# EDGAR Filing Document

**Accession Number:** 0001232860
**File Stem:** 0001410368-25-043495
**Filing Date:** 2025-12
**Character Count:** 109320
**Document Hash:** a95af4de78521d50afa6daf40379426a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043495.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043495

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**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:** 251606938

**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

## Nport-Ex

October 31, 2025

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

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

**BlackRock Municipal Credit Alpha Portfolio, Inc.**<br>

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

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

------

Schedule of Investments (unaudited)

October 31, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc.** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Brightline East LLC, 11.00%, 01/31/30<sup>(a)</sup> | $1660 | &nbsp;&nbsp; $647400 |
| **Total Corporate Bonds — 0.4%** <br>**(Cost: $1,221,961)** | **Total Corporate Bonds — 0.4%** <br>**(Cost: $1,221,961)** | &nbsp;&nbsp; 647400 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Fixed Income Funds — 1.4%** | **Fixed Income Funds — 1.4%** |  |
| Nuveen AMT-Free Quality Municipal Income Fund | 200000 | &nbsp;&nbsp; 2330000 |
| **Total Investment Companies — 1.4%** <br>**(Cost: $2,382,240)** | **Total Investment Companies — 1.4%** <br>**(Cost: $2,382,240)** | &nbsp;&nbsp; 2330000 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 0.9%** | **Alabama — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/54<br>| $1500 | &nbsp;&nbsp; 1455175 |
| **Arizona**<sup>(a)</sup> **— 6.2%** | **Arizona**<sup>(a)</sup> **— 6.2%** |  |
| Arizona Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 815 | &nbsp;&nbsp; 741346 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 965 | &nbsp;&nbsp; 876233 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 745 | &nbsp;&nbsp; 662850 |
| &nbsp;&nbsp;&nbsp; Series B, 4.25%, 07/01/27 | 140 | &nbsp;&nbsp; 139964 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> RB, 5.00%, 07/01/29<br>| 245 | &nbsp;&nbsp; 246155 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> Refunding RB, 5.00%, 06/15/49<br>| 950 | &nbsp;&nbsp; 879036 |
| Maricopa County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/01/58 | 1050 | &nbsp;&nbsp; 1030269 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/15/47 | 6500 | &nbsp;&nbsp; 5531337 |
|  |  | &nbsp;&nbsp; 10107190 |
| **Arkansas — 0.7%** | **Arkansas — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, Series A, <br> AMT, Sustainability Bonds, 6.88%, 07/01/48<sup>(a)</sup><br>| 1000 | &nbsp;&nbsp; 1077340 |
| **California — 14.0%** | **California — 14.0%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(a)</sup><br>| 1450 | &nbsp;&nbsp; 1438752 |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, RB, M/F Housing, <br> Series P-S, Subordinate, 8.00%, 07/01/67<sup>(a)(b)</sup><br>| 1540 | &nbsp;&nbsp; 1562894 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Class B, AMT, Sustainability <br> Bonds, 9.50%, 01/01/65<sup>(a)</sup><br>| 11515 | &nbsp;&nbsp; 9212000 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F Housing, <br> Series A-S, Subordinate, 8.00%, 09/01/55<sup>(a)(b)</sup><br>| 580 | &nbsp;&nbsp; 594299 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, 6.38%, <br> 06/01/59<sup>(a)</sup><br>| 3765 | &nbsp;&nbsp; 3539175 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 5.00%, 09/01/37<sup>(a)</sup><br>| 145 | &nbsp;&nbsp; 147359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(c)</sup><br>| 47735 | &nbsp;&nbsp; $5055690 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> Series C-1, 0.00%, 06/01/36<sup>(c)</sup><br>| 2500 | &nbsp;&nbsp; 1213623 |
|  |  | &nbsp;&nbsp; 22763792 |
| **Colorado — 14.0%** | **Colorado — 14.0%** |  |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, <br> RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Senior Lien, 6.88%, 02/01/59 | 1000 | &nbsp;&nbsp; 1050781 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate Lien, 8.50%, 02/01/59 | 2020 | &nbsp;&nbsp; 2234953 |
| &nbsp;&nbsp;&nbsp; Copperleaf Metropolitan District No. 5, Refunding GOL, <br> Series A, 6.50%, 12/01/55<br>| 330 | &nbsp;&nbsp; 332824 |
| &nbsp;&nbsp;&nbsp; Creekwalk Marketplace Business Improvement District, <br> Refunding RB, Series B, 8.00%, 12/15/54<br>| 2622 | &nbsp;&nbsp; 2629619 |
| &nbsp;&nbsp;&nbsp; Gold Hill North Business Improvement District, GOL, <br> Series A, 5.60%, 12/01/54<sup>(a)</sup><br>| 500 | &nbsp;&nbsp; 493013 |
| &nbsp;&nbsp;&nbsp; Granary Metropolitan District No. 9 Special Assessment <br> District No. 1, SAB, 5.45%, 12/01/44<sup>(a)</sup><br>| 2280 | &nbsp;&nbsp; 2285908 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, GOL, <br> Series B, Subordinate, 7.13%, 12/15/54<br>| 2000 | &nbsp;&nbsp; 2014446 |
| &nbsp;&nbsp;&nbsp; Mayfield Metropolitan District, GOL, Series A, 5.75%, <br> 12/01/50<br>| 1166 | &nbsp;&nbsp; 1176506 |
| &nbsp;&nbsp;&nbsp; Orchard Park Place South Metropolitan District, GOL, <br> 6.00%, 12/01/54<sup>(a)</sup><br>| 1060 | &nbsp;&nbsp; 1063657 |
| &nbsp;&nbsp;&nbsp; Palisade Metropolitan District No. 2, RB, Series C, <br> Subordinate, 8.00%, 12/15/37<sup>(a)</sup><br>| 2575 | &nbsp;&nbsp; 2625059 |
| &nbsp;&nbsp;&nbsp; Palisade Metropolitan District No. 2, Refunding RB, CAB, <br> Series B, Convertible, 5.88%, 12/15/54<sup>(a)(d)</sup><br>| 1605 | &nbsp;&nbsp; 1520787 |
| &nbsp;&nbsp;&nbsp; Parterre Metropolitan District No. 5, GOL, Subordinate, <br> 8.38%, 12/15/55<br>| 1450 | &nbsp;&nbsp; 1450980 |
| &nbsp;&nbsp;&nbsp; Sojourn at Idlewild Metropolitan District, GOL, Series A, <br> 6.13%, 12/01/55<sup>(a)</sup><br>| 500 | &nbsp;&nbsp; 515454 |
| &nbsp;&nbsp;&nbsp; St. Vrain Lakes Metropolitan District No. 2, Refunding <br> GOL, Series B, Subordinate, 6.38%, 11/15/54<br>| 2000 | &nbsp;&nbsp; 1999046 |
| &nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, RB, <br> Subordinate, 6.88%, 12/15/55<br>| 1348 | &nbsp;&nbsp; 1360684 |
|  |  | &nbsp;&nbsp; 22753717 |
| **Delaware — 0.6%** | **Delaware — 0.6%** |  |
| Town of Bridgeville Delaware, ST, 5.63%, 07/01/53<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 1017781 |
| **Florida — 10.9%** | **Florida — 10.9%** |  |
| &nbsp;&nbsp;&nbsp; Alachua County Housing Finance Authority, RB, M/F <br> Housing, Series A, 6.30%, 07/01/55<sup>(a)(b)</sup><br>| 1000 | &nbsp;&nbsp; 1047509 |
| &nbsp;&nbsp;&nbsp; Arbor Park Phase 1 Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.88%, 05/01/45 | 380 | &nbsp;&nbsp; 393433 |
| &nbsp;&nbsp;&nbsp; Series A-1, 6.10%, 05/01/55 | 580 | &nbsp;&nbsp; 599168 |
| Capital Projects Finance Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 7.50%, 06/15/65 | 1015 | &nbsp;&nbsp; 1022765 |
| &nbsp;&nbsp;&nbsp; Series B-1, 9.00%, 06/15/42 | 125 | &nbsp;&nbsp; 125055 |
| &nbsp;&nbsp;&nbsp; Capital Region Community Development District, <br> Refunding SAB, Series A-1, 4.63%, 05/01/28<br>| 300 | &nbsp;&nbsp; 303620 |
| Capital Trust Agency, Inc., RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | 945 | &nbsp;&nbsp; 800957 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/29 | 375 | &nbsp;&nbsp; 367704 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/45 | 850 | &nbsp;&nbsp; 738271 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 305 | &nbsp;&nbsp; 265903 |
| Capital Trust Authority, RB, 7.50%, 06/01/55<sup>(a)</sup> | 700 | &nbsp;&nbsp; 692423 |
| &nbsp;&nbsp;&nbsp; City of Pompano Beach Florida, Refunding RB, 4.00%, <br> 09/01/50<br>| 400 | &nbsp;&nbsp; 324541 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc.** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Coastal Ridge Community Development District, SAB, <br> 6.00%, 05/01/55<br>| 1000 | &nbsp;&nbsp; $1029478 |
| County of Okaloosa Florida, RB, 5.75%, 05/15/55<sup>(a)</sup> | 1500 | &nbsp;&nbsp; 1523306 |
| Curiosity Creek Community Development District, SAB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/01/44 | 230 | &nbsp;&nbsp; 230988 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/55 | 380 | &nbsp;&nbsp; 380647 |
| &nbsp;&nbsp;&nbsp; Esplanade Lake Club Community Development District, <br> SAB, Series A-2, 3.63%, 11/01/30<br>| 45 | &nbsp;&nbsp; 44153 |
| &nbsp;&nbsp;&nbsp; Feed Mill Community Development District, SAB, 5.88%, <br> 05/01/56<br>| 1500 | &nbsp;&nbsp; 1515704 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, Series A, AMT, <br> 0.00%, 07/15/59<sup>(a)(e)(f)</sup><br>| 2480 | &nbsp;&nbsp; 1165600 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding RB, <br> AMT, 0.00%, 07/15/32<sup>(a)</sup><br>| 625 | &nbsp;&nbsp; 293750 |
| &nbsp;&nbsp;&nbsp; Gas Worx Community Development District, SAB, <br> 6.00%, 05/01/57<sup>(a)</sup><br>| 600 | &nbsp;&nbsp; 614468 |
| KD52 Community Development District No. 1, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/45 | 325 | &nbsp;&nbsp; 326188 |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/01/56 | 560 | &nbsp;&nbsp; 562579 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.00%, <br> 05/01/56<br>| 350 | &nbsp;&nbsp; 362273 |
| &nbsp;&nbsp;&nbsp; Ormond Crossings West Community Development <br> District<sup>(a)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11/01/47 | 100 | &nbsp;&nbsp; 100032 |
| &nbsp;&nbsp;&nbsp; 11/01/57 | 100 | &nbsp;&nbsp; 99990 |
| Seminole Improvement District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 265 | &nbsp;&nbsp; 275420 |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/37 | 300 | &nbsp;&nbsp; 313605 |
| &nbsp;&nbsp;&nbsp; St. Johns County Industrial Development Authority, <br> Refunding RB, 4.00%, 08/01/55<br>| 200 | &nbsp;&nbsp; 165703 |
| &nbsp;&nbsp;&nbsp; Sterling Hill Community Development District, Refunding <br> SAB, Series B, 5.50%, 11/01/10<sup>(e)(f)</sup><br>| 143 | &nbsp;&nbsp; 62720 |
| &nbsp;&nbsp;&nbsp; Sunrise Community Development District, SAB, 5.88%, <br> 05/01/55<sup>(a)</sup><br>| 200 | &nbsp;&nbsp; 197228 |
| &nbsp;&nbsp;&nbsp; Three Rivers Community Development District, SAB, <br> 5.75%, 05/01/56<br>| 320 | &nbsp;&nbsp; 319066 |
| &nbsp;&nbsp;&nbsp; Tolomato Community Development District, Refunding <br> SAB, Sub-Series A-2, 3.85%, 05/01/29<br>| 140 | &nbsp;&nbsp; 140958 |
| &nbsp;&nbsp;&nbsp; Viera Stewardship District, SAB, Series 2023, 5.50%, <br> 05/01/54<br>| 910 | &nbsp;&nbsp; 918577 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 16, SAB, <br> 05/01/56<sup>(g)</sup><br>| 400 | &nbsp;&nbsp; 399656 |
|  |  | &nbsp;&nbsp; 17723438 |
| **Georgia — 0.3%** | **Georgia — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(a)</sup><br>| 740 | &nbsp;&nbsp; 485512 |
| **Illinois — 4.8%** | **Illinois — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, GO, Series H, 5.00%, <br> 12/01/46<br>| 1000 | &nbsp;&nbsp; 907381 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/41 | 2000 | &nbsp;&nbsp; 1699826 |
| &nbsp;&nbsp;&nbsp; Series B, 12/01/44<sup>(g)</sup> | 940 | &nbsp;&nbsp; 973068 |
| &nbsp;&nbsp;&nbsp; City of Marion Illinois Sales Tax Revenue, Refunding RB, <br> 6.63%, 06/01/55<br>| 1190 | &nbsp;&nbsp; 1194219 |
| &nbsp;&nbsp;&nbsp; County of Cook Illinois, RB, M/F Housing, 6.50%, <br> 01/01/45<br>| 3000 | &nbsp;&nbsp; 3020776 |
|  |  | &nbsp;&nbsp; 7795270 |
| **Indiana — 0.5%** | **Indiana — 0.5%** |  |
| Indiana Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/51 | 405 | &nbsp;&nbsp; 341335 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Indiana (continued)** | **Indiana (continued)** |  |
| Indiana Finance Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/56 | 360 | &nbsp;&nbsp; $296606 |
| &nbsp;&nbsp;&nbsp; Series A, 6.13%, 10/15/45<sup>(a)</sup> | 100 | &nbsp;&nbsp; 99951 |
| &nbsp;&nbsp;&nbsp; Series A, 6.38%, 10/15/55<sup>(a)</sup> | 100 | &nbsp;&nbsp; 100358 |
|  |  | &nbsp;&nbsp; 838250 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; County of Boyle Kentucky, Refunding RB, Series A, <br> 4.25%, 06/01/46<br>| 810 | &nbsp;&nbsp; 739022 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Juban Crossing Community Development District, SAB, <br> Series A, 6.25%, 06/01/54<br>| 1190 | &nbsp;&nbsp; 1235187 |
| **Maryland — 1.5%** | **Maryland — 1.5%** |  |
| City of Baltimore Maryland, RB, 5.00%, 06/01/51 | 820 | &nbsp;&nbsp; 821180 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, 6.25%, 07/01/63<sup>(a)</sup><br>| 1655 | &nbsp;&nbsp; 1666391 |
|  |  | &nbsp;&nbsp; 2487571 |
| **Massachusetts — 0.2%** | **Massachusetts — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB, 5.25%, 07/01/52<br>| 400 | &nbsp;&nbsp; 402636 |
| **Minnesota**<sup>(a)</sup> **— 1.0%** | **Minnesota**<sup>(a)</sup> **— 1.0%** |  |
| City of Eagan Minnesota, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.38%, 02/01/55 | 250 | &nbsp;&nbsp; 243723 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 02/01/65 | 1250 | &nbsp;&nbsp; 1221134 |
| &nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. <br> Paul Minnesota, RB, Series A, 4.75%, 07/01/29<br>| 100 | &nbsp;&nbsp; 100390 |
|  |  | &nbsp;&nbsp; 1565247 |
| **New Hampshire — 2.8%** | **New Hampshire — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, 5.88%, <br> 12/15/33<sup>(a)</sup><br>| 1945 | &nbsp;&nbsp; 1959160 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, CAB, <br> 0.00%, 04/01/32<sup>(a)(c)</sup><br>| 1250 | &nbsp;&nbsp; 843142 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing, 1st Series, Class B, 5.75%, 04/28/42<br>| 860 | &nbsp;&nbsp; 897806 |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority <br> Act, Refunding RB, 4.00%, 07/01/37<sup>(a)</sup><br>| 1000 | &nbsp;&nbsp; 871138 |
|  |  | &nbsp;&nbsp; 4571246 |
| **New Jersey — 2.0%** | **New Jersey — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority, RB, <br> Sustainability Bonds, 6.00%, 06/15/47<br>| 940 | &nbsp;&nbsp; 986568 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> AMT, 6.38%, 01/01/35<sup>(a)</sup><br>| 1460 | &nbsp;&nbsp; 1516461 |
| &nbsp;&nbsp;&nbsp; Newark Housing Authority, RB, M/F Housing, Series A, <br> 5.00%, 12/01/25<br>| 690 | &nbsp;&nbsp; 690939 |
|  |  | &nbsp;&nbsp; 3193968 |
| **New Mexico — 0.5%** | **New Mexico — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 820 | &nbsp;&nbsp; 796328 |
| **New York — 4.1%** | **New York — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Buffalo & Erie County Industrial Land Development <br> Corp., Refunding RB, Series A, 5.00%, 06/01/35<br>| 415 | &nbsp;&nbsp; 423037 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., RB, Series A, 4.88%, <br> 05/01/31<sup>(a)</sup><br>| 330 | &nbsp;&nbsp; 332251 |
| &nbsp;&nbsp;&nbsp; Huntington Local Development Corp., RB, Series A, <br> 5.00%, 07/01/36<br>| 940 | &nbsp;&nbsp; 897263 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 1500 | &nbsp;&nbsp; 1083921 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc.** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, <br> 11/15/51<br>| 270 | &nbsp;&nbsp; $198314 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., ARB, AMT, <br> 5.63%, 04/01/40<br>| 1810 | &nbsp;&nbsp; 1900579 |
| TSASC, Inc., Refunding RB, Series B, 5.00%, 06/01/48 | 1810 | &nbsp;&nbsp; 1587854 |
| Ulster County Capital Resource Corp., RB, 09/15/59<sup>(a)(g)</sup> | 200 | &nbsp;&nbsp; 197743 |
|  |  | &nbsp;&nbsp; 6620962 |
| **North Carolina — 1.2%** | **North Carolina — 1.2%** |  |
| North Carolina Medical Care Commission, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 10/01/45 | 810 | &nbsp;&nbsp; 819840 |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/01/55 | 360 | &nbsp;&nbsp; 363539 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, RB, 5.00%, <br> 02/01/49<br>| 620 | &nbsp;&nbsp; 692993 |
|  |  | &nbsp;&nbsp; 1876372 |
| **Ohio — 2.4%** | **Ohio — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 1165 | &nbsp;&nbsp; 976316 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, CAB, Series B-3, Class 2, 0.00%, <br> 06/01/57<sup>(c)</sup><br>| 21590 | &nbsp;&nbsp; 2040147 |
| County of Franklin Ohio, RB, Series B, 4.00%, 07/01/45 | 1000 | &nbsp;&nbsp; 843793 |
|  |  | &nbsp;&nbsp; 3860256 |
| **Oklahoma — 0.2%** | **Oklahoma — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding RB, <br> Series C, AMT, 5.50%, 12/01/35<br>| 390 | &nbsp;&nbsp; 390128 |
| **Pennsylvania — 0.8%** | **Pennsylvania — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Beaver County Industrial Development Authority, <br> Refunding RB, Series B, 3.75%, 10/01/47<br>| 1620 | &nbsp;&nbsp; 1362309 |
| **Puerto Rico — 9.8%** | **Puerto Rico — 9.8%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(b)(e)(f)</sup><br>| 8775 | &nbsp;&nbsp; 5199293 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, RB, Series XX, <br> 5.25%, 07/01/40<sup>(e)(f)</sup><br>| 3000 | &nbsp;&nbsp; 1980000 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 3066 | &nbsp;&nbsp; 2898909 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 2500 | &nbsp;&nbsp; 2350991 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, 0.00%, <br> 07/01/46<sup>(c)</sup><br>| 10000 | &nbsp;&nbsp; 3480325 |
|  |  | &nbsp;&nbsp; 15909518 |
| **Rhode Island — 0.6%** | **Rhode Island — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., RB, <br> Series B, Subordinate, (AGM), 5.63%, 07/01/65<br>| 600 | &nbsp;&nbsp; 622977 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., RB, CAB, Series A, <br> 0.00%, 06/01/52<sup>(c)</sup><br>| 1910 | &nbsp;&nbsp; 276150 |
|  |  | &nbsp;&nbsp; 899127 |
| **South Carolina — 0.6%** | **South Carolina — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, M/F Housing, Series A, 6.75%, 12/01/60<sup>(a)</sup><br>| 935 | &nbsp;&nbsp; 989747 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tennessee — 4.1%** | **Tennessee — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, RB, 5.25%, <br> 05/01/48<br>| $820 | &nbsp;&nbsp; $853753 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(b)</sup> | 5395 | &nbsp;&nbsp; 5850171 |
|  |  | &nbsp;&nbsp; 6703924 |
| **Texas — 7.0%** | **Texas — 7.0%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 1630 | &nbsp;&nbsp; 815000 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 1410 | &nbsp;&nbsp; 846000 |
| &nbsp;&nbsp;&nbsp; Beaumont Housing Authority, RB, M/F Housing, <br> Series A, Senior Lien, 6.50%, 07/01/55<sup>(a)</sup><br>| 385 | &nbsp;&nbsp; 382324 |
| City of Ennis Texas, SAB<sup>(a)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 09/15/45 | 100 | &nbsp;&nbsp; 99073 |
| &nbsp;&nbsp;&nbsp; 09/15/55 | 100 | &nbsp;&nbsp; 98887 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series A, AMT, 6.63%, 07/15/38<br>| 700 | &nbsp;&nbsp; 700013 |
| City of Pilot Point Texas, SAB, 7.13%, 09/15/55<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 1032658 |
| &nbsp;&nbsp;&nbsp; County of Denton Texas, SAB, Series A, Senior Lien, <br> 5.63%, 12/31/54<sup>(a)</sup><br>| 2000 | &nbsp;&nbsp; 2005155 |
| &nbsp;&nbsp;&nbsp; Love Field Airport Modernization Corp., ARB, 5.00%, <br> 11/01/28<br>| 540 | &nbsp;&nbsp; 540271 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 01/01/55<sup>(g)</sup> | 100 | &nbsp;&nbsp; 98704 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/50<sup>(a)</sup> | 800 | &nbsp;&nbsp; 680234 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(a)</sup><br>| 330 | &nbsp;&nbsp; 331193 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 445 | &nbsp;&nbsp; 394642 |
| &nbsp;&nbsp;&nbsp; Texas Community Housing & Economic Development <br> Corp., RB, M/F Housing, Series A1, Senior Lien, <br> 6.25%, 01/01/65<sup>(a)</sup><br>| 1510 | &nbsp;&nbsp; 1412974 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB, 5.00%, 12/15/30<br>| 1720 | &nbsp;&nbsp; 1843369 |
|  |  | &nbsp;&nbsp; 11280497 |
| **Utah**<sup>(a)</sup> **— 1.1%** | **Utah**<sup>(a)</sup> **— 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, GOL, <br> Series A, 4.00%, 03/01/51<br>| 549 | &nbsp;&nbsp; 451157 |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, TA, <br> Series 1, Subordinate, 5.13%, 06/15/54<br>| 795 | &nbsp;&nbsp; 790336 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 4.50%, 06/15/27<br>| 505 | &nbsp;&nbsp; 499447 |
|  |  | &nbsp;&nbsp; 1740940 |
| **Wisconsin — 16.4%** | **Wisconsin — 16.4%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/54<sup>(a)</sup> | 3495 | &nbsp;&nbsp; 3507859 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/56<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 808926 |
| &nbsp;&nbsp;&nbsp; Class A, 6.45%, 04/01/60<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 958233 |
| &nbsp;&nbsp;&nbsp; Class B, 5.58%, 07/01/62<sup>(a)(b)</sup> | 10000 | &nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 01/01/45<sup>(a)</sup> | 500 | &nbsp;&nbsp; 537344 |
| &nbsp;&nbsp;&nbsp; Series A, 7.25%, 01/01/61<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 1074776 |
| &nbsp;&nbsp;&nbsp; Series B, 8.50%, 01/01/36<sup>(a)</sup> | 250 | &nbsp;&nbsp; 232872 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 12/31/65 | 4000 | &nbsp;&nbsp; 4142982 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 09/30/51 | 1595 | &nbsp;&nbsp; 1323224 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 03/31/56 | 1520 | &nbsp;&nbsp; 1229991 |
| Public Finance Authority, RB, CAB<sup>(a)(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/32 | 1067 | &nbsp;&nbsp; 687346 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/38 | 1805 | &nbsp;&nbsp; 828144 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/42 | 6700 | &nbsp;&nbsp; 2032282 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc.** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** |  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, M/F Housing, Series A, <br> Subordinate, 7.13%, 07/01/65<sup>(a)</sup><br>| 660 | &nbsp;&nbsp; $654602 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Refunding RB, 5.00%, <br> 09/01/49<sup>(a)</sup><br>| 520 | &nbsp;&nbsp; 478937 |
|  |  | &nbsp;&nbsp; 26497518 |
| **Total Municipal Bonds — 110.5%** <br>**(Cost: $181,820,100)** | **Total Municipal Bonds — 110.5%** <br>**(Cost: $181,820,100)** | &nbsp;&nbsp; 179139968 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> |
| **Mississippi — 7.9%** | **Mississippi — 7.9%** |  |
| Mississippi Development Bank, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/01/31 | 3775 | &nbsp;&nbsp; 3833862 |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/01/33 | 2350 | &nbsp;&nbsp; 2386643 |
| &nbsp;&nbsp;&nbsp; (AGM), 6.88%, 12/01/40 | 6405 | &nbsp;&nbsp; 6504871 |
|  |  | &nbsp;&nbsp; 12725376 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 7.9%** <br>**(Cost: $12,530,162)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 7.9%** <br>**(Cost: $12,530,162)** | &nbsp;&nbsp; 12725376 |
| **Total Long-Term Investments — 120.2%** <br>**(Cost: $197,954,463)** | **Total Long-Term Investments — 120.2%** <br>**(Cost: $197,954,463)** | &nbsp;&nbsp; 194842744 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.1%** | **Money Market Funds — 7.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 3.01%<sup>(i)(j)</sup><br>| 11530787 | &nbsp;&nbsp; 11531940 |
| **Total Short-Term Securities — 7.1%** <br>**(Cost: $11,531,940)** | **Total Short-Term Securities — 7.1%** <br>**(Cost: $11,531,940)** | &nbsp;&nbsp; 11531940 |
| **Total Investments — 127.3%** <br>**(Cost: $209,486,403)** | **Total Investments — 127.3%** <br>**(Cost: $209,486,403)** | &nbsp;&nbsp; 206374684 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | &nbsp;&nbsp; 57290 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (5.8)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (5.8)%** | &nbsp;&nbsp; (9460097)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(21.5)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(21.5)%** | &nbsp;&nbsp; (34908357)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $162063520 |

---

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

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

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

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

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

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

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

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

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

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

<sup>(j)</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 October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $74124469 | $—<br> $(62592529 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $11531940 | 11530787 | $371098 | $— |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Credit Alpha Portfolio, Inc.** 

**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.

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; Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $647400 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $647400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2330000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179139968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179139968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12725376 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12725376 |
| &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; 11531940 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11531940 |
|  | &nbsp;&nbsp; $13861940 | &nbsp;&nbsp;&nbsp;&nbsp; $192512744 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $206374684 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(9394999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(9394999)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35000000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(44394999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(44394999)<br>|

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| M/F | Multi-Family |
| RB | Revenue Bonds |
| SAB | Special Assessment Bonds |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| ST | Special Tax |
| TA | Tax Allocation |

---

------

## 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:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $209242561.48

**Total Liabilities:** $48255890.67

**Net Assets:** $160986670.81

**Delayed Delivery Securities:** $1969523.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1283.41000000 | **1-Year:** 46.50000000 | **5-Year:** 6738.07000000 | **10-Year:** 7033.21000000 | **30-Year:** -90016.25000000

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

- **3-Month:** 140.99000000 | **1-Year:** 741.71000000 | **5-Year:** 22866.34000000 | **10-Year:** 45717.23000000 | **30-Year:** 63077.90000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.52%                | 1.55%                | -0.20%               |
| Class ID N/A | 0.52%                | 1.55%                | -0.20%               |
| Class ID N/A | 0.60%                | 1.54%                | -0.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-371359.74              | $1289173.49                                |
| Month 2  | $-830930.88              | $4942517.61                                |
| Month 3  | $24054.22                | $-795294.26                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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      | $1047509.40   | 0.65%             | 2055-07-01      | Floating      | 6.30%                 | 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      | $393433.49    | 0.24%             | 2045-05-01      | Fixed         | 5.88%                 | 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      | $599167.90    | 0.37%             | 2055-05-01      | Fixed         | 6.10%                 | 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      | $139964.08    | 0.09%             | 2027-07-01      | Fixed         | 4.25%                 | 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      | $876232.64    | 0.54%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $662850.49    | 0.41%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $741345.76    | 0.46%             | 2039-07-01      | Fixed         | 4.38%                 | 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      | $1077340.50   | 0.67%             | 2048-07-01      | Fixed         | 6.88%                 | 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      | $846000.00    | 0.53%             | 2062-11-01      | Fixed         | 7.88%                 | 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      | $815000.00    | 0.51%             | 2062-04-01      | Fixed         | 7.50%                 | 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      | $821180.14    | 0.51%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Beaumont Housing Authority                                                       | BEAUMONT TX HSG AUTH RSDL DEV REVENUE                        | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $382324.21    | 0.24%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Beaver County Industrial Development Authority                                   | BEAVER CNTY PA INDL DEV AUTH                                 | CUSIP: 074876HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1362309.35   | 0.85%             | 2047-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | BLACK DESERT PUB INFRASTRUCTURE DIST                         | CUSIP: 09204PAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    549000 | PA      | $451157.27    | 0.28%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC                                                              | Brightline East LLC                                          | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1660000 | PA      | $647400.00    | 0.40%             | 2030-01-31      | Fixed         | 11.00%                | 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      | $739021.73    | 0.46%             | 2046-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | BRIDGEVILLE DE SPL OBLIG                                     | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017780.70   | 0.63%             | 2053-07-01      | Fixed         | 5.63%                 | 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        |   1165000 | PA      | $976315.67    | 0.61%             | 2055-06-01      | Fixed         | 5.00%                 | 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        |  21590000 | PA      | $2040147.05   | 1.27%             | 2057-06-01      | None          | 0.00%                 | 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      | $423037.31    | 0.26%             | 2035-06-01      | Fixed         | 5.00%                 | 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      | $332250.90    | 0.21%             | 2031-05-01      | Fixed         | 4.88%                 | 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        |    145000 | PA      | $147359.22    | 0.09%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  11515000 | PA      | $9212000.00   | 5.72%             | 2065-01-01      | Floating      | 9.50%                 | 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      | $1562893.64   | 0.97%             | 2067-07-01      | Floating      | 8.00%                 | 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      | $594298.86    | 0.37%             | 2055-09-01      | Floating      | 8.00%                 | 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        |   3765000 | PA      | $3539174.55   | 2.20%             | 2059-06-01      | Fixed         | 6.38%                 | 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      | $1438752.35   | 0.89%             | 2062-11-15      | Fixed         | 8.00%                 | 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      | $986568.45    | 0.61%             | 2047-06-15      | Fixed         | 6.00%                 | 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      | $1022765.36   | 0.64%             | 2065-06-15      | Fixed         | 7.50%                 | 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      | $125055.31    | 0.08%             | 2042-06-15      | Fixed         | 9.00%                 | 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      | $303619.50    | 0.19%             | 2028-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDK0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    945000 | PA      | $800957.24    | 0.50%             | 2055-01-01      | Fixed         | 5.00%                 | 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      | $367703.63    | 0.23%             | 2029-06-15      | Fixed         | 4.00%                 | 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      | $738270.56    | 0.46%             | 2045-06-01      | 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      | $265903.06    | 0.17%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WCN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $692423.48    | 0.43%             | 2055-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505A71<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    940000 | PA      | $973068.45    | 0.60%             | 2044-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907380.60    | 0.56%             | 2046-12-01      | Fixed         | 5.00%                 | 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      | $1029477.70   | 0.64%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UTS3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050781.00   | 0.65%             | 2059-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UTU8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2234953.25   | 1.39%             | 2059-02-01      | Fixed         | 8.50%                 | 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      | $3020776.20   | 1.88%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Copperleaf Metropolitan District No 5                                            | COPPERLEAF MET DIST #5 CO                                    | CUSIP: 21765MAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $332824.44    | 0.21%             | 2055-12-01      | Fixed         | 6.50%                 | 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      | $2629619.53   | 1.63%             | 2054-12-15      | Fixed         | 8.00%                 | 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      | $230987.83    | 0.14%             | 2044-05-01      | Fixed         | 5.40%                 | 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      | $380647.10    | 0.24%             | 2055-05-01      | Fixed         | 5.70%                 | 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      | $2005154.60   | 1.25%             | 2054-12-31      | Fixed         | 5.63%                 | 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      | $243722.83    | 0.15%             | 2055-02-01      | Fixed         | 6.38%                 | 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      | $1221134.38   | 0.76%             | 2065-02-01      | Fixed         | 6.50%                 | 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      | $485511.78    | 0.30%             | 2062-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Ennis TX                                                                 | ENNIS TX SPL ASSMNT REVENUE                                  | CUSIP: 293470AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99073.26     | 0.06%             | 2045-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Ennis TX                                                                 | ENNIS TX SPL ASSMNT REVENUE                                  | CUSIP: 293470AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98886.75     | 0.06%             | 2055-09-15      | Fixed         | 5.50%                 | 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        |     45000 | PA      | $44153.16     | 0.03%             | 2030-11-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Feed Mill Community Development District                                         | FEED MILL CDD FL CAPITAL IMPT REVENUE                        | CUSIP: 31434PAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515704.25   | 0.94%             | 2056-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    625000 | PA      | $293750.00    | 0.18%             | 2032-07-15      | Variable      | 14.00%                | 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      | $1165600.00   | 0.72%             | 2059-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                            | FRANKLIN CNTY OH HLTH CARE FACS REVENUE                      | CUSIP: 353180KW1<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $843793.30    | 0.52%             | 2045-07-01      | Fixed         | 4.00%                 | 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      | $614467.50    | 0.38%             | 2057-05-01      | Fixed         | 6.00%                 | 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      | $493013.30    | 0.31%             | 2054-12-01      | Fixed         | 5.60%                 | 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      | $5055690.23   | 3.14%             | 2066-06-01      | None          | 0.00%                 | 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      | $2285907.94   | 1.42%             | 2044-12-01      | Fixed         | 5.45%                 | 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      | $700013.23    | 0.43%             | 2038-07-15      | Fixed         | 6.63%                 | 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      | $897262.62    | 0.56%             | 2036-07-01      | Fixed         | 5.00%                 | 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      | $2014446.20   | 1.25%             | 2054-12-15      | Fixed         | 7.13%                 | 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      | $341334.69    | 0.21%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EAT2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    360000 | PA      | $296606.09    | 0.18%             | 2056-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EET8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99950.88     | 0.06%             | 2045-10-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EEU5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100358.68    | 0.06%             | 2055-10-15      | Fixed         | 6.38%                 | 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      | $1213622.75   | 0.75%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Juban Crossing Community Development District                                    | JUBAN CROSSING CDD LIVINGSTON PARISH LA SPL ASSMNT           | CUSIP: 48130GAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1235187.39   | 0.77%             | 2054-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KD52 Community Development District No 1                                         | KD52 CDD #1 FL SPL ASSMNT REVENUE                            | CUSIP: 48668RAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $326188.20    | 0.20%             | 2045-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KD52 Community Development District No 1                                         | KD52 CDD #1 FL SPL ASSMNT REVENUE                            | CUSIP: 48668RAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $562578.91    | 0.35%             | 2056-05-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362273.38    | 0.23%             | 2056-05-01      | Fixed         | 6.00%                 | 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        |    540000 | PA      | $540270.59    | 0.34%             | 2028-11-01      | Fixed         | 5.00%                 | 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      | $1030269.03   | 0.64%             | 2058-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY INDL DEV AUTH EXEMPT FACS REVENUE              | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5531336.85   | 3.44%             | 2047-10-15      | Fixed         | 4.00%                 | 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      | $1194218.79   | 0.74%             | 2055-06-01      | Fixed         | 6.63%                 | 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      | $1666390.54   | 1.04%             | 2063-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402636.04    | 0.25%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mayfield Metropolitan District                                                   | MAYFIELD MET DIST CO                                         | CUSIP: 578287AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1166000 | PA      | $1176505.78   | 0.73%             | 2050-12-01      | Fixed         | 5.75%                 | 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: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    820000 | PA      | $853753.50    | 0.53%             | 2048-05-01      | Fixed         | 5.25%                 | 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      | $790336.05    | 0.49%             | 2054-06-15      | Fixed         | 5.13%                 | 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      | $1455175.20   | 0.90%             | 2054-06-01      | Fixed         | 5.00%                 | 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      | $843141.75    | 0.52%             | 2032-04-01      | None          | 0.00%                 | 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      | $1959159.79   | 1.22%             | 2033-12-15      | Fixed         | 5.88%                 | 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      | $897805.77    | 0.56%             | 2042-04-28      | Fixed         | 5.75%                 | 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      | $871138.40    | 0.54%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $680233.60    | 0.42%             | 2050-08-15      | Fixed         | 5.00%                 | 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      | $1516460.83   | 0.94%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1083921.15   | 0.67%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $198313.95    | 0.12%             | 2051-11-15      | Fixed         | 3.00%                 | 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      | $1900579.10   | 1.18%             | 2040-04-01      | Fixed         | 5.63%                 | 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      | $690938.75    | 0.43%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUM6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    810000 | PA      | $819840.37    | 0.51%             | 2045-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUN4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    360000 | PA      | $363538.51    | 0.23%             | 2055-10-01      | Fixed         | 5.63%                 | 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      | $2330000.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| County of Okaloosa FL                                                            | OKALOOSA CNTY FL INDL DEV REVENUE                            | CUSIP: 678226AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523306.25   | 0.95%             | 2055-05-15      | Fixed         | 5.75%                 | 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      | $1063657.11   | 0.66%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ormond Crossings West Community Development District                             | ORMAND CROSSINGS FL W CDD                                    | CUSIP: 68682AAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100032.04    | 0.06%             | 2047-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ormond Crossings West Community Development District                             | ORMAND CROSSINGS FL W CDD                                    | CUSIP: 68682AAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99990.05     | 0.06%             | 2057-11-01      | Fixed         | 6.00%                 | 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      | $1520786.77   | 0.94%             | 2054-12-15      | None          | 0.00%                 | 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      | $2625058.77   | 1.63%             | 2037-12-15      | Fixed         | 8.00%                 | 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      | $1450979.77   | 0.90%             | 2055-12-15      | Fixed         | 8.38%                 | 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      | $1032657.60   | 0.64%             | 2055-09-15      | Fixed         | 7.13%                 | 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      | $879036.05    | 0.55%             | 2049-06-15      | 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: 72177PCC2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    245000 | PA      | $246155.30    | 0.15%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | POMPANO BEACH FL REVENUE                                     | CUSIP: 732203BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $324541.20    | 0.20%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    330000 | PA      | $331193.51    | 0.21%             | 2026-07-01      | Fixed         | 10.00%                | 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      | $808926.20    | 0.50%             | 2056-06-15      | Fixed         | 5.00%                 | 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      | $654602.12    | 0.41%             | 2065-07-01      | Floating      | 7.13%                 | 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      | $958233.40    | 0.60%             | 2060-04-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $828144.11    | 0.51%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PH32<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3495000 | PA      | $3507858.45   | 2.18%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP41<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1067000 | PA      | $687345.50    | 0.43%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP66<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074776.20   | 0.67%             | 2061-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP74<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $232871.90    | 0.14%             | 2036-01-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PQ24<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537343.55    | 0.33%             | 2045-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PQ81<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6700000 | PA      | $2032282.19   | 1.26%             | 2042-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1323223.80   | 0.82%             | 2051-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1229991.45   | 0.76%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    520000 | PA      | $478936.69    | 0.30%             | 2049-09-01      | Fixed         | 5.00%                 | 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        |  10000000 | PA      | $8000000.00   | 4.97%             | 2062-07-01      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI TOLL REVENUE                              | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4142982.00   | 2.57%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   8775177 | PA      | $5199292.42   | 3.23%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1980000.00   | 1.23%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3066000 | PA      | $2898909.13   | 1.80%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $3480325.00   | 2.16%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2350991.00   | 1.46%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244PC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $622977.00    | 0.39%             | 2065-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE                    | CUSIP: 790417AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $165703.38    | 0.10%             | 2055-08-01      | Fixed         | 4.00%                 | 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      | $796327.83    | 0.49%             | 2044-05-15      | Fixed         | 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      | $275419.56    | 0.17%             | 2032-10-01      | 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      | $313605.03    | 0.19%             | 2037-10-01      | Fixed         | 5.30%                 | 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      | $515454.15    | 0.32%             | 2055-12-01      | Fixed         | 6.13%                 | 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      | $989747.06    | 0.61%             | 2060-12-01      | Fixed         | 6.75%                 | 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      | $100389.86    | 0.06%             | 2029-07-01      | Fixed         | 4.75%                 | 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      | $1999045.80   | 1.24%             | 2054-11-15      | Fixed         | 6.38%                 | 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      | $62719.80     | 0.04%             | 2010-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | STERLING RANCH CMNTY AUTH BRD CO SUPPORTED REVENUE           | CUSIP: 85950NCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1348000 | PA      | $1360683.74   | 0.85%             | 2055-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sunrise Community Development District                                           | SUNRISE CDD FL CAPITAL IMPT REVENUE                          | CUSIP: 86771UAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197227.70    | 0.12%             | 2055-05-01      | Fixed         | 5.88%                 | 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      | $2386642.95   | 1.48%             | 2033-12-01      | Fixed         | 6.75%                 | 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      | $6504871.03   | 4.04%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | MISSISSIPPI ST DEV BANK SPL OBLG                             | CUSIP: 60534TQE8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   3774999 | PA      | $3833861.75   | 2.38%             | 2031-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5850170.76   | 3.63%             | 2053-10-01      | Floating      | 5.50%                 | 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      | $394641.80    | 0.25%             | 2045-12-01      | Fixed         | 4.13%                 | 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      | $1412974.20   | 0.88%             | 2065-01-01      | Fixed         | 6.25%                 | 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      | $1843369.58   | 1.15%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Three Rivers Community Development District                                      | THREE RIVERS CDD FL                                          | CUSIP: 88563MAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $319065.57    | 0.20%             | 2056-05-01      | Fixed         | 5.75%                 | 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      | $276149.90    | 0.17%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tolomato Community Development District                                          | TOLOMATO FL CDD                                              | CUSIP: 889560DF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140957.89    | 0.09%             | 2029-05-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1587854.18   | 0.99%             | 2048-06-01      | Fixed         | 5.00%                 | 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      | $390128.08    | 0.24%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ulster County Capital Resource Corp                                              | ULSTER CNTY NY CAPITAL RESOURCE CORP REVENUE                 | CUSIP: 903768AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197742.84    | 0.12%             | 2059-09-15      | Fixed         | 5.88%                 | 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: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |    620000 | PA      | $692992.79    | 0.43%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $499446.31    | 0.31%             | 2027-06-15      | Fixed         | 4.50%                 | 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      | $918576.84    | 0.57%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 16                                     | VLG CDD #16 FL SPL ASSMNT REVENUE                            | CUSIP: 92708MAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399656.16    | 0.25%             | 2056-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  11970060 | NS      | $11971257.19  | 7.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer