# EDGAR Filing Document

**Accession Number:** 0000225635
**File Stem:** 0001410368-25-032190
**Filing Date:** 2025-11
**Character Count:** 126402
**Document Hash:** b499908f95112825bb5b13f3318e768b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032190.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032190

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MUNICIPAL BOND FUND, INC.
- **CENTRAL INDEX KEY:** 0000225635

**ORGANIZATION NAME:**
- **EIN:** 132896246
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02688
- **FILM NUMBER:** 251525920

**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:** MERRILL LYNCH MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE LIBERTY MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19780622

## Series and Classes Contracts Data

### BlackRock Short Duration Muni Fund (Series ID: S000002335)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000006122 | Investor A1    |  |
| C000006124 | Investor C     |  |
| C000006125 | Institutional  |  |
| C000038034 | Investor A     |  |
| C000038035 | Class K Shares |  |

## Nport-Ex

September 30, 2025

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

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

---

| |
|:---|
| **BlackRock Municipal Bond Fund, Inc.** |
| • BlackRock Short Duration Muni Fund |

---

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

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

------

Schedule of Investments (unaudited)

September 30, 2025

**BlackRock Short Duration Muni Fund** 

**(formerly known as BlackRock Short-Term Municipal Fund)**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 12.3%** | **Alabama — 12.3%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/28 | $260 | &nbsp;&nbsp; $272723 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/29 | 250 | &nbsp;&nbsp; 266356 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/30 | 350 | &nbsp;&nbsp; 376286 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54<sup>(a)</sup> | 2000 | &nbsp;&nbsp; 2168679 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/55<sup>(a)</sup> | 6095 | &nbsp;&nbsp; 6629144 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56<sup>(a)</sup> | 2050 | &nbsp;&nbsp; 2129162 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53<sup>(a)</sup> | 8570 | &nbsp;&nbsp; 9094248 |
| &nbsp;&nbsp;&nbsp; Series F, 5.25%, 12/01/26 | 5140 | &nbsp;&nbsp; 5257649 |
| Black Belt Energy Gas District, Refunding RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 12/01/55<sup>(b)</sup> | 3940 | &nbsp;&nbsp; 4251703 |
| &nbsp;&nbsp;&nbsp; Series D2, 4.19%, 07/01/52 | 2650 | &nbsp;&nbsp; 2699553 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB, 5.00%, 10/01/29<br>| 1250 | &nbsp;&nbsp; 1356564 |
| Energy Southeast A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/26 | 100 | &nbsp;&nbsp; 101898 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/27 | 115 | &nbsp;&nbsp; 118130 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/27 | 100 | &nbsp;&nbsp; 103561 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/28 | 240 | &nbsp;&nbsp; 250638 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/28 | 250 | &nbsp;&nbsp; 263222 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/30 | 150 | &nbsp;&nbsp; 161346 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/31 | 245 | &nbsp;&nbsp; 265210 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54<sup>(a)</sup> | 10700 | &nbsp;&nbsp; 11388415 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/26 | 1000 | &nbsp;&nbsp; 1019188 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/54<sup>(a)</sup> | 10000 | &nbsp;&nbsp; 10728292 |
|  |  | &nbsp;&nbsp; 58901967 |
| **Arizona — 2.1%** | **Arizona — 2.1%** |  |
| Arizona Health Facilities Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 3.14%, 11/04/25<sup>(c)</sup> | 195 | &nbsp;&nbsp; 194577 |
| &nbsp;&nbsp;&nbsp; Series B, 3.14%, 01/01/46 | 4780 | &nbsp;&nbsp; 4775787 |
| &nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, RB, AMT, <br> 4.00%, 06/01/49<sup>(a)</sup><br>| 3300 | &nbsp;&nbsp; 3347209 |
| Salt Verde Financial Corp., RB, 5.50%, 12/01/29 | 1475 | &nbsp;&nbsp; 1593293 |
|  |  | &nbsp;&nbsp; 9910866 |
| **California — 3.8%** | **California — 3.8%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Sustainability Bonds, 4.75%, 12/01/53<sup>(a)</sup><br>| 7000 | &nbsp;&nbsp; 7232191 |
| &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>(d)</sup><br>| 4410 | &nbsp;&nbsp; 4021367 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, <br> Series A, AMT, 4.25%, 07/01/31<sup>(a)</sup><br>| 2475 | &nbsp;&nbsp; 2505720 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.00%, <br> 05/15/34<br>| 1000 | &nbsp;&nbsp; 1133236 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> RB, Series F, AMT, Subordinate, 5.00%, 05/15/34<br>| 2180 | &nbsp;&nbsp; 2448773 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB, <br> Series A, AMT, 5.00%, 05/01/33<br>| 950 | &nbsp;&nbsp; 1061075 |
|  |  | &nbsp;&nbsp; 18402362 |
| **Colorado**<sup>(a)</sup> **— 2.3%** | **Colorado**<sup>(a)</sup> **— 2.3%** |  |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 11/15/60 | 1500 | &nbsp;&nbsp; 1647546 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado (continued)** | **Colorado (continued)** |  |
| Colorado Health Facilities Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/59 | 4385 | &nbsp;&nbsp; $4787116 |
| &nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 08/01/49 | 4715 | &nbsp;&nbsp; 4757078 |
|  |  | &nbsp;&nbsp; 11191740 |
| **Connecticut — 1.3%** | **Connecticut — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, Refunding RB, Series B, 5.00%, 07/01/49<sup>(a)</sup><br>| 5000 | &nbsp;&nbsp; 5364920 |
| State of Connecticut, GO, Series A, 5.00%, 03/15/35 | 770 | &nbsp;&nbsp; 895466 |
|  |  | &nbsp;&nbsp; 6260386 |
| **District of Columbia — 1.5%** | **District of Columbia — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB, Series A, 5.00%, 06/01/34<br>| 2500 | &nbsp;&nbsp; 2901098 |
| &nbsp;&nbsp;&nbsp; District of Columbia, RB, Series A, AMT, Sustainability <br> Bonds, 5.00%, 02/28/27<br>| 865 | &nbsp;&nbsp; 885230 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.00%, <br> 10/01/34<br>| 1595 | &nbsp;&nbsp; 1770856 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, RB, <br> Series B, 5.00%, 07/01/34<br>| 1790 | &nbsp;&nbsp; 1847972 |
|  |  | &nbsp;&nbsp; 7405156 |
| **Florida — 1.3%** | **Florida — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Airport System Revenue, <br> ARB, Series A, AMT, 5.00%, 10/01/28<br>| 3000 | &nbsp;&nbsp; 3004091 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, Series A, AMT, <br> 5.00%, 10/01/30<br>| 1335 | &nbsp;&nbsp; 1436726 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 5.00%, 11/15/34<br>| 590 | &nbsp;&nbsp; 677182 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Refunding <br> RB, Series B, 5.00%, 07/01/30<br>| 410 | &nbsp;&nbsp; 410558 |
| &nbsp;&nbsp;&nbsp; Mid-Bay Bridge Authority, Refunding RB, Series C, <br> 5.00%, 10/01/30<br>| 665 | &nbsp;&nbsp; 665000 |
|  |  | &nbsp;&nbsp; 6193557 |
| **Georgia — 4.2%** | **Georgia — 4.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Atlanta Georgia Department of Aviation, ARB, <br> Series B-1, AMT, Sustainability Bonds, 5.00%, <br> 07/01/35<br>| 3000 | &nbsp;&nbsp; 3316167 |
| &nbsp;&nbsp;&nbsp; Development Authority of Burke County, RB, 3.38%, <br> 11/01/48<sup>(a)</sup><br>| 180 | &nbsp;&nbsp; 180313 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series E, (FHLMC, FNMA, GNMA), 3.95%, 06/01/35<br>| 445 | &nbsp;&nbsp; 454308 |
| Main Street Natural Gas, Inc., RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/53 | 5000 | &nbsp;&nbsp; 5312003 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/53 | 10045 | &nbsp;&nbsp; 10804843 |
|  |  | &nbsp;&nbsp; 20067634 |
| **Guam — 0.5%** | **Guam — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Guam Power Authority, Refunding RB, Series A, 5.00%, <br> 10/01/25<br>| 2500 | &nbsp;&nbsp; 2500115 |
| **Idaho — 1.1%** | **Idaho — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, RB, Class C, 5.00%, <br> 03/01/60<sup>(a)</sup><br>| 4650 | &nbsp;&nbsp; 5225724 |
| **Illinois — 2.7%** | **Illinois — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding RB, <br> Series B, Senior Lien, 5.00%, 01/01/34<br>| 5000 | &nbsp;&nbsp; 5019097 |
| City of Chicago Illinois, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/26 | 575 | &nbsp;&nbsp; 576861 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/27 | 655 | &nbsp;&nbsp; 666927 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Short Duration Muni Fund** 

**(formerly known as BlackRock Short-Term Municipal Fund)**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, RB, Series A, Sustainability <br> Bonds, 5.00%, 01/01/35<br>| 1250 | &nbsp;&nbsp; $1448473 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Refunding RB, Series B, <br> 3.59%, 05/01/42<sup>(a)</sup><br>| 1000 | &nbsp;&nbsp; 994858 |
| Illinois Housing Development Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.50%, 04/01/28<br>| 300 | &nbsp;&nbsp; 320832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.50%, 10/01/28<br>| 250 | &nbsp;&nbsp; 270356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.50%, 04/01/29<br>| 355 | &nbsp;&nbsp; 387608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.50%, 10/01/29<br>| 375 | &nbsp;&nbsp; 413018 |
| &nbsp;&nbsp;&nbsp; Rock Island County School District No. 41 Rock <br> Island/Milan, GO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 01/01/31 | 250 | &nbsp;&nbsp; 276604 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 01/01/32 | 225 | &nbsp;&nbsp; 251152 |
| State of Illinois, GO, Series D, 5.00%, 11/01/28 | 2380 | &nbsp;&nbsp; 2481749 |
|  |  | &nbsp;&nbsp; 13107535 |
| **Indiana — 1.6%** | **Indiana — 1.6%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/35 | 750 | &nbsp;&nbsp; 878215 |
| &nbsp;&nbsp;&nbsp; Series D-3, 5.00%, 10/01/59<sup>(a)</sup> | 6000 | &nbsp;&nbsp; 6817853 |
|  |  | &nbsp;&nbsp; 7696068 |
| **Kentucky — 2.8%** | **Kentucky — 2.8%** |  |
| Kentucky Public Energy Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/55<sup>(a)</sup> | 2650 | &nbsp;&nbsp; 2840679 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 02/01/31 | 1445 | &nbsp;&nbsp; 1550646 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/25 | 5250 | &nbsp;&nbsp; 5259029 |
| &nbsp;&nbsp;&nbsp; Series B, (SAP), 5.00%, 11/01/25 | 630 | &nbsp;&nbsp; 631048 |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, <br> Refunding RB, Series I, 5.00%, 10/01/30<br>| 3340 | &nbsp;&nbsp; 3399741 |
|  |  | &nbsp;&nbsp; 13681143 |
| **Louisiana — 2.1%** | **Louisiana — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, 5.00%, <br> 10/01/43<sup>(a)(d)</sup><br>| 10000 | &nbsp;&nbsp; 10012192 |
| **Maryland — 0.7%** | **Maryland — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities Commission, <br> RB, M/F Housing, Series A, 3.85%, 07/01/34<br>| 3435 | &nbsp;&nbsp; 3529313 |
| **Massachusetts — 0.8%** | **Massachusetts — 0.8%** |  |
| Massachusetts Educational Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/26 | 1000 | &nbsp;&nbsp; 1014156 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/26 | 1250 | &nbsp;&nbsp; 1267696 |
| &nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, <br> Refunding RB, Series B, AMT, 5.00%, 07/01/28<br>| 500 | &nbsp;&nbsp; 521012 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, RB, M/F <br> Housing, Series C2, Sustainability Bonds, (HUD <br> SECT 8), 4.00%, 12/01/27<br>| 1120 | &nbsp;&nbsp; 1129173 |
|  |  | &nbsp;&nbsp; 3932037 |
| **Michigan — 4.4%** | **Michigan — 4.4%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Refunding RB, <br> Series I, 5.00%, 10/15/32<br>| 895 | &nbsp;&nbsp; 912541 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Refunding <br> RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 08/15/55 | 1385 | &nbsp;&nbsp; 1536086 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Michigan (continued)** | **Michigan (continued)** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Refunding <br> RB<sup>(a)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B2, 5.00%, 08/15/55 | 5725 | &nbsp;&nbsp; $6366972 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, S/F <br> Housing<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 12/01/33 | 1885 | &nbsp;&nbsp; 1884751 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 06/01/34 | 1665 | &nbsp;&nbsp; 1665159 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 12/01/34 | 1130 | &nbsp;&nbsp; 1130188 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 06/01/35 | 1100 | &nbsp;&nbsp; 1100256 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/29 | 6015 | &nbsp;&nbsp; 6327584 |
|  |  | &nbsp;&nbsp; 20923537 |
| **Missouri — 1.1%** | **Missouri — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, ARB, <br> Series A, AMT, 5.00%, 03/01/30<br>| 4200 | &nbsp;&nbsp; 4444852 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, <br> Refunding RB, 5.00%, 12/01/34<br>| 550 | &nbsp;&nbsp; 630115 |
|  |  | &nbsp;&nbsp; 5074967 |
| **Nevada**<sup>(a)</sup> **— 2.3%** | **Nevada**<sup>(a)</sup> **— 2.3%** |  |
| County of Washoe Nevada, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 3.63%, 03/01/36 | 3725 | &nbsp;&nbsp; 3759846 |
| &nbsp;&nbsp;&nbsp; Series C3, 4.13%, 03/01/36 | 2000 | &nbsp;&nbsp; 2010700 |
| &nbsp;&nbsp;&nbsp; Series F, 4.13%, 03/01/36 | 5030 | &nbsp;&nbsp; 5065230 |
|  |  | &nbsp;&nbsp; 10835776 |
| **New Jersey — 9.4%** | **New Jersey — 9.4%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 | 1000 | &nbsp;&nbsp; 1086778 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/29 | 1050 | &nbsp;&nbsp; 1149307 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/26 | 10620 | &nbsp;&nbsp; 10893333 |
| &nbsp;&nbsp;&nbsp; Series RRR, 5.00%, 03/01/28 | 6000 | &nbsp;&nbsp; 6345975 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB, Series 1A, AMT, 5.00%, <br> 12/01/33<br>| 2550 | &nbsp;&nbsp; 2741678 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> M/F Housing, Series B, Sustainability Bonds, (HUD <br> SECT 8), 3.50%, 05/01/29<br>| 3120 | &nbsp;&nbsp; 3170647 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 4.05%, 04/01/33 | 650 | &nbsp;&nbsp; 668166 |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 4.10%, 10/01/33 | 675 | &nbsp;&nbsp; 692546 |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 4.20%, 04/01/34 | 2205 | &nbsp;&nbsp; 2267287 |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 4.20%, 10/01/34 | 850 | &nbsp;&nbsp; 872263 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(c)</sup> | 1425 | &nbsp;&nbsp; 1541020 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/30 | 6000 | &nbsp;&nbsp; 6087116 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.00%, 06/15/29 | 1570 | &nbsp;&nbsp; 1680353 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB, Series A, 5.00%, 06/15/31<br>| 4360 | &nbsp;&nbsp; 4426394 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series A, 5.00%, 06/01/29<br>| 1355 | &nbsp;&nbsp; 1414400 |
|  |  | &nbsp;&nbsp; 45037263 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Short Duration Muni Fund** 

**(formerly known as BlackRock Short-Term Municipal Fund)**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Mexico**<sup>(a)</sup> **— 1.5%** | **New Mexico**<sup>(a)</sup> **— 1.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Farmington New Mexico, Refunding RB, Series C, <br> 3.88%, 06/01/40<br>| $5000 | &nbsp;&nbsp; $5107684 |
| &nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, RB, M/F <br> Housing, (HUD SECT 8), 3.73%, 02/01/42<br>| 1985 | &nbsp;&nbsp; 1986796 |
|  |  | &nbsp;&nbsp; 7094480 |
| **New York — 13.7%** | **New York — 13.7%** |  |
| City of New York, GO, Series G-1, 5.00%, 02/01/35 | 2250 | &nbsp;&nbsp; 2594843 |
| &nbsp;&nbsp;&nbsp; Genesee County Funding Corp., Refunding RB, <br> Series A, 5.00%, 12/01/25<br>| 200 | &nbsp;&nbsp; 200568 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/34 | 2500 | &nbsp;&nbsp; 2855069 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/27 | 4630 | &nbsp;&nbsp; 4734736 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Seires A-2, Sustainability Bonds, 3.70%, 05/01/63 | 5000 | &nbsp;&nbsp; 5004297 |
| &nbsp;&nbsp;&nbsp; Series C-2, Sustainability Bonds, 3.75%, 05/01/65 | 2435 | &nbsp;&nbsp; 2468698 |
| &nbsp;&nbsp;&nbsp; Series E-2, Sustainability Bonds, 3.80%, 11/01/63 | 1000 | &nbsp;&nbsp; 1013077 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series A2, Subordinate, <br> 5.00%, 05/01/35<br>| 1600 | &nbsp;&nbsp; 1706643 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, Sub-<br> Series A, Subordinate, 5.00%, 05/01/35<br>| 1270 | &nbsp;&nbsp; 1471168 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Refunding <br> RB, Series A-1, Subordinate, 5.00%, 11/01/34<br>| 1825 | &nbsp;&nbsp; 2108088 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Class A, (AGM <br> SAW), 5.00%, 10/01/34<br>| 1500 | &nbsp;&nbsp; 1736639 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series E, 5.00%, 03/15/34<br>| 4480 | &nbsp;&nbsp; 4483788 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, RB, M/F <br> Housing<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 3.60%, 11/01/44 | 2500 | &nbsp;&nbsp; 2516277 |
| &nbsp;&nbsp;&nbsp; Series A-2, Sustainability Bonds, 3.45%, 06/15/54 | 4000 | &nbsp;&nbsp; 4047764 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/31 | 3000 | &nbsp;&nbsp; 3240569 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/30 | 995 | &nbsp;&nbsp; 995744 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., RB, AMT, <br> 4.00%, 10/01/30<br>| 3750 | &nbsp;&nbsp; 3772781 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> RB, Series A, AMT, 5.00%, 12/01/25<br>| 1010 | &nbsp;&nbsp; 1012393 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB, Series 207, AMT, 5.00%, 09/15/29<br>| 1000 | &nbsp;&nbsp; 1045603 |
| &nbsp;&nbsp;&nbsp; Suffolk Tobacco Asset Securitization Corp., Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/30 | 475 | &nbsp;&nbsp; 513021 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/31 | 975 | &nbsp;&nbsp; 1062781 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series E2A, Sustainability Bonds, 3.84%, 04/01/26<sup>(a)</sup><br>| 7500 | &nbsp;&nbsp; 7497993 |
| &nbsp;&nbsp;&nbsp; Troy Capital Resource Corp., Refunding RB, 5.00%, <br> 09/01/30<br>| 1000 | &nbsp;&nbsp; 1093365 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Refunding RB, <br> Restructured, 5.00%, 12/15/33<br>| 8635 | &nbsp;&nbsp; 8669563 |
|  |  | &nbsp;&nbsp; 65845468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **North Carolina — 0.4%** | **North Carolina — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Refunding RB, Senior <br> Lien, 5.00%, 01/01/30<br>| $250 | &nbsp;&nbsp; $265814 |
| State of North Carolina, Refunding RB, 5.00%, 03/01/35 | 1640 | &nbsp;&nbsp; 1899408 |
|  |  | &nbsp;&nbsp; 2165222 |
| **Ohio**<sup>(a)</sup> **— 1.6%** | **Ohio**<sup>(a)</sup> **— 1.6%** |  |
| Ohio Air Quality Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/30 | 4120 | &nbsp;&nbsp; 4199158 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.25%, 11/01/39 | 3385 | &nbsp;&nbsp; 3447011 |
|  |  | &nbsp;&nbsp; 7646169 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, RB, S/F Housing, <br> Series D, (FHLMC, FNMA, GNMA), 3.55%, 03/01/30<br>| 465 | &nbsp;&nbsp; 475588 |
| **Oregon — 1.3%** | **Oregon — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Oregon State Lottery, Refunding RB, Series A, 5.00%, <br> 04/01/35<br>| 2400 | &nbsp;&nbsp; 2803177 |
| &nbsp;&nbsp;&nbsp; Port of Morrow Oregon, ARB, Series A, 5.15%, <br> 10/01/26<sup>(d)</sup><br>| 1520 | &nbsp;&nbsp; 1521536 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 28, AMT, 5.00%, 07/01/30<br>| 1580 | &nbsp;&nbsp; 1720935 |
| &nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services <br> Department, Refunding RB, S/F Housing, Series C, <br> (FHLMC, FNMA, GNMA), 3.75%, 07/01/31<br>| 380 | &nbsp;&nbsp; 387061 |
|  |  | &nbsp;&nbsp; 6432709 |
| **Pennsylvania — 5.3%** | **Pennsylvania — 5.3%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, RB, <br> Series D2, Class D, 3.47%, 11/15/26<sup>(a)</sup><br>| 3850 | &nbsp;&nbsp; 3843649 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Airport Revenue, <br> Refunding RB, Series C, AMT, 5.00%, 07/01/28<br>| 1000 | &nbsp;&nbsp; 1054518 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB, 5.00%, 09/01/28<br>| 1850 | &nbsp;&nbsp; 1973374 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB, Series A, 5.00%, 03/15/60<sup>(a)</sup><br>| 6525 | &nbsp;&nbsp; 7172107 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, RB, <br> Series A, AMT, 5.00%, 06/01/28<br>| 1925 | &nbsp;&nbsp; 2002061 |
| Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 149A, Sustainability Bonds, 5.25%, 04/01/32 | 625 | &nbsp;&nbsp; 701522 |
| &nbsp;&nbsp;&nbsp; Series 149A, Sustainability Bonds, 5.25%, 10/01/32 | 725 | &nbsp;&nbsp; 816475 |
| &nbsp;&nbsp;&nbsp; Series 149A, Sustainability Bonds, 5.25%, 04/01/33 | 1145 | &nbsp;&nbsp; 1292965 |
| &nbsp;&nbsp;&nbsp; Series 149A, Sustainability Bonds, 5.25%, 10/01/33 | 1410 | &nbsp;&nbsp; 1596479 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, GOL, Series A, (SAW), <br> 5.00%, 09/01/29<br>| 1350 | &nbsp;&nbsp; 1470600 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, Refunding GOL, Series F, <br> (SAW), 5.00%, 09/01/28<br>| 2700 | &nbsp;&nbsp; 2752443 |
| &nbsp;&nbsp;&nbsp; State Public School Building Authority, Refunding RB, <br> Series B, (AGM SAW), 5.00%, 06/01/29<br>| 740 | &nbsp;&nbsp; 808041 |
|  |  | &nbsp;&nbsp; 25484234 |
| **South Carolina — 1.3%** | **South Carolina — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, Series A, 5.00%, 11/01/34<br>| 4345 | &nbsp;&nbsp; 4897265 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, Series B-2, 5.00%, 11/01/49<sup>(a)</sup><br>| 1050 | &nbsp;&nbsp; 1160143 |
|  |  | &nbsp;&nbsp; 6057408 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Short Duration Muni Fund** 

**(formerly known as BlackRock Short-Term Municipal Fund)**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tennessee — 0.4%** | **Tennessee — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Sports Authority, RB, Series A, Senior Lien, (AGM), <br> 5.00%, 07/01/33<br>| $1525 | &nbsp;&nbsp; $1715633 |
| **Texas — 11.9%** | **Texas — 11.9%** |  |
| &nbsp;&nbsp;&nbsp; Allen Independent School District, GO, (PSF), 5.00%, <br> 02/15/35<br>| 1000 | &nbsp;&nbsp; 1005837 |
| &nbsp;&nbsp;&nbsp; City of Galveston Texas Wharves & Terminal Revenue, <br> ARB, Series A, AMT, 1st Lien, 5.00%, 08/01/30<br>| 1430 | &nbsp;&nbsp; 1537155 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.25%, 07/15/33<br>| 2500 | &nbsp;&nbsp; 2657452 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, Subordinate Lien, <br> 5.00%, 07/01/35<br>| 3325 | &nbsp;&nbsp; 3691208 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB, Series C, AMT, 5.00%, 07/15/27<br>| 1000 | &nbsp;&nbsp; 1018842 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas, Refunding RB, Senior Lien, <br> 5.00%, 08/15/33<br>| 1000 | &nbsp;&nbsp; 1001342 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding ARB, <br> Series A-1, AMT, 11/01/34<sup>(b)</sup><br>| 3500 | &nbsp;&nbsp; 3874497 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB, Class C, 5.00%, 07/01/54<sup>(a)</sup><br>| 5000 | &nbsp;&nbsp; 5353449 |
| &nbsp;&nbsp;&nbsp; Harris County Industrial Development Corp., Refunding <br> RB, 4.05%, 11/01/50<sup>(a)</sup><br>| 1875 | &nbsp;&nbsp; 1920778 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Refunding GO, <br> CAB, Series A, (PSF), 0.00%, 08/15/26<sup>(e)</sup><br>| 850 | &nbsp;&nbsp; 831294 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, Refunding RB, Series B, <br> 5.00%, 05/15/45<sup>(a)</sup><br>| 2525 | &nbsp;&nbsp; 2795135 |
| &nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 06/01/30 | 1300 | &nbsp;&nbsp; 1300417 |
| &nbsp;&nbsp;&nbsp; Series B-2, 4.00%, 06/01/30 | 1850 | &nbsp;&nbsp; 1850384 |
| &nbsp;&nbsp;&nbsp; AMT, 4.25%, 05/01/30 | 1145 | &nbsp;&nbsp; 1171618 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, Series A, <br> 5.00%, 01/01/27<br>| 6000 | &nbsp;&nbsp; 6190927 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, <br> Refunding GO, Series A, AMT, 5.00%, 10/01/27<br>| 1020 | &nbsp;&nbsp; 1066758 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, Series C, 5.00%, 11/15/64<sup>(a)</sup><br>| 2400 | &nbsp;&nbsp; 2670847 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 | 430 | &nbsp;&nbsp; 452535 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 | 450 | &nbsp;&nbsp; 480666 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 | 950 | &nbsp;&nbsp; 1027003 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | 1200 | &nbsp;&nbsp; 1315751 |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District, GO, (PSF), 5.00%, <br> 08/01/35<br>| 1250 | &nbsp;&nbsp; 1440374 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28 | 5130 | &nbsp;&nbsp; 5407536 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/29 | 3785 | &nbsp;&nbsp; 4040954 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. II, <br> RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/15/27 | 1560 | &nbsp;&nbsp; 1563869 |
| &nbsp;&nbsp;&nbsp; Series C, 3.53%, 09/15/27 | 1445 | &nbsp;&nbsp; 1459469 |
|  |  | &nbsp;&nbsp; 57126097 |
| **Utah — 0.9%** | **Utah — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.00%, 07/01/35<br>| 1575 | &nbsp;&nbsp; 1740482 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utah (continued)** | **Utah (continued)** |  |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.00%, 06/01/35 | 1375 | &nbsp;&nbsp; $1570897 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.00%, 06/01/35 | 955 | &nbsp;&nbsp; 1088731 |
|  |  | &nbsp;&nbsp; 4400110 |
| **Washington — 2.4%** | **Washington — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Refunding RB, Series A, 5.00%, <br> 07/01/34<br>| 2000 | &nbsp;&nbsp; 2322710 |
| &nbsp;&nbsp;&nbsp; Port of Seattle Wasington, ARB, Series B, AMT, <br> Intermediate Lien, 5.00%, 10/01/34<br>| 1890 | &nbsp;&nbsp; 2105919 |
| State of Washington, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/33 | 1705 | &nbsp;&nbsp; 1767856 |
| &nbsp;&nbsp;&nbsp; Series E, 0.00%, 12/01/28<sup>(e)</sup> | 1000 | &nbsp;&nbsp; 922171 |
| Vancouver Housing Authority, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/32 | 370 | &nbsp;&nbsp; 395187 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/35 | 465 | &nbsp;&nbsp; 491584 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series B-3, 5.00%, 08/01/49<sup>(a)</sup><br>| 3730 | &nbsp;&nbsp; 3753196 |
|  |  | &nbsp;&nbsp; 11758623 |
| **Wisconsin — 0.9%** | **Wisconsin — 0.9%** |  |
| Public Finance Authority, RB, 5.00%, 03/01/34 | 3100 | &nbsp;&nbsp; 3118678 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, RB, <br> 5.00%, 08/01/27<sup>(d)</sup><br>| 1000 | &nbsp;&nbsp; 1005076 |
|  |  | &nbsp;&nbsp; 4123754 |
| **Total Long-Term Investments — 100.0%** <br>**(Cost: $469,097,875)** | **Total Long-Term Investments — 100.0%** <br>**(Cost: $469,097,875)** | &nbsp;&nbsp; 480214833 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.90%<sup>(f)(g)</sup><br>| 11212384 | &nbsp;&nbsp; 11213505 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $11,213,505)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $11,213,505)** | &nbsp;&nbsp; 11213505 |
| **Total Investments — 102.3%** <br>**(Cost: $480,311,380)** | **Total Investments — 102.3%** <br>**(Cost: $480,311,380)** | &nbsp;&nbsp; 491428338 |
| **Liabilities in Excess of Other Assets — (2.3)%** | **Liabilities in Excess of Other Assets — (2.3)%** | &nbsp;&nbsp; (11167324)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $480261014 |

---

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

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

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

<sup>(c)</sup> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. 

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Short Duration Muni Fund** 

**(formerly known as BlackRock Short-Term Municipal Fund)**

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*06/30/25*<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>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $17798542 | $—<br> $(6585037 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $11213505 | 11212384 | $— | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $480214833 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $480214833 |
| &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; 11213505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11213505 |
|  | &nbsp;&nbsp; $11213505 | &nbsp;&nbsp;&nbsp;&nbsp; $480214833 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $491428338 |

---

&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  |
| CAB | Capital Appreciation Bonds |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| HUD SECT 8 | &nbsp;&nbsp;&nbsp; U.S. Department of Housing and Urban Development <br> Section 8<br>|
| M/F | Multi-Family |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAN | State Aid Notes  |
| SAP | Subject to Appropriations |
| SAW | State Aid Withholding |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Municipal Bond Fund, Inc.

- **b. Investment Company Act file number:** 811-02688

- **c. CIK number of Registrant:** 0000225635

- **d. LEI of Registrant:** 549300RTFZS1V1PV8C63

- **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 Short Duration Muni Fund

- **b. EDGAR series identifier (if any):** S000002335

- **c. LEI of Series:** 5493000K3K76K51JDR40

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

- **a. Date of fiscal year-end:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $495676753.38

**Total Liabilities:** $15633798.59

**Net Assets:** $480042954.79

**Delayed Delivery Securities:** $13894712.80

**Cash Not Reported:** $263065.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1430.05000000 | **1-Year:** 13453.71000000 | **5-Year:** 97327.98000000 | **10-Year:** 59490.76000000 | **30-Year:** 530.23000000

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

- **3-Month:** 1.87000000 | **1-Year:** 176.84000000 | **5-Year:** 3698.89000000 | **10-Year:** 2435.28000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006124 | 0.42%                | 0.74%                | 0.74%                |
| Class ID C000006122 | 0.49%                | 0.69%                | 0.80%                |
| Class ID C000038035 | 0.50%                | 0.71%                | 0.91%                |
| Class ID C000038034 | 0.48%                | 0.78%                | 0.78%                |
| Class ID C000006125 | 0.50%                | 0.70%                | 0.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $48973.53                | $850959.09                                 |
| Month 2  | $38688.77                | $2152528.24                                |
| Month 3  | $183638.01               | $2284522.29                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Washington Health Care Facilities Authority                                  | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3730000 | PA      | $3753195.83   | 0.78%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Terrell Independent School District/TX                                       | TERRELL TX INDEP SCH DIST                                    | CUSIP: 881405NM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1440374.19   | 0.30%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                    | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300416.86   | 0.27%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HAW3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    150000 | PA      | $161345.79    | 0.03%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452P3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133235.70   | 0.24%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2505719.97   | 0.52%             | 2031-07-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                    | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018841.55   | 0.21%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                    | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2670847.06   | 0.56%             | 2064-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                            | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $5225724.17   | 1.09%             | 2060-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU43<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1292964.73   | 0.27%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                            | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1414400.34   | 0.29%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                          | WASHOE CNTY NV WTR FAC REVENUE                               | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010699.92   | 0.42%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                        | LOUISIANA ST PUBLIC FACS AUTHSOL WST DISP FAC REVENUE        | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10012191.80  | 2.09%             | 2043-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                       | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MJL6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    355000 | PA      | $387608.12    | 0.08%             | 2029-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                      | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CFV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3874496.68   | 0.81%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                          | LEANDER TX INDEP SCH DIST                                    | CUSIP: 521841P34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $831294.32    | 0.17%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VZJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    865000 | PA      | $885230.19    | 0.18%             | 2027-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                          | HARRIS CNTY TX                                               | CUSIP: 414005VN5<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001342.24   | 0.21%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                            | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $912541.31    | 0.19%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                       | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3447010.63   | 0.72%             | 2039-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                  | BROWARD CNTY FL ARPT SYS REVENUE                             | CUSIP: 114894VZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004091.04   | 0.63%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                 | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG                  | CUSIP: 48504NAC3<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4444852.40   | 0.93%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Industrial Development Corp                                    | HARRIS CNTY TX INDL DEV CORP                                 | CUSIP: 414189AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1920778.09   | 0.40%             | 2050-11-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                        | NEW YORK ST HSG FIN AGY ST PERSONAL INCOME TAX REVENUE       | CUSIP: 649870NF5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4047763.96   | 0.84%             | 2054-06-15      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                       | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   4120000 | PA      | $4199157.97   | 0.87%             | 2030-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1596479.04   | 0.33%             | 2033-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE       | CUSIP: 83703EMU6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1160143.30   | 0.24%             | 2049-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261A4R5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2855069.15   | 0.59%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613ALF7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    675000 | PA      | $692545.67    | 0.14%             | 2033-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU35<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    725000 | PA      | $816475.21    | 0.17%             | 2032-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                           | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BM2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4897264.71   | 1.02%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                   | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                 | CUSIP: 772436FR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276604.50    | 0.06%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817WG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054518.20   | 0.22%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                          | WASHOE CNTY NV WTR FAC REVENUE                               | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5065229.42   | 1.06%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                            | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   3785000 | PA      | $4040953.85   | 0.84%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RSC4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014156.19   | 0.21%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | PUBLIC FIN AUTH WI LEASE DEV REVENUE                         | CUSIP: 74444YAS3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3118677.28   | 0.65%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FNJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $631047.77    | 0.13%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDH7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    350000 | PA      | $376285.57    | 0.08%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603ZX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1973374.35   | 0.41%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   6095000 | PA      | $6629144.41   | 1.38%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FZQ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1647545.82   | 0.34%             | 2060-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                          | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883TD4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2752442.69   | 0.57%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                    | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638THV8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    430000 | PA      | $452534.85    | 0.09%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                         | CONNECTICUT ST                                               | CUSIP: 20772KA33<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    770000 | PA      | $895465.73    | 0.19%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                     | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3772780.91   | 0.79%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                             | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DEY6<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1550646.12   | 0.32%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                         | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682YY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1356564.24   | 0.28%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268FG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1899408.08   | 0.40%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                    | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180313.06    | 0.04%             | 2048-11-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461365A5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1680352.54   | 0.35%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990EW86<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4480000 | PA      | $4483787.80   | 0.93%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RRJ0<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267695.24   | 0.26%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XLC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1706642.58   | 0.36%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JVW5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1471168.34   | 0.31%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                           | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353893R7<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2105918.85   | 0.44%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                         | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HEW3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7497993.30   | 1.56%             | 2026-04-01      | Floating      | 3.84%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WM78<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6190927.26   | 1.29%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                  | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DYS5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5364920.45   | 1.12%             | 2049-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506EMB6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    750000 | PA      | $878214.92    | 0.18%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                    | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3691208.15   | 0.77%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SDF7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1736638.41   | 0.36%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654H81<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1884751.07   | 0.39%             | 2033-12-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                      | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WR97<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045602.80   | 0.22%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                         | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR PROJ REVENUE    | CUSIP: 606092QE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $630114.52    | 0.13%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  10700000 | PA      | $11388414.89  | 2.37%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2168679.36   | 0.45%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU27<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    625000 | PA      | $701521.88    | 0.15%             | 2032-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                             | PORT HOUSTON TX AUTH                                         | CUSIP: 7342605D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1066757.81   | 0.22%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                    | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   5725000 | PA      | $6366972.07   | 1.33%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                          | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3340000 | PA      | $3399740.68   | 0.71%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                              | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1537155.08   | 0.32%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654J30<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100255.55   | 0.23%             | 2035-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                    | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638THW6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    450000 | PA      | $480665.76    | 0.10%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Genesee County Funding Corp/The                                              | GENESEE CNTY NY FUNDING CORP                                 | CUSIP: 371669AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200567.49    | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                    | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1850384.06   | 0.39%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                    | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1593293.16   | 0.33%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp                                    | SUFFOLK NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTLEM | CUSIP: 864809BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1062781.09   | 0.22%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6525000 | PA      | $7172107.15   | 1.49%             | 2060-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613ALH3<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    850000 | PA      | $872263.08    | 0.18%             | 2034-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                      | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BD4<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    240000 | PA      | $250637.55    | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                            | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBY4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265813.85    | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                        | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE               | CUSIP: 64987JZ20<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2516277.33   | 0.52%             | 2044-11-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                   | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                 | CUSIP: 772436FS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $251151.92    | 0.05%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461362E0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6087116.52   | 1.27%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDF1<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    260000 | PA      | $272723.20    | 0.06%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mid-Bay Bridge Authority                                                     | FLORIDA ST MID-BAY BRIDGE AUTH                               | CUSIP: 342814DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $665000.00    | 0.14%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                          | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352402C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1720935.24   | 0.36%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp                                    | SUFFOLK NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTLEM | CUSIP: 864809BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $513021.35    | 0.11%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                    | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2657452.40   | 0.55%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBM7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7232190.63   | 1.51%             | 2053-12-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJM0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4630000 | PA      | $4734736.29   | 0.99%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                            | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBD9<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   5130000 | PA      | $5407535.92   | 1.13%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7D0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086777.57   | 0.23%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4360000 | PA      | $4426393.95   | 0.92%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                      | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BA0<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101897.58    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                    | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJA2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1315751.40   | 0.27%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | WASHINGTON ST                                                | CUSIP: 93974BYF3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922171.17    | 0.19%             | 2028-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4787116.78   | 1.00%             | 2059-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                       | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972E4M8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004296.90   | 1.04%             | 2063-05-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Allen Independent School District                                            | ALLEN TX INDEP SCH DIST                                      | CUSIP: 018106KF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005837.10   | 0.21%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                          | WASHOE CNTY NV GAS & WTR FACS REVENUE                        | CUSIP: 940797AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3759846.29   | 0.78%             | 2036-03-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Sports Authority         | MET GOVT NASHVILLE & DAVIDSONCNTY TN SPORTS AUTH             | CUSIP: 592090JM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1715632.56   | 0.36%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                       | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KLH6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2468698.06   | 0.51%             | 2065-05-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                        | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8635000 | PA      | $8669563.23   | 1.81%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YGF2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6817853.40   | 1.42%             | 2059-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                         | OREGON ST DEPT OF ADMIN SVCS LOTTERY REVENUE                 | CUSIP: 68607V6H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2803176.46   | 0.58%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457Q6<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2448773.25   | 0.51%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RPY9<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521012.08    | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2002060.66   | 0.42%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                  | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFC1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  10045000 | PA      | $10804842.37  | 2.25%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                          | GEORGIA ST HSG & FIN AUTH REVENUE                            | CUSIP: 37353PSH3<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    445000 | PA      | $454308.26    | 0.09%             | 2035-06-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                      | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BB8<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    115000 | PA      | $118130.38    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                              | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A5U6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3843648.66   | 0.80%             | 2026-11-15      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXK0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1061075.61   | 0.22%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                     | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3240569.22   | 0.68%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                    | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638THX4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1027003.33   | 0.21%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | SOUTHEAST ENERGY AUTH AL COOPERATIVE DIST COMMODITY SPLY REV | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10728292.10  | 2.23%             | 2054-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                    | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                   | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3347208.65   | 0.70%             | 2049-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NCC2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2699553.04   | 0.56%             | 2052-07-01      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                    | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1171618.25   | 0.24%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                     | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080YK1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2741678.20   | 0.57%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                     | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5353448.50   | 1.12%             | 2054-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                  | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $395186.86    | 0.08%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613ALG5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2267287.15   | 0.47%             | 2034-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                         | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653JQ5<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500114.83   | 0.52%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | ILLINOIS ST                                                  | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2481748.67   | 0.52%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                         | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4715000 | PA      | $4757077.89   | 0.99%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                            | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1521535.98   | 0.32%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                      | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BE2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263222.24    | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                      | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BC6<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103561.42    | 0.02%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                      | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE                 | CUSIP: 6860875F0<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    380000 | PA      | $387061.16    | 0.08%             | 2031-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                               | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782FP9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1847971.51   | 0.38%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                  | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5312003.35   | 1.11%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                    | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  10949345 | NS      | $10950439.46  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| New York City Transitional Finance Authority                                 | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JJR0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $2108087.89   | 0.44%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                  | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NR8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1770856.20   | 0.37%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994857.64    | 0.21%             | 2042-05-01      | Floating      | 3.59%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | NEW YORK NY                                                  | CUSIP: 64966SLR5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2594843.33   | 0.54%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                        | NEW MEXICO ST MTGE FIN AUTH MF HSG REVENUE                   | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1986795.97   | 0.41%             | 2042-02-01      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                       | MIAMI-DADE CNTY FL EXPRESSWAY AUTH TOLL SYS REVENUE          | CUSIP: 593338AQ9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    410000 | PA      | $410557.83    | 0.09%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                    | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576MP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1740482.43   | 0.36%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBQ9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5140000 | PA      | $5257648.79   | 1.10%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                      | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6015000 | PA      | $6327583.85   | 1.32%             | 2029-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                         | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593UX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5019096.75   | 1.05%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                       | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1088731.40   | 0.23%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TFT9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3940000 | PA      | $4251702.54   | 0.89%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | CHICAGO IL                                                   | CUSIP: 167486F79<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    575000 | PA      | $576861.49    | 0.12%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XEQ5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6345975.48   | 1.32%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HAX1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    245000 | PA      | $265209.98    | 0.06%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                         | MASSACHUSETTS ST HSG FIN AGY                                 | CUSIP: 57586VBE2<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1129173.23   | 0.24%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                     | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1012392.77   | 0.21%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                             | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2840679.43   | 0.59%             | 2055-06-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | WASHINGTON ST                                                | CUSIP: 93974DP44<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1767856.00   | 0.37%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BE26<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  10620000 | PA      | $10893333.42  | 2.27%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                    | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3316167.30   | 0.69%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDG9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266356.18    | 0.06%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613ALE0<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    650000 | PA      | $668165.95    | 0.14%             | 2033-04-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                       | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MJM4<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    375000 | PA      | $413017.56    | 0.09%             | 2029-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2129162.23   | 0.44%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                       | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KBF1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013076.48   | 0.21%             | 2063-11-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8570000 | PA      | $9094248.24   | 1.89%             | 2053-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                          | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883ZQ8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1470600.43   | 0.31%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                    | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1536086.33   | 0.32%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XAS5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1149306.52   | 0.24%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                     | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $995744.32    | 0.21%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                  | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $491583.99    | 0.10%             | 2035-08-01      | 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        |   4410000 | PA      | $4021366.72   | 0.84%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                       | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MJJ1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    300000 | PA      | $320831.73    | 0.07%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                   | TROY NY CAPITAL RESOURCE CORP REVENUE                        | CUSIP: 897579BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093364.87   | 0.23%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | LOWER COLORADO RIVER TX AUTH REVENUE                         | CUSIP: 54811GS35<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2795134.47   | 0.58%             | 2045-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364L2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1541019.89   | 0.32%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                          | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4780000 | PA      | $4775787.15   | 0.99%             | 2046-01-01      | Floating      | 3.14%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C7A7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2322710.42   | 0.48%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                              | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE                      | CUSIP: 67886MR35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $475588.48    | 0.10%             | 2030-03-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                           | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392274Z41<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1436725.81   | 0.30%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654H99<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1665158.66   | 0.35%             | 2034-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                 | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461084N7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3170647.15   | 0.66%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                         | HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE        | CUSIP: 43233KAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $677182.64    | 0.14%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                       | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1570896.48   | 0.33%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                          | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $194577.08    | 0.04%             | 2046-01-01      | Floating      | 3.14%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | CHICAGO IL                                                   | CUSIP: 167486R50<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    655000 | PA      | $666926.80    | 0.14%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654J22<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1130187.68   | 0.24%             | 2034-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151F2Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5259029.42   | 1.10%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                       | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MJK8<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270355.95    | 0.06%             | 2028-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                       | PENNSYLVANIA ST PUBLIC SCH BLDG AUTH                         | CUSIP: 709207DH4<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    740000 | PA      | $808040.62    | 0.17%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                           | MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REV  | CUSIP: 613347SR5<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   3435000 | PA      | $3529313.11   | 0.74%             | 2034-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                          | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005076.22   | 0.21%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                      | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GYA7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2901098.25   | 0.60%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBD8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019187.55   | 0.21%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                        | FARMINGTON NM POLL CONTROL REVENUE                           | CUSIP: 311450GE4<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5107684.35   | 1.06%             | 2040-06-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp II                           | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP II GAS SPLY REVENU | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1459468.63   | 0.30%             | 2027-09-15      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FB53<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1448473.36   | 0.30%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** BlackRock Municipal Bond Fund, Inc.

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer