00   | 0.06%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                          | DORCHESTER CNTY SC ASSMNT REVENUE                            | CUSIP: 258149AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2334700.07   | 0.07%             | 2040-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Lafayette LA Utilities Revenue                                           | LAFAYETTE LA UTILITIES REVENUE                               | CUSIP: 506498F25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5910000 | PA      | $6041699.39   | 0.18%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                          | LOUISIANA STADIUM & EXPOSITION DIST LA                       | CUSIP: 546410CX7<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9887097.90   | 0.29%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028A52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10375719.50  | 0.30%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                     | MET ATLANTA RAPID TRANSIT AUTH GA SALES TAX REVENUE          | CUSIP: 591746BZ4<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   3295000 | PA      | $3409934.84   | 0.10%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFD2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  24370000 | PA      | $15840500.00  | 0.46%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GYB4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3033418.03   | 0.09%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTE8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1268518.26   | 0.04%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4118725.93   | 0.12%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423485S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $861079.72    | 0.03%             | 2030-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | OKLAHOMA ST TURNPIKE AUTH                                    | CUSIP: 679111E42<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4660181.01   | 0.14%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1385980.44   | 0.04%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                           | UNIV OF TEXAS TX PERMANENT UNIV FND                          | CUSIP: 915130CG1<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1790963.69   | 0.05%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001NH1<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3505289.79   | 0.10%             | 2049-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SHD1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  16365000 | PA      | $16711891.03  | 0.49%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4300000 | PA      | $2795000.00   | 0.08%             | 2017-07-01      | Fixed         | 5.50%                 | 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        |   1000000 | PA      | $1000083.69   | 0.03%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506EKM4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3510000 | PA      | $3612138.72   | 0.10%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA FL WTR & SWR REVENUE                                     | CUSIP: 46615SFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5163597.50   | 0.15%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974E3C8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   8220000 | PA      | $8393469.62   | 0.24%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRIAL   | CUSIP: 25490LAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185257.18    | 0.01%             | 2029-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FD28<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036091.84   | 0.03%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QTJ8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028513.03   | 0.03%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                                 | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3569895.89   | 0.10%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/VA                                             | TOBACCO SETTLEMENT FING CORP VA                              | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24495000 | PA      | $17864642.70  | 0.52%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 48504LAE3<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   3596943 | PA      | $164590.86    | 0.00%             | 2046-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9999998 | PA      | $9785085.00   | 0.28%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FF37<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  10135000 | PA      | $10265690.52  | 0.30%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Polk IA                                                                | POLK CNTY IA                                                 | CUSIP: 7311973N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5086709.60   | 0.15%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                            | COLUMBIA SC WTRWKS & SWR SYS                                 | CUSIP: 198504K68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6110000 | PA      | $6327637.53   | 0.18%             | 2052-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                               | ADAMS CNTY CO COPS                                           | CUSIP: 005596FF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10065000 | PA      | $10400089.42  | 0.30%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UBP2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    440000 | PA      | $440288.66    | 0.01%             | 2034-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DVQ2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1789972.85   | 0.05%             | 2048-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FSJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $957471.80    | 0.03%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sawyers Landing Community Development District                                   | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE                    | CUSIP: 805517AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3015000 | PA      | $2377125.25   | 0.07%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822WK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10020884.70  | 0.29%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444453B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9999998 | PA      | $10153642.82  | 0.30%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582R4F0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10082006.80  | 0.29%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GMF7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5655812.91   | 0.16%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | PRINCE GEORGES CNTY MD                                       | CUSIP: 741702BN3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4786937.15   | 0.14%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Water Reclamation District                                          | CLARK CNTY NV WTR RECLAMATION DIST                           | CUSIP: 181070FU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12020000 | PA      | $12557837.91  | 0.37%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSU1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2208374.08   | 0.06%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Yuma Industrial Development Authority                                            | YUMA AZ INDL DEV AUTH HOSP REVENUE                           | CUSIP: 988514DE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4135000 | PA      | $4153913.37   | 0.12%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KMG8<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   4455000 | PA      | $4943120.09   | 0.14%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UJG4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4090000 | PA      | $3289951.79   | 0.10%             | 2056-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Monroe FL                                                              | MONROE CNTY FL INFRASTRUCTURE SALES SURPLUS TAX REVENUE      | CUSIP: 61050PBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5560000 | PA      | $5467216.83   | 0.16%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                 | CUSIP: 64985TEK3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7260279.39   | 0.21%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576KB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2958459.78   | 0.09%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBV0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4258017.35   | 0.12%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Celina Independent School District                                               | CELINA TX INDEP SCH DIST                                     | CUSIP: 151145B40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $2028961.19   | 0.06%             | 2042-02-15      | Fixed         | 5.25%                 | 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        |   5680000 | PA      | $6140420.12   | 0.18%             | 2054-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EM45<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3310000 | PA      | $3372835.52   | 0.10%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582R2Z8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   6220000 | PA      | $6304561.65   | 0.18%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063D5R5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7080000 | PA      | $7427679.54   | 0.22%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KGX5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  16150000 | PA      | $16288153.24  | 0.47%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL Water & Sewer Revenue                                 | FORT LAUDERDALE FL WTR & SWR REVENUE                         | CUSIP: 347658C46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2684001.78   | 0.08%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Talavera Community Development District                                          | TALAVERA CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 87410PAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $646976.82    | 0.02%             | 2050-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | PORTLAND OR SWR SYS REVENUE                                  | CUSIP: 736742K63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15140000 | PA      | $15420855.63  | 0.45%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 1966327Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3729037.86   | 0.11%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  31050000 | PA      | $33320604.84  | 0.97%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LJM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4875000 | PA      | $4884736.11   | 0.14%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |  52565000 | PA      | $58098349.34  | 1.69%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEL5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1907477 | PA      | $1239860.05   | 0.04%             | 2020-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Upper Darby School District/PA                                                   | UPPER DARBY PA SCH DIST                                      | CUSIP: 915633QH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5610000 | PA      | $5631776.22   | 0.16%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505KG0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5310000 | PA      | $5394244.48   | 0.16%             | 2029-12-01      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GYK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1823919.32   | 0.05%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDS1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2440000 | PA      | $1586000.00   | 0.05%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDY8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $2028000.00   | 0.06%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        | 133094841 | PA      | $73189362.71  | 2.13%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | ORLANDO FL UTILITIES COMMISSION UTILITY SYS REVENUE          | CUSIP: 686507NE0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5063848.10   | 0.15%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   7725000 | PA      | $8207585.62   | 0.24%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002698.74   | 0.09%             | 2038-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                          | WILLIAMSON CNTY TX                                           | CUSIP: 969888EK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2062753.66   | 0.06%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AMM1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   4395000 | PA      | $3735008.96   | 0.11%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KET1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49366.86     | 0.00%             | 2026-05-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | HILLSBOROUGH CNTY FL AVIATION AUTH                           | CUSIP: 432308W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3005000 | PA      | $3103631.37   | 0.09%             | 2049-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153KW8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2560950.43   | 0.07%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TYU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50062.41     | 0.00%             | 2026-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Harbor Bay Community Development District                                        | HARBOR BAY FL CDD CAPITAL IMPT REVENUE                       | CUSIP: 411466AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1124301.84   | 0.03%             | 2048-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576LZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5430000 | PA      | $5561049.63   | 0.16%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CFM0<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4054216.00   | 0.12%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                   | OKLAHOMA ST WTR RES BRD ST LOAN PROGRAM REVENUE              | CUSIP: 67920Q3Y2<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   3730000 | PA      | $3254539.40   | 0.09%             | 2053-10-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | CUSIP: 93978LGC4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    295000 | PA      | $294976.23    | 0.01%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | PLANO TX INDEP SCH DIST                                      | CUSIP: 727199C82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5224048.99   | 0.15%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582TCD2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   9999998 | PA      | $10128638.96  | 0.29%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794L42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002644.05   | 0.09%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE     | CUSIP: 05616KAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195133.26    | 0.01%             | 2026-11-01      | Fixed         | 4.75%                 | 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        |   5865000 | PA      | $5903391.06   | 0.17%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 6582077Q2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4945000 | PA      | $5529974.36   | 0.16%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHRT SCH LEASE REVENUE           | CUSIP: 130486AJ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2760000 | PA      | $2687582.21   | 0.08%             | 2044-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                  | FAIRFAX CNTY VA INDL DEV AUTH REVENUE                        | CUSIP: 303823MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1517027.37   | 0.04%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington & Clackamas Counties School District No 23J Tigard-Tualatin           | WASHINGTON & CLACKAMAS CNTYS OR SCH DIST #23 J TIGARD        | CUSIP: 938395TK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3233052.71   | 0.09%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | DALLAS TX                                                    | CUSIP: 235219VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6020000 | PA      | $6248031.76   | 0.18%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112WA0<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1600297.32   | 0.05%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | SAINT LOUIS MO ARPT REVENUE                                  | CUSIP: 791638T25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17400000 | PA      | $17824794.03  | 0.52%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2202543.08   | 0.06%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001JU7<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |  28050000 | PA      | $28933778.74  | 0.84%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 593340AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2107903.04   | 0.06%             | 2050-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDJ1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7025000 | PA      | $4566250.00   | 0.13%             | 2022-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $215546.84    | 0.01%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TUY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102953.57    | 0.00%             | 2034-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442332DG4<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    570000 | PA      | $596501.14    | 0.02%             | 2043-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                             | N TX MUNI WTR DIST REGL WSTWTR SYS CONTRACT REVENUE          | CUSIP: 66283AKW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4759922.12   | 0.14%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12395000 | PA      | $879091.20    | 0.03%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582TBX9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021025.70   | 0.03%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5096186.05   | 0.15%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                        | CHICAGO IL SPL ASSMNT                                        | CUSIP: 167686AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    221000 | PA      | $214285.46    | 0.01%             | 2027-12-01      | Fixed         | 2.87%                 | 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        |   6000000 | PA      | $6042375.18   | 0.18%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                                 | SEATTLE WA DRAIN & WSTWTR REVENUE                            | CUSIP: 812631TR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $646212.44    | 0.02%             | 2050-05-01      | 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        |   5485000 | PA      | $5500487.23   | 0.16%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | COLUMBUS-FRANKLIN CNTY OH FIN AUTH MF HSG REVENUE            | CUSIP: 19910XAL0<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2492204.48   | 0.07%             | 2043-11-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EM37<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3365000 | PA      | $3436437.70   | 0.10%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEK7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  18867236 | PA      | $12263703.40  | 0.36%             | 2018-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                            | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE               | CUSIP: 63968M7F0<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1746556.12   | 0.05%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | OREGON ST                                                    | CUSIP: 68609UCP8<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1876248.59   | 0.05%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Memphis Arena Public Building Authority                                      | NEW MEMPHIS ARENA PUBLIC BLDG AUTH TN                        | CUSIP: 64704CAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $742225.80    | 0.02%             | 2030-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TVA8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  11060000 | PA      | $9552816.75   | 0.28%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28080000 | PA      | $2479157.65   | 0.07%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lower Magnolia Green Community Development Authority                             | LOWER MAGNOLIA GREEN VA CMNTY DEV AUTH SPL ASSMNT            | CUSIP: 548207AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2561442.57   | 0.07%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470HY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11890000 | PA      | $11944163.23  | 0.35%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JJF1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1580875.36   | 0.05%             | 2059-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Town of Wakefield MA                                                             | WAKEFIELD MA                                                 | CUSIP: 931065XK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5092863.85   | 0.15%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFQ3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  10400000 | PA      | $6760000.00   | 0.20%             | 2049-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QVW7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   7415000 | PA      | $7414944.02   | 0.22%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Center Community Development District                                    | VLG CENTER FL CDD RECREATIONAL REVENUE                       | CUSIP: 92706NDD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521694.34   | 0.04%             | 2036-11-01      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                        | CHICAGO IL SPL ASSMNT                                        | CUSIP: 167686AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    267000 | PA      | $261884.75    | 0.01%             | 2026-12-01      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                            | THE CHILDRENS TRUST FUND PR TOBACCO SETTLEMENT REVENUE       | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 222915000 | PA      | $10663841.21  | 0.31%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PDD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5085000 | PA      | $2542500.00   | 0.07%             | 2046-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   6760000 | PA      | $7385163.31   | 0.21%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153KG3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4019158.64   | 0.12%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority                                | PORT BEAUMONT TX INDL DEV AUTH                               | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16545000 | PA      | $14800533.25  | 0.43%             | 2028-01-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Alta Lakes Community Development District                                        | ALTA LAKES CMNTY DEV DIST FL SPL ASSMNT                      | CUSIP: 021304AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $434138.25    | 0.01%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GLQ4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8231301.92   | 0.24%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH CHARTER SCH LEASE REV            | CUSIP: 64578QAD2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    265000 | PA      | $265073.88    | 0.01%             | 2026-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH MF REVENUE                          | CUSIP: 45202BSV9<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   5275000 | PA      | $4685816.79   | 0.14%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582R4A1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   9499998 | PA      | $9654228.27   | 0.28%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGC6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3850125.36   | 0.11%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |  20670000 | PA      | $14735966.49  | 0.43%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17065000 | PA      | $8532500.00   | 0.25%             | 2035-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2670994.56   | 0.08%             | 2032-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9999998 | PA      | $10007973.19  | 0.29%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | BRIDGEVILLE DE SPL OBLIG                                     | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $327229.90    | 0.01%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Celebration Pointe Community Development District No 1                           | CELEBRATION POINTE CMNTY DEV DIST NO 1 FL SPL ASSMNT REVENUE | CUSIP: 15102HAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $738750.00    | 0.02%             | 2045-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HCJ4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  11120000 | PA      | $11158067.21  | 0.32%             | 2057-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JJF6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4027756.04   | 0.12%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterbury Housing Authority                                                      | WATERBURY CT HSG AUTH MF HSG REVENUE                         | CUSIP: 941260AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3705000 | PA      | $3558344.50   | 0.10%             | 2042-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEW1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   9505000 | PA      | $6178250.00   | 0.18%             | 2028-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | CMNTY DEV ADMIN MD MF DEV REVENUE                            | CUSIP: 20364NCJ4<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | MUN               | US        |  11375000 | PA      | $10402995.22  | 0.30%             | 2044-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue               | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE     | CUSIP: 79771FCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5189313.50   | 0.15%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities                     | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE | CUSIP: 566736HU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6350000 | PA      | $7119445.76   | 0.21%             | 2055-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                             | CHARLOTTE CNTY FL INDL DEV AUTH UTILITY SYS REVENUE          | CUSIP: 16080TAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2745393.52   | 0.08%             | 2036-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                        | WINCHESTER VA ECON DEV AUTH ANNUAL APPROP ECON DEV           | CUSIP: 973123AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1460117.26   | 0.04%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1635349.35   | 0.05%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KFX6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5141376.90   | 0.15%             | 2052-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUB BLDG AUTH PUBLIC FACS REVENUE                | CUSIP: 928173EK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5145644.00   | 0.15%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                 | CUSIP: 64985TES6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12103009.64  | 0.35%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QTG4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042400.06   | 0.06%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YED3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $1771250.00   | 0.05%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PEU5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $109225.00    | 0.00%             | 2031-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905453L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1799974.52   | 0.05%             | 2044-07-01      | 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: 64972GYG3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3835000 | PA      | $3563795.01   | 0.10%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | CUSIP: 83704MCH7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   6915000 | PA      | $6241338.83   | 0.18%             | 2062-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Sanitary Sewerage System Revenue                              | MEMPHIS TN SANTN SWR SYS REVENUE                             | CUSIP: 586200UF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4015000 | PA      | $4049416.30   | 0.12%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PKY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9999998 | PA      | $10011440.19  | 0.29%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BW0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |  11525000 | PA      | $11869713.33  | 0.35%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTU2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  10555000 | PA      | $11089839.69  | 0.32%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | KANSAS ST DEV FIN AUTH REVENUE                               | CUSIP: 48542RXJ8<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   7495000 | PA      | $7925102.45   | 0.23%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AWY7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5042686.10   | 0.15%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896VH5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4866419.60   | 0.14%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |  30150000 | PA      | $32794657.60  | 0.95%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                          | PRINCE WILLIAM CNTY VA SVC AUTH WTR & SWR SYS REVENUE        | CUSIP: 741765HZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1953259.77   | 0.06%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1642522.47   | 0.05%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UBN7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300301.37    | 0.01%             | 2029-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | KANSAS ST DEV FIN AUTH REVENUE                               | CUSIP: 48542RU51<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   7690000 | PA      | $7806081.01   | 0.23%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3223307.36   | 0.09%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FX33<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2739861.36   | 0.08%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                                    | Nuveen AMT-Free Quality Municipal Income Fund                | CUSIP: 670657105<br>LEI: 549300OTYQOOXS64NI63 | Long             | EC               | RF                | US        |   1750000 | NS      | $19250000.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CGL1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5201769.65   | 0.15%             | 2054-01-01      | Fixed         | 5.25%                 | 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: 64972GF41<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3920346.00   | 0.11%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905453N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $911554.84    | 0.03%             | 2049-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Red Barn Metropolitan District                                                   | RED BARN MET DIST CO                                         | CUSIP: 75633SAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1989863.59   | 0.06%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QL57<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4015000 | PA      | $4098458.48   | 0.12%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Affordable Housing Opportunities Trust Series AH-01                              | AFFORDABLE HSG OPPORTUNITIES TRUST                           | CUSIP: 00826SAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14874332 | PA      | $14408023.42  | 0.42%             | 2039-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U87<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6890000 | PA      | $6895244.53   | 0.20%             | 2029-07-01      | Fixed         | 3.95%                 | 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        |  15000000 | PA      | $15413447.55  | 0.45%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11211509 | PA      | $10271009.23  | 0.30%             | 2041-10-20      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   8158395 | PA      | $7540211.30   | 0.22%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Deer Park Independent School District                                            | DEER PARK TX INDEP SCH DIST                                  | CUSIP: 2441272G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5070028.70   | 0.15%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FW91<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9495461.30   | 0.28%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TUX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $812752.35    | 0.02%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                      | CHERRY HILL VA CMNTY DEV AUTHSPL ASSMNT                      | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999959.03    | 0.03%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| North AR-1 Pasco Community Development District                                  | NORTH AR-1 PASCO CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 65725AAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406945.62    | 0.01%             | 2044-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFC4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  13440000 | PA      | $8736000.00   | 0.25%             | 2040-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                      | UNIV HOSPS & CLINICS AUTH WI                                 | CUSIP: 915260FS7<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1619728.07   | 0.05%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | OHIO ST HSG FIN AGY RSDL MTGE REVENUE                        | CUSIP: 67756Q7Y7<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1438750.65   | 0.04%             | 2049-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | BRIDGEVILLE DE SPL OBLIG                                     | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $761841.05    | 0.02%             | 2053-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971X8D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5520000 | PA      | $5684081.78   | 0.17%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alta Lakes Community Development District                                        | ALTA LAKES CMNTY DEV DIST FL SPL ASSMNT                      | CUSIP: 021304AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1531357.86   | 0.04%             | 2049-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 6589098C3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   4665000 | PA      | $5225814.36   | 0.15%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Lakeshore East Special Assessment Area                        | CHICAGO IL SPL ASSMNT                                        | CUSIP: 167686AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    327000 | PA      | $325462.27    | 0.01%             | 2025-12-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4M0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $3683647.71   | 0.11%             | 2042-10-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| City of Midland TX                                                               | MIDLAND TX                                                   | CUSIP: 5977497Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3237653.84   | 0.09%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEU5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3980000 | PA      | $2587000.00   | 0.08%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UTU8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5275370.26   | 0.15%             | 2059-02-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6700000 | PA      | $3746613.80   | 0.11%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FC94<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042818.53   | 0.03%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153HS1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4775037.96   | 0.14%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817XZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9999998 | PA      | $9665278.49   | 0.28%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SHG4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6925000 | PA      | $6981733.20   | 0.20%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCY9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5540000 | PA      | $3601000.00   | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23000000 | PA      | $24928169.81  | 0.72%             | 2048-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7780000 | PA      | $7509154.24   | 0.22%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HFG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047142.80   | 0.06%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clark County Water Reclamation District                                          | CLARK CNTY NV WTR RECLAMATION DIST                           | CUSIP: 181070FY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12335000 | PA      | $12615001.29  | 0.37%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFG5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2177500.00   | 0.06%             | 2043-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE      | CUSIP: 64972LAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4865000 | PA      | $5321034.01   | 0.15%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                           | UNIV OF TEXAS TX PERMANENT UNIV FND                          | CUSIP: 915130AC2<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3914752.26   | 0.11%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RDA8<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    670000 | PA      | $670641.67    | 0.02%             | 2032-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | LAS VEGAS VLY NV WTR DIST                                    | CUSIP: 517845TJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10383946.23  | 0.30%             | 2050-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252QD4<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10313177.50  | 0.30%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDV4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $1709500.00   | 0.05%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | LAS VEGAS VLY NV WTR DIST                                    | CUSIP: 517845TH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4230000 | PA      | $4364842.21   | 0.13%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EH74<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  14025000 | PA      | $14568705.21  | 0.42%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH FEDERAL LEASE REVENUE                   | CUSIP: 63607VAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8545000 | PA      | $6019812.11   | 0.17%             | 2032-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COOPERATIVE DIST COMMODITY SPLY REV | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  31495000 | PA      | $33570699.71  | 0.98%             | 2054-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285ADR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16929999 | PA      | $17391246.63  | 0.51%             | 2044-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TL76<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  22745000 | PA      | $18722219.22  | 0.54%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UGG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $383935.56    | 0.01%             | 2052-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No 500 Kansas City                      | WYANDOTTE CNTY KS UNIF SCH DIST #500                         | CUSIP: 982696SW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17090000 | PA      | $17018790.76  | 0.49%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFJ9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   9398900 | PA      | $6109285.00   | 0.18%             | 2020-01-01      | Fixed         | 7.50%                 | 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        |   2765000 | PA      | $2696095.45   | 0.08%             | 2046-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PMV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   8530000 | PA      | $7036269.31   | 0.20%             | 2049-10-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | CUSIP: 74528LAA9<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1984478.00   | 0.06%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BR52<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2461381.45   | 0.07%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                            | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005C97<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |  11670000 | PA      | $11817604.03  | 0.34%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7677476.89   | 0.22%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                    | HENRICO CNTY VA ECON DEV AUTH HLTH FACS REVENUE              | CUSIP: 42605XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1417301.84   | 0.04%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County Public Hospital District                                         | SARASOTA CNTY FL PUBLIC HOSP DIST                            | CUSIP: 803301DL1<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   9230000 | PA      | $7552646.50   | 0.22%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6510000 | PA      | $6407715.53   | 0.19%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XQS4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2132855.15   | 0.06%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Mortgage Bonds                                                       | San Antonio Housing Trust Public Facility Corp               | CUSIP: 79626WAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3385000 | PA      | $3194735.92   | 0.09%             | 2043-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001JV5<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4100844.72   | 0.12%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDL8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    245000 | PA      | $244512.72    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Redevelopment Agency                                               | ATLANTA GA URBAN REDEV AGY REVENUE                           | CUSIP: 047851BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5605000 | PA      | $4531597.10   | 0.13%             | 2042-07-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99073.80     | 0.00%             | 2026-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                       | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3115000 | PA      | $3159879.83   | 0.09%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C6V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088381.66   | 0.06%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                     | VIRGINIA ST RESOURCES AUTH INFRASTRUCTURE REVENUE            | CUSIP: 92818P6A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5066848.75   | 0.15%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1900002.74   | 0.06%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1591164 | PA      | $1378561.05   | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655T1<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   6110000 | PA      | $5326445.84   | 0.15%             | 2052-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | JACKSONVILLE FL SPL REVENUE                                  | CUSIP: 469487WZ1<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5179908.35   | 0.15%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389E46<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4306447.20   | 0.13%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PKX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15025657.65  | 0.44%             | 2050-07-01      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | DALLAS TX                                                    | CUSIP: 235219ZC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12185000 | PA      | $10832423.33  | 0.31%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFP5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $757250.00    | 0.02%             | 2018-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392275EH2<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5065000 | PA      | $5314185.13   | 0.15%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA FL WTR & SWR REVENUE                                     | CUSIP: 46615SGJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2338523.35   | 0.07%             | 2049-10-01      | 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: 64971X4F2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13315000 | PA      | $13686872.64  | 0.40%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CEH8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9215098.56   | 0.27%             | 2056-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562SH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3285000 | PA      | $3313096.90   | 0.10%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFN0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $841750.00    | 0.02%             | 2017-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JAX6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014015.27   | 0.03%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LJP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1981773.38   | 0.06%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH REVENUE                       | CUSIP: 107416PK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $558800.08    | 0.02%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE       | CUSIP: 83703EMW2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    775000 | PA      | $811094.98    | 0.02%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822WK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15031327.05  | 0.44%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue  | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 5920983Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5113950.68   | 0.15%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR   | CUSIP: 928097AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1869696.96   | 0.05%             | 2049-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822YB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17500000 | PA      | $17962305.73  | 0.52%             | 2049-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                  | ALBEMARLE CNTY VA ECON DEV AUTH PUBLIC FAC REVENUE           | CUSIP: 01266HFJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5450000 | PA      | $5694721.95   | 0.17%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                            | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843WP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $967194.65    | 0.03%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  17700000 | PA      | $18029459.13  | 0.52%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | DALLAS TX                                                    | CUSIP: 235219VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8367186.24   | 0.24%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL FAC REVENUE                           | CUSIP: 74446DAH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1490770.41   | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   7866549 | PA      | $6475128.52   | 0.19%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7860000 | PA      | $7870354.53   | 0.23%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                    | KING CNTY WA HSG AUTH                                        | CUSIP: 494759TB9<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6109487.46   | 0.18%             | 2045-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | KANSAS ST DEV FIN AUTH REVENUE                               | CUSIP: 48542RU93<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |  26824996 | PA      | $27015644.18  | 0.79%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University Health System Authority                         | VIRGINIA ST CMWLTH UNIV HLTH SYS AUTH REVENUE                | CUSIP: 92778LDK3<br>LEI: 07ROV40HIZGU2Q6OXJ58 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2091072.65   | 0.06%             | 2054-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | CUSIP: 592190PF3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1218979.07   | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCB9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1176500.00   | 0.03%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8202367.52   | 0.24%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                        | DENVER CITY & CNTY CO SCH DIST #1                            | CUSIP: 249174ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6990000 | PA      | $7472770.36   | 0.22%             | 2047-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| University of Oregon                                                             | UNIV OF OREGON OR GEN REVENUE                                | CUSIP: 914767AD0<br>LEI: 549300FHOP2K4GYRPY40 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10052949.50  | 0.29%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5985000 | PA      | $4899694.10   | 0.14%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13255868.00  | 0.39%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HFF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4519297.04   | 0.13%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        | 167362156 | NS      | $167378891.89 | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Charleston SC Waterworks & Sewer System Revenue                          | CHARLESTON SC WTRWKS & SWR REVENUE                           | CUSIP: 160429XV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5955000 | PA      | $5997420.86   | 0.17%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                              | LEANDER TX INDEP SCH DIST                                    | CUSIP: 521841S80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3545000 | PA      | $3598199.89   | 0.10%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH MF                              | CUSIP: 48504RAA8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   7475376 | PA      | $6990282.08   | 0.20%             | 2042-09-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE                       | CUSIP: 594479HQ3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4020000 | PA      | $1623075.00   | 0.05%             | 2057-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFK2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   8060000 | PA      | $8076097.59   | 0.23%             | 2053-10-01      | 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: 15102HAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $578650.00    | 0.02%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828546E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1227788.81   | 0.04%             | 2044-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AXK3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4418542.50   | 0.13%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905452M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10249268.30  | 0.30%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3585000 | PA      | $3706515.91   | 0.11%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Multifamily Mortgage Bonds                                                       | City of Dallas Housing Finance Corp                          | CUSIP: 235298CA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3300000 | PA      | $3195208.17   | 0.09%             | 2043-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YNA3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4536610.80   | 0.13%             | 2043-10-01      | 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: 64972GG32<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027296.75   | 0.03%             | 2054-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 136220000 | PA      | $12466246.86  | 0.36%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FYP3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4396836.85   | 0.13%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PEW1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $109225.00    | 0.00%             | 2047-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJQ7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2461633.36   | 0.07%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXQ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  19000000 | PA      | $19585497.54  | 0.57%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445C80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525471.35   | 0.04%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042R8P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18500000 | PA      | $17502387.13  | 0.51%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3763000 | PA      | $3780653.70   | 0.11%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL FAC REVENUE                           | CUSIP: 74446DAJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6310000 | PA      | $4851885.58   | 0.14%             | 2054-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506EMM2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1413841.72   | 0.04%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GYP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5165758.15   | 0.15%             | 2050-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TYT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4930000 | PA      | $4280697.65   | 0.12%             | 2054-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL Utility System Revenue                                     | SARASOTA CNTY FL UTILITY SYS REVENUE                         | CUSIP: 803321RL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14795000 | PA      | $15320240.99  | 0.45%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTT5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10069809.00  | 0.29%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528VFS3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4054049.68   | 0.12%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                            | COLUMBIA CNTY GA HOSP AUTH                                   | CUSIP: 197479AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3431020.98   | 0.10%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780MF61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9999998 | PA      | $9753562.64   | 0.28%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAA3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |     17686 | PA      | $18052.25     | 0.00%             | 2035-01-15      | Fixed         | 4.25%                 | 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        |   3750000 | PA      | $3864242.36   | 0.11%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1092490.62   | 0.03%             | 2035-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                    | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036JK3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   4070000 | PA      | $4082509.47   | 0.12%             | 2055-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SAZ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  11675000 | PA      | $11960294.27  | 0.35%             | 2049-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Nantucket MA                                                             | NANTUCKET MA                                                 | CUSIP: 6301915L4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1119603.96   | 0.03%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562TJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1272170.73   | 0.04%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GGR8<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   6515000 | PA      | $6806129.09   | 0.20%             | 2043-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4752716.45   | 0.14%             | 2054-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No 10 Tacoma                                       | PIERCE CNTY WA SCH DIST #10 TACOMA                           | CUSIP: 720424G46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015934.22   | 0.03%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418066V7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $2953084.87   | 0.09%             | 2062-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                           | COLORADO HSG & FIN AUTH MF TAX-EXEMPT MTGE-BACKED SECURITIES | CUSIP: 19648WAD9<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2491050.55   | 0.07%             | 2044-03-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789083V4<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   4905000 | PA      | $4719864.26   | 0.14%             | 2051-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | NORTHWEST TX INDEP SCH DIST                                  | CUSIP: 667826EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5865000 | PA      | $5922693.30   | 0.17%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                   | OKLAHOMA ST WTR RESOURCE BRD REVOLVING FUND REVENUE          | CUSIP: 67919PWA7<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3135991.98   | 0.09%             | 2050-04-01      | Fixed         | 5.25%                 | 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        |   3330000 | PA      | $3543485.40   | 0.10%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hobe-St Lucie Conservancy District                                               | HOBE ST LUCIE CONSERVANCY DIST FL                            | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1614791.60   | 0.05%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFX4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2743062.97   | 0.08%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1186250.00   | 0.03%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |  12640000 | PA      | $13480581.36  | 0.39%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | ORLANDO FL UTILITIES COMMISSION UTILITY SYS REVENUE          | CUSIP: 686507LE2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10096533.20  | 0.29%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442332DB5<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    535000 | PA      | $570046.88    | 0.02%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 5742186N8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10405000 | PA      | $10488211.70  | 0.30%             | 2055-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3958718.88   | 0.12%             | 2044-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Charleston SC Waterworks & Sewer System Revenue                          | CHARLESTON SC WTRWKS & SWR REVENUE                           | CUSIP: 160429B70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2555194.10   | 0.07%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWU9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1322503.64   | 0.04%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193788.38    | 0.01%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                          | FULTON CNTY GA DEV AUTH REVENUE                              | CUSIP: 36005FKC8<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   5085000 | PA      | $4376687.01   | 0.13%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $794467.85    | 0.02%             | 2051-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Westside Haines City Community Development District                              | WESTSIDE HAINES CITY CDD SPL ASSMNT                          | CUSIP: 96150AAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $446895.69    | 0.01%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966Q6Q8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500317.00   | 0.07%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XHF2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  39999999 | PA      | $39834465.62  | 1.16%             | 2052-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |  12155000 | PA      | $12488845.22  | 0.36%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U46<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    920000 | PA      | $851859.27    | 0.02%             | 2044-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905452J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7535000 | PA      | $7864396.97   | 0.23%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CFQ1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6383325.13   | 0.19%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | KANSAS ST DEV FIN AUTH REVENUE                               | CUSIP: 48542RT95<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   6295000 | PA      | $6520456.68   | 0.19%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDZ5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4870000 | PA      | $3165500.00   | 0.09%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 1966324E0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13235034.93  | 0.38%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westside Haines City Community Development District                              | WESTSIDE HAINES CITY CDD SPL ASSMNT                          | CUSIP: 96150AAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1170627.91   | 0.03%             | 2044-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HGG6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4300030.20   | 0.12%             | 2040-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/RI                                             | TOBACCO SETTLEMENT FING CORP RI                              | CUSIP: 888809AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12980000 | PA      | $1740977.68   | 0.05%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No 5 Cherry Creek                                | CHERRY CREEK CO SCH DIST #5                                  | CUSIP: 164555EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5720000 | PA      | $6103225.41   | 0.18%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054177.93   | 0.03%             | 2036-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YJV2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2926351.32   | 0.09%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SPL FAC REVENUE                  | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2106757.44   | 0.06%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                          | DORCHESTER CNTY SC ASSMNT REVENUE                            | CUSIP: 258149AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6240000 | PA      | $6261526.63   | 0.18%             | 2051-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11300000 | PA      | $11261046.75  | 0.33%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                           | COLORADO ST BRD OF GOVERNORS UNIV ENTERPRISE SYS REVENUE     | CUSIP: 1967072G7<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1592662.96   | 0.05%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17415000 | PA      | $18273339.03  | 0.53%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JGW2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3517034.07   | 0.10%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3645000 | PA      | $798838.78    | 0.02%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Crossings At Fleming Island Community Development District                       | CROSSINGS AT FLEMING ISLAND FL CDD                           | CUSIP: 22763UBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1997488.26   | 0.06%             | 2044-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GDM4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5331591.78   | 0.15%             | 2055-06-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YDS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5570000 | PA      | $5609547.39   | 0.16%             | 2048-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   6440000 | PA      | $4186000.00   | 0.12%             | 2020-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GGC3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   5910000 | PA      | $4062023.91   | 0.12%             | 2062-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                 | PORT HOUSTON TX AUTH                                         | CUSIP: 734262GW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20288374.40  | 0.59%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295G60<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5666965.25   | 0.16%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                     | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1663236 | PA      | $1562067.18   | 0.05%             | 2040-10-20      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4210565.48   | 0.12%             | 2055-03-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                       | CUSIP: 64613CFM5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2487825.33   | 0.07%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | OREGON ST                                                    | CUSIP: 68609UFL4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039315.18   | 0.06%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHRT SCH LEASE REVENUE           | CUSIP: 130486AH6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000361.56   | 0.03%             | 2034-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Harbor Bay Community Development District                                        | HARBOR BAY FL CDD CAPITAL IMPT REVENUE                       | CUSIP: 411466AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $911410.67    | 0.03%             | 2034-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $380093.13    | 0.01%             | 2039-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| New Memphis Arena Public Building Authority                                      | NEW MEMPHIS ARENA PUBLIC BLDG AUTH TN                        | CUSIP: 64704CAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $618502.33    | 0.02%             | 2029-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                | CHARLOTTE NC WTR & SWR SYS REVENUE                           | CUSIP: 161045RU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15472043.55  | 0.45%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midland Independent School District                                              | MIDLAND TX INDEP SCH DIST                                    | CUSIP: 5977833F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5076574.70   | 0.15%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH IN WSTWTR UTIL REVENUE                      | CUSIP: 45505MNG7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5104907.60   | 0.15%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   7850000 | PA      | $4867000.00   | 0.14%             | 2032-07-15      | Variable      | 14.00%                | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GGT4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5212517.15   | 0.15%             | 2050-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BL33<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   4080000 | PA      | $4100201.39   | 0.12%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAE5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4680560 | PA      | $3042364.00   | 0.09%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | KANSAS ST DEPT OF TRANSPRTN HIGHWAY REVENUE                  | CUSIP: 485424UE3<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2128675.35   | 0.06%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178933X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2585507.78   | 0.08%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750VA7<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   3760000 | PA      | $3799445.11   | 0.11%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CFC2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12517040.40  | 0.36%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582TDQ2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   9905000 | PA      | $10240771.08  | 0.30%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HDR5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  23785000 | PA      | $24249469.20  | 0.70%             | 2052-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Douglas County School District No Re-1 Douglas & Elbert Counties                 | DOUGLAS CNTY CO SCH DIST #RE-1 DOUGLAS & ELBERT CNTYS        | CUSIP: 258885S60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9980000 | PA      | $10413883.89  | 0.30%             | 2043-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  19225000 | PA      | $11919500.00  | 0.35%             | 2059-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| Lower Magnolia Green Community Development Authority                             | LOWER MAGNOLIA GREEN VA CMNTY DEV AUTH SPL ASSMNT            | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2695000 | PA      | $2676230.70   | 0.08%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  58575000 | PA      | $53596848.99  | 1.56%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | TRIBOROUGH NY BRIDGE & TUNNEL AUTH SALES TAX REVENUE         | CUSIP: 896035CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2203104.03   | 0.06%             | 2058-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2553239.21   | 0.07%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD PROJ REVENUE                                    | CUSIP: 05922KK99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9090000 | PA      | $9113070.33   | 0.26%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                      | LOUISVILLE & JEFFERSON CNTY KY MET SWR DIST SWR & DRAIN SYS  | CUSIP: 5465892B7<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |  11995000 | PA      | $12046603.40  | 0.35%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | TENNESSEE ST SCH BOND AUTH                                   | CUSIP: 880558QJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6520000 | PA      | $6608930.19   | 0.19%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4965000 | PA      | $4672564.58   | 0.14%             | 2046-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Shadowlawn Community Development District                                        | SHADOWLAWN CDD FL SPL ASSMNT REVENUE                         | CUSIP: 818820AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1477092.82   | 0.04%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Austin Community College District                                                | AUSTIN TX CMNTY CLG DIST                                     | CUSIP: 052403KJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8435000 | PA      | $8611514.52   | 0.25%             | 2053-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP REVENUE                        | CUSIP: 64966WHK6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   7570000 | PA      | $7219941.78   | 0.21%             | 2053-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | INDIANA ST MUNI PWR AGY                                      | CUSIP: 454898YV3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |  13025000 | PA      | $13491969.96  | 0.39%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAG0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   6867195 | PA      | $4463676.75   | 0.13%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Mohegan Tribal Finance Authority                                                 | MOHEGAN TRIBAL CT FIN AUTH                                   | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3090000 | PA      | $3078918.18   | 0.09%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                      | GREENSBORO NC ENTERPRISE SYS REVENUE                         | CUSIP: 395468PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6290000 | PA      | $6442707.87   | 0.19%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506ELB7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5195806.50   | 0.15%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                             | MICHIGAN ST TRUNK LINE                                       | CUSIP: 5946954P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6340000 | PA      | $6496424.41   | 0.19%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEQ4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   6025000 | PA      | $3916250.00   | 0.11%             | 2018-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445SV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9833223.33   | 0.29%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 6500092H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007888.64   | 0.06%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWX3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   9785000 | PA      | $9949309.62   | 0.29%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE     | CUSIP: 05616KBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1303292.65   | 0.04%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QVV9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1739841.62   | 0.05%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GQL9<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   7005000 | PA      | $7212746.09   | 0.21%             | 2048-05-15      | Fixed         | 5.25%                 | 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        |   4000000 | PA      | $4117630.32   | 0.12%             | 2048-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue  | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 5920983P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2820016.18   | 0.08%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Worthington City School District                                                 | WORTHINGTON OH CITY SCH DIST                                 | CUSIP: 982038TK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4958079.06   | 0.14%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YES0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $650000.00    | 0.02%             | 2020-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEF8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $851500.00    | 0.02%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $27431667.25  | 0.80%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   9280467 | PA      | $6540770.78   | 0.19%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE                         | CUSIP: 92812U6J2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    680000 | PA      | $623547.84    | 0.02%             | 2044-10-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEM3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  18870287 | PA      | $12265686.55  | 0.36%             | 2018-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Hanover County Economic Development Authority                                    | HANOVER CNTY VA ECON DEV AUTHRSDL CARE FAC REVENUE           | CUSIP: 41077CBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1506962.93   | 0.04%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                          | OREGON ST HSG & CMNTY SVCS DEPT MF REVENUE                   | CUSIP: 68608EMW9<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    165000 | PA      | $149226.36    | 0.00%             | 2043-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18425000 | PA      | $19182110.15  | 0.56%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAA3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |  12285000 | PA      | $7985250.00   | 0.23%             | 2031-07-01      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSW7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    375000 | PA      | $367744.65    | 0.01%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UJE9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  11970000 | PA      | $8465015.22   | 0.25%             | 2056-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA Water Revenue                                                 | NORFOLK VA WTR REVENUE                                       | CUSIP: 656009PJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5230000 | PA      | $5360941.52   | 0.16%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20131619.20  | 0.59%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JWD6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5229592.15   | 0.15%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YDR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3945000 | PA      | $4006966.88   | 0.12%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TPR8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8667965.70   | 0.25%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFM2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   7443786 | PA      | $4838460.90   | 0.14%             | 2020-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Westvaco Corp                                                                    | WESTVACO CORP NY                                             | CUSIP: 961548AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3172567.31   | 0.09%             | 2027-01-15      | Fixed         | 7.67%                 | No            |                  2 | On Loan: No      |
| North AR-1 Pasco Community Development District                                  | NORTH AR-1 PASCO CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 65725AAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $718856.15    | 0.02%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528U7V7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3400673.41   | 0.10%             | 2048-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | CHESTER CNTY PA HLTH & EDU FACS AUTH REVENUE                 | CUSIP: 165579EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1215219.15   | 0.04%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    195000 | PA      | $182509.00    | 0.01%             | 2054-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   6482150 | PA      | $6205663.10   | 0.18%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp                                             | NTHRN AK TOBACCO SECURITIZATION CORP TOBACCO SETTLEMENT REVE | CUSIP: 66585VBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $820358.58    | 0.02%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Mooresville NC                                                           | MOORESVILLE NC SPL ASSMNT REVENUE                            | CUSIP: 616129AA0<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    460000 | PA      | $456058.25    | 0.01%             | 2040-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 4140055B0<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3882124.31   | 0.11%             | 2050-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675934N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1903069.93   | 0.06%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153KB4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  11920000 | PA      | $12177086.86  | 0.35%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | CUSIP: 592190NK4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   5130000 | PA      | $5193393.10   | 0.15%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Memphis Arena Public Building Authority                                      | NEW MEMPHIS ARENA PUBLIC BLDG AUTH TN                        | CUSIP: 64704CAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $627620.00    | 0.02%             | 2031-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDT9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   8495000 | PA      | $5521750.00   | 0.16%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CJU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1212616.87   | 0.04%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                         | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10750000 | PA      | $643094.13    | 0.02%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | CUSIP: 74528LAC5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1982812.98   | 0.06%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** BlackRock Municipal Series Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer