# EDGAR Filing Document

**Accession Number:** 0001232860
**File Stem:** 0001410368-25-010279
**Filing Date:** 2025-9
**Character Count:** 74493
**Document Hash:** ef22786dc83b22b9096ac2d5b1925d07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010279.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010279

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21348
- **FILM NUMBER:** 251338761

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $461422696.43

**Total Liabilities:** $79472662.37

**Net Assets:** $381950034.06

**Cash Not Reported:** $2428933.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 84570.13000000 | **1-Year:** 7495.58000000 | **5-Year:** 21169.87000000 | **10-Year:** 1648.55000000 | **30-Year:** 23622.68000000

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

- **3-Month:** 73.52000000 | **1-Year:** 3786.15000000 | **5-Year:** 12487.22000000 | **10-Year:** 38153.87000000 | **30-Year:** 122224.80000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.11%               | 0.11%                | -1.68%               |
| Class ID N/A | -0.11%               | 0.11%                | -1.68%               |
| Class ID N/A | -0.12%               | 0.25%                | -1.62%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $300415.40               | $-2742377.70                               |
| Month 2  | $-383352.51              | $-165453.66                                |
| Month 3  | $1730779.66              | $-9622025.25                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Beaumont Housing Authority                                                       | BEAUMONT TX HSG AUTH RSDL DEV REVENUE                        | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $366180.90    | 0.10%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XGW9<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823766.94    | 0.22%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2364534.12   | 0.62%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAB8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2398080.05   | 0.63%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2496171.75   | 0.65%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole Improvement District                                                    | SEMINOLE FL IMPT DIST UTILS REVENUE                          | CUSIP: 816751AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $263639.17    | 0.07%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2368707.05   | 0.62%             | 2033-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDUCTNL FACS REVENUE          | CUSIP: 56678RAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $973519.00    | 0.25%             | 2058-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $615572.61    | 0.16%             | 2045-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  11860000 | PA      | $11810774.54  | 3.09%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mayfield Metropolitan District                                                   | MAYFIELD MET DIST CO                                         | CUSIP: 578287AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1178000 | PA      | $1158160.97   | 0.30%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13062T4C5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15029.22     | 0.00%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ENN2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    330000 | PA      | $335194.97    | 0.09%             | 2031-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1865763.51   | 0.49%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389R26<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5754999 | PA      | $5632449.58   | 1.47%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Region Community Development District                                    | CAPITAL REGION FL CDD REVENUE                                | CUSIP: 14044NBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301170.62    | 0.08%             | 2028-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MF HSG REVENUE                            | CUSIP: 74441XJH3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    660000 | PA      | $640263.14    | 0.17%             | 2065-07-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Orchard Park Place South Metropolitan District                                   | ORCHARD PARK PLACE SOUTH MET DIST CO                         | CUSIP: 685655AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1066145.68   | 0.28%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    520000 | PA      | $455095.33    | 0.12%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQG3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   3774999 | PA      | $3805049.84   | 1.00%             | 2031-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Independence Metropolitan District No 3                                          | INDEPENDENCE MET DIST #3 CO                                  | CUSIP: 453625AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993247.60   | 0.52%             | 2054-12-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP33<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $4473930.57   | 1.17%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10265000 | PA      | $8333755.12   | 2.18%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2794526.31   | 0.73%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $837167.26    | 0.22%             | 2032-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $727912.90    | 0.19%             | 2054-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1129004.32   | 0.30%             | 2055-12-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| East Point Business & Industrial Development Authority                           | EAST PT GA BUSINESS & INDL DEV AUTHORITY REVENUE             | CUSIP: 274502AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $499500.00    | 0.13%             | 2062-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Granary Metropolitan District No 9 Special Assessment District No 1              | GRANARY MET DIST #9 CO SPL IMPT DIST #1 SPECIAL ASSESSMENT R | CUSIP: 385038AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2138416.20   | 0.56%             | 2044-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE         | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1472509.89   | 0.39%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $808072.83    | 0.21%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sterling Hill Community Development District                                     | STERLING HILL FL CDD CAPITAL IMPT REVENUE                    | CUSIP: 85933TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    142545 | PA      | $64102.49     | 0.02%             | 2010-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  11280000 | PA      | $11834027.43  | 3.10%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3066000 | PA      | $2740351.43   | 0.72%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $147653.47    | 0.04%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole Improvement District                                                    | SEMINOLE FL IMPT DIST UTILS REVENUE                          | CUSIP: 816751AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $292689.26    | 0.08%             | 2037-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP66<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024289.86   | 0.27%             | 2061-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2099000 | PA      | $1910948.83   | 0.50%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2774129.68   | 0.73%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $603469.61    | 0.16%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                                 | EAGAN MN CHRTR SCH LEASE REVENUE                             | CUSIP: 26940AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $223764.61    | 0.06%             | 2055-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PH32<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2898493.65   | 0.76%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWP5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044513.02   | 0.27%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE            | CUSIP: 83712D2W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $286157.16    | 0.07%             | 2053-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1120908.70   | 0.29%             | 2055-06-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver CO Airport System Revenue            | CUSIP: 249182QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7309875 | PA      | $7401547.77   | 1.94%             | 2053-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980441.06    | 0.26%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp                              | TEXAS CMNTY HSG & ECON DEV CORP RSDL DEV REVENUE             | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1367180.17   | 0.36%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Palisade Metropolitan District No 2                                              | PALISADE CO MET DIST #2 LIMITED TAX                          | CUSIP: 696392AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2601426.97   | 0.68%             | 2037-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CCZ0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    850000 | PA      | $709649.67    | 0.19%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL MF HSG REVENUE                                  | CUSIP: 213226AE3<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2906302.86   | 0.76%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Arbor Park Phase 1 Community Development District                                | ARBOR PK PHASE 1 CDD FL SPL ASSMNT REVENUE                   | CUSIP: 038922AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $384850.43    | 0.10%             | 2045-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD | CUSIP: 592029CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $817782.83    | 0.21%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1223789.76   | 0.32%             | 2051-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EML1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912544.86    | 0.24%             | 2060-04-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC                                                              | Brightline East LLC                                          | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1660000 | PA      | $1079000.00   | 0.28%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976819.99    | 0.26%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  13162766 | PA      | $7187331.25   | 1.88%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700245.13    | 0.18%             | 2038-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                                 | EAGAN MN CHRTR SCH LEASE REVENUE                             | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1113189.70   | 0.29%             | 2065-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $504276.51    | 0.13%             | 2027-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1415778.69   | 0.37%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2213295.38   | 0.58%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1945393.82   | 0.51%             | 2054-12-31      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Palisade Metropolitan District No 2                                              | PALISADE CO MET DIST #2 LIMITED TAX                          | CUSIP: 696392AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1425694.71   | 0.37%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                          | GAS WORX CDD FL SPL ASSMNT                                   | CUSIP: 367200AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $576766.16    | 0.15%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24530000 | PA      | $2150720.49   | 0.56%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Parterre Metropolitan District No 5                                              | PARTERRE MET DIST #5 CO                                      | CUSIP: 70211AAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1451751.31   | 0.38%             | 2055-12-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QV83<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9974460.60   | 2.61%             | 2050-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sojourn at Idlewild Metropolitan District                                        | SOJOURN AT IDLEWILD MET DIST CO                              | CUSIP: 83408GAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483358.39    | 0.13%             | 2055-12-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Love Field Airport Modernization Corp                                            | LOVE FIELD TX ARPT MODERNIZATION CORP SPL FACS REVENUE       | CUSIP: 54714FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700281.77    | 0.18%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                             | CUSIP: 709224WR6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  18910000 | PA      | $18954509.66  | 4.96%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $710242.11    | 0.19%             | 2039-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBH0<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   6585000 | PA      | $7017216.48   | 1.84%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp                                        | INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1125673.78   | 0.29%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gold Hill North Business Improvement District                                    | GOLD HILL NORTH BUSINESS IMPT DIST CO                        | CUSIP: 38061PAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458496.55    | 0.12%             | 2054-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177PCC2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    245000 | PA      | $246853.82    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399UX2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6880687.80   | 1.80%             | 2055-06-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $356927.77    | 0.09%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1648590.35   | 0.43%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4955411.15   | 1.30%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5772457.78   | 1.51%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV UNIV REVENUE               | CUSIP: 71780TBL6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    745000 | PA      | $741038.49    | 0.19%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445RF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4980238.34   | 1.30%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAV6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1499890.35   | 0.39%             | 2067-07-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS LEASE REVENUE         | CUSIP: 14043RAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124898.97    | 0.03%             | 2042-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                                    | Nuveen AMT-Free Quality Municipal Income Fund                | CUSIP: 670657105<br>LEI: 549300OTYQOOXS64NI63 | Long             | EC               | RF                | US        |    200000 | NS      | $2148000.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    945000 | PA      | $767394.34    | 0.20%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UTU8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   4020000 | PA      | $4025579.52   | 1.05%             | 2059-02-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Esplanade Lake Club Community Development District                               | ESPLANADE LAKE CLUB CMNTY DEV DIST FL CAP IMPT REVENUE       | CUSIP: 29665MAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $48208.68     | 0.01%             | 2030-11-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $630535.99    | 0.17%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Creekwalk Marketplace Business Improvement District                              | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO                  | CUSIP: 225515AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2622000 | PA      | $2627506.20   | 0.69%             | 2054-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Tolomato Community Development District                                          | TOLOMATO FL CDD                                              | CUSIP: 889560DF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $138130.31    | 0.04%             | 2029-05-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3709702.47   | 0.97%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061649.40   | 0.28%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| County of Boyle KY                                                               | BOYLE CNTY KY EDUCTNL FACS REVENUE                           | CUSIP: 10346PAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $702623.15    | 0.18%             | 2046-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1135518.46   | 0.30%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990911.71    | 0.26%             | 2055-09-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1828410.31   | 0.48%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H97<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    935000 | PA      | $920041.22    | 0.24%             | 2060-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GU0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $727213.82    | 0.19%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207T70<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1626497.14   | 0.43%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364677.11    | 0.10%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 57421CFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1543144.82   | 0.40%             | 2063-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TYG2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  15520000 | PA      | $15190303.05  | 3.98%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas City Industrial Development Corp                                           | TEXAS CITY TX INDL DEV CORP INDL REVENUE                     | CUSIP: 882275AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $353116.59    | 0.09%             | 2045-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                       | CUSIP: 63610CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $864223.55    | 0.23%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI POOLED CHRTSCH CTFS SER 2023-1            | CUSIP: 74448GAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $10800000.00  | 2.83%             | 2062-07-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  71680100 | NS      | $71687267.66  | 18.77%            |  |  |  | No            |                  1 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN SALES TAX REVENUE                    | CUSIP: 45130ABT1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   6880000 | PA      | $7099831.20   | 1.86%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47735000 | PA      | $4572446.86   | 1.20%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1966900.96   | 0.51%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483JC5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    580000 | PA      | $572808.68    | 0.15%             | 2055-09-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1956347.23   | 0.51%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP41<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1067000 | PA      | $671059.37    | 0.18%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ASCENSION HLTH                                                                   | ASCENSION HLTH                                               | CUSIP: 59465HYT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10318398.30  | 2.70%             | 2047-11-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1576770.01   | 0.41%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI Water Supply System Revenue                                   | DETROIT MI WTR SPLY SYS REVENUE                              | CUSIP: 251256CQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10016.12     | 0.00%             | 2036-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM                                                              | SANTA FE NM RETMNT FAC REVENUE                               | CUSIP: 802170AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $770502.14    | 0.20%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Viera Stewardship District                                                       | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE                 | CUSIP: 92670TAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $860780.70    | 0.23%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $222600.40    | 0.06%             | 2044-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/RI                                             | TOBACCO SETTLEMENT FING CORP RI                              | CUSIP: 888809AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $320565.92    | 0.08%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EAS4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    405000 | PA      | $334386.37    | 0.09%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 14                                     | VLG FL CDD #14 SPL ASSMNT REVENUE                            | CUSIP: 92708JAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1947016.40   | 0.51%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Coastal Ridge Community Development District                                     | COASTAL RIDGE CDD FL SPL ASSMNT REVENUE                      | CUSIP: 19052TAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978298.34    | 0.26%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    620000 | PA      | $630612.12    | 0.17%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                          | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  15000000 | PA      | $14926755.15  | 3.91%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RCZ4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1375002.06   | 0.36%             | 2062-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $784761.25    | 0.21%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3910000 | PA      | $3673892.66   | 0.96%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp                           | BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE            | CUSIP: 11943KCX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $423724.27    | 0.11%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CFG9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    305000 | PA      | $249602.19    | 0.07%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $1537600.00   | 0.40%             | 2059-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  25030000 | PA      | $22276700.00  | 5.83%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WGT5<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2067574.64   | 0.54%             | 2052-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Arbor Park Phase 1 Community Development District                                | ARBOR PK PHASE 1 CDD FL SPL ASSMNT REVENUE                   | CUSIP: 038922AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $582495.90    | 0.15%             | 2055-05-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBT5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    375000 | PA      | $369566.20    | 0.10%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   6405000 | PA      | $6455986.18   | 1.69%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Huntington Local Development Corp                                                | HUNTINGTON NY LOCAL DEV CORP REVENUE                         | CUSIP: 446490AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $871319.23    | 0.23%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $841015.92    | 0.22%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1357747.43   | 0.36%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1856215.40   | 0.49%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS LEASE REVENUE         | CUSIP: 14043RAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $998991.25    | 0.26%             | 2065-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                      | UNIV OF NORTH CAROLINA AT CHAPEL HILL NC HOSP REVENUE        | CUSIP: 914714CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $646158.57    | 0.17%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1545501.08   | 0.40%             | 2062-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Alachua County Housing Finance Authority                                         | ALACHUA CNTY FL HSG FIN AUTH MF REVENUE                      | CUSIP: 01068LAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986267.85    | 0.26%             | 2055-07-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4765000 | PA      | $4187391.70   | 1.10%             | 2059-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8720000 | PA      | $9148290.69   | 2.40%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wolf Creek Infrastructure Financing District No 1                                | WOLF CREEK INFRASTRUCTURE FING DIST #1 UT SPL ASSMNT         | CUSIP: 977695AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1924306.94   | 0.50%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1660998.52   | 0.43%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota               | SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE        | CUSIP: 852297CG3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101142.09    | 0.03%             | 2029-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EAT2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    360000 | PA      | $290139.39    | 0.08%             | 2056-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MSV0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    950000 | PA      | $828647.48    | 0.22%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                          | CAMDEN CNTY NJ IMPT AUTH SCH REVENUE                         | CUSIP: 13281PAB3<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    940000 | PA      | $978582.94    | 0.26%             | 2047-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $385048.21    | 0.10%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Newark Housing Authority                                                         | NEWARK NJ HSG AUTH CAPITAL FUND PROGRAM REVENUE              | CUSIP: 650359AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $690728.94    | 0.18%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140369.30    | 0.04%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No 2                                        | ST VRAIN LAKES MET DIST NO 2                                 | CUSIP: 85236GBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996010.20   | 0.52%             | 2054-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Bills                                          | CUSIP: 912797PY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  10000000 | PA      | $9934313.20   | 2.60%             | 2025-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144718.46    | 0.04%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer