# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001752724-25-157808
**Filing Date:** 2025-6
**Character Count:** 102106
**Document Hash:** bed729a64c3c455ec377130ac1aecde6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157808.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157808

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**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:** 251076881

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

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

## Series and Classes Contracts Data

### iShares Intermediate Muni Income Active ETF (Series ID: S000070976)

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

## Nport-Ex

April 30, 2025

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

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

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

---

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

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares Intermediate Muni Income Active ETF**

**(Formerly BlackRock Intermediate Muni Income Bond ETF)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Alabama — 11.0%** | **Alabama — 11.0%** | **Alabama — 11.0%** |
| Black Belt Energy Gas District RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/49 | &nbsp;&nbsp;&nbsp; $500 | $500718 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 | &nbsp;&nbsp;&nbsp; 300 | 313744 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/55 | &nbsp;&nbsp;&nbsp; 370 | 389045 |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/53 | &nbsp;&nbsp;&nbsp; 1250 | 1305157 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/54 | &nbsp;&nbsp;&nbsp; 335 | 352270 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/55 | &nbsp;&nbsp;&nbsp; 525 | 556891 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/53 | &nbsp;&nbsp;&nbsp; 585 | 611937 |
| County of Jefferson Alabama Sewer Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/41 | &nbsp;&nbsp;&nbsp; 100 | 104004 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/42 | &nbsp;&nbsp;&nbsp; 1000 | 1034350 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District RB, 5.75%, <br> 04/01/54<br>| &nbsp;&nbsp;&nbsp; 225 | 245402 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The) RB, 4.00%, <br> 12/01/50<br>| &nbsp;&nbsp;&nbsp; 1135 | 1135089 |
| Southeast Energy Authority A Cooperative District RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56 | &nbsp;&nbsp;&nbsp; 1080 | 1106368 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 | &nbsp;&nbsp;&nbsp; 405 | 429174 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 110 | 106197 |
|  |  | 8190346 |
| **Arizona — 0.7%** | **Arizona — 0.7%** | **Arizona — 0.7%** |
| Salt Verde Financial Corp. RB, 5.00%, 12/01/37 | &nbsp;&nbsp;&nbsp; 480 | 498756 |
| **California — 5.0%** | **California — 5.0%** | **California — 5.0%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority RB, <br> 4.85%, 12/01/53<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 750 | 754121 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank RB AMT, 9.50%, 01/01/65<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 465 | 447234 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority RB, 5.70%, <br> 06/01/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 94768 |
| City of Los Angeles Department of Airports RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/34 | &nbsp;&nbsp;&nbsp; 355 | 375675 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/39 | &nbsp;&nbsp;&nbsp; 1000 | 1045912 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority RB, <br> 5.00%, 05/01/33<br>| &nbsp;&nbsp;&nbsp; 500 | 527050 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District/California GO, <br> 0.00%, 07/01/31<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 610 | 493452 |
|  |  | 3738212 |
| **Colorado — 0.8%** | **Colorado — 0.8%** | **Colorado — 0.8%** |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue RB AMT, 5.75%, 11/15/34<br>| &nbsp;&nbsp;&nbsp; 200 | 218491 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority RB, 4.00%, <br> 08/01/39<br>| &nbsp;&nbsp;&nbsp; 185 | 171691 |
| &nbsp;&nbsp;&nbsp; Pueblo Urban Renewal Authority TA, Series B, 0.00%, <br> 12/01/25<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 231657 |
|  |  | 621839 |
| **Connecticut — 2.2%** | **Connecticut — 2.2%** | **Connecticut — 2.2%** |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority RB, 1.85%, <br> 05/15/38<br>| &nbsp;&nbsp;&nbsp; 205 | 146171 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority RB, Series L, 5.00%, 07/01/45<br>| &nbsp;&nbsp;&nbsp; 325 | 325087 |
| State of Connecticut GO, 5.00%, 03/15/35 | &nbsp;&nbsp;&nbsp; 125 | 140238 |
| State of Connecticut Special Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/34 | &nbsp;&nbsp;&nbsp; 395 | 395474 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/38 | &nbsp;&nbsp;&nbsp; 205 | 221550 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 | &nbsp;&nbsp;&nbsp; 400 | 421149 |
|  |  | 1649669 |
| **District of Columbia — 0.4%** | **District of Columbia — 0.4%** | **District of Columbia — 0.4%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue RB AMT, 5.00%, 10/01/37<br>| &nbsp;&nbsp;&nbsp; 295 | 307396 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida — 6.7%** | **Florida — 6.7%** | **Florida — 6.7%** |
| &nbsp;&nbsp;&nbsp; County of Lee Florida Airport Revenue RB AMT, 5.25%, <br> 10/01/40<br>| &nbsp;&nbsp;&nbsp; $500 | $527174 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue RB, <br> 5.00%, 10/01/33<br>| &nbsp;&nbsp;&nbsp; 415 | 430061 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp. RB AMT, 4.38%, <br> 10/01/54<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 247140 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority RB AMT, 5.00%, <br> 10/01/42<br>| &nbsp;&nbsp;&nbsp; 280 | 280787 |
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota Community Development District <br> Special Assessment, 2.75%, 05/01/26<br>| &nbsp;&nbsp;&nbsp; 100 | 98417 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority RB, 5.00%, <br> 07/01/30<br>| &nbsp;&nbsp;&nbsp; 250 | 250412 |
| &nbsp;&nbsp;&nbsp; Mid-Bay Bridge Authority RB, Series A, 5.00%, <br> 10/01/35<br>| &nbsp;&nbsp;&nbsp; 1000 | 1000163 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority RB, 5.00%, <br> 10/01/41<br>| &nbsp;&nbsp;&nbsp; 500 | 529984 |
| School District of Broward County/Florida COP |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/27 | &nbsp;&nbsp;&nbsp; 235 | 235599 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp; 525 | 526270 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | &nbsp;&nbsp;&nbsp; 490 | 490954 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | &nbsp;&nbsp;&nbsp; 290 | 294364 |
| &nbsp;&nbsp;&nbsp; Tohoqua Community Development District Special <br> Assessment, 2.38%, 05/01/26<br>| &nbsp;&nbsp;&nbsp; 115 | 112762 |
|  |  | 5024087 |
| **Georgia — 2.4%** | **Georgia — 2.4%** | **Georgia — 2.4%** |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County (The) RB, <br> 5.70%, 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 99318 |
| Main Street Natural Gas Inc. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 | &nbsp;&nbsp;&nbsp; 850 | 879901 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/54 | &nbsp;&nbsp;&nbsp; 500 | 517723 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/55 | &nbsp;&nbsp;&nbsp; 270 | 279730 |
|  |  | 1776672 |
| **Hawaii — 0.7%** | **Hawaii — 0.7%** | **Hawaii — 0.7%** |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue RB AMT, <br> 5.00%, 07/01/42<br>| &nbsp;&nbsp;&nbsp; 500 | 514698 |
| **Idaho — 0.7%** | **Idaho — 0.7%** | **Idaho — 0.7%** |
| Idaho Health Facilities Authority RB, 5.00%, 03/01/60 | &nbsp;&nbsp;&nbsp; 500 | 538168 |
| **Illinois — 3.6%** | **Illinois — 3.6%** | **Illinois — 3.6%** |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport RB, Series B, <br> 5.00%, 01/01/37<br>| &nbsp;&nbsp;&nbsp; 200 | 202873 |
| City of Chicago Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 | &nbsp;&nbsp;&nbsp; 100 | 101392 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/34 | &nbsp;&nbsp;&nbsp; 500 | 511172 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority RB, Class B,4.32%, 05/01/42, <br> (SIFMA Municipal Swap Index)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 498883 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority RB, Series B, <br> 5.00%, 01/01/40<br>| &nbsp;&nbsp;&nbsp; 260 | 260429 |
| &nbsp;&nbsp;&nbsp; Northern Illinois Municipal Power Agency RB, 4.00%, <br> 12/01/36<br>| &nbsp;&nbsp;&nbsp; 100 | 97478 |
| &nbsp;&nbsp;&nbsp; Rock Island County School District No. 41 Rock <br> Island/Milan GO, 5.00%, 01/01/42 (AGC)<br>| &nbsp;&nbsp;&nbsp; 350 | 364838 |
| State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 | &nbsp;&nbsp;&nbsp; 225 | 239233 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/37 | &nbsp;&nbsp;&nbsp; 100 | 105577 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/40 | &nbsp;&nbsp;&nbsp; 250 | 261239 |
|  |  | 2643114 |
| **Indiana — 0.7%** | **Indiana — 0.7%** | **Indiana — 0.7%** |
| Indiana Finance Authority RB, 5.00%, 02/01/40 | &nbsp;&nbsp;&nbsp; 325 | 350942 |
| Indiana Finance Authority RB AMT, 3.85%, 05/01/28 | &nbsp;&nbsp;&nbsp; 200 | 199339 |
|  |  | 550281 |
| **Kentucky — 2.5%** | **Kentucky — 2.5%** | **Kentucky — 2.5%** |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky RB AMT, 3.70%, <br> 01/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 145857 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Intermediate Muni Income Active ETF**

**(Formerly BlackRock Intermediate Muni Income Bond ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
| Kentucky Public Energy Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | &nbsp;&nbsp;&nbsp; $480 | $502222 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/55 | &nbsp;&nbsp;&nbsp; 350 | 366982 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission RB, <br> 5.00%, 10/01/42<br>| &nbsp;&nbsp;&nbsp; 690 | 729558 |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government <br> RB, 1.75%, 02/01/35<br>| &nbsp;&nbsp;&nbsp; 125 | 122342 |
|  |  | 1866961 |
| **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Shreveport Louisiana Water & Sewer Revenue <br> RB, 5.00%, 12/01/40<br>| &nbsp;&nbsp;&nbsp; 135 | 135198 |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & <br> Community Development Authority RB, <br> Class A,2.00%, 06/01/30<br>| &nbsp;&nbsp;&nbsp; 145 | 131129 |
|  |  | 266327 |
| **Maryland — 0.5%** | **Maryland — 0.5%** | **Maryland — 0.5%** |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities <br> Commission RB, 3.85%, 07/01/34 (FHA 542(C))<br>| &nbsp;&nbsp;&nbsp; 365 | 357817 |
| **Michigan — 1.5%** | **Michigan — 1.5%** | **Michigan — 1.5%** |
| Michigan Finance Authority RB, 5.25%, 02/29/40 | &nbsp;&nbsp;&nbsp; 100 | 105671 |
| Michigan State Building Authority RB, 5.00%, 04/15/32 | &nbsp;&nbsp;&nbsp; 740 | 743547 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority RB, 5.00%, <br> 08/15/55<br>| &nbsp;&nbsp;&nbsp; 215 | 230271 |
| Michigan Strategic Fund RB AMT, 5.00%, 06/30/29 | &nbsp;&nbsp;&nbsp; 50 | 50707 |
|  |  | 1130196 |
| **Missouri — 2.4%** | **Missouri — 2.4%** | **Missouri — 2.4%** |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority RB AMT, <br> 5.00%, 03/01/34<br>| &nbsp;&nbsp;&nbsp; 750 | 759779 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission RB, <br> 3.90%, 05/01/36 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 1065 | 1028312 |
|  |  | 1788091 |
| **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |
| County of Washoe Nevada RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/36 | &nbsp;&nbsp;&nbsp; 275 | 276119 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/36 | &nbsp;&nbsp;&nbsp; 90 | 90311 |
|  |  | 366430 |
| **New Jersey — 5.3%** | **New Jersey — 5.3%** | **New Jersey — 5.3%** |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority RB, <br> 5.00%, 06/15/28<br>| &nbsp;&nbsp;&nbsp; 225 | 235124 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority RB, 5.00%, <br> 09/01/38<br>| &nbsp;&nbsp;&nbsp; 100 | 105528 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency RB, <br> 3.50%, 05/01/29 (HUD SECT 8)<br>| &nbsp;&nbsp;&nbsp; 240 | 240225 |
| New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/32 | &nbsp;&nbsp;&nbsp; 750 | 815892 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/37 | &nbsp;&nbsp;&nbsp; 250 | 267154 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | &nbsp;&nbsp;&nbsp; 1000 | 1032864 |
| Tobacco Settlement Financing Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 | &nbsp;&nbsp;&nbsp; 490 | 504799 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/34 | &nbsp;&nbsp;&nbsp; 710 | 724781 |
|  |  | 3926367 |
| **New York — 9.3%** | **New York — 9.3%** | **New York — 9.3%** |
| City of New York GO, 5.00%, 02/01/42 | &nbsp;&nbsp;&nbsp; 500 | 534123 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority RB, <br> 5.25%, 06/15/48<br>| &nbsp;&nbsp;&nbsp; 250 | 264823 |
| New York City Transitional Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/33 | &nbsp;&nbsp;&nbsp; 655 | 728725 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/41 | &nbsp;&nbsp;&nbsp; 250 | 267704 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/43 | &nbsp;&nbsp;&nbsp; 500 | 528801 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/44 | &nbsp;&nbsp;&nbsp; 185 | 194670 |
| New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/42 | &nbsp;&nbsp;&nbsp; 1000 | 1068322 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/34 | &nbsp;&nbsp;&nbsp; 520 | 522387 |

---

---

| | | |
|:---|:---|:---|
| *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. RB AMT, <br> 5.13%, 09/01/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $250 | $258762 |
| New York Transportation Development Corp. RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/30 | &nbsp;&nbsp;&nbsp; 315 | 308938 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/42 | &nbsp;&nbsp;&nbsp; 250 | 220456 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/28 | &nbsp;&nbsp;&nbsp; 275 | 280626 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/31 | &nbsp;&nbsp;&nbsp; 500 | 524651 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp. RB, 5.00%, <br> 12/01/38<br>| &nbsp;&nbsp;&nbsp; 415 | 454997 |
| Triborough Bridge & Tunnel Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp; 100 | 109147 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp; 650 | 696156 |
|  |  | 6963288 |
| **North Carolina — 2.3%** | **North Carolina — 2.3%** | **North Carolina — 2.3%** |
| County of Wake North Carolina RB, 5.00%, 05/01/40 | &nbsp;&nbsp;&nbsp; 1000 | 1081639 |
| North Carolina Turnpike Authority RB, 5.00%, 01/01/30 | &nbsp;&nbsp;&nbsp; 300 | 312321 |
| State of North Carolina RB, 5.00%, 03/01/35 | &nbsp;&nbsp;&nbsp; 260 | 292040 |
|  |  | 1686000 |
| **Ohio — 1.7%** | **Ohio — 1.7%** | **Ohio — 1.7%** |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority RB, 4.00%, <br> 09/01/30<br>| &nbsp;&nbsp;&nbsp; 130 | 130345 |
| Ohio Air Quality Development Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/39 | &nbsp;&nbsp;&nbsp; 195 | 195593 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 176145 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution <br> Control Loan Fund RB, 5.00%, 12/01/35<br>| &nbsp;&nbsp;&nbsp; 430 | 483516 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 241710 |
|  |  | 1227309 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| Oklahoma City Airport Trust RB AMT, 5.00%, 07/01/43 | &nbsp;&nbsp;&nbsp; 500 | 500408 |
| **Oregon — 2.7%** | **Oregon — 2.7%** | **Oregon — 2.7%** |
| Oregon State Lottery RB, 5.00%, 04/01/39 | &nbsp;&nbsp;&nbsp; 1000 | 1091176 |
| Port of Morrow Oregon GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155 | 155733 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue RB, 5.00%, <br> 07/01/42<br>| &nbsp;&nbsp;&nbsp; 475 | 475163 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue RB AMT, <br> 5.00%, 07/01/43<br>| &nbsp;&nbsp;&nbsp; 300 | 306216 |
|  |  | 2028288 |
| **Pennsylvania — 8.6%** | **Pennsylvania — 8.6%** | **Pennsylvania — 8.6%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority RB, <br> 5.00%, 04/01/26<br>| &nbsp;&nbsp;&nbsp; 495 | 501473 |
| Commonwealth Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/34 | &nbsp;&nbsp;&nbsp; 1615 | 1650233 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/35 | &nbsp;&nbsp;&nbsp; 1605 | 1605255 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority <br> RB, 5.25%, 11/01/40<br>| &nbsp;&nbsp;&nbsp; 500 | 526014 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority RB, 5.00%, 03/15/60<br>| &nbsp;&nbsp;&nbsp; 535 | 573250 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/40 | &nbsp;&nbsp;&nbsp; 500 | 519049 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/42 (AGM) | &nbsp;&nbsp;&nbsp; 280 | 294397 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency RB, 2.00%, <br> 10/01/32<br>| &nbsp;&nbsp;&nbsp; 445 | 376638 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission RB, 5.00%, <br> 12/01/45<br>| &nbsp;&nbsp;&nbsp; 365 | 364918 |
|  |  | 6411227 |
| **Puerto Rico — 0.3%** | **Puerto Rico — 0.3%** | **Puerto Rico — 0.3%** |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue RB, 4.33%, 07/01/40<br>| &nbsp;&nbsp;&nbsp; 250 | 234441 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp. RB, <br> 5.00%, 10/01/41 (GNMA COLL)<br>| &nbsp;&nbsp;&nbsp; 250 | 259801 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Intermediate Muni Income Active ETF**

**(Formerly BlackRock Intermediate Muni Income Bond ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Carolina — 2.6%** | **South Carolina — 2.6%** | **South Carolina — 2.6%** |
| &nbsp;&nbsp;&nbsp; City of Hardeeville South Carolina Special Assessment, <br> 3.00%, 05/01/27<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $100 | $95797 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/62 | &nbsp;&nbsp;&nbsp; 145 | 138289 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/34 | &nbsp;&nbsp;&nbsp; 575 | 625394 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/49 | &nbsp;&nbsp;&nbsp; 175 | 186226 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/42 | &nbsp;&nbsp;&nbsp; 100 | 105107 |
| South Carolina Public Service Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/43 | &nbsp;&nbsp;&nbsp; 300 | 304229 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/43 | &nbsp;&nbsp;&nbsp; 500 | 509881 |
|  |  | 1964923 |
| **Tennessee — 1.1%** | **Tennessee — 1.1%** | **Tennessee — 1.1%** |
| Tennergy Corp./Tennessee RB, 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 750 | 785742 |
| **Texas — 10.1%** | **Texas — 10.1%** | **Texas — 10.1%** |
| &nbsp;&nbsp;&nbsp; City of Galveston Texas Wharves & Terminal Revenue <br> RB AMT, 5.00%, 08/01/33<br>| &nbsp;&nbsp;&nbsp; 500 | 521494 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Water & Sewer System Revenue <br> RB, 5.00%, 03/01/41<br>| &nbsp;&nbsp;&nbsp; 390 | 416031 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 | &nbsp;&nbsp;&nbsp; 250 | 250659 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/30 | &nbsp;&nbsp;&nbsp; 225 | 223335 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/37 | &nbsp;&nbsp;&nbsp; 100 | 100596 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue RB, 5.00%, 02/01/42<br>| &nbsp;&nbsp;&nbsp; 310 | 328072 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District GO, 5.00%, <br> 02/15/42 (PSF)<br>| &nbsp;&nbsp;&nbsp; 500 | 532481 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District GO, 5.00%, <br> 08/15/43 (PSF)<br>| &nbsp;&nbsp;&nbsp; 650 | 683039 |
| &nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District GO, <br> 5.00%, 02/15/41 (PSF)<br>| &nbsp;&nbsp;&nbsp; 370 | 390419 |
| &nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1 RB, 2.60%, <br> 11/01/29<br>| &nbsp;&nbsp;&nbsp; 425 | 397981 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. <br> RB, 4.00%, 08/15/34<br>| &nbsp;&nbsp;&nbsp; 750 | 732000 |
| &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 | 236859 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp. RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/42 | &nbsp;&nbsp;&nbsp; 750 | 789608 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/43 | &nbsp;&nbsp;&nbsp; 425 | 428177 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. V RB, <br> 5.00%, 01/01/55<br>| &nbsp;&nbsp;&nbsp; 455 | 475330 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. II <br> RB, 3.70%, 09/15/27, (3-mo. CME Term SOFR)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 147658 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Texas Water Development Board RB, 5.00%, 08/01/41 | &nbsp;&nbsp;&nbsp; $815 | $871033 |
|  |  | 7524772 |
| **Virginia — 0.3%** | **Virginia — 0.3%** | **Virginia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority RB AMT, <br> 2.05%, 12/01/33<br>| &nbsp;&nbsp;&nbsp; 270 | 221986 |
| **Washington — 1.4%** | **Washington — 1.4%** | **Washington — 1.4%** |
| Port of Seattle Washington RB AMT, 5.00%, 04/01/32 | &nbsp;&nbsp;&nbsp; 435 | 449205 |
| Washington Health Care Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 | &nbsp;&nbsp;&nbsp; 100 | 105531 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/49 | &nbsp;&nbsp;&nbsp; 495 | 497521 |
|  |  | 1052257 |
| **Wisconsin — 0.3%** | **Wisconsin — 0.3%** | **Wisconsin — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Milwaukee Wisconsin Sewerage System <br> Revenue RB, 4.00%, 06/01/31<br>| &nbsp;&nbsp;&nbsp; 145 | 145025 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority RB, <br> 4.20%, 08/15/28<br>| &nbsp;&nbsp;&nbsp; 100 | 100006 |
|  |  | 245031 |
| **Total Long-Term Investments — 89.8%** <br>**(Cost: $67,184,332)** | **Total Long-Term Investments — 89.8%** <br>**(Cost: $67,184,332)** | 66860900 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 14.8%** | **Money Market Funds — 14.8%** | **Money Market Funds — 14.8%** |
| BlackRock Liquidity Funds: MuniCash, 3.05%<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 11041904 | 11043008 |
| **Total Short-Term Securities — 14.8%** <br>**(Cost: $11,043,009)** | **Total Short-Term Securities — 14.8%** <br>**(Cost: $11,043,009)** | 11043008 |
| **Total Investments — 104.6%** <br>**(Cost: $78,227,341)** | **Total Investments — 104.6%** <br>**(Cost: $78,227,341)** | 77903908 |
| **Liabilities in Excess of Other Assets — (4.6)%** | **Liabilities in Excess of Other Assets — (4.6)%** | (3393602)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $74510306 |

---

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $1416738<br> $9626271 <br><sup>(a)</sup><br>| $— | $4 | $(5)<br>| $11043008 | 11041904 | $50600 | $— |

---

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

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares Intermediate Muni Income Active ETF**

**(Formerly BlackRock Intermediate Muni Income Bond ETF)**

**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; $66860900 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66860900 |
| &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; 11043008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11043008 |
|  | &nbsp;&nbsp; $11043008 | &nbsp;&nbsp; $66860900 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77903908 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| COP | Certificates of Participation |
| FHA | Federal Housing Administration |
| GO | General Obligation |
| GOL | General Obligation Limited |

---

---

| | |
|:---|:---|
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| SIFMA | Securities Industry and Financial Markets Associations |
| SOFR | Secured Overnight Financing Rate |
| 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 Intermediate Muni Income Active ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $77792453.17

**Total Liabilities:** $3283849.11

**Net Assets:** $74508604.06

**Delayed Delivery Securities:** $3263240.50

**Cash Not Reported:** $31.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 555.73000000 | **1-Year:** 1050.17000000 | **5-Year:** 15231.81000000 | **10-Year:** 23360.78000000 | **30-Year:** 259.46000000

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

- **3-Month:** 0.00000000 | **1-Year:** 86.79000000 | **5-Year:** 456.47000000 | **10-Year:** 797.88000000 | **30-Year:** 193.58000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225367 | 1.08%                | -1.12%               | -0.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39312.84               | $392319.07                                 |
| Month 2  | $-66450.65               | $-648812.65                                |
| Month 3  | $-277220.72              | $-168476.60                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    495000 | PA      | $497521.42    | 0.67%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $724780.85    | 0.97%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County/The                                         | COBB CNTY GA DEV AUTH CHARTERSCH REVENUE                     | CUSIP: 190779AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99317.89     | 0.13%             | 2038-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876JJ7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081638.57   | 1.45%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    200000 | PA      | $176145.26    | 0.24%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JSR0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    655000 | PA      | $728724.83    | 0.98%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250658.59    | 0.34%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538168.07    | 0.72%             | 2060-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH COOPERATIVE DIST AL ENERGY SUPPLY REVE | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1106367.68   | 1.48%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $504799.14    | 0.68%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV WTR FAC REVENUE                               | CUSIP: 940865BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90310.64     | 0.12%             | 2036-03-01      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS WTR DEV BRD REVENUE                                    | CUSIP: 88285ACD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $871033.43    | 1.17%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JTB4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528801.54    | 0.71%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | SHREVEPORT LA WTR & SWR REVENUE                              | CUSIP: 825485UR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135197.41    | 0.18%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    195000 | PA      | $195592.50    | 0.26%             | 2039-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $743547.23    | 1.00%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH                                 | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130345.04    | 0.17%             | 2030-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153FG9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261239.28    | 0.35%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032BM2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    575000 | PA      | $625394.54    | 0.84%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100596.41    | 0.14%             | 2037-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $307396.07    | 0.41%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    525000 | PA      | $556891.01    | 0.75%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252LE7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260429.18    | 0.35%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $234440.96    | 0.31%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QTE9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    750000 | PA      | $789608.18    | 1.06%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KA33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $140237.64    | 0.19%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $308938.26    | 0.41%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $731999.53    | 0.98%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519049.11    | 0.70%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268FG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $292040.13    | 0.39%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389H27<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    435000 | PA      | $449204.71    | 0.60%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 4423487R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $223334.80    | 0.30%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $220455.86    | 0.30%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990EW86<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    520000 | PA      | $522387.51    | 0.70%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1650232.52   | 2.21%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $294397.34    | 0.40%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247139.82    | 0.33%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCS5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267154.35    | 0.36%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371515N5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509880.98    | 0.68%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JJH7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100006.04    | 0.13%             | 2028-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGE2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032863.62   | 1.39%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LJH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529983.68    | 0.71%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HET6<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    205000 | PA      | $146171.39    | 0.20%             | 2038-05-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94767.20     | 0.13%             | 2034-06-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352405C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306216.32    | 0.41%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    150000 | PA      | $145857.20    | 0.20%             | 2032-01-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758UG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395473.68    | 0.53%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CUG5<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    145000 | PA      | $131129.08    | 0.18%             | 2030-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218490.86    | 0.29%             | 2034-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Rock Island County School District No 41 Rock Island/Milan                       | ROCK ISLAND CNTY IL SCH DIST #41 ROCK ISLAND                 | CUSIP: 772436GC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $364837.56    | 0.49%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA                                          | CUSIP: 20281PJR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1605255.31   | 2.15%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    335000 | PA      | $352269.63    | 0.47%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    225000 | PA      | $245402.42    | 0.33%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421148.77    | 0.57%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP                          | CUSIP: 76221SBJ9<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259801.12    | 0.35%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7C2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    225000 | PA      | $235123.82    | 0.32%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153KW8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105576.65    | 0.14%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    405000 | PA      | $429173.62    | 0.58%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065XT6<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    490000 | PA      | $490953.59    | 0.66%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067FP8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105528.17    | 0.14%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034350.28   | 1.39%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $573249.65    | 0.77%             | 2060-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    585000 | PA      | $611936.95    | 0.82%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Osceola FL Transportation Revenue                                      | OSCEOLA CNTY FL TRANSPRTN REVENUE                            | CUSIP: 688031DU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $430061.13    | 0.58%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98417.25     | 0.13%             | 2026-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Mid-Bay Bridge Authority                                                         | FLORIDA ST MID-BAY BRIDGE AUTH                               | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000162.58   | 1.34%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJE3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    850000 | PA      | $879901.56    | 1.18%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBY4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    300000 | PA      | $312321.42    | 0.42%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                   | LOWER AL GAS DIST GAS PROJ REVENUE                           | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1135089.11   | 1.52%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224HP7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    365000 | PA      | $364917.49    | 0.49%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280786.60    | 0.38%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GJN4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    310000 | PA      | $328071.87    | 0.44%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEJ3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    750000 | PA      | $815892.45    | 1.10%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444452U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045912.02   | 1.40%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    270000 | PA      | $283898.06    | 0.38%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SLY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534122.55    | 0.72%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBM7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $754121.13    | 1.01%             | 2053-12-01      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202872.56    | 0.27%             | 2037-01-01      | 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        |    750000 | PA      | $785741.96    | 1.05%             | 2053-10-01      | Floating      | 5.50%                 | 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        |    110000 | PA      | $106196.85    | 0.14%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774YXG7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325087.11    | 0.44%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 735240M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $475162.64    | 0.64%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                              | WASHOE CNTY NV GAS & WTR FACS REVENUE                        | CUSIP: 940797AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276119.03    | 0.37%             | 2036-03-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HGE1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109146.84    | 0.15%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758K77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $221550.15    | 0.30%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444457Q6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $375675.03    | 0.50%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602RMN2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    650000 | PA      | $696156.29    | 0.93%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ECON DEV REVENUE                         | CUSIP: 45505RBT1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199339.31    | 0.27%             | 2028-05-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521494.37    | 0.70%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514698.41    | 0.69%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    480000 | PA      | $502222.01    | 0.67%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JNG9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267703.69    | 0.36%             | 2041-05-01      | 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: 79766DXK0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527050.17    | 0.71%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526U0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $239232.63    | 0.32%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065ZA5<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    290000 | PA      | $294363.94    | 0.40%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524650.81    | 0.70%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No 1                                        | MATAGORDA CNTY TX NAV DIST #1                                | CUSIP: 576528DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $397980.54    | 0.53%             | 2029-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527174.11    | 0.71%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151F4H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $729557.45    | 0.98%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    145000 | PA      | $138289.08    | 0.19%             | 2062-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST ALGAS PREPAY REVENUE              | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500717.51    | 0.67%             | 2049-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TGP2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    425000 | PA      | $428176.61    | 0.57%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WBW3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    270000 | PA      | $221985.72    | 0.30%             | 2033-12-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065XQ2<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235599.57    | 0.32%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hays Consolidated Independent School District                                    | HAYS TX CONSOL INDEP SCH DIST                                | CUSIP: 4211107X9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $390419.02    | 0.52%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A3L8<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    495000 | PA      | $501472.78    | 0.67%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258762.46    | 0.35%             | 2050-09-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155733.36    | 0.21%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JMD7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    185000 | PA      | $194670.26    | 0.26%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | OHIO ST WTR DEV AUTH WTR POLL CONTROL REVENUE                | CUSIP: 67766WR95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $483515.80    | 0.65%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  11041904 | NS      | $11043008.42  | 14.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                  | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    275000 | PA      | $287287.64    | 0.39%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498883.48    | 0.67%             | 2042-05-01      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065XR0<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    525000 | PA      | $526269.68    | 0.71%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | MIAMI-DADE CNTY FL EXPRESSWAY AUTH TOLL SYS REVENUE          | CUSIP: 593338AQ9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250412.47    | 0.34%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT POLL CONTROL REVENUE | CUSIP: 546749AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $122342.29    | 0.16%             | 2035-02-01      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50707.24     | 0.07%             | 2029-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                             | OREGON ST DEPT OF ADMIN SVCS LOTTERY REVENUE                 | CUSIP: 68607V6M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091175.46   | 1.46%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tohoqua Community Development District                                           | TOHOQUA CDD FL SPL ASSMNT REVENUE                            | CUSIP: 88907RAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $112762.37    | 0.15%             | 2026-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    350000 | PA      | $366982.18    | 0.49%             | 2055-06-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486N70<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511172.03    | 0.69%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95796.54     | 0.13%             | 2027-05-01      | Fixed         | 3.00%                 | 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      | $236858.98    | 0.32%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                 | PORT OF GTR CINCINNATI DEV AUTH OH REVENUE                   | CUSIP: 734195BQ2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241710.07    | 0.32%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    270000 | PA      | $279729.93    | 0.38%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | CONROE TX INDEP SCH DIST                                     | CUSIP: 2084185H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532481.16    | 0.71%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG                  | CUSIP: 48504NAW9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    750000 | PA      | $759779.55    | 1.02%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1305156.71   | 1.75%             | 2053-02-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH ACT 38 FACS SENIOR REVEUE               | CUSIP: 59447NAX4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105670.69    | 0.14%             | 2040-02-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pueblo Urban Renewal Authority                                                   | PUEBLO CO URBAN RENEWAL AUTH TAX INCR REVENUE                | CUSIP: 744826AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $231657.51    | 0.31%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $280625.70    | 0.38%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GGJ2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1028311.89   | 1.38%             | 2036-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    215000 | PA      | $230270.98    | 0.31%             | 2055-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CV6<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97478.09     | 0.13%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GF90<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264823.15    | 0.36%             | 2048-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma City Airport Trust                                                      | OKLAHOMA CITY OK ARPT TRUST                                  | CUSIP: 6785354C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500408.29    | 0.67%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    465000 | PA      | $447233.92    | 0.60%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                               | DENTON TX INDEP SCH DIST                                     | CUSIP: 249002MA1<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    650000 | PA      | $683039.06    | 0.92%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    185000 | PA      | $171691.07    | 0.23%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486L31<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101392.55    | 0.14%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Water & Sewer System Revenue                                  | GARLAND TX WTR & SWR REVENUE                                 | CUSIP: 366168TB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $416031.38    | 0.56%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEH6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    300000 | PA      | $313743.85    | 0.42%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461084N7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240224.82    | 0.32%             | 2029-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                             | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797355L93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $493452.17    | 0.66%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI Sewerage System Revenue                                     | MILWAUKEE WI SEWERAGE REVENUE                                | CUSIP: 60242MDH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145025.33    | 0.19%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KGP2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068321.91   | 1.43%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QKA0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    445000 | PA      | $376638.15    | 0.51%             | 2032-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 8371514T3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304229.09    | 0.41%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                               | MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REV  | CUSIP: 613347SR5<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    365000 | PA      | $357816.90    | 0.48%             | 2034-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HVZ5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105530.80    | 0.14%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp                                                  | ONONDAGA NY CIVIC DEV CORP                                   | CUSIP: 682832LB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $454996.56    | 0.61%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517722.67    | 0.69%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    480000 | PA      | $498755.82    | 0.67%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526014.14    | 0.71%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | JEFFERSON CNTY AL SWR REVENUE WARRANTS                       | CUSIP: 472682ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104004.49    | 0.14%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp II                               | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP II GAS SPLY REVENU | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |    150000 | PA      | $147657.49    | 0.20%             | 2027-09-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer