# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-26-066704
**Filing Date:** 2026-6
**Character Count:** 249812
**Document Hash:** 12227f21fc8fa221e079c62970d1a631
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-066704.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001410368-26-066704

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**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:** 261121626

**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 Short Duration High Yield Muni Active ETF (Series ID: S000068548)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000219258 | iShares Short Duration High Yield Muni Active ETF |  |

## Nport-Ex

April 30, 2026

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

2026 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

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

---

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

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2026

**iShares Short Duration High Yield Muni 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 — 9.5%** | **Alabama — 9.5%** | **Alabama — 9.5%** |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/01/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $5000 | $4900703 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2500 | 2554139 |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 | &nbsp;&nbsp;&nbsp; 4720 | 4731738 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | &nbsp;&nbsp;&nbsp; 6165 | 6475381 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34 | &nbsp;&nbsp;&nbsp; 4275 | 4486403 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/55 | &nbsp;&nbsp;&nbsp; 2500 | 2593679 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/56 | &nbsp;&nbsp;&nbsp; 4500 | 4572922 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/54 | &nbsp;&nbsp;&nbsp; 2000 | 2155483 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, 5.25%, <br> 07/01/54<br>| &nbsp;&nbsp;&nbsp; 600 | 640529 |
| &nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, RB AMT, <br> 5.75%, 10/01/49<br>| &nbsp;&nbsp;&nbsp; 3250 | 3328786 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District.(The), RB, <br> 5.00%, 08/01/54<br>| &nbsp;&nbsp;&nbsp; 1000 | 1065028 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 | &nbsp;&nbsp;&nbsp; 2500 | 2671747 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/35 | &nbsp;&nbsp;&nbsp; 4000 | 4244921 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56 | &nbsp;&nbsp;&nbsp; 6000 | 6143360 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 | &nbsp;&nbsp;&nbsp; 100 | 106312 |
| &nbsp;&nbsp;&nbsp; Stadium Trace Village Improvement District.(The), RB, <br> 3.63%, 03/01/36<br>| &nbsp;&nbsp;&nbsp; 1050 | 963998 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority, <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 175 | 176224 |
|  |  | 51811353 |
| **Arizona — 1.7%** | **Arizona — 1.7%** | **Arizona — 1.7%** |
| Arizona Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 590 | 590051 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155 | 155520 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, RB, <br> 4.00%, 05/15/28<br>| &nbsp;&nbsp;&nbsp; 380 | 376743 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of <br> Pima.(The), RB, 5.00%, 06/15/49<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1235 | 1098675 |
| Maricopa County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/36 | &nbsp;&nbsp;&nbsp; 1000 | 1020034 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3750 | 3941309 |
| Sierra Vista Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1012392 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 400 | 413870 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 160 | 154552 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/64<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 505142 |
|  |  | 9268288 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** | **Arkansas — 0.2%** |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB AMT, <br> 6.88%, 07/01/48<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 1075661 |
| **California — 8.1%** | **California — 8.1%** | **California — 8.1%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> 5.00%, 01/01/55<br>| &nbsp;&nbsp;&nbsp; 4150 | 4245359 |
| California County Tobacco Securitization Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/47 | &nbsp;&nbsp;&nbsp; 1370 | 1290933 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/49 | &nbsp;&nbsp;&nbsp; 525 | 520709 |
| California Enterprise Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 600 | 563624 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3000 | 3001113 |
| California Housing Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 07/01/56 | &nbsp;&nbsp;&nbsp; 5100 | 5098062 |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/01/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1315 | 1304091 |
| &nbsp;&nbsp;&nbsp; 6.85%, 04/01/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 286 | 283731 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB AMT, 12.00%, 01/01/65<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 7465 | 4329700 |
| California Municipal Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp; 1000 | 1026626 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $800 | $800217 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 201917 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/38 | &nbsp;&nbsp;&nbsp; 1400 | 1388235 |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/37 | &nbsp;&nbsp;&nbsp; 1100 | 1103715 |
| &nbsp;&nbsp;&nbsp; 7.10%, 02/01/38 | &nbsp;&nbsp;&nbsp; 500 | 494600 |
| California Municipal Finance Authority, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/29 | &nbsp;&nbsp;&nbsp; 7200 | 7241450 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/38 | &nbsp;&nbsp;&nbsp; 4935 | 5041781 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, <br> 5.00%, 07/01/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 512507 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 500253 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1000050 |
| &nbsp;&nbsp;&nbsp; California Statewide Financing Authority, RB, 0.00%, <br> 06/01/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4250 | 258951 |
| CSCDA Community Improvement Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 205798 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/58<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 60180 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> 0.00%, 06/01/36<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1205 | 600065 |
| Perris Joint Powers Authority, ST |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/01/28 | &nbsp;&nbsp;&nbsp; 465 | 461446 |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/01/28 | &nbsp;&nbsp;&nbsp; 420 | 416941 |
| &nbsp;&nbsp;&nbsp; Snowline Joint Unified School District, ST, 3.50%, <br> 09/01/29<br>| &nbsp;&nbsp;&nbsp; 545 | 537891 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern <br> California, RB, 5.00%, 06/01/48<br>| &nbsp;&nbsp;&nbsp; 1000 | 1007078 |
| &nbsp;&nbsp;&nbsp; Upland Community Facilities District ST, 3.50%, <br> 09/01/27<br>| &nbsp;&nbsp;&nbsp; 470 | 467861 |
|  |  | 43964884 |
| **Colorado — 3.3%** | **Colorado — 3.3%** | **Colorado — 3.3%** |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado, RB AMT, 5.00%, <br> 10/01/32<br>| &nbsp;&nbsp;&nbsp; 9595 | 9603180 |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 97665 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 125 | 121265 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/49 | &nbsp;&nbsp;&nbsp; 100 | 79350 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/39 | &nbsp;&nbsp;&nbsp; 65 | 70592 |
| &nbsp;&nbsp;&nbsp; Elbert County Independence Water & Sanitation <br> District, RB, 5.13%, 12/01/33<br>| &nbsp;&nbsp;&nbsp; 1500 | 1551433 |
| &nbsp;&nbsp;&nbsp; Four Corners Business Improvement District, GOL, <br> 6.00%, 12/01/52<br>| &nbsp;&nbsp;&nbsp; 1500 | 1514174 |
| &nbsp;&nbsp;&nbsp; Granary Metropolitan District No 9 Special <br> Assessment District No 1, 5.45%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 760 | 771728 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, GOL, <br> 7.13%, 12/15/54<br>| &nbsp;&nbsp;&nbsp; 500 | 497844 |
| &nbsp;&nbsp;&nbsp; Loretto Heights Community Authority, RB, 4.88%, <br> 12/01/51<br>| &nbsp;&nbsp;&nbsp; 500 | 397887 |
| &nbsp;&nbsp;&nbsp; Redtail Ridge Metropolitan District, GOL, 0.00%, <br> 12/01/32<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2193 | 1408005 |
| &nbsp;&nbsp;&nbsp; Riverpark Metropolitan District/Arapahoe County, <br> GOL, 6.38%, 12/01/54<br>| &nbsp;&nbsp;&nbsp; 1000 | 1023346 |
| &nbsp;&nbsp;&nbsp; Wildgrass Metropolitan District, GO, 4.00%, 12/01/34 <br> (BAM)<br>| &nbsp;&nbsp;&nbsp; 1000 | 985839 |
|  |  | 18122308 |
| **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, 5.38%, 07/01/54<br>| &nbsp;&nbsp;&nbsp; 205 | 194911 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Finance Authority, RB, 7.00%, <br> 02/01/45<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 450 | 453710 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |
| Stamford Housing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/30 | &nbsp;&nbsp;&nbsp; $1500 | $1514311 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/35 | &nbsp;&nbsp;&nbsp; 800 | 839319 |
|  |  | 3002251 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| &nbsp;&nbsp;&nbsp; Affordable Housing Opportunities Trust, RB, 6.88%, <br> 05/01/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 118 | 119704 |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, RB, <br> 4.00%, 10/01/45<br>| &nbsp;&nbsp;&nbsp; 800 | 800039 |
|  |  | 919743 |
| **District of Columbia — 0.1%** | **District of Columbia — 0.1%** | **District of Columbia — 0.1%** |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., RB, Series C, 0.00%, 06/15/55<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 6100 | 624691 |
| District of Columbia, RB AMT, 5.50%, 02/28/37 | &nbsp;&nbsp;&nbsp; 90 | 103262 |
|  |  | 727953 |
| **Florida — 16.4%** | **Florida — 16.4%** | **Florida — 16.4%** |
| &nbsp;&nbsp;&nbsp; Alachua County Housing Finance Authority, RB, <br> 4.90%, 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1850 | 1851007 |
| &nbsp;&nbsp;&nbsp; Arbor Park Phase 1 Community Development District, <br> 5.75%, 05/01/35<br>| &nbsp;&nbsp;&nbsp; 2000 | 2088096 |
| &nbsp;&nbsp;&nbsp; Ave Maria Stewardship Community District, 4.38%, <br> 05/01/35<br>| &nbsp;&nbsp;&nbsp; 565 | 560121 |
| &nbsp;&nbsp;&nbsp; Babcock Ranch Community Independent <br> Special District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/32 | &nbsp;&nbsp;&nbsp; 100 | 100696 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | &nbsp;&nbsp;&nbsp; 1000 | 1015772 |
| &nbsp;&nbsp;&nbsp; Berry Bay II Community Development District, 4.45%, <br> 05/01/31<br>| &nbsp;&nbsp;&nbsp; 215 | 216089 |
| Boggy Creek Improvement District, 5.13%, 05/01/43 | &nbsp;&nbsp;&nbsp; 460 | 460068 |
| &nbsp;&nbsp;&nbsp; Bradbury Community Development District, 4.38%, <br> 05/01/30<br>| &nbsp;&nbsp;&nbsp; 1620 | 1629629 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, RB, 4.00%, <br> 11/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 142873 |
| &nbsp;&nbsp;&nbsp; Brightshore Community Development District, SA, <br> 5.30%, 05/01/46<br>| &nbsp;&nbsp;&nbsp; 1745 | 1715303 |
| Buckhead Trails Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/01/31 | &nbsp;&nbsp;&nbsp; 625 | 631564 |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/01/44 | &nbsp;&nbsp;&nbsp; 145 | 149894 |
| &nbsp;&nbsp;&nbsp; Cabot Citrus Farms Community Development District, <br> 5.25%, 03/01/29<br>| &nbsp;&nbsp;&nbsp; 495 | 499293 |
| Capital Trust Agency, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 79263 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 230 | 214499 |
| Capital Trust Authority, RB, 5.00%, 07/01/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 855 | 869569 |
| &nbsp;&nbsp;&nbsp; Center Lake Ranch West Community Development <br> District, 4.25%, 05/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 400 | 396087 |
| City of Pompano Beach Florida, RB, 5.00%, 09/01/39 | &nbsp;&nbsp;&nbsp; 1590 | 1590706 |
| &nbsp;&nbsp;&nbsp; Coastal Ridge Community Development District, <br> 4.40%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 2250 | 2268543 |
| &nbsp;&nbsp;&nbsp; Connerton East Community Development District, <br> 4.25%, 06/15/35<br>| &nbsp;&nbsp;&nbsp; 350 | 349032 |
| County of Lake Florida, RB, 5.00%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1350 | 1296718 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue, RB AMT, <br> 5.00%, 10/01/40<br>| &nbsp;&nbsp;&nbsp; 3500 | 3542066 |
| Crossings Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/31 | &nbsp;&nbsp;&nbsp; 230 | 232354 |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/01/44 | &nbsp;&nbsp;&nbsp; 865 | 882081 |
| Curiosity Creek Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 400 | 398934 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 750 | 742199 |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 300 | 302328 |
| &nbsp;&nbsp;&nbsp; Cypress Creek Reserve Community Development <br> District, 4.20%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 750 | 755166 |
| &nbsp;&nbsp;&nbsp; Cypress Reserve Community Development District, <br> 4.00%, 05/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 300 | 295499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| &nbsp;&nbsp;&nbsp; Darby Community Development District, 5.88%, <br> 05/01/35<br>| &nbsp;&nbsp;&nbsp; $100 | $104127 |
| East Ridge Community Development District, SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/31 | &nbsp;&nbsp;&nbsp; 900 | 899857 |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/01/36 | &nbsp;&nbsp;&nbsp; 1385 | 1384752 |
| &nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority, RB, <br> 5.00%, 08/15/40<br>| &nbsp;&nbsp;&nbsp; 1000 | 1021268 |
| &nbsp;&nbsp;&nbsp; Firethorn Community Development District, 4.35%, <br> 05/01/35<br>| &nbsp;&nbsp;&nbsp; 890 | 881331 |
| Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/50 | &nbsp;&nbsp;&nbsp; 400 | 395831 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 419036 |
| Florida Development Finance Corp., RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2880 | 2895834 |
| &nbsp;&nbsp;&nbsp; 12.00%, 07/15/59<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 2900 | 812000 |
| Florida Housing Finance Corp., RB, 5.00%, 06/01/57 | &nbsp;&nbsp;&nbsp; 1955 | 1925168 |
| &nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, RB, <br> 4.45%, 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 1003662 |
| &nbsp;&nbsp;&nbsp; Gas Worx Community Development District, 4.63%, <br> 05/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 345 | 350572 |
| Greater Orlando Aviation Authority, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/34 | &nbsp;&nbsp;&nbsp; 1250 | 1324293 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/36 | &nbsp;&nbsp;&nbsp; 1000 | 1066731 |
| &nbsp;&nbsp;&nbsp; Greenbriar Community Development District, 4.80%, <br> 05/01/32<br>| &nbsp;&nbsp;&nbsp; 405 | 410695 |
| Hammock Oaks Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 670 | 680425 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/44 | &nbsp;&nbsp;&nbsp; 90 | 92537 |
| &nbsp;&nbsp;&nbsp; Harbor Reserve Community Development District, <br> 4.25%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 940 | 937835 |
| &nbsp;&nbsp;&nbsp; Harvest Hills South Community Development District, <br> 4.50%, 05/01/35<br>| &nbsp;&nbsp;&nbsp; 375 | 371643 |
| &nbsp;&nbsp;&nbsp; Hickory Tree Community Development District, 5.15%, <br> 05/01/44<br>| &nbsp;&nbsp;&nbsp; 1000 | 1004698 |
| &nbsp;&nbsp;&nbsp; Hillcrest Preserve Community Development District, <br> 5.00%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 998676 |
| &nbsp;&nbsp;&nbsp; Hyde Park Community Development District No. 1, <br> 5.25%, 05/01/34<br>| &nbsp;&nbsp;&nbsp; 1525 | 1552588 |
| &nbsp;&nbsp;&nbsp; Ibis Landing Community Development District, 4.13%, <br> 06/15/30<br>| &nbsp;&nbsp;&nbsp; 200 | 201329 |
| &nbsp;&nbsp;&nbsp; KD52 Community Development District No. 1, 4.25%, <br> 05/01/30<br>| &nbsp;&nbsp;&nbsp; 2360 | 2336640 |
| Kings Creek I Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/30 | &nbsp;&nbsp;&nbsp; 300 | 302881 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/36 | &nbsp;&nbsp;&nbsp; 455 | 469194 |
| &nbsp;&nbsp;&nbsp; Kingston One Community Development District, <br> 4.25%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 1000 | 1006674 |
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota Community Development District, <br> 5.25%, 05/01/34<br>| &nbsp;&nbsp;&nbsp; 1920 | 1975150 |
| Lakes of Sarasota Community Development District 2 |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/01/35 | &nbsp;&nbsp;&nbsp; 3040 | 3102913 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/35 | &nbsp;&nbsp;&nbsp; 3175 | 3245663 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Florida, <br> RB, 4.75%, 11/15/29<br>| &nbsp;&nbsp;&nbsp; 250 | 250810 |
| &nbsp;&nbsp;&nbsp; Lowery Hills Community Development District, 4.55%, <br> 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 440 | 444224 |
| &nbsp;&nbsp;&nbsp; LTC Ranch West Residential Community <br> Development District, 4.75%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 295 | 297365 |
| &nbsp;&nbsp;&nbsp; Madeira Community Development District, 5.00%, <br> 05/01/39<br>| &nbsp;&nbsp;&nbsp; 575 | 613986 |
| &nbsp;&nbsp;&nbsp; Magnolia Island Community Development District, <br> 5.55%, 05/01/45<br>| &nbsp;&nbsp;&nbsp; 750 | 761618 |
| &nbsp;&nbsp;&nbsp; Malabar Springs Community Development District, <br> 4.50%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 440 | 443315 |
| &nbsp;&nbsp;&nbsp; Mckendree Pointe Community Development District, <br> 4.50%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 400 | 398650 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building <br> Aid Revenue, 4.25%, 06/15/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $200 | $198255 |
| Newfield Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/30 | &nbsp;&nbsp;&nbsp; 765 | 773027 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/35 | &nbsp;&nbsp;&nbsp; 795 | 834190 |
| Normandy Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2015 | 2026892 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1490 | 1492904 |
| &nbsp;&nbsp;&nbsp; North-1 Pasco Community Development District, <br> 5.75%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 55 | 56955 |
| &nbsp;&nbsp;&nbsp; Palmetto Ridge Community Development District, <br> 4.50%, 05/01/36<br>| &nbsp;&nbsp;&nbsp; 710 | 696440 |
| &nbsp;&nbsp;&nbsp; Parrish Lakes II Community Development District, <br> 4.25%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 1165 | 1168015 |
| &nbsp;&nbsp;&nbsp; Parrish Plantation Community Development District, <br> 5.63%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 250 | 258845 |
| PBR Community Development District, SA |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/48 | &nbsp;&nbsp;&nbsp; 1335 | 1317362 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/01/56 | &nbsp;&nbsp;&nbsp; 1000 | 972019 |
| &nbsp;&nbsp;&nbsp; Pinery Community Development District, 4.50%, <br> 05/01/36<br>| &nbsp;&nbsp;&nbsp; 500 | 490061 |
| &nbsp;&nbsp;&nbsp; Ranches at Lake Mcleod Community <br> Development District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/15/30 | &nbsp;&nbsp;&nbsp; 260 | 262299 |
| &nbsp;&nbsp;&nbsp; 4.55%, 06/15/35 | &nbsp;&nbsp;&nbsp; 370 | 377585 |
| &nbsp;&nbsp;&nbsp; Reflection Bay Community Development District, <br> 4.50%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 325 | 328324 |
| &nbsp;&nbsp;&nbsp; Rustic Oaks Community Development District, 3.20%, <br> 05/01/32<br>| &nbsp;&nbsp;&nbsp; 1000 | 949861 |
| &nbsp;&nbsp;&nbsp; Solaeris Community Development District, 4.63%, <br> 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1085 | 1092970 |
| &nbsp;&nbsp;&nbsp; Sugarloaf Community Development District, 4.00%, <br> 12/15/33<br>| &nbsp;&nbsp;&nbsp; 545 | 533379 |
| Sunrise Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 750 | 747184 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 880 | 866398 |
| &nbsp;&nbsp;&nbsp; Three Rivers Community Development District, <br> 4.13%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 1965 | 1941566 |
| &nbsp;&nbsp;&nbsp; Tradition Community Development District No. 9, <br> 4.35%, 05/01/32<br>| &nbsp;&nbsp;&nbsp; 535 | 545683 |
| &nbsp;&nbsp;&nbsp; Two Lakes Community Development District, 5.00%, <br> 05/01/44<br>| &nbsp;&nbsp;&nbsp; 1000 | 1021886 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 12, <br> 4.00%, 05/01/33<br>| &nbsp;&nbsp;&nbsp; 375 | 375448 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 14, <br> 5.38%, 05/01/42<br>| &nbsp;&nbsp;&nbsp; 95 | 97888 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 16, <br> 4.00%, 05/01/35<br>| &nbsp;&nbsp;&nbsp; 2605 | 2600568 |
| &nbsp;&nbsp;&nbsp; Vivid Shores Community Development District, 4.25%, <br> 05/01/35<br>| &nbsp;&nbsp;&nbsp; 500 | 495842 |
| &nbsp;&nbsp;&nbsp; Waterset South Community Development District, SA, <br> 4.00%, 05/01/34<br>| &nbsp;&nbsp;&nbsp; 1375 | 1337058 |
| West Villages Improvement District |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/31 | &nbsp;&nbsp;&nbsp; 505 | 509177 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/32 | &nbsp;&nbsp;&nbsp; 1500 | 1491295 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/39 | &nbsp;&nbsp;&nbsp; 1745 | 1747348 |
|  |  | 89266144 |
| **Georgia — 0.6%** | **Georgia — 0.6%** | **Georgia — 0.6%** |
| Atlanta Development Authority.(The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 180 | 184059 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 280 | 286238 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Water & Wastewater Revenue, RB, <br> 5.00%, 11/01/40<br>| &nbsp;&nbsp;&nbsp; 1400 | 1402005 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County.(The), RB, <br> 5.70%, 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 275 | 278737 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| Main Street Natural Gas, Inc., RB, 5.00%, 12/01/52 | &nbsp;&nbsp;&nbsp; $1000 | $1041367 |
|  |  | 3192406 |
| **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, 5.00%, <br> 12/01/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 625 | 625059 |
| **Illinois — 3.5%** | **Illinois — 3.5%** | **Illinois — 3.5%** |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/36 | &nbsp;&nbsp;&nbsp; 3000 | 2997970 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 1000 | 919725 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 475 | 437411 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 277 | 255079 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/47 | &nbsp;&nbsp;&nbsp; 500 | 451001 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/38 | &nbsp;&nbsp;&nbsp; 5000 | 5479611 |
| &nbsp;&nbsp;&nbsp; City of Marion IL Sales Tax Revenue, RB, 6.38%, <br> 06/01/45<br>| &nbsp;&nbsp;&nbsp; 330 | 334870 |
| County of Cook Illinois, RB, 6.50%, 01/01/45 | &nbsp;&nbsp;&nbsp; 750 | 767413 |
| Illinois Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/36 | &nbsp;&nbsp;&nbsp; 1250 | 1332074 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 528443 |
| Illinois State Toll Highway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/37 | &nbsp;&nbsp;&nbsp; 250 | 250316 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/38 | &nbsp;&nbsp;&nbsp; 5000 | 5005901 |
|  |  | 18759814 |
| **Indiana — 0.2%** | **Indiana — 0.2%** | **Indiana — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Indiana, RB AMT, 4.50%, <br> 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 102047 |
| Indiana Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A,4.13%, 12/01/26 | &nbsp;&nbsp;&nbsp; 640 | 641440 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 545 | 544552 |
|  |  | 1288039 |
| **Kentucky — 0.4%** | **Kentucky — 0.4%** | **Kentucky — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky, RB AMT, 4.70%, <br> 01/01/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 650 | 602861 |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, <br> RB, 5.25%, 06/01/41<br>| &nbsp;&nbsp;&nbsp; 1000 | 1007361 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, RB, 4.00%, <br> 02/01/50<br>| &nbsp;&nbsp;&nbsp; 500 | 504959 |
|  |  | 2115181 |
| **Louisiana — 2.8%** | **Louisiana — 2.8%** | **Louisiana — 2.8%** |
| &nbsp;&nbsp;&nbsp; Juban Crossing Community Development District, <br> 6.25%, 06/01/34<br>| &nbsp;&nbsp;&nbsp; 3000 | 3121172 |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1285 | 1276908 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 665 | 655276 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 86578 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB AMT, 4.38%, <br> 05/01/53<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 4700 | 4752323 |
| Parish of St. James Louisiana, RB, 3.70%, 08/01/41 | &nbsp;&nbsp;&nbsp; 5000 | 5044976 |
|  |  | 14937233 |
| **Maine — 0.3%** | **Maine — 0.3%** | **Maine — 0.3%** |
| Finance Authority of Maine, RB, 9.50%, 06/01/32 | &nbsp;&nbsp;&nbsp; 25 | 21281 |
| Finance Authority of Maine, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 175 | 182491 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1050629 |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/32 | &nbsp;&nbsp;&nbsp; 25 | 21284 |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/35<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 135 | 69698 |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, <br> RB, 4.00%, 07/01/37<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 260 | 246430 |
|  |  | 1591813 |
| **Maryland — 0.1%** | **Maryland — 0.1%** | **Maryland — 0.1%** |
| City of Baltimore Maryland, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 400 | 394924 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 | &nbsp;&nbsp;&nbsp; 100 | 102014 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, 5.50%, 01/01/46<br>| &nbsp;&nbsp;&nbsp; $245 | $246496 |
|  |  | 743434 |
| **Michigan — 1.0%** | **Michigan — 1.0%** | **Michigan — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Detroit Michigan, GOL, Series B-1, 4.00%, <br> 04/01/44<br>| &nbsp;&nbsp;&nbsp; 346 | 276516 |
| Flint International Academy, RB, 5.75%, 10/01/37 | &nbsp;&nbsp;&nbsp; 2485 | 2485281 |
| &nbsp;&nbsp;&nbsp; Kalamazoo Economic Development Corp., RB, <br> 5.00%, 08/15/36<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 1006176 |
| Michigan Strategic Fund, RB, 5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp; 970 | 1004106 |
| Michigan Strategic Fund, RB AMT, 4.00%, 10/01/61 | &nbsp;&nbsp;&nbsp; 550 | 550288 |
|  |  | 5322367 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** | **Minnesota — 0.0%** |
| City of Forest Lake Minnesota, RB, 5.00%, 07/01/56 | &nbsp;&nbsp;&nbsp; 260 | 215715 |
| **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, RB, <br> 5.00%, 06/01/46<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 115 | 115842 |
| **Montana — 0.9%** | **Montana — 0.9%** | **Montana — 0.9%** |
| City of Forsyth MT, RB AMT, 4.00%, 03/01/31 | &nbsp;&nbsp;&nbsp; 5000 | 4951264 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| &nbsp;&nbsp;&nbsp; Sparks Tourism Improvement District No. 1, RB, <br> 3.88%, 06/15/28<br>| &nbsp;&nbsp;&nbsp; 1250 | 1254871 |
| **New Hampshire — 4.7%** | **New Hampshire — 4.7%** | **New Hampshire — 4.7%** |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 255 | 176634 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1900 | 1203235 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2585 | 1489041 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 10000 | 5735612 |
| &nbsp;&nbsp;&nbsp; 3.63%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 201378 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/20/41 | &nbsp;&nbsp;&nbsp; 500 | 465572 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/20/43 | &nbsp;&nbsp;&nbsp; 4996 | 4928433 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/28/43 | &nbsp;&nbsp;&nbsp; 1935 | 1948873 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 947 | 947088 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/28/42 | &nbsp;&nbsp;&nbsp; 470 | 483249 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1277 | 1276354 |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1489 | 1489272 |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1500 | 1500597 |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3000 | 3007327 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB AMT, <br> Class A, AMT, 4.00%, 10/01/33<br>| &nbsp;&nbsp;&nbsp; 910 | 910885 |
|  |  | 25763550 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority.(The), RB, <br> 6.00%, 06/15/62<br>| &nbsp;&nbsp;&nbsp; 75 | 76929 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RB <br> AMT, 6.38%, 01/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 835 | 875762 |
|  |  | 952691 |
| **New York — 7.1%** | **New York — 7.1%** | **New York — 7.1%** |
| Build NYC Resource Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 | &nbsp;&nbsp;&nbsp; 245 | 242861 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/01/33 | &nbsp;&nbsp;&nbsp; 175 | 181161 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 506793 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 987938 |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/15/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1005744 |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp., RB, 5.00%, <br> 06/01/38<br>| &nbsp;&nbsp;&nbsp; 2000 | 1846168 |
| &nbsp;&nbsp;&nbsp; New York Energy Finance Development Corp., RB, <br> 5.00%, 07/01/56<br>| &nbsp;&nbsp;&nbsp; 5000 | 5147978 |
| New York Liberty Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 500396 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 550 | 550359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| &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; $1000 | $1014163 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 262897 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., RB, <br> 5.00%, 12/01/38<br>| &nbsp;&nbsp;&nbsp; 500 | 526385 |
| New York Transportation Development Corp., RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/31 | &nbsp;&nbsp;&nbsp; 1000 | 958897 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/30 | &nbsp;&nbsp;&nbsp; 250 | 256791 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/34 | &nbsp;&nbsp;&nbsp; 4500 | 4585407 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/40 | &nbsp;&nbsp;&nbsp; 2310 | 2370222 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/46 | &nbsp;&nbsp;&nbsp; 7000 | 6965678 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/31 | &nbsp;&nbsp;&nbsp; 9150 | 9560283 |
| Suffolk Regional Off-Track Betting Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/44 | &nbsp;&nbsp;&nbsp; 200 | 205720 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/53 | &nbsp;&nbsp;&nbsp; 200 | 204474 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., RB, <br> 6.00%, 12/01/45<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 730 | 749292 |
|  |  | 38629607 |
| **North Carolina — 0.7%** | **North Carolina — 0.7%** | **North Carolina — 0.7%** |
| North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/31 | &nbsp;&nbsp;&nbsp; 3000 | 2978530 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/34 | &nbsp;&nbsp;&nbsp; 900 | 951800 |
|  |  | 3930330 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, 4.70%, <br> 07/01/49<br>| &nbsp;&nbsp;&nbsp; 750 | 745067 |
| **Ohio — 1.5%** | **Ohio — 1.5%** | **Ohio — 1.5%** |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, RB, <br> 5.25%, 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 745 | 764678 |
| &nbsp;&nbsp;&nbsp; Hickory Chase Community Authority, RB, 5.00%, <br> 12/01/40<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 315 | 323880 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, RB AMT, <br> 4.50%, 01/15/48<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2400 | 2224951 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, 4.50%, 09/01/44 <br> (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 4725 | 4704020 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 240 | 243634 |
|  |  | 8261163 |
| **Oklahoma — 0.2%** | **Oklahoma — 0.2%** | **Oklahoma — 0.2%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, <br> Series A-2, 7.25%, 09/01/51<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 245242 |
| Tulsa County Industrial Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 | &nbsp;&nbsp;&nbsp; 335 | 339214 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp; 500 | 500102 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/45 | &nbsp;&nbsp;&nbsp; 75 | 75225 |
|  |  | 1159783 |
| **Oregon — 0.7%** | **Oregon — 0.7%** | **Oregon — 0.7%** |
| Port of Morrow Oregon, GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3500 | 3500540 |
| **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** |
| &nbsp;&nbsp;&nbsp; Allegheny Community Broadband, Inc., RB, 7.50%, <br> 09/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 255 | 257502 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 370 | 383392 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1023350 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2068151 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1140 | 1226110 |
| &nbsp;&nbsp;&nbsp; Beaver County Industrial Development Authority, RB, <br> 3.75%, 10/01/47<br>| &nbsp;&nbsp;&nbsp; 295 | 248529 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority ,RB, <br> 5.00%, 05/15/37<br>| &nbsp;&nbsp;&nbsp; 2500 | 2507399 |
| &nbsp;&nbsp;&nbsp; Berks County Municipal Authority.(The), RB, 5.00%, <br> 10/01/39<br>| &nbsp;&nbsp;&nbsp; 390 | 371602 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, <br> RB, Series A, 5.00%, 10/01/42<br>| &nbsp;&nbsp;&nbsp; $6475 | $6589836 |
| Doylestown Hospital Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 105643 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 109230 |
| &nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of <br> Philadelphia.(The), RB, 5.00%, 07/01/33<br>| &nbsp;&nbsp;&nbsp; 4870 | 4914299 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, RB, 5.25%, <br> 07/01/41<br>| &nbsp;&nbsp;&nbsp; 100 | 99363 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/37 | &nbsp;&nbsp;&nbsp; 230 | 230247 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/38 | &nbsp;&nbsp;&nbsp; 130 | 130140 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/41 | &nbsp;&nbsp;&nbsp; 915 | 915527 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/30/53 | &nbsp;&nbsp;&nbsp; 100 | 100332 |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3000 | 3018977 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/30/48 | &nbsp;&nbsp;&nbsp; 860 | 899816 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/31 | &nbsp;&nbsp;&nbsp; 1000 | 1056104 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/51 | &nbsp;&nbsp;&nbsp; 100 | 94983 |
|  |  | 26350532 |
| **Puerto Rico — 3.5%** | **Puerto Rico — 3.5%** | **Puerto Rico — 3.5%** |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1180 | 57146 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Notes, 0.00%, <br> 11/01/51<sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 17244 | 10605385 |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 515 | 373114 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/31 | &nbsp;&nbsp;&nbsp; 2546 | 2751645 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer <br> Authority, RB, 5.00%, 07/01/37<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1500 | 1553848 |
| Puerto Rico Electric Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/01/29 | &nbsp;&nbsp;&nbsp; 1420 | 1001100 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/21 | &nbsp;&nbsp;&nbsp; 192 | 135360 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp; 1697 | 1196385 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/27<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 251 | 176955 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp; 430 | 303150 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/23<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 553 | 389865 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/25<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 254 | 179070 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/27<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 708 | 499140 |
|  |  | 19222163 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |
| Rhode Island Commerce Corp., RB, 5.00%, 07/01/37 | &nbsp;&nbsp;&nbsp; 1110 | 1112775 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., RB, 5.00%, <br> 06/01/50<br>| &nbsp;&nbsp;&nbsp; 60 | 59700 |
|  |  | 1172475 |
| **South Carolina — 0.6%** | **South Carolina — 0.6%** | **South Carolina — 0.6%** |
| &nbsp;&nbsp;&nbsp; City of Goose Creek South Carolina, 5.00%, <br> 10/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 405 | 420811 |
| City of Hardeeville South Carolina, 4.00%, 05/01/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 76424 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, 5.25%, <br> 10/01/54<br>| &nbsp;&nbsp;&nbsp; 160 | 171546 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 | &nbsp;&nbsp;&nbsp; 1000 | 1039912 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/36 | &nbsp;&nbsp;&nbsp; 1270 | 1375141 |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 22368 |
|  |  | 3106202 |
| **Tennessee — 0.7%** | **Tennessee — 0.7%** | **Tennessee — 0.7%** |
| &nbsp;&nbsp;&nbsp; Bartlett Industrial Development Board, TA, 6.20%, <br> 07/01/49<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3000 | 3043747 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson <br> County Health & Educational Facilities Board, RB, <br> 5.00%, 10/01/37<br>| &nbsp;&nbsp;&nbsp; $345 | $348189 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson <br> County Industrial Development Board, 0.00%, <br> 06/01/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 95 | 42712 |
| Tennergy Corp. Tennessee, RB, 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 500 | 531329 |
|  |  | 3965977 |
| **Texas — 8.9%** | **Texas — 8.9%** | **Texas — 8.9%** |
| &nbsp;&nbsp;&nbsp; Angelina & Neches River Authority, RB AMT, Series A, <br> Class A,7.50%, 12/01/45<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 5000 |
| Arlington Higher Education Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/62 | &nbsp;&nbsp;&nbsp; 250 | 130000 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 25 | 15000 |
| &nbsp;&nbsp;&nbsp; Bexar County Health Facilities Development Corp., <br> RB, 5.00%, 07/15/26<br>| &nbsp;&nbsp;&nbsp; 110 | 110156 |
| City of Anna TX, 4.25%, 09/15/35 | &nbsp;&nbsp;&nbsp; 810 | 815771 |
| City of Anna TX, SA, 5.35%, 09/15/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 998448 |
| City of Buda Texas |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 101640 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 640 | 648175 |
| City of Celina Texas |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205 | 206009 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1435 | 1446260 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2024802 |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 333 | 337206 |
| City of Corpus Christi Texas |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/15/31 | &nbsp;&nbsp;&nbsp; 100 | 103387 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/44 | &nbsp;&nbsp;&nbsp; 100 | 101563 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/54 | &nbsp;&nbsp;&nbsp; 103 | 103364 |
| City of Crandall, TX, 4.25%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 918 | 917769 |
| City of Ennis Texas, 4.13%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 650 | 648087 |
| City of Friendswood Texas, 7.00%, 09/15/54 | &nbsp;&nbsp;&nbsp; 303 | 305382 |
| City of Houston Airport System Revenue, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/35 | &nbsp;&nbsp;&nbsp; 2000 | 2161506 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/38 | &nbsp;&nbsp;&nbsp; 200 | 212960 |
| City of Lavon TX, 5.00%, 09/15/35 | &nbsp;&nbsp;&nbsp; 600 | 601055 |
| City of Lowry Crossing Texas, 4.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 202273 |
| City of Marble Falls Texas, 6.38%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 500083 |
| City of Oak Point Texas, 4.70%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 201359 |
| City of Pilot Point Texas, 6.13%, 09/15/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 240 | 251849 |
| City of Pilot Point TX, SA, 4.50%, 09/15/36 | &nbsp;&nbsp;&nbsp; 1592 | 1552218 |
| City of Princeton Texas |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 300 | 302490 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 50210 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 50375 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75 | 75338 |
| City of Princeton TX, 4.13%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 728 | 728580 |
| City of Seagoville Texas, 4.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 532 | 537165 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., RB, 5.00%, <br> 06/15/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 197710 |
| &nbsp;&nbsp;&nbsp; Club Municipal Management District No. 1, 4.38%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1500 | 1513272 |
| County of Denton Texas |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1825 | 1854694 |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 650 | 648375 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1023548 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/31/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1015106 |
| County of Hays TX, 4.50%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 700 | 701662 |
| County of Medina TX, SA, 5.45%, 09/01/46 | &nbsp;&nbsp;&nbsp; 600 | 601018 |
| &nbsp;&nbsp;&nbsp; Mesquite Housing Finance Corp.(The), RB, 4.53%, <br> 02/01/44 (FNMA)<br>| &nbsp;&nbsp;&nbsp; 1000 | 1004223 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., RB AMT, <br> 4.63%, 10/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3400 | 3408220 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short Duration High Yield Muni Active ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1000 | $857119 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 917148 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/35 | &nbsp;&nbsp;&nbsp; 750 | 784064 |
| &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 | 231719 |
| &nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., RB, 5.00%, <br> 08/15/37<br>| &nbsp;&nbsp;&nbsp; 3835 | 3771284 |
| Port Arthur Housing Authority, RB, 7.50%, 10/01/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2625 | 2561761 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority, <br> RB, 4.10%, 01/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2300 | 2093135 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, RB, 10.00%, <br> 07/01/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6000 | 6002474 |
| Port of Beaumont Navigation District, RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1810 | 1381126 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 600 | 545228 |
| &nbsp;&nbsp;&nbsp; Town of Trophy Club Public Improvement District No. <br> 1, 5.00%, 09/01/30<br>| &nbsp;&nbsp;&nbsp; 1000 | 1055145 |
|  |  | 48613511 |
| **Utah — 1.3%** | **Utah — 1.3%** | **Utah — 1.3%** |
| Mida Mountain Village Public Infrastructure District |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/35<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp; 500 | 401106 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2250 | 2317398 |
| Utah Charter School Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 915 | 846030 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1450 | 1435423 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/44 (UT CSCE) | &nbsp;&nbsp;&nbsp; 500 | 499998 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 730 | 746184 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 790 | 774296 |
| Utah Infrastructure Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/44 | &nbsp;&nbsp;&nbsp; 55 | 57826 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/48 | &nbsp;&nbsp;&nbsp; 50 | 51290 |
|  |  | 7129551 |
| **Vermont — 1.0%** | **Vermont — 1.0%** | **Vermont — 1.0%** |
| &nbsp;&nbsp;&nbsp; East Central Vermont Telecommunications District, <br> RB, 4.50%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 84225 |
| &nbsp;&nbsp;&nbsp; Vermont Economic Development Authority, RB AMT, <br> 5.00%, 06/01/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5000 | 5049162 |
|  |  | 5133387 |
| **Virginia — 0.3%** | **Virginia — 0.3%** | **Virginia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., RB, Series B1, <br> 5.00%, 06/01/47<br>| &nbsp;&nbsp;&nbsp; 1550 | 1296725 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, RB, 5.38%, <br> 09/01/29<br>| &nbsp;&nbsp;&nbsp; 100 | 100551 |
|  |  | 1397276 |
| **Washington — 1.1%** | **Washington — 1.1%** | **Washington — 1.1%** |
| County of King Sewer Revenue, RB, 4.00%, 07/01/39 | &nbsp;&nbsp;&nbsp; 500 | 499970 |
| &nbsp;&nbsp;&nbsp; Washington Economic Development Finance <br> Authority, RB AMT, 5.88%, 12/01/45<br>| &nbsp;&nbsp;&nbsp; 1200 | 1218386 |
| Washington State Housing Finance Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/20/37 | &nbsp;&nbsp;&nbsp; 974 | 910455 |
| &nbsp;&nbsp;&nbsp; 3.95%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 295 | 295025 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 945 | 941190 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/01/36 | &nbsp;&nbsp;&nbsp; 1000 | 1000015 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1001528 |
|  |  | 5866569 |
| **Wisconsin — 4.8%** | **Wisconsin — 4.8%** | **Wisconsin — 4.8%** |
| Public Finance Authority, 5.00%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4000 | 4017619 |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1299 | 859503 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/36<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6000 | 3053636 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/37<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1438 | 710854 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 365 | 168165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/63 | &nbsp;&nbsp;&nbsp; $925 | $920286 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 285 | 285962 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 294 | 293887 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 315 | 314948 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4870 | 5079026 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 800 | 817093 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 21069 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/51<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 65 | 41733 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1912 | 1912819 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2194 | 2193887 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1870 | 1868185 |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/01/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1105586 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 310 | 260461 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 394812 |
| Public Finance Authority, RB AMT, 5.50%, 07/01/44 | &nbsp;&nbsp;&nbsp; 1750 | 1807776 |
|  |  | 26127307 |
| **Total Municipal Debt Obligations — 92.6%** <br>**(Cost: $509,165,430)** | **Total Municipal Debt Obligations — 92.6%** <br>**(Cost: $509,165,430)** | 504299304 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Timberhp by Go Lab, Inc., NVS<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 15027 | 28100 |
| **Total Common Stocks — 0.0%** <br>**(Cost $25)** | **Total Common Stocks — 0.0%** <br>**(Cost $25)** | 28100 |
| **Warrants** | **Warrants** | **Warrants** |
| **Internet Infrastructure Software — 0.0%** | **Internet Infrastructure Software — 0.0%** | **Internet Infrastructure Software — 0.0%** |
| &nbsp;&nbsp;&nbsp; Brightline West (Expires 11/26/35, Strike Price <br> USD 5.00)<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; 62176 | 108808 |
| **Total Warrants — 0.0%** <br>**(Cost $0)** | **Total Warrants — 0.0%** <br>**(Cost $0)** | 108808 |
| **Total Long-Term Investments — 92.6%** <br>**(Cost: $509,165,455)** | **Total Long-Term Investments — 92.6%** <br>**(Cost: $509,165,455)** | 504436212 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.5%** | **Money Market Funds — 5.5%** | **Money Market Funds — 5.5%** |
| BlackRock Liquidity Funds: MuniCash, 3.31%<sup>(g)(h)</sup> | &nbsp;&nbsp;&nbsp; 30207403 | 30210423 |
| **Total Short-Term Securities — 5.5%** <br>**(Cost: $30,210,335)** | **Total Short-Term Securities — 5.5%** <br>**(Cost: $30,210,335)** | 30210423 |
| **Total Investments — 98.1%** <br>**(Cost: $539,375,790)** | **Total Investments — 98.1%** <br>**(Cost: $539,375,790)** | 534646635 |
| **Other Assets Less Liabilities — 1.9%** | **Other Assets Less Liabilities — 1.9%** | 10353025 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $544999660 |

---

&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> Zero-coupon bond.

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

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

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

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

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

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2026

**iShares Short Duration High Yield Muni Active ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/26*<br>| *Shares* <br>*Held at* <br>*04/30/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $45910228 | $—<br> $(15699804 )<sup>(a)</sup><br>| $— | $(1)<br>| $30210423 | 30207403 | $558677 | $— |

---

&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; $504299304 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $504299304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28100 | &nbsp;&nbsp; 28100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 108808 | &nbsp;&nbsp; 108808 |
| &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; 30210423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30210423 |
|  | &nbsp;&nbsp; $30210423 | &nbsp;&nbsp; $504299304 | &nbsp;&nbsp; $136908 | &nbsp;&nbsp; $534646635 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| BAM | Build America Mutual Assurance Co. |
| GO | General Obligation |
| GOL | General Obligation Limited |
| MT | Mandatory Tender |
| NVS | Non-Voting Shares |

---

---

| | |
|:---|:---|
| PILOT | Payment in Lieu of Taxes |
| RB | Revenue Bonds |
| ST | Special Tax |
| TA | Tax Allocation |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock 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 Short Duration High Yield Muni Active ETF

- **b. EDGAR series identifier (if any):** S000068548

- **c. LEI of Series:** 5493005TMJR1Y0YIG732

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

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

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $548468576.47

**Total Liabilities:** $3461370.74

**Net Assets:** $545007205.73

**Delayed Delivery Securities:** $3285000.00

**Cash Not Reported:** $2230181.99

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 599.35000000 | **1-Year:** 7028.98000000 | **5-Year:** 32603.01000000 | **10-Year:** 23596.79000000 | **30-Year:** 5824.72000000

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

- **3-Month:** 1439.24000000 | **1-Year:** 9976.58000000 | **5-Year:** 86064.97000000 | **10-Year:** 54944.85000000 | **30-Year:** 18607.25000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219258 | 0.68%                | -1.49%               | 0.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2992.74                | $1635690.57                                |
| Month 2  | $47464.78                | $-9976673.14                               |
| Month 3  | $-8334.36                | $3189572.19                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1203235.04   | 0.22%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $899815.76    | 0.17%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000050.00   | 0.18%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIMBERHP BY GO LAB INC                                                           | TIMBERHP BY GO LAB INC                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15027 | NS      | $28100.49     | 0.01%             |  |  |  | No            |                  3 | 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        |    275000 | PA      | $278736.84    | 0.05%             | 2038-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Sunrise Community Development District                                           | SUNRISE CDD FL CAPITAL IMPT REVENUE                          | CUSIP: 86771UAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $866398.02    | 0.16%             | 2035-05-01      | Fixed         | 4.50%                 | 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        |   2400000 | PA      | $2224950.48   | 0.41%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     25000 | PA      | $21069.43     | 0.00%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893C82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6475000 | PA      | $6589836.07   | 1.21%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crossings Community Development District                                         | CROSSINGS CDD FL SPL ASSMNT                                  | CUSIP: 22766NAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232354.19    | 0.04%             | 2031-05-01      | Fixed         | 4.75%                 | 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        |   2500000 | PA      | $2554138.75   | 0.47%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE WEST EQ WARRANTS                                                      | BRIGHTLINE WEST EQ WARRANTS                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     62176 | NS      | $108808.00    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TGA8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    730000 | PA      | $749291.78    | 0.14%             | 2045-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465572.20    | 0.09%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783Z25<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000014.30   | 0.18%             | 2036-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New Port Corners Community Development District                                  | NEW PORT CORNERS CDD FL SPL ASSMNT                           | CUSIP: 648122AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $198255.38    | 0.04%             | 2035-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Brightshore Community Development District                                       | BRIGHTSHORE CDD FL CAPITAL IMPT REVENUE                      | CUSIP: 10948FAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1715302.89   | 0.31%             | 2046-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ECON ACTIVITY TAX REVENUE       | CUSIP: 48502MAA1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115841.72    | 0.02%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VBX5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4935000 | PA      | $5041781.06   | 0.93%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442ELS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $817092.72    | 0.15%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6143360.40   | 1.13%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PA70<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    310000 | PA      | $260461.16    | 0.05%             | 2043-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $334869.74    | 0.06%             | 2045-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LTC Ranch West Residential Community Development District                        | LTC RANCH WEST RSDL CMNTY DEV DIST SPL ASSMNT REVENUE        | CUSIP: 50218SAM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $297364.93    | 0.05%             | 2031-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                     | KINGS CREEK I CDD FL SPL ASSMNT                              | CUSIP: 495879AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302881.11    | 0.06%             | 2030-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCE6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800216.80    | 0.15%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CGD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1446259.73   | 0.27%             | 2030-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Elbert County Independence Water & Sanitation District                           | INDEPENDENCE WTR & SANTN DIST CO SPL REVENUE                 | CUSIP: 45380AAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551433.35   | 0.28%             | 2033-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $383391.48    | 0.07%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Economic Development Authority                                           | VERMONT ST ECON DEV AUTH SOLID WST DISP REVENUE              | CUSIP: 924157AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5049162.00   | 0.93%             | 2052-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA ST PUBLIC FACS AUTHSOL WST DISP FAC REVENUE        | CUSIP: 54640TAN9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4752323.22   | 0.87%             | 2053-05-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041367.30   | 0.19%             | 2052-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045S61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99362.52     | 0.02%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1854693.85   | 0.34%             | 2031-12-31      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ENVRNMNTL REVENUE                        | CUSIP: 455054BE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    640000 | PA      | $641439.94    | 0.12%             | 2026-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | HAMMOCK OAKS CDD FL ASSMNT                                   | CUSIP: 40834PAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92536.78     | 0.02%             | 2044-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Mckendree Pointe Community Development District                                  | MCKENDREE POINTE CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 581515AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $398650.32    | 0.07%             | 2030-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SOL WST DISP REVENUE                    | CUSIP: 63608RAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $910885.34    | 0.17%             | 2033-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Ranches at Lake Mcleod Community Development District                            | RANCHES AT LAKE MCLEOD CDD FL SPL ASSMNT                     | CUSIP: 752041AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $377585.48    | 0.07%             | 2035-06-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530BA6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75224.82     | 0.01%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $21281.45     | 0.00%             | 2032-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Malabar Springs Community Development District                                   | MALABAR SPRINGS CDD FL SPL ASSMNT                            | CUSIP: 560881AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $443314.78    | 0.08%             | 2031-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE             | CUSIP: 917467DC3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51289.94     | 0.01%             | 2048-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harvest Hills South Community Development District                               | HARVEST HILLS S CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 41757NAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $371643.00    | 0.07%             | 2035-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                          | GAS WORX CDD FL SPL ASSMNT                                   | CUSIP: 367200AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $350571.72    | 0.06%             | 2030-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bradbury Community Development District                                          | BRADBURY FL CDD SPL ASSMNT                                   | CUSIP: 103848AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1629629.44   | 0.30%             | 2030-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $784064.40    | 0.14%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DBV5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1304090.63   | 0.24%             | 2036-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority                                      | ESCAMBIA CNTY FL HLTH FACS AUTH                              | CUSIP: 296110GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021268.00   | 0.19%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413869.64    | 0.08%             | 2034-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182THJ9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   6165000 | PA      | $6475381.24   | 1.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105643.42    | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PUC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $314947.52    | 0.06%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenbriar Community Development District                                        | GREENBRIAR CDD FL SPL ASSMNT REVENUE                         | CUSIP: 39364TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $410694.91    | 0.08%             | 2032-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $520709.12    | 0.10%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independence Metropolitan District No 3                                          | INDEPENDENCE MET DIST #3 CO                                  | CUSIP: 453625AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497844.45    | 0.09%             | 2054-12-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Newfield Community Development District                                          | NEWFIELD CDD FL SPL ASSMNT REVENUE                           | CUSIP: 65128AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $773027.45    | 0.14%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EXZ4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987938.30    | 0.18%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212959.98    | 0.04%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EFW5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $394812.10    | 0.07%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mesquite Housing Finance Corp/The                                                | MESQUITE TX HSG FIN CORP MF HSG REVENUE                      | CUSIP: 590747AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004223.40   | 0.18%             | 2044-02-01      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EES0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    545000 | PA      | $544551.68    | 0.10%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | ATLANTA GA WTR & WSTWTR REVENUE                              | CUSIP: 047870NE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1402005.22   | 0.26%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302489.82    | 0.06%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG90<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4870000 | PA      | $5079025.76   | 0.93%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    600000 | PA      | $640528.68    | 0.12%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $1004106.46   | 0.18%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp                                                       | RHODE ISLAND ST COMMERCE CORP AIRPORT REVENUE                | CUSIP: 76218NAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1112774.56   | 0.20%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483KT6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1388235.24   | 0.25%             | 2038-02-01      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50375.36     | 0.01%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress Reserve Community Development District                                   | CYPRESS RESERVE CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23280AAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295498.71    | 0.05%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $176634.22    | 0.03%             | 2032-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO AVIATION AUTH FL SPL PURPOSE ARPT FACS REVENUE   | CUSIP: 39227AAC6<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066730.80   | 0.20%             | 2036-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75338.18     | 0.01%             | 2044-09-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Forest Lake MN                                                           | FOREST LAKE MN CHARTER SCH LEASE REVENUE                     | CUSIP: 345856AY4<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    260000 | PA      | $215715.34    | 0.04%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                | HAYS CNTY TX SPL ASSMNT REVENUE                              | CUSIP: 420894AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $701662.15    | 0.13%             | 2035-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Parrish Lakes II Community Development District                                  | PARRISH LAKES II CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 70183HAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1168015.02   | 0.21%             | 2031-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Granary Metropolitan District No 9 Special Assessment District No 1              | GRANARY MET DIST #9 CO SPL IMPT DIST #1 SPECIAL ASSESSMENT R | CUSIP: 385038AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $771727.94    | 0.14%             | 2044-12-01      | Fixed         | 5.45%                 | 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        |   2500000 | PA      | $2593678.50   | 0.48%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EVA1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    175000 | PA      | $181161.38    | 0.03%             | 2033-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | CUSIP: 650346DB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3835000 | PA      | $3771283.78   | 0.69%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Economic Development Corp                                              | KALAMAZOO MI ECON DEV CORP                                   | CUSIP: 483228EE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006175.90   | 0.18%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                             | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    974343 | PA      | $910455.29    | 0.17%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Solaeris Community Development District                                          | SOLAERIS CDD FL SPL ASSMNT                                   | CUSIP: 83409XAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1092969.65   | 0.20%             | 2032-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YVP8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2978530.20   | 0.55%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD51<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    293659 | PA      | $293886.66    | 0.05%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103387.41    | 0.02%             | 2031-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE         | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    835000 | PA      | $875762.03    | 0.16%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District 2                               | LAKES OF SARASOTA CDD 2 CAPITAL IMPT REVENUE                 | CUSIP: 51207BAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3102913.41   | 0.57%             | 2035-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    947000 | PA      | $947087.79    | 0.17%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTHCARE FACS REVENUE            | CUSIP: 08452RAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507399.25   | 0.46%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hickory Chase Community Authority                                                | HICKORY CHASE OH CMNTY AUTH INFRASTRUCTURE IMPT REVENUE      | CUSIP: 428861AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $323880.35    | 0.06%             | 2040-12-01      | 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        |    800000 | PA      | $800039.36    | 0.15%             | 2045-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    365000 | PA      | $168164.77    | 0.03%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6965678.30   | 1.28%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CJS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024801.80   | 0.37%             | 2031-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Center Lake Ranch West Community Development District                            | CENTER LAKE RANCH WEST CDD FL CAPITAL IMPT REV               | CUSIP: 151500AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $396086.76    | 0.07%             | 2035-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $398933.48    | 0.07%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 16                                     | VLG CDD #16 FL SPL ASSMNT REVENUE                            | CUSIP: 92708MAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2600568.37   | 0.48%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH SOL WST DISP REVENUE                       | CUSIP: 56042CAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050629.60   | 0.19%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302328.30    | 0.06%             | 2031-05-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Ibis Landing Community Development District                                      | IBIS LANDING CDD FL SPL ASSMNT                               | CUSIP: 451075AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201328.96    | 0.04%             | 2030-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $590050.56    | 0.11%             | 2029-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550358.77    | 0.10%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FYT6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528442.90    | 0.10%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $60180.12     | 0.01%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | CUSIP: 34074HFV9<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1925167.87   | 0.35%             | 2057-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH REVENUE                       | CUSIP: 107416PL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142872.72    | 0.03%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857119.00    | 0.16%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lowry Crossing TX                                                        | LOWRY CROSSING TX SPL ASSMNT REVENUE                         | CUSIP: 54877WAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202273.40    | 0.04%             | 2030-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWP5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     65000 | PA      | $70592.18     | 0.01%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256790.83    | 0.05%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EUM6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506792.55    | 0.09%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917147.80    | 0.17%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2545615 | PA      | $2751645.62   | 0.50%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103042.50    | 0.02%             | 2034-12-01      | 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        |   2880000 | PA      | $2895833.95   | 0.53%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| PBR Community Development District                                               | PBR CDD FL USER FEE REVENUE                                  | CUSIP: 69317QAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972019.20    | 0.18%             | 2056-03-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023350.10   | 0.19%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Buda TX                                                                  | BUDA TX SPL ASSMNT REVENUE                                   | CUSIP: 118829AA8<br>LEI: 549300M2WWWL7K4QS327 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101639.61    | 0.02%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Four Corners Business Improvement District                                       | FOUR CORNERS BUSINESS IMPT DIST CO LIMITED TAX SUPPORTED     | CUSIP: 35084NAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514174.25   | 0.28%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDW2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    433000 | PA      | $305265.00    | 0.06%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500596.40   | 0.28%             | 2033-12-15      | Fixed         | 6.13%                 | 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        |   1000000 | PA      | $1014162.70   | 0.19%             | 2050-09-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DBW3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    286000 | PA      | $283730.70    | 0.05%             | 2036-04-01      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UGX0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $419035.70    | 0.08%             | 2055-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    346149 | PA      | $276515.66    | 0.05%             | 2044-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1592000 | PA      | $1552217.99   | 0.28%             | 2036-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCQ6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    430000 | PA      | $303150.00    | 0.06%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $376742.91    | 0.07%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hickory Tree Community Development District                                      | HICKORY TREE CDD FL SPL ASSMNT                               | CUSIP: 429079AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004697.80   | 0.18%             | 2044-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $648375.07    | 0.12%             | 2030-12-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL REVENUE                               | CUSIP: 74447TAG7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3870000 | PA      | $3866244.17   | 0.71%             | 2033-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| East Ridge Community Development District                                        | EAST RIDGE CDD FL SPL ASSMNT REVENUE                         | CUSIP: 274692AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $899856.90    | 0.17%             | 2031-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Flint International Academy                                                      | FLINT INTERNATIONAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE    | CUSIP: 339526AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2485280.81   | 0.46%             | 2037-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCM5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1138575.00   | 0.21%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418067Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $130000.00    | 0.02%             | 2062-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500082.60    | 0.09%             | 2044-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Kingston One Community Development District                                      | KINGSTON ONE CDD FL SPL ASSMNT                               | CUSIP: 496631AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006674.30   | 0.18%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH                                          | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $286237.84    | 0.05%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530AZ2<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500101.95    | 0.09%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Darby Community Development District                                             | DARBY CDD FL SPL ASSMNT REVENUE                              | CUSIP: 23705PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104126.61    | 0.02%             | 2035-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                | LAKE CNTY FL EDUCTNL FACS REVENUE                            | CUSIP: 50825CAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1296718.07   | 0.24%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $394923.40    | 0.07%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wildgrass Metropolitan District                                                  | WILDGRASS CO MET DIST                                        | CUSIP: 96811RAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985838.50    | 0.18%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coastal Ridge Community Development District                                     | COASTAL RIDGE CDD FL SPL ASSMNT REVENUE                      | CUSIP: 19052TAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2268543.38   | 0.42%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   7465000 | PA      | $4329700.00   | 0.79%             | 2065-01-01      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TC68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1435423.01   | 0.26%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | OHIO ST HSG FIN AGY RSDL MTGE REVENUE                        | CUSIP: 67756UBA5<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   4725000 | PA      | $4704019.58   | 0.86%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL MF HSG REVENUE                                  | CUSIP: 213226AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767412.90    | 0.14%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PBR Community Development District                                               | PBR CDD FL USER FEE REVENUE                                  | CUSIP: 69317QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1317362.25   | 0.24%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $401106.45    | 0.07%             | 2035-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2370221.70   | 0.43%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483KQ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1103715.36   | 0.20%             | 2037-12-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101562.78    | 0.02%             | 2044-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505ZZ2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5479611.00   | 1.01%             | 2038-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | POMPANO BEACH FL REVENUE                                     | CUSIP: 732203AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1590705.80   | 0.29%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2161505.80   | 0.40%             | 2035-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204473.96    | 0.04%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041YM3<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    345000 | PA      | $348188.97    | 0.06%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2585000 | PA      | $1489040.91   | 0.27%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDS1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    254000 | PA      | $179070.00    | 0.03%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  17244528 | PA      | $10605384.72  | 1.95%             | 2051-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Buckhead Trails Community Development District                                   | BUCKHEAD TRAILS CDD FL SPL ASSMNT                            | CUSIP: 11836UAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $149894.40    | 0.03%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TBG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $5735612.00   | 1.05%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    333000 | PA      | $337205.99    | 0.06%             | 2035-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Connerton East Community Development District                                    | CONNERTON EAST CDD FL SPL ASSMNT                             | CUSIP: 208185AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $349032.18    | 0.06%             | 2035-06-15      | Fixed         | 4.25%                 | 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        |    100000 | PA      | $106311.87    | 0.02%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UEA2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395831.08    | 0.07%             | 2050-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483KU3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494600.45    | 0.09%             | 2038-02-01      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| Buckhead Trails Community Development District                                   | BUCKHEAD TRAILS CDD FL SPL ASSMNT                            | CUSIP: 11836UAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $631564.44    | 0.12%             | 2031-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Loretto Heights Community Authority                                              | LORETTO HEIGHTS CMNTY AUTH CO SPL REVENUE                    | CUSIP: 544084AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $397886.50    | 0.07%             | 2051-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $15000.00     | 0.00%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9150000 | PA      | $9560283.26   | 1.75%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE             | CUSIP: 917467DB5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57826.36     | 0.01%             | 2044-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TS53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $746184.17    | 0.14%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Crossings Community Development District                                         | CROSSINGS CDD FL SPL ASSMNT                                  | CUSIP: 22766NAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $882081.41    | 0.16%             | 2044-05-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/VA                                             | TOBACCO SETTLEMENT FING CORP VA                              | CUSIP: 88880NAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1296725.04   | 0.24%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | HAMMOCK OAKS CDD FL ASSMNT                                   | CUSIP: 40834PAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $680424.80    | 0.12%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145UP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197709.46    | 0.04%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SENIOR LIVING REVENUE            | CUSIP: 13049RBF2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026626.10   | 0.19%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1975150.27   | 0.36%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 05786PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4900703.50   | 0.90%             | 2056-03-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 14                                     | VLG FL CDD #14 SPL ASSMNT REVENUE                            | CUSIP: 92708JAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97888.38     | 0.02%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Buda TX                                                                  | BUDA TX SPL ASSMNT REVENUE                                   | CUSIP: 118829AD2<br>LEI: 549300M2WWWL7K4QS327 | Long             | DBT              | MUN               | US        |    640000 | PA      | $648175.42    | 0.12%             | 2033-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Two Lakes Community Development District                                         | TWO LAKES CDD FL SPL ASSMNT                                  | CUSIP: 90207EAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021885.70   | 0.19%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lavon TX                                                                 | LAVON TX SPL ASSMT REVENUE                                   | CUSIP: 51946PCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601054.62    | 0.11%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Trophy Club TX Public Improvement District No 1                          | TROPHY CLUB TX PUBLIC IMPT DIST #1 SPL ASSMNT REVENUE        | CUSIP: 89706PAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055145.00   | 0.19%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1489000 | PA      | $1489272.34   | 0.27%             | 2031-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031J38<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1375140.51   | 0.25%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UEP5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97665.16     | 0.02%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2317398.08   | 0.43%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Normandy Community Development District                                          | NORMANDY CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 65618HAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2026891.52   | 0.37%             | 2031-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                            | THE CHILDRENS TRUST FUND PR TOBACCO SETTLEMENT REVENUE       | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $57145.75     | 0.01%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Ennis TX                                                                 | ENNIS TX SPL ASSMNT REVENUE                                  | CUSIP: 293470AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $648086.66    | 0.12%             | 2035-09-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Hoover Industrial Development Board                                              | HOOVER AL INDL DEV BRD ENVNMNTL IMPT REVENUE                 | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3328785.85   | 0.61%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District 2                               | LAKES OF SARASOTA CDD 2 CAPITAL IMPT REVENUE                 | CUSIP: 51207BAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3245663.12   | 0.60%             | 2035-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority                                | PORT BEAUMONT TX INDL DEV AUTH                               | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2093134.55   | 0.38%             | 2028-01-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH                                          | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $184059.23    | 0.03%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399HY5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1276907.97   | 0.23%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp                                        | INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $600064.94    | 0.11%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4245359.12   | 0.78%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1381125.57   | 0.25%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    134849 | PA      | $69697.97     | 0.01%             | 2035-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FTH7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    100000 | PA      | $79349.57     | 0.01%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $21283.63     | 0.00%             | 2032-06-01      | Fixed         | 8.50%                 | 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        |   5000000 | PA      | $5044975.50   | 0.93%             | 2041-08-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | DENVER CITY & CNTY CO SPL FACS ARPT REVENUE                  | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   9595000 | PA      | $9603179.74   | 1.76%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1438000 | PA      | $710853.73    | 0.13%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                            | VALPARAISO IN EXEMPT FACS REVENUE                            | CUSIP: 92028RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102047.59    | 0.02%             | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Waterset South Community Development District                                    | WATERSET SOUTH CDD FL SPL ASSMNT REVENUE                     | CUSIP: 94186HAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1337057.98   | 0.25%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    650000 | PA      | $602861.29    | 0.11%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Three Rivers Community Development District                                      | THREE RIVERS CDD FL                                          | CUSIP: 88563MAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1941565.61   | 0.36%             | 2031-05-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEU7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4720000 | PA      | $4731738.17   | 0.87%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531328.50    | 0.10%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $154552.54    | 0.03%             | 2053-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Crandall TX                                                              | CRANDALL TX SPL ASSMNT REVENUE                               | CUSIP: 224384AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    918000 | PA      | $917769.03    | 0.17%             | 2035-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD36<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105586.40   | 0.20%             | 2059-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | CUSIP: 83704MCH7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |     25000 | PA      | $22368.27     | 0.00%             | 2062-08-15      | Fixed         | 7.50%                 | 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        |    175000 | PA      | $176224.27    | 0.03%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cypress Creek Reserve Community Development District                             | CYPRESS CREEK RESERVE CDD FL SPL ASSMNT                      | CUSIP: 23274FAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755166.00    | 0.14%             | 2030-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Allegheny Community Broadband Inc                                                | ALLEGHENY CMNTY BROADBAND INC PA PROJ REVENUE                | CUSIP: 017276AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $257502.29    | 0.05%             | 2035-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE              | CUSIP: 13034DBS2<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5098062.51   | 0.94%             | 2056-07-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH SOL WST DISP REVENUE                       | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $182491.02    | 0.03%             | 2047-12-01      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE  | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512506.80    | 0.09%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arbor Park Phase 1 Community Development District                                | ARBOR PK PHASE 1 CDD FL SPL ASSMNT REVENUE                   | CUSIP: 038922AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088096.00   | 0.38%             | 2035-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $201378.15    | 0.04%             | 2043-07-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182THS9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4275000 | PA      | $4486403.45   | 0.82%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Affordable Housing Opportunities Trust Series AH-01                              | AFFORDABLE HSG OPPORTUNITIES TRUST                           | CUSIP: 00826SAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    118249 | PA      | $119703.80    | 0.02%             | 2039-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491295.20   | 0.27%             | 2032-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U87<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    295000 | PA      | $295024.84    | 0.05%             | 2029-07-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    475000 | PA      | $437410.92    | 0.08%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015106.30   | 0.19%             | 2044-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505141.85    | 0.09%             | 2064-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDL6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    553000 | PA      | $389865.00    | 0.07%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $915527.22    | 0.17%             | 2041-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $205797.55    | 0.04%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North AR-1 Pasco Community Development District                                  | NORTH AR-1 PASCO CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 65725AAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56954.74     | 0.01%             | 2044-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Stadium Trace Village Improvement District/The                                   | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS        | CUSIP: 852351AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $963997.97    | 0.18%             | 2036-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $742198.58    | 0.14%             | 2035-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6100000 | PA      | $624690.63    | 0.11%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Perris Joint Powers Authority                                                    | PERRIS CA JT PWRS AUTH LOCAL AGY REVENUE                     | CUSIP: 714376DK3<br>LEI: 549300YM04SQ63RR8P86 | Long             | DBT              | MUN               | US        |    420000 | PA      | $416941.10    | 0.08%             | 2028-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Oak Point TX                                                             | OAK POINT TX SPL ASSMNT REVENUE                              | CUSIP: 67176TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201359.16    | 0.04%             | 2031-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1579000 | PA      | $1575512.15   | 0.29%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DYW6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    205000 | PA      | $194911.05    | 0.04%             | 2054-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sparks Tourism Improvement District No 1                                         | SPARKS NV TOURISM IMPT DIST #1 REVENUE                       | CUSIP: 846562AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254871.00   | 0.23%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789083W2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245242.50    | 0.04%             | 2051-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 12                                     | VLG FL CDD #12 SPL ASSMNT REVENUE                            | CUSIP: 92708FAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375447.71    | 0.07%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Club Municipal Management District No 1                                          | CLUB MUNI MGMT DIST #1 TX SPL ASSMNT REVENUE                 | CUSIP: 18948PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513272.15   | 0.28%             | 2031-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $146912.11    | 0.03%             | 2045-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514311.05   | 0.28%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U38<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    945000 | PA      | $941190.04    | 0.17%             | 2034-01-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94983.26     | 0.02%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075661.30   | 0.20%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2671747.00   | 0.49%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KR9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250316.35    | 0.05%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnolia Island Community Development District                                   | MAGNOLIA ISLAND CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 559613AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761618.40    | 0.14%             | 2045-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252JV2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5005901.00   | 0.92%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBB4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    230000 | PA      | $214498.69    | 0.04%             | 2048-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116ET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526385.15    | 0.10%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO AVIATION AUTH FL SPL PURPOSE ARPT FACS REVENUE   | CUSIP: 39227AAA0<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1324292.75   | 0.24%             | 2034-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YDV4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    275000 | PA      | $193875.00    | 0.04%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                        | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065028.10   | 0.20%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goose Creek SC                                                           | GOOSE CREEK SC ASSMNT REVENUE                                | CUSIP: 38259TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $420810.84    | 0.08%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530AX7<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    335000 | PA      | $339214.00    | 0.06%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harbor Reserve Community Development District                                    | HARBOR RESERVATION CDD FL SPL ASSMNT REVENUE                 | CUSIP: 41155EAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $937835.09    | 0.17%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tradition Community Development District No 9                                    | TRADITION CDD #9 FL SPL ASSMNT                               | CUSIP: 89269NAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $545683.04    | 0.10%             | 2032-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | ANNA TX SPL ASSMNT REVENUE                                   | CUSIP: 035713BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998448.40    | 0.18%             | 2046-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | KING CNTY WA SWR REVENUE                                     | CUSIP: 4952893L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499970.20    | 0.09%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3007326.60   | 0.55%             | 2034-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCR4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     82000 | PA      | $57810.00     | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056104.30   | 0.19%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ave Maria Stewardship Community District                                         | AVE MARIA FL STEWARDSHIP CMNTY DIST CAPITAL IMPT REVENUE     | CUSIP: 05355ABZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $560120.72    | 0.10%             | 2035-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCP8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    251000 | PA      | $176955.00    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                     | CUSIP: 63607DAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4996244 | PA      | $4928433.22   | 0.90%             | 2043-04-20      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PZ92<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3542065.80   | 0.65%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $839318.96    | 0.15%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YB6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $451000.65    | 0.08%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Juban Crossing Community Development District                                    | JUBAN CROSSING CDD LIVINGSTON PARISH LA SPL ASSMNT           | CUSIP: 48130GAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121171.80   | 0.57%             | 2034-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                          | CAMDEN CNTY NJ IMPT AUTH SCH REVENUE                         | CUSIP: 13281PAD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76928.63     | 0.01%             | 2062-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MUNI CTFS                                 | CUSIP: 74449EAA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    925000 | PA      | $920285.92    | 0.17%             | 2063-06-15      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE         | CUSIP: 566784AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020034.00   | 0.19%             | 2036-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SCH FAC REVENUE                  | CUSIP: 13051BAD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201917.36    | 0.04%             | 2059-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTM8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $951799.68    | 0.17%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CEH8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $79263.19     | 0.01%             | 2056-06-15      | Fixed         | 4.88%                 | 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      | $262897.38    | 0.05%             | 2050-09-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MENTAL HLTHCARE FACS REVENUE              | CUSIP: 74443XAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     65000 | PA      | $41732.74     | 0.01%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1747348.42   | 0.32%             | 2039-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KD52 Community Development District No 1                                         | KD52 CDD #1 FL SPL ASSMNT REVENUE                            | CUSIP: 48668RAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2336639.54   | 0.43%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Snowline Joint Unified School District                                           | SNOWLINE CA JT UNIF SCH DIST CMNTY FACS DIST SPL TAX         | CUSIP: 83342FBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $537890.75    | 0.10%             | 2029-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4585407.30   | 0.84%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230246.86    | 0.04%             | 2037-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500540.05   | 0.64%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                       | CUSIP: 63610CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $483248.60    | 0.09%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Medina TX                                                              | MEDINA CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 584735AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601018.26    | 0.11%             | 2046-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TG98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $846029.86    | 0.16%             | 2031-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  30207403 | NS      | $30210423.35  | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2997970.20   | 0.55%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550288.31    | 0.10%             | 2061-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Reflection Bay Community Development District                                    | REFLECTION BAY CDD FL SPL ASSMNT                             | CUSIP: 75865NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $328323.52    | 0.06%             | 2030-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HDM2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4244920.80   | 0.78%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH UNIV REVENUE                         | CUSIP: 08454AAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $371602.06    | 0.07%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 6589096Q4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $745066.65    | 0.14%             | 2049-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Cabot Citrus Farms Community Development District                                | CABOT CITRUS FARMS FL CDD                                    | CUSIP: 127052AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $499293.23    | 0.09%             | 2029-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP REVENUE                             | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3408220.18   | 0.63%             | 2031-10-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH CHRT SCH REVENUE           | CUSIP: 13069AAB4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    600000 | PA      | $563623.80    | 0.10%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redtail Ridge Metropolitan District                                              | REDTAIL RIDGE MET DIST CO                                    | CUSIP: 75773CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2193000 | PA      | $1408005.12   | 0.26%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PY25<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $3053636.40   | 0.56%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/RI                                             | TOBACCO SETTLEMENT FING CORP RI                              | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $59700.44     | 0.01%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | FLORIDA LOC GOVT FIN COMMISSION SENIOR LIVING REVENUE        | CUSIP: 34077UAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003661.90   | 0.18%             | 2031-11-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042R8P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $246429.64    | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1277000 | PA      | $1276354.22   | 0.23%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TCZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102013.80    | 0.02%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Beaver County Industrial Development Authority                                   | BEAVER CNTY PA INDL DEV AUTH                                 | CUSIP: 074876HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $248528.68    | 0.05%             | 2047-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3018976.80   | 0.55%             | 2056-03-01      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YCE3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    192000 | PA      | $135360.00    | 0.02%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP41<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1299000 | PA      | $859503.22    | 0.16%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Health Facilities Development Corp                                  | BEXAR CNTY TX HLTH FACS DEV CORP                             | CUSIP: 088354FJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110156.08    | 0.02%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAR5<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    600000 | PA      | $545227.86    | 0.10%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rustic Oaks Community Development District                                       | RUSTIC OAKS CMNTY DEV DIST FL CAP IMPT REVENUE               | CUSIP: 783089AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949860.90    | 0.17%             | 2032-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD93<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2194378 | PA      | $2193886.81   | 0.40%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Parrish Plantation Community Development District                                | PARRISH PLANTATION CMNTY DEV DIST FL SPL ASSMNT REVENUE      | CUSIP: 701830AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258845.33    | 0.05%             | 2044-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE     | CUSIP: 05616KBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100695.71    | 0.02%             | 2032-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Friendswood TX                                                           | FRIENDSWOOD TX SPL ASSMNT REVENUE                            | CUSIP: 358591AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    303000 | PA      | $305382.25    | 0.06%             | 2054-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bartlett Industrial Development Board                                            | BARTLETT TN INDL DEV BRD TAX INCREMENT REVENUE               | CUSIP: 069394AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3043747.50   | 0.56%             | 2049-07-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Vivid Shores Community Development District                                      | VIVID SHORES CMNTY DEV DIST FL SPL ASSMNT                    | CUSIP: 92853QAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495841.95    | 0.09%             | 2035-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    103000 | PA      | $103364.30    | 0.02%             | 2054-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| East Ridge Community Development District                                        | EAST RIDGE CDD FL SPL ASSMNT REVENUE                         | CUSIP: 274692AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1384752.36   | 0.25%             | 2036-05-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205719.56    | 0.04%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1807775.73   | 0.33%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                          | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007078.40   | 0.18%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perris Joint Powers Authority                                                    | PERRIS CA JT PWRS AUTH LOCAL AGY REVENUE                     | CUSIP: 714376GD6<br>LEI: 549300YM04SQ63RR8P86 | Long             | DBT              | MUN               | US        |    465000 | PA      | $461445.63    | 0.08%             | 2028-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399TY2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    665000 | PA      | $655276.30    | 0.12%             | 2043-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    160000 | PA      | $171546.50    | 0.03%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $76423.65     | 0.01%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                     | KINGS CREEK I CDD FL SPL ASSMNT                              | CUSIP: 495879AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $469194.36    | 0.09%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $869569.03    | 0.16%             | 2036-07-01      | 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        |   5000000 | PA      | $5147977.50   | 0.94%             | 2056-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $774295.75    | 0.14%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U46<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001528.10   | 0.18%             | 2044-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GCV5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    625000 | PA      | $625059.19    | 0.11%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130139.53    | 0.02%             | 2038-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007360.80   | 0.18%             | 2041-06-01      | 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      | $231718.70    | 0.04%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155519.96    | 0.03%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Boggy Creek Improvement District                                                 | BOGGY CREEK FL IMPT DIST SPL ASSMNT REVENUE                  | CUSIP: 097206AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460067.76    | 0.08%             | 2043-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109230.02    | 0.02%             | 2039-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $246496.24    | 0.05%             | 2046-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Madeira Community Development District                                           | MADEIRA FL CDD CAPITAL IMPT REVENUE                          | CUSIP: 556344AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $613986.09    | 0.11%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lowery Hills Community Development District                                      | LOWERY HILLS CDD FL SPL ASSMNT                               | CUSIP: 548652AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $444223.82    | 0.08%             | 2032-05-01      | Fixed         | 4.55%                 | 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        |   7200000 | PA      | $7241450.40   | 1.33%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ranches at Lake Mcleod Community Development District                            | RANCHES AT LAKE MCLEOD CDD FL SPL ASSMNT                     | CUSIP: 752041AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $262298.92    | 0.05%             | 2030-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919725.00    | 0.17%             | 2046-12-01      | 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        |    240000 | PA      | $243633.91    | 0.04%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4572922.05   | 0.84%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3941309.25   | 0.72%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE     | CUSIP: 05616KBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015772.40   | 0.19%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1226109.56   | 0.22%             | 2032-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526YBP9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1001100.00   | 0.18%             | 2029-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Port Arthur Housing Authority                                                    | PORT ARTHUR TX HSG AUTH RSDL DEV REVENUE                     | CUSIP: 733501AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2561761.39   | 0.47%             | 2036-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068151.20   | 0.38%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE                | CUSIP: 745160TG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553848.20   | 0.29%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upland Community Facilities District                                             | UPLAND CA CMNTY FACS DIST SPLTAX                             | CUSIP: 91535NCP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $467860.94    | 0.09%             | 2027-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Palmetto Ridge Community Development District                                    | PALMETTO RIDGE CDD FL SPL ASSMNT                             | CUSIP: 697119AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $696439.85    | 0.13%             | 2036-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Riverpark Metropolitan District/Arapahoe County                                  | RIVERPARK MET DIST CO LIMITED TAX & SPL REVENUE              | CUSIP: 76883BAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023345.90   | 0.19%             | 2054-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $206008.70    | 0.04%             | 2030-09-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                       | CUSIP: 63610CAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1948873.37   | 0.36%             | 2043-01-28      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH LEASE REVENUE           | CUSIP: 18610RCD4<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    745000 | PA      | $764678.36    | 0.14%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ESL1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    245000 | PA      | $242860.78    | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newfield Community Development District                                          | NEWFIELD CDD FL SPL ASSMNT REVENUE                           | CUSIP: 65128AAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $834190.08    | 0.15%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50209.93     | 0.01%             | 2031-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Alachua County Housing Finance Authority                                         | ALACHUA CNTY FL HSG FIN AUTH MF REVENUE                      | CUSIP: 01068LAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1851006.77   | 0.34%             | 2029-07-01      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Sunrise Community Development District                                           | SUNRISE CDD FL CAPITAL IMPT REVENUE                          | CUSIP: 86771UAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $747183.68    | 0.14%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023548.10   | 0.19%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Economic Development Finance Authority                                | WASHINGTON ST ECON DEV FIN AUTH PORT REVENUE                 | CUSIP: 93975XAA1<br>LEI: 549300TQ7IXFA28IYO51 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1218386.04   | 0.22%             | 2045-12-01      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Hillcrest Preserve Community Development District                                | HILLCREST PRESERVE CDD FL SPL ASSMNT                         | CUSIP: 43153EAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998676.00    | 0.18%             | 2044-05-01      | 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        |    500000 | PA      | $504959.25    | 0.09%             | 2050-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100332.29    | 0.02%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                                 | EAST CENTRL VT TELECOMMUNICATIONS DIST PROJ REVENUE          | CUSIP: 271524AY6<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |    100000 | PA      | $84224.62     | 0.02%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Angelina & Neches River Authority                                                | ANGELINA & NECHES RIVER AUTH IND DEV CORP                    | CUSIP: 03469KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $5000.00      | 0.00%             | 2045-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $812000.00    | 0.15%             | 2059-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454CK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $509177.06    | 0.09%             | 2031-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Normandy Community Development District                                          | NORMANDY CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 65618HAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1492904.46   | 0.27%             | 2044-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717903L89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4870000 | PA      | $4914298.98   | 0.90%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    277000 | PA      | $255079.63    | 0.05%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie Tobacco Asset Securitization Corp                                           | ERIE CNTY NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTL | CUSIP: 295095BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1846168.00   | 0.34%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500252.55    | 0.09%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104937.22    | 0.02%             | 2045-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Sugarloaf Community Development District                                         | SUGARLOAF CDD FL CAPITAL IMPT REVENUE                        | CUSIP: 865037AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $533379.07    | 0.10%             | 2033-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mohegan Tribal Finance Authority                                                 | MOHEGAN TRIBAL CT FIN AUTH                                   | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $453709.62    | 0.08%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | ANNA TX SPL ASSMNT REVENUE                                   | CUSIP: 035713BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $815771.09    | 0.15%             | 2035-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958897.40    | 0.18%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UHJ6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    125000 | PA      | $121265.25    | 0.02%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FT62<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1332073.88   | 0.24%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                               | FORSYTH MT POLL CONTROL REVENUE                              | CUSIP: 346668DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4951264.00   | 0.91%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     90000 | PA      | $103262.48    | 0.02%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500395.65    | 0.09%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1290932.64   | 0.24%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD28<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1911542 | PA      | $1912819.52   | 0.35%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MSV0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1098674.90   | 0.20%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2155482.80   | 0.40%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    515000 | PA      | $373114.10    | 0.07%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                             | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE             | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100550.56    | 0.02%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Firethorn Community Development District                                         | FIRETHORN CDD FL CAPITAL IMPT REVENUE                        | CUSIP: 31832AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $881330.87    | 0.16%             | 2035-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Berry Bay II Community Development District                                      | BERRY BAY II CDD FL SPL ASSMNT                               | CUSIP: 08577DAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $216088.55    | 0.04%             | 2031-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6002473.80   | 1.10%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400DU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    728000 | PA      | $728579.78    | 0.13%             | 2035-09-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TKA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499997.65    | 0.09%             | 2044-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seagoville TX                                                            | SEAGOVILLE TX SPL ASSMNT REVENUE                             | CUSIP: 811829AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    532000 | PA      | $537164.87    | 0.10%             | 2030-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUB FIN AUTH WI TAX INCREMENT REVNUE                         | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4017619.20   | 0.74%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399PJ9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    100000 | PA      | $86578.38     | 0.02%             | 2062-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PUA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $285961.85    | 0.05%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinery Community Development District                                            | PINERY CDD FL CAPITAL IMPT REVENUE                           | CUSIP: 72330HAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490060.80    | 0.09%             | 2036-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EXQ4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005744.30   | 0.18%             | 2045-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hyde Park Community Development District No 1                                    | HYDE PARK CDD #1 FL SPL ASSMNT                               | CUSIP: 448642AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1552588.17   | 0.28%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250810.13    | 0.05%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE                 | CUSIP: 837036HD7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039911.80   | 0.19%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RGA5<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001112.70   | 0.55%             | 2026-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012392.30   | 0.19%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                         | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $258951.23    | 0.05%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Industrial Development Board | MET GOVT NASHVILLE & DAVIDSON CNTY TN INDL DEV BRD SPL ASSMN | CUSIP: 59211SAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $42712.02     | 0.01%             | 2043-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer