# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-25-043506
**Filing Date:** 2025-12
**Character Count:** 163723
**Document Hash:** faba088abfd97de48d20fd8222537f36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043506.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043506

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock 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:** 251606950

**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 Intermediate Muni Income Active ETF (Series ID: S000070976)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000225367 | iShares Intermediate Muni Income Active ETF |  |

## Nport-Ex

October 31, 2025

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

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

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

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares Intermediate Muni Income Active ETF \| INMU \| NYSE Arca |

---

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

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

------

Schedule of Investments (unaudited)

October 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Alabama — 8.0%** | **Alabama — 8.0%** | **Alabama — 8.0%** |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority RB <br> AMT, 5.00%, 06/01/55<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $1100 | $1132298 |
| Black Belt Energy Gas District RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.57%, 10/01/52<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 270 | 267341 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/49 | &nbsp;&nbsp;&nbsp; 670 | 675853 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/55 | &nbsp;&nbsp;&nbsp; 580 | 628920 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 | &nbsp;&nbsp;&nbsp; 2210 | 2397360 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/53 | &nbsp;&nbsp;&nbsp; 1250 | 1332615 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/54 | &nbsp;&nbsp;&nbsp; 335 | 360825 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/55 | &nbsp;&nbsp;&nbsp; 545 | 598100 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/53 | &nbsp;&nbsp;&nbsp; 860 | 908900 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue RB, 5.25%, <br> 10/01/42<br>| &nbsp;&nbsp;&nbsp; 1000 | 1074748 |
| Energy Southeast A Cooperative District RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/35 | &nbsp;&nbsp;&nbsp; 625 | 672950 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/54 | &nbsp;&nbsp;&nbsp; 225 | 252861 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The) RB, 4.00%, <br> 12/01/50<br>| &nbsp;&nbsp;&nbsp; 2160 | 2161785 |
| Southeast Energy Authority A Cooperative District RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/51 | &nbsp;&nbsp;&nbsp; 1200 | 1227391 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/55 | &nbsp;&nbsp;&nbsp; 2100 | 2330787 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 | &nbsp;&nbsp;&nbsp; 405 | 438922 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 110 | 110713 |
|  |  | 16572369 |
| **California — 6.4%** | **California — 6.4%** | **California — 6.4%** |
| California Community Choice Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.84%, 12/01/53<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 750 | 760324 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/33 | &nbsp;&nbsp;&nbsp; 1500 | 1640077 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/56 | &nbsp;&nbsp;&nbsp; 275 | 301853 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/56 | &nbsp;&nbsp;&nbsp; 4100 | 4514915 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank RB AMT, 9.50%, 01/01/65<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 465 | 372000 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority RB AMT, <br> 4.00%, 07/15/29<br>| &nbsp;&nbsp;&nbsp; 500 | 505371 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority RB <br> AMT, 4.25%, 07/01/31<br>| &nbsp;&nbsp;&nbsp; 525 | 532778 |
| City of Los Angeles Department of Airports RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/34 | &nbsp;&nbsp;&nbsp; 355 | 407682 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/35 | &nbsp;&nbsp;&nbsp; 500 | 575059 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/39 | &nbsp;&nbsp;&nbsp; 1000 | 1106267 |
| San Diego Unified School District California GO |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 610 | 523640 |
| &nbsp;&nbsp;&nbsp; Series C, 0.00%, 07/01/38<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1945 | 1252168 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport RB AMT, 5.00%, <br> 05/01/33<br>| &nbsp;&nbsp;&nbsp; 700 | 789990 |
|  |  | 13282124 |
| **Colorado — 1.7%** | **Colorado — 1.7%** | **Colorado — 1.7%** |
| &nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/35 | &nbsp;&nbsp;&nbsp; 1010 | 1052939 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/34 | &nbsp;&nbsp;&nbsp; 200 | 231990 |
| Colorado Health Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/39 | &nbsp;&nbsp;&nbsp; 185 | 183127 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/35 | &nbsp;&nbsp;&nbsp; 320 | 366190 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/57 | &nbsp;&nbsp;&nbsp; 330 | 374889 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/60 | &nbsp;&nbsp;&nbsp; 285 | 311615 |
| &nbsp;&nbsp;&nbsp; Pueblo Urban Renewal Authority, Series B, 0.00%, <br> 12/01/25<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 248961 |
| State of Colorado COP, 5.00%, 03/15/37 | &nbsp;&nbsp;&nbsp; 675 | 686586 |
|  |  | 3456297 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Connecticut — 1.3%** | **Connecticut — 1.3%** | **Connecticut — 1.3%** |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority RB, 1.85%, <br> 05/15/38<br>| &nbsp;&nbsp;&nbsp; $205 | $153187 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/01/37 | &nbsp;&nbsp;&nbsp; 645 | 645437 |
| &nbsp;&nbsp;&nbsp; Series L, 5.00%, 07/01/45 | &nbsp;&nbsp;&nbsp; 300 | 300107 |
| State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/35 | &nbsp;&nbsp;&nbsp; 125 | 147176 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp; 895 | 1002255 |
| State of Connecticut Special Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/34 | &nbsp;&nbsp;&nbsp; 285 | 285425 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/38 | &nbsp;&nbsp;&nbsp; 220 | 245041 |
|  |  | 2778628 |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority RB, <br> 4.00%, 10/01/45<br>| &nbsp;&nbsp;&nbsp; 240 | 242219 |
| **District of Columbia — 1.1%** | **District of Columbia — 1.1%** | **District of Columbia — 1.1%** |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue RB, 5.00%, <br> 06/01/40<br>| &nbsp;&nbsp;&nbsp; 175 | 195403 |
| &nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority RB, <br> 5.00%, 10/01/41<br>| &nbsp;&nbsp;&nbsp; 685 | 753766 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/34 | &nbsp;&nbsp;&nbsp; 300 | 340582 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/37 | &nbsp;&nbsp;&nbsp; 295 | 320240 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/41 | &nbsp;&nbsp;&nbsp; 585 | 647173 |
|  |  | 2257164 |
| **Florida — 3.0%** | **Florida — 3.0%** | **Florida — 3.0%** |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue RB AMT, <br> 5.00%, 10/01/34<br>| &nbsp;&nbsp;&nbsp; 2000 | 2255691 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida GO, Series A, 5.00%, <br> 07/01/38<br>| &nbsp;&nbsp;&nbsp; 1000 | 1004605 |
| County of Osceola Transportation Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | &nbsp;&nbsp;&nbsp; 415 | 436058 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/39 | &nbsp;&nbsp;&nbsp; 985 | 1010915 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp. RB AMT, 4.38%, <br> 10/01/54<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 253746 |
| &nbsp;&nbsp;&nbsp; Kissimmee Park Community Development District, <br> 5.00%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 555 | 554213 |
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota Community Development District, <br> 2.75%, 05/01/26<br>| &nbsp;&nbsp;&nbsp; 95 | 94481 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority RB, 5.00%, <br> 07/01/30<br>| &nbsp;&nbsp;&nbsp; 250 | 250315 |
| &nbsp;&nbsp;&nbsp; School District of Broward County Florida COP, <br> 5.00%, 07/01/30<br>| &nbsp;&nbsp;&nbsp; 290 | 293667 |
| &nbsp;&nbsp;&nbsp; Tohoqua Community Development District, 2.38%, <br> 05/01/26<br>| &nbsp;&nbsp;&nbsp; 60 | 59519 |
|  |  | 6213210 |
| **Georgia — 2.2%** | **Georgia — 2.2%** | **Georgia — 2.2%** |
| &nbsp;&nbsp;&nbsp; City of Atlanta Department of Aviation RB AMT, 5.25%, <br> 07/01/42<br>| &nbsp;&nbsp;&nbsp; 300 | 325682 |
| &nbsp;&nbsp;&nbsp; County of DeKalb Water & Sewerage Revenue RB, <br> 5.00%, 10/01/42<br>| &nbsp;&nbsp;&nbsp; 1000 | 1096525 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County (The) RB, <br> 5.70%, 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 101066 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority RB, 4.05%, <br> 12/01/35 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 250 | 258403 |
| Main Street Natural Gas Inc. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 | &nbsp;&nbsp;&nbsp; 850 | 899130 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/37 | &nbsp;&nbsp;&nbsp; 500 | 544549 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/54 | &nbsp;&nbsp;&nbsp; 500 | 538004 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/55 | &nbsp;&nbsp;&nbsp; 270 | 293220 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 | &nbsp;&nbsp;&nbsp; 500 | 548314 |
|  |  | 4604893 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Hawaii — 0.3%** | **Hawaii — 0.3%** | **Hawaii — 0.3%** |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue RB AMT, <br> 5.00%, 07/01/42<br>| &nbsp;&nbsp;&nbsp; $500 | $532017 |
| **Idaho — 1.9%** | **Idaho — 1.9%** | **Idaho — 1.9%** |
| Idaho Health Facilities Authority RB, 5.00%, 03/01/60 | &nbsp;&nbsp;&nbsp; 1810 | 2000389 |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association RB, 5.00%, <br> 08/15/43<br>| &nbsp;&nbsp;&nbsp; 1750 | 1912236 |
|  |  | 3912625 |
| **Illinois — 5.8%** | **Illinois — 5.8%** | **Illinois — 5.8%** |
| Chicago Board of Education GO, 5.50%, 12/01/32 | &nbsp;&nbsp;&nbsp; 625 | 662595 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport RB, 5.00%, <br> 01/01/36<br>| &nbsp;&nbsp;&nbsp; 1500 | 1505006 |
| Chicago O'Hare International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/35 | &nbsp;&nbsp;&nbsp; 1635 | 1638993 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/37 | &nbsp;&nbsp;&nbsp; 200 | 203937 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport RB AMT, 5.00%, <br> 01/01/35<br>| &nbsp;&nbsp;&nbsp; 1170 | 1172093 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts <br> Revenue RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | &nbsp;&nbsp;&nbsp; 670 | 687072 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/28 | &nbsp;&nbsp;&nbsp; 785 | 821956 |
| City of Chicago Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 | &nbsp;&nbsp;&nbsp; 100 | 101268 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/34 | &nbsp;&nbsp;&nbsp; 895 | 936468 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority RB, Class B,3.92%, <br> 05/01/42<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 497800 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority RB, 5.00%, <br> 01/01/30<br>| &nbsp;&nbsp;&nbsp; 785 | 786237 |
| &nbsp;&nbsp;&nbsp; Northern Illinois Municipal Power Agency RB, 4.00%, <br> 12/01/36<br>| &nbsp;&nbsp;&nbsp; 100 | 100213 |
| &nbsp;&nbsp;&nbsp; Rock Island County School District No. 41 Rock Island <br> GO, 5.00%, 01/01/42 (AGC)<br>| &nbsp;&nbsp;&nbsp; 350 | 373462 |
| State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 | &nbsp;&nbsp;&nbsp; 225 | 246065 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/34 | &nbsp;&nbsp;&nbsp; 1120 | 1139471 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/37 | &nbsp;&nbsp;&nbsp; 100 | 110806 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/43 | &nbsp;&nbsp;&nbsp; 1000 | 1044896 |
|  |  | 12028338 |
| **Indiana — 1.7%** | **Indiana — 1.7%** | **Indiana — 1.7%** |
| Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/40 | &nbsp;&nbsp;&nbsp; 325 | 365366 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/57 | &nbsp;&nbsp;&nbsp; 1970 | 2234263 |
| &nbsp;&nbsp;&nbsp; Indiana Health Facility Financing Authority RB, 5.00%, <br> 11/15/34<br>| &nbsp;&nbsp;&nbsp; 835 | 835987 |
|  |  | 3435616 |
| **Kentucky — 1.6%** | **Kentucky — 1.6%** | **Kentucky — 1.6%** |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky RB AMT, 3.70%, <br> 01/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 150800 |
| Kentucky Public Energy Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 | &nbsp;&nbsp;&nbsp; 1050 | 1067739 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | &nbsp;&nbsp;&nbsp; 480 | 521392 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/55 | &nbsp;&nbsp;&nbsp; 350 | 374105 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission RB, <br> 5.00%, 10/01/42<br>| &nbsp;&nbsp;&nbsp; 1040 | 1130066 |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government <br> RB, 1.75%, 02/01/35<br>| &nbsp;&nbsp;&nbsp; 125 | 123315 |
|  |  | 3367417 |
| **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Shreveport Water & Sewer Revenue RB, <br> 5.00%, 12/01/40<br>| &nbsp;&nbsp;&nbsp; 135 | 135060 |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities <br> & Community Development Authority RB, <br> Class A,2.00%, 06/01/30<br>| &nbsp;&nbsp;&nbsp; 145 | 134509 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| Parish of St. James Louisiana RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/01/41 | &nbsp;&nbsp;&nbsp; $100 | $100975 |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 549633 |
|  |  | 920177 |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities <br> Commission RB, 3.85%, 07/01/34 (FHA 542(C))<br>| &nbsp;&nbsp;&nbsp; 365 | 377775 |
| **Massachusetts — 0.9%** | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts GOL, 5.00%, <br> 07/01/36<br>| &nbsp;&nbsp;&nbsp; 520 | 526888 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation <br> Fund Revenue RB, 5.00%, 06/01/38<br>| &nbsp;&nbsp;&nbsp; 750 | 864277 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority RB, 5.00%, <br> 02/15/41<br>| &nbsp;&nbsp;&nbsp; 350 | 387582 |
|  |  | 1778747 |
| **Michigan — 1.4%** | **Michigan — 1.4%** | **Michigan — 1.4%** |
| Michigan Finance Authority RB, 5.25%, 02/29/40 | &nbsp;&nbsp;&nbsp; 100 | 108605 |
| Michigan State Hospital Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/55 | &nbsp;&nbsp;&nbsp; 215 | 236370 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/55 | &nbsp;&nbsp;&nbsp; 1830 | 2057291 |
| Michigan Strategic Fund RB AMT, 5.00%, 06/30/29 | &nbsp;&nbsp;&nbsp; 430 | 448598 |
|  |  | 2850864 |
| **Missouri — 1.1%** | **Missouri — 1.1%** | **Missouri — 1.1%** |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State <br> of Missouri RB, 5.00%, 11/15/35<br>| &nbsp;&nbsp;&nbsp; 500 | 569436 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority RB <br> AMT, 5.00%, 03/01/34<br>| &nbsp;&nbsp;&nbsp; 750 | 784170 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission RB, <br> 3.90%, 05/01/36<br>| &nbsp;&nbsp;&nbsp; 375 | 378632 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission <br> RB, 5.00%, 12/01/34<br>| &nbsp;&nbsp;&nbsp; 500 | 573598 |
|  |  | 2305836 |
| **Nebraska — 0.6%** | **Nebraska — 0.6%** | **Nebraska — 0.6%** |
| Central Plains Energy Project RB, 5.00%, 05/01/53 | &nbsp;&nbsp;&nbsp; 1170 | 1233989 |
| **Nevada — 1.5%** | **Nevada — 1.5%** | **Nevada — 1.5%** |
| Clark County School District GOL |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/36 | &nbsp;&nbsp;&nbsp; 1000 | 1001104 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/39 | &nbsp;&nbsp;&nbsp; 1000 | 1127245 |
| County of Washoe Nevada RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/36 | &nbsp;&nbsp;&nbsp; 275 | 277099 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/36 | &nbsp;&nbsp;&nbsp; 90 | 91792 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District GOL, 5.00%, <br> 06/01/34<br>| &nbsp;&nbsp;&nbsp; 530 | 535797 |
|  |  | 3033037 |
| **New Hampshire — 1.2%** | **New Hampshire — 1.2%** | **New Hampshire — 1.2%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Housing Finance Authority RB, <br> 6.25%, 07/01/55 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 2255 | 2528334 |
| **New Jersey — 3.9%** | **New Jersey — 3.9%** | **New Jersey — 3.9%** |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority RB, <br> 5.00%, 06/15/28<br>| &nbsp;&nbsp;&nbsp; 225 | 237939 |
| New Jersey Educational Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/35 | &nbsp;&nbsp;&nbsp; 1510 | 1562086 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/38 | &nbsp;&nbsp;&nbsp; 100 | 109949 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority RB AMT, 5.00%, 12/01/33<br>| &nbsp;&nbsp;&nbsp; 450 | 492065 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency RB, <br> 3.50%, 05/01/29 (HUD SECT 8)<br>| &nbsp;&nbsp;&nbsp; 240 | 242946 |
| New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/32 | &nbsp;&nbsp;&nbsp; 750 | 852362 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/35 | &nbsp;&nbsp;&nbsp; 1110 | 1285120 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/37 | &nbsp;&nbsp;&nbsp; 290 | 324656 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | &nbsp;&nbsp;&nbsp; 1000 | 1072559 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| Tobacco Settlement Financing Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 | &nbsp;&nbsp;&nbsp; $490 | $515220 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/34 | &nbsp;&nbsp;&nbsp; 945 | 978633 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/35 | &nbsp;&nbsp;&nbsp; 500 | 516049 |
|  |  | 8189584 |
| **New Mexico — 0.2%** | **New Mexico — 0.2%** | **New Mexico — 0.2%** |
| &nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority RB, 3.73%, <br> 02/01/42 (HUD SECT 8)<br>| &nbsp;&nbsp;&nbsp; 375 | 375071 |
| **New York — 9.3%** | **New York — 9.3%** | **New York — 9.3%** |
| City of New York GO, 5.00%, 02/01/42 | &nbsp;&nbsp;&nbsp; 500 | 544770 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority RB, 5.00%, <br> 11/15/43<br>| &nbsp;&nbsp;&nbsp; 1355 | 1443000 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp. RB, <br> 3.75%, 05/01/65<br>| &nbsp;&nbsp;&nbsp; 465 | 471876 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building <br> Aid Revenue RB, 5.00%, 07/15/40 (SAW)<br>| &nbsp;&nbsp;&nbsp; 2000 | 2240164 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/33 | &nbsp;&nbsp;&nbsp; 655 | 757934 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/38 | &nbsp;&nbsp;&nbsp; 1000 | 1143544 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/42 | &nbsp;&nbsp;&nbsp; 1800 | 1960984 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/44 | &nbsp;&nbsp;&nbsp; 185 | 197651 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI New York RB, <br> 5.00%, 06/01/36<br>| &nbsp;&nbsp;&nbsp; 730 | 733432 |
| &nbsp;&nbsp;&nbsp; New York Energy Finance Development Corp. RB, <br> 5.00%, 07/01/56<br>| &nbsp;&nbsp;&nbsp; 1100 | 1182493 |
| New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/38 (AG SAW) | &nbsp;&nbsp;&nbsp; 1000 | 1136400 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/39 | &nbsp;&nbsp;&nbsp; 500 | 567531 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/42 | &nbsp;&nbsp;&nbsp; 630 | 687757 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 506015 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 262093 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority RB, 5.00%, <br> 03/15/40<br>| &nbsp;&nbsp;&nbsp; 1000 | 1121820 |
| New York Transportation Development Corp. RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/30 | &nbsp;&nbsp;&nbsp; 315 | 321030 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/42 | &nbsp;&nbsp;&nbsp; 250 | 228583 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/28 | &nbsp;&nbsp;&nbsp; 275 | 285026 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/31 | &nbsp;&nbsp;&nbsp; 500 | 545103 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/33 | &nbsp;&nbsp;&nbsp; 710 | 728626 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/30/40 | &nbsp;&nbsp;&nbsp; 500 | 565554 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey RB AMT, <br> 5.00%, 09/01/41<br>| &nbsp;&nbsp;&nbsp; 565 | 598432 |
| Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp; 100 | 112210 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp; 650 | 708869 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp; 150 | 164824 |
|  |  | 19215721 |
| **North Carolina — 1.8%** | **North Carolina — 1.8%** | **North Carolina — 1.8%** |
| County of Wake North Carolina RB, 5.00%, 05/01/40 | &nbsp;&nbsp;&nbsp; 1000 | 1127015 |
| &nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities & Pollution <br> Control Financing Authority RB AMT, 3.13%, <br> 12/01/27<br>| &nbsp;&nbsp;&nbsp; 1925 | 1923100 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority RB, 5.00%, <br> 01/01/30<br>| &nbsp;&nbsp;&nbsp; 300 | 318235 |
| State of North Carolina RB, 5.00%, 03/01/35 | &nbsp;&nbsp;&nbsp; 260 | 305418 |
|  |  | 3673768 |
| **Ohio — 1.9%** | **Ohio — 1.9%** | **Ohio — 1.9%** |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority RB, 4.00%, <br> 09/01/30<br>| &nbsp;&nbsp;&nbsp; 155 | 157365 |
| Ohio Air Quality Development Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/01/29 | &nbsp;&nbsp;&nbsp; 2060 | 2065195 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/39 | &nbsp;&nbsp;&nbsp; 245 | 248918 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $200 | $185985 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority RB, 5.00%, <br> 12/01/42<br>| &nbsp;&nbsp;&nbsp; 1005 | 1112641 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 252898 |
|  |  | 4023002 |
| **Oklahoma — 0.4%** | **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |
| Oklahoma Turnpike Authority RB, 5.00%, 01/01/41 | &nbsp;&nbsp;&nbsp; 515 | 567872 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees Oklahoma RB <br> AMT, 6.25%, 12/01/35<br>| &nbsp;&nbsp;&nbsp; 170 | 196044 |
|  |  | 763916 |
| **Oregon — 2.7%** | **Oregon — 2.7%** | **Oregon — 2.7%** |
| City of Portland Oregon GOL, 5.00%, 05/01/40 | &nbsp;&nbsp;&nbsp; 2500 | 2813222 |
| Port of Morrow Oregon GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155 | 154996 |
| Port of Portland Airport Revenue RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | &nbsp;&nbsp;&nbsp; 500 | 565078 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | &nbsp;&nbsp;&nbsp; 1000 | 1066984 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/43 | &nbsp;&nbsp;&nbsp; 300 | 314396 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/41 | &nbsp;&nbsp;&nbsp; 665 | 718727 |
|  |  | 5633403 |
| **Pennsylvania — 5.2%** | **Pennsylvania — 5.2%** | **Pennsylvania — 5.2%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority RB, <br> 5.00%, 04/01/26<br>| &nbsp;&nbsp;&nbsp; 495 | 498619 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority RB, 5.50%, 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 410 | 444295 |
| Commonwealth Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/34 | &nbsp;&nbsp;&nbsp; 1615 | 1689172 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/35 | &nbsp;&nbsp;&nbsp; 1605 | 1613053 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority RB, 5.00%, 03/15/60<br>| &nbsp;&nbsp;&nbsp; 535 | 595723 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/01/34 | &nbsp;&nbsp;&nbsp; 980 | 979793 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/38 | &nbsp;&nbsp;&nbsp; 500 | 539808 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/40 | &nbsp;&nbsp;&nbsp; 500 | 529750 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/42 (AGM) | &nbsp;&nbsp;&nbsp; 380 | 407937 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority <br> RB, 5.00%, 08/15/40<br>| &nbsp;&nbsp;&nbsp; 250 | 275601 |
| Pennsylvania Housing Finance Agency RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/32 | &nbsp;&nbsp;&nbsp; 445 | 398476 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/32 | &nbsp;&nbsp;&nbsp; 125 | 139415 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/32 | &nbsp;&nbsp;&nbsp; 150 | 168168 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/33 | &nbsp;&nbsp;&nbsp; 225 | 252503 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/33 | &nbsp;&nbsp;&nbsp; 275 | 310047 |
| Pennsylvania Turnpike Commission RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/42 | &nbsp;&nbsp;&nbsp; 1095 | 1225518 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/43 | &nbsp;&nbsp;&nbsp; 650 | 706018 |
|  |  | 10773896 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue RB, 4.33%, 07/01/40<br>| &nbsp;&nbsp;&nbsp; 250 | 242374 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Health & Educational Building Corp. RB, <br> 5.00%, 09/15/35<br>| &nbsp;&nbsp;&nbsp; 585 | 600536 |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp. RB, <br> 5.00%, 10/01/41 (GNMA COLL)<br>| &nbsp;&nbsp;&nbsp; 250 | 266995 |
|  |  | 867531 |
| **South Carolina — 3.6%** | **South Carolina — 3.6%** | **South Carolina — 3.6%** |
| &nbsp;&nbsp;&nbsp; Charleston Housing Authority South Carolina RB, <br> 4.50%, 09/01/35<br>| &nbsp;&nbsp;&nbsp; 1000 | 1015425 |
| City of Hardeeville South Carolina, 3.00%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 96428 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/62 | &nbsp;&nbsp;&nbsp; 145 | 148391 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Carolina (continued)** | **South Carolina (continued)** | **South Carolina (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/34 | &nbsp;&nbsp;&nbsp; $575 | $656519 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/38 | &nbsp;&nbsp;&nbsp; 1000 | 1108003 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/49 | &nbsp;&nbsp;&nbsp; 225 | 252058 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/42 | &nbsp;&nbsp;&nbsp; 1225 | 1352471 |
| South Carolina Public Service Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/43 | &nbsp;&nbsp;&nbsp; 300 | 317227 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/31 | &nbsp;&nbsp;&nbsp; 500 | 506166 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority RB, 6.25%, 01/01/56 <br> (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 1700 | 1922999 |
|  |  | 7375687 |
| **Tennessee — 1.3%** | **Tennessee — 1.3%** | **Tennessee — 1.3%** |
| Tennergy Corp. Tennessee RB, 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 750 | 813277 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp. RB, 5.00%, <br> 12/01/35<br>| &nbsp;&nbsp;&nbsp; 1695 | 1844793 |
|  |  | 2658070 |
| **Texas — 18.3%** | **Texas — 18.3%** | **Texas — 18.3%** |
| &nbsp;&nbsp;&nbsp; Allen Independent School District GO, 5.00%, <br> 02/15/35 (PSF)<br>| &nbsp;&nbsp;&nbsp; 1010 | 1013979 |
| &nbsp;&nbsp;&nbsp; City of Austin Electric Utility Revenue RB, 5.00%, <br> 11/15/35<br>| &nbsp;&nbsp;&nbsp; 540 | 540578 |
| &nbsp;&nbsp;&nbsp; City of Austin Water & Wastewater System Revenue <br> RB, 5.00%, 11/15/36<br>| &nbsp;&nbsp;&nbsp; 1110 | 1128572 |
| &nbsp;&nbsp;&nbsp; City of El Paso Water & Sewer Revenue RB, 5.00%, <br> 03/01/42<br>| &nbsp;&nbsp;&nbsp; 960 | 1031554 |
| &nbsp;&nbsp;&nbsp; City of Galveston Wharves & Terminal Revenue RB <br> AMT, 5.00%, 08/01/33<br>| &nbsp;&nbsp;&nbsp; 500 | 548071 |
| City of Houston Airport System Revenue RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 | &nbsp;&nbsp;&nbsp; 250 | 255000 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/30 | &nbsp;&nbsp;&nbsp; 225 | 225001 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/36 | &nbsp;&nbsp;&nbsp; 715 | 812580 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/37 | &nbsp;&nbsp;&nbsp; 100 | 109245 |
| City of Houston Texas GOL, 5.00%, 03/01/41 | &nbsp;&nbsp;&nbsp; 2175 | 2367630 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue <br> RB, 5.00%, 02/01/36<br>| &nbsp;&nbsp;&nbsp; 1000 | 1169545 |
| County of Harris Texas RB, 5.00%, 08/15/33 | &nbsp;&nbsp;&nbsp; 1000 | 1000912 |
| County of Montgomery Texas GO, 5.00%, 03/01/37 | &nbsp;&nbsp;&nbsp; 730 | 733489 |
| Dallas Fort Worth International Airport RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/41 | &nbsp;&nbsp;&nbsp; 375 | 410307 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/43 | &nbsp;&nbsp;&nbsp; 250 | 268547 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District GO, 5.00%, <br> 08/15/43 (PSF)<br>| &nbsp;&nbsp;&nbsp; 415 | 443711 |
| &nbsp;&nbsp;&nbsp; Harris County Industrial Development Corp. RB, <br> 4.05%, 11/01/50<br>| &nbsp;&nbsp;&nbsp; 445 | 460557 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District GO, 5.00%, <br> 08/15/39 (PSF)<br>| &nbsp;&nbsp;&nbsp; 560 | 633424 |
| Lower Colorado River Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/40 (BAM) | &nbsp;&nbsp;&nbsp; 750 | 828871 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/45 | &nbsp;&nbsp;&nbsp; 475 | 523752 |
| &nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1 RB, <br> 2.60%, 11/01/29<br>| &nbsp;&nbsp;&nbsp; 425 | 412071 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp. RB AMT, <br> 4.00%, 06/01/54<br>| &nbsp;&nbsp;&nbsp; 2000 | 2020871 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance <br> Corp. RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/34 | &nbsp;&nbsp;&nbsp; 750 | 755729 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/41 | &nbsp;&nbsp;&nbsp; 160 | 179276 |
| &nbsp;&nbsp;&nbsp; New Hope Higher Education Finance Corp. RB, <br> Series A, 5.00%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 229661 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority RB, 0.00%, 01/01/38 <br> (AG)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2685 | 1707759 |
| San Antonio Water System RB, 5.00%, 05/15/42 | &nbsp;&nbsp;&nbsp; 1250 | 1361638 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District GO, 5.00%, <br> 08/15/40 (PSF)<br>| &nbsp;&nbsp;&nbsp; 635 | 712639 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| State of Texas GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/40 | &nbsp;&nbsp;&nbsp; $2000 | $2260282 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/42 | &nbsp;&nbsp;&nbsp; 2000 | 2219717 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp. RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | &nbsp;&nbsp;&nbsp; 1000 | 1094386 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/43 | &nbsp;&nbsp;&nbsp; 2280 | 2446554 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/64 | &nbsp;&nbsp;&nbsp; 725 | 805670 |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District Texas GO, 5.00%, <br> 08/01/41 (PSF)<br>| &nbsp;&nbsp;&nbsp; 1000 | 1103110 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. I RB, <br> 3.58%, 12/15/26<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2270 | 2273889 |
| Texas Municipal Gas Acquisition & Supply Corp. II RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.53%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 110 | 110077 |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2007456 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. V <br> RB, 5.00%, 01/01/55<br>| &nbsp;&nbsp;&nbsp; 455 | 500803 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Finance Corp. RB, 5.00%, <br> 10/01/43<br>| &nbsp;&nbsp;&nbsp; 1000 | 1092864 |
|  |  | 37799777 |
| **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Airport Revenue RB AMT, <br> 5.00%, 07/01/36<br>| &nbsp;&nbsp;&nbsp; 1000 | 1125775 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District <br> RB, 5.00%, 06/01/35 (AG)<br>| &nbsp;&nbsp;&nbsp; 475 | 549217 |
|  |  | 1674992 |
| **Virginia — 0.1%** | **Virginia — 0.1%** | **Virginia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority RB, 2.05%, <br> 12/01/33<br>| &nbsp;&nbsp;&nbsp; 270 | 234876 |
| **Washington — 2.7%** | **Washington — 2.7%** | **Washington — 2.7%** |
| Energy Northwest RB, 5.00%, 07/01/40 | &nbsp;&nbsp;&nbsp; 400 | 450840 |
| Port of Seattle Washington RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/32 | &nbsp;&nbsp;&nbsp; 435 | 463262 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/41 | &nbsp;&nbsp;&nbsp; 1000 | 1106278 |
| State of Washington GO, 5.00%, 02/01/41 | &nbsp;&nbsp;&nbsp; 1565 | 1723984 |
| Vancouver Housing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/32 | &nbsp;&nbsp;&nbsp; 100 | 107159 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/35 | &nbsp;&nbsp;&nbsp; 130 | 138698 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/40 | &nbsp;&nbsp;&nbsp; 500 | 516609 |
| Washington Health Care Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 | &nbsp;&nbsp;&nbsp; 100 | 106616 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/49 | &nbsp;&nbsp;&nbsp; 1005 | 1007870 |
|  |  | 5621316 |
| **Wisconsin — 0.8%** | **Wisconsin — 0.8%** | **Wisconsin — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Milwaukee Sewerage System Revenue RB, <br> 4.00%, 06/01/31<br>| &nbsp;&nbsp;&nbsp; 145 | 145074 |
| Public Finance Authority RB, 5.00%, 03/01/34 | &nbsp;&nbsp;&nbsp; 780 | 783364 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 08/15/28 | &nbsp;&nbsp;&nbsp; 80 | 79661 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/35 | &nbsp;&nbsp;&nbsp; 620 | 624614 |
|  |  | 1632713 |
| **Total Long-Term Investments — 95.9%** <br>**(Cost: $194,254,902)** | **Total Long-Term Investments — 95.9%** <br>**(Cost: $194,254,902)** | 198467373 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.6%** | **Money Market Funds — 6.6%** | **Money Market Funds — 6.6%** |
| BlackRock Liquidity Funds: MuniCash, 3.01%<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 13792241 | $13793620 |
| **Total Short-Term Securities — 6.6%** <br>**(Cost: $13,793,620)** | **Total Short-Term Securities — 6.6%** <br>**(Cost: $13,793,620)** | 13793620 |
| **Total Investments — 102.5%** <br>**(Cost: $208,048,522)** | **Total Investments — 102.5%** <br>**(Cost: $208,048,522)** | 212260993 |
| **Liabilities in Excess of Other Assets — (2.5)%** | **Liabilities in Excess of Other Assets — (2.5)%** | (5233527)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $207027466 |

---

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

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

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash, 2.51% | $5797475<br> $7996145 <br><sup>(a)</sup><br>| $— | $— | $— | $13793620 | 13792241 | $62229 | $— |

---

&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:

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $198467373 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $198467373 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares Intermediate Muni Income Active ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &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; $13793620 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13793620 |
|  | &nbsp;&nbsp; $13793620 | &nbsp;&nbsp; $198467373 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $212260993 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Mutual Assurance Co. |
| COP | Certificates of Participation |
| FHA | Federal Housing Administration |

---

---

| | |
|:---|:---|
| GO | General Obligation |
| GOL | General Obligation Limited |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| SAW | State Aid Withholding |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock 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 Intermediate Muni Income Active ETF

- **b. EDGAR series identifier (if any):** S000070976

- **c. LEI of Series:** 549300VXGQ30Q3P8YF70

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

- **a. Date of fiscal year-end:** 2026-07-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $215413277.02

**Total Liabilities:** $8386704.10

**Net Assets:** $207026572.92

**Delayed Delivery Securities:** $7617971.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 647.27000000 | **1-Year:** 3322.80000000 | **5-Year:** 31204.33000000 | **10-Year:** 86145.26000000 | **30-Year:** 0.00000000

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

- **3-Month:** 10.38000000 | **1-Year:** 122.11000000 | **5-Year:** 2603.26000000 | **10-Year:** 609.82000000 | **30-Year:** 151.89000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225367 | 0.89%                | 1.91%                | 1.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-42898.84               | $716862.95                                 |
| Month 2  | $80122.39                | $1996605.24                                |
| Month 3  | $211343.29               | $1412800.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A3L8<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    495000 | PA      | $498618.65    | 0.24%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allen Independent School District                                                | ALLEN TX INDEP SCH DIST                                      | CUSIP: 018106KF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1013978.59   | 0.49%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $444294.82    | 0.21%             | 2032-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780M2Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $325682.43    | 0.16%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | AUSTIN TX ELEC UTILITY SYS REVENUE                           | CUSIP: 052414PS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $540578.02    | 0.26%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052476V39<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1128571.74   | 0.55%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1132297.76   | 0.55%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST ALGAS PREPAY REVENUE              | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    670000 | PA      | $675853.25    | 0.33%             | 2049-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    270000 | PA      | $267340.42    | 0.13%             | 2052-10-01      | Floating      | 3.57%                 | 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        |    860000 | PA      | $908900.20    | 0.44%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1332615.38   | 0.64%             | 2053-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    335000 | PA      | $360825.32    | 0.17%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    545000 | PA      | $598100.17    | 0.29%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    580000 | PA      | $628920.10    | 0.30%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TFT9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2397360.04   | 1.16%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065ZA5<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    290000 | PA      | $293666.93    | 0.14%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBM7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760324.28    | 0.37%             | 2053-12-01      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    275000 | PA      | $301853.31    | 0.15%             | 2056-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4514915.08   | 2.18%             | 2056-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHH2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1640076.75   | 0.79%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    465000 | PA      | $372000.00    | 0.18%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SPL FAC REVENUE                  | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505370.80    | 0.24%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | CUSIP: 130536LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $532778.56    | 0.26%             | 2031-07-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1233988.94   | 0.60%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                  | CHARLESTON SC HSG AUTH REVENUE                               | CUSIP: 160340AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015425.20   | 0.49%             | 2035-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486L31<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101267.73    | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486N70<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    895000 | PA      | $936467.95    | 0.45%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505ZT6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    625000 | PA      | $662594.63    | 0.32%             | 2032-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562QV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505005.95   | 0.73%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203937.00    | 0.10%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593TR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1172093.36   | 0.57%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1638992.83   | 0.79%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723HC2<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |    670000 | PA      | $687071.60    | 0.33%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723HD0<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |    785000 | PA      | $821955.92    | 0.40%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 1810597A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127245.00   | 0.54%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059YR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001103.70   | 0.48%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County/The                                         | COBB CNTY GA DEV AUTH CHARTERSCH REVENUE                     | CUSIP: 190779AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101065.91    | 0.05%             | 2038-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FB78<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    320000 | PA      | $366190.24    | 0.18%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    185000 | PA      | $183126.75    | 0.09%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FXE9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    330000 | PA      | $374888.94    | 0.18%             | 2057-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FZQ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    285000 | PA      | $311614.67    | 0.15%             | 2060-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST BLDG EXCELLENT SCHS TODAY COPS                   | CUSIP: 19668QHP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $686586.11    | 0.33%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA                                          | CUSIP: 20281PJR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1613052.77   | 0.78%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1689171.94   | 0.82%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KA33<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $147175.55    | 0.07%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KYP8<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    895000 | PA      | $1002254.38   | 0.48%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YXG7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300107.34    | 0.14%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758K77<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    220000 | PA      | $245040.88    | 0.12%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758UG6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    285000 | PA      | $285425.22    | 0.14%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DVU3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    645000 | PA      | $645436.99    | 0.31%             | 2037-07-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HET6<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    205000 | PA      | $153187.19    | 0.07%             | 2038-05-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority  | CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1923099.83   | 0.93%             | 2027-12-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $410306.96    | 0.20%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CGE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268546.68    | 0.13%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                     | DE KALB CNTY GA WTR & SWR REVENUE                            | CUSIP: 240523D72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096524.90   | 0.53%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $242219.04    | 0.12%             | 2045-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                               | DENTON TX INDEP SCH DIST                                     | CUSIP: 249002MA1<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    415000 | PA      | $443711.40    | 0.21%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1052938.74   | 0.51%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TC0<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $231989.80    | 0.11%             | 2034-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GYG4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    175000 | PA      | $195403.44    | 0.09%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                     | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE       | CUSIP: 254845UB4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    685000 | PA      | $753765.85    | 0.36%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $318382.96    | 0.15%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $230833.72    | 0.11%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                         | EL PASO TX WTR & SWR REVENUE                                 | CUSIP: 283822ZR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1031554.37   | 0.50%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C7C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $450840.52    | 0.22%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    225000 | PA      | $252860.67    | 0.12%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723CU5<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    625000 | PA      | $672950.19    | 0.33%             | 2035-11-01      | Fixed         | 5.00%                 | 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        |    250000 | PA      | $253745.95    | 0.12%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548071.30    | 0.26%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                              | GEORGIA ST HSG & FIN AUTH REVENUE                            | CUSIP: 37353PSJ9<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258402.63    | 0.12%             | 2035-12-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96428.05     | 0.05%             | 2027-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005VN5<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000911.80   | 0.48%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Industrial Development Corp                                        | HARRIS CNTY TX INDL DEV CORP                                 | CUSIP: 414189AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $460557.42    | 0.22%             | 2050-11-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532017.00    | 0.26%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150799.89    | 0.07%             | 2032-01-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442332FV9<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2367629.96   | 1.14%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225001.37    | 0.11%             | 2030-07-15      | 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        |    250000 | PA      | $254999.55    | 0.12%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109244.68    | 0.05%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $812579.84    | 0.39%             | 2036-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $2000389.19   | 0.97%             | 2060-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN SALES TAX REVENUE                    | CUSIP: 45130ADL6<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1912235.33   | 0.92%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497800.55    | 0.24%             | 2042-05-01      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526U0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $246065.11    | 0.12%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152M99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1139471.54   | 0.55%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153KW8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110806.23    | 0.05%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153PD5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044895.70   | 0.50%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KJ7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    785000 | PA      | $786236.85    | 0.38%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YGG0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2234263.48   | 1.08%             | 2057-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                      | INDIANA ST HLTH FAC FING AUTH                                | CUSIP: 454798SZ3<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |    835000 | PA      | $835987.05    | 0.40%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506EMG5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    325000 | PA      | $365365.68    | 0.18%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074748.30   | 0.52%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG                  | CUSIP: 48504NAW9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    750000 | PA      | $784170.15    | 0.38%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151F4H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1130066.50   | 0.55%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kissimmee Park Community Development District                                    | KISSIMMEE PARK CDD FL CAPITAL IMPT REVENUE                   | CUSIP: 497859AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $554213.45    | 0.27%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $94481.13     | 0.05%             | 2026-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | LAS VEGAS VLY NV WTR DIST                                    | CUSIP: 517845BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $535797.09    | 0.26%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                              | LEANDER TX INDEP SCH DIST                                    | CUSIP: 521841R99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $633424.18    | 0.31%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452U2<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106266.70   | 0.53%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457Q6<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    355000 | PA      | $407681.68    | 0.20%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457R4<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    500000 | PA      | $575059.30    | 0.28%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CUG5<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    145000 | PA      | $134509.21    | 0.06%             | 2030-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT POLL CONTROL REVENUE | CUSIP: 546749AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123315.03    | 0.06%             | 2035-02-01      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                   | LOWER AL GAS DIST GAS PROJ REVENUE                           | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2161785.24   | 1.04%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BT84<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    750000 | PA      | $828870.98    | 0.40%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH REVENUE                         | CUSIP: 54811GS35<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    475000 | PA      | $523751.77    | 0.25%             | 2045-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBS0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544548.90    | 0.26%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538003.70    | 0.26%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJE3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    850000 | PA      | $899130.51    | 0.43%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    270000 | PA      | $293220.43    | 0.14%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548313.60    | 0.26%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RKD7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    520000 | PA      | $526887.45    | 0.25%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000D67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $387582.44    | 0.19%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TMM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $864276.98    | 0.42%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $412071.46    | 0.20%             | 2029-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261A6E2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1442999.93   | 0.70%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647LV1<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    295000 | PA      | $320239.49    | 0.15%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NR8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    300000 | PA      | $340582.14    | 0.16%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647NY3<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    585000 | PA      | $647172.81    | 0.31%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | MIAMI-DADE CNTY FL EXPRESSWAY AUTH TOLL SYS REVENUE          | CUSIP: 593338AQ9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250314.78    | 0.12%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL                                           | CUSIP: 59333FSW1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004605.10   | 0.49%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2255691.00   | 1.09%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH ACT 38 FACS SENIOR REVEUE               | CUSIP: 59447NAX4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108605.43    | 0.05%             | 2040-02-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    215000 | PA      | $236370.03    | 0.11%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $2057291.12   | 0.99%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $448597.54    | 0.22%             | 2029-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI Sewerage System Revenue                                     | MILWAUKEE WI SEWERAGE REVENUE                                | CUSIP: 60242MDH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145074.54    | 0.07%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | CUSIP: 605155BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020871.00   | 0.98%             | 2054-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR PROJ REVENUE    | CUSIP: 606092QE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $573598.25    | 0.28%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AYQ9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $569435.70    | 0.28%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GGJ2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    375000 | PA      | $378631.69    | 0.18%             | 2036-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                               | MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REV  | CUSIP: 613347SR5<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    365000 | PA      | $377775.26    | 0.18%             | 2034-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | MONTGOMERY CNTY TX                                           | CUSIP: 6136813C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $733488.82    | 0.35%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Housing Finance Authority                                          | NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE                     | CUSIP: 64469D6T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2528333.51   | 1.22%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755728.88    | 0.37%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $179276.40    | 0.09%             | 2041-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Higher Education Finance Corp                                           | NEW HOPE TX HGR EDU FIN CORP EDU REVENUE                     | CUSIP: 645438AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $229660.98    | 0.11%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7C2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    225000 | PA      | $237939.41    | 0.11%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 6460665J5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1562086.09   | 0.75%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067FP8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109949.32    | 0.05%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080YK1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    450000 | PA      | $492065.33    | 0.24%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461084N7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    240000 | PA      | $242945.78    | 0.12%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCS5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    290000 | PA      | $324655.70    | 0.16%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEJ3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    750000 | PA      | $852361.73    | 0.41%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CFW3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1285120.37   | 0.62%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGE2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072558.50   | 0.52%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | NEW MEXICO ST MTGE FIN AUTH MF HSG REVENUE                   | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375071.18    | 0.18%             | 2042-02-01      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | NEW YORK CNTYS NY TOBACCO TRUST VI                           | CUSIP: 64945JAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $733432.17    | 0.35%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp                                         | NEW YORK ENERGY FIN DEV CORP                                 | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1182493.07   | 0.57%             | 2056-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SLY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544770.40    | 0.26%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GF90<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    120000 | PA      | $127790.33    | 0.06%             | 2048-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JMD7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    185000 | PA      | $197650.58    | 0.10%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JSR0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    655000 | PA      | $757933.58    | 0.37%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTA6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1960983.72   | 0.95%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JVZ8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143543.90   | 0.55%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KLH6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    465000 | PA      | $471876.05    | 0.23%             | 2065-05-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE      | CUSIP: 64972LAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2240163.80   | 1.08%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506015.40    | 0.24%             | 2050-09-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262093.33    | 0.13%             | 2050-09-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SDK6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136400.10   | 0.55%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KGP2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    630000 | PA      | $687756.57    | 0.33%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KHT3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $567530.90    | 0.27%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121820.50   | 0.54%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $285026.31    | 0.14%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $728625.57    | 0.35%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $321029.95    | 0.16%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545103.00    | 0.26%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $228582.65    | 0.11%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $565553.70    | 0.27%             | 2040-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268FG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $305418.36    | 0.15%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBY4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    300000 | PA      | $318235.11    | 0.15%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WCD6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2685000 | PA      | $1707759.08   | 0.82%             | 2038-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CV6<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100213.14    | 0.05%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    155000 | PA      | $157365.49    | 0.08%             | 2030-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    245000 | PA      | $248917.77    | 0.12%             | 2039-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WZ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2065195.11   | 1.00%             | 2029-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    200000 | PA      | $185984.84    | 0.09%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QRW8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1112640.83   | 0.54%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | OKLAHOMA ST TURNPIKE AUTH                                    | CUSIP: 679111D92<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    515000 | PA      | $567872.22    | 0.27%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031DU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $436057.56    | 0.21%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1010915.55   | 0.49%             | 2039-10-01      | 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: 70868YAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539808.15    | 0.26%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529750.35    | 0.26%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $407937.26    | 0.20%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $979793.12    | 0.47%             | 2034-04-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $595722.98    | 0.29%             | 2060-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QKA0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    445000 | PA      | $398475.96    | 0.19%             | 2032-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU27<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    125000 | PA      | $139414.45    | 0.07%             | 2032-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU35<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    150000 | PA      | $168168.11    | 0.08%             | 2032-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU43<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    225000 | PA      | $252503.35    | 0.12%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QU50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    275000 | PA      | $310047.16    | 0.15%             | 2033-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TTS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275600.58    | 0.13%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225LH7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    650000 | PA      | $706017.91    | 0.34%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225NS1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1225518.20   | 0.59%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XNU2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    565000 | PA      | $598432.35    | 0.29%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                 | PORT OF GTR CINCINNATI DEV AUTH OH REVENUE                   | CUSIP: 734195BQ2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252898.08    | 0.12%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $154995.97    | 0.07%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $718727.48    | 0.35%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $565078.05    | 0.27%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352405A7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066983.90   | 0.52%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352405C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $314395.62    | 0.15%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 7353893Y2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106278.30   | 0.53%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389H27<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    435000 | PA      | $463262.04    | 0.22%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR                                                              | PORTLAND OR REVENUE                                          | CUSIP: 736740ZJ3<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2813221.50   | 1.36%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1067738.60   | 0.52%             | 2050-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    480000 | PA      | $521392.18    | 0.25%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    350000 | PA      | $374104.71    | 0.18%             | 2055-06-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI LEASE DEV REVENUE                         | CUSIP: 74444YAS3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    780000 | PA      | $783364.22    | 0.38%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo Urban Renewal Authority                                                   | PUEBLO CO URBAN RENEWAL AUTH TAX INCR REVENUE                | CUSIP: 744826AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248961.28    | 0.12%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242373.68    | 0.12%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP HGR EDU FAC REVENUE | CUSIP: 762197ZJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $600535.85    | 0.29%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP                          | CUSIP: 76221SBJ9<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266995.40    | 0.13%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                       | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                 | CUSIP: 772436GC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $373462.15    | 0.18%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549633.10    | 0.27%             | 2038-06-01      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100974.84    | 0.05%             | 2041-08-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576MQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1125775.30   | 0.54%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GMR1<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1169544.60   | 0.56%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GTM4<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1361638.00   | 0.66%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                             | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797355L93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $523640.04    | 0.25%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                             | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797355M84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1252168.05   | 0.60%             | 2038-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DXK0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    700000 | PA      | $789989.76    | 0.38%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | SHREVEPORT LA WTR & SWR REVENUE                              | CUSIP: 825485UR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135059.47    | 0.07%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148390.74    | 0.07%             | 2062-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BM2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    575000 | PA      | $656519.42    | 0.32%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BR1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108002.60   | 0.54%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE       | CUSIP: 83703EMU6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    225000 | PA      | $252058.32    | 0.12%             | 2049-11-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE       | CUSIP: 83703EMW2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1352470.93   | 0.65%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE            | CUSIP: 83712GBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1922999.20   | 0.93%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371514T3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    300000 | PA      | $317226.60    | 0.15%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151PM5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506166.30    | 0.24%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1227390.84   | 0.59%             | 2051-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    405000 | PA      | $438921.87    | 0.21%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COOPERATIVE DIST GAS SPLY REVENUE   | CUSIP: 84136JAL3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2330787.27   | 1.13%             | 2055-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | SPRING TX INDEP SCH DIST                                     | CUSIP: 850001CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $712639.10    | 0.34%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QTF6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2446554.00   | 1.18%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJA2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094385.70   | 0.53%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    725000 | PA      | $805670.17    | 0.39%             | 2064-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    750000 | PA      | $813276.75    | 0.39%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443JM9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1844793.59   | 0.89%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Terrell Independent School District/TX                                           | TERRELL TX INDEP SCH DIST                                    | CUSIP: 881405NT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103109.60   | 0.53%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp II                               | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP II GAS SPLY REVENU | CUSIP: 88255QAC3<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007455.80   | 0.97%             | 2027-09-15      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp II                               | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP II GAS SPLY REVENU | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110077.19    | 0.05%             | 2027-09-15      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp I                                | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE | CUSIP: 88256CAW9<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2273888.74   | 1.10%             | 2026-12-15      | Floating      | 3.58%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                  | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    455000 | PA      | $500802.53    | 0.24%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 882725BC7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2260282.40   | 1.09%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 882725DD3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2219717.00   | 1.07%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp                                                | TEXAS ST TRANSPRTN FIN CORP SH 288 SYS TOLL REVENUE          | CUSIP: 88283PAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092864.50   | 0.53%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $515220.10    | 0.25%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $978632.55    | 0.47%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516049.10    | 0.25%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tohoqua Community Development District                                           | TOHOQUA CDD FL SPL ASSMNT REVENUE                            | CUSIP: 88907RAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $59518.99     | 0.03%             | 2026-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HGE1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    100000 | PA      | $112210.47    | 0.05%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RMN2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    650000 | PA      | $708869.14    | 0.34%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RNC5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    150000 | PA      | $164824.23    | 0.08%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $196043.80    | 0.09%             | 2035-12-01      | Fixed         | 6.25%                 | 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        |    110000 | PA      | $110712.48    | 0.05%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107158.71    | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138698.03    | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516608.75    | 0.25%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WBW3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    270000 | PA      | $234875.89    | 0.11%             | 2033-12-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876JJ7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127015.20   | 0.54%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EU53<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1723984.59   | 0.83%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1007869.78   | 0.49%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVZ5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106615.70    | 0.05%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV GAS & WTR FACS REVENUE                        | CUSIP: 940797AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $277099.21    | 0.13%             | 2036-03-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV WTR FAC REVENUE                               | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91792.01     | 0.04%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  14493801 | NS      | $14495250.30  | 7.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DQU3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    620000 | PA      | $624613.61    | 0.30%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JJH7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79661.10     | 0.04%             | 2028-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer