# EDGAR Filing Document

**Accession Number:** 0000225635
**File Stem:** 0001410368-25-032164
**Filing Date:** 2025-11
**Character Count:** 269123
**Document Hash:** 09ad1852ca0b2361aeb6ee884a302fd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032164.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032164

**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:** 251525892

**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 National Municipal Fund (Series ID: S000002334)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000006118 | Investor A     |  |
| C000006121 | Institutional  |  |
| C000038033 | Investor C     |  |
| C000100249 | Service Shares |  |
| C000100250 | Class K        |  |

## 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 National Municipal 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 National Municipal Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 0.9%** | **Equity Funds — 0.9%** |  |
| iShares High Yield Muni Active ETF<sup>(a)</sup> | 1050000 | &nbsp;&nbsp; $51649500 |
| **Total Investment Companies — 0.9%** <br>**(Cost: $50,105,895)** | **Total Investment Companies — 0.9%** <br>**(Cost: $50,105,895)** | &nbsp;&nbsp; 51649500 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 8.3%** | **Alabama — 8.3%** |  |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/55<sup>(b)(c)</sup><br>| $14310 | &nbsp;&nbsp; 14520661 |
| Black Belt Energy Gas District, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 15000 | &nbsp;&nbsp; 15579236 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54 | 52000 | &nbsp;&nbsp; 57515253 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 12/01/55 | 5000 | &nbsp;&nbsp; 5381052 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 11170 | &nbsp;&nbsp; 11913193 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Refunding RB, <br> Series D, 12/01/55<sup>(b)(d)</sup><br>| 65000 | &nbsp;&nbsp; 70142301 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/41 | 28135 | &nbsp;&nbsp; 30109329 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/42 | 3675 | &nbsp;&nbsp; 3898850 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/43 | 9595 | &nbsp;&nbsp; 10102709 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/44 | 23950 | &nbsp;&nbsp; 25070204 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/45 | 2215 | &nbsp;&nbsp; 2303909 |
| Energy Southeast A Cooperative District, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 11/01/53 | 85500 | &nbsp;&nbsp; 93922362 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.75%, 04/01/54 | 20000 | &nbsp;&nbsp; 22353357 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, <br> RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/51 | 99000 | &nbsp;&nbsp; 101488800 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/51 | 7000 | &nbsp;&nbsp; 7150874 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 05/01/53 | 20000 | &nbsp;&nbsp; 21002408 |
|  |  | &nbsp;&nbsp; 492454498 |
| **Arizona — 2.1%** | **Arizona — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Refunding <br> RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/37 | 1230 | &nbsp;&nbsp; 1234349 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/52 | 2450 | &nbsp;&nbsp; 2297881 |
| City of Mesa Arizona Utility System Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 07/01/38 | 10000 | &nbsp;&nbsp; 11142989 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 07/01/39 | 8500 | &nbsp;&nbsp; 9370952 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 07/01/40 | 5875 | &nbsp;&nbsp; 6409398 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 07/01/41 | 4000 | &nbsp;&nbsp; 4328537 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 07/01/42 | 4900 | &nbsp;&nbsp; 5257161 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., ARB, Junior <br> Lien, 5.00%, 07/01/49<br>| 10000 | &nbsp;&nbsp; 10122114 |
| City of Phoenix Civic Improvement Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; Junior Lien, 5.00%, 07/01/40 | 2000 | &nbsp;&nbsp; 2175503 |
| &nbsp;&nbsp;&nbsp; Junior Lien, 5.00%, 07/01/42 | 7815 | &nbsp;&nbsp; 8363139 |
| &nbsp;&nbsp;&nbsp; Series A, Junior Lien, 5.00%, 07/01/45 | 5000 | &nbsp;&nbsp; 5204554 |
| &nbsp;&nbsp;&nbsp; Junior Lien, Sustainability Bonds, 5.00%, 07/01/44 | 16000 | &nbsp;&nbsp; 16638649 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Refunding <br> RB, Series C, Subordinate, 5.00%, 07/01/41<br>| 20225 | &nbsp;&nbsp; 21968613 |
| &nbsp;&nbsp;&nbsp; Pinal County Industrial Development Authority, RB, <br> 6.25%, 06/01/26<br>| 75 | &nbsp;&nbsp; 75933 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Arizona (continued)** | **Arizona (continued)** |  |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power <br> District, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/42 | 5615 | &nbsp;&nbsp; $6082798 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/43 | 7000 | &nbsp;&nbsp; 7519434 |
| &nbsp;&nbsp;&nbsp; Tucson Industrial Development Authority/Pima County <br> Industrial Development Authority, RB, S/F Housing, <br> Series A, (FHLMC, FNMA, GNMA), 6.00%, <br> 01/01/55<br>| 5705 | &nbsp;&nbsp; 6214801 |
|  |  | &nbsp;&nbsp; 124406805 |
| **Arkansas**<sup>(c)</sup> **— 0.6%** | **Arkansas**<sup>(c)</sup> **— 0.6%** |  |
| Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 7.38%, 07/01/48 | 14700 | &nbsp;&nbsp; 16153035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 6.88%, <br> 07/01/48<br>| 17200 | &nbsp;&nbsp; 18463217 |
|  |  | &nbsp;&nbsp; 34616252 |
| **California — 6.6%** | **California — 6.6%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, <br> RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54 | 8885 | &nbsp;&nbsp; 9712585 |
| &nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, 5.00%, 02/01/55 | 7000 | &nbsp;&nbsp; 7669703 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.00%, 11/01/55 | 5000 | &nbsp;&nbsp; 5306381 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br> Refunding RB, Series A-2, Class B, 4.00%, <br> 11/01/44<br>| 20000 | &nbsp;&nbsp; 19260452 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, Class B, AMT, <br> Sustainability Bonds, 9.50%, 01/01/65<sup>(b)(c)</sup><br>| 71785 | &nbsp;&nbsp; 65458914 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, SAB, Series C, 3.00%, 09/02/30<br>| 2290 | &nbsp;&nbsp; 2306508 |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/44 | 8000 | &nbsp;&nbsp; 8093138 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 05/15/45 | 13000 | &nbsp;&nbsp; 13199133 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/45 | 15910 | &nbsp;&nbsp; 16358968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.25%, <br> 05/15/44<br>| 13000 | &nbsp;&nbsp; 14064185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.25%, <br> 05/15/45<br>| 10000 | &nbsp;&nbsp; 10625929 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, Class D, AMT, 5.00%, 05/01/48 | 52245 | &nbsp;&nbsp; 52572595 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/39 | 14500 | &nbsp;&nbsp; 14969879 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/01/46 | 10000 | &nbsp;&nbsp; 10001127 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.00%, 05/01/43 | 17735 | &nbsp;&nbsp; 17915637 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding RB, <br> Series 2, Class A, AMT, 5.00%, 05/01/38<br>| 10000 | &nbsp;&nbsp; 10769436 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, RB, Series B, <br> Sustainability Bonds, 1.00%, 10/01/26<sup>(e)</sup><br>| 100000 | &nbsp;&nbsp; 98861443 |
| &nbsp;&nbsp;&nbsp; University of California, RB, Series M, 5.00%, <br> 05/15/37<br>| 15410 | &nbsp;&nbsp; 15910545 |
|  |  | &nbsp;&nbsp; 393056558 |
| **Colorado — 2.7%** | **Colorado — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Arapahoe County School District No. 5 Cherry Creek, <br> GO, (SAW), 5.25%, 12/15/41<br>| 2430 | &nbsp;&nbsp; 2703864 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/36 | 7360 | &nbsp;&nbsp; 7591154 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/38 | 17750 | &nbsp;&nbsp; 18236045 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock National Municipal Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado (continued)** | **Colorado (continued)** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/43 | 28950 | &nbsp;&nbsp; $29229064 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 12/01/43 | 30355 | &nbsp;&nbsp; 30838491 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/48 | 11960 | &nbsp;&nbsp; 12019589 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 12/01/48 | 39000 | &nbsp;&nbsp; 39407710 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.75%, 11/15/45 | 3290 | &nbsp;&nbsp; 3508393 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Colorado Utilities System <br> Revenue, RB, Series A, 5.00%, 11/15/41<br>| 10500 | &nbsp;&nbsp; 11510114 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Refunding RB, <br> Series A, 5.00%, 05/15/44<br>| 3120 | &nbsp;&nbsp; 3224919 |
| &nbsp;&nbsp;&nbsp; Mayfield Metropolitan District, GOL, Series A, 5.75%, <br> 12/01/50<br>| 1178 | &nbsp;&nbsp; 1185490 |
|  |  | &nbsp;&nbsp; 159454833 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Refunding <br> RB, S/F Housing, Series B, Sustainability Bonds, <br> 5.75%, 11/15/53<br>| 13020 | &nbsp;&nbsp; 13899279 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, Refunding RB, 5.00%, 12/01/45<br>| 8970 | &nbsp;&nbsp; 9008373 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Finance Authority, RB, 7.00%, <br> 02/01/45<sup>(c)</sup><br>| 1150 | &nbsp;&nbsp; 1149944 |
|  |  | &nbsp;&nbsp; 24057596 |
| **Delaware — 0.3%** | **Delaware — 0.3%** |  |
| Delaware State Housing Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (FHLMC, FNMA, GNMA), 6.00%, <br> 01/01/55<br>| 7285 | &nbsp;&nbsp; 7991998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (FHLMC, FNMA, GNMA), 6.00%, <br> 01/01/56<br>| 8805 | &nbsp;&nbsp; 9770393 |
|  |  | &nbsp;&nbsp; 17762391 |
| **District of Columbia — 2.0%** | **District of Columbia — 2.0%** |  |
| District of Columbia Income Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/41 | 1000 | &nbsp;&nbsp; 1064743 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/48 | 23720 | &nbsp;&nbsp; 25041331 |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/41 | 11460 | &nbsp;&nbsp; 12438699 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/42 | 9950 | &nbsp;&nbsp; 10698880 |
| &nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/01/49 | 3745 | &nbsp;&nbsp; 3774938 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Subordinate Lien, 5.00%, 10/01/41 | 2050 | &nbsp;&nbsp; 2208953 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Refunding GO, Series A, 5.00%, <br> 01/01/42<br>| 6600 | &nbsp;&nbsp; 7031577 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.25%, <br> 10/01/41<br>| 2000 | &nbsp;&nbsp; 2122508 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Sustainability Bonds, <br> 5.00%, 07/15/43<br>| 3010 | &nbsp;&nbsp; 3169577 |
| Washington Metropolitan Area Transit Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/43 | 10000 | &nbsp;&nbsp; 10120708 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/42 | 41415 | &nbsp;&nbsp; 42046702 |
|  |  | &nbsp;&nbsp; 119718616 |
| **Florida — 1.4%** | **Florida — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Gainesville Florida Utilities System Revenue, <br> Refunding RB, Series A, 5.00%, 10/01/44<br>| 19550 | &nbsp;&nbsp; 19973900 |
| City of Jacksonville Florida, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/40 | 9975 | &nbsp;&nbsp; 10917550 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| City of Jacksonville Florida, Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/41 | 12385 | &nbsp;&nbsp; $13414115 |
| Florida Development Finance Corp., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/56 | 6295 | &nbsp;&nbsp; 5295632 |
| &nbsp;&nbsp;&nbsp; AMT, 6.13%, 07/01/32<sup>(b)</sup> | 11725 | &nbsp;&nbsp; 11852212 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding RB, <br> Series A, 4.50%, 12/15/56<sup>(c)</sup><br>| 18065 | &nbsp;&nbsp; 13424764 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 4.63%, <br> 05/01/27<br>| 700 | &nbsp;&nbsp; 704683 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Industrial Development Authority, <br> RB, 5.10%, 11/01/43<br>| 8150 | &nbsp;&nbsp; 7215429 |
| &nbsp;&nbsp;&nbsp; Sterling Hill Community Development District, <br> Refunding SAB, Series B, 5.50%, 11/01/10<sup>(f)(g)</sup><br>| 147 | &nbsp;&nbsp; 66239 |
|  |  | &nbsp;&nbsp; 82864524 |
| **Georgia — 5.3%** | **Georgia — 5.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Atlanta Georgia Airport Passenger Facility <br> Charge, ARB, AMT, Subordinate Lien, 5.25%, <br> 07/01/42<br>| 4650 | &nbsp;&nbsp; 4894522 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Georgia Airport Passenger Facility <br> Charge, Refunding ARB, Series C, 5.00%, <br> 07/01/41<br>| 3255 | &nbsp;&nbsp; 3461125 |
| City of Atlanta Georgia Department of Aviation, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, AMT, Sustainability Bonds, 5.00%, <br> 07/01/39<br>| 3525 | &nbsp;&nbsp; 3731785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, AMT, Sustainability Bonds, 5.00%, <br> 07/01/40<br>| 4600 | &nbsp;&nbsp; 4868655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, AMT, Sustainability Bonds, 5.25%, <br> 07/01/42<br>| 4000 | &nbsp;&nbsp; 4266267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, AMT, Sustainability Bonds, 5.25%, <br> 07/01/44<br>| 7000 | &nbsp;&nbsp; 7386663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, AMT, Sustainability Bonds, 5.25%, <br> 07/01/45<br>| 7630 | &nbsp;&nbsp; 8014971 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development <br> Authority, RB, Series A, 5.25%, 06/15/62<sup>(c)</sup><br>| 5030 | &nbsp;&nbsp; 3395250 |
| Main Street Natural Gas, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/54 | 28000 | &nbsp;&nbsp; 30273238 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/53 | 11610 | &nbsp;&nbsp; 12488225 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/55 | 32065 | &nbsp;&nbsp; 34703503 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 03/01/50 | 20710 | &nbsp;&nbsp; 20835184 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/53 | 87500 | &nbsp;&nbsp; 93908144 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, <br> Series E-1, 5.00%, 12/01/53<sup>(b)</sup><br>| 43000 | &nbsp;&nbsp; 46403207 |
| &nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 09/01/40 | 20000 | &nbsp;&nbsp; 22400690 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 09/01/41 | 11000 | &nbsp;&nbsp; 12238278 |
|  |  | &nbsp;&nbsp; 313269707 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City & County Honolulu Hawaii Wastewater System <br> Revenue, RB, Class A, Sustainability Bonds, <br> 5.00%, 07/01/41<br>| 4780 | &nbsp;&nbsp; 5177529 |
| **Illinois — 6.1%** | **Illinois — 6.1%** |  |
| Chicago O'Hare International Airport, ARB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, (AGM), 5.25%, <br> 01/01/45<br>| 19445 | &nbsp;&nbsp; 20250612 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, Senior Lien, 5.00%, 01/01/42 | 22825 | &nbsp;&nbsp; 22851764 |
| &nbsp;&nbsp;&nbsp; Series D, Senior Lien, 5.25%, 01/01/42 | 50000 | &nbsp;&nbsp; 50764908 |
| &nbsp;&nbsp;&nbsp; Series D, Senior Lien, 5.00%, 01/01/47 | 24840 | &nbsp;&nbsp; 24875574 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series B, Senior Lien, 5.25%, 01/01/44<br>| 3970 | &nbsp;&nbsp; 4225966 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock National 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, Refunding RB, Series A, <br> 5.00%, 10/01/48<br>| 31250 | &nbsp;&nbsp; $31418664 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Refunding <br> RB, S/F Housing, Series H, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 5.75%, 10/01/53<br>| 8175 | &nbsp;&nbsp; 8750755 |
| Illinois State Toll Highway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/43 | 21220 | &nbsp;&nbsp; 22804862 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/44 | 16840 | &nbsp;&nbsp; 17149006 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/45 | 7205 | &nbsp;&nbsp; 7438249 |
| State of Illinois Sales Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/38 | 10025 | &nbsp;&nbsp; 10996231 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/39 | 13515 | &nbsp;&nbsp; 14606873 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/39 | 9040 | &nbsp;&nbsp; 9654400 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/29 | 27500 | &nbsp;&nbsp; 29861290 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/32 | 14000 | &nbsp;&nbsp; 15002371 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/42 | 28000 | &nbsp;&nbsp; 30034439 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 09/01/40 | 18110 | &nbsp;&nbsp; 19174302 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Refunding GO, Series A, 5.00%, <br> 10/01/28<br>| 19250 | &nbsp;&nbsp; 20531309 |
|  |  | &nbsp;&nbsp; 360391575 |
| **Indiana — 0.6%** | **Indiana — 0.6%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/39 | 3370 | &nbsp;&nbsp; 3679099 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/41 | 8150 | &nbsp;&nbsp; 8740783 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/42 | 7850 | &nbsp;&nbsp; 8358036 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/01/39 | 6365 | &nbsp;&nbsp; 6948803 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> RB, Series B, 5.00%, 01/01/43<br>| 5365 | &nbsp;&nbsp; 5636008 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Refunding RB, Series A, 5.00%, 02/01/44<br>| 2000 | &nbsp;&nbsp; 2041039 |
|  |  | &nbsp;&nbsp; 35403768 |
| **Kansas — 0.0%** | **Kansas — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Douglas County Unified School District No. <br> 491 Eudora, Refunding GO, Series A, (AGM), <br> 5.00%, 09/01/42<br>| 1200 | &nbsp;&nbsp; 1263755 |
| **Kentucky — 0.4%** | **Kentucky — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, RB, <br> Series A, 5.00%, 04/01/39<br>| 19000 | &nbsp;&nbsp; 20902682 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, 5.00%, <br> 10/01/43<sup>(b)(c)</sup><br>| 50000 | &nbsp;&nbsp; 50060959 |
| **Maryland — 0.5%** | **Maryland — 0.5%** |  |
| County of Montgomery Maryland, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 | 17065 | &nbsp;&nbsp; 17076454 |
| &nbsp;&nbsp;&nbsp; Series 2016, 5.00%, 12/01/45 | 13955 | &nbsp;&nbsp; 14024279 |
|  |  | &nbsp;&nbsp; 31100733 |
| **Massachusetts — 3.0%** | **Massachusetts — 3.0%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation <br> Fund Revenue, RB, Series A, 5.00%, 06/01/42<br>| 14000 | &nbsp;&nbsp; 14225305 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation <br> Fund Revenue, Refunding RB, 5.00%, 06/01/42<br>| 1660 | &nbsp;&nbsp; 1739124 |
| Commonwealth of Massachusetts, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/41 | 5000 | &nbsp;&nbsp; 5481977 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/42 | 2075 | &nbsp;&nbsp; 2234972 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/44 | 21915 | &nbsp;&nbsp; 22862853 |
| &nbsp;&nbsp;&nbsp; Series E, 5.25%, 09/01/43 | 20000 | &nbsp;&nbsp; 20773303 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| Commonwealth of Massachusetts, Refunding GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/01/41 | 4020 | &nbsp;&nbsp; $4367004 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/41 | 2000 | &nbsp;&nbsp; 2162032 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales <br> Tax Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/41 | 7500 | &nbsp;&nbsp; 8186176 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/01/41 | 6940 | &nbsp;&nbsp; 7226704 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series J2, 5.00%, 07/01/43<br>| 19105 | &nbsp;&nbsp; 19411635 |
| Massachusetts Port Authority, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/43 | 36515 | &nbsp;&nbsp; 36560165 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/44 | 8000 | &nbsp;&nbsp; 8086925 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/01/49 | 6500 | &nbsp;&nbsp; 6516206 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/48 | 10760 | &nbsp;&nbsp; 11003271 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 5.00%, 02/15/41 | 1750 | &nbsp;&nbsp; 1914808 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Refunding <br> RB, Series B, 5.00%, 08/01/43<br>| 4500 | &nbsp;&nbsp; 4604012 |
|  |  | &nbsp;&nbsp; 177356472 |
| **Michigan — 4.1%** | **Michigan — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Ann Arbor School District, Refunding GO, 5.00%, <br> 05/01/39<br>| 5760 | &nbsp;&nbsp; 6362614 |
| Michigan Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/44 | 10000 | &nbsp;&nbsp; 10000395 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/57<sup>(c)(f)(g)</sup> | 5980 | &nbsp;&nbsp; 2414425 |
| Michigan Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/41 | 74430 | &nbsp;&nbsp; 74782377 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | 10010 | &nbsp;&nbsp; 10076709 |
| &nbsp;&nbsp;&nbsp; Series 2016, 5.25%, 12/01/41 | 25630 | &nbsp;&nbsp; 25945688 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/41 | 11870 | &nbsp;&nbsp; 12252511 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/42 | 10150 | &nbsp;&nbsp; 10274955 |
| Michigan State Building Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series I, 5.00%, 04/15/39 | 8000 | &nbsp;&nbsp; 8863211 |
| &nbsp;&nbsp;&nbsp; Series I, 5.00%, 10/15/39 | 4000 | &nbsp;&nbsp; 4407739 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/47 | 39035 | &nbsp;&nbsp; 39663598 |
| &nbsp;&nbsp;&nbsp; Series B2, 5.00%, 08/15/55<sup>(b)</sup> | 26000 | &nbsp;&nbsp; 28915506 |
| &nbsp;&nbsp;&nbsp; Michigan State University, Refunding RB, Series A, <br> 5.25%, 08/15/43<br>| 3075 | &nbsp;&nbsp; 3332197 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 5.00%, <br> 11/15/42<br>| 7000 | &nbsp;&nbsp; 7478997 |
|  |  | &nbsp;&nbsp; 244770922 |
| **Minnesota — 0.5%** | **Minnesota — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Bloomington Minnesota Sales Tax Revenue, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/39 | 3160 | &nbsp;&nbsp; 3485190 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/41 | 3890 | &nbsp;&nbsp; 4217760 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/42 | 4085 | &nbsp;&nbsp; 4391250 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, RB, <br> Class B, 5.25%, 06/15/42<br>| 2000 | &nbsp;&nbsp; 2115778 |
| Minnesota Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.75%, 07/01/53<br>| 3920 | &nbsp;&nbsp; 4177333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.00%, 07/01/53<br>| 3440 | &nbsp;&nbsp; 3699047 |
| State of Minnesota, GO, Series B, 08/01/41<sup>(d)</sup> | 10000 | &nbsp;&nbsp; 9963139 |
|  |  | &nbsp;&nbsp; 32049497 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock National Municipal Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Medical Center Educational Building Corp., Refunding <br> RB, 5.00%, 06/01/47<br>| $8975 | &nbsp;&nbsp; $9005565 |
| **Missouri — 1.1%** | **Missouri — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State <br> of Missouri, RB, Series A, 5.00%, 10/01/46<br>| 16260 | &nbsp;&nbsp; 16578836 |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State <br> of Missouri, Refunding RB, Class B, 11/15/44<sup>(d)</sup><br>| 1000 | &nbsp;&nbsp; 1033524 |
| Lindbergh School District, GO, 5.50%, 03/01/42 | 9500 | &nbsp;&nbsp; 10731104 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (FHLMC, FNMA, GNMA), 6.00%, <br> 05/01/55<br>| 14600 | &nbsp;&nbsp; 16189333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, (FHLMC, FNMA, GNMA), 6.00%, <br> 05/01/55<br>| 11140 | &nbsp;&nbsp; 12381988 |
| &nbsp;&nbsp;&nbsp; North Kansas City School District No. 74, GO, 5.25%, <br> 03/01/40<br>| 9950 | &nbsp;&nbsp; 10916321 |
|  |  | &nbsp;&nbsp; 67831106 |
| **Montana — 0.2%** | **Montana — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, RB, S/F Housing, <br> Series A, 5.75%, 12/01/53<br>| 8765 | &nbsp;&nbsp; 9340959 |
| **Nebraska — 0.5%** | **Nebraska — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, RB, Series A-1, 5.00%, <br> 08/01/55<sup>(b)</sup><br>| 29780 | &nbsp;&nbsp; 32204564 |
| **Nevada — 0.1%** | **Nevada — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry, <br> RB, Series A, 5.00%, 07/15/37<br>| 875 | &nbsp;&nbsp; 875908 |
| State of Nevada, GOL, Series A, 5.00%, 05/01/43 | 1950 | &nbsp;&nbsp; 2084865 |
|  |  | &nbsp;&nbsp; 2960773 |
| **New Jersey — 3.9%** | **New Jersey — 3.9%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | 7550 | &nbsp;&nbsp; 7695944 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/43 | 13855 | &nbsp;&nbsp; 14125370 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br> RB, S/F Housing, Series K, Sustainability Bonds, <br> 6.00%, 10/01/55<br>| 9335 | &nbsp;&nbsp; 10090936 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> 5.25%, 06/15/43<br>| 9000 | &nbsp;&nbsp; 9578134 |
| New Jersey Turnpike Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/43 | 3020 | &nbsp;&nbsp; 3221525 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/46 | 5000 | &nbsp;&nbsp; 5218970 |
| New Jersey Turnpike Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/42 | 13700 | &nbsp;&nbsp; 14723712 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/43 | 50000 | &nbsp;&nbsp; 53337879 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/44 | 27480 | &nbsp;&nbsp; 29165087 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 22660 | &nbsp;&nbsp; 22089514 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 60790 | &nbsp;&nbsp; 60862699 |
|  |  | &nbsp;&nbsp; 230109770 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; County of Santa Fe New Mexico, RB, (AGM), 6.00%, <br> 02/01/27<br>| 65 | &nbsp;&nbsp; 66783 |
| &nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, RB, S/F <br> Housing, (FHLMC, FNMA, GNMA), 5.75%, <br> 03/01/54<br>| 5920 | &nbsp;&nbsp; 6367919 |
|  |  | &nbsp;&nbsp; 6434702 |
| **New York — 11.9%** | **New York — 11.9%** |  |
| City of New York, GO, Series E-1, 5.00%, 03/01/39 | 10375 | &nbsp;&nbsp; 10783123 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, <br> 5.00%, 03/15/44<br>| $14075 | &nbsp;&nbsp; $14805266 |
| Empire State Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 | 2920 | &nbsp;&nbsp; 3025019 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/47 | 10000 | &nbsp;&nbsp; 10228612 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/46 | 12225 | &nbsp;&nbsp; 12694536 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series BB, 5.00%, 06/15/43<br>| 11900 | &nbsp;&nbsp; 12787681 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/40 | 3325 | &nbsp;&nbsp; 3513916 |
| &nbsp;&nbsp;&nbsp; Series DD, 5.50%, 06/15/38 | 13725 | &nbsp;&nbsp; 16196069 |
| &nbsp;&nbsp;&nbsp; Series DD, 5.50%, 06/15/39 | 7675 | &nbsp;&nbsp; 8922563 |
| &nbsp;&nbsp;&nbsp; Series EE, 5.00%, 06/15/45 | 7000 | &nbsp;&nbsp; 7093526 |
| &nbsp;&nbsp;&nbsp; Series EE2, 5.00%, 06/15/40 | 38000 | &nbsp;&nbsp; 39911945 |
| &nbsp;&nbsp;&nbsp; Series FF, 5.00%, 06/15/40 | 19440 | &nbsp;&nbsp; 20173877 |
| &nbsp;&nbsp;&nbsp; Sub-Series BB-2, 5.25%, 06/15/47 | 15000 | &nbsp;&nbsp; 15991731 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building <br> Aid Revenue, RB, Series S-1, (SAW), 5.00%, <br> 07/15/41<br>| 12650 | &nbsp;&nbsp; 13749952 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 11/01/45 | 19690 | &nbsp;&nbsp; 21305464 |
| &nbsp;&nbsp;&nbsp; Sub-Series E-1, 5.00%, 02/01/39 | 2525 | &nbsp;&nbsp; 2585412 |
| &nbsp;&nbsp;&nbsp; Sub-Series F-1, 5.00%, 05/01/42 | 3000 | &nbsp;&nbsp; 3039646 |
| &nbsp;&nbsp;&nbsp; Series C-3, Subordinate, 5.00%, 05/01/39 | 2600 | &nbsp;&nbsp; 2702698 |
| New York City Transitional Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 05/01/40 | 3000 | &nbsp;&nbsp; 3398181 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 05/01/41 | 10000 | &nbsp;&nbsp; 11270788 |
| &nbsp;&nbsp;&nbsp; Series D, 5.25%, 05/01/45 | 15000 | &nbsp;&nbsp; 16240545 |
| &nbsp;&nbsp;&nbsp; Series C-1, Subordinate, 5.00%, 05/01/44 | 5000 | &nbsp;&nbsp; 5282464 |
| &nbsp;&nbsp;&nbsp; Series H-1, Subordinate, 5.25%, 11/01/45 | 9280 | &nbsp;&nbsp; 10012763 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, Subordinate, 5.00%, 05/01/41 | 10000 | &nbsp;&nbsp; 10893732 |
| &nbsp;&nbsp;&nbsp; New York Energy Finance Development Corp., RB, <br> 5.00%, 07/01/56<sup>(b)</sup><br>| 20100 | &nbsp;&nbsp; 21415549 |
| New York State Dormitory Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, (AGM SAW), 5.00%, 10/01/39 | 9345 | &nbsp;&nbsp; 10269556 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/41 | 3240 | &nbsp;&nbsp; 3302533 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 2050 | &nbsp;&nbsp; 2099851 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/40 | 14950 | &nbsp;&nbsp; 15977368 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/15/44 | 5155 | &nbsp;&nbsp; 5482028 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 03/15/46 | 13000 | &nbsp;&nbsp; 13687718 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/40 | 2350 | &nbsp;&nbsp; 2587128 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/41 | 2245 | &nbsp;&nbsp; 2443779 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 03/15/42 | 3500 | &nbsp;&nbsp; 3777516 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/40 | 2270 | &nbsp;&nbsp; 2354867 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/42 | 36535 | &nbsp;&nbsp; 37626208 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/43 | 6275 | &nbsp;&nbsp; 6441464 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Refunding RB, <br> 5.00%, 03/15/41<br>| 15550 | &nbsp;&nbsp; 16669306 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 6.00%, 04/01/35 | 14215 | &nbsp;&nbsp; 15621355 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/38 | 10010 | &nbsp;&nbsp; 10543652 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 23000 | &nbsp;&nbsp; 23984300 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/40 | 23500 | &nbsp;&nbsp; 23720680 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/49 | 35200 | &nbsp;&nbsp; 35504466 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, <br> Series 218, AMT, 5.00%, 11/01/49<br>| 32905 | &nbsp;&nbsp; 33451563 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock National Municipal Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/42 | 10000 | &nbsp;&nbsp; $10253054 |
| &nbsp;&nbsp;&nbsp; Series 205, 5.00%, 11/15/47 | 12000 | &nbsp;&nbsp; 12215234 |
| &nbsp;&nbsp;&nbsp; Series 245, 5.00%, 09/01/42 | 1000 | &nbsp;&nbsp; 1079702 |
| &nbsp;&nbsp;&nbsp; Series 245, 5.00%, 09/01/43 | 2000 | &nbsp;&nbsp; 2145952 |
| &nbsp;&nbsp;&nbsp; Series 197, AMT, 5.00%, 11/15/41 | 17450 | &nbsp;&nbsp; 17679441 |
| &nbsp;&nbsp;&nbsp; Series 231, AMT, 5.50%, 08/01/39 | 5710 | &nbsp;&nbsp; 6275856 |
| &nbsp;&nbsp;&nbsp; Series 231, AMT, 5.50%, 08/01/47 | 40000 | &nbsp;&nbsp; 42422418 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 248, 5.00%, 01/15/41 | 3735 | &nbsp;&nbsp; 4093205 |
| &nbsp;&nbsp;&nbsp; Series 248, 5.00%, 01/15/42 | 2550 | &nbsp;&nbsp; 2772719 |
| &nbsp;&nbsp;&nbsp; Series 250, 5.00%, 10/15/41 | 7080 | &nbsp;&nbsp; 7801451 |
| &nbsp;&nbsp;&nbsp; Series 250, 5.00%, 10/15/42 | 5060 | &nbsp;&nbsp; 5524436 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/41 | 10000 | &nbsp;&nbsp; 10068501 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 05/15/41 | 2905 | &nbsp;&nbsp; 3154061 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 5.25%, 11/15/40 | 5335 | &nbsp;&nbsp; 5891969 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, RB, Restructured, <br> 5.00%, 12/15/41<br>| 9145 | &nbsp;&nbsp; 9390542 |
|  |  | &nbsp;&nbsp; 704338937 |
| **North Carolina — 0.3%** | **North Carolina — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series 52A, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 6.25%, 01/01/55<br>| 8900 | &nbsp;&nbsp; 9671831 |
| State of North Carolina, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/38 | 3915 | &nbsp;&nbsp; 4382921 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/39 | 3500 | &nbsp;&nbsp; 3877928 |
|  |  | &nbsp;&nbsp; 17932680 |
| **Ohio — 1.7%** | **Ohio — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Allen County OH Hospital Facilities Revenue <br> Refunding RB, 5.00%, 11/01/39<br>| 17000 | &nbsp;&nbsp; 18536869 |
| &nbsp;&nbsp;&nbsp; County of Allen Ohio Hospital Facilities Revenue, <br> Refunding RB, Class A, 5.00%, 11/01/40<br>| 13860 | &nbsp;&nbsp; 14997377 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, RB, <br> Series A, 5.00%, 02/15/43<br>| 13325 | &nbsp;&nbsp; 13553811 |
| &nbsp;&nbsp;&nbsp; Ohio University, Refunding RB, Series A, 5.00%, <br> 12/01/44<br>| 16500 | &nbsp;&nbsp; 16840892 |
| Ohio Water Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/44 | 1975 | &nbsp;&nbsp; 2033600 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 9500 | &nbsp;&nbsp; 10539155 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/41 | 6675 | &nbsp;&nbsp; 7319891 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 12/01/41 | 3715 | &nbsp;&nbsp; 4048549 |
| State of Ohio, GO, Series A, 5.00%, 03/01/39 | 10000 | &nbsp;&nbsp; 10232421 |
| State of Ohio, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/40 | 1110 | &nbsp;&nbsp; 1185465 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 04/01/40 | 1155 | &nbsp;&nbsp; 1221623 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati, RB, Series C, 5.00%, <br> 06/01/41<br>| 2600 | &nbsp;&nbsp; 2626539 |
|  |  | &nbsp;&nbsp; 103136192 |
| **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |  |
| City of Oklahoma City, GO, 4.00%, 03/01/40 | 5800 | &nbsp;&nbsp; 5831900 |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, <br> 7.25%, 09/01/51<sup>(c)</sup><br>| 7820 | &nbsp;&nbsp; 7736855 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding <br> ARB, AMT, 6.25%, 12/01/35<br>| 7770 | &nbsp;&nbsp; 8849612 |
|  |  | &nbsp;&nbsp; 22418367 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oregon — 1.7%** | **Oregon — 1.7%** |  |
| County of Washington Oregon, GOL |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/39 | $9760 | &nbsp;&nbsp; $10992411 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/41 | 8905 | &nbsp;&nbsp; 9845820 |
| &nbsp;&nbsp;&nbsp; Deschutes County Administrative School District No. <br> 1 Bend-La Pine, GO<br>|  |  |
| &nbsp;&nbsp;&nbsp; (GTD), 5.00%, 06/15/40 | 16010 | &nbsp;&nbsp; 17680657 |
| &nbsp;&nbsp;&nbsp; (GTD), 5.00%, 06/15/41 | 15040 | &nbsp;&nbsp; 16468523 |
| &nbsp;&nbsp;&nbsp; Port of Morrow Oregon, ARB, Series A, 5.15%, <br> 10/01/26<sup>(c)</sup><br>| 17685 | &nbsp;&nbsp; 17702871 |
| State of Oregon, GO, Series A, 5.00%, 05/01/42 | 10110 | &nbsp;&nbsp; 10833367 |
| &nbsp;&nbsp;&nbsp; Washington & Clackamas Counties School District <br> No. 23J Tigard-Tualatin, GO<br>|  |  |
| &nbsp;&nbsp;&nbsp; (GTD), 5.00%, 06/15/41 | 8000 | &nbsp;&nbsp; 8726976 |
| &nbsp;&nbsp;&nbsp; (GTD), 5.00%, 06/15/42 | 6000 | &nbsp;&nbsp; 6493431 |
|  |  | &nbsp;&nbsp; 98744056 |
| **Pennsylvania — 2.7%** | **Pennsylvania — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority, RB, 5.00%, 05/01/32<sup>(c)</sup><br>| 3750 | &nbsp;&nbsp; 3804934 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & <br> Wastewater Revenue, RB, Series A, 5.00%, <br> 11/01/45<br>| 1050 | &nbsp;&nbsp; 1075413 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & <br> Wastewater Revenue, Refunding RB, Series B, <br> (AGM), 5.00%, 09/01/39<br>| 2775 | &nbsp;&nbsp; 3022735 |
| Commonwealth of Pennsylvania, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/40 | 10000 | &nbsp;&nbsp; 10705373 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/39 | 4025 | &nbsp;&nbsp; 4412360 |
| Lancaster County Hospital Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/37 | 1205 | &nbsp;&nbsp; 1256405 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/39 | 1000 | &nbsp;&nbsp; 1030080 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, Series B-1, 5.25%, 11/01/43<br>| 17000 | &nbsp;&nbsp; 17845502 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 143A, Sustainability Bonds, 6.25%, <br> 10/01/53<br>| 10970 | &nbsp;&nbsp; 11942238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149A, Sustainability Bonds, 6.50%, <br> 10/01/55<br>| 18130 | &nbsp;&nbsp; 20761376 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax <br> Revenue, Refunding RB, Series A, 5.00%, <br> 12/01/46<br>| 5900 | &nbsp;&nbsp; 6067541 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series A, 5.50%, 12/01/46 | 40000 | &nbsp;&nbsp; 40930862 |
| &nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.00%, 06/01/42 | 10000 | &nbsp;&nbsp; 10122560 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 12/01/44 | 18190 | &nbsp;&nbsp; 18488249 |
| &nbsp;&nbsp;&nbsp; Sub-Series A-1, Subordinate, 5.00%, 12/01/41 | 4200 | &nbsp;&nbsp; 4204694 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, RB, CAB, Sub-<br> Series A-2, Convertible, Restructured, 5.13%, <br> 12/01/40<sup>(h)</sup><br>| 2680 | &nbsp;&nbsp; 2797173 |
|  |  | &nbsp;&nbsp; 158467495 |
| **Puerto Rico — 1.1%** | **Puerto Rico — 1.1%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 13205 | &nbsp;&nbsp; 14600867 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/33 | 20418 | &nbsp;&nbsp; 20098538 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/35 | 8168 | &nbsp;&nbsp; 7910115 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/37 | 25180 | &nbsp;&nbsp; 23677088 |
|  |  | &nbsp;&nbsp; 66286608 |
| **South Carolina — 3.9%** | **South Carolina — 3.9%** |  |
| County of Dorchester South Carolina, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/40 | 1245 | &nbsp;&nbsp; 1265721 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock National Municipal Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **South Carolina (continued)** | **South Carolina (continued)** |  |
| &nbsp;&nbsp;&nbsp; County of Dorchester South Carolina, <br> SAB<sup>(c)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/51 | 3000 | &nbsp;&nbsp; $3026923 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, <br> Series A1, 5.25%, 10/01/54<sup>(b)</sup><br>| 48600 | &nbsp;&nbsp; 52846460 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding <br> RB, Series B-1, 5.25%, 02/01/54<sup>(b)</sup><br>| 84000 | &nbsp;&nbsp; 86933405 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(c)</sup> | 10135 | &nbsp;&nbsp; 9526260 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/41 | 8985 | &nbsp;&nbsp; 9751084 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/43 | 27170 | &nbsp;&nbsp; 29021278 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/37 | 3005 | &nbsp;&nbsp; 3027510 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | 11070 | &nbsp;&nbsp; 11172129 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & <br> Development Authority, RB, S/F Housing, Series B, <br> (FHLMC, FNMA, GNMA), 6.50%, 07/01/55<br>| 10000 | &nbsp;&nbsp; 11481877 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & <br> Development Authority, Refunding RB, S/F <br> Housing, Series B, 6.00%, 01/01/54<br>| 9225 | &nbsp;&nbsp; 10177690 |
|  |  | &nbsp;&nbsp; 228230337 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** |  |
| South Dakota Conservancy District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/43 | 5485 | &nbsp;&nbsp; 5820116 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/01/44 | 5735 | &nbsp;&nbsp; 6047347 |
|  |  | &nbsp;&nbsp; 11867463 |
| **Tennessee — 2.0%** | **Tennessee — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County Tennessee , GO, Series B, 4.00%, <br> 01/01/39<br>| 6365 | &nbsp;&nbsp; 6419578 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County Tennessee Water & Sewer Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/39 | 5520 | &nbsp;&nbsp; 6081094 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | 3900 | &nbsp;&nbsp; 4262065 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | 3225 | &nbsp;&nbsp; 3496373 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 2380 | &nbsp;&nbsp; 2561047 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/43 | 3415 | &nbsp;&nbsp; 3653566 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Refunding RB, <br> Series A, 5.00%, 12/01/35<br>| 55345 | &nbsp;&nbsp; 59842242 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, RB, S/F <br> Housing, Series 2A, Sustainability Bonds, 5.75%, <br> 01/01/54<br>| 11195 | &nbsp;&nbsp; 12023851 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Refunding <br> RB, S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.00%, 01/01/56<br>| 8600 | &nbsp;&nbsp; 9537207 |
| &nbsp;&nbsp;&nbsp; Series 3A, Sustainability Bonds, 6.25%, 01/01/54 | 4965 | &nbsp;&nbsp; 5423383 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, RB, <br> Series A, 5.00%, 11/01/42<br>| 4640 | &nbsp;&nbsp; 4715564 |
|  |  | &nbsp;&nbsp; 118015970 |
| **Texas — 11.6%** | **Texas — 11.6%** |  |
| &nbsp;&nbsp;&nbsp; Allen Independent School District, GO, (PSF), 5.00%, <br> 02/15/42<br>| 1100 | &nbsp;&nbsp; 1175961 |
| Arlington Higher Education Finance Corp., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 9425 | &nbsp;&nbsp; 9597965 |
| &nbsp;&nbsp;&nbsp; Series A, 5.30%, 04/01/62 | 6415 | &nbsp;&nbsp; 4405991 |
| Athens Independent School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/40 | 2735 | &nbsp;&nbsp; 2989384 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| Athens Independent School District, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/41 | $2870 | &nbsp;&nbsp; $3110328 |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/42 | 3020 | &nbsp;&nbsp; 3250371 |
| &nbsp;&nbsp;&nbsp; Austin Independent School District, GO, (PSF), <br> 5.00%, 08/01/41<br>| 2500 | &nbsp;&nbsp; 2708923 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, <br> Refunding RB, Series A, 5.00%, 08/15/43<br>| 11035 | &nbsp;&nbsp; 11594757 |
| &nbsp;&nbsp;&nbsp; Cedar Hill Independent School District, GO, (PSF), <br> 5.00%, 02/15/43<br>| 2000 | &nbsp;&nbsp; 2128042 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Electric Utility Revenue, <br> Refunding RB, 5.00%, 11/15/40<br>| 15560 | &nbsp;&nbsp; 16656546 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/39 | 4875 | &nbsp;&nbsp; 5300158 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/45 | 1145 | &nbsp;&nbsp; 1178042 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/38<br>| 5000 | &nbsp;&nbsp; 5358209 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Subordinate Lien, 5.25%, 07/01/40 | 4000 | &nbsp;&nbsp; 4308396 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Subordinate Lien, 5.25%, 07/01/41 | 4135 | &nbsp;&nbsp; 4417867 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/40 | 10000 | &nbsp;&nbsp; 10947229 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/41 | 25625 | &nbsp;&nbsp; 27844814 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/42 | 9150 | &nbsp;&nbsp; 9882087 |
| &nbsp;&nbsp;&nbsp; City of Tyler Texas Water & Sewer System Revenue, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/41 | 1385 | &nbsp;&nbsp; 1487865 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/42 | 1455 | &nbsp;&nbsp; 1551166 |
| &nbsp;&nbsp;&nbsp; Clear Creek Independent School District, Refunding <br> GO<br>|  |  |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/40 | 4530 | &nbsp;&nbsp; 4961362 |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/41 | 8000 | &nbsp;&nbsp; 8686315 |
| Conroe Independent School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/41 | 5000 | &nbsp;&nbsp; 5372382 |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/42 | 2810 | &nbsp;&nbsp; 2999418 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas Toll Road Revenue, Refunding <br> RB, Series A, Senior Lien, 5.00%, 08/15/43<br>| 10000 | &nbsp;&nbsp; 10193453 |
| County of Harris Texas, Refunding GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/15/39 | 6150 | &nbsp;&nbsp; 6787766 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/15/40 | 6325 | &nbsp;&nbsp; 6908750 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding <br> ARB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 11/01/40 | 24700 | &nbsp;&nbsp; 26732886 |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 11/01/41 | 24125 | &nbsp;&nbsp; 25817083 |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 11/01/42 | 7500 | &nbsp;&nbsp; 7969350 |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 11/01/43 | 10500 | &nbsp;&nbsp; 11084711 |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 11/01/44 | 24130 | &nbsp;&nbsp; 25379785 |
| &nbsp;&nbsp;&nbsp; East Central Independent School District, Refunding <br> GO, Series A, (PSF), 5.00%, 08/15/42<br>| 2720 | &nbsp;&nbsp; 2912963 |
| &nbsp;&nbsp;&nbsp; Garland Independent School District, GO, Series A, <br> (PSF), 5.00%, 02/15/39<br>| 2110 | &nbsp;&nbsp; 2282508 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., RB, Series A, <br> 5.00%, 10/01/48<br>| 6100 | &nbsp;&nbsp; 6182942 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., RB, Series B, 6.38%, 01/01/33<br>| 40 | &nbsp;&nbsp; 40054 |
| Irving Independent School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/41 | 5250 | &nbsp;&nbsp; 5609091 |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/43 | 4000 | &nbsp;&nbsp; 4215460 |
| Lower Colorado River Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 05/15/41 | 2000 | &nbsp;&nbsp; 2116372 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/44 | 8725 | &nbsp;&nbsp; 8757956 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock National Municipal Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 | $10395 | &nbsp;&nbsp; $10486081 |
| &nbsp;&nbsp;&nbsp; Series A, (BAM), 5.00%, 05/15/41 | 8420 | &nbsp;&nbsp; 9008691 |
| &nbsp;&nbsp;&nbsp; Series A, (BAM), 5.25%, 05/15/42 | 10320 | &nbsp;&nbsp; 11222161 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 05/15/47 | 5000 | &nbsp;&nbsp; 5292458 |
| &nbsp;&nbsp;&nbsp; New Caney Independent School District, Refunding <br> GO, (PSF), 5.00%, 02/15/42<br>| 2000 | &nbsp;&nbsp; 2133188 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 08/15/40 | 6270 | &nbsp;&nbsp; 7002211 |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 08/15/41 | 5340 | &nbsp;&nbsp; 5868066 |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 08/15/42 | 5000 | &nbsp;&nbsp; 5448031 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/40 | 2000 | &nbsp;&nbsp; 1902201 |
| &nbsp;&nbsp;&nbsp; Series A, 6.75%, 10/01/52 | 580 | &nbsp;&nbsp; 577982 |
| North Texas Tollway Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/40 | 20000 | &nbsp;&nbsp; 21219434 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/43 | 10845 | &nbsp;&nbsp; 11001013 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/43 | 10000 | &nbsp;&nbsp; 10064148 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas <br> System, Refunding RB, Series A, 5.00%, 07/01/41<br>| 17155 | &nbsp;&nbsp; 18409794 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Lien, 5.00%, 10/01/40 | 1330 | &nbsp;&nbsp; 1444917 |
| &nbsp;&nbsp;&nbsp; 1st Lien, 5.00%, 10/01/41 | 4580 | &nbsp;&nbsp; 4937092 |
| &nbsp;&nbsp;&nbsp; Red Oak Independent School District, GO, 5.00%, <br> 02/15/41<br>| 4305 | &nbsp;&nbsp; 4674365 |
| San Antonio Water System, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, Junior Lien, 05/15/43 | 13435 | &nbsp;&nbsp; 14355806 |
| &nbsp;&nbsp;&nbsp; Series C, Junior Lien, 05/15/44 | 8720 | &nbsp;&nbsp; 9258661 |
| &nbsp;&nbsp;&nbsp; State of Texas, Refunding GO, Series B, 5.00%, <br> 08/01/39<br>| 5475 | &nbsp;&nbsp; 6049125 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/47 | 12790 | &nbsp;&nbsp; 13652139 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/38 | 4650 | &nbsp;&nbsp; 5128360 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/39 | 4000 | &nbsp;&nbsp; 4364648 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/40 | 4475 | &nbsp;&nbsp; 4834157 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/43 | 40510 | &nbsp;&nbsp; 41253231 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/48 | 22060 | &nbsp;&nbsp; 22231150 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/41 | 25900 | &nbsp;&nbsp; 26109969 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/45 | 13190 | &nbsp;&nbsp; 13207924 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/15/47 | 9150 | &nbsp;&nbsp; 9195527 |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District, GO, (PSF), <br> 5.25%, 08/01/42<br>| 2000 | &nbsp;&nbsp; 2205299 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, <br> RB, S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (GNMA), 5.75%, 03/01/54 | 27140 | &nbsp;&nbsp; 29579596 |
| &nbsp;&nbsp;&nbsp; Series B, (GNMA), 6.00%, 03/01/53 | 10580 | &nbsp;&nbsp; 11581205 |
| &nbsp;&nbsp;&nbsp; Series B, (GNMA), 6.00%, 01/01/56 | 13500 | &nbsp;&nbsp; 15121695 |
| Texas Water Development Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; 10/15/44<sup>(d)</sup> | 9200 | &nbsp;&nbsp; 9860354 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/42 | 4210 | &nbsp;&nbsp; 4283077 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/43 | 4400 | &nbsp;&nbsp; 4505029 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| Texas Water Development Board, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/15/43 | 5000 | &nbsp;&nbsp; $4758165 |
| Trinity River Authority, RB, 5.00%, 02/01/42 | 1500 | &nbsp;&nbsp; 1619868 |
|  |  | &nbsp;&nbsp; 688751526 |
| **Utah — 0.7%** | **Utah — 0.7%** |  |
| County of Utah, RB, Series A, 5.00%, 05/15/43 | 11860 | &nbsp;&nbsp; 12242252 |
| County of Utah, Refunding RB, 5.00%, 05/15/41 | 22375 | &nbsp;&nbsp; 22460890 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, 5.63%, <br> 06/15/54<sup>(c)</sup><br>| 4930 | &nbsp;&nbsp; 4490679 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding <br> RB, 5.25%, 06/15/37<sup>(c)</sup><br>| 3795 | &nbsp;&nbsp; 3772076 |
|  |  | &nbsp;&nbsp; 42965897 |
| **Vermont — 0.1%** | **Vermont — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; East Central Vermont Telecommunications District, <br> RB, Series A, 4.25%, 12/01/40<sup>(c)</sup><br>| 4030 | &nbsp;&nbsp; 3357194 |
| &nbsp;&nbsp;&nbsp; Vermont Housing Finance Agency, RB, S/F Housing, <br> Series C, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.75%, 11/01/53<br>| 4236 | &nbsp;&nbsp; 4598281 |
|  |  | &nbsp;&nbsp; 7955475 |
| **Virginia — 1.1%** | **Virginia — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA, Series A-1, 5.50%, 03/01/46<br>| 693 | &nbsp;&nbsp; 692472 |
| &nbsp;&nbsp;&nbsp; Prince William County Industrial Development <br> Authority, RB, Series A, 5.00%, 10/01/41<br>| 2460 | &nbsp;&nbsp; 2664257 |
| &nbsp;&nbsp;&nbsp; University of Virginia, Refunding RB, Series A, 5.00%, <br> 04/01/47<br>| 9630 | &nbsp;&nbsp; 9818227 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority, RB, 5.00%, <br> 02/01/42<br>| 4000 | &nbsp;&nbsp; 4246715 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, RB, <br> 5.00%, 05/15/42<br>| 5000 | &nbsp;&nbsp; 5346375 |
| Virginia Port Authority, RB, 5.00%, 07/01/41 | 2925 | &nbsp;&nbsp; 3140510 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority, ARB, Series A, <br> 4.00%, 08/01/38<br>| 4625 | &nbsp;&nbsp; 4641504 |
| Virginia Public Building Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/39 | 4220 | &nbsp;&nbsp; 4247685 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/41 | 3195 | &nbsp;&nbsp; 3129027 |
| &nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 08/01/38 | 24000 | &nbsp;&nbsp; 24263965 |
|  |  | &nbsp;&nbsp; 62190737 |
| **Washington — 1.7%** | **Washington — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, <br> Refunding GO, (GTD), 5.50%, 12/01/40<br>| 13250 | &nbsp;&nbsp; 14759396 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 403 Bethel, GO, <br> (GTD), 4.00%, 12/01/38<br>| 5375 | &nbsp;&nbsp; 5399168 |
| Port of Seattle Wasington, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Intermediate Lien, 5.00%, 10/01/38 | 6000 | &nbsp;&nbsp; 6494699 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Intermediate Lien, 5.00%, 10/01/39 | 5000 | &nbsp;&nbsp; 5373211 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Intermediate Lien, 5.00%, 10/01/40 | 7000 | &nbsp;&nbsp; 7515555 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Intermediate Lien, 5.25%, 05/01/42 | 47930 | &nbsp;&nbsp; 48759410 |
| State of Washington, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020A, 5.00%, 08/01/40 | 5000 | &nbsp;&nbsp; 5254708 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/01/42 | 2020 | &nbsp;&nbsp; 2145557 |
| &nbsp;&nbsp;&nbsp; Series F, 5.00%, 06/01/45 | 3795 | &nbsp;&nbsp; 3936384 |
|  |  | &nbsp;&nbsp; 99638088 |
| **Wisconsin — 0.5%** | **Wisconsin — 0.5%** |  |
| Public Finance Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/31<sup>(f)(g)</sup> | 1715 | &nbsp;&nbsp; 145775 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock National Municipal Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** |  |
| Public Finance Authority, RB<sup>(c)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/47<sup>(f)(g)</sup> | 1715 | &nbsp;&nbsp; $145775 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/33 | 6580 | &nbsp;&nbsp; 6624649 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 11/01/46<sup>(f)(g)</sup> | 6385 | &nbsp;&nbsp; 3192500 |
| &nbsp;&nbsp;&nbsp; Series A, 5.63%, 06/15/49 | 11730 | &nbsp;&nbsp; 10840347 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development <br> Authority Home Ownership Revenue, RB, S/F <br> Housing, Series A, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 6.00%, 03/01/54<br>| 6440 | &nbsp;&nbsp; 7088601 |
|  |  | &nbsp;&nbsp; 28037647 |
| **Total Municipal Bonds — 93.5%** <br>**(Cost: $5,434,415,280)** | **Total Municipal Bonds — 93.5%** <br>**(Cost: $5,434,415,280)** | &nbsp;&nbsp; 5537004586 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> |
| **California — 0.7%** | **California — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; California State University, RB, Series A, 5.00%, <br> 11/01/49<br>| 40470 | &nbsp;&nbsp; 41571856 |
| **District of Columbia — 0.9%** | **District of Columbia — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, 5.00%, <br> 07/15/45<br>| 50585 | &nbsp;&nbsp; 52225099 |
| **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, Series C, <br> 5.25%, 10/01/47<br>| 50000 | &nbsp;&nbsp; 53173618 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 2.5%** <br>**(Cost: $151,632,559)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 2.5%** <br>**(Cost: $151,632,559)** | &nbsp;&nbsp; 146970573 |
| **Total Long-Term Investments — 96.9%** <br>**(Cost: $5,636,153,734)** | **Total Long-Term Investments — 96.9%** <br>**(Cost: $5,636,153,734)** | &nbsp;&nbsp; 5735624659 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.7%** | **Money Market Funds — 6.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.90%<sup>(a)(j)</sup><br>| 399385712 | &nbsp;&nbsp; $399425651 |
| **Total Short-Term Securities — 6.7%** <br>**(Cost: $399,337,092)** | **Total Short-Term Securities — 6.7%** <br>**(Cost: $399,337,092)** | &nbsp;&nbsp; 399425651 |
| **Total Investments — 103.6%** <br>**(Cost: $6,035,490,826)** | **Total Investments — 103.6%** <br>**(Cost: $6,035,490,826)** | &nbsp;&nbsp; 6135050310 |
| **Liabilities in Excess of Other Assets — (2.4)%** | **Liabilities in Excess of Other Assets — (2.4)%** | &nbsp;&nbsp; (144013585)<br>|
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (1.2)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (1.2)%** | &nbsp;&nbsp; (70946321)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $5920090404 |

---

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

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

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

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended 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>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, <br> Institutional Shares<br>| &nbsp;&nbsp; $323599501 | $75826150 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $399425651 | 399385712 | $1843895 | $— |
| iShares High Yield Muni Active ETF | &nbsp;&nbsp; — | 50105895 | &nbsp;&nbsp; — |  | 1543605 | 51649500 | 1050000 | 208724 |  |
| iShares National Muni Bond ETF<sup>(b)</sup> | &nbsp;&nbsp; — | 91362736 | &nbsp;&nbsp; (91672100)<br>| 309364 |  |  |  | 152962 |  |
|  |  |  |  | $309364 | $1543605 | $451075151 |  | $2205581 | $— |

---

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

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

<sup>(b)</sup> As of period end, the entity is no longer held.

**Fair Value Hierarchy as of Period End**

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock National Municipal Fund** 

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; $51649500 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $51649500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5537004586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5537004586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146970573 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146970573 |
| &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; 399425651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 399425651 |
|  | &nbsp;&nbsp; $451075151 | &nbsp;&nbsp;&nbsp;&nbsp; $5683975159 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6135050310 |

---

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $70,530,007 are categorized as Level 2 within the fair value hierarchy.

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM | Build America Mutual Assurance Co. |
| CAB | Capital Appreciation Bonds |
| ETF | Exchange-Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| GTD | GTD Guaranteed |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAW | State Aid Withholding |
| TA | Tax Allocation |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Municipal 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 National Municipal Fund

- **b. EDGAR series identifier (if any):** S000002334

- **c. LEI of Series:** 57P6LYFXTWNU9L7GM070

**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:** $6225933045.14

**Total Liabilities:** $311827467.35

**Net Assets:** $5914105577.79

**Delayed Delivery Securities:** $213750424.70

**Cash Not Reported:** $6479892.13

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 135316.36000000 | **1-Year:** 324857.00000000 | **5-Year:** 2143289.26000000 | **10-Year:** 1193210.62000000 | **30-Year:** 21840.47000000

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

- **3-Month:** 47272.64000000 | **1-Year:** 3072.23000000 | **5-Year:** 62153.47000000 | **10-Year:** 100328.28000000 | **30-Year:** 41259.58000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000100249 | -0.21%               | 0.82%                | 1.84%                |
| Class ID C000006118 | -0.21%               | 0.82%                | 1.94%                |
| Class ID C000100250 | -0.18%               | 0.84%                | 1.86%                |
| Class ID C000038033 | -0.27%               | 0.75%                | 1.88%                |
| Class ID C000006121 | -0.19%               | 0.73%                | 1.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-28340886.09            | $-3308520.30                               |
| Month 2  | $-5559013.54             | $35590829.34                               |
| Month 3  | $3338585.66              | $89502914.20                               |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                                            | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Washington OR                                                         | WASHINGTON CNTY OR                                           | CUSIP: 938234US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9760000 | PA      | $10992410.72  | 0.19%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                       | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4135000 | PA      | $4417866.67   | 0.07%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                         | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GUT0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064743.04   | 0.02%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GRX4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  19440000 | PA      | $20173876.52  | 0.34%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 6582074E2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   8900000 | PA      | $9671830.78   | 0.16%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                            | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TEA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3255000 | PA      | $3461125.25   | 0.06%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VMF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4246715.40   | 0.07%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                       | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7770000 | PA      | $8849612.21   | 0.15%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Douglas County Unified School District No 491 Eudora                            | DOUGLAS CNTY KS UNIF SCH DIST#491 EUDORA                     | CUSIP: 259137LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1263754.67   | 0.02%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS                         | CUSIP: 88275FVW6<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |  10580000 | PA      | $11581204.55  | 0.20%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                           | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HA45<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |  13020000 | PA      | $13899279.14  | 0.24%             | 2053-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                   | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854B50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4210000 | PA      | $4283076.93   | 0.07%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                             | NEW YORK NY                                                  | CUSIP: 64966MXH7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10375000 | PA      | $10783123.04  | 0.18%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                 | OREGON ST                                                    | CUSIP: 68609UCK9<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |  10110000 | PA      | $10833367.26  | 0.18%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                  | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BB59<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2116372.08   | 0.04%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                 | BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14310000 | PA      | $14520660.66  | 0.25%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GA95<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7093526.30   | 0.12%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                       | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265L3H9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $22400689.60  | 0.38%             | 2040-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                 | GAINESVILLE FL UTILITIES SYS REVENUE                         | CUSIP: 362848VK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19550000 | PA      | $19973900.50  | 0.34%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                       | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TKA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1739123.93   | 0.03%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 5920983H8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5520000 | PA      | $6081094.14   | 0.10%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UZ50<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19260452.20  | 0.33%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS                         | CUSIP: 88275FWZ8<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |  27140000 | PA      | $29579595.60  | 0.50%             | 2054-03-01      | Fixed         | 5.75%                 | 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: 79766DWD7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  52245000 | PA      | $52572595.48  | 0.89%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                       | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4868654.90   | 0.08%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                           | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GGQ0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   9150000 | PA      | $9882086.56   | 0.17%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                | DELAWARE ST HSG AUTH REVENUE                                 | CUSIP: 246395S24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8805000 | PA      | $9770392.70   | 0.17%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                         | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GBD0<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |  14600000 | PA      | $16189332.79  | 0.27%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XQR6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   7080000 | PA      | $7801450.58   | 0.13%             | 2041-10-15      | Fixed         | 5.00%                 | 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        |  50000000 | PA      | $50060959.00  | 0.85%             | 2043-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                    | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CFN8<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7519434.02   | 0.13%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mayfield Metropolitan District                                                  | MAYFIELD MET DIST CO                                         | CUSIP: 578287AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1178000 | PA      | $1185489.94   | 0.02%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                  | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LHG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13860000 | PA      | $14997377.10  | 0.25%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XMZ2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079702.45   | 0.02%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                              | VIRGINIA ST PUB BLDG AUTH PUBLIC FACS REVENUE                | CUSIP: 928173AS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4220000 | PA      | $4247684.72   | 0.07%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WD35<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  17450000 | PA      | $17679441.33  | 0.30%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HDJ3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $3154061.34   | 0.05%             | 2041-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Bloomington MN Sales Tax Revenue                                        | BLOOMINGTON MN SALES TAX REVENUE                             | CUSIP: 094814BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3890000 | PA      | $4217759.92   | 0.07%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                       | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112WV4<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   6365000 | PA      | $6419577.84   | 0.11%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XPU0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2772719.37   | 0.05%             | 2042-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                              | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389A32<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |  47930000 | PA      | $48759409.96  | 0.82%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                 | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528VBY4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   5365000 | PA      | $5636007.56   | 0.10%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                       | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HVU7<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |  39035000 | PA      | $39663597.78  | 0.67%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTD0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   9280000 | PA      | $10012763.28  | 0.17%             | 2045-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                    | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579Z75<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8186175.75   | 0.14%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                    | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CGN7<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   5615000 | PA      | $6082797.72   | 0.10%             | 2042-05-01      | 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: 414009HH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40054.08     | 0.00%             | 2033-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                             | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227UQ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  13515000 | PA      | $14606873.07  | 0.25%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                        | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35200000 | PA      | $35504465.92  | 0.60%             | 2049-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tucson Industrial Development Authority/Pima County Industrial Development Auth | TUCSON & PIMA CNTYS AZ INDL DEV AUTHORITIES SF MTGE REVENUE  | CUSIP: 898700GN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5705000 | PA      | $6214800.40   | 0.11%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Athens Independent School District                                              | ATHENS TX INDEP SCH DIST                                     | CUSIP: 047375SS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2989384.29   | 0.05%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GL28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  11900000 | PA      | $12787680.86  | 0.22%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue      | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 100000000 | PA      | $98861443.00  | 1.67%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TXG3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  11870000 | PA      | $12252511.22  | 0.21%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                               | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22375000 | PA      | $22460889.79  | 0.38%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                             | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $704682.67    | 0.01%             | 2027-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                   | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WJ98<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21219433.60  | 0.36%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                          | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905453G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5875000 | PA      | $6409397.64   | 0.11%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                     | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YYL5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   8970000 | PA      | $9008373.21   | 0.15%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                       | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5358209.25   | 0.09%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EFA3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  11730000 | PA      | $10840346.71  | 0.18%             | 2049-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| South Dakota Conservancy District                                               | SOUTH DAKOTA ST CONSERVANCY DIST                             | CUSIP: 837545QU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5735000 | PA      | $6047346.85   | 0.10%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447THF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000395.20  | 0.17%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                          | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE                   | CUSIP: 71883RQQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16638648.64  | 0.28%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   8885000 | PA      | $9712585.06   | 0.16%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue         | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XDN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2702697.95   | 0.05%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EMG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  13855000 | PA      | $14125369.80  | 0.24%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                  | TEXAS ST                                                     | CUSIP: 8827244X2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5475000 | PA      | $6049124.82   | 0.10%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCG1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9578133.54   | 0.16%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                      | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204ED70<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  31250000 | PA      | $31418664.38  | 0.53%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                   | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140ES8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5218969.75   | 0.09%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 4521525J6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  27500000 | PA      | $29861290.25  | 0.50%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5381052.40   | 0.09%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GH72<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15991731.30  | 0.27%             | 2047-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                         | MASSACHUSETTS ST WTR RESOURCES AUTH                          | CUSIP: 576051TD8<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4604012.37   | 0.08%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                  | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BTA9<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   8725000 | PA      | $8757955.72   | 0.15%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                       | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4308396.32   | 0.07%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Point Business & Industrial Development Authority                          | EAST PT GA BUSINESS & INDL DEV AUTHORITY REVENUE             | CUSIP: 274502AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5030000 | PA      | $3395250.00   | 0.06%             | 2062-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lindbergh School District                                                       | LINDBERGH MO SCH DIST                                        | CUSIP: 535205NP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $10731104.24  | 0.18%             | 2042-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                          | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MQD6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   8175000 | PA      | $8750755.19   | 0.15%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JBU1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3398181.39   | 0.06%             | 2040-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                      | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221VY8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $6067540.88   | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GUE2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3513916.33   | 0.06%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                          | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045W25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030079.65   | 0.02%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Kansas City School District No 74                                         | NORTH KANSAS CITY MO SCH DIST #74                            | CUSIP: 660266LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9950000 | PA      | $10916321.02  | 0.18%             | 2040-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                               | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443JM9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  55345000 | PA      | $59842241.72  | 1.01%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio University                                                                 | OHIO UNIV GEN RECPTS ATHENS                                  | CUSIP: 677704D47<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |  16500000 | PA      | $16840891.65  | 0.28%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WG81<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10253054.00  | 0.17%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                             | WASHINGTON ST                                                | CUSIP: 93974EAT3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5254708.10   | 0.09%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                       | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4266267.08   | 0.07%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                       | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGQ0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  22060000 | PA      | $22231150.52  | 0.38%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                        | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GTP7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   8720000 | PA      | $9258660.56   | 0.16%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                         | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GYJ8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   9950000 | PA      | $10698879.59  | 0.18%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sterling Hill Community Development District                                    | STERLING HILL FL CDD CAPITAL IMPT REVENUE                    | CUSIP: 85933TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    147296 | PA      | $66239.24     | 0.00%             | 2010-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445YG8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  15910000 | PA      | $16358967.79  | 0.28%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XFM9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5710000 | PA      | $6275855.52   | 0.11%             | 2039-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                             | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052477EK8<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1178042.01   | 0.02%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                       | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3731785.00   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tyler TX Water & Sewer System Revenue                                   | TYLER TX WTR & SWR SYS REVENUE                               | CUSIP: 902354SC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1551165.64   | 0.03%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                 | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UZH7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041039.12   | 0.03%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                   | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036CH7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10228612.50  | 0.17%             | 2047-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                  | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LHF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $18536868.85  | 0.31%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                         | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24700000 | PA      | $26732886.32  | 0.45%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                   | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036CF1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $3025019.49   | 0.05%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5306380.85   | 0.09%             | 2055-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                         | DORCHESTER CNTY SC ASSMNT REVENUE                            | CUSIP: 258149AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1265721.10   | 0.02%             | 2040-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                               | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615NP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8863211.04   | 0.15%             | 2039-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                              | IRVING TX INDEP SCH DIST                                     | CUSIP: 463813L94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5609090.60   | 0.09%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                           | NEW CANEY TX INDEP SCH DIST                                  | CUSIP: 643154JZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133188.02   | 0.04%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri              | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AYM8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033524.40   | 0.02%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XFR8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  40000000 | PA      | $42422418.40  | 0.72%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  13204636 | PA      | $14600866.74  | 0.25%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                              | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353893X4<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7515554.69   | 0.13%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAF9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  11725000 | PA      | $11852212.62  | 0.20%             | 2032-07-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582RVX1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  21915000 | PA      | $22862853.12  | 0.39%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                  | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BT92<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   8420000 | PA      | $9008690.78   | 0.15%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JWC8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10893731.70  | 0.18%             | 2041-05-01      | 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: 87638TFK4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  25900000 | PA      | $26109969.23  | 0.44%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452Z1<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $14064184.55  | 0.24%             | 2044-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                   | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3804934.20   | 0.06%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QHN9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2033599.97   | 0.03%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                              | MIAMI-DADE CNTY FL INDL DEV AUTH                             | CUSIP: 59333EEK5<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   8150000 | PA      | $7215429.31   | 0.12%             | 2043-11-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                              | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353893W6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5373210.90   | 0.09%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                       | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QSD2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  12790000 | PA      | $13652139.37  | 0.23%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AMT9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  36535000 | PA      | $37626208.38  | 0.64%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896RR8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |  36515000 | PA      | $36560164.67  | 0.62%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                           | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE               | CUSIP: 26444CKJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2115778.50   | 0.04%             | 2042-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                            | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KQU3<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   8600000 | PA      | $9537206.59   | 0.16%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224MX4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4204693.42   | 0.07%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BU4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   8985000 | PA      | $9751084.46   | 0.16%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QPK6<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   3715000 | PA      | $4048549.01   | 0.07%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XEH5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7550000 | PA      | $7695944.29   | 0.13%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                    | PENNSYLVANIA ST                                              | CUSIP: 70914PZ47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10705373.40  | 0.18%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593X56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19445000 | PA      | $20250611.79  | 0.34%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UJG4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   6295000 | PA      | $5295631.80   | 0.09%             | 2056-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 1675935C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3970000 | PA      | $4225966.15   | 0.07%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                        | OKLAHOMA CITY OK                                             | CUSIP: 678519Y29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5831899.71   | 0.10%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DLF4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  17735000 | PA      | $17915636.65  | 0.30%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7669702.88   | 0.13%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHU0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2587128.00   | 0.04%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  87500000 | PA      | $93908143.88  | 1.59%             | 2053-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XNA6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2145952.00   | 0.04%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                          | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |  84000000 | PA      | $86933405.16  | 1.47%             | 2054-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582RY34<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  50000000 | PA      | $53173618.25  | 0.90%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                            | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KGW0<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   4965000 | PA      | $5423383.30   | 0.09%             | 2054-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                        | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23500000 | PA      | $23720680.04  | 0.40%             | 2040-10-01      | 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: 87638TFM0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   9150000 | PA      | $9195527.29   | 0.16%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GP73<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   7675000 | PA      | $8922563.42   | 0.15%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                           | SANTA FE CNTY NM CORRNL SYS REVENUE                          | CUSIP: 80189AAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66782.72     | 0.00%             | 2027-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Vermont Housing Finance Agency                                                  | VERMONT ST HSG FIN AGY                                       | CUSIP: 924190XM8<br>LEI: 549300RD7EYN90K0W008 | Long             | DBT              | MUN               | US        |   4236000 | PA      | $4598281.23   | 0.08%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                              | CONROE TX INDEP SCH DIST                                     | CUSIP: 2084183U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5372381.95   | 0.09%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                            | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9595000 | PA      | $10102709.54  | 0.17%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                           | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10193453.20  | 0.17%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                    | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579L88<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   6940000 | PA      | $7226704.38   | 0.12%             | 2041-07-01      | 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: 64971X4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19690000 | PA      | $21305464.28  | 0.36%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SDL4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9345000 | PA      | $10269555.52  | 0.17%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                         | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $22353357.00  | 0.38%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                             | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227VJ7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10025000 | PA      | $10996231.52  | 0.19%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                          | PHOENIX AZ CIVIC IMPT CORP EXCISE TAX REVENUE                | CUSIP: 71884AW39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20225000 | PA      | $21968613.03  | 0.37%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                     | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  40470000 | PA      | $41571855.85  | 0.70%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens Independent School District                                              | ATHENS TX INDEP SCH DIST                                     | CUSIP: 047375ST8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2870000 | PA      | $3110327.69   | 0.05%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                         | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24125000 | PA      | $25817083.35  | 0.44%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QSV9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $10539155.32  | 0.18%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582RUM6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20773303.20  | 0.35%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WP32<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12215234.04  | 0.21%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YJU4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |  19105000 | PA      | $19411634.49  | 0.33%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                       | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TGG5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14225305.08  | 0.24%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                         | MONTGOMERY CNTY MD REVENUE                                   | CUSIP: 61336PEV9<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |  13955000 | PA      | $14024278.90  | 0.24%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  43000000 | PA      | $46403207.48  | 0.78%             | 2053-12-01      | Floating      | 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        |  26000000 | PA      | $28915506.36  | 0.49%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AGP4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3302532.75   | 0.06%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224WQ8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10122560.10  | 0.17%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                       | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M3B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7630000 | PA      | $8014971.19   | 0.14%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896VG7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8086924.40   | 0.14%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                            | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17845501.97  | 0.30%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                    | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE            | CUSIP: 83712D8U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11481877.10  | 0.19%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                         | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9425000 | PA      | $9597965.24   | 0.16%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| iShares High Yield Muni Active ETF                                              | iShares High Yield Muni Active ETF                           | CUSIP: 092528843<br>LEI: 529900RSTN1ODZCS1O82 | Long             | EC               | RF                | US        |   1050000 | NS      | $51649500.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Terrell Independent School District/TX                                          | TERRELL TX INDEP SCH DIST                                    | CUSIP: 881405NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2205298.92   | 0.04%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                       | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QPP8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  13190000 | PA      | $13207924.55  | 0.22%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                            | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3898850.53   | 0.07%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LS3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   7360000 | PA      | $7591154.49   | 0.13%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DVF3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10769435.90  | 0.18%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFU0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3679098.86   | 0.06%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | OHIO ST SPL OBLG                                             | CUSIP: 67759HNZ3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1185465.30   | 0.02%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452153EN5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  28000000 | PA      | $30034439.12  | 0.51%             | 2042-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  99000000 | PA      | $101488799.61 | 1.72%             | 2051-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                    | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845QA1<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   3745000 | PA      | $3774937.83   | 0.06%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                        | NEW YORK ST PWR AUTH REVENUE                                 | CUSIP: 64989KLD6<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1422076.60   | 0.02%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                       | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265L3J5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $12238277.92  | 0.21%             | 2041-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                      | AUSTIN TX ELEC UTILITY SYS REVENUE                           | CUSIP: 052414VN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15560000 | PA      | $16656546.03  | 0.28%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10001126.90  | 0.17%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                   | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036FY7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  12225000 | PA      | $12694535.60  | 0.21%             | 2046-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  11170000 | PA      | $11913192.93  | 0.20%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                         | JACKSONVILLE FL SPL REVENUE                                  | CUSIP: 469487WX6<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |  12385000 | PA      | $13414114.73  | 0.23%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                        | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10010000 | PA      | $10543651.52  | 0.18%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 452153PA1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18110000 | PA      | $19174302.42  | 0.32%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                            | DIST OF COLUMBIA                                             | CUSIP: 25476FA24<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   6600000 | PA      | $7031576.64   | 0.12%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  74430000 | PA      | $74782376.93  | 1.26%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                          | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045V83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1256405.37   | 0.02%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30355000 | PA      | $30838491.10  | 0.52%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                           | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GGP2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |  25625000 | PA      | $27844814.06  | 0.47%             | 2041-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                          | UNIV OF TEXAS TX PERMANENT UNIV FND                          | CUSIP: 915130AE8<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |  17155000 | PA      | $18409794.41  | 0.31%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PDD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6385000 | PA      | $3192500.00   | 0.05%             | 2046-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Cedar Hill Independent School District                                          | CEDAR HILL TX INDEP SCH DIST                                 | CUSIP: 1504293Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128041.84   | 0.04%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                               | NEVADA DEPT OF BUSINESS & INDUSTRY NV                        | CUSIP: 641454AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $875908.30    | 0.01%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  20710000 | PA      | $20835184.08  | 0.35%             | 2050-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LW4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |  11960000 | PA      | $12019589.26  | 0.20%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                              | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178932S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $3022734.46   | 0.05%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AMR3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2354866.61   | 0.04%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GSQ8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  38000000 | PA      | $39911944.54  | 0.67%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens Independent School District                                              | ATHENS TX INDEP SCH DIST                                     | CUSIP: 047375SU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $3250371.07   | 0.05%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No 5 Cherry Creek                               | CHERRY CREEK CO SCH DIST #5                                  | CUSIP: 164555EA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2703863.89   | 0.05%             | 2041-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                              | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353893V8<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6494698.80   | 0.11%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593F64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22825000 | PA      | $22851763.68  | 0.39%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                              | IRVING TX INDEP SCH DIST                                     | CUSIP: 463813M36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4215460.20   | 0.07%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                               | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11860000 | PA      | $12242252.31  | 0.21%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TM8<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3508393.23   | 0.06%             | 2045-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647MZ1<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122508.54   | 0.04%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                        | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23000000 | PA      | $23984299.72  | 0.41%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445ER6<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8093138.40   | 0.14%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PEU5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $145775.00    | 0.00%             | 2031-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFW6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   8150000 | PA      | $8740783.56   | 0.15%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | CUSIP: 83704MCH7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |  10135000 | PA      | $9526259.77   | 0.16%             | 2062-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                            | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23950000 | PA      | $25070204.01  | 0.42%             | 2044-10-01      | 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: 837032BW0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |  27170000 | PA      | $29021277.67  | 0.49%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                            | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FYG3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3224919.14   | 0.05%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896VH5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6516206.39   | 0.11%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GHU9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2099850.67   | 0.04%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                         | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |  85500000 | PA      | $93922362.18  | 1.59%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                             | HARRIS CNTY TX                                               | CUSIP: 4140054V7<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   6325000 | PA      | $6908750.44   | 0.12%             | 2040-09-15      | 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: 87638TJM6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $5128360.15   | 0.09%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593WR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24840000 | PA      | $24875573.61  | 0.42%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                           | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PQ6<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   7205000 | PA      | $7438248.91   | 0.13%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  25180000 | PA      | $23677087.89  | 0.40%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                             | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QUM3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  10970000 | PA      | $11942238.30  | 0.20%             | 2053-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                         | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000WE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10760000 | PA      | $11003270.69  | 0.19%             | 2048-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445RF8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13199132.96  | 0.22%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7150873.94   | 0.12%             | 2051-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                         | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000F81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1914808.05   | 0.03%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                         | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GWB7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  23720000 | PA      | $25041330.66  | 0.42%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582R3J3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2162032.02   | 0.04%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                    | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE            | CUSIP: 83712D4A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9225000 | PA      | $10177690.01  | 0.17%             | 2054-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15550000 | PA      | $16669306.42  | 0.28%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                            | MICHIGAN ST TRUNK LINE                                       | CUSIP: 5946954L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7478996.84   | 0.13%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHW6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3777515.56   | 0.06%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                       | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJN4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4364648.44   | 0.07%             | 2039-11-15      | 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        |  11610000 | PA      | $12488224.98  | 0.21%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GP65<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  13725000 | PA      | $16196068.63  | 0.27%             | 2038-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| University of Virginia                                                          | UNIV OF VIRGINIA VA UNIV REVENUES                            | CUSIP: 915217WQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9630000 | PA      | $9818227.02   | 0.17%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                        | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2297881.19   | 0.04%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                          | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14700000 | PA      | $16153034.73  | 0.27%             | 2048-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE       | CUSIP: 83703EMR3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |  11070000 | PA      | $11172129.27  | 0.19%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                               | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22660000 | PA      | $22089513.43  | 0.37%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  39000000 | PA      | $39407709.90  | 0.67%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TQU0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  10150000 | PA      | $10274955.33  | 0.17%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                              | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893Q46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1075412.71   | 0.02%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Industrial Development Authority                          | PRINCE WILLIAM CNTY VA INDL DEV AUTH CNTY FACS REVENUE       | CUSIP: 741752CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2664257.39   | 0.05%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                          | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17200000 | PA      | $18463216.85  | 0.31%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                         | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GYH2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  11460000 | PA      | $12438699.01  | 0.21%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                         | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7969349.70   | 0.13%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                    | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845UB4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2208953.04   | 0.04%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                   | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140GC1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  27480000 | PA      | $29165087.34  | 0.49%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                              | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281723W3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4641503.94   | 0.08%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XPT3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3735000 | PA      | $4093205.47   | 0.07%             | 2041-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 5920983J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4262065.16   | 0.07%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                          | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905453F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $9370952.33   | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                          | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905453E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11142989.30  | 0.19%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                            | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TEX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4894521.65   | 0.08%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                             | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UGG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $577981.56    | 0.01%             | 2052-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                             | WASHINGTON ST                                                | CUSIP: 93974ELV6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2145557.10   | 0.04%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                              | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514ALH6<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |  11035000 | PA      | $11594757.33  | 0.20%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ballston Quarter Community Development Authority                                | BALLSTON QUARTER CMNTY DEV AUTH VA REVENUE                   | CUSIP: 058696AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    693000 | PA      | $692471.50    | 0.01%             | 2046-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Dakota Conservancy District                                               | SOUTH DAKOTA ST CONSERVANCY DIST                             | CUSIP: 837545QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5485000 | PA      | $5820115.95   | 0.10%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | OHIO ST SPL OBLG                                             | CUSIP: 67759HMM3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1221623.54   | 0.02%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                        | UNIV OF CINCINNATI OH RECPTS                                 | CUSIP: 914119F64<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2626538.95   | 0.04%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                       | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M3A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7386663.06   | 0.12%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Garland Independent School District                                             | GARLAND TX INDEP SCH DIST                                    | CUSIP: 366155Z85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2282507.69   | 0.04%             | 2039-02-15      | 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: 87638TGP2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  40510000 | PA      | $41253231.30  | 0.70%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                               | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615NQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4407739.24   | 0.07%             | 2039-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                              | CONROE TX INDEP SCH DIST                                     | CUSIP: 2084183V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2999417.74   | 0.05%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TV75<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  10010000 | PA      | $10076708.64  | 0.17%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224P52<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  18190000 | PA      | $18488249.24  | 0.31%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                             | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5340000 | PA      | $5868065.66   | 0.10%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                   | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                 | CUSIP: 64985TEL1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  14075000 | PA      | $14805266.31  | 0.25%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                   | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854Q54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4758165.00   | 0.08%             | 2043-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                | PORT HOUSTON TX AUTH                                         | CUSIP: 734262GR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1444917.16   | 0.02%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XQS4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5060000 | PA      | $5524436.20   | 0.09%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444453A5<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10625928.50  | 0.18%             | 2045-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | OHIO ST                                                      | CUSIP: 677522S88<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10232421.10  | 0.17%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447THA4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  25630000 | PA      | $25945687.79  | 0.44%             | 2041-12-01      | Fixed         | 5.25%                 | 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: 79766DLZ0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14969879.32  | 0.25%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  32065000 | PA      | $34703502.83  | 0.59%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri              | MISSOURI ST HLTH & EDUCTNL FACS AUTH EDUCTNL FACS REVENUE    | CUSIP: 60636ASS3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  16260000 | PA      | $16578836.00  | 0.28%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                    | PENNSYLVANIA ST                                              | CUSIP: 70914P4D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $4412359.88   | 0.07%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 5920983M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3653566.44   | 0.06%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHV8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2443778.90   | 0.04%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PA62<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6580000 | PA      | $6624648.66   | 0.11%             | 2033-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416T5P9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3699046.93   | 0.06%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                         | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268FK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3915000 | PA      | $4382920.64   | 0.07%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                   | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WUY0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |  10845000 | PA      | $11001012.70  | 0.19%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp                                               | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE             | CUSIP: 38611TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6182941.88   | 0.10%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                           | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802REM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9145000 | PA      | $9390541.60   | 0.16%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224DQ9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2797173.11   | 0.05%             | 2040-12-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                             | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1902200.62   | 0.03%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                         | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24130000 | PA      | $25379784.88  | 0.43%             | 2044-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue         | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971W4X5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2585411.84   | 0.04%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clear Creek Independent School District                                         | CLEAR CREEK TX INDEP SCH DIST                                | CUSIP: 184541JL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4530000 | PA      | $4961362.32   | 0.08%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue               | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE      | CUSIP: 64972LAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12650000 | PA      | $13749952.16  | 0.23%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                   | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WXM3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10064147.90  | 0.17%             | 2043-01-01      | Fixed         | 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        |  17685000 | PA      | $17702870.87  | 0.30%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                | PORT HOUSTON TX AUTH                                         | CUSIP: 734262GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4580000 | PA      | $4937092.34   | 0.08%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                  | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782FT1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |  41415000 | PA      | $42046702.58  | 0.71%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                            | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KET9<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |  11195000 | PA      | $12023851.27  | 0.20%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224VC0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  40000000 | PA      | $40930862.40  | 0.69%             | 2046-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                       | DENVER CITY & CNTY CO SCH DIST #1                            | CUSIP: 249174ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $3077025.95   | 0.05%             | 2047-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                            | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2303909.08   | 0.04%             | 2045-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JMD7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5282464.20   | 0.09%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Clackamas Counties School District No 23J Tigard-Tualatin          | WASHINGTON & CLACKAMAS CNTYS OR SCH DIST #23 J TIGARD        | CUSIP: 938395TH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8726976.32   | 0.15%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | CALIFORNIA ST STWD CMNTYS DEV AUTH STWD REVENUE              | CUSIP: 13078YRK3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2306508.47   | 0.04%             | 2030-09-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                       | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        | 392906470 | NS      | $392945760.42 | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| East Central Vermont Telecommunications District                                | EAST CENTRL VT TELECOMMUNICATIONS DIST PROJ REVENUE          | CUSIP: 271524AW0<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |   4030000 | PA      | $3357193.96   | 0.06%             | 2040-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                              | VIRGINIA ST PUB BLDG AUTH PUBLIC FACS REVENUE                | CUSIP: 928173AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3129026.83   | 0.05%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21002407.80  | 0.36%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                      | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE                       | CUSIP: 594479HQ3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5980000 | PA      | $2414425.00   | 0.04%             | 2057-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                   | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151F5A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19000000 | PA      | $20902681.66  | 0.35%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                              | AUSTIN TX INDEP SCH DIST                                     | CUSIP: 052430XT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2708922.78   | 0.05%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990F6K5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9450000 | PA      | $10294007.57  | 0.17%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                             | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424BH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6270000 | PA      | $7002211.16   | 0.12%             | 2040-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FJH8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5683359.50   | 0.10%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582R5P7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2234972.04   | 0.04%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PEW1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $145775.00    | 0.00%             | 2047-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                          | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905453J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $5257160.71   | 0.09%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                           | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252QB8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  21220000 | PA      | $22804862.17  | 0.39%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                 | NEVADA ST                                                    | CUSIP: 641462SM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2084865.14   | 0.04%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                        | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412G2J3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15410000 | PA      | $15910545.15  | 0.27%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YDP1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   3010000 | PA      | $3169576.93   | 0.05%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                           | TENNESSEE ST SCH BOND AUTH                                   | CUSIP: 880558JT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4640000 | PA      | $4715563.56   | 0.08%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LV6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |  28950000 | PA      | $29229063.81  | 0.49%             | 2043-12-01      | 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: 87638TJP9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   4475000 | PA      | $4834157.06   | 0.08%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue       | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE      | CUSIP: 97689QSQ0<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   6440000 | PA      | $7088601.32   | 0.12%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AWT8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13687717.94  | 0.23%             | 2046-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                          | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7815000 | PA      | $8363138.71   | 0.14%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582R6G6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   4020000 | PA      | $4367004.11   | 0.07%             | 2041-03-01      | 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: 64971W7B0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3039645.78   | 0.05%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clear Creek Independent School District                                         | CLEAR CREEK TX INDEP SCH DIST                                | CUSIP: 184541JM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8686314.72   | 0.15%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                           | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TYT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4930000 | PA      | $4490678.88   | 0.08%             | 2054-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Deschutes County Administrative School District No 1 Bend-La Pine               | DESCHUTES CNTY OR ADMIN SCH DIST #1                          | CUSIP: 250325WJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16010000 | PA      | $17680656.47  | 0.30%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                              | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281728E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24000000 | PA      | $24263964.96  | 0.41%             | 2038-08-01      | Fixed         | 4.00%                 | 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        |  65000000 | PA      | $70142300.80  | 1.19%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Clackamas Counties School District No 23J Tigard-Tualatin          | WASHINGTON & CLACKAMAS CNTYS OR SCH DIST #23 J TIGARD        | CUSIP: 938395TJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6493430.76   | 0.11%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Red Oak Independent School District                                             | RED OAK TX INDEP SCH DIST                                    | CUSIP: 756843L71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4305000 | PA      | $4674365.13   | 0.08%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                            | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  50000000 | PA      | $50764908.00  | 0.86%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JNL8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16240545.30  | 0.27%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AMU6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6275000 | PA      | $6441463.76   | 0.11%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                         | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418066V7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6415000 | PA      | $4405990.84   | 0.07%             | 2062-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QSW7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   6675000 | PA      | $7319890.77   | 0.12%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 5920983L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2561047.20   | 0.04%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                          | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789083V4<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   7820000 | PA      | $7736855.26   | 0.13%             | 2051-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 5920983K1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3225000 | PA      | $3496373.20   | 0.06%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                        | MONTANA ST BRD OF HSG SF MTGE                                | CUSIP: 61212WUB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8765000 | PA      | $9340958.76   | 0.16%             | 2053-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFX4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7850000 | PA      | $8358035.83   | 0.14%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ann Arbor School District                                                       | ANN ARBOR MI SCH DIST                                        | CUSIP: 035519ZG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5760000 | PA      | $6362613.73   | 0.11%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                          | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |  48600000 | PA      | $52846459.99  | 0.89%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   9040000 | PA      | $9654399.53   | 0.16%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                   | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140GA5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  13700000 | PA      | $14723712.09  | 0.25%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allen Independent School District                                               | ALLEN TX INDEP SCH DIST                                      | CUSIP: 018106XY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1175961.53   | 0.02%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                             | HARRIS CNTY TX                                               | CUSIP: 4140054U9<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   6150000 | PA      | $6787765.95   | 0.11%             | 2039-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                | DELAWARE ST HSG AUTH REVENUE                                 | CUSIP: 246395C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7285000 | PA      | $7991998.25   | 0.14%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                  | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BU25<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |  10320000 | PA      | $11222160.67  | 0.19%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                             | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 4387014A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4780000 | PA      | $5177528.94   | 0.09%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                          | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10122113.80  | 0.17%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington OR                                                         | WASHINGTON CNTY OR                                           | CUSIP: 938234UU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8905000 | PA      | $9845820.28   | 0.17%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp                                        | NEW YORK ENERGY FIN DEV CORP                                 | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |  20100000 | PA      | $21415549.22  | 0.36%             | 2056-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                           | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3772076.04   | 0.06%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 4521525M9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $15002370.60  | 0.25%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                             | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424BK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5448031.25   | 0.09%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                         | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $11084710.56  | 0.19%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N5P5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10068501.30  | 0.17%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp                                        | MED CENTER MS EDUCTNL BLDG CORP                              | CUSIP: 584556FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8975000 | PA      | $9005564.63   | 0.15%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                         | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  32905000 | PA      | $33451563.24  | 0.57%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  20418131 | PA      | $20098538.45  | 0.34%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                        | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1234349.18   | 0.02%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No 403 Bethel                                     | PIERCE CNTY WA SCH DIST #403 BETHEL                          | CUSIP: 720611YJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5399167.67   | 0.09%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                             | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QW25<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  18130000 | PA      | $20761375.69  | 0.35%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                            | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HGG6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   5335000 | PA      | $5891968.83   | 0.10%             | 2040-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                    | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613AJP8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   9335000 | PA      | $10090936.16  | 0.17%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pinal County Industrial Development Authority                                   | PINAL CNTY AZ INDL DEV AUTH WSTWTR REVENUE                   | CUSIP: 722051AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75933.37     | 0.00%             | 2026-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YGS4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   6365000 | PA      | $6948802.96   | 0.12%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                            | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 1966327W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $11510113.86  | 0.19%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                              | MINNESOTA ST                                                 | CUSIP: 60412AZ30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9963138.60   | 0.17%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                         | DORCHESTER CNTY SC ASSMNT REVENUE                            | CUSIP: 258149AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026922.69   | 0.05%             | 2051-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                             | CUSIP: 57582TCJ9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5481977.10   | 0.09%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tyler TX Water & Sewer System Revenue                                   | TYLER TX WTR & SWR SYS REVENUE                               | CUSIP: 902354SB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1487864.82   | 0.03%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                               | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  60790000 | PA      | $60862699.37  | 1.03%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                  | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782GP8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10120708.50  | 0.17%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15579235.80  | 0.26%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                           | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252NP0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  16840000 | PA      | $17149006.09  | 0.29%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                             | WASHINGTON ST                                                | CUSIP: 93974EQB5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3936384.55   | 0.07%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                      | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793W88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5346374.90   | 0.09%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                          | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 5905453H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4328537.28   | 0.07%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                       | MICHIGAN ST UNIV REVENUES                                    | CUSIP: 594712ZD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3332196.47   | 0.06%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                               | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LU8<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |  17750000 | PA      | $18236044.88  | 0.31%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                         | VIRGINIA ST PORT AUTH PORT FAC REVENUE                       | CUSIP: 928077KV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3140510.31   | 0.05%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                         | JACKSONVILLE FL SPL REVENUE                                  | CUSIP: 469487WW8<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   9975000 | PA      | $10917549.72  | 0.18%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                         | MONTGOMERY CNTY MD REVENUE                                   | CUSIP: 61336PEU1<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |  17065000 | PA      | $17076454.54  | 0.29%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Central Independent School District                                        | EAST CENTRL TX INDEP SCH DIST                                | CUSIP: 271515E95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2912962.87   | 0.05%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750G71<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $15121695.33  | 0.26%             | 2056-01-01      | Fixed         | 6.00%                 | 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        |  71785000 | PA      | $65458913.85  | 1.11%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                         | TRINITY RIVER TX AUTH REVENUE                                | CUSIP: 89657PRK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1619868.05   | 0.03%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                   | TEXAS WTR DEV BRD REVENUE                                    | CUSIP: 88285AKA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9200000 | PA      | $9860354.38   | 0.17%             | 2044-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bloomington MN Sales Tax Revenue                                        | BLOOMINGTON MN SALES TAX REVENUE                             | CUSIP: 094814BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4085000 | PA      | $4391250.33   | 0.07%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                          | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE                   | CUSIP: 71883RRJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5204554.00   | 0.09%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mohegan Tribal Finance Authority                                                | MOHEGAN TRIBAL CT FIN AUTH                                   | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1149943.24   | 0.02%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                  | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BZS3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5292457.60   | 0.09%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                   | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140GB3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  50000000 | PA      | $53337879.00  | 0.90%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                         | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268FL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3877928.53   | 0.07%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                        | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14215000 | PA      | $15621354.77  | 0.26%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                   | CENTRL PLAINS ENERGY PROJ NE GAS SPLY REVENUE                | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |  29780000 | PA      | $32204564.31  | 0.54%             | 2055-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                           | NEW MEXICO ST MTGE FIN AUTH                                  | CUSIP: 647201YR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5920000 | PA      | $6367919.04   | 0.11%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031WK5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3005000 | PA      | $3027510.21   | 0.05%             | 2037-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | ILLINOIS ST                                                  | CUSIP: 4521522L4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  19250000 | PA      | $20531309.07  | 0.35%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  52000000 | PA      | $57515252.60  | 0.97%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                    | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JBW7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11270787.80  | 0.19%             | 2041-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                   | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854J60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4505029.41   | 0.08%             | 2043-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deschutes County Administrative School District No 1 Bend-La Pine               | DESCHUTES CNTY OR ADMIN SCH DIST #1                          | CUSIP: 250325WK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15040000 | PA      | $16468523.41  | 0.28%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UJE9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  18065000 | PA      | $13424763.94  | 0.23%             | 2056-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                        | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GTN2<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |  13435000 | PA      | $14355805.75  | 0.24%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County School District No 1 Pasco                                      | FRANKLIN CNTY WA SCH DIST #1 PASCO                           | CUSIP: 353442E85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13250000 | PA      | $14759396.28  | 0.25%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  28000000 | PA      | $30273237.68  | 0.51%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YAV1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |  50585007 | PA      | $52225098.82  | 0.88%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bloomington MN Sales Tax Revenue                                        | BLOOMINGTON MN SALES TAX REVENUE                             | CUSIP: 094814BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3485189.60   | 0.06%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                         | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GDG1<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |  11140000 | PA      | $12381987.79  | 0.21%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                   | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140FV0<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   3020000 | PA      | $3221525.17   | 0.05%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                       | OHIO ST TURNPIKE COMMISSION                                  | CUSIP: 67760HLZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13325000 | PA      | $13553810.90  | 0.23%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                            | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28135000 | PA      | $30109329.17  | 0.51%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   8168000 | PA      | $7910114.59   | 0.13%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                             | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052477QP4<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   4875000 | PA      | $5300158.06   | 0.09%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                          | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PMJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2175503.38   | 0.04%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                  | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BVB4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |  10395000 | PA      | $10486080.78  | 0.18%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                           | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GGN7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10947229.00  | 0.19%             | 2040-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                              | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AWR2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5155000 | PA      | $5482028.20   | 0.09%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416TQ68<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3920000 | PA      | $4177333.46   | 0.07%             | 2053-07-01      | Fixed         | 5.75%                 | 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