# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-25-010201
**Filing Date:** 2025-9
**Character Count:** 465741
**Document Hash:** 20a3e55286340e27c501e69776f4a618
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010201.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010201

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ETF Trust II
- **CENTRAL INDEX KEY:** 0001804196

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251338675

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

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

## Series and Classes Contracts Data

### iShares High Yield Muni Active ETF (Series ID: S000088410)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254671 | iShares High Yield Muni Active ETF |  |

## Nport-Ex

July 31, 2025

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares High Yield Muni Active ETF \| HIMU \| Cboe BZX Exchange |

---

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

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

------

Schedule of Investments (unaudited)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |  |
| TimberHp By Go Lab, Inc.<sup>(a)(b)</sup> | 622265 | &nbsp;&nbsp; $4175398 |
| **Industrial REITs**<sup>(b)</sup> **— 0.0%** | **Industrial REITs**<sup>(b)</sup> **— 0.0%** |  |
| &nbsp;&nbsp;&nbsp; ESC Sumter County Industrial Development <br> Authority<sup>(a)</sup><br>| 250000 | &nbsp;&nbsp; — |
| Sumter County Industrial Development Authority | 7390 | &nbsp;&nbsp; 64998 |
|  |  | &nbsp;&nbsp; 64998 |
| **Total Common Stocks — 0.2%** <br>**(Cost: $170,474)** | **Total Common Stocks — 0.2%** <br>**(Cost: $170,474)** | &nbsp;&nbsp; 4240396 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Brightline East LLC, 11.00%, 01/31/30<sup>(c)</sup> | $5494 | &nbsp;&nbsp; 3571097 |
| **Total Corporate Bonds — 0.2%** <br>**(Cost: $4,023,587)** | **Total Corporate Bonds — 0.2%** <br>**(Cost: $4,023,587)** | &nbsp;&nbsp; 3571097 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 3.4%** | **Alabama — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/55<sup>(c)(d)</sup><br>| 4435 | &nbsp;&nbsp; 4428209 |
| Black Belt Energy Gas District, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | 4770 | &nbsp;&nbsp; 5061525 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 4855 | &nbsp;&nbsp; 4941493 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 1825 | &nbsp;&nbsp; 1915674 |
| &nbsp;&nbsp;&nbsp; Chelsea Park Cooperative District, SAB, 5.00%, <br> 05/01/48<br>| 895 | &nbsp;&nbsp; 733171 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.50%, 10/01/53<br>| 2230 | &nbsp;&nbsp; 2263869 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B, <br> 5.25%, 07/01/54<sup>(d)</sup><br>| 2065 | &nbsp;&nbsp; 2204430 |
| &nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, RB, AMT, <br> Sustainability Bonds, 6.38%, 11/01/50<sup>(d)</sup><br>| 5620 | &nbsp;&nbsp; 6121616 |
| MidCity Improvement District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/01/42 | 745 | &nbsp;&nbsp; 614539 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/49 | 795 | &nbsp;&nbsp; 636950 |
| Mobile County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 06/01/54 | 14630 | &nbsp;&nbsp; 13242563 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.75%, 12/01/54 | 16250 | &nbsp;&nbsp; 14184157 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A, 5.00%, 01/01/56<sup>(d)</sup><br>| 4200 | &nbsp;&nbsp; 4262166 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority, <br> Refunding RB, Series A, 5.25%, 05/01/44<sup>(c)</sup><br>| 1110 | &nbsp;&nbsp; 1087753 |
|  |  | &nbsp;&nbsp; 61698115 |
| **Arizona — 2.1%** | **Arizona — 2.1%** |  |
| Arizona Industrial Development Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.10%, 01/01/55 | 4450 | &nbsp;&nbsp; 4471750 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/39 | 150 | &nbsp;&nbsp; 142834 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 1440 | &nbsp;&nbsp; 1254987 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 1110 | &nbsp;&nbsp; 939456 |
| &nbsp;&nbsp;&nbsp; Series B, 5.13%, 07/01/47 | 420 | &nbsp;&nbsp; 377961 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 07/01/51 | 570 | &nbsp;&nbsp; 513702 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/01/45 | 1135 | &nbsp;&nbsp; 1013786 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Arizona (continued)** | **Arizona (continued)** |  |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, <br> RB<sup>(c)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/01/55 | 1215 | &nbsp;&nbsp; $1021283 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Refunding <br> RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/52 | 2970 | &nbsp;&nbsp; 2625954 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 175 | &nbsp;&nbsp; 176880 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, RB, 5.00%, <br> 05/15/56<br>| 275 | &nbsp;&nbsp; 227737 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of <br> Pima, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/01/39 | 700 | &nbsp;&nbsp; 646300 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/49 | 870 | &nbsp;&nbsp; 731386 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of <br> Pima, Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/51 | 6995 | &nbsp;&nbsp; 5108888 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/56 | 1255 | &nbsp;&nbsp; 973485 |
| &nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, RB, <br> 5.88%, 06/15/48<sup>(c)</sup><br>| 1340 | &nbsp;&nbsp; 1226410 |
| Maricopa County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/29<sup>(c)</sup> | 4000 | &nbsp;&nbsp; 4127248 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/40<sup>(c)</sup> | 1255 | &nbsp;&nbsp; 1120247 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/51<sup>(c)</sup> | 1255 | &nbsp;&nbsp; 1059137 |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/51 | 2995 | &nbsp;&nbsp; 1926336 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/15/47<sup>(c)</sup> | 675 | &nbsp;&nbsp; 523568 |
| Sierra Vista Industrial Development Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34 | 150 | &nbsp;&nbsp; 155205 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/34 | 225 | &nbsp;&nbsp; 228800 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/44 | 1340 | &nbsp;&nbsp; 1218687 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/44 | 545 | &nbsp;&nbsp; 515478 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/54 | 1485 | &nbsp;&nbsp; 1259152 |
| &nbsp;&nbsp;&nbsp; 6.30%, 06/15/54 | 890 | &nbsp;&nbsp; 896508 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/64 | 3100 | &nbsp;&nbsp; 2865517 |
|  |  | &nbsp;&nbsp; 37348682 |
| **Arkansas — 0.9%** | **Arkansas — 0.9%** |  |
| Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 7.38%, 07/01/48<sup>(c)</sup> | 7700 | &nbsp;&nbsp; 8374971 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.70%, 05/01/53 | 2040 | &nbsp;&nbsp; 2043239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 6.88%, <br> 07/01/48<sup>(c)</sup><br>| 5100 | &nbsp;&nbsp; 5414412 |
|  |  | &nbsp;&nbsp; 15832622 |
| **California — 7.7%** | **California — 7.7%** |  |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, RB, M/F Housing, <br> Series P-S, 8.00%, 07/01/67<sup>(c)(d)</sup><br>| 5905 | &nbsp;&nbsp; 5751203 |
| &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>(c)(d)</sup><br>| 63630 | &nbsp;&nbsp; 56630700 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ARB, AMT, <br> Senior Lien, 4.00%, 12/31/47<br>| 2560 | &nbsp;&nbsp; 2068081 |
| California Municipal Finance Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/34 | 275 | &nbsp;&nbsp; 286462 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 05/01/44 | 350 | &nbsp;&nbsp; 341766 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 05/01/54 | 435 | &nbsp;&nbsp; 420943 |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 05/01/59 | 190 | &nbsp;&nbsp; 191090 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F <br> Housing, Series A-S, 8.00%, 09/01/55<sup>(c)(d)</sup><br>| 2390 | &nbsp;&nbsp; 2360367 |
| California Municipal Finance Authority, ST |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/44 | 325 | &nbsp;&nbsp; 318694 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| California Municipal Finance Authority, ST (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/49 | 675 | &nbsp;&nbsp; $637900 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, <br> 6.38%, 06/01/59<sup>(c)</sup><br>| 7445 | &nbsp;&nbsp; 6542525 |
| California School Finance Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 06/01/54 | 1780 | &nbsp;&nbsp; 1606805 |
| &nbsp;&nbsp;&nbsp; Series B, 9.00%, 06/01/34 | 180 | &nbsp;&nbsp; 183198 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, RB, M/F Housing, 03/01/68<sup>(e)</sup><br>| 2990 | &nbsp;&nbsp; 2946734 |
| &nbsp;&nbsp;&nbsp; California Statewide Financing Authority, RB, Series L, <br> 0.00%, 06/01/55<sup>(c)(f)</sup><br>| 65000 | &nbsp;&nbsp; 4457391 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 05/15/47 | 8000 | &nbsp;&nbsp; 8094136 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, Subordinate, 4.00%, 05/15/51 | 16285 | &nbsp;&nbsp; 13531751 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/56 | 5550 | &nbsp;&nbsp; 3620788 |
| &nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 03/01/57 | 2465 | &nbsp;&nbsp; 1715257 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 4.00%, 07/01/56 | 1660 | &nbsp;&nbsp; 1240514 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 4.00%, 07/01/58 | 1405 | &nbsp;&nbsp; 901340 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 4.00%, 07/01/58 | 1585 | &nbsp;&nbsp; 874837 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(f)</sup><br>| 138035 | &nbsp;&nbsp; 13222116 |
| &nbsp;&nbsp;&nbsp; Hastings Campus Housing Finance Authority, RB, <br> CAB, Sub-Series A, Sustainability Bonds, 6.75%, <br> 07/01/61<sup>(c)(g)</sup><br>| 4420 | &nbsp;&nbsp; 2041352 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> Series C-1, 0.00%, 06/01/36<sup>(f)</sup><br>| 13205 | &nbsp;&nbsp; 5945809 |
| &nbsp;&nbsp;&nbsp; Rancho Mirage Community Facilities District, ST, <br> Series A, 5.00%, 09/01/49<br>| 1030 | &nbsp;&nbsp; 987328 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> Series B, AMT, Subordinate, 4.00%, 07/01/56<br>| 1965 | &nbsp;&nbsp; 1614987 |
|  |  | &nbsp;&nbsp; 138534074 |
| **Colorado — 5.1%** | **Colorado — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; Banning Lewis Ranch Metropolitan District No. 8, GOL, <br> 4.88%, 12/01/51<sup>(c)</sup><br>| 2335 | &nbsp;&nbsp; 1955460 |
| &nbsp;&nbsp;&nbsp; Baseline Metropolitan District No. 1, GO, Series B, <br> 6.75%, 12/15/54<br>| 1780 | &nbsp;&nbsp; 1763866 |
| &nbsp;&nbsp;&nbsp; Canyons Metropolitan District No. 5, Refunding GOL, <br> Series B, 6.50%, 12/15/54<br>| 1625 | &nbsp;&nbsp; 1603759 |
| &nbsp;&nbsp;&nbsp; Cascade Ridge Metropolitan District, GOL, 5.00%, <br> 12/01/51<br>| 3000 | &nbsp;&nbsp; 2466922 |
| &nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, TA, 5.00%, <br> 12/01/47<sup>(c)</sup><br>| 820 | &nbsp;&nbsp; 719802 |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, <br> RB, Series B, Subordinate Lien, 8.50%, 02/01/59<sup>(c)</sup><br>| 11650 | &nbsp;&nbsp; 11666170 |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, <br> Refunding RB, 4.00%, 12/01/30<sup>(c)</sup><br>| 730 | &nbsp;&nbsp; 721740 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 780 | &nbsp;&nbsp; 793351 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 1630 | &nbsp;&nbsp; 1625568 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/35 | 1255 | &nbsp;&nbsp; 1062649 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/44 | 1415 | &nbsp;&nbsp; 1053373 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | 2175 | &nbsp;&nbsp; 1542892 |
| &nbsp;&nbsp;&nbsp; Constitution Heights Metropolitan District, Refunding <br> GOL, 5.00%, 12/01/49<br>| 1252 | &nbsp;&nbsp; 1118819 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado (continued)** | **Colorado (continued)** |  |
| &nbsp;&nbsp;&nbsp; Creekwalk Marketplace Business Improvement District, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 12/01/54 | $6560 | &nbsp;&nbsp; $5885534 |
| &nbsp;&nbsp;&nbsp; Series B, 8.00%, 12/15/54 | 1710 | &nbsp;&nbsp; 1713591 |
| &nbsp;&nbsp;&nbsp; Eagle Brook Meadows Metropolitan District No. 3, <br> GOL, Series 2021, 5.00%, 12/01/51<br>| 1600 | &nbsp;&nbsp; 1403225 |
| &nbsp;&nbsp;&nbsp; Elbert County Independence Water & Sanitation <br> District, Refunding RB, 5.13%, 12/01/33<br>| 700 | &nbsp;&nbsp; 699638 |
| &nbsp;&nbsp;&nbsp; Four Corners Business Improvement District, GOL, <br> 6.00%, 12/01/52<br>| 2000 | &nbsp;&nbsp; 1983971 |
| &nbsp;&nbsp;&nbsp; Gold Hill North Business Improvement District, GOL, <br> Series A, 5.60%, 12/01/54<sup>(c)</sup><br>| 1100 | &nbsp;&nbsp; 1008692 |
| &nbsp;&nbsp;&nbsp; Green Valley Ranch East Metropolitan District No. 6, <br> GOL, Series A, 5.88%, 12/01/50<br>| 2615 | &nbsp;&nbsp; 2636205 |
| &nbsp;&nbsp;&nbsp; Haymeadow Metropolitan District No. 1, GOL, <br> Series A, 6.13%, 12/01/54<br>| 1625 | &nbsp;&nbsp; 1596619 |
| &nbsp;&nbsp;&nbsp; Home Place Metropolitan District, GOL, Series A, <br> 5.75%, 12/01/50<br>| 2345 | &nbsp;&nbsp; 2330338 |
| &nbsp;&nbsp;&nbsp; Horizon Metropolitan District No. 2, GOL, 4.50%, <br> 12/01/51<sup>(c)</sup><br>| 1675 | &nbsp;&nbsp; 1236906 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, GOL, <br> Series B, 7.13%, 12/15/54<br>| 654 | &nbsp;&nbsp; 651792 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, Refunding <br> GOL, Series A, 5.38%, 12/01/54<br>| 2219 | &nbsp;&nbsp; 2093839 |
| &nbsp;&nbsp;&nbsp; Jefferson Center Metropolitan District No. 1, RB, <br> Series A-2, 4.38%, 12/01/47<br>| 1000 | &nbsp;&nbsp; 818768 |
| Karl's Farm Metropolitan District No. 2, GOL<sup>(c)(h)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 09/01/25 | 515 | &nbsp;&nbsp; 531553 |
| &nbsp;&nbsp;&nbsp; Series A, 5.63%, 09/01/25 | 1350 | &nbsp;&nbsp; 1393669 |
| &nbsp;&nbsp;&nbsp; Lanterns Metropolitan District No. 2, GOL, Series A, <br> 4.50%, 12/01/50<br>| 1810 | &nbsp;&nbsp; 1316375 |
| &nbsp;&nbsp;&nbsp; Longs Peak Metropolitan District, GOL, 5.25%, <br> 12/01/51<sup>(c)</sup><br>| 8250 | &nbsp;&nbsp; 7588409 |
| &nbsp;&nbsp;&nbsp; Loretto Heights Community Authority, RB, 4.88%, <br> 12/01/51<br>| 2640 | &nbsp;&nbsp; 1969513 |
| &nbsp;&nbsp;&nbsp; North Holly Metropolitan District, GOL, Series A, <br> 5.50%, 12/01/48<br>| 760 | &nbsp;&nbsp; 730458 |
| &nbsp;&nbsp;&nbsp; North Range Metropolitan District No. 3, GOL, <br> Series A, 5.25%, 12/01/50<br>| 1000 | &nbsp;&nbsp; 956868 |
| &nbsp;&nbsp;&nbsp; Orchard Park Place South Metropolitan District, GOL, <br> 6.00%, 12/01/54<sup>(c)</sup><br>| 3000 | &nbsp;&nbsp; 3017393 |
| &nbsp;&nbsp;&nbsp; Palisade Metropolitan District No. 2, Refunding RB, <br> CAB, Series B, Convertible, 0.00%, 12/15/54<sup>(c)(g)</sup><br>| 2595 | &nbsp;&nbsp; 2305095 |
| &nbsp;&nbsp;&nbsp; Poudre Heights Valley Metropolitan District, GOL, <br> Series A, 5.50%, 12/01/54<sup>(c)</sup><br>| 975 | &nbsp;&nbsp; 835112 |
| &nbsp;&nbsp;&nbsp; Prairie Farm Metropolitan District, GOL, Series A, <br> 5.25%, 12/01/48<br>| 1224 | &nbsp;&nbsp; 1167835 |
| &nbsp;&nbsp;&nbsp; Redtail Ridge Metropolitan District, GOL, CAB, 0.00%, <br> 12/01/32<sup>(f)</sup><br>| 12227 | &nbsp;&nbsp; 7510925 |
| &nbsp;&nbsp;&nbsp; Reunion Metropolitan District, RB, Series A, 3.63%, <br> 12/01/44<br>| 1448 | &nbsp;&nbsp; 1050362 |
| Riverpark Metropolitan District/Arapahoe County, GOL |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/42 | 650 | &nbsp;&nbsp; 620090 |
| &nbsp;&nbsp;&nbsp; 6.38%, 12/01/54 | 1000 | &nbsp;&nbsp; 943253 |
| &nbsp;&nbsp;&nbsp; Sky Ranch Community Authority Board, RB, Series A, <br> 5.75%, 12/01/52<br>| 1500 | &nbsp;&nbsp; 1302544 |
| &nbsp;&nbsp;&nbsp; Sojourn at Idlewild Metropolitan District, GOL, <br> Series A, 6.13%, 12/01/55<sup>(c)</sup><br>| 1000 | &nbsp;&nbsp; 966717 |
| &nbsp;&nbsp;&nbsp; St. Vrain Lakes Metropolitan District No. 4, GOL, CAB, <br> Series A, 0.00%, 09/20/54<sup>(c)(g)</sup><br>| 2700 | &nbsp;&nbsp; 1919462 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado (continued)** | **Colorado (continued)** |  |
| &nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, RB, <br> Series B, Subordinate, 7.13%, 12/15/50<br>| 501 | &nbsp;&nbsp; $496398 |
| &nbsp;&nbsp;&nbsp; Waters' Edge Metropolitan District No. 2, GOL, 5.00%, <br> 12/01/51<br>| 2595 | &nbsp;&nbsp; 2272756 |
| &nbsp;&nbsp;&nbsp; Westcreek Metropolitan District No. 2, GOL, Series A, <br> 5.38%, 12/01/48<br>| 785 | &nbsp;&nbsp; 706305 |
|  |  | &nbsp;&nbsp; 91754581 |
| **Connecticut — 0.9%** | **Connecticut — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/45<sup>(c)</sup> | 845 | &nbsp;&nbsp; 736221 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/55<sup>(c)</sup> | 1500 | &nbsp;&nbsp; 1192218 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.38%, 07/01/54 | 2915 | &nbsp;&nbsp; 2727956 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Finance Authority, RB, 7.00%, <br> 02/01/45<sup>(c)</sup><br>| 10165 | &nbsp;&nbsp; 10089263 |
| Stamford Housing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 10/01/55 | 1325 | &nbsp;&nbsp; 1294400 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 10/01/60 | 920 | &nbsp;&nbsp; 861484 |
|  |  | &nbsp;&nbsp; 16901542 |
| **Delaware — 0.3%** | **Delaware — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Affordable Housing Opportunities Trust, RB, <br> Series AH-01, Class B, 6.88%, 05/01/39<sup>(c)</sup><br>| 3607 | &nbsp;&nbsp; 3336308 |
| &nbsp;&nbsp;&nbsp; County of Kent Delaware, RB, Series A, 5.00%, <br> 07/01/53<br>| 1000 | &nbsp;&nbsp; 924835 |
| Town of Bridgeville Delaware, ST<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/44 | 135 | &nbsp;&nbsp; 129371 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/01/53 | 315 | &nbsp;&nbsp; 300407 |
| Town of Milton Delaware, ST<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/01/44 | 600 | &nbsp;&nbsp; 592197 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/01/53 | 1000 | &nbsp;&nbsp; 990769 |
|  |  | &nbsp;&nbsp; 6273887 |
| **District of Columbia — 2.1%** | **District of Columbia — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., RB<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 06/15/46 | 61960 | &nbsp;&nbsp; 14889075 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/15/46 | 43620 | &nbsp;&nbsp; 9849662 |
| &nbsp;&nbsp;&nbsp; Series C, 0.00%, 06/15/55 | 57200 | &nbsp;&nbsp; 5125677 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., Refunding RB, 6.75%, 05/15/40<br>| 275 | &nbsp;&nbsp; 284328 |
| &nbsp;&nbsp;&nbsp; District of Columbia, RB, Series A, AMT, Sustainability <br> Bonds, 5.50%, 02/28/37<br>| 880 | &nbsp;&nbsp; 962957 |
| District of Columbia, Refunding RB, 5.00%, 06/01/46 | 2205 | &nbsp;&nbsp; 2050548 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, 0.00%, 10/01/30<sup>(f)</sup> | 3005 | &nbsp;&nbsp; 2549904 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 10/01/49 | 2170 | &nbsp;&nbsp; 1808808 |
|  |  | &nbsp;&nbsp; 37520959 |
| **Florida — 13.9%** | **Florida — 13.9%** |  |
| &nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, RB, 4.00%, <br> 12/01/49<br>| 2560 | &nbsp;&nbsp; 2097979 |
| &nbsp;&nbsp;&nbsp; Alachua County Housing Finance Authority, RB, M/F <br> Housing, Series A, 6.30%, 07/01/55<sup>(c)(d)</sup><br>| 1250 | &nbsp;&nbsp; 1232835 |
| Antillia Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/31 | 220 | &nbsp;&nbsp; 222955 |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/01/44 | 570 | &nbsp;&nbsp; 572399 |
| &nbsp;&nbsp;&nbsp; Avenir Community Development District, SAB, 4.75%, <br> 11/01/50<sup>(c)</sup><br>| 520 | &nbsp;&nbsp; 520749 |
| &nbsp;&nbsp;&nbsp; Babcock Ranch Community Independent Special <br> District, SAB, Series 2022, 5.00%, 05/01/42<br>| 1570 | &nbsp;&nbsp; 1490077 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Bella Collina Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/44 | $180 | &nbsp;&nbsp; $166064 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/01/55 | 550 | &nbsp;&nbsp; 492908 |
| Bellehaven Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/01/45 | 1420 | &nbsp;&nbsp; 1389112 |
| &nbsp;&nbsp;&nbsp; 6.05%, 05/01/55 | 520 | &nbsp;&nbsp; 504106 |
| Berry Bay II Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, 5.20%, 05/01/44 | 550 | &nbsp;&nbsp; 528481 |
| &nbsp;&nbsp;&nbsp; Series 2024, 5.45%, 05/01/54 | 255 | &nbsp;&nbsp; 239454 |
| &nbsp;&nbsp;&nbsp; Boggy Creek Improvement District, Refunding SAB, <br> Series 2013, 5.13%, 05/01/43<br>| 1040 | &nbsp;&nbsp; 995266 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Refunding <br> RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/45 | 4040 | &nbsp;&nbsp; 3014396 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/55 | 5960 | &nbsp;&nbsp; 3997977 |
| &nbsp;&nbsp;&nbsp; Buckhead Trails Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/01/44 | 400 | &nbsp;&nbsp; 382670 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/54 | 975 | &nbsp;&nbsp; 909000 |
| &nbsp;&nbsp;&nbsp; Series 2022, 5.63%, 05/01/42 | 740 | &nbsp;&nbsp; 748681 |
| &nbsp;&nbsp;&nbsp; Series 2022, 5.75%, 05/01/52 | 495 | &nbsp;&nbsp; 490408 |
| Capital Projects Finance Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/44 | 210 | &nbsp;&nbsp; 203203 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/54 | 275 | &nbsp;&nbsp; 267851 |
| &nbsp;&nbsp;&nbsp; Series A-1, 7.50%, 06/15/65 | 3405 | &nbsp;&nbsp; 3351296 |
| &nbsp;&nbsp;&nbsp; Series B-1, 9.00%, 06/15/42 | 420 | &nbsp;&nbsp; 419661 |
| &nbsp;&nbsp;&nbsp; Capital Region Community Development District, <br> Refunding SAB, Series A-1, 5.13%, 05/01/39<br>| 2110 | &nbsp;&nbsp; 2069766 |
| Capital Trust Agency, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/01/35<sup>(c)</sup> | 2220 | &nbsp;&nbsp; 2122219 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/56<sup>(c)</sup> | 6670 | &nbsp;&nbsp; 5096942 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49<sup>(c)</sup> | 500 | &nbsp;&nbsp; 420420 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/01/54<sup>(c)</sup> | 1925 | &nbsp;&nbsp; 1398860 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/54 | 1050 | &nbsp;&nbsp; 893500 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/35<sup>(f)</sup> | 2920 | &nbsp;&nbsp; 1643585 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/60<sup>(f)</sup> | 64500 | &nbsp;&nbsp; 4436754 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., RB, CAB, 0.00%, <br> 07/01/61<sup>(c)(f)</sup><br>| 29885 | &nbsp;&nbsp; 2186223 |
| Capital Trust Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/44 | 680 | &nbsp;&nbsp; 611863 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/54 | 1190 | &nbsp;&nbsp; 1045614 |
| Capital Trust Authority, Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 06/15/40 | 405 | &nbsp;&nbsp; 375022 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/50 | 375 | &nbsp;&nbsp; 333997 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/15/59 | 525 | &nbsp;&nbsp; 458855 |
| &nbsp;&nbsp;&nbsp; Celebration Pointe Community Development District <br> No. 1, SAB, 5.00%, 05/01/34<sup>(b)(i)</sup><br>| 1180 | &nbsp;&nbsp; 961700 |
| Central Parc Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/44 | 750 | &nbsp;&nbsp; 723423 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/54 | 650 | &nbsp;&nbsp; 641721 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida, SAB, 4.00%, <br> 07/01/42<sup>(c)</sup><br>| 760 | &nbsp;&nbsp; 654932 |
| Coastal Ridge Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/45 | 2205 | &nbsp;&nbsp; 2185568 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/55 | 1700 | &nbsp;&nbsp; 1663107 |
| &nbsp;&nbsp;&nbsp; Coral Creek Community Development District, SAB, <br> 5.75%, 05/01/54<br>| 545 | &nbsp;&nbsp; 534264 |
| County of Lake Florida, RB, 5.00%, 01/15/49<sup>(c)</sup> | 825 | &nbsp;&nbsp; 693040 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/48 | 5125 | &nbsp;&nbsp; 1459441 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/49 | 1770 | &nbsp;&nbsp; 472042 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Crossings Community Development District, SAB, <br> 5.60%, 05/01/54<br>| $530 | &nbsp;&nbsp; $508604 |
| &nbsp;&nbsp;&nbsp; Crosswinds East Community Development District, <br> SAB, 5.75%, 05/01/54<br>| 380 | &nbsp;&nbsp; 372294 |
| &nbsp;&nbsp;&nbsp; Curiosity Creek Community Development District, <br> SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/01/44 | 365 | &nbsp;&nbsp; 353257 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/55 | 600 | &nbsp;&nbsp; 563570 |
| &nbsp;&nbsp;&nbsp; Cypress Creek Reserve Community Development <br> District, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/45 | 570 | &nbsp;&nbsp; 562789 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/56 | 1150 | &nbsp;&nbsp; 1124074 |
| &nbsp;&nbsp;&nbsp; Darby Community Development District, SAB, <br> Series A-2, 5.88%, 05/01/35<br>| 2810 | &nbsp;&nbsp; 2781429 |
| East Nassau Stewardship District, SAB, 05/01/56<sup>(e)</sup> | 5000 | &nbsp;&nbsp; 5001250 |
| &nbsp;&nbsp;&nbsp; Elevation Pointe Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.40%, 05/01/42 | 700 | &nbsp;&nbsp; 618904 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.60%, 05/01/52 | 1090 | &nbsp;&nbsp; 907462 |
| &nbsp;&nbsp;&nbsp; Series A-2, 4.40%, 05/01/32 | 2200 | &nbsp;&nbsp; 2118993 |
| &nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/50 | 10000 | &nbsp;&nbsp; 6689306 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/50 | 6530 | &nbsp;&nbsp; 5147311 |
| Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/55<sup>(c)</sup> | 2830 | &nbsp;&nbsp; 2513786 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/15/29<sup>(c)</sup> | 635 | &nbsp;&nbsp; 635661 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 06/15/34<sup>(c)</sup> | 835 | &nbsp;&nbsp; 835557 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/52 | 2875 | &nbsp;&nbsp; 2218630 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/56 | 1525 | &nbsp;&nbsp; 1370122 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/55<sup>(c)</sup> | 10455 | &nbsp;&nbsp; 8366879 |
| &nbsp;&nbsp;&nbsp; Series B, 4.50%, 12/15/56<sup>(c)</sup> | 5945 | &nbsp;&nbsp; 4172987 |
| &nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/56<sup>(c)</sup> | 2030 | &nbsp;&nbsp; 1622293 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/01/29<sup>(c)</sup> | 3550 | &nbsp;&nbsp; 3576968 |
| &nbsp;&nbsp;&nbsp; AMT, 6.13%, 07/01/32<sup>(c)(d)</sup> | 5000 | &nbsp;&nbsp; 5050800 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, 4.38%, 10/01/54<sup>(c)(d)</sup> | 2275 | &nbsp;&nbsp; 2254341 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 12.00%, 07/15/59<sup>(b)(c)(d)(i)</sup> | 15025 | &nbsp;&nbsp; 9315500 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/46<sup>(c)</sup> | 1700 | &nbsp;&nbsp; 1313955 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/55<sup>(c)</sup> | 2750 | &nbsp;&nbsp; 1927868 |
| &nbsp;&nbsp;&nbsp; AMT, 12.00%, 07/15/32<sup>(b)(c)(d)(i)</sup> | 1975 | &nbsp;&nbsp; 1185000 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/44 | 13660 | &nbsp;&nbsp; 12980893 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 07/01/47 | 2400 | &nbsp;&nbsp; 2280000 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 07/01/53 | 6900 | &nbsp;&nbsp; 6520500 |
| &nbsp;&nbsp;&nbsp; Gardens at Hammock Beach Community Development <br> District, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1, 4.80%, 05/01/31 | 195 | &nbsp;&nbsp; 196408 |
| &nbsp;&nbsp;&nbsp; Series 1, 5.38%, 05/01/44 | 305 | &nbsp;&nbsp; 299240 |
| &nbsp;&nbsp;&nbsp; Series 1, 5.65%, 05/01/54 | 520 | &nbsp;&nbsp; 502624 |
| &nbsp;&nbsp;&nbsp; Series 2, 5.00%, 05/01/31 | 270 | &nbsp;&nbsp; 271105 |
| &nbsp;&nbsp;&nbsp; Series 2, 5.60%, 05/01/44 | 995 | &nbsp;&nbsp; 967586 |
| &nbsp;&nbsp;&nbsp; Series 2, 5.88%, 05/01/55 | 360 | &nbsp;&nbsp; 344171 |
| &nbsp;&nbsp;&nbsp; Gas Worx Community Development District, SAB, <br> 6.00%, 05/01/57<sup>(c)</sup><br>| 1800 | &nbsp;&nbsp; 1730299 |
| GIR East Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/01/32 | 500 | &nbsp;&nbsp; 501373 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/01/45 | 1000 | &nbsp;&nbsp; 924505 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/55 | 1750 | &nbsp;&nbsp; 1573782 |
| Golden Gem Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/44 | 2900 | &nbsp;&nbsp; 2867439 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/55 | 1010 | &nbsp;&nbsp; 983836 |
| Grand Oaks Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/40 | 910 | &nbsp;&nbsp; 804846 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Grand Oaks Community Development District, <br> SAB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/52 | $1015 | &nbsp;&nbsp; $834562 |
| Greenbriar Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/45 | 585 | &nbsp;&nbsp; 577768 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/54 | 705 | &nbsp;&nbsp; 682033 |
| &nbsp;&nbsp;&nbsp; Hammock Oaks Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/44 | 125 | &nbsp;&nbsp; 122385 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/45<sup>(c)</sup> | 780 | &nbsp;&nbsp; 752440 |
| &nbsp;&nbsp;&nbsp; 6.15%, 05/01/54 | 865 | &nbsp;&nbsp; 843289 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/55<sup>(c)</sup> | 1165 | &nbsp;&nbsp; 1095327 |
| &nbsp;&nbsp;&nbsp; Hillcrest Preserve Community Development District, <br> SAB, 5.30%, 05/01/54<sup>(c)</sup><br>| 890 | &nbsp;&nbsp; 817354 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 4.13%, 11/15/51<br>| 5000 | &nbsp;&nbsp; 4304889 |
| &nbsp;&nbsp;&nbsp; Hobe-St Lucie Conservancy District, SAB, 5.88%, <br> 05/01/55<br>| 635 | &nbsp;&nbsp; 633938 |
| &nbsp;&nbsp;&nbsp; Hyde Park Community Development District No. 1, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 05/01/31 | 290 | &nbsp;&nbsp; 291642 |
| &nbsp;&nbsp;&nbsp; Series A, 5.35%, 05/01/44 | 425 | &nbsp;&nbsp; 415749 |
| &nbsp;&nbsp;&nbsp; Series A, 5.63%, 05/01/55 | 690 | &nbsp;&nbsp; 662534 |
| Ibis Landing Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/45 | 365 | &nbsp;&nbsp; 360676 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/55 | 475 | &nbsp;&nbsp; 458490 |
| Kings Creek I Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/45 | 795 | &nbsp;&nbsp; 780795 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/55 | 795 | &nbsp;&nbsp; 769544 |
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 05/01/31 | 355 | &nbsp;&nbsp; 357012 |
| &nbsp;&nbsp;&nbsp; Series A, 5.30%, 05/01/44 | 425 | &nbsp;&nbsp; 413290 |
| &nbsp;&nbsp;&nbsp; Series A, 5.60%, 05/01/55 | 695 | &nbsp;&nbsp; 664916 |
| &nbsp;&nbsp;&nbsp; Lakeside Preserve Community Development District, <br> SAB, Series 2023, 6.38%, 05/01/54<br>| 995 | &nbsp;&nbsp; 1027390 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/01/29<sup>(c)</sup> | 120 | &nbsp;&nbsp; 121247 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/31 | 215 | &nbsp;&nbsp; 215383 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/35 | 265 | &nbsp;&nbsp; 261753 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/39<sup>(c)</sup> | 100 | &nbsp;&nbsp; 100591 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/01/44 | 385 | &nbsp;&nbsp; 374390 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/45 | 530 | &nbsp;&nbsp; 479277 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/46 | 830 | &nbsp;&nbsp; 780738 |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/48<sup>(c)</sup> | 130 | &nbsp;&nbsp; 129049 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/49 | 805 | &nbsp;&nbsp; 675673 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/52 | 790 | &nbsp;&nbsp; 593981 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/54 | 180 | &nbsp;&nbsp; 171367 |
| &nbsp;&nbsp;&nbsp; Series 1A, 5.00%, 05/01/38 | 1175 | &nbsp;&nbsp; 1169022 |
| &nbsp;&nbsp;&nbsp; Series 1A, 5.10%, 05/01/48 | 2530 | &nbsp;&nbsp; 2403291 |
| &nbsp;&nbsp;&nbsp; Series 1B, 4.75%, 05/01/29 | 750 | &nbsp;&nbsp; 754546 |
| &nbsp;&nbsp;&nbsp; Series 1B, 5.45%, 05/01/48 | 1930 | &nbsp;&nbsp; 1867056 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, RB, <br> Series B-1, 4.75%, 11/15/29<br>| 985 | &nbsp;&nbsp; 993510 |
| Lowery Hills Community Development District, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/45 | 565 | &nbsp;&nbsp; 539994 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/55 | 780 | &nbsp;&nbsp; 728171 |
| LT Ranch Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/44 | 795 | &nbsp;&nbsp; 791496 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/54 | 600 | &nbsp;&nbsp; 596463 |
| &nbsp;&nbsp;&nbsp; LTC Ranch West Residential Community Development <br> District, Refunding SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series AA4, 5.38%, 05/01/44 | 345 | &nbsp;&nbsp; 319644 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; LTC Ranch West Residential Community Development <br> District, Refunding SAB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series AA4, 5.65%, 05/01/54 | $1250 | &nbsp;&nbsp; $1155794 |
| &nbsp;&nbsp;&nbsp; LTC Ranch West Residential Community Development <br> District, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series AA2, 5.70%, 05/01/44 | 185 | &nbsp;&nbsp; 178306 |
| &nbsp;&nbsp;&nbsp; Series AA2, 6.00%, 05/01/54 | 250 | &nbsp;&nbsp; 237809 |
| &nbsp;&nbsp;&nbsp; Malabar Springs Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/01/44 | 605 | &nbsp;&nbsp; 581329 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/54 | 905 | &nbsp;&nbsp; 856061 |
| Marion Ranch Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 05/01/31 | 220 | &nbsp;&nbsp; 223641 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/44 | 595 | &nbsp;&nbsp; 601573 |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/01/54 | 230 | &nbsp;&nbsp; 230689 |
| &nbsp;&nbsp;&nbsp; Midtown Miami Community Development District, <br> Refunding SAB, Series A, 5.00%, 05/01/37<br>| 890 | &nbsp;&nbsp; 875002 |
| Newfield Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/45 | 1805 | &nbsp;&nbsp; 1771662 |
| &nbsp;&nbsp;&nbsp; 5.90%, 05/01/56 | 1150 | &nbsp;&nbsp; 1114937 |
| &nbsp;&nbsp;&nbsp; Normandy Community Development District, SAB, <br> 5.55%, 05/01/54<sup>(c)</sup><br>| 1510 | &nbsp;&nbsp; 1438744 |
| &nbsp;&nbsp;&nbsp; North AR-1 Pasco Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 05/01/44 | 205 | &nbsp;&nbsp; 207972 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 05/01/54 | 360 | &nbsp;&nbsp; 362594 |
| &nbsp;&nbsp;&nbsp; North River Ranch Community Development District, <br> SAB, Series A-2, 4.20%, 05/01/35<br>| 220 | &nbsp;&nbsp; 205180 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding <br> RB, Series A, 4.50%, 10/01/56<br>| 5150 | &nbsp;&nbsp; 4596239 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, RB, <br> 5.75%, 11/01/50<br>| 790 | &nbsp;&nbsp; 800258 |
| Parrish Lakes Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/31 | 415 | &nbsp;&nbsp; 415518 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/44 | 950 | &nbsp;&nbsp; 903896 |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/01/54 | 300 | &nbsp;&nbsp; 281462 |
| &nbsp;&nbsp;&nbsp; Parrish Plantation Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/01/44 | 480 | &nbsp;&nbsp; 488605 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/54 | 375 | &nbsp;&nbsp; 374091 |
| &nbsp;&nbsp;&nbsp; 6.05%, 05/01/54 | 900 | &nbsp;&nbsp; 909526 |
| Poitras East Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/43 | 460 | &nbsp;&nbsp; 433754 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/52 | 1650 | &nbsp;&nbsp; 1517873 |
| Reflection Bay Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/45 | 450 | &nbsp;&nbsp; 440313 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/55 | 750 | &nbsp;&nbsp; 721861 |
| &nbsp;&nbsp;&nbsp; Reunion East Community Development District, SAB, <br> Series 2021, 4.00%, 05/01/51<br>| 2685 | &nbsp;&nbsp; 2039088 |
| &nbsp;&nbsp;&nbsp; Sandridge Community Development District, SAB, <br> Series A1, 4.00%, 05/01/51<br>| 600 | &nbsp;&nbsp; 478476 |
| &nbsp;&nbsp;&nbsp; Sarasota County Public Hospital District, RB, 4.00%, <br> 07/01/52<br>| 5200 | &nbsp;&nbsp; 4228378 |
| &nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, <br> Refunding RB, 5.75%, 11/15/54<br>| 2420 | &nbsp;&nbsp; 2138553 |
| &nbsp;&nbsp;&nbsp; Seminole Palms Community Development District, <br> SAB, 5.50%, 05/01/55<sup>(c)</sup><br>| 955 | &nbsp;&nbsp; 900361 |
| &nbsp;&nbsp;&nbsp; Shadowlawn Community Development District, SAB, <br> 5.85%, 05/01/54<br>| 355 | &nbsp;&nbsp; 331430 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Solaeris Community Development District, SAB, <br> 6.30%, 05/01/56<sup>(c)</sup><br>| 3000 | &nbsp;&nbsp; $2888108 |
| &nbsp;&nbsp;&nbsp; Somerset Bay Community Development District, <br> SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 05/01/31 | 305 | &nbsp;&nbsp; 303622 |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/44 | 925 | &nbsp;&nbsp; 887431 |
| &nbsp;&nbsp;&nbsp; 5.90%, 05/01/54 | 905 | &nbsp;&nbsp; 844155 |
| &nbsp;&nbsp;&nbsp; South Broward Hospital District, RB, (BAM-TCRS), <br> 3.00%, 05/01/51<br>| 415 | &nbsp;&nbsp; 274204 |
| &nbsp;&nbsp;&nbsp; Southern Groves Community Development District No. <br> 5, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/30 | 175 | &nbsp;&nbsp; 172605 |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/01/40 | 820 | &nbsp;&nbsp; 766221 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/46 | 600 | &nbsp;&nbsp; 518714 |
| &nbsp;&nbsp;&nbsp; Talavera Community Development District, SAB, <br> 4.35%, 05/01/40<br>| 520 | &nbsp;&nbsp; 466728 |
| Tradition Community Development District No. 9, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/01/45 | 555 | &nbsp;&nbsp; 525989 |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/56 | 775 | &nbsp;&nbsp; 719285 |
| Trout Creek Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/38 | 670 | &nbsp;&nbsp; 670700 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/49 | 1685 | &nbsp;&nbsp; 1637110 |
| &nbsp;&nbsp;&nbsp; Two Rivers West Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024, 4.80%, 05/01/31 | 220 | &nbsp;&nbsp; 221588 |
| &nbsp;&nbsp;&nbsp; Series 2024, 5.63%, 05/01/44 | 750 | &nbsp;&nbsp; 723646 |
| &nbsp;&nbsp;&nbsp; Series 2024, 5.88%, 05/01/54 | 895 | &nbsp;&nbsp; 892830 |
| Village Community Development District No. 14, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/42 | 3195 | &nbsp;&nbsp; 3234285 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/53 | 2380 | &nbsp;&nbsp; 2413489 |
| &nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, RB, <br> 5.25%, 06/01/49<br>| 2680 | &nbsp;&nbsp; 2622520 |
| West Villages Improvement District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/39 | 885 | &nbsp;&nbsp; 831173 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/44 | 495 | &nbsp;&nbsp; 485658 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/50 | 1415 | &nbsp;&nbsp; 1288434 |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/54 | 355 | &nbsp;&nbsp; 341915 |
| &nbsp;&nbsp;&nbsp; Westside Haines City Community Development <br> District, SAB, 6.00%, 05/01/54<br>| 640 | &nbsp;&nbsp; 615243 |
|  |  | &nbsp;&nbsp; 251497876 |
| **Georgia — 1.0%** | **Georgia — 1.0%** |  |
| Atlanta Development Authority, TA<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/34 | 1720 | &nbsp;&nbsp; 1699446 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 04/01/39 | 2640 | &nbsp;&nbsp; 2627147 |
| &nbsp;&nbsp;&nbsp; Brookhaven Development Authority, RB, Series A, <br> 4.00%, 07/01/44<br>| 4000 | &nbsp;&nbsp; 3508113 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County, RB, Series A, <br> 6.38%, 06/15/58<sup>(c)</sup><br>| 690 | &nbsp;&nbsp; 660347 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development <br> Authority, RB, Series A, 5.25%, 06/15/62<sup>(c)</sup><br>| 875 | &nbsp;&nbsp; 590625 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(d)</sup><br>| 2000 | &nbsp;&nbsp; 2103785 |
| Municipal Electric Authority of Georgia, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/49 | 5235 | &nbsp;&nbsp; 5014748 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/52 | 2765 | &nbsp;&nbsp; 2708423 |
|  |  | &nbsp;&nbsp; 18912634 |
| **Idaho — 0.3%** | **Idaho — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Refunding RB, 3.50%, <br> 09/01/33<br>| 375 | &nbsp;&nbsp; 330865 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Idaho (continued)** | **Idaho (continued)** |  |
| Idaho Housing & Finance Association, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 07/01/39 | 370 | &nbsp;&nbsp; $373206 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 07/01/49 | 595 | &nbsp;&nbsp; 564016 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 07/01/54 | 570 | &nbsp;&nbsp; 534234 |
| &nbsp;&nbsp;&nbsp; Series A, 6.95%, 06/15/55 | 1540 | &nbsp;&nbsp; 1590716 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/46 | 1000 | &nbsp;&nbsp; 904301 |
| &nbsp;&nbsp;&nbsp; Power County Industrial Development Corp., RB, <br> 6.45%, 08/01/32<br>| 265 | &nbsp;&nbsp; 265556 |
|  |  | &nbsp;&nbsp; 4562894 |
| **Illinois — 4.1%** | **Illinois — 4.1%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/42 | 4650 | &nbsp;&nbsp; 4364537 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 800 | &nbsp;&nbsp; 723154 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Refunding GO, Series B, <br> 4.00%, 12/01/41<br>| 1905 | &nbsp;&nbsp; 1600958 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/49 | 4640 | &nbsp;&nbsp; 4521528 |
| &nbsp;&nbsp;&nbsp; Series A, 2nd Lien, 5.00%, 12/01/57 | 5550 | &nbsp;&nbsp; 5353141 |
| City of Chicago Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/42 | 14350 | &nbsp;&nbsp; 13981879 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/44 | 17425 | &nbsp;&nbsp; 16651501 |
| &nbsp;&nbsp;&nbsp; Series F, 6.00%, 01/01/55 | 1095 | &nbsp;&nbsp; 1119230 |
| &nbsp;&nbsp;&nbsp; City of Marion Illinois Sales Tax Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/01/45 | 2050 | &nbsp;&nbsp; 1956471 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/55 | 3800 | &nbsp;&nbsp; 3579372 |
| &nbsp;&nbsp;&nbsp; County of Cook Illinois, RB, M/F Housing, 6.50%, <br> 01/01/45<br>| 4500 | &nbsp;&nbsp; 4359454 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/34 | 315 | &nbsp;&nbsp; 315076 |
| &nbsp;&nbsp;&nbsp; 08/01/35<sup>(e)</sup> | 1190 | &nbsp;&nbsp; 1179659 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/01/45 | 600 | &nbsp;&nbsp; 600015 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series A, <br> 5.00%, 01/01/46<br>| 4640 | &nbsp;&nbsp; 4620741 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding <br> RB, 4.00%, 06/15/50<br>| 9695 | &nbsp;&nbsp; 7914897 |
| &nbsp;&nbsp;&nbsp; Village of Lincolnwood Illinois, COP, Series B, 5.75%, <br> 12/01/43<sup>(c)</sup><br>| 935 | &nbsp;&nbsp; 941599 |
|  |  | &nbsp;&nbsp; 73783212 |
| **Indiana — 0.5%** | **Indiana — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Indiana, Refunding RB, AMT, 4.50%, <br> 01/01/34<sup>(c)</sup><br>| 635 | &nbsp;&nbsp; 650130 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, AMT, 6.75%, <br> 05/01/39<br>| 2785 | &nbsp;&nbsp; 3043185 |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/01/50 | 1725 | &nbsp;&nbsp; 1634835 |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 03/01/55 | 2035 | &nbsp;&nbsp; 1938640 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> RB, Series E, 6.00%, 03/01/53<br>| 1850 | &nbsp;&nbsp; 1889053 |
|  |  | &nbsp;&nbsp; 9155843 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Iowa — 0.2%** | **Iowa — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Refunding RB, Series A, <br> 5.13%, 05/15/59<br>| $2350 | &nbsp;&nbsp; $2209217 |
| &nbsp;&nbsp;&nbsp; Iowa Higher Education Loan Authority, Refunding RB, <br> 5.50%, 11/01/51<br>| 1000 | &nbsp;&nbsp; 874566 |
|  |  | &nbsp;&nbsp; 3083783 |
| **Kansas**<sup>(c)</sup> **— 0.1%** | **Kansas**<sup>(c)</sup> **— 0.1%** |  |
| City of Shawnee Kansas, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/41 | 770 | &nbsp;&nbsp; 688637 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/56 | 1900 | &nbsp;&nbsp; 1496448 |
|  |  | &nbsp;&nbsp; 2185085 |
| **Kentucky**<sup>(c)</sup> **— 0.5%** | **Kentucky**<sup>(c)</sup> **— 0.5%** |  |
| City of Henderson Kentucky, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.70%, 01/01/52 | 2435 | &nbsp;&nbsp; 2129611 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.45%, 01/01/42 | 2540 | &nbsp;&nbsp; 2270692 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.70%, 01/01/52 | 6000 | &nbsp;&nbsp; 5182851 |
|  |  | &nbsp;&nbsp; 9583154 |
| **Louisiana — 1.3%** | **Louisiana — 1.3%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/59<sup>(c)</sup> | 1750 | &nbsp;&nbsp; 1680246 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/60<sup>(c)</sup> | 4940 | &nbsp;&nbsp; 3702847 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/62<sup>(c)</sup> | 855 | &nbsp;&nbsp; 772719 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 09/01/64 | 4910 | &nbsp;&nbsp; 4965161 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 09/01/66 | 7000 | &nbsp;&nbsp; 6406429 |
| &nbsp;&nbsp;&nbsp; Class R2, AMT, 6.50%, 10/01/53<sup>(c)(d)</sup> | 2160 | &nbsp;&nbsp; 2283609 |
| &nbsp;&nbsp;&nbsp; Parish of St. James Louisiana, RB, Series 2, 6.35%, <br> 07/01/40<sup>(c)</sup><br>| 3160 | &nbsp;&nbsp; 3328058 |
|  |  | &nbsp;&nbsp; 23139069 |
| **Maine — 0.8%** | **Maine — 0.8%** |  |
| Finance Authority of Maine, RB |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/31/32<sup>(e)</sup> |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/35 | 5000 | &nbsp;&nbsp; 4148280 |
| &nbsp;&nbsp;&nbsp; Series A, 8.50%, 06/01/32 | 1250 | &nbsp;&nbsp; 1244492 |
| &nbsp;&nbsp;&nbsp; Series B, 9.50%, 06/01/32 | 1250 | &nbsp;&nbsp; 1252107 |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, Refunding RB, AMT, <br> 4.63%, 12/01/47<sup>(c)(d)</sup><br>| 1300 | &nbsp;&nbsp; 1249406 |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, <br> Refunding RB, 4.00%, 07/01/37<sup>(c)</sup><br>| 8100 | &nbsp;&nbsp; 7143039 |
|  |  | &nbsp;&nbsp; 15037324 |
| **Maryland — 1.2%** | **Maryland — 1.2%** |  |
| City of Baltimore Maryland, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/42 | 260 | &nbsp;&nbsp; 253232 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/51 | 780 | &nbsp;&nbsp; 746480 |
| &nbsp;&nbsp;&nbsp; City of Baltimore Maryland, Refunding RB, Convertible, <br> 5.00%, 09/01/46<br>| 1500 | &nbsp;&nbsp; 1417652 |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, RB, <br> M/F Housing, Series D-1, Sustainability Bonds, <br> (FNMA), 4.35%, 02/01/44<br>| 8270 | &nbsp;&nbsp; 7496772 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., TA, 4.00%, <br> 09/01/50<br>| 4805 | &nbsp;&nbsp; 3774221 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, 7.00%, 03/01/55<sup>(c)</sup><br>| 8165 | &nbsp;&nbsp; 8204571 |
|  |  | &nbsp;&nbsp; 21892928 |
| **Massachusetts — 0.3%** | **Massachusetts — 0.3%** |  |
| Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 6.38%, 07/15/45<sup>(c)</sup> | 3375 | &nbsp;&nbsp; 3309968 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, 4.00%, 07/01/45 | 715 | &nbsp;&nbsp; $565616 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/01/42 | 855 | &nbsp;&nbsp; 742187 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/57 | 1900 | &nbsp;&nbsp; 1710071 |
|  |  | &nbsp;&nbsp; 6327842 |
| **Michigan — 0.5%** | **Michigan — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Technology Academy, Refunding RB, <br> 5.00%, 11/01/44<br>| 160 | &nbsp;&nbsp; 144555 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, Series 2, <br> 4.00%, 03/01/51<br>| 3000 | &nbsp;&nbsp; 2504325 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | 280 | &nbsp;&nbsp; 261680 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 2030 | &nbsp;&nbsp; 1900529 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 10/01/61<sup>(d)</sup> | 4450 | &nbsp;&nbsp; 4402290 |
|  |  | &nbsp;&nbsp; 9213379 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Eagan Minnesota, RB, Series A, 6.38%, <br> 02/01/55<sup>(c)</sup><br>| 245 | &nbsp;&nbsp; 219290 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Refunding <br> RB, Series A, 5.25%, 02/15/58<br>| 2790 | &nbsp;&nbsp; 2697706 |
|  |  | &nbsp;&nbsp; 2916996 |
| **Missouri — 0.4%** | **Missouri — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. Louis <br> Missouri, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.88%, 06/15/34 | 360 | &nbsp;&nbsp; 350220 |
| &nbsp;&nbsp;&nbsp; Series A, 4.38%, 11/15/35 | 1020 | &nbsp;&nbsp; 933298 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/15/54 | 1665 | &nbsp;&nbsp; 1614432 |
| Kansas City Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 06/01/46<sup>(c)</sup> | 965 | &nbsp;&nbsp; 871512 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 06/01/54<sup>(c)</sup> | 625 | &nbsp;&nbsp; 545026 |
| &nbsp;&nbsp;&nbsp; Series C, 7.50%, 11/15/46<sup>(b)(i)</sup> | 425 | &nbsp;&nbsp; 324685 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, <br> Refunding RB<sup>(b)(i)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Class B, 5.00%, 11/15/46 | 772 | &nbsp;&nbsp; 508223 |
| &nbsp;&nbsp;&nbsp; Class D, 2.00%, 11/15/46 | 345 | &nbsp;&nbsp; 15745 |
| &nbsp;&nbsp;&nbsp; Kansas City Land Clearance Redevelopment Authority, <br> TA, Series B, 5.00%, 02/01/40<sup>(c)</sup><br>| 1240 | &nbsp;&nbsp; 1198491 |
|  |  | &nbsp;&nbsp; 6361632 |
| **Nevada — 0.2%** | **Nevada — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Las Vegas Nevada Special Improvement <br> District No. 613, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/47 | 440 | &nbsp;&nbsp; 410774 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/53 | 250 | &nbsp;&nbsp; 237033 |
| City of Reno Nevada, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/41 | 825 | &nbsp;&nbsp; 775692 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/01/47 | 1000 | &nbsp;&nbsp; 906633 |
| Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/45 | 1460 | &nbsp;&nbsp; 1448729 |
|  |  | &nbsp;&nbsp; 3778861 |
| **New Hampshire — 2.5%** | **New Hampshire — 2.5%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/31<sup>(c)</sup> | 3925 | &nbsp;&nbsp; 3929427 |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/31<sup>(c)</sup> | 1485 | &nbsp;&nbsp; 1521771 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/15/33<sup>(c)</sup> | 4511 | &nbsp;&nbsp; 4537318 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/35<sup>(c)</sup> | 6429 | &nbsp;&nbsp; 6425397 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/35<sup>(c)</sup> | 5761 | &nbsp;&nbsp; 5692864 |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 08/15/40 | 1435 | &nbsp;&nbsp; 1247096 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 08/15/46 | 1610 | &nbsp;&nbsp; 1293940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Hampshire (continued)** | **New Hampshire (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 08/15/55 | 3350 | &nbsp;&nbsp; $2633347 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, <br> CAB<sup>(c)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/32 | 1755 | &nbsp;&nbsp; 1175383 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/33 | 14330 | &nbsp;&nbsp; 8660810 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 2820 | &nbsp;&nbsp; 2833849 |
| &nbsp;&nbsp;&nbsp; Series 2025, 5.15%, 09/28/37 | 5585 | &nbsp;&nbsp; 5460134 |
|  |  | &nbsp;&nbsp; 45411336 |
| **New Jersey — 0.8%** | **New Jersey — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> AMT, 6.38%, 01/01/35<sup>(c)</sup><br>| 4855 | &nbsp;&nbsp; 4896600 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(h)</sup> | 2060 | &nbsp;&nbsp; 2230726 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 375 | &nbsp;&nbsp; 366889 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/54<sup>(c)</sup> | 3955 | &nbsp;&nbsp; 3263326 |
| &nbsp;&nbsp;&nbsp; Series B, 6.50%, 04/01/31 | 1790 | &nbsp;&nbsp; 1864340 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 1960 | &nbsp;&nbsp; 1653619 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB, Series B, AMT, 4.25%, 12/01/45<br>| 1030 | &nbsp;&nbsp; 1000127 |
|  |  | &nbsp;&nbsp; 15275627 |
| **New York — 5.4%** | **New York — 5.4%** |  |
| &nbsp;&nbsp;&nbsp; Albany Capital Resource Corp., Refunding RB, 4.00%, <br> 07/01/41<sup>(b)(i)</sup><br>| 3750 | &nbsp;&nbsp; 1935375 |
| Build NYC Resource Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/32 | 2255 | &nbsp;&nbsp; 2228390 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 07/01/33 | 620 | &nbsp;&nbsp; 672606 |
| &nbsp;&nbsp;&nbsp; Series A, 6.13%, 07/01/43 | 1780 | &nbsp;&nbsp; 1936488 |
| &nbsp;&nbsp;&nbsp; Series A, 6.38%, 07/01/53 | 3260 | &nbsp;&nbsp; 3481834 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Refunding RB, AMT, <br> 5.00%, 01/01/35<sup>(c)</sup><br>| 2065 | &nbsp;&nbsp; 2064525 |
| &nbsp;&nbsp;&nbsp; Huntington Local Development Corp., RB, Series A, <br> 5.25%, 07/01/56<br>| 585 | &nbsp;&nbsp; 445548 |
| &nbsp;&nbsp;&nbsp; MTA Hudson Rail Yards Trust Obligations, Refunding <br> RB, Series A, 5.00%, 11/15/51<br>| 5000 | &nbsp;&nbsp; 4798165 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C-1A, 4.20%, 11/01/44 | 3190 | &nbsp;&nbsp; 2846700 |
| &nbsp;&nbsp;&nbsp; Series C-1A, 4.30%, 11/01/47 | 4655 | &nbsp;&nbsp; 4122844 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series E, 5.00%, 11/01/53<br>| 5000 | &nbsp;&nbsp; 5026873 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(c)</sup><br>| 3000 | &nbsp;&nbsp; 2958697 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/15/52 | 4045 | &nbsp;&nbsp; 2789021 |
| &nbsp;&nbsp;&nbsp; Series 1, 2.75%, 02/15/44 | 5320 | &nbsp;&nbsp; 3590274 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 2300 | &nbsp;&nbsp; 1545052 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/52 | 1645 | &nbsp;&nbsp; 1429057 |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 03/15/51 | 4200 | &nbsp;&nbsp; 2810879 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/55 | 6380 | &nbsp;&nbsp; 6408187 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/35 | 10000 | &nbsp;&nbsp; 10459457 |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 2215 | &nbsp;&nbsp; 2271556 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 3845 | &nbsp;&nbsp; 3898055 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 04/30/53 | 2220 | &nbsp;&nbsp; 1706230 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding ARB, Series A, AMT, 5.38%, 08/01/36<br>| 3665 | &nbsp;&nbsp; $3713551 |
| Suffolk Regional Off-Track Betting Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34 | 1570 | &nbsp;&nbsp; 1615763 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/44 | 2600 | &nbsp;&nbsp; 2654728 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/53 | 3800 | &nbsp;&nbsp; 3862168 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.25%, 05/15/58<br>| 8000 | &nbsp;&nbsp; 6915499 |
| &nbsp;&nbsp;&nbsp; TSASC, Inc., Refunding RB, Series B, 5.00%, <br> 06/01/48<br>| 1625 | &nbsp;&nbsp; 1415609 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., <br> Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | 3300 | &nbsp;&nbsp; 3040175 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/46 | 2205 | &nbsp;&nbsp; 1971436 |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series C, 4.00%, 06/01/42 | 670 | &nbsp;&nbsp; 533668 |
| &nbsp;&nbsp;&nbsp; Sub-Series C, 5.13%, 06/01/51 | 2000 | &nbsp;&nbsp; 1716478 |
|  |  | &nbsp;&nbsp; 96864888 |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, RB, Series A, <br> 5.00%, 01/01/58<br>| 3985 | &nbsp;&nbsp; 3979567 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Grand Forks North Dakota, RB, Series A, <br> 5.00%, 12/01/48<br>| 1765 | &nbsp;&nbsp; 1733676 |
| &nbsp;&nbsp;&nbsp; County of Cass North Dakota, Refunding RB, Series B, <br> 5.25%, 02/15/58<br>| 1785 | &nbsp;&nbsp; 1736145 |
|  |  | &nbsp;&nbsp; 3469821 |
| **Ohio — 2.8%** | **Ohio — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, <br> 06/01/55<br>| 29125 | &nbsp;&nbsp; 23645457 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, CAB, Series B-3, Class 2, 0.00%, <br> 06/01/57<sup>(f)</sup><br>| 82080 | &nbsp;&nbsp; 7196540 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, Refunding <br> RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 01/01/39 | 455 | &nbsp;&nbsp; 441765 |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 01/01/49 | 1095 | &nbsp;&nbsp; 1030748 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Ohio, Refunding RB, 5.00%, <br> 01/01/46<br>| 1435 | &nbsp;&nbsp; 1272858 |
| County of Hardin Ohio, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | 620 | &nbsp;&nbsp; 605189 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/40 | 615 | &nbsp;&nbsp; 558904 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/50 | 2895 | &nbsp;&nbsp; 2535880 |
| &nbsp;&nbsp;&nbsp; Hickory Chase Community Authority, Refunding RB, <br> 5.00%, 12/01/40<sup>(c)</sup><br>| 4675 | &nbsp;&nbsp; 4379395 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, RB, AMT, <br> 5.00%, 07/01/49<sup>(c)</sup><br>| 3900 | &nbsp;&nbsp; 3300909 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, <br> Refunding RB, 4.00%, 10/01/47<br>| 3500 | &nbsp;&nbsp; 2639140 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, M/F Housing, <br> Series A, 5.70%, 08/01/43<sup>(c)</sup><br>| 3500 | &nbsp;&nbsp; 3542018 |
|  |  | &nbsp;&nbsp; 51148803 |
| **Oklahoma — 1.8%** | **Oklahoma — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma City Airport Trust, ARB, AMT, Junior Lien, <br> 5.00%, 07/01/47<br>| 4575 | &nbsp;&nbsp; 4301273 |
| Oklahoma Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/01/51<sup>(c)</sup> | 14215 | &nbsp;&nbsp; 13626853 |
| &nbsp;&nbsp;&nbsp; Series A-2, 7.25%, 09/01/51<sup>(c)</sup> | 1920 | &nbsp;&nbsp; 1840546 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oklahoma (continued)** | **Oklahoma (continued)** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 08/15/52 | 2415 | &nbsp;&nbsp; $2289606 |
| &nbsp;&nbsp;&nbsp; Tulsa Authority for Economic Opportunity, TA, 4.38%, <br> 12/01/41<sup>(c)</sup><br>| 1165 | &nbsp;&nbsp; 1014396 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Refunding RB, <br> 5.25%, 11/15/37<br>| 1050 | &nbsp;&nbsp; 1055439 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding ARB, <br> AMT, 6.25%, 12/01/40<br>| 6420 | &nbsp;&nbsp; 6900275 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding RB, <br> Series C, AMT, 5.50%, 12/01/35<br>| 1260 | &nbsp;&nbsp; 1244002 |
|  |  | &nbsp;&nbsp; 32272390 |
| **Oregon — 0.8%** | **Oregon — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Clackamas County Hospital Facility Authority, <br> Refunding RB, Series A, 5.25%, 11/15/50<br>| 800 | &nbsp;&nbsp; 730976 |
| Oregon State Facilities Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49 | 915 | &nbsp;&nbsp; 759408 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/15/55 | 505 | &nbsp;&nbsp; 422677 |
| &nbsp;&nbsp;&nbsp; Port of Morrow Oregon, GOL, Series A, 5.15%, <br> 10/01/26<sup>(c)</sup><br>| 11815 | &nbsp;&nbsp; 11832848 |
|  |  | &nbsp;&nbsp; 13745909 |
| **Pennsylvania — 1.7%** | **Pennsylvania — 1.7%** |  |
| Allegheny Community Broadband, Inc., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/01/45 | 530 | &nbsp;&nbsp; 510553 |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/01/51 | 625 | &nbsp;&nbsp; 604689 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/32 | 300 | &nbsp;&nbsp; 303572 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/42 | 300 | &nbsp;&nbsp; 285189 |
| &nbsp;&nbsp;&nbsp; Beaver County Industrial Development Authority, <br> Refunding RB, Series B, 3.75%, 10/01/47<br>| 6065 | &nbsp;&nbsp; 4717026 |
| Doylestown Hospital Authority, Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 | 485 | &nbsp;&nbsp; 531168 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/39 | 1125 | &nbsp;&nbsp; 1219185 |
| &nbsp;&nbsp;&nbsp; Lancaster Municipal Authority, RB, Series B, 5.00%, <br> 05/01/54<br>| 300 | &nbsp;&nbsp; 270891 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> Refunding RB, 5.00%, 12/01/46<br>| 1000 | &nbsp;&nbsp; 904314 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 2890 | &nbsp;&nbsp; 2889431 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 4830 | &nbsp;&nbsp; 4538338 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/38<sup>(d)</sup> | 1750 | &nbsp;&nbsp; 1761272 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/37<sup>(d)</sup> | 3065 | &nbsp;&nbsp; 3084743 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 11/01/44 | 5390 | &nbsp;&nbsp; 5355711 |
| Pennsylvania Higher Education Assistance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 1A, 4.75%, 06/01/46 | 3240 | &nbsp;&nbsp; 3094210 |
| &nbsp;&nbsp;&nbsp; Sub-Series 1C, AMT, 5.00%, 06/01/51 | 640 | &nbsp;&nbsp; 579063 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, GOL, Series A, (SAW), <br> 5.50%, 09/01/48<br>| 490 | &nbsp;&nbsp; 506673 |
|  |  | &nbsp;&nbsp; 31156028 |
| **Puerto Rico — 6.7%** | **Puerto Rico — 6.7%** |  |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(f)</sup><br>| 38360 | &nbsp;&nbsp; 1950359 |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, Refunding RB, Series B, 0.00%, <br> 05/15/55<sup>(f)</sup><br>| 2000 | &nbsp;&nbsp; 202640 |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 3605 | &nbsp;&nbsp; 3839956 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| Commonwealth of Puerto Rico, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | $3402 | &nbsp;&nbsp; $3690678 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/41 | 1059 | &nbsp;&nbsp; 925282 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/46 | 2017 | &nbsp;&nbsp; 1676532 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, CAB, Series A, <br> Restructured, 0.00%, 07/01/33<sup>(f)</sup><br>| 5283 | &nbsp;&nbsp; 3672638 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(b)(d)(i)</sup><br>| 64022 | &nbsp;&nbsp; 34958361 |
| &nbsp;&nbsp;&nbsp; PRIFA Custodial Trust, RB, Series 2005, 0.00%, <br> 03/15/49<br>| 3300 | &nbsp;&nbsp; 839040 |
| Puerto Rico Electric Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.25%, 07/01/30<sup>(b)(i)</sup> | 250 | &nbsp;&nbsp; 120625 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/33<sup>(b)(i)</sup> | 8735 | &nbsp;&nbsp; 4214637 |
| &nbsp;&nbsp;&nbsp; Series A, 6.75%, 07/01/36<sup>(b)(i)</sup> | 5830 | &nbsp;&nbsp; 2812975 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/40 | 1000 | &nbsp;&nbsp; 482500 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/42<sup>(b)(i)</sup> | 1605 | &nbsp;&nbsp; 774412 |
| &nbsp;&nbsp;&nbsp; Series A, 5.05%, 07/01/42<sup>(b)(i)</sup> | 1080 | &nbsp;&nbsp; 521100 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/43<sup>(b)(i)</sup> | 775 | &nbsp;&nbsp; 373937 |
| &nbsp;&nbsp;&nbsp; Series A-1, 10.00%, 07/01/19<sup>(b)(i)</sup> | 230 | &nbsp;&nbsp; 111077 |
| &nbsp;&nbsp;&nbsp; Series A-2, 10.00%, 07/01/19<sup>(b)(i)</sup> | 1161 | &nbsp;&nbsp; 560389 |
| &nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19<sup>(b)(i)</sup> | 748 | &nbsp;&nbsp; 360750 |
| &nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19<sup>(b)(i)</sup> | 748 | &nbsp;&nbsp; 360750 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18<sup>(b)(i)</sup> | 2054 | &nbsp;&nbsp; 991140 |
| &nbsp;&nbsp;&nbsp; Series C-2, 5.40%, 07/01/18<sup>(b)(i)</sup> | 2055 | &nbsp;&nbsp; 991300 |
| &nbsp;&nbsp;&nbsp; Series C-3, 5.40%, 01/01/20<sup>(b)(i)</sup> | 208 | &nbsp;&nbsp; 100204 |
| &nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20<sup>(b)(i)</sup> | 208 | &nbsp;&nbsp; 100204 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.00%, 07/01/22 | 715 | &nbsp;&nbsp; 344988 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.00%, 07/01/25 | 620 | &nbsp;&nbsp; 299150 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/26<sup>(b)(i)</sup> | 590 | &nbsp;&nbsp; 284675 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28<sup>(b)(i)</sup> | 1945 | &nbsp;&nbsp; 938462 |
| &nbsp;&nbsp;&nbsp; Series D-1, 7.50%, 01/01/20<sup>(b)(i)</sup> | 2332 | &nbsp;&nbsp; 1125301 |
| &nbsp;&nbsp;&nbsp; Series D-2, 7.50%, 01/01/20<sup>(b)(i)</sup> | 4430 | &nbsp;&nbsp; 2137443 |
| &nbsp;&nbsp;&nbsp; Series D-4, 7.50%, 07/01/20<sup>(b)(i)</sup> | 709 | &nbsp;&nbsp; 342216 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/18<sup>(b)(i)</sup> | 900 | &nbsp;&nbsp; 434250 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/25<sup>(b)(i)</sup> | 3270 | &nbsp;&nbsp; 1577775 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/26<sup>(b)(i)</sup> | 455 | &nbsp;&nbsp; 219538 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17<sup>(b)(i)</sup> | 475 | &nbsp;&nbsp; 229188 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/18<sup>(b)(i)</sup> | 415 | &nbsp;&nbsp; 200238 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/19<sup>(b)(i)</sup> | 335 | &nbsp;&nbsp; 161638 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/22<sup>(b)(i)</sup> | 4500 | &nbsp;&nbsp; 2171250 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/24<sup>(b)(i)</sup> | 815 | &nbsp;&nbsp; 393237 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/25 | 1940 | &nbsp;&nbsp; 936050 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33<sup>(b)(i)</sup> | 315 | &nbsp;&nbsp; 151988 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/38<sup>(b)(i)</sup> | 415 | &nbsp;&nbsp; 200238 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/17<sup>(b)(i)</sup> | 230 | &nbsp;&nbsp; 110975 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35<sup>(b)(i)</sup> | 705 | &nbsp;&nbsp; 340163 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36<sup>(b)(i)</sup> | 2870 | &nbsp;&nbsp; 1384775 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/40<sup>(b)(i)</sup> | 8385 | &nbsp;&nbsp; 4045762 |
| Puerto Rico Electric Power Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/22<sup>(b)(i)</sup> | 765 | &nbsp;&nbsp; 369112 |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/25 | 3560 | &nbsp;&nbsp; 1717700 |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/28<sup>(b)(i)</sup> | 3655 | &nbsp;&nbsp; 1763537 |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/29<sup>(b)(i)</sup> | 190 | &nbsp;&nbsp; 91675 |
| &nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/17<sup>(b)(d)(i)</sup> | 2660 | &nbsp;&nbsp; 1283450 |
| &nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/18<sup>(b)(d)(i)</sup> | 125 | &nbsp;&nbsp; 60313 |
| &nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/20<sup>(b)(d)(i)</sup> | 1135 | &nbsp;&nbsp; 547637 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/31<sup>(b)(d)(i)</sup> | 1345 | &nbsp;&nbsp; 648962 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/19<sup>(b)(i)</sup> | 1050 | &nbsp;&nbsp; 506625 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/23<sup>(b)(i)</sup> | 370 | &nbsp;&nbsp; 178525 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/24<sup>(b)(i)</sup> | 5050 | &nbsp;&nbsp; 2436625 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/25<sup>(b)(i)</sup> | 265 | &nbsp;&nbsp; 127863 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 07/01/28<sup>(b)(i)</sup> | 345 | &nbsp;&nbsp; 166463 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 12/29/49<sup>(b)(i)</sup> | 330 | &nbsp;&nbsp; $159225 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & <br> Envirml Ctl Facs Fing Authority, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 6.75%, 01/01/45 | 680 | &nbsp;&nbsp; 745003 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, 6.50%, 01/01/42 | 445 | &nbsp;&nbsp; 489882 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, 6.75%, 01/01/45 | 680 | &nbsp;&nbsp; 744766 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 11213 | &nbsp;&nbsp; 10022035 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 5871 | &nbsp;&nbsp; 5345012 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 | 1564 | &nbsp;&nbsp; 1326953 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 1495 | &nbsp;&nbsp; 1323551 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 626 | &nbsp;&nbsp; 549688 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/33 | 2574 | &nbsp;&nbsp; 1859020 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 11030 | &nbsp;&nbsp; 3404484 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 8066 | &nbsp;&nbsp; 2492474 |
|  |  | &nbsp;&nbsp; 121021366 |
| **Rhode Island — 0.1%** | **Rhode Island — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., RB, CAB, <br> Series A, 0.00%, 06/01/52<sup>(f)</sup><br>| 6280 | &nbsp;&nbsp; 1054007 |
| **South Carolina**<sup>(c)</sup> **— 1.3%** | **South Carolina**<sup>(c)</sup> **— 1.3%** |  |
| City of Hardeeville South Carolina, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/01/32 | 135 | &nbsp;&nbsp; 120259 |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/01/41 | 270 | &nbsp;&nbsp; 212418 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/52 | 165 | &nbsp;&nbsp; 116884 |
| &nbsp;&nbsp;&nbsp; County of Dorchester South Carolina, SAB, 6.00%, <br> 10/01/51<br>| 2240 | &nbsp;&nbsp; 2247261 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, 7.50%, 08/15/62<br>| 1935 | &nbsp;&nbsp; 1736400 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, M/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/65<sup>(d)</sup> | 14770 | &nbsp;&nbsp; 14337512 |
| &nbsp;&nbsp;&nbsp; Series A, 6.75%, 12/01/60 | 4985 | &nbsp;&nbsp; 4905247 |
|  |  | &nbsp;&nbsp; 23675981 |
| **Tennessee — 1.0%** | **Tennessee — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB, <br> 4.00%, 10/01/49<br>| 1635 | &nbsp;&nbsp; 1279191 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Industrial Development Board, SAB, CAB, 0.00%, <br> 06/01/43<sup>(c)(f)</sup><br>| 3830 | &nbsp;&nbsp; 1567455 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(d)</sup> | 7435 | &nbsp;&nbsp; 7955185 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(d)</sup><br>| 6360 | &nbsp;&nbsp; 6703215 |
|  |  | &nbsp;&nbsp; 17505046 |
| **Texas — 7.0%** | **Texas — 7.0%** |  |
| &nbsp;&nbsp;&nbsp; Angelina & Neches River Authority, RB, Series A, AMT, <br> 7.50%, 12/01/45<sup>(b)(c)(i)</sup><br>| 2340 | &nbsp;&nbsp; 232853 |
| Arlington Higher Education Finance Corp., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/54 | 6260 | &nbsp;&nbsp; 4654423 |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 1970 | &nbsp;&nbsp; 1867876 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 1670 | &nbsp;&nbsp; 1676844 |
| &nbsp;&nbsp;&nbsp; Beaumont Housing Authority, RB, M/F Housing, <br> Series A, 6.50%, 07/01/55<sup>(c)</sup><br>| 1270 | &nbsp;&nbsp; 1207921 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Refunding <br> RB<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/28 | 3000 | &nbsp;&nbsp; 2800461 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Refunding <br> RB<sup>(f)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/29 | $500 | &nbsp;&nbsp; $451530 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/30 | 1330 | &nbsp;&nbsp; 1157494 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/31 | 4000 | &nbsp;&nbsp; 3335398 |
| City of Anna Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/31 | 202 | &nbsp;&nbsp; 203091 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/44 | 769 | &nbsp;&nbsp; 756033 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/54 | 195 | &nbsp;&nbsp; 191655 |
| City of Aubrey Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/30 | 373 | &nbsp;&nbsp; 369899 |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/31/35 | 449 | &nbsp;&nbsp; 433881 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/31/45 | 1000 | &nbsp;&nbsp; 918966 |
| &nbsp;&nbsp;&nbsp; 5.63%, 12/31/55 | 1750 | &nbsp;&nbsp; 1586856 |
| City of Bastrop Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/45 | 390 | &nbsp;&nbsp; 372657 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/55 | 780 | &nbsp;&nbsp; 736697 |
| City of Buda Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/55 | 1080 | &nbsp;&nbsp; 1035123 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/01/55 | 2170 | &nbsp;&nbsp; 2011736 |
| City of Celina Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/45 | 390 | &nbsp;&nbsp; 366179 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/45 | 100 | &nbsp;&nbsp; 96121 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/55 | 1010 | &nbsp;&nbsp; 938392 |
| City of Corpus Christi Texas, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/15/31 | 156 | &nbsp;&nbsp; 154522 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/44 | 450 | &nbsp;&nbsp; 422776 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/54 | 767 | &nbsp;&nbsp; 720680 |
| City of Crandall Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/41 | 500 | &nbsp;&nbsp; 462810 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/45 | 270 | &nbsp;&nbsp; 249977 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/55 | 650 | &nbsp;&nbsp; 594237 |
| City of Fate Texas, SAB, 5.75%, 08/15/54<sup>(c)</sup> | 290 | &nbsp;&nbsp; 276281 |
| City of Friendswood Texas, SAB, 7.00%, 09/15/54 | 2146 | &nbsp;&nbsp; 2075228 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 6.63%, 07/15/38 | 1110 | &nbsp;&nbsp; 1110389 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 07/01/41 | 3600 | &nbsp;&nbsp; 3089412 |
| &nbsp;&nbsp;&nbsp; Series B-1, AMT, 5.00%, 07/15/35 | 5000 | &nbsp;&nbsp; 4997509 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/29 | 5400 | &nbsp;&nbsp; 5398455 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/15/27 | 5525 | &nbsp;&nbsp; 5584381 |
| City of Hutto Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/45 | 300 | &nbsp;&nbsp; 274246 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/60 | 1000 | &nbsp;&nbsp; 894955 |
| City of Marble Falls Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/31 | 100 | &nbsp;&nbsp; 99507 |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/01/41 | 295 | &nbsp;&nbsp; 273713 |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/44 | 180 | &nbsp;&nbsp; 165690 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/51 | 500 | &nbsp;&nbsp; 453163 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/54 | 1140 | &nbsp;&nbsp; 1038371 |
| City of Oak Point Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/15/44 | 500 | &nbsp;&nbsp; 464744 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/54 | 230 | &nbsp;&nbsp; 208021 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/54 | 1000 | &nbsp;&nbsp; 922689 |
| City of Pilot Point Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/45 | 1440 | &nbsp;&nbsp; 1420645 |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/15/55 | 595 | &nbsp;&nbsp; 581932 |
| City of Princeton Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/01/31 | 150 | &nbsp;&nbsp; 151120 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/44 | 350 | &nbsp;&nbsp; 320881 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/44 | 425 | &nbsp;&nbsp; 401016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| City of Princeton Texas, SAB<sup>(c)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/45 | $715 | &nbsp;&nbsp; $683580 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/54 | 575 | &nbsp;&nbsp; 517312 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/54 | 642 | &nbsp;&nbsp; 596424 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/55 | 1080 | &nbsp;&nbsp; 1020663 |
| City of San Marcos Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/01/27 | 156 | &nbsp;&nbsp; 155048 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/32 | 237 | &nbsp;&nbsp; 228198 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/42 | 750 | &nbsp;&nbsp; 643541 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/51 | 520 | &nbsp;&nbsp; 431157 |
| City of Seagoville Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/45 | 625 | &nbsp;&nbsp; 618457 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/15/54 | 295 | &nbsp;&nbsp; 289263 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., RB, Series A, <br> 6.00%, 06/15/54<sup>(c)</sup><br>| 200 | &nbsp;&nbsp; 179514 |
| &nbsp;&nbsp;&nbsp; Club Municipal Management District No. 1, SAB, <br> 5.38%, 09/01/55<sup>(c)</sup><br>| 550 | &nbsp;&nbsp; 515213 |
| County of Denton Texas, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/31/45 | 1540 | &nbsp;&nbsp; 1515440 |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/31/55 | 2225 | &nbsp;&nbsp; 2193917 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Industrial Development Corp., RB, <br> Series B, 4.75%, 11/01/42<br>| 1380 | &nbsp;&nbsp; 1214075 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/38 | 535 | &nbsp;&nbsp; 523960 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/43 | 520 | &nbsp;&nbsp; 495774 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 01/01/48 | 1535 | &nbsp;&nbsp; 1448473 |
| Hemphill County Hospital District, GOL |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/01/39 | 1500 | &nbsp;&nbsp; 1278009 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/45 | 2500 | &nbsp;&nbsp; 2029700 |
| &nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., RB, 4.00%, <br> 10/01/51<br>| 1400 | &nbsp;&nbsp; 1059069 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/55 | 700 | &nbsp;&nbsp; 572194 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/57 | 3000 | &nbsp;&nbsp; 1949946 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> Refunding RB, Series A, 6.75%, 10/01/52<br>| 5000 | &nbsp;&nbsp; 4928155 |
| &nbsp;&nbsp;&nbsp; New Hope Higher Education Finance Corp., RB, <br> Series A, 5.75%, 06/15/51<sup>(c)</sup><br>| 5580 | &nbsp;&nbsp; 4338449 |
| Newark Higher Education Finance Corp., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/15/35 | 375 | &nbsp;&nbsp; 375178 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 08/15/45 | 735 | &nbsp;&nbsp; 735463 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority, <br> RB, 4.10%, 01/01/28<sup>(c)</sup><br>| 6900 | &nbsp;&nbsp; 6101473 |
| Port of Beaumont Navigation District, Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 3.63%, 01/01/35 | 3580 | &nbsp;&nbsp; 3093800 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 01/01/50 | 12530 | &nbsp;&nbsp; 8731606 |
| San Antonio Education Facilities Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/41 | 645 | &nbsp;&nbsp; 527745 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/51 | 885 | &nbsp;&nbsp; 658674 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, Series A, 11/15/55<sup>(e)</sup><br>| 2410 | &nbsp;&nbsp; 2380447 |
| &nbsp;&nbsp;&nbsp; Texas Community Housing & Economic Development <br> Corp., RB, M/F Housing, Series A1, Senior Lien, <br> 6.25%, 01/01/65<sup>(c)</sup><br>| 4935 | &nbsp;&nbsp; 4468235 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB, 5.00%, 12/15/32<br>| 1500 | &nbsp;&nbsp; 1598455 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| Texas Water Development Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/45 | 5215 | &nbsp;&nbsp; $4590924 |
| &nbsp;&nbsp;&nbsp; Series A, 4.38%, 10/15/59 | 4765 | &nbsp;&nbsp; 4254016 |
|  |  | &nbsp;&nbsp; 127150983 |
| **Utah — 1.5%** | **Utah — 1.5%** |  |
| County of Utah, RB, Series A, 3.00%, 05/15/50 | 940 | &nbsp;&nbsp; 633852 |
| &nbsp;&nbsp;&nbsp; MIDA Mountain Veterans Program Public Infrastructure <br> District, TA, 5.00%, 06/01/44<sup>(c)</sup><br>| 1000 | &nbsp;&nbsp; 932088 |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, <br> TA<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1, 5.13%, 06/15/54 | 2000 | &nbsp;&nbsp; 1831227 |
| &nbsp;&nbsp;&nbsp; Series 2, 5.75%, 06/15/44 | 1500 | &nbsp;&nbsp; 1486899 |
| &nbsp;&nbsp;&nbsp; Ridges Estates Infrastructure Financing District, SAB, <br> 6.25%, 12/01/53<sup>(c)</sup><br>| 5352 | &nbsp;&nbsp; 5356436 |
| &nbsp;&nbsp;&nbsp; SkyRidge Pegasus Infrastructure Financing District, <br> SAB, 5.25%, 12/01/44<sup>(c)</sup><br>| 3850 | &nbsp;&nbsp; 3581701 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, Series A, <br> 5.00%, 06/15/52<sup>(c)</sup><br>| 1320 | &nbsp;&nbsp; 1061587 |
| Utah Housing Corp., RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (GNMA), 4.50%, 01/21/49 | 983 | &nbsp;&nbsp; 938367 |
| &nbsp;&nbsp;&nbsp; Series B, (GNMA), 4.50%, 02/21/49 | 1700 | &nbsp;&nbsp; 1624524 |
| &nbsp;&nbsp;&nbsp; Series C, (GNMA), 4.50%, 03/21/49 | 815 | &nbsp;&nbsp; 776575 |
| &nbsp;&nbsp;&nbsp; Series D, (GNMA), 4.50%, 04/21/49 | 1749 | &nbsp;&nbsp; 1677006 |
| &nbsp;&nbsp;&nbsp; Series E, (GNMA), 4.50%, 05/21/49 | 1080 | &nbsp;&nbsp; 1031555 |
| &nbsp;&nbsp;&nbsp; Series F-G2, (GNMA), 4.50%, 06/21/49 | 2052 | &nbsp;&nbsp; 1961257 |
| &nbsp;&nbsp;&nbsp; Series G-G2, (GNMA), 4.50%, 07/21/49 | 1290 | &nbsp;&nbsp; 1232163 |
| &nbsp;&nbsp;&nbsp; Series H, (GNMA), 4.50%, 08/21/49 | 1107 | &nbsp;&nbsp; 1056750 |
| &nbsp;&nbsp;&nbsp; Series I, (GNMA), 4.50%, 11/21/48 | 560 | &nbsp;&nbsp; 534093 |
| &nbsp;&nbsp;&nbsp; Series J, (GNMA), 4.50%, 12/21/48 | 798 | &nbsp;&nbsp; 762264 |
| Utah Infrastructure Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/44 | 460 | &nbsp;&nbsp; 465685 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/48 | 435 | &nbsp;&nbsp; 434052 |
| &nbsp;&nbsp;&nbsp; Wood Ranch Public Infrastructure District, SAB, <br> 5.63%, 12/01/53<sup>(c)</sup><br>| 485 | &nbsp;&nbsp; 464503 |
|  |  | &nbsp;&nbsp; 27842584 |
| **Vermont**<sup>(c)</sup> **— 0.6%** | **Vermont**<sup>(c)</sup> **— 0.6%** |  |
| East Central Vermont Telecommunications District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 12/01/40 | 2850 | &nbsp;&nbsp; 2455318 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/01/44 | 3695 | &nbsp;&nbsp; 2957825 |
| &nbsp;&nbsp;&nbsp; Series A, 6.88%, 12/01/46 | 3630 | &nbsp;&nbsp; 3766658 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/01/50 | 3000 | &nbsp;&nbsp; 2259349 |
|  |  | &nbsp;&nbsp; 11439150 |
| **Virginia — 1.4%** | **Virginia — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 03/01/46 | 500 | &nbsp;&nbsp; 469415 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 03/01/46 | 1154 | &nbsp;&nbsp; 1123072 |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA, CAB, Series A-2, 7.13%, 03/01/59<sup>(g)</sup><br>| 4432 | &nbsp;&nbsp; 3750378 |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, <br> Refunding RB, Series A, 4.00%, 05/15/48<br>| 1780 | &nbsp;&nbsp; 1499717 |
| &nbsp;&nbsp;&nbsp; Hanover County Economic Development Authority, <br> Refunding RB, 4.00%, 07/01/40<sup>(c)</sup><br>| 1790 | &nbsp;&nbsp; 1493992 |
| &nbsp;&nbsp;&nbsp; James City County Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.88%, 12/01/58 | 1475 | &nbsp;&nbsp; 1564750 |
| &nbsp;&nbsp;&nbsp; Series C3, 5.25%, 12/01/27 | 860 | &nbsp;&nbsp; 860936 |
| &nbsp;&nbsp;&nbsp; Lower Magnolia Green Community Development <br> Authority, SAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/35 | 460 | &nbsp;&nbsp; 454369 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia (continued)** | **Virginia (continued)** |  |
| &nbsp;&nbsp;&nbsp; Lower Magnolia Green Community Development <br> Authority, SAB<sup>(c)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/45 | 475 | &nbsp;&nbsp; $436564 |
| &nbsp;&nbsp;&nbsp; Norfolk Redevelopment & Housing Authority, RB, <br> Series A, 5.00%, 01/01/49<br>| 1250 | &nbsp;&nbsp; 1069297 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series A-1, 6.71%, 06/01/46<br>| 9850 | &nbsp;&nbsp; 7750768 |
| Virginia Beach Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 09/01/53 | 1800 | &nbsp;&nbsp; 1954361 |
| &nbsp;&nbsp;&nbsp; Series B3, 5.38%, 09/01/29 | 1085 | &nbsp;&nbsp; 1096891 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth University Health System <br> Authority, RB, Series A, 4.00%, 07/01/54<br>| 2500 | &nbsp;&nbsp; 2073799 |
|  |  | &nbsp;&nbsp; 25598309 |
| **Washington — 0.8%** | **Washington — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Washington Economic Development Finance Authority, <br> RB, Series A, AMT, Sustainability Bonds, 5.63%, <br> 12/01/40<sup>(c)</sup><br>| 3470 | &nbsp;&nbsp; 3471547 |
| Washington State Housing Finance Commission, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/59 | 300 | &nbsp;&nbsp; 295387 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/50 | 1240 | &nbsp;&nbsp; 1072422 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 01/01/53 | 720 | &nbsp;&nbsp; 634290 |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 01/01/59 | 585 | &nbsp;&nbsp; 515888 |
| &nbsp;&nbsp;&nbsp; Series B2, 3.95%, 07/01/29 | 2830 | &nbsp;&nbsp; 2831023 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/26<sup>(c)</sup> | 900 | &nbsp;&nbsp; 901443 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/01/35<sup>(c)</sup> | 355 | &nbsp;&nbsp; 354902 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/43<sup>(c)</sup> | 2000 | &nbsp;&nbsp; 1822006 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/45<sup>(c)</sup> | 940 | &nbsp;&nbsp; 939583 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 920 | &nbsp;&nbsp; 890989 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 620 | &nbsp;&nbsp; 586969 |
|  |  | &nbsp;&nbsp; 14316449 |
| **Wisconsin — 6.6%** | **Wisconsin — 6.6%** |  |
| Public Finance Authority, ARB, AMT, 4.00%, 07/01/41 | 530 | &nbsp;&nbsp; 448808 |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/31<sup>(b)(c)(i)</sup> | 910 | &nbsp;&nbsp; 77350 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/32<sup>(c)</sup> | 5831 | &nbsp;&nbsp; 5648189 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/15/33<sup>(c)</sup> | 12185 | &nbsp;&nbsp; 11861809 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/41<sup>(c)</sup> | 925 | &nbsp;&nbsp; 719412 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/47<sup>(b)(c)(i)</sup> | 910 | &nbsp;&nbsp; 77350 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/49<sup>(c)</sup> | 5810 | &nbsp;&nbsp; 5229102 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/53 | 645 | &nbsp;&nbsp; 581851 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/54<sup>(c)</sup> | 3280 | &nbsp;&nbsp; 3169020 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/55<sup>(c)</sup> | 2405 | &nbsp;&nbsp; 1601328 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56<sup>(c)</sup> | 3790 | &nbsp;&nbsp; 2965644 |
| &nbsp;&nbsp;&nbsp; 12/31/65<sup>(e)</sup> | 4985 | &nbsp;&nbsp; 5199508 |
| &nbsp;&nbsp;&nbsp; Class A, 4.00%, 09/01/51<sup>(c)</sup> | 1185 | &nbsp;&nbsp; 829478 |
| &nbsp;&nbsp;&nbsp; Class A, 6.45%, 04/01/60<sup>(c)</sup> | 1080 | &nbsp;&nbsp; 985548 |
| &nbsp;&nbsp;&nbsp; Series A, 12.00%, 05/16/29<sup>(c)</sup> | 1895 | &nbsp;&nbsp; 2102327 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 06/15/31<sup>(c)</sup> | 170 | &nbsp;&nbsp; 159526 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/40<sup>(c)</sup> | 750 | &nbsp;&nbsp; 660338 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/41<sup>(c)</sup> | 510 | &nbsp;&nbsp; 426255 |
| &nbsp;&nbsp;&nbsp; Series A, 7.75%, 07/01/43<sup>(c)</sup> | 9100 | &nbsp;&nbsp; 9199802 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/44<sup>(c)</sup> | 410 | &nbsp;&nbsp; 365168 |
| &nbsp;&nbsp;&nbsp; Series A, 6.85%, 11/01/46<sup>(b)(c)(i)</sup> | 1325 | &nbsp;&nbsp; 662500 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 11/01/46<sup>(b)(c)(i)</sup> | 805 | &nbsp;&nbsp; 402500 |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 07/15/47<sup>(c)</sup> | 1595 | &nbsp;&nbsp; 1490822 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/49<sup>(c)</sup> | 1340 | &nbsp;&nbsp; 1056975 |
| &nbsp;&nbsp;&nbsp; Series A, 5.63%, 06/15/49<sup>(c)</sup> | 7700 | &nbsp;&nbsp; 6813452 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/51<sup>(c)</sup> | 1060 | &nbsp;&nbsp; 790744 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/51<sup>(c)</sup> | 5280 | &nbsp;&nbsp; 3457424 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** |  |
| Public Finance Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/54<sup>(c)</sup> | 1190 | &nbsp;&nbsp; $997923 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/55<sup>(c)</sup> | 11540 | &nbsp;&nbsp; 8726628 |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 06/15/56<sup>(c)</sup> | 2385 | &nbsp;&nbsp; 1815395 |
| &nbsp;&nbsp;&nbsp; Series A, 7.50%, 07/01/59<sup>(c)</sup> | 7880 | &nbsp;&nbsp; 8630932 |
| &nbsp;&nbsp;&nbsp; Series A, 7.25%, 01/01/61<sup>(c)</sup> | 6490 | &nbsp;&nbsp; 6647641 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(c)</sup> | 765 | &nbsp;&nbsp; 731301 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/35<sup>(c)(f)</sup> | 975 | &nbsp;&nbsp; 548880 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/60<sup>(c)(f)</sup> | 31635 | &nbsp;&nbsp; 2176027 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 09/30/51 | 4000 | &nbsp;&nbsp; 3069065 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 03/31/56 | 3370 | &nbsp;&nbsp; 2517564 |
| Public Finance Authority, RB, CAB<sup>(c)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/32 | 4428 | &nbsp;&nbsp; 2784865 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/37 | 9240 | &nbsp;&nbsp; 4505470 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/38 | 2535 | &nbsp;&nbsp; 1134883 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, M/F Housing, Series A, <br> 7.13%, 07/01/65<sup>(c)(d)</sup><br>| 2740 | &nbsp;&nbsp; 2658062 |
| Public Finance Authority, Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/32 | 980 | &nbsp;&nbsp; 973700 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/52 | 1300 | &nbsp;&nbsp; 1143517 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> RB, Series A, 5.75%, 08/15/54<br>| 1375 | &nbsp;&nbsp; 1383976 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, 4.00%, 01/01/47<br>| 2540 | &nbsp;&nbsp; 2033480 |
|  |  | &nbsp;&nbsp; 119461539 |
| **Total Municipal Bonds — 91.2%** <br>**(Cost: $1,774,127,944)** | **Total Municipal Bonds — 91.2%** <br>**(Cost: $1,774,127,944)** | &nbsp;&nbsp; 1649686757 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> |
| **District of Columbia — 0.6%** | **District of Columbia — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB, Series A, 5.00%, 06/01/50<br>| 10000 | &nbsp;&nbsp; 10120415 |
| **Florida — 1.5%** | **Florida — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.50%, 10/01/55<sup>(k)</sup><br>| 16650 | &nbsp;&nbsp; 16871649 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, AMT, 5.25%, <br> 10/01/51<br>| 10700 | &nbsp;&nbsp; 10734921 |
|  |  | &nbsp;&nbsp; 27606570 |
| **Indiana — 0.8%** | **Indiana — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Refunding RB, Series F, 5.25%, 01/01/54<br>| 13185 | &nbsp;&nbsp; 13530205 |
| **New York — 3.0%** | **New York — 3.0%** |  |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series H-1, 5.00%, 11/01/50<br>| 7500 | &nbsp;&nbsp; 7561592 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 5.00%, 03/15/54<sup>(k)</sup><br>| 13970 | &nbsp;&nbsp; 14030485 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, RB, 2nd Series, <br> 5.00%, 03/15/59<br>| 20500 | &nbsp;&nbsp; 20549480 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Sub-Series B-1, Senior Lien, 5.00%, 05/15/56<br>| 12000 | &nbsp;&nbsp; 12016690 |
|  |  | &nbsp;&nbsp; 54158247 |
| **Ohio — 0.9%** | **Ohio — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, AMT, 5.50%, 01/01/50<sup>(k)</sup><br>| 16250 | &nbsp;&nbsp; 16631208 |
| **Pennsylvania — 2.2%** | **Pennsylvania — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 143A, Sustainability Bonds, 5.45%, 04/01/51 | 12495 | &nbsp;&nbsp; 12763377 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 149 A, 5.15%, 10/01/50<sup>(k)</sup> | 20000 | &nbsp;&nbsp; $19948921 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing, Series 142-A, Sustainability Bonds, <br> 5.00%, 10/01/50<br>| 7500 | &nbsp;&nbsp; 7363827 |
|  |  | &nbsp;&nbsp; 40076125 |
| **Texas — 1.1%** | **Texas — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; City of El Paso Texas Water & Sewer Revenue, <br> Refunding RB, 5.00%, 03/01/52<br>| 10000 | &nbsp;&nbsp; 10002197 |
| &nbsp;&nbsp;&nbsp; Sabine-Neches Navigation District, GOL, 5.25%, <br> 02/15/52<br>| 10000 | &nbsp;&nbsp; 10057095 |
|  |  | &nbsp;&nbsp; 20059292 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 10.1%** <br>**(Cost: $186,132,304)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 10.1%** <br>**(Cost: $186,132,304)** | &nbsp;&nbsp; 182182062 |
| **Total Long-Term Investments — 101.7%** <br>**(Cost: $1,964,454,309)** | **Total Long-Term Investments — 101.7%** <br>**(Cost: $1,964,454,309)** | &nbsp;&nbsp; 1839680312 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.8%** | **Money Market Funds — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.51%<sup>(l)(m)</sup><br>| 86403804 | &nbsp;&nbsp; 86412444 |
| **Total Short-Term Securities — 4.8%** <br>**(Cost: $86,412,444)** | **Total Short-Term Securities — 4.8%** <br>**(Cost: $86,412,444)** | &nbsp;&nbsp; 86412444 |
| **Total Investments — 106.5%** <br>**(Cost: $2,050,866,753)** | **Total Investments — 106.5%** <br>**(Cost: $2,050,866,753)** | &nbsp;&nbsp; 1926092756 |
| **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | &nbsp;&nbsp; 23608400 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (7.8)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (7.8)%** | &nbsp;&nbsp; (140859575)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1808841581 |

---

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

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

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

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

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

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

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

<sup>(j)</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>(k)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between October 1, 2032 to October 1, 2043, is $54,313,139. 

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $105253269 | $—<br> $(18840825 )<sup>(a)</sup><br>| &nbsp;&nbsp; $7072 | $(7072)<br>| $86412444 | 86403804 | $1504154 | $— |

---

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

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

**Fair Value Hierarchy as of Period End**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $64998 | &nbsp;&nbsp;&nbsp;&nbsp; $4175398 | &nbsp;&nbsp;&nbsp;&nbsp; $4240396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3571097 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3571097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1649686757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1649686757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182182062 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182182062 |
| &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; 86412444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86412444 |
| &nbsp;&nbsp;&nbsp; Unfunded Commitments<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6293290 | &nbsp;&nbsp;&nbsp;&nbsp; 6293290 |
|  | &nbsp;&nbsp; $86412444 | &nbsp;&nbsp;&nbsp;&nbsp; $1835504914 | &nbsp;&nbsp;&nbsp;&nbsp; $10468688 | &nbsp;&nbsp;&nbsp;&nbsp; $1932386046 |

---

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

<sup>(a)</sup> Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

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 $140,184,999 are categorized as Level 2 within the fair value hierarchy.

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares High Yield Muni Active ETF** 

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| COP | Certificates of Participation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| M/F | Multi-Family |
| MTA | Month Treasury Average |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| SAW | State Aid Withholding |
| ST | Special Tax |
| TA | Tax Allocation |

---

Schedule of Investments

------

## 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 ETF Trust II

- **b. Investment Company Act file number:** 811-23511

- **c. CIK number of Registrant:** 0001804196

- **d. LEI of Registrant:** 549300PLJCTZLQ2LE832

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

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** iShares High Yield Muni Active ETF

- **b. EDGAR series identifier (if any):** S000088410

- **c. LEI of Series:** 529900RSTN1ODZCS1O82

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

- **a. Date of fiscal year-end:** 2025-10-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1963176587.44

**Total Liabilities:** $154195477.67

**Net Assets:** $1808981109.77

**Delayed Delivery Securities:** $16829448.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 156317.99000000 | **1-Year:** 1372.53000000 | **5-Year:** 48720.04000000 | **10-Year:** 84320.92000000 | **30-Year:** 339527.67000000

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

- **3-Month:** 72448.93000000 | **1-Year:** 13427.68000000 | **5-Year:** 123915.06000000 | **10-Year:** 326145.05000000 | **30-Year:** 704334.19000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254671 | -0.02%               | 0.85%                | -1.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1093431.05             | $-6392765.66                               |
| Month 2  | $-4664190.51             | $11844060.08                               |
| Month 3  | $-4055919.18             | $-33455934.72                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ballston Quarter Community Development Authority                                 | BALLSTON QUARTER CMNTY DEV AUTH VA REVENUE                   | CUSIP: 058696AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4432000 | PA      | $3750378.12   | 0.21%             | 2059-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Beaumont Housing Authority                                                       | BEAUMONT TX HSG AUTH RSDL DEV REVENUE                        | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1207921.42   | 0.07%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2889430.70   | 0.16%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TIMBERHP BY GO LAB INC                                                           | TIMBERHP BY GO LAB INC                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    622265 | NS      | $4175398.15   | 0.23%             |  |  |  | No            |                  3 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MUQ8<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   6995000 | PA      | $5108887.65   | 0.28%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $325975.07    | 0.02%             | 2055-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YBT1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    900000 | PA      | $434250.00    | 0.02%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Broward Hospital District                                                  | SOUTH BROWARD FL HOSP DIST                                   | CUSIP: 836753NP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $274204.37    | 0.02%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Holly Metropolitan District                                                | NORTH HOLLY MET DIST CO                                      | CUSIP: 659890AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $730458.15    | 0.04%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1600957.66   | 0.09%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SCH FAC REVENUE                  | CUSIP: 13051BAB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    350000 | PA      | $341765.79    | 0.02%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8066000 | PA      | $2492473.69   | 0.14%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAB8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3576968.14   | 0.20%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399TA4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6406429.12   | 0.35%             | 2066-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenbriar Community Development District                                        | GREENBRIAR CDD FL SPL ASSMNT REVENUE                         | CUSIP: 39364TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $682032.64    | 0.04%             | 2054-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Town of Milton DE                                                                | MILTON DE SPL OBLIG                                          | CUSIP: 601792AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $592197.23    | 0.03%             | 2044-09-01      | Fixed         | 5.70%                 | 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        |   4435000 | PA      | $4428208.68   | 0.24%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bella Collina Community Development District                                     | BELLA COLLINA CDD FL SPL ASSMNT                              | CUSIP: 07819AAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $166064.39    | 0.01%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEN1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    207677 | PA      | $100204.15    | 0.01%             | 2020-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Avenir Community Development District                                            | AVENIR FL CDD REVENUE                                        | CUSIP: 05357FAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520748.95    | 0.03%             | 2050-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                          | GARDENS AT HAMMOCK BEACH CDD FL SPL ASSMNT                   | CUSIP: 36549DAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $299239.90    | 0.02%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 48504LAG8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    424970 | PA      | $324685.29    | 0.02%             | 2046-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442ELV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $997922.56    | 0.06%             | 2054-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5525000 | PA      | $5584381.37   | 0.31%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ECON ACTIVITY TAX REVENUE       | CUSIP: 48502MAA1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    965000 | PA      | $871511.95    | 0.05%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poitras East Community Development District                                      | POITRAS EAST CDD FL SPL ASSMNT REVENUE                       | CUSIP: 73086BAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $433754.43    | 0.02%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $479276.54    | 0.03%             | 2045-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4997508.60   | 0.28%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5390000 | PA      | $5355710.49   | 0.30%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $664915.50    | 0.04%             | 2055-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Trout Creek Community Development District                                       | TROUT CREEK CDD FL CAPITAL IMPT REVENUE                      | CUSIP: 897188AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $670700.10    | 0.04%             | 2038-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4262165.59   | 0.24%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PA70<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9100000 | PA      | $9199801.98   | 0.51%             | 2043-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1956471.09   | 0.11%             | 2045-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI RETMNT FAC REVENUE                        | CUSIP: 74444VAD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1143516.79   | 0.06%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elbert County Independence Water & Sanitation District                           | INDEPENDENCE WTR & SANTN DIST CO SPL REVENUE                 | CUSIP: 45380AAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $699638.07    | 0.04%             | 2033-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $485657.76    | 0.03%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDR5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |  29885000 | PA      | $2186223.43   | 0.12%             | 2061-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UFJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $572194.46    | 0.03%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Higher Education Finance Corp                                           | NEW HOPE TX HGR EDU FIN CORP EDU REVENUE                     | CUSIP: 645438AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5580000 | PA      | $4338448.72   | 0.24%             | 2051-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1564000 | PA      | $1326952.54   | 0.07%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAF2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    747668 | PA      | $360749.81    | 0.02%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $129049.09    | 0.01%             | 2048-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295YS2<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    375000 | PA      | $330865.35    | 0.02%             | 2033-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Two Rivers West Community Development District                                   | TWO RIVERS WEST CDD FL SPL ASSMNT                            | CUSIP: 90207HAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $221587.96    | 0.01%             | 2031-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080YB1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1000126.60   | 0.06%             | 2045-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hanover County Economic Development Authority                                    | HANOVER CNTY VA ECON DEV AUTHRSDL CARE FAC REVENUE           | CUSIP: 41077CBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1493991.62   | 0.08%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99506.78     | 0.01%             | 2031-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Grand Oaks Community Development District                                        | GRAND OAKS CDD FL SPL ASSMNT REVENUE                         | CUSIP: 38611CAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $834562.28    | 0.05%             | 2052-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                | CUSIP: 34061WBM5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1313955.18   | 0.07%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | HAMMOCK OAKS CDD FL ASSMNT                                   | CUSIP: 40834PAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $122385.22    | 0.01%             | 2044-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YBV6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    330000 | PA      | $159225.00    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHC0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6380000 | PA      | $6408187.03   | 0.35%             | 2055-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252106.95   | 0.07%             | 2032-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFR1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    230212 | PA      | $111077.29    | 0.01%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Haymeadow Metropolitan District No 1                                             | HAYMEADOW MET DIST #1 CO                                     | CUSIP: 42089FAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1596619.03   | 0.09%             | 2054-12-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE             | CUSIP: 917467DC3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    435000 | PA      | $434051.56    | 0.02%             | 2048-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GNZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1614987.07   | 0.09%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY INDL DEV AUTH EXEMPT FACS REVENUE              | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $523567.52    | 0.03%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Crandall TX                                                              | CRANDALL TX SPL ASSMNT REVENUE                               | CUSIP: 224384AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462809.53    | 0.03%             | 2041-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $861484.70    | 0.05%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFE0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   8735000 | PA      | $4214637.50   | 0.23%             | 2033-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MF HSG REVENUE                            | CUSIP: 74441XJH3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2658062.14   | 0.15%             | 2065-07-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Orchard Park Place South Metropolitan District                                   | ORCHARD PARK PLACE SOUTH MET DIST CO                         | CUSIP: 685655AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017393.43   | 0.17%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828544U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5215000 | PA      | $4590924.39   | 0.25%             | 2045-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ENVRNMNTL REVENUE                        | CUSIP: 455054BD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2785000 | PA      | $3043184.71   | 0.17%             | 2039-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790QD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1653619.31   | 0.09%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    510000 | PA      | $426254.47    | 0.02%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $228800.36    | 0.01%             | 2034-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BLZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1021283.18   | 0.06%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $531167.77    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Somerset Bay Community Development District                                      | SOMERSET BAY CDD FL CAPITAL IMPT REVENUE                     | CUSIP: 83461CAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $887430.98    | 0.05%             | 2044-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Poudre Heights Valley Metropolitan District                                      | POUDRE HEIGHTS VLY MET DIST CO                               | CUSIP: 73856AAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $835112.43    | 0.05%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009FH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1448472.50   | 0.08%             | 2048-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority                                      | ESCAMBIA CNTY FL HLTH FACS AUTH                              | CUSIP: 296110GE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $6689305.90   | 0.37%             | 2050-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH HOSP REVENUE                  | CUSIP: 56678PBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2995000 | PA      | $1926336.23   | 0.11%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Independence Metropolitan District No 3                                          | INDEPENDENCE MET DIST #3 CO                                  | CUSIP: 453625AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    654000 | PA      | $651791.97    | 0.04%             | 2054-12-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1294400.32   | 0.07%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV AUTH MFH REVENUE               | CUSIP: 13079PA45<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2946733.59   | 0.16%             | 2068-03-01      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5585000 | PA      | $5460134.31   | 0.30%             | 2037-09-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528U6X4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1889053.50   | 0.10%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | CUSIP: 74528LAB7<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    445000 | PA      | $489882.12    | 0.03%             | 2042-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  43620000 | PA      | $9849662.08   | 0.54%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EFW5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  11540000 | PA      | $8726628.43   | 0.48%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EFA3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7700000 | PA      | $6813451.95   | 0.38%             | 2049-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS REVENUE               | CUSIP: 14043FAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $203203.36    | 0.01%             | 2044-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Buckhead Trails Community Development District                                   | BUCKHEAD TRAILS CDD FL SPL ASSMNT                            | CUSIP: 11836UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $490408.43    | 0.03%             | 2052-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | COLUMBUS OH REGL ARPT AUTH REVENUE                           | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16250000 | PA      | $16631207.74  | 0.92%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Cass ND                                                                | CASS CNTY ND HLTH FAC REVENUE                                | CUSIP: 148047BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1736144.96   | 0.10%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                         | CUSIP: 050197BU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    373000 | PA      | $369899.03    | 0.02%             | 2030-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29125000 | PA      | $23645457.16  | 1.31%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $513701.89    | 0.03%             | 2051-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH LESE REVENUE                     | CUSIP: 74446LAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1056975.20   | 0.06%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2204430.35   | 0.12%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                         | CUSIP: 796247DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $527744.90    | 0.03%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783SP2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    355000 | PA      | $354901.63    | 0.02%             | 2035-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCZ6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $521100.00    | 0.03%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri/The            | SAINT LOUIS MO INDL DEV AUTH TAX INCR & SPL DIST REVENUE     | CUSIP: 85237JAB0<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1614432.00   | 0.09%             | 2054-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MRY5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    870000 | PA      | $731385.70    | 0.04%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Horizon Metropolitan District No 2                                               | HORIZON MET DIST #2 CO                                       | CUSIP: 44056CAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1236906.43   | 0.07%             | 2051-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Crosswinds East Community Development District                                   | CROSSWINDS EAST CDD FL SPL ASSMNT                            | CUSIP: 22769LAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $372294.44    | 0.02%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $320881.23    | 0.02%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Redevelopment & Housing Authority                                        | NORFOLK VA REDEV & HSG AUTH REVENUE                          | CUSIP: 655909CM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1069297.41   | 0.06%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bellehaven Community Development District                                        | BELLEHAVEN CDD FL SPL ASSMNT                                 | CUSIP: 07876CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1389111.59   | 0.08%             | 2045-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAC8<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   3580000 | PA      | $3093799.88   | 0.17%             | 2035-01-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCX1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1107024 | PA      | $1056749.98   | 0.06%             | 2049-08-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1175382.84   | 0.06%             | 2032-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1831227.42   | 0.10%             | 2054-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Jefferson Center Metropolitan District No 1                                      | JEFFERSON CENTER CO MET DIST # 1 SPL REVENUE                 | CUSIP: 47248EAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $818767.47    | 0.05%             | 2047-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $401016.26    | 0.02%             | 2044-09-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| North Range Metropolitan District No 3                                           | NORTH RANGE MET DIST #3 CO                                   | CUSIP: 66176NAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956868.13    | 0.05%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2193916.68   | 0.12%             | 2055-12-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Reflection Bay Community Development District                                    | REFLECTION BAY CDD FL SPL ASSMNT                             | CUSIP: 75865NAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $440313.01    | 0.02%             | 2045-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TH30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1061587.28   | 0.06%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEJ0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    815000 | PA      | $393237.50    | 0.02%             | 2024-07-01      | Fixed         | 5.38%                 | 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        |    875000 | PA      | $590625.00    | 0.03%             | 2062-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EVA1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    620000 | PA      | $672605.63    | 0.04%             | 2033-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $612417.08    | 0.03%             | 2055-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BLP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4471750.27   | 0.25%             | 2055-01-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Two Rivers West Community Development District                                   | TWO RIVERS WEST CDD FL SPL ASSMNT                            | CUSIP: 90207HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $723646.09    | 0.04%             | 2044-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                 | SEMINOLE CNTY FL INDL DEV AUTH                               | CUSIP: 81669TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2138553.32   | 0.12%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tulsa Authority for Economic Opportunity                                         | TULSA OK AUTH ECON OPPTY TAX APPORTIONMENT REVENUE           | CUSIP: 899650AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1014395.80   | 0.06%             | 2041-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| County of Hardin OH                                                              | HARDIN CNTY OH ECON DEV FACILITIES REVENUE                   | CUSIP: 412003AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $558904.43    | 0.03%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp                                    | WESTCHESTER NY TOBACCO ASSET SECURITIZATION                  | CUSIP: 957480BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $533668.35    | 0.03%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Longs Peak Metropolitan District                                                 | LONGS PEAK MET DIST CO                                       | CUSIP: 54316AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8250000 | PA      | $7588408.58   | 0.42%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFK6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4429933 | PA      | $2137442.67   | 0.12%             | 2020-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    156000 | PA      | $154521.49    | 0.01%             | 2031-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE         | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4855000 | PA      | $4896599.68   | 0.27%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $333996.91    | 0.02%             | 2050-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Elevation Pointe Community Development District                                  | ELEVATION POINTE CMNTY DEV DIST FL SPL ASSMNT REVENUE        | CUSIP: 28624AAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $907462.26    | 0.05%             | 2052-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2633347.10   | 0.15%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5761000 | PA      | $5692864.13   | 0.31%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Hickory Chase Community Authority                                                | HICKORY CHASE OH CMNTY AUTH INFRASTRUCTURE IMPT REVENUE      | CUSIP: 428861AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4675000 | PA      | $4379394.51   | 0.24%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Lauderdale FL                                                       | FORT LAUDERDAL FL SPL ASSMNT                                 | CUSIP: 347614AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $654931.94    | 0.04%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2535000 | PA      | $1134883.45   | 0.06%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCW3<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1290424 | PA      | $1232162.66   | 0.07%             | 2049-07-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHB2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  13970000 | PA      | $14030485.30  | 0.78%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AE8<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5182850.64   | 0.29%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No 1                                              | BASELINE MET DIST #1 CO SPL REVENUE                          | CUSIP: 069826AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1763866.26   | 0.10%             | 2054-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                          | GIR EAST CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 37611TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924504.93    | 0.05%             | 2045-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH LEASE REVENUE           | CUSIP: 18610RCG7<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1030748.20   | 0.06%             | 2049-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Green Valley Ranch East Metropolitan District No 6                               | GREEN VALLEY RANCH EAST MET DIST #6 CO                       | CUSIP: 39356MAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2636204.77   | 0.15%             | 2050-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1515439.93   | 0.08%             | 2045-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041806RX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6260000 | PA      | $4654422.62   | 0.26%             | 2054-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  13660000 | PA      | $12980892.55  | 0.72%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5398455.44   | 0.30%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $284328.29    | 0.02%             | 2040-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 48504LAD5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    772108 | PA      | $508223.04    | 0.03%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4640000 | PA      | $4521527.62   | 0.25%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                | CUSIP: 34061WBN3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $1927868.09   | 0.11%             | 2055-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AD0<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2270691.62   | 0.13%             | 2042-01-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP EXEMPT FAC REVENUE            | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $1706230.20   | 0.09%             | 2053-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11213000 | PA      | $10022035.43  | 0.55%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Cypress Creek Reserve Community Development District                             | CYPRESS CREEK RESERVE CDD FL SPL ASSMNT                      | CUSIP: 23274FAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $562788.98    | 0.03%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3335398.24   | 0.18%             | 2031-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Coral Creek Community Development District                                       | CORAL CREEK CDD FL SPL ASSMNT REVENUE                        | CUSIP: 217766AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $534263.62    | 0.03%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                            | SAN MARCOS TX SPL ASSMNT REVENUE                             | CUSIP: 798801AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $643541.28    | 0.04%             | 2042-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $273712.95    | 0.02%             | 2041-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP66<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6490000 | PA      | $6647641.19   | 0.37%             | 2061-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Greenbriar Community Development District                                        | GREENBRIAR CDD FL SPL ASSMNT REVENUE                         | CUSIP: 39364TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $577768.28    | 0.03%             | 2045-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | GRAND FORKS ND HLTH CARE SYS REVENUE                         | CUSIP: 38546WEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1733676.07   | 0.10%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5320000 | PA      | $3590273.45   | 0.20%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Parrish Lakes Community Development District                                     | PARRISH LAKES CDD CAPITAL IMPT REVENUE                       | CUSIP: 70183FAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $281462.42    | 0.02%             | 2054-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| LT Ranch Community Development District                                          | LT RANCH CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 54912EAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $791495.85    | 0.04%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QTZ6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7363826.76   | 0.41%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5871000 | PA      | $5345012.18   | 0.30%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $901340.32    | 0.05%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEE1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   8385000 | PA      | $4045762.50   | 0.22%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                             | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE             | CUSIP: 92774NBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1954361.07   | 0.11%             | 2053-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SCH FAC REVENUE                  | CUSIP: 13051BAA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    275000 | PA      | $286462.48    | 0.02%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $171366.61    | 0.01%             | 2054-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| City of Eagan MN                                                                 | EAGAN MN CHRTR SCH LEASE REVENUE                             | CUSIP: 26940AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $219289.32    | 0.01%             | 2055-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PH32<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3169019.72   | 0.18%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp                                            | SAN ANTONIO TX EDU FACS CORP REVENUE                         | CUSIP: 796247DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $658674.11    | 0.04%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                            | THE CHILDRENS TRUST FUND PR TOBACCO SETTLEMENT REVENUE       | CUSIP: 16876QBK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $202640.48    | 0.01%             | 2055-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                         | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  65000000 | PA      | $4457390.60   | 0.25%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFD2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5830000 | PA      | $2812975.00   | 0.16%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Antillia Community Development District                                          | ANTILLIA CDD FL SPL ASSMNT                                   | CUSIP: 03706FAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $572398.82    | 0.03%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2209217.47   | 0.12%             | 2059-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3401844 | PA      | $3690678.38   | 0.20%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                          | GARDENS AT HAMMOCK BEACH CDD FL SPL ASSMNT                   | CUSIP: 36549DAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $344171.12    | 0.02%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1615762.64   | 0.09%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506ENZ2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1634834.56   | 0.09%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2254340.63   | 0.12%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3579372.30   | 0.20%             | 2055-06-01      | Fixed         | 6.63%                 | 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        |   5000000 | PA      | $5050799.95   | 0.28%             | 2032-07-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176880.16    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $285189.01    | 0.02%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    475000 | PA      | $229187.50    | 0.01%             | 2017-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $366179.45    | 0.02%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Malabar Springs Community Development District                                   | MALABAR SPRINGS CDD FL SPL ASSMNT                            | CUSIP: 560881AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $581329.43    | 0.03%             | 2044-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Four Corners Business Improvement District                                       | FOUR CORNERS BUSINESS IMPT DIST CO LIMITED TAX SUPPORTED     | CUSIP: 35084NAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1983971.40   | 0.11%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196088.21    | 0.01%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Huntington Local Development Corp                                                | HUNTINGTON NY LOCAL DEV CORP REVENUE                         | CUSIP: 446490AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $445548.43    | 0.02%             | 2056-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chelsea Park Cooperative District                                                | CHELSEA PARK AL COOPERATIVE DIST ASSMNT                      | CUSIP: 16341YAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $733171.15    | 0.04%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399KY1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   4940000 | PA      | $3702846.46   | 0.20%             | 2060-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3925000 | PA      | $3929426.54   | 0.22%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396EW8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5810000 | PA      | $5229102.37   | 0.29%             | 2049-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FA53<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $2810879.27   | 0.16%             | 2051-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                     | KINGS CREEK I CDD FL SPL ASSMNT                              | CUSIP: 495879AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $780794.84    | 0.04%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1867055.60   | 0.10%             | 2048-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEA9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    190000 | PA      | $91675.00     | 0.01%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $311653.19    | 0.02%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/VA                                             | TOBACCO SETTLEMENT FING CORP VA                              | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9850000 | PA      | $7750767.61   | 0.43%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $495773.77    | 0.03%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE      | CUSIP: 48504LAE3<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    344588 | PA      | $15744.66     | 0.00%             | 2046-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDUCTNL REVENUE                           | CUSIP: 74445GAR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    645000 | PA      | $581851.25    | 0.03%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                                 | EAST CENTRL VT TELECOMMUNICATIONS DIST PROJ REVENUE          | CUSIP: 271524BA7<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |   3630000 | PA      | $3766658.14   | 0.21%             | 2046-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UGX0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  10455000 | PA      | $8366878.68   | 0.46%             | 2055-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UBP2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    835000 | PA      | $835557.36    | 0.05%             | 2034-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   4910000 | PA      | $4965161.10   | 0.27%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Community Housing & Economic Development Corp                              | TEXAS CMNTY HSG & ECON DEV CORP RSDL DEV REVENUE             | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4468234.52   | 0.25%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Antillia Community Development District                                          | ANTILLIA CDD FL SPL ASSMNT                                   | CUSIP: 03706FAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222954.52    | 0.01%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden Gem Community Development District                                        | GOLDEN GEM CDD FL SPL ASSMNT REVENUE                         | CUSIP: 38105CAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $983836.18    | 0.05%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCT0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    455000 | PA      | $219537.50    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DHH8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    845000 | PA      | $736220.82    | 0.04%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL REVENUE                               | CUSIP: 74447TAG7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12185000 | PA      | $11861809.08  | 0.66%             | 2033-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI TOLL REVENUE                              | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4985000 | PA      | $5199507.64   | 0.29%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3089412.04   | 0.17%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakeside Preserve Community Development District                                 | LAKESIDE PRESERVE CMNTY DEV DIST SPL ASSMNT                  | CUSIP: 51218WAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1027390.04   | 0.06%             | 2054-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Seagoville TX                                                            | SEAGOVILLE TX SPL ASSMNT REVENUE                             | CUSIP: 811829AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $289263.04    | 0.02%             | 2054-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303571.84    | 0.02%             | 2032-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                    | VOLUSIA CNTY FL EDUCTNL FAC AUTH                             | CUSIP: 928836NY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2622520.03   | 0.14%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $165690.29    | 0.01%             | 2044-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJS3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2380447.21   | 0.13%             | 2055-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midtown Miami Community Development District                                     | MIDTOWN MIAMI FL CDD SPL ASSMNT REVENUE                      | CUSIP: 59807PAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $875002.43    | 0.05%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $506625.00    | 0.03%             | 2019-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH                                          | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2640000 | PA      | $2627147.03   | 0.15%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Darby Community Development District                                             | DARBY CDD FL SPL ASSMNT REVENUE                              | CUSIP: 23705PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2781428.99   | 0.15%             | 2035-05-01      | Fixed         | 5.88%                 | 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        |   2030000 | PA      | $1622293.26   | 0.09%             | 2056-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PPT6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    765000 | PA      | $731300.71    | 0.04%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $754545.83    | 0.04%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Berry Bay II Community Development District                                      | BERRY BAY II CDD FL SPL ASSMNT                               | CUSIP: 08577DAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $239454.38    | 0.01%             | 2054-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PC94<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $2102326.64   | 0.12%             | 2029-05-16      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1169022.27   | 0.06%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LTC Ranch West Residential Community Development District                        | LTC RANCH WEST RSDL CMNTY DEV DIST SPL ASSMNT REVENUE        | CUSIP: 50218SAP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1155794.34   | 0.06%             | 2054-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Solaeris Community Development District                                          | SOLAERIS CDD FL SPL ASSMNT                                   | CUSIP: 83409XAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2888108.37   | 0.16%             | 2056-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400DF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $504015.50    | 0.03%             | 2055-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $212417.63    | 0.01%             | 2041-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBV0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $420420.27    | 0.02%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parrish Lakes Community Development District                                     | PARRISH LAKES CDD CAPITAL IMPT REVENUE                       | CUSIP: 70183FAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $903896.39    | 0.05%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Economic Development Finance Authority                                | WASHINGTON ST ECON DEV FIN AUTH ENVRNMNYL FACS REVENUE       | CUSIP: 93975YAH4<br>LEI: 549300TQ7IXFA28IYO51 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3471546.89   | 0.19%             | 2040-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL MF HSG REVENUE                                  | CUSIP: 213226AE3<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4359454.29   | 0.24%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2865516.62   | 0.16%             | 2064-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1680246.21   | 0.09%             | 2059-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10459456.60  | 0.58%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brookhaven Development Authority                                                 | BROOKHAVEN DEV AUTH GA                                       | CUSIP: 113073AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3508112.80   | 0.19%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Home Place Metropolitan District                                                 | HOME PLACE MDD CO                                            | CUSIP: 43733YAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2330338.38   | 0.13%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3069065.24   | 0.17%             | 2051-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EML1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $985548.45    | 0.05%             | 2060-04-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031FE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $472042.08    | 0.03%             | 2049-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QUL5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  12495000 | PA      | $12763376.81  | 0.71%             | 2051-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $422776.15    | 0.02%             | 2044-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Tradition Community Development District No 9                                    | TRADITION CDD #9 FL SPL ASSMNT                               | CUSIP: 89269NAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $719285.29    | 0.04%             | 2056-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority                                      | ESCAMBIA CNTY FL HLTH FACS AUTH                              | CUSIP: 296110GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6530000 | PA      | $5147311.16   | 0.28%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC                                                              | Brightline East LLC                                          | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5494000 | PA      | $3571100.00   | 0.20%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3862168.08   | 0.21%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4770000 | PA      | $5061524.89   | 0.28%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Eagle Brook Meadows Metropolitan District No 3                                   | EAGLE BROOK MEADOWS MET DIST #3 CO                           | CUSIP: 26943TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1403224.64   | 0.08%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEL5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    207677 | PA      | $100204.15    | 0.01%             | 2020-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14330000 | PA      | $8660810.25   | 0.48%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 613                         | LAS VEGAS NV SPL IMPT DIST NO 613                            | CUSIP: 51779CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $410773.83    | 0.02%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDS1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    265000 | PA      | $127862.50    | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031FD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $1459441.23   | 0.08%             | 2048-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $385843.90    | 0.02%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDY8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1945000 | PA      | $938462.50    | 0.05%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $120259.39    | 0.01%             | 2032-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  64022194 | PA      | $34958361.42  | 1.93%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Buckhead Trails Community Development District                                   | BUCKHEAD TRAILS CDD FL SPL ASSMNT                            | CUSIP: 11836UAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $382669.71    | 0.02%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PDE2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $662500.00    | 0.04%             | 2046-11-01      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423485T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1110388.71   | 0.06%             | 2038-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KFA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $593980.89    | 0.03%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sabine-Neches Navigation District                                                | SABINE-NECHES NAV DIST TX                                    | CUSIP: 78532EAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10057094.58  | 0.56%             | 2052-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH HOSP REVENUE               | CUSIP: 69651ACY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $800257.73    | 0.04%             | 2050-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTG3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7561591.54   | 0.42%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hyde Park Community Development District No 1                                    | HYDE PARK CDD #1 FL SPL ASSMNT                               | CUSIP: 448642AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $415749.33    | 0.02%             | 2044-05-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Parrish Plantation Community Development District                                | PARRISH PLANTATION CMNTY DEV DIST FL SPL ASSMNT REVENUE      | CUSIP: 701830AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $909526.46    | 0.05%             | 2054-05-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Reunion East Community Development District                                      | REUNION E FL CDD SPL ASSMNT                                  | CUSIP: 761311AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2039087.59   | 0.11%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCU7<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1080166 | PA      | $1031555.49   | 0.06%             | 2049-05-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Karl's Farm Metropolitan District No 2                                           | KARL'S FARM MET DIST #2 CO                                   | CUSIP: 48565KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $531553.03    | 0.03%             | 2040-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Loretto Heights Community Authority                                              | LORETTO HEIGHTS CMNTY AUTH CO SPL REVENUE                    | CUSIP: 544084AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2640000 | PA      | $1969512.60   | 0.11%             | 2051-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No 1                                              | CENTERRA CO MET DIST #1 SPL REVENUE                          | CUSIP: 15200XAG8<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    820000 | PA      | $719801.56    | 0.04%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | CUSIP: 64577HMN8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1864340.20   | 0.10%             | 2031-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                          | GIR EAST CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 37611TAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1573781.95   | 0.09%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Reflection Bay Community Development District                                    | REFLECTION BAY CDD FL SPL ASSMNT                             | CUSIP: 75865NAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $721860.53    | 0.04%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643AY6<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   3005000 | PA      | $2549904.08   | 0.14%             | 2030-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Land Clearance Redevelopment Authority                               | KANSAS CITY MO LAND CLEARANCE REDEV AUTH PROJ REVENUE        | CUSIP: 48504MAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1198491.24   | 0.07%             | 2040-02-01      | Fixed         | 5.00%                 | 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        |   1670000 | PA      | $1676844.26   | 0.09%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2289606.53   | 0.13%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                  | FAIRFAX CNTY VA INDL DEV AUTH REVENUE                        | CUSIP: 303823MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1499717.36   | 0.08%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GCP8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904300.99    | 0.05%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH LESE REVENUE                     | CUSIP: 74446LAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $660338.18    | 0.04%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE             | CUSIP: 917467DB5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    460000 | PA      | $465684.55    | 0.03%             | 2044-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1323550.63   | 0.07%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| City of Oak Point TX                                                             | OAK POINT TX SPL ASSMNT REVENUE                              | CUSIP: 67176TAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922688.67    | 0.05%             | 2054-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Grand Oaks Community Development District                                        | GRAND OAKS CDD FL SPL ASSMNT REVENUE                         | CUSIP: 38611CAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $804846.31    | 0.04%             | 2040-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp                                    | WESTCHESTER NY TOBACCO ASSET SECURITIZATION                  | CUSIP: 957480BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1716477.96   | 0.09%             | 2051-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Oak Point TX                                                             | OAK POINT TX SPL ASSMNT REVENUE                              | CUSIP: 67176TAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464744.15    | 0.03%             | 2044-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDJ1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    765000 | PA      | $369112.50    | 0.02%             | 2022-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                | LAKE CNTY FL EDUCTNL FACS REVENUE                            | CUSIP: 50825CAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $693039.97    | 0.04%             | 2049-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No 4                                        | ST VRAIN LAKES MET DIST NO 4                                 | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $1919462.24   | 0.11%             | 2054-09-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2800461.27   | 0.15%             | 2028-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North River Ranch Community Development District                                 | NORTH RIVER RANCH CDD FL CAPITAL IMPT REVENUE                | CUSIP: 662008AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $205180.30    | 0.01%             | 2035-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE                | CUSIP: 34061WAQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2513785.62   | 0.14%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TUY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $183198.31    | 0.01%             | 2034-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                       | ALACHUA CNTY FL HLTH FACS AUTH                               | CUSIP: 010685KJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2097979.11   | 0.12%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                                 | EAST CENTRL VT TELECOMMUNICATIONS DIST PROJ REVENUE          | CUSIP: 271524AT7<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2455318.32   | 0.14%             | 2040-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                          | GARDENS AT HAMMOCK BEACH CDD FL SPL ASSMNT                   | CUSIP: 36549DAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $196407.81    | 0.01%             | 2031-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Malabar Springs Community Development District                                   | MALABAR SPRINGS CDD FL SPL ASSMNT                            | CUSIP: 560881AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $856061.01    | 0.05%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $896508.37    | 0.05%             | 2054-06-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GYN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10120414.73  | 0.56%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2263869.22   | 0.13%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392275FK4<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |  10700000 | PA      | $10734920.79  | 0.59%             | 2051-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MidCity Improvement District                                                     | MIDCITY IMPT DIST AL SPL ASSMNT REVENUE                      | CUSIP: 59564KAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $636950.14    | 0.04%             | 2049-11-01      | Fixed         | 4.75%                 | 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        |   1825000 | PA      | $1915673.85   | 0.11%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Palisade Metropolitan District No 2                                              | PALISADE CO MET DIST #2 LIMITED TAX                          | CUSIP: 696392AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2305095.19   | 0.13%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Finance Authority                                        | HASTINGS CAMPUS HSG FIN AUTH CA CAMPUS HSG REVENUE           | CUSIP: 418338AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4420000 | PA      | $2041351.59   | 0.11%             | 2061-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Buckhead Trails Community Development District                                   | BUCKHEAD TRAILS CDD FL SPL ASSMNT                            | CUSIP: 11836UAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $748681.36    | 0.04%             | 2042-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Albany Capital Resource Corp                                                     | ALBANY NY CAPITAL RESOURCE CORP                              | CUSIP: 012432DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $1935375.04   | 0.11%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD CONVENTION CENTER HOTEL REVENUE                 | CUSIP: 05921PCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1417651.98   | 0.08%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 14                                     | VLG FL CDD #14 SPL ASSMNT REVENUE                            | CUSIP: 92708JAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3234285.43   | 0.18%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2280000.00   | 0.13%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                          | GAS WORX CDD FL SPL ASSMNT                                   | CUSIP: 367200AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1730298.47   | 0.10%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1218686.92   | 0.07%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEK7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2054176 | PA      | $991139.92    | 0.05%             | 2018-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    642000 | PA      | $596423.69    | 0.03%             | 2054-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA ST PUBLIC FACS AUTHSOL WST DISP FAC REVENUE        | CUSIP: 54640TAM1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2283609.05   | 0.13%             | 2053-10-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1545051.91   | 0.09%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Buckhead Trails Community Development District                                   | BUCKHEAD TRAILS CDD FL SPL ASSMNT                            | CUSIP: 11836UAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $908999.97    | 0.05%             | 2054-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  82080000 | PA      | $7196540.47   | 0.40%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1521771.07   | 0.08%             | 2031-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Lower Magnolia Green Community Development Authority                             | LOWER MAGNOLIA GREEN VA CMNTY DEV AUTH SPL ASSMNT            | CUSIP: 548207AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $436563.82    | 0.02%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1293940.34   | 0.07%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                 | HUTTO TX SPL ASSMNT REVENUE                                  | CUSIP: 448529AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894954.61    | 0.05%             | 2060-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UEP5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    730000 | PA      | $721740.33    | 0.04%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFQ3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $547637.50    | 0.03%             | 2049-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Karl's Farm Metropolitan District No 2                                           | KARL'S FARM MET DIST #2 CO                                   | CUSIP: 48565KAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1393669.00   | 0.08%             | 2050-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GW6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    170000 | PA      | $159525.85    | 0.01%             | 2031-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCN3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    620000 | PA      | $299150.00    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Constitution Heights Metropolitan District                                       | CONSTITUTION HEIGHTS MET DIST CO                             | CUSIP: 210402AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1252000 | PA      | $1118818.54   | 0.06%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                            | THE CHILDRENS TRUST FUND PR TOBACCO SETTLEMENT REVENUE       | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  38360000 | PA      | $1950359.35   | 0.11%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PDD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    805000 | PA      | $402500.00    | 0.02%             | 2046-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                          | GARDENS AT HAMMOCK BEACH CDD FL SPL ASSMNT                   | CUSIP: 36549DAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $967585.80    | 0.05%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | CUSIP: 650346BW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375178.13    | 0.02%             | 2035-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allegheny Community Broadband Inc                                                | ALLEGHENY CMNTY BROADBAND INC PA PROJ REVENUE                | CUSIP: 017276AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $604688.74    | 0.03%             | 2051-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Sojourn at Idlewild Metropolitan District                                        | SOJOURN AT IDLEWILD MET DIST CO                              | CUSIP: 83408GAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966716.77    | 0.05%             | 2055-12-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE                  | CUSIP: 13051AHQ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    675000 | PA      | $637900.13    | 0.04%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY SOL WST DISP REVENUE              | CUSIP: 12008HAC3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2064525.32   | 0.11%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority                                | PORT BEAUMONT TX INDL DEV AUTH                               | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6900000 | PA      | $6101473.14   | 0.34%             | 2028-01-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri/The            | SAINT LOUIS MO INDL DEV AUTH FING REVENUE                    | CUSIP: 85236BAB8<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $933297.43    | 0.05%             | 2035-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Coastal Ridge Community Development District                                     | COASTAL RIDGE CDD FL SPL ASSMNT REVENUE                      | CUSIP: 19052TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2185567.47   | 0.12%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1247096.15   | 0.07%             | 2040-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SUMTER CNTY ALA INDL DEV AUTH                                                    | SUMTER CNTY ALA INDL DEV AUTH                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7390 | NS      | $64997.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100590.84    | 0.01%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hillcrest Preserve Community Development District                                | HILLCREST PRESERVE CDD FL SPL ASSMNT                         | CUSIP: 43153EAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $817354.44    | 0.05%             | 2054-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $3620788.14   | 0.20%             | 2056-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH                                          | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1699446.40   | 0.09%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                                 | EAST CENTRL VT TELECOMMUNICATIONS DIST PROJ REVENUE          | CUSIP: 271524AX8<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2259348.69   | 0.12%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBH0<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1598454.78   | 0.09%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp                                        | INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13205000 | PA      | $5945808.88   | 0.33%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                            | SAN MARCOS TX SPL ASSMNT REVENUE                             | CUSIP: 798801AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    237000 | PA      | $228198.23    | 0.01%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gold Hill North Business Improvement District                                    | GOLD HILL NORTH BUSINESS IMPT DIST CO                        | CUSIP: 38061PAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1008692.41   | 0.06%             | 2054-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri/The            | SAINT LOUIS MO INDL DEV AUTH TAX INCR & SPL DIST REVENUE     | CUSIP: 85237JAA2<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    360000 | PA      | $350220.02    | 0.02%             | 2034-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Westcreek Metropolitan District No 2                                             | WESTCREEK MET DIST #2 CO                                     | CUSIP: 95752TAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $706305.05    | 0.04%             | 2048-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   3530000 | PA      | $2459901.68   | 0.14%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4148279.95   | 0.23%             | 2035-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FTH7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $1542891.95   | 0.09%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1244491.68   | 0.07%             | 2032-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396FX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2405000 | PA      | $1601327.93   | 0.09%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | BRIDGEVILLE DE SPL OBLIG                                     | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $129371.40    | 0.01%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Buda TX                                                                  | BUDA TX SPL ASSMNT REVENUE                                   | CUSIP: 118829AC4<br>LEI: 549300M2WWWL7K4QS327 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1035123.13   | 0.06%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396FW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    925000 | PA      | $719412.41    | 0.04%             | 2041-06-15      | 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: 414009FM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $523960.28    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LTC Ranch West Residential Community Development District                        | LTC RANCH WEST RSDL CMNTY DEV DIST SPL ASSMNT REVENUE        | CUSIP: 50218SAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $319643.85    | 0.02%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Reno NV                                                                  | RENO NV SPL ASSMNT                                           | CUSIP: 759865CD8<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |    825000 | PA      | $775692.48    | 0.04%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $563570.16    | 0.03%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505PL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4364536.87   | 0.24%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9240000 | PA      | $4505470.02   | 0.25%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U53<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    720000 | PA      | $634289.77    | 0.04%             | 2053-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486X79<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1119229.65   | 0.06%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                            | VALPARAISO IN EXEMPT FACS REVENUE                            | CUSIP: 92028RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $650130.28    | 0.04%             | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | CMNTY DEV ADMIN MD MF DEV REVENUE                            | CUSIP: 20364NCJ4<br>LEI: 549300LCO2FLSSVFFR64 | Long             | DBT              | MUN               | US        |   8270000 | PA      | $7496772.20   | 0.41%             | 2044-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Normandy Community Development District                                          | NORMANDY CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 65618HAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1438744.23   | 0.08%             | 2054-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2403291.15   | 0.13%             | 2048-05-01      | Fixed         | 5.10%                 | 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        |   3845000 | PA      | $3898055.04   | 0.22%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2129611.41   | 0.12%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Wood Ranch Public Infrastructure District                                        | WOOD RANCH PUB INFRASTRUCTURE DIST UT SPL ASSMNT             | CUSIP: 97850AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $464503.02    | 0.03%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Parrish Plantation Community Development District                                | PARRISH PLANTATION CMNTY DEV DIST FL SPL ASSMNT REVENUE      | CUSIP: 701830AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $374091.08    | 0.02%             | 2054-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YED3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    315000 | PA      | $151987.50    | 0.01%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIDA Mountain Veterans Program Public Infrastructure District                    | MIDAS MOUNTAIN VETERANS PROGRAM PUB INFRASTRUCTURE DIST      | CUSIP: 59561SAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932087.63    | 0.05%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hardin OH                                                              | HARDIN CNTY OH ECON DEV FACILITIES REVENUE                   | CUSIP: 412003AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2535879.71   | 0.14%             | 2050-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                                 | TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE             | CUSIP: 873816AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1448728.76   | 0.08%             | 2045-07-01      | 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        |    910000 | PA      | $77350.00     | 0.00%             | 2031-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2030000 | PA      | $1900529.12   | 0.11%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   7435000 | PA      | $7955185.09   | 0.44%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD36<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7880000 | PA      | $8630931.46   | 0.48%             | 2059-07-01      | Fixed         | 7.50%                 | 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        |   1935000 | PA      | $1736400.46   | 0.10%             | 2062-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783VM5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    900000 | PA      | $901442.92    | 0.05%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independence Metropolitan District No 3                                          | INDEPENDENCE MET DIST #3 CO                                  | CUSIP: 453625AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2219000 | PA      | $2093839.44   | 0.12%             | 2054-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QV83<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19948921.20  | 1.10%             | 2050-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCR4<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1699674 | PA      | $1624524.09   | 0.09%             | 2049-02-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2574000 | PA      | $1859019.61   | 0.10%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Banning Lewis Ranch Metropolitan District No 8                                   | BANNING LEWIS RANCH MET DIST #8 CO                           | CUSIP: 06663CAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $1955459.76   | 0.11%             | 2051-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDH7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |  64500000 | PA      | $4436754.41   | 0.25%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                               | TUSCALOOSA CNTY AL INDL DEV AUTH GULF OPPORTUNITY ZONE       | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1087752.66   | 0.06%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | CUSIP: 93978LGG5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1072421.58   | 0.06%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | NEW YORK CNTYS NY TOBACCO TRUST IV                           | CUSIP: 62947YAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2958696.90   | 0.16%             | 2041-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $357011.50    | 0.02%             | 2031-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393DC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $633851.76    | 0.04%             | 2050-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $1808807.88   | 0.10%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1429057.35   | 0.08%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DAV6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5905000 | PA      | $5751202.92   | 0.32%             | 2067-07-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                          | GARDENS AT HAMMOCK BEACH CDD FL SPL ASSMNT                   | CUSIP: 36549DAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $271104.72    | 0.01%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LT Ranch Community Development District                                          | LT RANCH CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 54912EAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $596463.13    | 0.03%             | 2054-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCS2<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    814698 | PA      | $776575.17    | 0.04%             | 2049-03-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UBN7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    635000 | PA      | $635661.10    | 0.04%             | 2029-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS LEASE REVENUE         | CUSIP: 14043RAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $419660.53    | 0.02%             | 2042-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $3979567.25   | 0.22%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 613                         | LAS VEGAS NV SPL IMPT DIST NO 613                            | CUSIP: 51779CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $237033.31    | 0.01%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH SOL WST DISP REVENUE                       | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1249406.50   | 0.07%             | 2047-12-01      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                          | GARDENS AT HAMMOCK BEACH CDD FL SPL ASSMNT                   | CUSIP: 36549DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $502624.09    | 0.03%             | 2054-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                            | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE               | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2790000 | PA      | $2697706.19   | 0.15%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDN2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3560000 | PA      | $1717700.00   | 0.09%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFF7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $482500.00    | 0.03%             | 2040-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $453162.96    | 0.03%             | 2051-09-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Shawnee KS                                                               | SHAWNEE KS EDU FACS REVENUE                                  | CUSIP: 820668AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $688637.32    | 0.04%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Club Municipal Management District No 1                                          | CLUB MUNI MGMT DIST #1 TX SPL ASSMNT REVENUE                 | CUSIP: 18948PAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $515213.02    | 0.03%             | 2055-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Elevation Pointe Community Development District                                  | ELEVATION POINTE CMNTY DEV DIST FL SPL ASSMNT REVENUE        | CUSIP: 28624AAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2118992.83   | 0.12%             | 2032-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Affordable Housing Opportunities Trust Series AH-01                              | AFFORDABLE HSG OPPORTUNITIES TRUST                           | CUSIP: 00826SAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3607396 | PA      | $3336307.63   | 0.18%             | 2039-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U87<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2831022.76   | 0.16%             | 2029-07-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDL6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    370000 | PA      | $178525.00    | 0.01%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden Gem Community Development District                                        | GOLDEN GEM CDD FL SPL ASSMNT REVENUE                         | CUSIP: 38105CAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2867439.18   | 0.16%             | 2044-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TUX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1606804.86   | 0.09%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MTA Hudson Rail Yards Trust Obligations                                          | MTA HUDSON RAIL YARDS TRUST OBLIGS REVENUE                   | CUSIP: 62476RAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4798165.15   | 0.27%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North AR-1 Pasco Community Development District                                  | NORTH AR-1 PASCO CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 65725AAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $207972.07    | 0.01%             | 2044-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | CUSIP: 650346BX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $735463.08    | 0.04%             | 2045-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | BRIDGEVILLE DE SPL OBLIG                                     | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $300407.22    | 0.02%             | 2053-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  57200000 | PA      | $5125677.13   | 0.28%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1259152.36   | 0.07%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6429000 | PA      | $6425396.80   | 0.36%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE                     | CUSIP: 452029AD3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600014.69    | 0.03%             | 2045-02-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DYW6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2727955.79   | 0.15%             | 2054-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4M0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    855000 | PA      | $742186.93    | 0.04%             | 2042-10-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Parrish Plantation Community Development District                                | PARRISH PLANTATION CMNTY DEV DIST FL SPL ASSMNT REVENUE      | CUSIP: 701830AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $488605.30    | 0.03%             | 2044-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789083W2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1840545.85   | 0.10%             | 2051-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Newfield Community Development District                                          | NEWFIELD CDD FL SPL ASSMNT REVENUE                           | CUSIP: 65128AAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1114936.90   | 0.06%             | 2056-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEU5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    415000 | PA      | $200237.50    | 0.01%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UTU8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |  11650000 | PA      | $11666169.50  | 0.64%             | 2059-02-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp                                            | HOUSTON TX HGR EDU FIN CORP UNUNIV REV                       | CUSIP: 44237QAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1059068.84   | 0.06%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS REVENUE               | CUSIP: 14043FAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $267850.80    | 0.01%             | 2054-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JED1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2033480.34   | 0.11%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3713550.51   | 0.21%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $874837.12    | 0.05%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH REVENUE                       | CUSIP: 107416PR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5960000 | PA      | $3997976.76   | 0.22%             | 2055-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $845633.03    | 0.05%             | 2045-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519FA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4045000 | PA      | $2789021.19   | 0.15%             | 2052-09-15      | Fixed         | 3.25%                 | 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        |   2970000 | PA      | $2625953.63   | 0.15%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAU1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12016690.06  | 0.66%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $939456.31    | 0.05%             | 2054-07-01      | Fixed         | 5.00%                 | 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        |   7700000 | PA      | $8374970.76   | 0.46%             | 2048-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Creekwalk Marketplace Business Improvement District                              | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO                  | CUSIP: 225515AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1713591.00   | 0.09%             | 2054-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCQ6<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    983089 | PA      | $938366.67    | 0.05%             | 2049-01-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SkyRidge Pegasus Infrastructure Financing District                               | SKYRIDGE PEGASUS INFRASTRUCTURE FING DIST UT                 | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3581701.35   | 0.20%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $375021.74    | 0.02%             | 2040-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MidCity Improvement District                                                     | MIDCITY IMPT DIST AL SPL ASSMNT REVENUE                      | CUSIP: 59564KAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $614538.72    | 0.03%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFG5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    775000 | PA      | $373937.50    | 0.02%             | 2043-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3094210.14   | 0.17%             | 2046-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16250000 | PA      | $14184156.51  | 0.78%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $579063.48    | 0.03%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bastrop TX                                                               | BASTROP TX SPL ASSMNT REVENUE                                | CUSIP: 070341AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $736697.30    | 0.04%             | 2055-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1045614.27   | 0.06%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486S75<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  14350000 | PA      | $13981879.45  | 0.77%             | 2042-01-01      | 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        |   5100000 | PA      | $5414411.94   | 0.30%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GDE2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    370000 | PA      | $373206.48    | 0.02%             | 2039-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486S91<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  17425000 | PA      | $16651501.11  | 0.92%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                            | SAN MARCOS TX SPL ASSMNT REVENUE                             | CUSIP: 798801AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    156000 | PA      | $155047.51    | 0.01%             | 2027-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VQY3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2050548.39   | 0.11%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWU4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1625567.46   | 0.09%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $2517563.96   | 0.14%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $227736.51    | 0.01%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDV4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    230000 | PA      | $110975.00    | 0.01%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Crandall TX                                                              | CRANDALL TX SPL ASSMNT REVENUE                               | CUSIP: 224384AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $594237.33    | 0.03%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Industrial Development Corp                                     | FORT BEND CNTY TX INDL DEV CORP                              | CUSIP: 346786AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1214074.87   | 0.07%             | 2042-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ESC SUMTER CNTY ALA IN                                                           | ESC SUMTER CNTY ALA IN                                       | CUSIP: 866ESCAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $0.03         | 0.00%             | 2052-07-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Southern Groves Community Development District No 5                              | SOUTHERN GROVE CMNTY DEV DIST #5  SPL ASSMNT                 | CUSIP: 843021AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $766221.35    | 0.04%             | 2040-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Central Parc Community Development District                                      | CENTRAL PARC CDD FL SPL ASSMNT REVENUE                       | CUSIP: 15477DAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $723422.47    | 0.04%             | 2044-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS DEV FIN AUTH ENVIRONMENTAL REVENUE                  | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2043239.64   | 0.11%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Ridges Estates Infrastructure Financing District                                 | RIDGES ESTATES INFRASTRUCTURE FING DIST UT SPL ASSMNT        | CUSIP: 76610DAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5352000 | PA      | $5356436.43   | 0.30%             | 2053-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH LEASE REVENUE           | CUSIP: 18610RCE2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    455000 | PA      | $441764.83    | 0.02%             | 2039-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $7914896.59   | 0.44%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP SPL OBLIG                          | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   4805000 | PA      | $3774220.59   | 0.21%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                          | GIR EAST CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 37611TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501373.10    | 0.03%             | 2032-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $517311.62    | 0.03%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LTC Ranch West Residential Community Development District                        | LTC RANCH WEST RSDL CMNTY DEV DIST SPL ASSMNT REVENUE        | CUSIP: 50218SAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $237809.32    | 0.01%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lanterns Metropolitan District No 2                                              | LANTERNS MET DIST #2 CO                                      | CUSIP: 51654DAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1316375.35   | 0.07%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Somerset Bay Community Development District                                      | SOMERSET BAY CDD FL CAPITAL IMPT REVENUE                     | CUSIP: 83461CAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $844154.64    | 0.05%             | 2054-05-01      | Fixed         | 5.90%                 | 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        |   5000000 | PA      | $4928154.75   | 0.27%             | 2052-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| City of Oak Point TX                                                             | OAK POINT TX SPL ASSMNT REVENUE                              | CUSIP: 67176TBA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $208021.20    | 0.01%             | 2054-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFJ9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2332230 | PA      | $1125300.98   | 0.06%             | 2020-01-01      | Fixed         | 7.50%                 | 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        |   1154000 | PA      | $1123071.66   | 0.06%             | 2046-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE                     | CUSIP: 74443UAY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    980000 | PA      | $973700.19    | 0.05%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hyde Park Community Development District No 1                                    | HYDE PARK CDD #1 FL SPL ASSMNT                               | CUSIP: 448642AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $291641.76    | 0.02%             | 2031-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | CUSIP: 74528LAA9<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    680000 | PA      | $745002.90    | 0.04%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FTG9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1053372.99   | 0.06%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JPT9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5026872.65   | 0.28%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kent DE                                                                | KENT CNTY DE STUDENT HSG & DINING FAC REVENUE                | CUSIP: 490237AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924834.82    | 0.05%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Reno NV                                                                  | RENO NV SPL ASSMNT                                           | CUSIP: 759865CE6<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906633.07    | 0.05%             | 2047-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BG32<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    375000 | PA      | $366888.63    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VCA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2068081.05   | 0.11%             | 2047-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH CHARTER SCH LEASE REV            | CUSIP: 64578QAC4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $3263326.42   | 0.18%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sarasota County Public Hospital District                                         | SARASOTA CNTY FL PUBLIC HOSP DIST                            | CUSIP: 803301DL1<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |   5200000 | PA      | $4228378.13   | 0.23%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ENERGY ACQUISITION CORP COMMODITY PROJECT REVENUE  | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   6360000 | PA      | $6703214.92   | 0.37%             | 2052-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | ANNA TX SPL ASSMNT REVENUE                                   | CUSIP: 035713AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    202000 | PA      | $203091.19    | 0.01%             | 2031-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H97<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   4985000 | PA      | $4905246.53   | 0.27%             | 2060-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3605040 | PA      | $3839956.19   | 0.21%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDM4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5050000 | PA      | $2436625.00   | 0.13%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142834.35    | 0.01%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LTC Ranch West Residential Community Development District                        | LTC RANCH WEST RSDL CMNTY DEV DIST SPL ASSMNT REVENUE        | CUSIP: 50218SAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $178306.21    | 0.01%             | 2044-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396CV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1490822.06   | 0.08%             | 2047-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $377960.68    | 0.02%             | 2047-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                         | CUSIP: 050197BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918966.14    | 0.05%             | 2045-12-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Crossings Community Development District                                         | CROSSINGS CDD FL SPL ASSMNT                                  | CUSIP: 22766NAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $508603.48    | 0.03%             | 2054-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Hemphill County Hospital District                                                | HEMPHILL CNTY TX HOSP DIST                                   | CUSIP: 423839AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2029699.70   | 0.11%             | 2045-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    626000 | PA      | $549688.15    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1038370.73   | 0.06%             | 2054-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   6900000 | PA      | $6520500.00   | 0.36%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1059314 | PA      | $925281.91    | 0.05%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Region Community Development District                                    | CAPITAL REGION FL CDD REVENUE                                | CUSIP: 14044NBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2069765.89   | 0.11%             | 2039-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCK9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    715000 | PA      | $344987.50    | 0.02%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyons Metropolitan District No 5                                               | CANYONS MET DIST #5 CO                                       | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1603758.65   | 0.09%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $515478.39    | 0.03%             | 2044-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFP5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    125000 | PA      | $60312.50     | 0.00%             | 2018-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SCH FAC REVENUE                  | CUSIP: 13051BAD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    190000 | PA      | $191089.54    | 0.01%             | 2059-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MRX7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    700000 | PA      | $646299.70    | 0.04%             | 2039-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445VD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16285000 | PA      | $13531751.40  | 0.75%             | 2051-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CEH8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6670000 | PA      | $5096941.60   | 0.28%             | 2056-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Creekwalk Marketplace Business Improvement District                              | CREEKWALK MARKETPLACE BUSINESS IMPT DIST CO                  | CUSIP: 225515AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6560000 | PA      | $5885534.45   | 0.33%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UJF6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5945000 | PA      | $4172986.57   | 0.23%             | 2056-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCT0<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1748670 | PA      | $1677006.09   | 0.09%             | 2049-04-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498AY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1157494.01   | 0.06%             | 2030-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFN0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $1283450.00   | 0.07%             | 2017-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MENTAL HLTHCARE FACS REVENUE              | CUSIP: 74443XAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5280000 | PA      | $3457423.94   | 0.19%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $831173.21    | 0.05%             | 2039-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE        | CUSIP: 43233KAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4304888.90   | 0.24%             | 2051-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Oklahoma City Airport Trust                                                      | OKLAHOMA CITY OK ARPT TRUST                                  | CUSIP: 6785354D4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4575000 | PA      | $4301273.50   | 0.24%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sky Ranch Community Authority Board                                              | SKY RANCH CMNTY AUTH BRD CO                                  | CUSIP: 83086SAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1302543.75   | 0.07%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3065000 | PA      | $3084742.95   | 0.17%             | 2037-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL FAC REVENUE                           | CUSIP: 74446DAH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    530000 | PA      | $448808.04    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2016785 | PA      | $1676532.07   | 0.09%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11815000 | PA      | $11832847.98  | 0.65%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University Health System Authority                         | VIRGINIA ST CMWLTH UNIV HLTH SYS AUTH REVENUE                | CUSIP: 92778LDK3<br>LEI: 07ROV40HIZGU2Q6OXJ58 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2073798.75   | 0.11%             | 2054-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH REVENUE                       | CUSIP: 107416PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4040000 | PA      | $3014396.31   | 0.17%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $413290.19    | 0.02%             | 2044-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Clackamas County Hospital Facility Authority                                     | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE                      | CUSIP: 179027YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $730976.20    | 0.04%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                       | CUSIP: 63610CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2833849.30   | 0.16%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528VDW6<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |  13185000 | PA      | $13530205.42  | 0.75%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972B8N8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4655000 | PA      | $4122844.36   | 0.23%             | 2047-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 593340AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16650000 | PA      | $16871648.56  | 0.93%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                 | HUTTO TX SPL ASSMNT REVENUE                                  | CUSIP: 448529AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $274246.47    | 0.02%             | 2045-09-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Central Parc Community Development District                                      | CENTRAL PARC CDD FL SPL ASSMNT REVENUE                       | CUSIP: 15477DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $641721.42    | 0.04%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822WK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10002196.50  | 0.55%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103785.24   | 0.12%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCS2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3270000 | PA      | $1577775.00   | 0.09%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  86403804 | NS      | $86412444.20  | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4402290.30   | 0.24%             | 2061-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783Q66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    920000 | PA      | $890989.17    | 0.05%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Celebration Pointe Community Development District No 1                           | CELEBRATION POINTE CMNTY DEV DIST NO 1 FL SPL ASSMNT REVENUE | CUSIP: 15102HAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $961700.00    | 0.05%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shawnee KS                                                               | SHAWNEE KS EDU FACS REVENUE                                  | CUSIP: 820668AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1496447.71   | 0.08%             | 2056-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fate TX                                                                  | FATE TX SPL ASSESSMENT REVENUE                               | CUSIP: 31189RCR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $276281.31    | 0.02%             | 2054-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE         | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $829477.94    | 0.05%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454CM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $341914.74    | 0.02%             | 2054-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XEG7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2230725.92   | 0.12%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBR9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1398860.46   | 0.08%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                            | SAN MARCOS TX SPL ASSMNT REVENUE                             | CUSIP: 798801AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $431156.77    | 0.02%             | 2051-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bellehaven Community Development District                                        | BELLEHAVEN CDD FL SPL ASSMNT                                 | CUSIP: 07876CAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $504105.87    | 0.03%             | 2055-05-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Advanced Technology Academy                                                      | ADVANCED TECHNOLOGY ACADEMY MI PUBLIC SCH ACADEMY REVENUE    | CUSIP: 00766SAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $144555.20    | 0.01%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDG9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $1643584.60   | 0.09%             | 2035-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 138035000 | PA      | $13222115.90  | 0.73%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6420000 | PA      | $6900275.51   | 0.38%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483JC5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2360366.80   | 0.13%             | 2055-09-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | ANNA TX SPL ASSMNT REVENUE                                   | CUSIP: 035713AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $191654.64    | 0.01%             | 2054-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cascade Ridge Metropolitan District                                              | CASCADE RIDGE MET DIST CO                                    | CUSIP: 147351AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2466921.60   | 0.14%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Groves Community Development District No 5                              | SOUTHERN GROVE CMNTY DEV DIST #5  SPL ASSMNT                 | CUSIP: 843021AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $172604.50    | 0.01%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PEW1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    910000 | PA      | $77350.00     | 0.00%             | 2047-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Waters' Edge Metropolitan District No 2                                          | WATERS EDGE MET DIST #2 CO                                   | CUSIP: 94184VAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2272755.75   | 0.13%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redtail Ridge Metropolitan District                                              | REDTAIL RIDGE MET DIST CO                                    | CUSIP: 75773CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12227000 | PA      | $7510925.30   | 0.42%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442ELU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $365167.67    | 0.02%             | 2044-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hardin OH                                                              | HARDIN CNTY OH ECON DEV FACILITIES REVENUE                   | CUSIP: 412003AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $605188.67    | 0.03%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | STERLING RANCH CMNTY AUTH BRD CO SUPPORTED REVENUE           | CUSIP: 85950NAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    501000 | PA      | $496397.96    | 0.03%             | 2050-12-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TET9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $1971435.90   | 0.11%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GDG7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    570000 | PA      | $534233.84    | 0.03%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042R8P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8100000 | PA      | $7143039.19   | 0.39%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4511000 | PA      | $4537317.40   | 0.25%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                     | KINGS CREEK I CDD FL SPL ASSMNT                              | CUSIP: 495879AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $769543.65    | 0.04%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Beaver County Industrial Development Authority                                   | BEAVER CNTY PA INDL DEV AUTH                                 | CUSIP: 074876HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6065000 | PA      | $4717025.61   | 0.26%             | 2047-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Bastrop TX                                                               | BASTROP TX SPL ASSMNT REVENUE                                | CUSIP: 070341AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $372656.94    | 0.02%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP41<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4428000 | PA      | $2784864.93   | 0.15%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KBV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121246.54    | 0.01%             | 2029-05-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11030000 | PA      | $3404483.73   | 0.19%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Newfield Community Development District                                          | NEWFIELD CDD FL SPL ASSMNT REVENUE                           | CUSIP: 65128AAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1771661.79   | 0.10%             | 2045-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of Crandall TX                                                              | CRANDALL TX SPL ASSMNT REVENUE                               | CUSIP: 224384AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $249977.33    | 0.01%             | 2045-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JJE4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1383975.92   | 0.08%             | 2054-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | IOWA ST HGR EDU LOAN AUTH                                    | CUSIP: 4624607S9<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $874565.73    | 0.05%             | 2051-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD93<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5830543 | PA      | $5648189.42   | 0.31%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KFR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215383.13    | 0.01%             | 2031-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KFS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $374390.29    | 0.02%             | 2044-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION                           | CUSIP: 67756DZU3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2639139.72   | 0.15%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | HAMMOCK OAKS CDD FL ASSMNT                                   | CUSIP: 40834PAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $752439.77    | 0.04%             | 2045-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Two Rivers West Community Development District                                   | TWO RIVERS WEST CDD FL SPL ASSMNT                            | CUSIP: 90207HAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $892830.23    | 0.05%             | 2054-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Riverpark Metropolitan District/Arapahoe County                                  | RIVERPARK MET DIST CO LIMITED TAX & SPL REVENUE              | CUSIP: 76883BAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $620090.09    | 0.03%             | 2042-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $261753.27    | 0.01%             | 2035-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                 | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE       | CUSIP: 47029WEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1564750.58   | 0.09%             | 2058-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Lowery Hills Community Development District                                      | LOWERY HILLS CDD FL SPL ASSMNT                               | CUSIP: 548652AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $728170.69    | 0.04%             | 2055-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| City of Friendswood TX                                                           | FRIENDSWOOD TX SPL ASSMNT REVENUE                            | CUSIP: 358591AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2146000 | PA      | $2075227.77   | 0.11%             | 2054-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Trout Creek Community Development District                                       | TROUT CREEK CDD FL CAPITAL IMPT REVENUE                      | CUSIP: 897188AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1637110.06   | 0.09%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Seminole Palms Community Development District                                    | SEMINOLE PALMS FL CDD SPL ASSMNT                             | CUSIP: 816775AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $900360.51    | 0.05%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                 | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE       | CUSIP: 47029WEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $860935.71    | 0.05%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454BK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1288433.87   | 0.07%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    767000 | PA      | $720679.51    | 0.04%             | 2054-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   5235000 | PA      | $5014747.95   | 0.28%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion Ranch Community Development District                                      | MARION RANCH CDD FL SPL ASSMNT                               | CUSIP: 570001AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $223640.78    | 0.01%             | 2031-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2654727.50   | 0.15%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDP7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1940000 | PA      | $936050.00    | 0.05%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hemphill County Hospital District                                                | HEMPHILL CNTY TX HOSP DIST                                   | CUSIP: 423839AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1278009.35   | 0.07%             | 2039-02-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Hyde Park Community Development District No 1                                    | HYDE PARK CDD #1 FL SPL ASSMNT                               | CUSIP: 448642AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $662534.34    | 0.04%             | 2055-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1415608.43   | 0.08%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buda TX                                                                  | BUDA TX SPL ASSMNT REVENUE                                   | CUSIP: 118829AF7<br>LEI: 549300M2WWWL7K4QS327 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2011735.63   | 0.11%             | 2055-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lowery Hills Community Development District                                      | LOWERY HILLS CDD FL SPL ASSMNT                               | CUSIP: 548652AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $539993.82    | 0.03%             | 2045-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789083V4<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |  14215000 | PA      | $13626852.67  | 0.75%             | 2051-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | OHIO ST HSG FIN AGY MF HSG REVENUE                           | CUSIP: 676900XN8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3542018.31   | 0.20%             | 2043-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Hobe-St Lucie Conservancy District                                               | HOBE ST LUCIE CONSERVANCY DIST FL                            | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $633938.00    | 0.04%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Southern Groves Community Development District No 5                              | SOUTHERN GROVE CMNTY DEV DIST #5  SPL ASSMNT                 | CUSIP: 843021AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $518713.53    | 0.03%             | 2046-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Allegheny Community Broadband Inc                                                | ALLEGHENY CMNTY BROADBAND INC PA PROJ REVENUE                | CUSIP: 017276AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $510552.73    | 0.03%             | 2045-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                                   | LA PAZ CNTY AZ INDL DEV AUTH EDU FAC REVENUE                 | CUSIP: 50376HAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1226409.66   | 0.07%             | 2048-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $1384775.00   | 0.08%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 5742186N8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8165000 | PA      | $8204570.37   | 0.45%             | 2055-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783Q74<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    620000 | PA      | $586969.13    | 0.03%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GY2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $790743.64    | 0.04%             | 2051-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $116883.77    | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PDN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $5353140.83   | 0.30%             | 2057-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE                  | CUSIP: 13051AHP6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    325000 | PA      | $318694.30    | 0.02%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westside Haines City Community Development District                              | WESTSIDE HAINES CITY CDD SPL ASSMNT                          | CUSIP: 96150AAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $615242.53    | 0.03%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                         | CUSIP: 050197BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1586856.08   | 0.09%             | 2055-12-31      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EVC7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3481834.07   | 0.19%             | 2053-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Berry Bay II Community Development District                                      | BERRY BAY II CDD FL SPL ASSMNT                               | CUSIP: 08577DAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $528481.30    | 0.03%             | 2044-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ECON ACTIVITY TAX REVENUE       | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    625000 | PA      | $545026.30    | 0.03%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   4640000 | PA      | $4620741.49   | 0.26%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285AGC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4765000 | PA      | $4254016.36   | 0.24%             | 2059-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDZ5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3655000 | PA      | $1763537.50   | 0.10%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $675673.10    | 0.04%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1761272.49   | 0.10%             | 2038-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $353257.16    | 0.02%             | 2044-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GA                                         | CUSIP: 62620HEL2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2708422.68   | 0.15%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poitras East Community Development District                                      | POITRAS EAST CDD FL SPL ASSMNT REVENUE                       | CUSIP: 73086BAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1517872.85   | 0.08%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Boggy Creek Improvement District                                                 | BOGGY CREEK FL IMPT DIST SPL ASSMNT REVENUE                  | CUSIP: 097206AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $995266.16    | 0.06%             | 2043-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/RI                                             | TOBACCO SETTLEMENT FING CORP RI                              | CUSIP: 888809AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6280000 | PA      | $1054007.32   | 0.06%             | 2052-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Reunion Metropolitan District                                                    | REUNION MET DIST CO SPL REVENUE                              | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1448318 | PA      | $1050362.22   | 0.06%             | 2044-12-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1219185.45   | 0.07%             | 2039-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                          | DORCHESTER CNTY SC ASSMNT REVENUE                            | CUSIP: 258149AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2247261.30   | 0.12%             | 2051-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 14                                     | VLG FL CDD #14 SPL ASSMNT REVENUE                            | CUSIP: 92708JAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2413489.08   | 0.13%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TES1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3040175.36   | 0.17%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57583U6Q6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    715000 | PA      | $565616.59    | 0.03%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDJ3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2122219.37   | 0.12%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    800000 | PA      | $723154.06    | 0.04%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1486898.81   | 0.08%             | 2044-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Coastal Ridge Community Development District                                     | COASTAL RIDGE CDD FL SPL ASSMNT REVENUE                      | CUSIP: 19052TAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1663107.18   | 0.09%             | 2055-05-01      | Fixed         | 6.00%                 | 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        |   4855000 | PA      | $4941493.38   | 0.27%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4127247.92   | 0.23%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Rancho Mirage Community Facilities District                                      | RANCHO MIRAGE CA CMNTY FACS DIST SPL TAX                     | CUSIP: 75213WCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $987328.14    | 0.05%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BLY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1013785.55   | 0.06%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  61960000 | PA      | $14889074.74  | 0.82%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE     | CUSIP: 05616KBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1490076.76   | 0.08%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWT7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    780000 | PA      | $793350.73    | 0.04%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                            | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 613609D60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904314.27    | 0.05%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parrish Lakes Community Development District                                     | PARRISH LAKES CDD CAPITAL IMPT REVENUE                       | CUSIP: 70183FAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $415517.74    | 0.02%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698PM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $261679.94    | 0.01%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GDM4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1590715.60   | 0.09%             | 2055-06-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UKQ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1370121.61   | 0.08%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ibis Landing Community Development District                                      | IBIS LANDING CDD FL SPL ASSMNT                               | CUSIP: 451075AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $360676.10    | 0.02%             | 2045-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445F79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8094136.32   | 0.45%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | OREGON ST FACS AUTH REVENUE                                  | CUSIP: 68608JXK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $759408.11    | 0.04%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MTQ0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $973484.83    | 0.05%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783VW3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1822005.92   | 0.10%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverpark Metropolitan District/Arapahoe County                                  | RIVERPARK MET DIST CO LIMITED TAX & SPL REVENUE              | CUSIP: 76883BAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943252.72    | 0.05%             | 2054-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YER2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    335000 | PA      | $161637.50    | 0.01%             | 2019-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Shadowlawn Community Development District                                        | SHADOWLAWN CDD FL SPL ASSMNT REVENUE                         | CUSIP: 818820AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $331430.03    | 0.02%             | 2054-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCP8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    798624 | PA      | $762263.73    | 0.04%             | 2048-12-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Town of Milton DE                                                                | MILTON DE SPL OBLIG                                          | CUSIP: 601792AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990769.12    | 0.05%             | 2053-09-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H71<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |  14770000 | PA      | $14337511.65  | 0.79%             | 2065-03-01      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $1715257.26   | 0.09%             | 2057-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ballston Quarter Community Development Authority                                 | BALLSTON QUARTER CMNTY DEV AUTH VA REVENUE                   | CUSIP: 058696AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $469414.83    | 0.03%             | 2046-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ESL1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2228390.14   | 0.12%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530AY5<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1055438.74   | 0.06%             | 2037-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506EPA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1938639.78   | 0.11%             | 2055-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1185000.00   | 0.07%             | 2032-07-15      | Variable      | 14.00%                | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151119.55    | 0.01%             | 2031-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCN3<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    559636 | PA      | $534093.06    | 0.03%             | 2048-11-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972B8M0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   3190000 | PA      | $2846700.21   | 0.16%             | 2044-11-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAE5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1161428 | PA      | $560389.01    | 0.03%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $746480.21    | 0.04%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4P3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1710070.74   | 0.09%             | 2057-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4830000 | PA      | $4538337.99   | 0.25%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GB2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3790000 | PA      | $2965644.07   | 0.16%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                                 | EAST CENTRL VT TELECOMMUNICATIONS DIST PROJ REVENUE          | CUSIP: 271524AY6<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |   3695000 | PA      | $2957824.48   | 0.16%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prairie Farm Metropolitan District                                               | PRAIRIE FARM MET DIST CO                                     | CUSIP: 73955CAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1224000 | PA      | $1167835.07   | 0.06%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Angelina & Neches River Authority                                                | ANGELINA & NECHES RIVER AUTH IND DEV CORP                    | CUSIP: 03469KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $232853.40    | 0.01%             | 2045-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SCH FAC REVENUE                  | CUSIP: 13051BAC0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    435000 | PA      | $420942.51    | 0.02%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783SQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    940000 | PA      | $939583.47    | 0.05%             | 2045-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY SENIOR LIVING REVENUE           | CUSIP: 57563WAB4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3309967.80   | 0.18%             | 2045-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ibis Landing Community Development District                                      | IBIS LANDING CDD FL SPL ASSMNT                               | CUSIP: 451075AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $458490.39    | 0.03%             | 2055-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  15025000 | PA      | $9315500.00   | 0.51%             | 2059-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| Village of Lincolnwood Il                                                        | LINCOLNWOOD IL TAX INCREMENT ALLOCATION REVENUE NTS COPS     | CUSIP: 53509AAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $941599.47    | 0.05%             | 2043-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lower Magnolia Green Community Development Authority                             | LOWER MAGNOLIA GREEN VA CMNTY DEV AUTH SPL ASSMNT            | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $454369.57    | 0.03%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396HF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2385000 | PA      | $1815395.10   | 0.10%             | 2056-06-15      | Fixed         | 4.75%                 | 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        |  63630000 | PA      | $56630700.00  | 3.13%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | TRIBOROUGH NY BRIDGE & TUNNEL AUTH SALES TAX REVENUE         | CUSIP: 896035CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $6915498.64   | 0.38%             | 2058-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U61<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    585000 | PA      | $515887.99    | 0.03%             | 2059-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sandridge Community Development District                                         | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE               | CUSIP: 80007LAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $478476.38    | 0.03%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3328057.74   | 0.18%             | 2040-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883A77<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    490000 | PA      | $506673.17    | 0.03%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1254987.49   | 0.07%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447T2L6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2504324.79   | 0.14%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3300908.79   | 0.18%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $575012.26    | 0.03%             | 2045-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $780737.81    | 0.04%             | 2046-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GDF9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    595000 | PA      | $564015.99    | 0.03%             | 2049-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Power County Industrial Development Corp                                         | PWR CNTY ID INDL DEV CORP SOL WST DISP REVENUE               | CUSIP: 739247AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265555.79    | 0.01%             | 2032-08-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAG0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    747668 | PA      | $360749.81    | 0.02%             | 2019-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Mohegan Tribal Finance Authority                                                 | MOHEGAN TRIBAL CT FIN AUTH                                   | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10165000 | PA      | $10089262.72  | 0.56%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14630000 | PA      | $13242563.22  | 0.73%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County/The                                         | COBB CNTY GA DEV AUTH CHARTERSCH REVENUE                     | CUSIP: 190779AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $660346.62    | 0.04%             | 2058-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                    | LANCASTER PA MUNI AUTH HLTHCARE FACS REVENUE                 | CUSIP: 514350AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $270891.40    | 0.01%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2271556.41   | 0.13%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS LEASE REVENUE         | CUSIP: 14043RAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3405000 | PA      | $3351295.76   | 0.19%             | 2065-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEQ4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    415000 | PA      | $200237.50    | 0.01%             | 2018-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cypress Creek Reserve Community Development District                             | CYPRESS CREEK RESERVE CDD FL SPL ASSMNT                      | CUSIP: 23274FAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1124074.38   | 0.06%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1867875.53   | 0.10%             | 2062-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | OREGON ST FACS AUTH REVENUE                                  | CUSIP: 68608JXL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $422676.85    | 0.02%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Marion Ranch Community Development District                                      | MARION RANCH CDD FL SPL ASSMNT                               | CUSIP: 570001AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230689.36    | 0.01%             | 2054-05-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Alachua County Housing Finance Authority                                         | ALACHUA CNTY FL HSG FIN AUTH MF REVENUE                      | CUSIP: 01068LAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1232834.81   | 0.07%             | 2055-07-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7445000 | PA      | $6542524.92   | 0.36%             | 2059-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CCB3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $893499.76    | 0.05%             | 2054-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | HAMMOCK OAKS CDD FL ASSMNT                                   | CUSIP: 40834PAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $843288.68    | 0.05%             | 2054-05-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LJR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5150000 | PA      | $4596239.45   | 0.25%             | 2056-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bella Collina Community Development District                                     | BELLA COLLINA CDD FL SPL ASSMNT                              | CUSIP: 07819AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $492907.92    | 0.03%             | 2055-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    880000 | PA      | $962956.46    | 0.05%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Elevation Pointe Community Development District                                  | ELEVATION POINTE CMNTY DEV DIST FL SPL ASSMNT REVENUE        | CUSIP: 28624AAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $618904.31    | 0.03%             | 2042-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Talavera Community Development District                                          | TALAVERA CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 87410PAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $466727.81    | 0.03%             | 2040-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | HAMILTON CNTY OH HLTH CARE REVENUE                           | CUSIP: 40727RBT4<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1272857.87   | 0.07%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seagoville TX                                                            | SEAGOVILLE TX SPL ASSMNT REVENUE                             | CUSIP: 811829AF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $618457.32    | 0.03%             | 2045-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Somerset Bay Community Development District                                      | SOMERSET BAY CDD FL CAPITAL IMPT REVENUE                     | CUSIP: 83461CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $303622.02    | 0.02%             | 2031-05-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEF8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    705000 | PA      | $340162.50    | 0.02%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5283281 | PA      | $3672638.08   | 0.20%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH REVENUE                         | CUSIP: 155498AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451530.23    | 0.02%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEM3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2054508 | PA      | $991300.11    | 0.05%             | 2018-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UKN7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2218629.77   | 0.12%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1244001.89   | 0.07%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                             | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE             | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1096891.02   | 0.06%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1240514.51   | 0.07%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV       | CUSIP: 64542RFK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1949945.52   | 0.11%             | 2057-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tradition Community Development District No 9                                    | TRADITION CDD #9 FL SPL ASSMNT                               | CUSIP: 89269NAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $525988.98    | 0.03%             | 2045-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDUCTNL FACS REVENUE          | CUSIP: 56678RAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1120247.02   | 0.06%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YEG6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $2171250.00   | 0.12%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400DE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $371927.24    | 0.02%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PRIFA Custodial Trust                                                            | PRIFA SER 2005 (2021) CUSTODIAL TRUST                        | CUSIP: 69362XAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $839040.18    | 0.05%             | 2049-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145UR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $179513.78    | 0.01%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YAA3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $648962.50    | 0.04%             | 2031-07-01      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DHJ4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1192218.14   | 0.07%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | HAMMOCK OAKS CDD FL ASSMNT                                   | CUSIP: 40834PAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1095327.27   | 0.06%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH ST HSG CORP                                             | CUSIP: 91743PCV5<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   2051974 | PA      | $1961257.01   | 0.11%             | 2049-06-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | ANNA TX SPL ASSMNT REVENUE                                   | CUSIP: 035713AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    769000 | PA      | $756032.98    | 0.04%             | 2044-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Aubrey TX                                                                | AUBREY TX SPL ASSMNT                                         | CUSIP: 050197BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    449000 | PA      | $433881.26    | 0.02%             | 2035-12-31      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDG7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $774412.50    | 0.04%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFM2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    709256 | PA      | $342216.02    | 0.02%             | 2020-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FTF1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1062649.36   | 0.06%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCW3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    345000 | PA      | $166462.50    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North AR-1 Pasco Community Development District                                  | NORTH AR-1 PASCO CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 65725AAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $362593.90    | 0.02%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PPR0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    975000 | PA      | $548879.77    | 0.03%             | 2035-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TDA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $253232.21    | 0.01%             | 2042-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399PJ9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    855000 | PA      | $772718.97    | 0.04%             | 2062-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE                     | CUSIP: 452029AC5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    315000 | PA      | $315075.94    | 0.02%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YFH3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    250000 | PA      | $120625.00    | 0.01%             | 2030-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hoover Industrial Development Board                                              | HOOVER AL INDL DEV BRD ENVNMNTL IMPT REVENUE                 | CUSIP: 439241AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5620000 | PA      | $6121616.47   | 0.34%             | 2050-11-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96121.34     | 0.01%             | 2045-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028C68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20500000 | PA      | $20549479.54  | 1.14%             | 2059-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EVB9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1936487.83   | 0.11%             | 2043-07-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U20<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    300000 | PA      | $295387.57    | 0.02%             | 2059-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PPS8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  31635000 | PA      | $2176027.08   | 0.12%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041YP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1279191.28   | 0.07%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400DB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $516646.71    | 0.03%             | 2055-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $458854.49    | 0.03%             | 2059-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $993510.31    | 0.05%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDUCTNL FACS REVENUE          | CUSIP: 56678RAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1059137.48   | 0.06%             | 2051-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WBF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $611862.57    | 0.03%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDT9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    590000 | PA      | $284675.00    | 0.02%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155205.08    | 0.01%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $829719.17    | 0.05%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC | CUSIP: 74528LAC5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    680000 | PA      | $744765.60    | 0.04%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Marion Ranch Community Development District                                      | MARION RANCH CDD FL SPL ASSMNT                               | CUSIP: 570001AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $601572.64    | 0.03%             | 2044-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Industrial Development Board | MET GOVT NASHVILLE & DAVIDSON CNTY TN INDL DEV BRD SPL ASSMN | CUSIP: 59211SAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3830000 | PA      | $1567455.08   | 0.09%             | 2043-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** BlackRock ETF Trust II

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer