# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-25-010118
**Filing Date:** 2025-9
**Character Count:** 64942
**Document Hash:** 49c2872b083e0e1975f84f3b897857c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010118.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010118

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20250731

**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:** 251338573

**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-Term California Muni Active ETF (Series ID: S000080457)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000242862 | iShares Short-Term California Muni Active ETF |  |

## 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-Term California Muni Active ETF

- **b. EDGAR series identifier (if any):** S000080457

- **c. LEI of Series:** 529900R8UUYH8SM2G094

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

- **a. Date of fiscal year-end:** 2025-07-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $131162781.35

**Total Liabilities:** $26194.00

**Net Assets:** $131136587.35

**Cash Not Reported:** $57011.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 363.34000000 | **1-Year:** 3065.06000000 | **5-Year:** 10661.36000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000242862 | 0.43%                | 0.44%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.01                    | $171150.00                                 |
| Month 2  | $-0.01                   | $235595.24                                 |
| Month 3  | $0.00                    | $189978.09                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                             | CUSIP: 713575ZD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527695.77    | 0.40%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CALIF UN HIGH SCH DIST                                             | SAN MATEO CALIF UN HIGH SCH DIST                                      | CUSIP: 88035FEX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.08%             | 2031-03-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                            | JURUPA CA PUBLIC FING AUTH SPL TAX REVENUE                            | CUSIP: 482085EQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053358.00   | 0.80%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Union High School District                                           | SEQUOIA CA UNION HIGH SCH DIST                                        | CUSIP: 817409F83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $446530.61    | 0.34%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Capital Asset Leasing Corp                                | Los Angeles County Capital Asset Leasing Corp                         | CUSIP: 54468VLH4<br>LEI: 5493008TSJ8UPQJX7Y66 | Long             | STIV             | MUN               | US        |    500000 | PA      | $499953.35    | 0.38%             | 2025-10-02      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514674.88   | 1.16%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986649.93    | 0.75%             | 2039-02-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Amador Water Agency Financing Corp                                           | AMADOR CA WTR AGY COPS                                                | CUSIP: 022653BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505392.12    | 0.39%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999308.02   | 1.52%             | 2041-11-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DSN0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    705000 | PA      | $750424.82    | 0.57%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $902607.63    | 0.69%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irvine Ranch Water District                                                  | IRVINE RANCH CA WTR DIST                                              | CUSIP: 4636324K2<br>LEI: 2ZRS7W19IBMY48SFBI68 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 1.37%             | 2041-10-01      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LVT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200312.73    | 0.15%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDV5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $832227.66    | 0.63%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                     | POWAY CA UNIF SCH DIST PUBLIC FING AUTH SPL TAX REVENUE               | CUSIP: 73885QGW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315624.05    | 0.24%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522701.91    | 0.40%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Rafael City High School District/CA                                      | SAN RAFAEL CITY CA HIGH SCH DIST                                      | CUSIP: 799289KK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300251.29    | 0.23%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                              | CUSIP: 798136VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506425.94    | 0.39%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063C8S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $841110.10    | 0.64%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE                         | CUSIP: 13032WCQ5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    460000 | PA      | $467641.28    | 0.36%             | 2030-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091175.54   | 1.59%             | 2053-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445ND7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $579729.08    | 0.44%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250049.90    | 0.19%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF LEASE                                                        | SAN DIEGO CALIF LEASE                                                 | CUSIP: 88035ERN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 3.51%             | 2043-10-15      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1138501.85   | 0.87%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                           | CUSIP: 91412GSH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 2.21%             | 2048-05-15      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DVD8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    670000 | PA      | $715792.40    | 0.55%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035PFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 2.29%             | 2052-08-01      | Floating      | 1.77%                 | No            |                  2 | On Loan: No      |
| Anaheim Redevelopment Agency Successor Agency                                | ANAHEIM CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                     | CUSIP: 032564AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $449733.25    | 0.34%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                          | CUSIP: 664840AE5<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    375000 | PA      | $375000.00    | 0.29%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DLB3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 2.29%             | 2058-05-01      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536KL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504605.26    | 0.38%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency            | SAN FRANCISCO CITY & CNTY CA REDEV AGY SUCCESSOR AGY TAX              | CUSIP: 79770GKF2<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    520000 | PA      | $558863.72    | 0.43%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412X6M5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000541.90   | 0.76%             | 2025-10-09      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                               | CUSIP: 59266TYR6<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.08%             | 2054-04-01      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| Contra Costa Water District                                                  | CONTRA COSTA CA WTR DIST                                              | CUSIP: 212218SH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550954.79    | 0.42%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Elsinore Facilities Financing Authority Successor Agency                | LAKE ELSINORE CA FACS FING AUTH LOCAL AGY REVENUE                     | CUSIP: 50962CCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547741.51    | 0.42%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1707287.42   | 1.30%             | 2053-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE                  | CUSIP: 913366KA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2180000.00   | 1.66%             | 2045-05-15      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Madera Unified School District                                               | MADERA CA UNIF SCH DIST                                               | CUSIP: 556452JP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.31%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources                     | CUSIP: 13069KDT0<br>LEI: 549300X618YEC5LGBQ98 | Long             | STIV             | MUN               | US        |    600000 | PA      | $600026.76    | 0.46%             | 2025-08-12      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                         | LONG BEACH CA HARBOR REVENUE                                          | CUSIP: 542424UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413551.18    | 0.32%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community Redevelopment Agency Successor Agency                      | COMPTON CA CMNTY REDEV AGY SUCCESSOR AGY TAX ALLOCATION               | CUSIP: 204713AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $424569.20    | 0.32%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DVJ5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    800000 | PA      | $863805.11    | 0.66%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1863519.87   | 1.42%             | 2053-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DVH9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1205198.98   | 0.92%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE              | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999915.24    | 0.76%             | 2043-07-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIFORNIA                                                     | UNIVERSITY OF CALIFORNIA                                              | CUSIP: 88035MAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.69%             | 2053-05-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445W88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $614599.16    | 0.47%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East County Advanced Water Purification Joint Powers Authority               | EAST CNTY ADVANCED WTR PURIFICATION JT PWRS AUTH                      | CUSIP: 271843AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127886.75    | 0.10%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fullerton Redevelopment Agency Successor Agency                              | FULLERTON CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                   | CUSIP: 35981VAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $381530.06    | 0.29%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035G8N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.38%             | 2029-02-01      | Floating      | 1.93%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California                                              | CUSIP: 91412YAN6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999996.00   | 1.53%             | 2025-10-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Temecula Valley Unified School District Financing Authority                  | TEMECULA VLY UNIF SCH DIST FING AUTH CA SPL TAX REVENUE               | CUSIP: 87975BBA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513940.89    | 0.39%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pajaro Valley Unified School District                                        | PAJARO VLY CA UNIF SCH DIST                                           | CUSIP: 695802KT4<br>LEI: 549300WHZ2OWRXQ3OY05 | Long             | DBT              | MUN               | US        |    460000 | PA      | $460000.00    | 0.35%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | SAN JOSE CA ARPT REVENUE                                              | CUSIP: 798136WW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405140.23    | 0.31%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL VALLEY ENERGY AUTH CALIF (PAC SERIES 2025)                           | CENTRAL VALLEY ENERGY AUTH CALIF (PAC SERIES 2025)                    | CUSIP: 88035J8W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.38%             | 2033-02-01      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| Long Beach Unified School District                                           | LONG BEACH CA UNIF SCH DIST                                           | CUSIP: 542433QB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466431.32    | 0.36%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DWG0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    645000 | PA      | $687283.59    | 0.52%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE          | CUSIP: 13016NHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $448956.92    | 0.34%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Redevelopment Agency Successor Agency                                  | POWAY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION                       | CUSIP: 738798AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $569815.38    | 0.43%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFJ0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    800000 | PA      | $850155.15    | 0.65%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                             | CUSIP: 13033LR90<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1401155.59   | 1.07%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Housing & Public Improvements Authority                              | ANAHEIM CA HSG & PUBLIC IMPT AUTH REVENUE                             | CUSIP: 032556NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4400000.00   | 3.36%             | 2054-10-01      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE                            | CUSIP: 130795W45<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 1.30%             | 2036-08-15      | Floating      | 1.74%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                           | CUSIP: 91412GSG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.69%             | 2048-05-15      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCS3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63291.59     | 0.05%             | 2054-05-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Sacramento County Housing Authority                                          | SACRAMENTO CNTY CA HSG AUTH                                           | CUSIP: 786111EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315000.00    | 0.24%             | 2029-07-15      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999580.46    | 0.76%             | 2041-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                             | CUSIP: 072024ZD7<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.53%             | 2059-04-01      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445SH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054607.09   | 0.80%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LYV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029601.59   | 0.79%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GSL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $318796.76    | 0.24%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                               | CUSIP: 13080SYA6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1637571.26   | 1.25%             | 2038-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE             | CUSIP: 79811YAC2<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |    840000 | PA      | $886178.66    | 0.68%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Modesto CA Water Revenue                                             | MODESTO CA WTR REVENUE COPS                                           | CUSIP: 607804AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5980000 | PA      | $5980000.00   | 4.56%             | 2036-10-01      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District                                                  | MODESTO CA IRR DIST FING AUTH ELEC SYS REVENUE                        | CUSIP: 607767BH2<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |    920000 | PA      | $923268.48    | 0.70%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035JCT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275000.00    | 0.21%             | 2029-03-01      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| Temecula Valley Unified School District Financing Authority                  | TEMECULA VLY UNIF SCH DIST FING AUTH CA SPL TAX REVENUE               | CUSIP: 87975BAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300603.68    | 0.23%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                              | PORT OF OAKLAND CA                                                    | CUSIP: 735000VH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412293.79    | 0.31%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | ONTARIO PUB FING AUTH LEASE REVENUE                                   | CUSIP: 68304RDR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $209926.72    | 0.16%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District/CA                                      | MOUNT DIABLO CA UNIF SCH DIST                                         | CUSIP: 621196V35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $608800.43    | 0.46%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE                      | CUSIP: 79739GLN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $412400.26    | 0.31%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035PYP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.95%             | 2055-08-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CALIFORNIA ST PUBLIC PWR AUTH                                   | CUSIP: 842475Q81<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    200000 | PA      | $217866.35    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3730760.10   | 2.84%             | 2054-11-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445FR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208403.63    | 0.16%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irvine Ranch Water District                                                  | IRVINE RANCH CA WTR DIST                                              | CUSIP: 4636325R6<br>LEI: 2ZRS7W19IBMY48SFBI68 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.53%             | 2040-05-01      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                            | CUSIP: 283839C22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $134071.30    | 0.10%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063ELG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $925589.31    | 0.71%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                             | CUSIP: 13033LS32<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260085.75    | 0.20%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento City Unified School District/CA                                   | SACRAMENTO CITY CA UNIF SCH DIST                                      | CUSIP: 785870L79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.38%             | 2025-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFY7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158347.37    | 0.12%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                      | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    875000 | PA      | $875799.22    | 0.67%             | 2051-07-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063CR69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771393.41    | 0.59%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV              | CUSIP: 79766DXF1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532735.71    | 0.41%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063EFB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.53%             | 2054-05-01      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                          | LOS ANGELES CA HARBOR DEPT                                            | CUSIP: 544552B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $430731.63    | 0.33%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CA PUBLIC PWR AUTH REVENUE                                      | CUSIP: 84247PMY4<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152961.62    | 0.12%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445EZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $805838.03    | 0.61%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                            | CUSIP: 13068LQP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500784.15    | 0.38%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University                                           | CUSIP: 13080UAM1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999900.30    | 0.76%             | 2025-10-06      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CA PUBLIC PWR AUTH NATURAL GAS PROJ REVENUE                     | CUSIP: 842471AT1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    425000 | PA      | $426680.29    | 0.33%             | 2025-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern California Transmission Agency                                      | NTHRN CA TRANSMISSION AGY REVENUE                                     | CUSIP: 664848BM9<br>LEI: 549300Q5SNIPZIW57C52 | Long             | DBT              | MUN               | US        |    285000 | PA      | $290798.22    | 0.22%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Unified School District                                               | JURUPA CA UNIF SCH DIST                                               | CUSIP: 482124TD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055327.61   | 0.80%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority Water Revenue                | San Diego Public Facilities Financing Authority Water Revenue         | CUSIP: 79731CDC4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2000012.60   | 1.53%             | 2025-08-05      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063DD62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $822949.58    | 0.63%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | MET WTR DIST OF STHRN CA WTRWKS REVENUE                               | CUSIP: 59266TXN6<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5400000.00   | 4.12%             | 2047-07-01      | Floating      | 1.54%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                     | POWAY CA UNIF SCH DIST PUBLIC FING AUTH SPL TAX REVENUE               | CUSIP: 73885QJP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512613.79    | 0.39%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JFZ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    435000 | PA      | $462268.85    | 0.35%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES               | CUSIP: 88035M6Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.53%             | 2054-10-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                                        | CUSIP: 91412HTC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408593.23    | 0.31%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                            | CUSIP: 283839D54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $116505.58    | 0.09%             | 2027-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CALIFORNIA ST PUBLIC PWR AUTH                                   | CUSIP: 842475Q57<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.08%             | 2036-07-01      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| Yucaipa Valley Water District Financing Authority                            | YUCAIPA VLY WTR DIST FING AUTH REVENUE                                | CUSIP: 98840BBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406398.56    | 0.31%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063A6D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195000.00    | 0.15%             | 2034-05-01      | Floating      | 1.25%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE                            | CUSIP: 544587V21<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    330000 | PA      | $365839.06    | 0.28%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF LEASE                                                        | SAN DIEGO CALIF LEASE                                                 | CUSIP: 88035F7U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.61%             | 2048-10-15      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Power Revenue        | San Francisco City & County Public Utilities Commission Power Revenue | CUSIP: 79766MDE6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    400000 | PA      | $400012.96    | 0.31%             | 2025-08-05      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Kern Community College District                                              | KERN CA CMNTY CLG DIST                                                | CUSIP: 492244DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $203614.59    | 0.16%             | 2025-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE                  | CUSIP: 13033WTH6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.10%             | 2031-03-01      | Floating      | 2.29%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                         | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                          | CUSIP: 664840AF2<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    375000 | PA      | $381747.87    | 0.29%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445K40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213447.27    | 0.16%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Side Union High School District                                         | EAST SIDE CA UNION HIGH SCH DIST SANTA CLARA CNTY                     | CUSIP: 275282TD3<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110690.99    | 0.08%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Union High School District                                         | SAN MATEO CA UNION HIGH SCH DIST                                      | CUSIP: 799017DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $382289.64    | 0.29%             | 2027-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Leandro Unified School District                                          | SAN LEANDRO CA UNIF SCH DIST                                          | CUSIP: 798458WY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.31%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JCT1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    410000 | PA      | $421574.35    | 0.32%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                            | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158114.08    | 0.12%             | 2056-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE           | CUSIP: 13013JDH6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    770000 | PA      | $799856.53    | 0.61%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2021B)                                | CALIF CCA CLEAN ENERGY PROJ (MS SERIES 2021B)                         | CUSIP: 88035HW69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.38%             | 2030-02-01      | Floating      | 1.94%                 | No            |                  2 | On Loan: No      |
| Jefferson Union High School District                                         | JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY                       | CUSIP: 4724667F2<br>LEI: 549300S1EAFO90X8HQ88 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110543.45    | 0.08%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                              | CUSIP: 861398BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140586.50    | 0.11%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE                       | CUSIP: 13034DAH7<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 1.75%             | 2027-12-01      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Orange County Water District                                                 | ORANGE CNTY CA WTR DIST COPS                                          | CUSIP: 684421CB4<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |   3845000 | PA      | $3845000.00   | 2.93%             | 2042-08-01      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                         | CUSIP: 13063DBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525645.18    | 0.40%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University                                           | CUSIP: 13080UAN9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1999800.40   | 1.52%             | 2025-10-06      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                             | CUSIP: 544445EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1821018.58   | 1.39%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer