# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001410368-25-032173
**Filing Date:** 2025-11
**Character Count:** 199388
**Document Hash:** 0dc2de726fe58765e5a6371e627895d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032173.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032173

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251525902

**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:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### iShares Municipal Bond Index Fund (Series ID: S000059911)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000195947 | Investor A        |  |
| C000195948 | Institutional     |  |
| C000195949 | Class K           |  |
| C000201952 | Investor P Shares |  |

## Nport-Ex

September 30, 2025

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

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

**iShares Municipal Bond Index Fund (BR-MNDX)**<br>

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

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

------

Schedule of Investments (unaudited)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 6.1%** | **Alabama — 6.1%** |  |
| **Corporate**<sup>(a)</sup> **— 4.0%** | **Corporate**<sup>(a)</sup> **— 4.0%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/52 | $1000 | &nbsp;&nbsp; $1022226 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/01/52 | 500 | &nbsp;&nbsp; 506007 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/55 | 1000 | &nbsp;&nbsp; 1081128 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 03/01/55 | 1000 | &nbsp;&nbsp; 1090421 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B, <br> 5.25%, 07/01/54<br>| 500 | &nbsp;&nbsp; 547838 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<br>| 500 | &nbsp;&nbsp; 542070 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | 1000 | &nbsp;&nbsp; 1060041 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 1000 | &nbsp;&nbsp; 1055751 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 03/01/55 | 500 | &nbsp;&nbsp; 534493 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/55 | 1000 | &nbsp;&nbsp; 1090788 |
|  |  | &nbsp;&nbsp; 8530763 |
| **Transportation — 0.5%** | **Transportation — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority, <br> Refunding RB, Series B, 5.00%, 09/01/32<br>| 1000 | &nbsp;&nbsp; 1148898 |
| **Utilities — 1.6%** | **Utilities — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 530 | &nbsp;&nbsp; 595404 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/53 | 415 | &nbsp;&nbsp; 434497 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A, 5.00%, 11/01/35<br>| 2250 | &nbsp;&nbsp; 2371573 |
|  |  | &nbsp;&nbsp; 3401474 |
| **Total Municipal Bonds in Alabama** | **Total Municipal Bonds in Alabama** | &nbsp;&nbsp; 13081135 |
| **Arizona — 0.3%** | **Arizona — 0.3%** |  |
| **Education — 0.2%** | **Education — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arizona Board of Regents, RB, Series A, Sustainability <br> Bonds, 5.00%, 07/01/54<br>| 500 | &nbsp;&nbsp; 518088 |
| **Health — 0.1%** | **Health — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Yuma Industrial Development Authority, Refunding RB, <br> Series A, 5.25%, 08/01/54<br>| 130 | &nbsp;&nbsp; 134660 |
| **Total Municipal Bonds in Arizona** | **Total Municipal Bonds in Arizona** | &nbsp;&nbsp; 652748 |
| **California — 14.7%** | **California — 14.7%** |  |
| **Corporate**<sup>(a)</sup> **— 2.5%** | **Corporate**<sup>(a)</sup> **— 2.5%** |  |
| California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 5.00%, 01/01/55 | 1000 | &nbsp;&nbsp; 1058943 |
| &nbsp;&nbsp;&nbsp; Series B-1, Sustainability Bonds, 4.00%, 02/01/52 | 500 | &nbsp;&nbsp; 512481 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.00%, 11/01/55 | 1000 | &nbsp;&nbsp; 1058737 |
| &nbsp;&nbsp;&nbsp; Series H, Sustainability Bonds, 5.00%, 01/01/56 | 1000 | &nbsp;&nbsp; 1115631 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, Series A, AMT, <br> 4.10%, 12/01/44<br>| 1000 | &nbsp;&nbsp; 1000446 |
| Central Valley Energy Authority, RB, 5.00%, 12/01/55 | 500 | &nbsp;&nbsp; 547467 |
|  |  | &nbsp;&nbsp; 5293705 |
| **County/City/Special District/School District — 3.0%** | **County/City/Special District/School District — 3.0%** |  |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, Refunding RB, <br> Series B, 5.00%, 10/01/26<sup>(b)</sup><br>| 15 | &nbsp;&nbsp; 15399 |
| &nbsp;&nbsp;&nbsp; El Camino Community College District Fountation, GO, <br> CAB, Series C, Election 2002, 0.00%, 08/01/38<sup>(c)</sup><br>| 680 | &nbsp;&nbsp; 421239 |
| &nbsp;&nbsp;&nbsp; Lodi Unified School District, GO, Series 2020, Election <br> 2016, 3.00%, 08/01/43<br>| 975 | &nbsp;&nbsp; 779380 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; Long Beach Community College District, GO, Series E, <br> 5.00%, 08/01/52<br>| 355 | &nbsp;&nbsp; $377829 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Facilities, Inc., RB, Series A, 4.00%, <br> 12/01/48<br>| 1000 | &nbsp;&nbsp; 931301 |
| Los Angeles Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, Election 2008, 5.00%, 07/01/33 | 1500 | &nbsp;&nbsp; 1581443 |
| &nbsp;&nbsp;&nbsp; Series QRR, Sustainability Bonds, 5.25%, 07/01/49 | 1100 | &nbsp;&nbsp; 1181714 |
| &nbsp;&nbsp;&nbsp; Poway Unified School District, Refunding GO, 0.00%, <br> 08/01/46<sup>(c)</sup><br>| 500 | &nbsp;&nbsp; 185974 |
| &nbsp;&nbsp;&nbsp; Sacramento City Financing Authority, Refunding RB, <br> Series E, (AMBAC), 5.25%, 12/01/30<br>| 250 | &nbsp;&nbsp; 277867 |
| &nbsp;&nbsp;&nbsp; San Bernardino Community College District, GO, CAB, <br> Series F, Election 2008, 0.00%, 08/01/49<sup>(c)</sup><br>| 500 | &nbsp;&nbsp; 146074 |
| &nbsp;&nbsp;&nbsp; Stockton Unified School District, GO, Series A, Election <br> 2022, (BAM), 5.00%, 08/01/49<br>| 500 | &nbsp;&nbsp; 526501 |
|  |  | &nbsp;&nbsp; 6424721 |
| **Education — 2.1%** | **Education — 2.1%** |  |
| California Educational Facilities Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series V-4, 5.00%, 03/01/55 | 220 | &nbsp;&nbsp; 252116 |
| &nbsp;&nbsp;&nbsp; Series V-5, 5.00%, 03/01/55 | 255 | &nbsp;&nbsp; 300234 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> RB, Series B, 5.00%, 11/01/49<br>| 750 | &nbsp;&nbsp; 758341 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Sustainability Bonds, 3.25%, <br> 08/01/29<br>| 1000 | &nbsp;&nbsp; 1015671 |
| &nbsp;&nbsp;&nbsp; California State University, Refunding RB, Series A, <br> 4.00%, 11/01/35<br>| 500 | &nbsp;&nbsp; 501394 |
| University of California, RB, Series CC, 5.00%, 05/15/45 | 1500 | &nbsp;&nbsp; 1625719 |
|  |  | &nbsp;&nbsp; 4453475 |
| **Health — 0.2%** | **Health — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Refunding <br> RB, Series A, 5.00%, 08/15/51<br>| 500 | &nbsp;&nbsp; 520297 |
| **State — 4.3%** | **State — 4.3%** |  |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, RB, Series A, 5.25%, <br> 04/01/42<br>| 1000 | &nbsp;&nbsp; 1108100 |
| California State Public Works Board, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/26 | 235 | &nbsp;&nbsp; 240994 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/28 | 500 | &nbsp;&nbsp; 538838 |
| State of California, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/26 | 540 | &nbsp;&nbsp; 542007 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | 1000 | &nbsp;&nbsp; 1078016 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 | 1000 | &nbsp;&nbsp; 1019602 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/31 | 565 | &nbsp;&nbsp; 577163 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/32 | 250 | &nbsp;&nbsp; 252156 |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/37 | 825 | &nbsp;&nbsp; 768015 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/39 | 1125 | &nbsp;&nbsp; 1257794 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/43 | 500 | &nbsp;&nbsp; 538318 |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/52 | 1000 | &nbsp;&nbsp; 752876 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/28 | 500 | &nbsp;&nbsp; 500941 |
|  |  | &nbsp;&nbsp; 9174820 |
| **Transportation — 1.6%** | **Transportation — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 3.00%, 11/15/31<sup>(d)</sup> | 55 | &nbsp;&nbsp; 54001 |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 3.00%, 05/15/40 | 1210 | &nbsp;&nbsp; 994464 |
| &nbsp;&nbsp;&nbsp; Foothill-Eastern Transportation Corridor Agency, RB, <br> Series A, Senior Lien, 4.00%, 01/15/46<br>| 1000 | &nbsp;&nbsp; 924225 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; Foothill-Eastern Transportation Corridor Agency, <br> Refunding RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 0.00%, 01/15/36 | 500 | &nbsp;&nbsp; $351840 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 0.00%, 01/15/37 | 1000 | &nbsp;&nbsp; 666667 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco <br> International Airport, Refunding RB, Series 2020, <br> Class A, AMT, 5.00%, 05/01/38<br>| 455 | &nbsp;&nbsp; 474360 |
|  |  | &nbsp;&nbsp; 3465557 |
| **Utilities — 1.0%** | **Utilities — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power Water System <br> Revenue, Refunding RB, Series A, 5.00%, 01/01/30<br>| 320 | &nbsp;&nbsp; 347876 |
| Los Angeles Department of Water & Power, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 | 250 | &nbsp;&nbsp; 266070 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 | 835 | &nbsp;&nbsp; 907046 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/38 | 675 | &nbsp;&nbsp; 739167 |
|  |  | &nbsp;&nbsp; 2260159 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 31592734 |
| **Colorado — 2.4%** | **Colorado — 2.4%** |  |
| **County/City/Special District/School District — 0.3%** | **County/City/Special District/School District — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Adams & Arapahoe Joint School District 28J Aurora, GO, <br> (SAW), 5.50%, 12/01/39<br>| 500 | &nbsp;&nbsp; 583065 |
| **Health — 0.4%** | **Health — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Refunding RB, <br> Series A, 5.00%, 08/01/44<br>| 1000 | &nbsp;&nbsp; 1008571 |
| **State — 0.5%** | **State — 0.5%** |  |
| State of Colorado, COP |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/49 | 535 | &nbsp;&nbsp; 558802 |
| &nbsp;&nbsp;&nbsp; Series N, 4.00%, 03/15/43 | 500 | &nbsp;&nbsp; 479695 |
|  |  | &nbsp;&nbsp; 1038497 |
| **Transportation — 1.2%** | **Transportation — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/35 | 1000 | &nbsp;&nbsp; 1035140 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.50%, 11/15/29 | 1000 | &nbsp;&nbsp; 1103976 |
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Refunding RB, Series A, <br> (NPFGC), 0.00%, 09/01/28<sup>(c)</sup><br>| 500 | &nbsp;&nbsp; 462735 |
|  |  | &nbsp;&nbsp; 2601851 |
| **Total Municipal Bonds in Colorado** | **Total Municipal Bonds in Colorado** | &nbsp;&nbsp; 5231984 |
| **Connecticut — 1.0%** | **Connecticut — 1.0%** |  |
| **State — 0.8%** | **State — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, RB, Series A, <br> 4.00%, 05/01/36<br>| 1000 | &nbsp;&nbsp; 1020121 |
| State of Connecticut, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 3.00%, 11/15/42 | 100 | &nbsp;&nbsp; 84012 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 3.00%, 11/15/43 | 100 | &nbsp;&nbsp; 82445 |
| &nbsp;&nbsp;&nbsp; State of Connecticut, Refunding GO, Series E, 5.00%, <br> 09/01/32<br>| 500 | &nbsp;&nbsp; 572710 |
|  |  | &nbsp;&nbsp; 1759288 |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, RB, Series A, <br> 4.00%, 09/01/36<br>| 430 | &nbsp;&nbsp; 430793 |
| **Total Municipal Bonds in Connecticut** | **Total Municipal Bonds in Connecticut** | &nbsp;&nbsp; 2190081 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Delaware — 0.5%** | **Delaware — 0.5%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Delaware State Housing Authority, RB, S/F Housing, <br> Series B, (FHLMC, FNMA, GNMA), 6.00%, 01/01/55<br>| $965 | &nbsp;&nbsp; $1060492 |
| **District of Columbia — 2.8%** | **District of Columbia — 2.8%** |  |
| **County/City/Special District/School District — 0.1%** | **County/City/Special District/School District — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding RB, <br> Series A, 3.00%, 03/01/41<br>| 290 | &nbsp;&nbsp; 247391 |
| **Education — 0.5%** | **Education — 0.5%** |  |
| District of Columbia, Refunding RB, 5.00%, 04/01/60<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 1117885 |
| **State — 0.5%** | **State — 0.5%** |  |
| District of Columbia, GO, Series D, 4.00%, 06/01/34 | 1000 | &nbsp;&nbsp; 1011227 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 4.00%, <br> 10/01/51<br>| 1500 | &nbsp;&nbsp; 1314163 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated <br> Revenue, RB, Series A, 4.00%, 07/15/45<br>| 1500 | &nbsp;&nbsp; 1403450 |
|  |  | &nbsp;&nbsp; 2717613 |
| **Utilities — 0.4%** | **Utilities — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, RB, <br> Subordinate, 3.00%, 10/01/57<sup>(a)</sup><br>| 1000 | &nbsp;&nbsp; 994075 |
| **Total Municipal Bonds in District of Columbia** | **Total Municipal Bonds in District of Columbia** | &nbsp;&nbsp; 6088191 |
| **Florida — 4.5%** | **Florida — 4.5%** |  |
| **County/City/Special District/School District — 2.2%** | **County/City/Special District/School District — 2.2%** |  |
| City of Hollywood Florida, GO, 5.00%, 07/01/47 | 500 | &nbsp;&nbsp; 517826 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Transit System, RB, <br> Series A, 4.00%, 07/01/50<br>| 1500 | &nbsp;&nbsp; 1355951 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida, Refunding RB, CAB, <br> 0.00%, 10/01/31<sup>(c)</sup><br>| 250 | &nbsp;&nbsp; 201570 |
| &nbsp;&nbsp;&nbsp; Florida Insurance Assistance Interlocal Agency, Inc., <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 09/01/26 | 500 | &nbsp;&nbsp; 504652 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 09/01/28 | 500 | &nbsp;&nbsp; 510287 |
| &nbsp;&nbsp;&nbsp; Orange County School Board, COP, Series A, 5.00%, <br> 08/01/33<br>| 940 | &nbsp;&nbsp; 1071838 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County, Refunding COP, <br> Series D, 5.00%, 02/01/27<br>| 500 | &nbsp;&nbsp; 503958 |
|  |  | &nbsp;&nbsp; 4666082 |
| **Education — 0.3%** | **Education — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Educational Facilities Authority, <br> Refunding RB, Series A, 5.25%, 04/01/47<br>| 565 | &nbsp;&nbsp; 593277 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| City of Tampa Florida, RB, Series B, 5.00%, 07/01/50 | 1000 | &nbsp;&nbsp; 1002489 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Refunding RB, <br> Series B, Senior Lien, 5.00%, 07/01/26<sup>(d)</sup><br>| 1000 | &nbsp;&nbsp; 1017838 |
| &nbsp;&nbsp;&nbsp; County of Lee Florida Airport Revenue, ARB, AMT, 5.25%, <br> 10/01/54<br>| 500 | &nbsp;&nbsp; 510228 |
| Greater Orlando Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/33 | 500 | &nbsp;&nbsp; 513606 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/54 | 850 | &nbsp;&nbsp; 853195 |
|  |  | &nbsp;&nbsp; 2894867 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54 | 500 | &nbsp;&nbsp; 530645 |
| **Total Municipal Bonds in Florida** | **Total Municipal Bonds in Florida** | &nbsp;&nbsp; 9687360 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Georgia — 2.1%** | **Georgia — 2.1%** |  |
| **Corporate — 1.2%** | **Corporate — 1.2%** |  |
| Main Street Natural Gas, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | $375 | &nbsp;&nbsp; $388017 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/54<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 1082414 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/54<sup>(a)</sup> | 500 | &nbsp;&nbsp; 544438 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 04/01/54<sup>(a)</sup> | 500 | &nbsp;&nbsp; 541205 |
|  |  | &nbsp;&nbsp; 2556074 |
| **Education — 0.2%** | **Education — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Refunding RB, <br> Series A, 5.00%, 09/01/29<br>| 410 | &nbsp;&nbsp; 449356 |
| **State — 0.3%** | **State — 0.3%** |  |
| State of Georgia, GO, Series A, 5.00%, 02/01/29 | 650 | &nbsp;&nbsp; 655482 |
| **Utilities — 0.4%** | **Utilities — 0.4%** |  |
| Municipal Electric Authority of Georgia, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, Subordinate, (BAM), 5.25%, 01/01/54 | 500 | &nbsp;&nbsp; 520485 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 01/01/36 | 325 | &nbsp;&nbsp; 361340 |
|  |  | &nbsp;&nbsp; 881825 |
| **Total Municipal Bonds in Georgia** | **Total Municipal Bonds in Georgia** | &nbsp;&nbsp; 4542737 |
| **Illinois — 6.8%** | **Illinois — 6.8%** |  |
| **County/City/Special District/School District — 1.0%** | **County/City/Special District/School District — 1.0%** |  |
| City of Chicago Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 01/01/39 | 150 | &nbsp;&nbsp; 153552 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/45 | 600 | &nbsp;&nbsp; 590439 |
| City of Chicago Illinois, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/25 | 170 | &nbsp;&nbsp; 170462 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/33 | 500 | &nbsp;&nbsp; 532929 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/34 | 675 | &nbsp;&nbsp; 718472 |
|  |  | &nbsp;&nbsp; 2165854 |
| **Education — 0.2%** | **Education — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Refunding RB, Series A, 5.25%, <br> 05/15/48<br>| 450 | &nbsp;&nbsp; 469899 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Illinois Finance Authority, Refunding RB, 5.00%, 12/01/40 | 1000 | &nbsp;&nbsp; 1004047 |
| **State — 3.5%** | **State — 3.5%** |  |
| Metropolitan Pier & Exposition Authority, Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 0.00%, 06/15/44 | 1000 | &nbsp;&nbsp; 407348 |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 0.00%, 06/15/46 | 1105 | &nbsp;&nbsp; 405810 |
| &nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, RB, Series A, 5.00%, <br> 06/15/29<br>| 1000 | &nbsp;&nbsp; 1077274 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/30 | 500 | &nbsp;&nbsp; 539774 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/34 | 530 | &nbsp;&nbsp; 595257 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/29 | 1000 | &nbsp;&nbsp; 1044991 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/26 | 500 | &nbsp;&nbsp; 512277 |
| State of Illinois, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/32 | 500 | &nbsp;&nbsp; 557096 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/39 | 1500 | &nbsp;&nbsp; 1605075 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/28 | 500 | &nbsp;&nbsp; 532960 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 07/01/34 | 190 | &nbsp;&nbsp; 208642 |
|  |  | &nbsp;&nbsp; 7486504 |
| **Transportation — 1.0%** | **Transportation — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series B, Senior Lien, 4.00%, 01/01/44<br>| 1000 | &nbsp;&nbsp; 923789 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts <br> Revenue, Refunding RB, 5.00%, 06/01/28<br>| 190 | &nbsp;&nbsp; $200159 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Refunding RB, <br> Series A, 5.00%, 01/01/30<br>| 250 | &nbsp;&nbsp; 269331 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series A, (AGM), <br> 5.75%, 06/01/34<br>| 730 | &nbsp;&nbsp; 833384 |
|  |  | &nbsp;&nbsp; 2226663 |
| **Utilities — 0.6%** | **Utilities — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, RB, Sustainability Bonds, 5.00%, <br> 07/01/36<br>| 1085 | &nbsp;&nbsp; 1173697 |
| **Total Municipal Bonds in Illinois** | **Total Municipal Bonds in Illinois** | &nbsp;&nbsp; 14526664 |
| **Indiana — 0.5%** | **Indiana — 0.5%** |  |
| **County/City/Special District/School District — 0.2%** | **County/City/Special District/School District — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Refunding RB, Series A, 5.00%, 06/01/30<br>| 400 | &nbsp;&nbsp; 442268 |
| **Health — 0.3%** | **Health — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Refunding RB, 5.25%, <br> 03/01/54<br>| 500 | &nbsp;&nbsp; 517392 |
| **Total Municipal Bonds in Indiana** | **Total Municipal Bonds in Indiana** | &nbsp;&nbsp; 959660 |
| **Kansas — 0.1%** | **Kansas — 0.1%** |  |
| **Health — 0.1%** | **Health — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, Refunding RB, <br> Series A, 5.00%, 03/01/27<sup>(d)</sup><br>| 155 | &nbsp;&nbsp; 160278 |
| **Kentucky — 1.7%** | **Kentucky — 1.7%** |  |
| **Corporate — 0.4%** | **Corporate — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, RB, Series A-1, 4.00%, <br> 08/01/52<sup>(a)</sup><br>| 25 | &nbsp;&nbsp; 25570 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Refunding RB, <br> Series B, 5.00%, 01/01/55<sup>(a)</sup><br>| 500 | &nbsp;&nbsp; 541738 |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, <br> Refunding RB, 2.00%, 10/01/33<br>| 400 | &nbsp;&nbsp; 343645 |
|  |  | &nbsp;&nbsp; 910953 |
| **County/City/Special District/School District — 0.3%** | **County/City/Special District/School District — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Scott County School District Finance Corp., RB, (BAM), <br> 5.00%, 09/01/41<br>| 500 | &nbsp;&nbsp; 528544 |
| **Housing — 0.3%** | **Housing — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Housing Corp., RB, S/F Housing, Series A, <br> (FHLMC, FNMA, GNMA), 6.25%, 07/01/55<br>| 500 | &nbsp;&nbsp; 554876 |
| **Transportation — 0.2%** | **Transportation — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Kenton County Airport Board, ARB, Series A, AMT, 5.25%, <br> 01/01/54<br>| 500 | &nbsp;&nbsp; 516676 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Municipal Energy Agency, RB, (AGM), 5.00%, <br> 01/01/50<br>| 500 | &nbsp;&nbsp; 513251 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Sewer <br> District, Refunding RB, Series A, 5.00%, 05/15/37<br>| 500 | &nbsp;&nbsp; 560422 |
|  |  | &nbsp;&nbsp; 1073673 |
| **Total Municipal Bonds in Kentucky** | **Total Municipal Bonds in Kentucky** | &nbsp;&nbsp; 3584722 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Louisiana — 0.6%** | **Louisiana — 0.6%** |  |
| **Corporate — 0.6%** | **Corporate — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist Louisiana, Refunding RB, <br> Series C, 3.30%, 06/01/37<sup>(a)</sup><br>| $1250 | &nbsp;&nbsp; $1265882 |
| **Maine — 0.2%** | **Maine — 0.2%** |  |
| **Education — 0.2%** | **Education — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, <br> RB, Series B, 5.25%, 10/01/54<br>| 500 | &nbsp;&nbsp; 519084 |
| **Maryland — 1.6%** | **Maryland — 1.6%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br> Refunding RB, S/F Housing, Series E, Sustainability <br> Bonds, (FHLMC, FNMA, GNMA), 6.25%, 03/01/54<br>| 890 | &nbsp;&nbsp; 970225 |
| **State — 0.2%** | **State — 0.2%** |  |
| State of Maryland, GO, Series A, 5.00%, 03/15/31 | 400 | &nbsp;&nbsp; 413839 |
| **Transportation — 0.9%** | **Transportation — 0.9%** |  |
| State of Maryland Department of Transportation, ARB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/28 | 405 | &nbsp;&nbsp; 405354 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 | 825 | &nbsp;&nbsp; 845587 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/29 | 695 | &nbsp;&nbsp; 695165 |
|  |  | &nbsp;&nbsp; 1946106 |
| **Total Municipal Bonds in Maryland** | **Total Municipal Bonds in Maryland** | &nbsp;&nbsp; 3330170 |
| **Massachusetts — 2.8%** | **Massachusetts — 2.8%** |  |
| **Education — 0.8%** | **Education — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/33 | 530 | &nbsp;&nbsp; 616491 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/15/34 | 455 | &nbsp;&nbsp; 533234 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 02/15/36 | 485 | &nbsp;&nbsp; 521788 |
|  |  | &nbsp;&nbsp; 1671513 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series M, 5.00%, 07/01/32 | 500 | &nbsp;&nbsp; 563191 |
| &nbsp;&nbsp;&nbsp; Series M, 5.00%, 07/01/34 | 500 | &nbsp;&nbsp; 564415 |
|  |  | &nbsp;&nbsp; 1127606 |
| **State — 1.5%** | **State — 1.5%** |  |
| Commonwealth of Massachusetts, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 3.00%, 02/01/48 | 1000 | &nbsp;&nbsp; 754357 |
| &nbsp;&nbsp;&nbsp; Series E, 4.00%, 04/01/46 | 530 | &nbsp;&nbsp; 486899 |
| &nbsp;&nbsp;&nbsp; Series G, 4.00%, 09/01/32 | 1325 | &nbsp;&nbsp; 1334632 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Refunding GOL, <br> Series A, (AMBAC), 5.50%, 08/01/30<br>| 500 | &nbsp;&nbsp; 563563 |
|  |  | &nbsp;&nbsp; 3139451 |
| **Total Municipal Bonds in Massachusetts** | **Total Municipal Bonds in Massachusetts** | &nbsp;&nbsp; 5938570 |
| **Michigan — 2.5%** | **Michigan — 2.5%** |  |
| **Education — 0.3%** | **Education — 0.3%** |  |
| University of Michigan, Refunding RB, 5.00%, 04/01/26<sup>(d)</sup> | 585 | &nbsp;&nbsp; 591977 |
| **Health — 0.5%** | **Health — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, Series A, <br> 5.00%, 12/01/41<br>| 1000 | &nbsp;&nbsp; 1031091 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Housing — 0.6%** | **Housing — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, S/F <br> Housing, Series D, Sustainability Bonds, 6.25%, <br> 06/01/55<br>| $1000 | &nbsp;&nbsp; $1102812 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, <br> Refunding RB, S/F Housing, Series B, Sustainability <br> Bonds, 5.75%, 06/01/54<br>| 220 | &nbsp;&nbsp; 236429 |
|  |  | &nbsp;&nbsp; 1339241 |
| **State — 0.6%** | **State — 0.6%** |  |
| Michigan State Building Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series I, 5.00%, 10/15/30 | 250 | &nbsp;&nbsp; 256034 |
| &nbsp;&nbsp;&nbsp; Series I, 5.00%, 10/15/32 | 250 | &nbsp;&nbsp; 255517 |
| &nbsp;&nbsp;&nbsp; Series I, 3.00%, 10/15/51 | 1000 | &nbsp;&nbsp; 752085 |
|  |  | &nbsp;&nbsp; 1263636 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System <br> Revenue, Refunding RB, Series A, Senior Lien, 5.00%, <br> 07/01/32<br>| 1000 | &nbsp;&nbsp; 1145567 |
| **Total Municipal Bonds in Michigan** | **Total Municipal Bonds in Michigan** | &nbsp;&nbsp; 5371512 |
| **Minnesota — 0.5%** | **Minnesota — 0.5%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series U, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.25%, 07/01/55<br>| 985 | &nbsp;&nbsp; 1110469 |
| **Missouri — 0.5%** | **Missouri — 0.5%** |  |
| **Health — 0.0%** | **Health — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series A, 5.00%, 06/01/28<br>| 105 | &nbsp;&nbsp; 111138 |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series G, (FHLMC, FNMA, GNMA), 5.50%, <br> 05/01/55<br>| 960 | &nbsp;&nbsp; 1035427 |
| **Total Municipal Bonds in Missouri** | **Total Municipal Bonds in Missouri** | &nbsp;&nbsp; 1146565 |
| **Nevada — 0.2%** | **Nevada — 0.2%** |  |
| **County/City/Special District/School District — 0.2%** | **County/City/Special District/School District — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Washoe County School District, GOL, Series A, 4.00%, <br> 10/01/54<br>| 490 | &nbsp;&nbsp; 441925 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |  |
| **Housing — 0.3%** | **Housing — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Housing Finance Authority, RB, S/F <br> Housing, Series A, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 6.50%, 01/01/56<br>| 500 | &nbsp;&nbsp; 571374 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, Series A, <br> Sustainability Bonds, 5.50%, 06/01/55<br>| 500 | &nbsp;&nbsp; 520801 |
| **Total Municipal Bonds in New Hampshire** | **Total Municipal Bonds in New Hampshire** | &nbsp;&nbsp; 1092175 |
| **New Jersey — 3.6%** | **New Jersey — 3.6%** |  |
| **Education — 0.9%** | **Education — 0.9%** |  |
| New Jersey Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/64<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 1114690 |
| &nbsp;&nbsp;&nbsp; Series A1, 5.00%, 03/01/36 | 650 | &nbsp;&nbsp; 745910 |
|  |  | &nbsp;&nbsp; 1860600 |
| **Health — 0.4%** | **Health — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 1000 | &nbsp;&nbsp; 904327 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State — 1.4%** | **State — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Garden State Preservation Trust, RB, Series A, (AGM), <br> 5.75%, 11/01/28<br>| $770 | &nbsp;&nbsp; $807865 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series A, 0.00%, 12/15/32<sup>(c)</sup><br>| 250 | &nbsp;&nbsp; 198438 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, CAB, <br> Series A, 0.00%, 12/15/38<sup>(c)</sup><br>| 530 | &nbsp;&nbsp; 309678 |
| State of New Jersey, GO, Series A, 4.00%, 06/01/31 | 1500 | &nbsp;&nbsp; 1611671 |
|  |  | &nbsp;&nbsp; 2927652 |
| **Transportation — 0.9%** | **Transportation — 0.9%** |  |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(d)</sup> | 175 | &nbsp;&nbsp; 189319 |
| &nbsp;&nbsp;&nbsp; Series AA, 3.00%, 06/15/50 | 1000 | &nbsp;&nbsp; 738038 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB, Series A, 4.00%, 12/15/31<br>| 1000 | &nbsp;&nbsp; 1029424 |
|  |  | &nbsp;&nbsp; 1956781 |
| **Total Municipal Bonds in New Jersey** | **Total Municipal Bonds in New Jersey** | &nbsp;&nbsp; 7649360 |
| **New York — 16.5%** | **New York — 16.5%** |  |
| **County/City/Special District/School District — 4.5%** | **County/City/Special District/School District — 4.5%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 08/01/40 | 1840 | &nbsp;&nbsp; 1821485 |
| &nbsp;&nbsp;&nbsp; Series D-1, 5.00%, 12/01/35 | 500 | &nbsp;&nbsp; 527207 |
| &nbsp;&nbsp;&nbsp; Series D-1, 4.00%, 12/01/41 | 1000 | &nbsp;&nbsp; 970518 |
| City of New York, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/01/31 | 1000 | &nbsp;&nbsp; 1127649 |
| &nbsp;&nbsp;&nbsp; Sub-Series F-1, 5.00%, 08/01/27 | 380 | &nbsp;&nbsp; 397969 |
| &nbsp;&nbsp;&nbsp; Nassau County Interim Finance Authority, Refunding RB, <br> Series A, 4.00%, 11/15/34<br>| 310 | &nbsp;&nbsp; 329813 |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 03/01/30 | 360 | &nbsp;&nbsp; 394511 |
| &nbsp;&nbsp;&nbsp; (AGM), 4.00%, 03/01/45 | 300 | &nbsp;&nbsp; 278296 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 08/01/36 | 500 | &nbsp;&nbsp; 522990 |
| &nbsp;&nbsp;&nbsp; Subordinate, 4.00%, 05/01/42 | 1000 | &nbsp;&nbsp; 962394 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, Refunding RB, Series E-1, <br> Subordinate, 5.00%, 11/01/28<br>| 205 | &nbsp;&nbsp; 220645 |
| New York City Transitional Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 5.00%, 05/01/35 | 170 | &nbsp;&nbsp; 191747 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, Subordinate, 5.00%, 05/01/32 | 950 | &nbsp;&nbsp; 1082540 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G-1, Subordinate, 5.00%, 11/01/28 | 240 | &nbsp;&nbsp; 258316 |
| &nbsp;&nbsp;&nbsp; Series J-1, Subordinate, 5.00%, 11/01/30 | 305 | &nbsp;&nbsp; 341857 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Class A, (AGM <br> SAW), 5.00%, 10/01/30<br>| 230 | &nbsp;&nbsp; 258057 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series E, 5.00%, 09/15/28<sup>(d)</sup><br>| 5 | &nbsp;&nbsp; 5365 |
|  |  | &nbsp;&nbsp; 9691359 |
| **Education — 0.5%** | **Education — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series A, 4.00%, <br> 07/01/41<br>| 1000 | &nbsp;&nbsp; 977779 |
| **State — 4.2%** | **State — 4.2%** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, Class A, <br> 4.00%, 03/15/47<br>| 1000 | &nbsp;&nbsp; 927652 |
| Empire State Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/39 | 1000 | &nbsp;&nbsp; 1051288 |
| &nbsp;&nbsp;&nbsp; Series E, 3.00%, 03/15/47 | 715 | &nbsp;&nbsp; 546913 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State (continued)** | **State (continued)** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E, 3.00%, 03/15/50 | 1130 | &nbsp;&nbsp; $834580 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid <br> Revenue, Refunding RB, Series S-2A, Subordinate, <br> (SAW), 4.00%, 07/15/36<br>| 1455 | &nbsp;&nbsp; 1468571 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series A, 5.00%, <br> 03/15/35<br>| 740 | &nbsp;&nbsp; 772584 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/43 | 500 | &nbsp;&nbsp; 471248 |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 03/15/51 | 1000 | &nbsp;&nbsp; 719240 |
| &nbsp;&nbsp;&nbsp; Series D, 4.00%, 02/15/47 | 1000 | &nbsp;&nbsp; 935538 |
| &nbsp;&nbsp;&nbsp; Series E, 3.00%, 03/15/41 | 1500 | &nbsp;&nbsp; 1254864 |
|  |  | &nbsp;&nbsp; 8982478 |
| **Transportation — 6.5%** | **Transportation — 6.5%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, RB, Series A-1, <br> Sustainability Bonds, 4.00%, 11/15/48<br>| 500 | &nbsp;&nbsp; 443337 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/44 | 1000 | &nbsp;&nbsp; 1042678 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/37 | 1075 | &nbsp;&nbsp; 1088913 |
| New York State Thruway Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 03/15/44 | 1000 | &nbsp;&nbsp; 942195 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 01/01/50 | 1000 | &nbsp;&nbsp; 906629 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/49 | 100 | &nbsp;&nbsp; 100884 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 1000 | &nbsp;&nbsp; 1009087 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, 12/31/54 | 1000 | &nbsp;&nbsp; 1026629 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, 12/31/60 | 2000 | &nbsp;&nbsp; 2041412 |
| Port Authority of New York & New Jersey, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series 238, AMT, 5.00%, 07/15/36 | 1545 | &nbsp;&nbsp; 1672170 |
| &nbsp;&nbsp;&nbsp; Series 238, AMT, 5.00%, 07/15/37 | 280 | &nbsp;&nbsp; 300456 |
| Triborough Bridge & Tunnel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 12/01/44 | 500 | &nbsp;&nbsp; 526733 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/42 | 215 | &nbsp;&nbsp; 203717 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/54 | 640 | &nbsp;&nbsp; 674438 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/31 | 1000 | &nbsp;&nbsp; 1011624 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/38 | 1000 | &nbsp;&nbsp; 1022284 |
|  |  | &nbsp;&nbsp; 14013186 |
| **Utilities — 0.8%** | **Utilities — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, RB, Series B, 3.00%, <br> 09/01/55<sup>(a)</sup><br>| 465 | &nbsp;&nbsp; 462599 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Refunding RB, Series A, <br> 5.00%, 09/01/42<br>| 240 | &nbsp;&nbsp; 256989 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/50<br>| 1000 | &nbsp;&nbsp; 913984 |
|  |  | &nbsp;&nbsp; 1633572 |
| **Total Municipal Bonds in New York** | **Total Municipal Bonds in New York** | &nbsp;&nbsp; 35298374 |
| **North Carolina — 0.8%** | **North Carolina — 0.8%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series 55A, (FHLMC, FNMA, GNMA), 6.25%, <br> 07/01/55<br>| 1000 | &nbsp;&nbsp; 1105332 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation**<sup>(c)</sup> **— 0.3%** | **Transportation**<sup>(c)</sup> **— 0.3%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, RB, Series B, (AGM), <br> 0.00%, 01/01/34<br>| $500 | &nbsp;&nbsp; $375734 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, RB, CAB, 0.00%, <br> 01/01/49<br>| 1000 | &nbsp;&nbsp; 313727 |
|  |  | &nbsp;&nbsp; 689461 |
| **Total Municipal Bonds in North Carolina** | **Total Municipal Bonds in North Carolina** | &nbsp;&nbsp; 1794793 |
| **North Dakota — 0.5%** | **North Dakota — 0.5%** |  |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F Housing, <br> Series D, Sustainability Bonds, 6.00%, 07/01/55<br>| 1000 | &nbsp;&nbsp; 1115818 |
| **Ohio — 1.0%** | **Ohio — 1.0%** |  |
| **Corporate — 0.5%** | **Corporate — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Refunding RB, <br> Series A, AMT, 4.25%, 11/01/39<sup>(a)</sup><br>| 1000 | &nbsp;&nbsp; 1020706 |
| **Utilities — 0.5%** | **Utilities — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Refunding RB, 5.00%, <br> 02/15/33<br>| 1000 | &nbsp;&nbsp; 1086101 |
| **Total Municipal Bonds in Ohio** | **Total Municipal Bonds in Ohio** | &nbsp;&nbsp; 2106807 |
| **Oklahoma — 0.3%** | **Oklahoma — 0.3%** |  |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Grand River Dam Authority, Refunding RB, Series A, <br> 5.00%, 06/01/42<br>| 500 | &nbsp;&nbsp; 534712 |
| **Pennsylvania — 4.9%** | **Pennsylvania — 4.9%** |  |
| **County/City/Special District/School District — 0.4%** | **County/City/Special District/School District — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; County of Allegheny Pennsylvania, GO, Series C-80, <br> 5.00%, 12/01/49<br>| 250 | &nbsp;&nbsp; 260073 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB, AMT, 5.50%, 06/30/43<br>| 500 | &nbsp;&nbsp; 516659 |
|  |  | &nbsp;&nbsp; 776732 |
| **Health — 1.4%** | **Health — 1.4%** |  |
| Geisinger Authority, Refunding RB, 5.00%, 04/01/50 | 1000 | &nbsp;&nbsp; 1005956 |
| &nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, <br> Refunding RB, Series A2, 5.00%, 08/15/34<br>| 975 | &nbsp;&nbsp; 1083819 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, RB, <br> 5.00%, 08/15/49<br>| 1000 | &nbsp;&nbsp; 1014745 |
|  |  | &nbsp;&nbsp; 3104520 |
| **State — 1.2%** | **State — 1.2%** |  |
| Commonwealth of Pennsylvania, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/31 | 1000 | &nbsp;&nbsp; 1130307 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/40 | 500 | &nbsp;&nbsp; 535176 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB, 5.00%, 12/31/38<br>| 1000 | &nbsp;&nbsp; 1003082 |
|  |  | &nbsp;&nbsp; 2668565 |
| **Transportation — 1.7%** | **Transportation — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> (AGM), 5.50%, 01/01/53<br>| 835 | &nbsp;&nbsp; 869575 |
| &nbsp;&nbsp;&nbsp; Delaware River Port Authority, ARB, Series A, 5.00%, <br> 01/01/39<br>| 125 | &nbsp;&nbsp; 130565 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB, AMT, (AGM), 5.00%, 12/31/57<br>| 750 | &nbsp;&nbsp; 755213 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/47 | 1000 | &nbsp;&nbsp; 1010406 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| Pennsylvania Turnpike Commission, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 4.00%, 12/01/46 | 425 | &nbsp;&nbsp; $387820 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 4.00%, 12/01/50 | 480 | &nbsp;&nbsp; 424461 |
|  |  | &nbsp;&nbsp; 3578040 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., Refunding RB, Series A, <br> 5.25%, 08/01/49<br>| 305 | &nbsp;&nbsp; 319210 |
| **Total Municipal Bonds in Pennsylvania** | **Total Municipal Bonds in Pennsylvania** | &nbsp;&nbsp; 10447067 |
| **Rhode Island — 0.1%** | **Rhode Island — 0.1%** |  |
| **Housing — 0.1%** | **Housing — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., RB, S/F <br> Housing, Series 81-A, Sustainability Bonds, (GNMA), <br> 5.45%, 10/01/53<br>| 175 | &nbsp;&nbsp; 182376 |
| **South Carolina — 1.1%** | **South Carolina — 1.1%** |  |
| **Housing — 0.3%** | **Housing — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, <br> GNMA), 6.50%, 07/01/55<br>| 495 | &nbsp;&nbsp; 565376 |
| **Utilities — 0.8%** | **Utilities — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, RB, Series A, <br> 5.50%, 12/01/54<br>| 500 | &nbsp;&nbsp; 531569 |
| South Carolina Public Service Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/40 | 750 | &nbsp;&nbsp; 723321 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/50 | 400 | &nbsp;&nbsp; 415907 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/28 | 40 | &nbsp;&nbsp; 43037 |
|  |  | &nbsp;&nbsp; 1713834 |
| **Total Municipal Bonds in South Carolina** | **Total Municipal Bonds in South Carolina** | &nbsp;&nbsp; 2279210 |
| **Texas — 7.9%** | **Texas — 7.9%** |  |
| **Corporate — 0.4%** | **Corporate — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. IV, RB, <br> Series A, 5.50%, 01/01/54<sup>(a)</sup><br>| 500 | &nbsp;&nbsp; 537870 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. I, RB, <br> Series D, Senior Lien, 6.25%, 12/15/26<br>| 255 | &nbsp;&nbsp; 260388 |
|  |  | &nbsp;&nbsp; 798258 |
| **County/City/Special District/School District — 2.3%** | **County/City/Special District/School District — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Dallas County Utility & Reclamation District, Refunding <br> GO, 5.00%, 02/15/28<br>| 500 | &nbsp;&nbsp; 526722 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, GO, Series A-5, <br> (PSF), 5.00%, 02/15/55<sup>(a)</sup><br>| 500 | &nbsp;&nbsp; 546897 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District, GO, Series B2, <br> (PSF), 4.00%, 08/15/55<sup>(a)</sup><br>| 230 | &nbsp;&nbsp; 245169 |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School District, <br> GO, (PSF), 5.25%, 08/15/50<br>| 1115 | &nbsp;&nbsp; 1194014 |
| &nbsp;&nbsp;&nbsp; Grayson County Junior College District, GOL, 4.00%, <br> 02/15/49<br>| 500 | &nbsp;&nbsp; 455823 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Refunding GO, <br> CAB, Series A, (PSF), 0.00%, 08/15/35<sup>(c)</sup><br>| 210 | &nbsp;&nbsp; 147424 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, Series A, <br> (PSF), 5.00%, 02/15/49<br>| 250 | &nbsp;&nbsp; 259304 |
| &nbsp;&nbsp;&nbsp; Prosper Independent School District, GO, Series A, (PSF), <br> 4.00%, 02/15/54<br>| 500 | &nbsp;&nbsp; 452354 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District, Refunding GO, (PSF), <br> 5.25%, 08/15/49<br>| 1000 | &nbsp;&nbsp; 1070927 |
|  |  | &nbsp;&nbsp; 4898634 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education — 0.9%** | **Education — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, RB, <br> Series E, 5.00%, 08/15/27<br>| $400 | &nbsp;&nbsp; $419369 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, <br> Refunding RB, Series B, 5.00%, 08/15/35<br>| 310 | &nbsp;&nbsp; 361207 |
| &nbsp;&nbsp;&nbsp; Brazos Higher Education Authority, Inc., RB, Series 1A, <br> AMT, 5.13%, 04/01/43<br>| 415 | &nbsp;&nbsp; 432688 |
| &nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., Refunding RB, <br> 5.00%, 05/15/34<br>| 500 | &nbsp;&nbsp; 576227 |
| &nbsp;&nbsp;&nbsp; Texas Tech University System, Refunding RB, Series A, <br> 4.25%, 02/15/55<br>| 250 | &nbsp;&nbsp; 234265 |
|  |  | &nbsp;&nbsp; 2023756 |
| **Health — 0.1%** | **Health — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., <br> Refunding RB, 5.00%, 10/01/51<sup>(a)</sup><br>| 120 | &nbsp;&nbsp; 133686 |
| **Transportation — 2.1%** | **Transportation — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, RB, Series A, (AMBAC), <br> 0.00%, 08/15/30<sup>(c)</sup><br>| 270 | &nbsp;&nbsp; 234413 |
| Central Texas Turnpike System, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/33 | 500 | &nbsp;&nbsp; 567240 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 08/15/41 | 250 | &nbsp;&nbsp; 266072 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding RB, <br> Series A, 4.00%, 11/01/34<br>| 1250 | &nbsp;&nbsp; 1285939 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Refunding RB, <br> 4.00%, 10/01/49<br>| 500 | &nbsp;&nbsp; 445082 |
| North Texas Tollway Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/38 | 1000 | &nbsp;&nbsp; 1029885 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/34 | 160 | &nbsp;&nbsp; 182723 |
| &nbsp;&nbsp;&nbsp; Series D, (AGM), 0.00%, 01/01/28<sup>(c)</sup> | 100 | &nbsp;&nbsp; 93665 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, ARB, <br> 1st Lien, 5.00%, 10/01/48<br>| 455 | &nbsp;&nbsp; 467703 |
|  |  | &nbsp;&nbsp; 4572722 |
| **Utilities — 2.1%** | **Utilities — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Electric Utility Revenue, Refunding <br> RB, Series A, 5.00%, 11/15/45<br>| 1000 | &nbsp;&nbsp; 997856 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, 4.00%, 03/01/49<br>| 1000 | &nbsp;&nbsp; 886033 |
| Texas Water Development Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/15/37 | 1180 | &nbsp;&nbsp; 1187050 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/15/41 | 475 | &nbsp;&nbsp; 470737 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/53 | 910 | &nbsp;&nbsp; 947093 |
|  |  | &nbsp;&nbsp; 4488769 |
| **Total Municipal Bonds in Texas** | **Total Municipal Bonds in Texas** | &nbsp;&nbsp; 16915825 |
| **Utah — 0.9%** | **Utah — 0.9%** |  |
| **Housing — 0.8%** | **Housing — 0.8%** |  |
| Utah Housing Corp., RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (FHLMC, FNMA, GNMA), 6.50%, 07/01/55 | 490 | &nbsp;&nbsp; 549148 |
| &nbsp;&nbsp;&nbsp; Series G, (FHLMC, FNMA, GNMA), 6.25%, 07/01/55 | 965 | &nbsp;&nbsp; 1083955 |
|  |  | &nbsp;&nbsp; 1633103 |
| **Transportation — 0.1%** | **Transportation — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.25%, 07/01/48<br>| 315 | &nbsp;&nbsp; 324116 |
| **Total Municipal Bonds in Utah** | **Total Municipal Bonds in Utah** | &nbsp;&nbsp; 1957219 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia — 2.0%** | **Virginia — 2.0%** |  |
| **Health — 0.5%** | **Health — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, <br> Refunding RB, 4.00%, 05/15/42<br>| $1000 | &nbsp;&nbsp; $962591 |
| **State — 0.2%** | **State — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority, Refunding RB, <br> Series E, 5.00%, 02/01/28<br>| 500 | &nbsp;&nbsp; 529842 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/34 | 580 | &nbsp;&nbsp; 674010 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/31 | 1000 | &nbsp;&nbsp; 1050214 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Refunding <br> RB, AMT, Senior Lien, 5.00%, 07/01/36<br>| 1000 | &nbsp;&nbsp; 1048279 |
|  |  | &nbsp;&nbsp; 2772503 |
| **Total Municipal Bonds in Virginia** | **Total Municipal Bonds in Virginia** | &nbsp;&nbsp; 4264936 |
| **Washington — 2.1%** | **Washington — 2.1%** |  |
| **State — 0.5%** | **State — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; State of Washington, Refunding GO, Series B, 5.00%, <br> 07/01/30<br>| 1000 | &nbsp;&nbsp; 1006098 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; County of Spokane Washington Airport Revenue, ARB, <br> Series B, AMT, 5.25%, 01/01/54<br>| 925 | &nbsp;&nbsp; 946342 |
| Port of Seattle Wasington, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, Intermediate Lien, 4.00%, 08/01/47 | 1000 | &nbsp;&nbsp; 896282 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 | 1000 | &nbsp;&nbsp; 1042247 |
|  |  | &nbsp;&nbsp; 2884871 |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Douglas County Public Utility District No. 1 Wells <br> Hydroelectric Project Revenue, RB, Series B, 3.00%, <br> 09/01/52<br>| 500 | &nbsp;&nbsp; 364019 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Refunding RB, Series A, 5.00%, <br> 07/01/39<br>| 260 | &nbsp;&nbsp; 288048 |
|  |  | &nbsp;&nbsp; 652067 |
| **Total Municipal Bonds in Washington** | **Total Municipal Bonds in Washington** | &nbsp;&nbsp; 4543036 |
| **Wisconsin — 2.4%** | **Wisconsin — 2.4%** |  |
| **Health — 1.2%** | **Health — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, RB, <br> 5.25%, 08/15/55<br>| 1000 | &nbsp;&nbsp; 1026335 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/30 | 500 | &nbsp;&nbsp; 549721 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/39 | 1000 | &nbsp;&nbsp; 1005541 |
|  |  | &nbsp;&nbsp; 2581597 |
| **Housing — 0.5%** | **Housing — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Home Ownership Revenue, RB, S/F Housing, Series C, <br> Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, <br> 03/01/55<br>| 985 | &nbsp;&nbsp; 1082988 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation — 0.7%** | **Transportation — 0.7%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/60 | $250 | &nbsp;&nbsp; $257042 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 12/31/65 | 1200 | &nbsp;&nbsp; 1233800 |
|  |  | &nbsp;&nbsp; 1490842 |
| **Total Municipal Bonds in Wisconsin** | **Total Municipal Bonds in Wisconsin** | &nbsp;&nbsp; 5155427 |
| **Total Long-Term Investments — 97.0%** <br>**(Cost: $211,826,203)** | **Total Long-Term Investments — 97.0%** <br>**(Cost: $211,826,203)** | &nbsp;&nbsp; 207820098 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.90%<sup>(e)(f)</sup><br>| 3732295 | &nbsp;&nbsp; 3732668 |
| **Total Short-Term Securities — 1.7%** <br>**(Cost: $3,732,668)** | **Total Short-Term Securities — 1.7%** <br>**(Cost: $3,732,668)** | &nbsp;&nbsp; 3732668 |
| **Total Investments — 98.7%** <br>**(Cost: $215,558,871)** | **Total Investments — 98.7%** <br>**(Cost: $215,558,871)** | &nbsp;&nbsp; 211552766 |
| **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | &nbsp;&nbsp; 2729988 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $214282754 |

---

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

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(b)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations.

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

<sup>(d)</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>(e)</sup> Affiliate of the Fund.

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $2193006<br> $1539662 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $3732668 | 3732295 | $67708 | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**iShares Municipal Bond Index Fund** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $207820098 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $207820098 |
| &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; 3732668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3732668 |
|  | &nbsp;&nbsp; $3732668 | &nbsp;&nbsp;&nbsp;&nbsp; $207820098 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $211552766 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | AMBAC Assurance Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM | Build America Mutual Assurance Co. |
| 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. |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAN | State Aid Notes  |
| SAW | State Aid Withholding |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Funds

- **b. Investment Company Act file number:** 811-05742

- **c. CIK number of Registrant:** 0000844779

- **d. LEI of Registrant:** 549300OZUEVJZHOBFP42

- **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:** iShares Municipal Bond Index Fund

- **b. EDGAR series identifier (if any):** S000059911

- **c. LEI of Series:** 549300NIGIW53ABV2U79

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $214721160.76

**Total Liabilities:** $887920.62

**Net Assets:** $213833240.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 137.30000000 | **1-Year:** 6235.41000000 | **5-Year:** 62161.42000000 | **10-Year:** 53816.25000000 | **30-Year:** 30899.72000000

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

- **3-Month:** 0.00000000 | **1-Year:** 23.75000000 | **5-Year:** 89.03000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195949 | -0.27%               | 0.95%                | 2.44%                |
| Class ID C000201952 | -0.30%               | 0.92%                | 2.42%                |
| Class ID C000195948 | -0.28%               | 0.94%                | 2.44%                |
| Class ID C000195947 | -0.30%               | 0.92%                | 2.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7794.81                | $-1145147.76                               |
| Month 2  | $-675972.95              | $1920652.45                                |
| Month 3  | $-107997.29              | $4704915.25                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Utah Housing Corp                                                               | UTAH HSG CORP SF MTGE REVENUE                                | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    490000 | PA      | $549148.39    | 0.26%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $539774.00    | 0.25%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH TRIANGLE EXPRESSWAY APPROP   | CUSIP: 65830VAS9<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $313727.00    | 0.15%             | 2049-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                     | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    465000 | PA      | $462599.34    | 0.22%             | 2055-09-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                          | ALLEGHENY CNTY PA                                            | CUSIP: 01728VWT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260073.38    | 0.12%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544438.00    | 0.25%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                        | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009086.70   | 0.47%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                   | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266071.95    | 0.12%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Housing Finance Authority                                         | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE                     | CUSIP: 64469D6X4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571374.10    | 0.27%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                       | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $324115.47    | 0.15%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Douglas County Public Utility District No 1 Wells Hydroelectric Project Revenue | DOUGLAS CNTY WA PUBLIC UTILITY DIST #1 WELLS HYDROELEC       | CUSIP: 259561TW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $364018.70    | 0.17%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                 | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE             | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547466.75    | 0.26%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                         | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371515T2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    400000 | PA      | $415907.48    | 0.19%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of California                                                        | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HVU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1625719.35   | 0.76%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp I                               | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    255000 | PA      | $260388.28    | 0.12%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue       | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE      | CUSIP: 97689QWD4<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1082988.29   | 0.51%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506006.65    | 0.24%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090787.70   | 0.51%             | 2055-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                            | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008571.40   | 0.47%             | 2044-08-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1055751.10   | 0.49%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                   | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WBT2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93665.12     | 0.04%             | 2028-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                         | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GRW7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    290000 | PA      | $247390.76    | 0.12%             | 2041-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                 | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528US44<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    400000 | PA      | $442267.48    | 0.21%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AHQ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    740000 | PA      | $772584.57    | 0.36%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512276.75    | 0.24%             | 2026-11-01      | 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: 5465892V3<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $560422.25    | 0.26%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                    | RHODE ISLAND ST HSG & MTGE FIN CORP                          | CUSIP: 76221SAN1<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    175000 | PA      | $182376.34    | 0.09%             | 2053-10-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452153KY4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605075.00   | 0.75%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035140.40   | 0.48%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                              | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392274W69<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513606.50    | 0.24%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                              | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AEM3<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    400000 | PA      | $419369.12    | 0.20%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000445.70   | 0.47%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                   | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036DM5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    715000 | PA      | $546913.51    | 0.26%             | 2047-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RMS1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    215000 | PA      | $203716.86    | 0.10%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966QAZ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970517.80    | 0.45%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179XB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $252115.71    | 0.12%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                         | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GEZ8<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1035427.30   | 0.48%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                               | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255517.45    | 0.12%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                         | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371514F3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531569.05    | 0.25%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                          | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020705.70   | 0.48%             | 2039-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                        | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100884.15    | 0.05%             | 2049-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KXV6<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $572710.25    | 0.27%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582NUZ6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $563562.85    | 0.26%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                           | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790QD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904326.90    | 0.42%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                          | UNIV OF MICHIGAN MI                                          | CUSIP: 914455QB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $591976.77    | 0.28%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RAQ2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $375734.00    | 0.18%             | 2034-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TXG3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031091.40   | 0.48%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261A5B9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042678.10   | 0.49%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593M41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923789.40    | 0.43%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                               | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $752085.30    | 0.35%             | 2051-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N5J9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011624.00   | 0.47%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                   | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV             | CUSIP: 57419T6W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $970225.49    | 0.45%             | 2054-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora                      | ADAMS & ARAPAHOE CNTYS CO JT SCH DIST #28J AURORA            | CUSIP: 0054824P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $583065.10    | 0.27%             | 2039-12-01      | Fixed         | 5.50%                 | 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        |    500000 | PA      | $547838.20    | 0.26%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                   | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 6500358G6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927651.70    | 0.43%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA ST FIN AUTH HLTH FAC REVENUE                         | CUSIP: 45471CDQ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517392.25    | 0.24%             | 2054-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WK3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    530000 | PA      | $309678.47    | 0.14%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582RW51<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $754356.90    | 0.35%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                             | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JNQ2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549720.95    | 0.26%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                   | TEXAS ST TURNPIKE AUTH CENTRL TX TURNPIKE SYS REVENUE        | CUSIP: 882762AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $234413.03    | 0.11%             | 2030-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                              | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AMK8<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    310000 | PA      | $361206.79    | 0.17%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                      | ORANGE CNTY FL SCH BRD COPS                                  | CUSIP: 684517SR7<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    940000 | PA      | $1071837.54   | 0.50%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063EDL7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1257794.33   | 0.59%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                                    | AMERICAN MUNI PWR-OHIO INC OH REVENUE                        | CUSIP: 02765UPT5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086101.00   | 0.51%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063CYJ3<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500941.20    | 0.23%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                   | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285AFS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $470736.97    | 0.22%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                              | CHICAGO IL                                                   | CUSIP: 167486T82<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532928.60    | 0.25%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                     | NEW YORK CITY NY INDL DEV AGY REVENUE                        | CUSIP: 64971PKJ3<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    300000 | PA      | $278295.63    | 0.13%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                        | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592248BD9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $405810.26    | 0.19%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                       | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MDE2<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    305000 | PA      | $319209.74    | 0.15%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KYR4<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $84011.76     | 0.04%             | 2042-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                | GEORGIA ST                                                   | CUSIP: 3733844D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $655481.65    | 0.31%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brazos Higher Education Authority Inc                                           | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REV              | CUSIP: 10623ACL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $432688.25    | 0.20%             | 2043-04-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                   | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WS72<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    160000 | PA      | $182723.34    | 0.09%             | 2034-01-01      | 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        |   2000000 | PA      | $2041411.40   | 0.95%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Energy Agency                                                | KENTUCKY ST MUNI ENERGY AGY PWR SYS REVENUE                  | CUSIP: 491499AT6<br>LEI: 254900W8G3M70YHUAO94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513250.40    | 0.24%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058737.10   | 0.50%             | 2055-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015670.60   | 0.47%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                            | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $595403.64    | 0.28%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582RJK3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    530000 | PA      | $486899.39    | 0.23%             | 2046-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445V89<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $994464.03    | 0.47%             | 2040-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                             | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XLV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538837.50    | 0.25%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                   | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                 | CUSIP: 64985TAJ0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051288.20   | 0.49%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                             | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DQV1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005541.60   | 0.47%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452153KR9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $557096.45    | 0.26%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063C6H8<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019601.50   | 0.48%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                          | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446466Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581443.55   | 0.74%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FA53<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $719240.50    | 0.34%             | 2051-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                           | NORTHWEST TX INDEP SCH DIST                                  | CUSIP: 667826GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259303.68    | 0.12%             | 2049-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                     | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067KD9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114690.40   | 0.52%             | 2064-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                 | FAIRFAX CNTY VA INDL DEV AUTH HLTH CARE REVENUE              | CUSIP: 30382VAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962590.80    | 0.45%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                        | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026628.60   | 0.48%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                               | COLORADO ST COPS                                             | CUSIP: 196711VV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $558802.15    | 0.26%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                        | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009QZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $133686.47    | 0.06%             | 2051-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                               | COOK CNTY IL                                                 | CUSIP: 213185MT5<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170461.99    | 0.08%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                            | DIST OF COLUMBIA UNIV REVENUE                                | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117884.60   | 0.52%             | 2060-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Educational Facilities Authority                              | MIAMI-DADE CNTY FL EDUCTNL FACS AUTH REVENUE                 | CUSIP: 59333APA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $593276.72    | 0.28%             | 2047-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JAL2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    170000 | PA      | $191747.40    | 0.09%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                             | WASHINGTON ST                                                | CUSIP: 93974DUJ5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006098.00   | 0.47%             | 2030-07-01      | Fixed         | 5.00%                 | 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        |    130000 | PA      | $134659.60    | 0.06%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                         | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532AW4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543141.30    | 0.25%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                    | PENNSYLVANIA ST                                              | CUSIP: 70914PZ47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535176.15    | 0.25%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BAM0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    485000 | PA      | $521788.46    | 0.24%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                      | AUSTIN TX ELEC UTILITY SYS REVENUE                           | CUSIP: 052414PU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997855.90    | 0.47%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VFG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529842.25    | 0.25%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SDB6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    230000 | PA      | $258056.80    | 0.12%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445V55<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |     55000 | PA      | $54000.67     | 0.03%             | 2040-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BAL2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    455000 | PA      | $533233.66    | 0.25%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063D5R5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538318.00    | 0.25%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                              | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389W20<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $896282.50    | 0.42%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                    | NORTHAMPTON CNTY PA GEN PURPOSE AUTH HOSP REVENUE            | CUSIP: 66353RDH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1083818.68   | 0.51%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063CUT5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    540000 | PA      | $542007.34    | 0.25%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                  | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204D67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $695164.65    | 0.33%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Garden State Preservation Trust                                                 | GARDEN ST PRESERVATION TRUST NJ OPEN SPACE & FARMLAND PRESER | CUSIP: 365418BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $807864.90    | 0.38%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UB49<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520297.30    | 0.24%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                            | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917S6Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014744.70   | 0.47%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                        | NEW YORK ST PWR AUTH REVENUE                                 | CUSIP: 64989KLE4<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $913984.30    | 0.43%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060041.20   | 0.50%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                               | MARYLAND ST                                                  | CUSIP: 574193NN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413838.84    | 0.19%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                             | LEANDER TX INDEP SCH DIST                                    | CUSIP: 521841R57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $147423.51    | 0.07%             | 2035-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                    | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE            | CUSIP: 83712D7Q3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $565375.93    | 0.26%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                   | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285AGA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $947092.60    | 0.44%             | 2053-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                   | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WWA0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029884.70   | 0.48%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081127.60   | 0.51%             | 2055-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                | PORT HOUSTON TX AUTH                                         | CUSIP: 734262GV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $467702.46    | 0.22%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063CX54<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252155.98    | 0.12%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp                                           | HOUSTON TX HGR EDU FIN CORP                                  | CUSIP: 442378GP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $576226.80    | 0.27%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                               | UTAH HSG CORP SF MTGE REVENUE                                | CUSIP: 917437MA0<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1083954.97   | 0.51%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584Y7K9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $564415.05    | 0.26%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Facilities Inc                                               | LOS ANGELES CNTY CA FACS INC LEASE REVENUE                   | CUSIP: 54531FAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931301.30    | 0.44%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647KN0<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1314163.50   | 0.61%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                              | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 3922742J4<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    850000 | PA      | $853194.81    | 0.40%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                         | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JHP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1145566.70   | 0.54%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N7S7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022284.30   | 0.48%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp                                               | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE             | CUSIP: 38611TCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445082.00    | 0.21%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022226.50   | 0.48%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                    | PENNSYLVANIA ST                                              | CUSIP: 70914PY30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130306.50   | 0.53%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                  | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204L92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $845586.72    | 0.40%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                        | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758VZ3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    430000 | PA      | $430792.83    | 0.20%             | 2036-09-01      | Fixed         | 4.00%                 | 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        |    415000 | PA      | $434497.03    | 0.20%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sacramento City Financing Authority                                             | SACRAMENTO CA CITY FING AUTH                                 | CUSIP: 785849VC1<br>LEI: 549300D8GE38KYE3NW14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $277867.13    | 0.13%             | 2030-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lodi Unified School District/CA                                                 | LODI CA UNIF SCH DIST                                        | CUSIP: 540261LY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $779380.10    | 0.36%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179XC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $300233.53    | 0.14%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367N5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $738037.50    | 0.35%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063CS43<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    565000 | PA      | $577163.49    | 0.27%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AFS1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1088912.54   | 0.51%             | 2037-11-15      | 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        |    500000 | PA      | $510227.90    | 0.24%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas County Utility & Reclamation District                                    | DALLAS CNTY TX UTILITY & RECLAMATION DIST                    | CUSIP: 234839PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526722.50    | 0.25%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                               | CUSIP: 20772KYT0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82444.65     | 0.04%             | 2043-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                     | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691JU5<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    240000 | PA      | $256988.54    | 0.12%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966Q2E9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    380000 | PA      | $397968.91    | 0.19%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416UML6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1110469.30   | 0.52%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Grayson County Junior College District/TX                                       | GRAYSON CNTY TX JNR CLG DIST                                 | CUSIP: 389712HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455823.00    | 0.21%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                              | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353892S6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042246.80   | 0.49%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                       | CUSIP: 64613CFC7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    175000 | PA      | $189319.17    | 0.09%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058943.10   | 0.50%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBW1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    375000 | PA      | $388016.78    | 0.18%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                           | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252NF2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269331.13    | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225BD7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    480000 | PA      | $424461.36    | 0.20%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                         | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43036.72     | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966QAQ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527206.80    | 0.25%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090421.30   | 0.51%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966QQC7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1821485.37   | 0.85%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                            | DIST OF COLUMBIA                                             | CUSIP: 25476FVE5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011227.40   | 0.47%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Housing Corp                                                           | KENTUCKY ST HSG CORP SF MTGE                                 | CUSIP: 491309LH1<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |    500000 | PA      | $554875.70    | 0.26%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                    | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654US2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    220000 | PA      | $236429.05    | 0.11%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                           | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755212.88    | 0.35%             | 2057-12-31      | 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: 79766DTC3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    455000 | PA      | $474360.02    | 0.22%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                            | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                    | CUSIP: 153476BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017838.20   | 0.48%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115630.80   | 0.52%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue         | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971X4Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $220644.70    | 0.10%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hollywood FL                                                            | HOLLYWOOD FL                                                 | CUSIP: 436146FG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517825.65    | 0.24%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044991.10   | 0.49%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                 | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105HU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $666666.60    | 0.31%             | 2037-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                         | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532AV6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266069.83    | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FPV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935537.80    | 0.44%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                   | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036DQ6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $834579.92    | 0.39%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                             | LOUISVILLE & JEFFERSON CNTY KY MET GOVT POLL CONTROL REVENUE | CUSIP: 546749AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $343645.32    | 0.16%             | 2033-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                      | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793Y86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $674009.59    | 0.32%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364C2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029424.50   | 0.48%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225BC9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    425000 | PA      | $387819.85    | 0.18%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FFW0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1173696.69   | 0.55%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                | TAMPA FL HOSP REVENUE                                        | CUSIP: 875161DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002488.70   | 0.47%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966SPY6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127649.40   | 0.53%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                    | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654ZT5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102811.60   | 0.52%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                    | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE              | CUSIP: 544525Y93<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    320000 | PA      | $347875.68    | 0.16%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541737.60    | 0.25%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District                                                   | POWAY CA UNIF SCH DIST                                       | CUSIP: 738850RH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $185974.45    | 0.09%             | 2046-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25570.45     | 0.01%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452153JR1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    530000 | PA      | $595257.31    | 0.28%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI TOLL REVENUE                              | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257041.73    | 0.12%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                              | CHICAGO IL                                                   | CUSIP: 167486T33<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    600000 | PA      | $590439.06    | 0.28%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224ZD4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010406.40   | 0.47%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                             | NEW JERSEY ST                                                | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611670.65   | 0.75%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Tech University System                                                    | TEXAS ST TECH UNIV REVENUES                                  | CUSIP: 882806KV3<br>LEI: 549300SPM8LGJKCQO195 | Long             | DBT              | MUN               | US        |    250000 | PA      | $234265.15    | 0.11%             | 2055-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YAU3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1403450.10   | 0.66%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                        | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520801.15    | 0.24%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                              | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $869574.85    | 0.41%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri              | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637ANA6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    105000 | PA      | $111137.45    | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                       | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265L3B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $449355.94    | 0.21%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                         | UNIV OF KANSAS KS HOSP AUTH HLTH FACS REVENUE                | CUSIP: 914367HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $160278.25    | 0.07%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541205.00    | 0.25%             | 2054-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kenton County Airport Board                                                     | KENTON CNTY KY ARPT BRD                                      | CUSIP: 491026WK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516676.00    | 0.24%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                | NEW YORK ST THRUWAY AUTH GEN REVENUE JUNIOR INDEBTEDNESS OBL | CUSIP: 650010CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906629.40    | 0.42%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Community College District                                           | LONG BEACH CA CMNTY CLG DIST                                 | CUSIP: 542411QY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $377829.06    | 0.18%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                                   | DELAWARE RIVER PORT AUTH PA & NJ                             | CUSIP: 246352HC5<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |    125000 | PA      | $130564.94    | 0.06%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048279.00   | 0.49%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BAK4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    530000 | PA      | $616490.54    | 0.29%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                               | REGL TRANSPRTN AUTH IL                                       | CUSIP: 759911ZV5<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    730000 | PA      | $833384.50    | 0.39%             | 2034-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                         | MUNI ELEC AUTH OF GA                                         | CUSIP: 62620HJZ6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520484.70    | 0.24%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                              | GARLAND TX ELEC UTILITY SYS REVENUE                          | CUSIP: 366133NB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886032.70    | 0.41%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                       | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   3760961 | NS      | $3761337.50   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                        | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758ZZ9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020121.60   | 0.48%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JVT2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1082540.39   | 0.51%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                | SAINT JOHN THE BAPTIST PARISH LA REVENUE                     | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1265881.75   | 0.59%             | 2037-06-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                         | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532GM0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    335000 | PA      | $363904.67    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Interim Finance Authority                                         | NASSAU CNTY NY INTERIM FIN AUTH                              | CUSIP: 631663RA1<br>LEI: 549300DP7LB76W78BR41 | Long             | DBT              | MUN               | US        |    310000 | PA      | $329812.72    | 0.15%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                             | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JMT7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026334.70   | 0.48%             | 2055-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                             | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227UE9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077273.50   | 0.50%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                   | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $567240.45    | 0.27%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                           | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PJY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003082.20   | 0.47%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                              | SPRING TX INDEP SCH DIST                                     | CUSIP: 850001CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070926.90   | 0.50%             | 2049-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                    | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845TJ9<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994074.80    | 0.46%             | 2057-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452153GK9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    190000 | PA      | $208641.89    | 0.10%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FL36<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1254863.70   | 0.59%             | 2041-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                   | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1187050.38   | 0.56%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Insurance Assistance Interlocal Agency Inc                              | FLORIDA INSURANCE ASSISTANCE INTERLOCAL AGY                  | CUSIP: 34074EAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504651.85    | 0.24%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                              | DENTON TX INDEP SCH DIST                                     | CUSIP: 249002NL6<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    230000 | PA      | $245169.35    | 0.11%             | 2055-08-15      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AK63<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $443336.70    | 0.21%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                        | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723HD0<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |    190000 | PA      | $200158.58    | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                              | CHICAGO IL                                                   | CUSIP: 167486P52<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153552.06    | 0.07%             | 2039-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                      | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793D97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050214.30   | 0.49%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                             | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XHY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $240993.91    | 0.11%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                 | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105JH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924225.30    | 0.43%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                               | COLORADO ST BLDG EXCELLENT SCHS TODAY COPS                   | CUSIP: 19668QLE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479694.65    | 0.22%             | 2043-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                          | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1355951.10   | 0.63%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182SX5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103975.50   | 0.52%             | 2029-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                | DELAWARE ST HSG AUTH REVENUE                                 | CUSIP: 246395C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1060491.86   | 0.50%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA HSG FIN AGY HOMEOWNERSHIP REVENUE             | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105332.40   | 0.52%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                                 | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105HT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $351840.25    | 0.16%             | 2036-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                        | ARIZONA BRD OF RGTS                                          | CUSIP: 040664LM4<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518088.05    | 0.24%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA Airport Revenue                                            | SPOKANE CNTY WA ARPT REVENUE                                 | CUSIP: 848661JV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $946341.51    | 0.44%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EBW7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004046.70   | 0.47%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scott County School District Finance Corp                                       | SCOTT CNTY KY SCH DIST FIN CORP                              | CUSIP: 809545ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528544.10    | 0.25%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                         | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532LV4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    675000 | PA      | $739167.46    | 0.35%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Camino Community College District Fountation/The                             | EL CAMINO CA CMNTY CLG DIST                                  | CUSIP: 282726DY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $421239.06    | 0.20%             | 2038-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                     | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067HL5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    650000 | PA      | $745910.10    | 0.35%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $198437.63    | 0.09%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990CEK3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977778.90    | 0.46%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2371572.90   | 1.11%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eagle Mountain & Saginaw Independent School District                            | EAGLE MOUNTAIN & SAGINAW TX INDEP SCH DIST                   | CUSIP: 269696TF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1194014.25   | 0.56%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C5U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $288048.67    | 0.13%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                             | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005956.30   | 0.47%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                       | GRAND RIVER OK DAM AUTH REVENUE                              | CUSIP: 386442ZZ3<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534711.80    | 0.25%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REAL ESTATE TRANSFER TAX  | CUSIP: 896032AV1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526732.65    | 0.25%             | 2044-12-01      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $534492.90    | 0.25%             | 2055-03-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584Y7J2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $563191.00    | 0.26%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                         | MUNI ELEC AUTH OF GA                                         | CUSIP: 62620HJP8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    325000 | PA      | $361340.49    | 0.17%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                         | MIAMI-DADE CNTY FL SPL OBLIG                                 | CUSIP: 59333NZA4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    250000 | PA      | $201570.48    | 0.09%             | 2031-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063DP69<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $752875.70    | 0.35%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                     | NEW YORK CITY NY INDL DEV AGY REVENUE                        | CUSIP: 64971PKA2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    360000 | PA      | $394510.93    | 0.18%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FUX1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    450000 | PA      | $469899.14    | 0.22%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                             | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XPR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108100.10   | 0.52%             | 2042-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                  | E-470 CO PUBLIC HIGHWAY AUTH                                 | CUSIP: 26822LEN0<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |    500000 | PA      | $462734.55    | 0.22%             | 2028-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue         | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XUE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962394.50    | 0.45%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                 | TAMPA BAY FL WTR REGL WTR SPLY AUTH UTILITY SYS REVENUE      | CUSIP: 875124HX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530644.90    | 0.25%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Bernardino Community College District                                       | SAN BERNARDINO CA CMNTY CLG DIST                             | CUSIP: 796720RZ5<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |    500000 | PA      | $146073.75    | 0.07%             | 2049-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                           | MIAMI-DADE CNTY FL SCH BRD COPS                              | CUSIP: 59333MT70<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503958.40    | 0.24%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Insurance Assistance Interlocal Agency Inc                              | FLORIDA INSURANCE ASSISTANCE INTERLOCAL AGY                  | CUSIP: 34074EAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510287.35    | 0.24%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                         | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151XA2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    750000 | PA      | $723321.23    | 0.34%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063DQY7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    825000 | PA      | $768014.94    | 0.36%             | 2037-10-01      | Fixed         | 3.00%                 | 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: 64972HU67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1468570.64   | 0.69%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XHW5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1672170.34   | 0.78%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512481.65    | 0.24%             | 2052-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JQL5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    240000 | PA      | $258315.74    | 0.12%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                   | ALABAMA FEDERAL AID HIGHWAY FIN AUTH SPL OBLIG REVENUE       | CUSIP: 010268EA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1148897.70   | 0.54%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                             | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XHR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15398.58     | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK NATIONAL CHARTR | CUSIP: 13035ADV8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    750000 | PA      | $758341.13    | 0.35%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                             | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 65889BBC7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115817.80   | 0.52%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Washoe County School District/NV                                                | WASHOE CNTY NV SCH DIST                                      | CUSIP: 940859RB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $441924.58    | 0.21%             | 2054-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REAL ESTATE TRANSFER TAX  | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    640000 | PA      | $674438.14    | 0.32%             | 2054-12-01      | 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: 64971XFR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522989.65    | 0.24%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FJJ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471247.65    | 0.22%             | 2043-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI TOLL REVENUE                              | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1233800.28   | 0.58%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                  | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204B93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $405354.13    | 0.19%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 4521522L4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532959.95    | 0.25%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                           | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516658.95    | 0.24%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                        | MET PIER & EXPOSITION AUTH IL DEDICATED ST TAX REVENUE       | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $407348.30    | 0.19%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                     | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077C3S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501394.40    | 0.23%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                              | DALLAS TX INDEP SCH DIST                                     | CUSIP: 235308Q71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546897.10    | 0.26%             | 2055-02-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTZ1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    305000 | PA      | $341856.99    | 0.16%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                         | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 2350365K2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1285939.38   | 0.60%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                          | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647JL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1181714.05   | 0.55%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | CALIFORNIA ST                                                | CUSIP: 13063D3V8<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078015.90   | 0.50%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XHX3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    280000 | PA      | $300456.21    | 0.14%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                             | PROSPER TX INDEP SCH DIST                                    | CUSIP: 7436005D6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452353.60    | 0.21%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990ANZ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5365.34      | 0.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082414.20   | 0.51%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp IV                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP IV                  | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537869.75    | 0.25%             | 2054-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                              | CHICAGO IL                                                   | CUSIP: 167486T90<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    675000 | PA      | $718472.16    | 0.34%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton Unified School District                                                | STOCKTON CA UNIF SCH DIST                                    | CUSIP: 861419H44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526500.55    | 0.25%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582RLC8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1334631.82   | 0.62%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                       | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542070.25    | 0.25%             | 2049-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                               | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256033.70    | 0.12%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028XE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942195.40    | 0.44%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                          | MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 56042SEE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519083.70    | 0.24%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer