# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001752724-25-157847
**Filing Date:** 2025-6
**Character Count:** 235044
**Document Hash:** 1131c5568b968be5199cb46414053997
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157847.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157847

**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:** 251076914

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

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

## Series and Classes Contracts Data

### iShares High Yield Muni Income Active ETF (Series ID: S000068548)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000219258 | iShares High Yield 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 High Yield Muni Income Active ETF \| SHYM \| Cboe BZX Exchange |

---

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

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

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares High Yield Muni Income Active ETF**

**(Formerly BlackRock High Yield 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 — 5.7%** | **Alabama — 5.7%** | **Alabama — 5.7%** |
| Black Belt Energy Gas District RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/55 | &nbsp;&nbsp;&nbsp; $2500 | $2651862 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/54 | &nbsp;&nbsp;&nbsp; 2000 | 2136441 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District RB, 5.25%, <br> 07/01/54<br>| &nbsp;&nbsp;&nbsp; 600 | 634537 |
| &nbsp;&nbsp;&nbsp; Hoover Industrial Development Board RB AMT, <br> 5.75%, 10/01/49<br>| &nbsp;&nbsp;&nbsp; 3250 | 3278401 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority RB <br> AMT, 5.00%, 06/01/54<br>| &nbsp;&nbsp;&nbsp; 800 | 758011 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The) RB, <br> 5.00%, 08/01/54<br>| &nbsp;&nbsp;&nbsp; 1000 | 1044127 |
| Southeast Energy Authority A Cooperative District RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56 | &nbsp;&nbsp;&nbsp; 6000 | 6146487 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 | &nbsp;&nbsp;&nbsp; 100 | 105969 |
| &nbsp;&nbsp;&nbsp; Stadium Trace Village Improvement District (The) RB, <br> 3.63%, 03/01/36<br>| &nbsp;&nbsp;&nbsp; 1185 | 1046967 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 175 | 168949 |
|  |  | 17971751 |
| **Arizona — 3.4%** | **Arizona — 3.4%** | **Arizona — 3.4%** |
| Arizona Industrial Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 690 | 676543 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155 | 152192 |
| Glendale Industrial Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/28 | &nbsp;&nbsp;&nbsp; 380 | 373404 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/41 | &nbsp;&nbsp;&nbsp; 1500 | 1445764 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/56 | &nbsp;&nbsp;&nbsp; 290 | 261321 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of <br> Phoenix Arizona (The) RB, 5.00%, 07/01/46<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 933613 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of <br> Pima (The) RB, 5.00%, 06/15/49<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1235 | 1153461 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority <br> RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3750 | 3906992 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority RB <br> AMT, 4.00%, 10/15/47<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 164446 |
| Sierra Vista Industrial Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1022002 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 160 | 161306 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/64<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 511185 |
|  |  | 10762229 |
| **Arkansas — 1.0%** | **Arkansas — 1.0%** | **Arkansas — 1.0%** |
| Arkansas Development Finance Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 1762484 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/49<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150 | 136849 |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/52 | &nbsp;&nbsp;&nbsp; 150 | 147737 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1050462 |
|  |  | 3097532 |
| **California — 7.2%** | **California — 7.2%** | **California — 7.2%** |
| California County Tobacco Securitization Agency RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/55<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2955 | 229372 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/47 | &nbsp;&nbsp;&nbsp; 1370 | 1304414 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority RB, <br> 5.00%, 07/01/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 600 | 550203 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank RB AMT, 9.50%, 01/01/65<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 10350 | 9954561 |
| California Municipal Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp; 1000 | 1004149 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 800 | 801695 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 203146 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority RB AMT, <br> 4.00%, 07/15/29<br>| &nbsp;&nbsp;&nbsp; 1000 | 960965 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority ST, 5.00%, <br> 09/01/54<br>| &nbsp;&nbsp;&nbsp; 100 | 101615 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority RB, <br> 5.00%, 07/01/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $500 | $508400 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority RB, 5.70%, <br> 06/01/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 900 | 852905 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority RB, 5.00%, <br> 06/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 949291 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 496876 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 973843 |
| &nbsp;&nbsp;&nbsp; California Statewide Financing Authority RB, 0.00%, <br> 06/01/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4250 | 264386 |
| CSCDA Community Improvement Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/01/57<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 70541 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 194330 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 193893 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/58<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 66654 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp. RB, <br> 0.00%, 06/01/66<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 9395 | 1000770 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp. RB, <br> 0.00%, 06/01/36<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1205 | 535664 |
| &nbsp;&nbsp;&nbsp; Rancho Mirage Community Facilities District ST, <br> 5.00%, 09/01/54<br>| &nbsp;&nbsp;&nbsp; 500 | 490678 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California <br> RB, 5.00%, 06/01/48<br>| &nbsp;&nbsp;&nbsp; 1000 | 1003746 |
|  |  | 22712097 |
| **Colorado — 2.8%** | **Colorado — 2.8%** | **Colorado — 2.8%** |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 96991 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 125 | 119146 |
| Colorado Health Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/49 | &nbsp;&nbsp;&nbsp; 100 | 72212 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/39 | &nbsp;&nbsp;&nbsp; 65 | 68063 |
| &nbsp;&nbsp;&nbsp; Elbert County Independence Water & Sanitation <br> District RB, 5.13%, 12/01/33<br>| &nbsp;&nbsp;&nbsp; 1500 | 1492095 |
| &nbsp;&nbsp;&nbsp; Four Corners Business Improvement District GOL, <br> 6.00%, 12/01/52<br>| &nbsp;&nbsp;&nbsp; 1500 | 1502317 |
| &nbsp;&nbsp;&nbsp; Gold Hill North Business Improvement District GOL, <br> 5.60%, 12/01/54<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 483599 |
| &nbsp;&nbsp;&nbsp; Granary Metropolitan District No. 9 Special <br> Assessment District No. 1 Special Assessment, <br> 5.45%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 760 | 720337 |
| Independence Metropolitan District No. 3 GOL |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/54 | &nbsp;&nbsp;&nbsp; 500 | 481240 |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/15/54 | &nbsp;&nbsp;&nbsp; 500 | 502417 |
| &nbsp;&nbsp;&nbsp; Loretto Heights Community Authority RB, 4.88%, <br> 12/01/51<br>| &nbsp;&nbsp;&nbsp; 500 | 374106 |
| &nbsp;&nbsp;&nbsp; North Range Metropolitan District No. 3 GOL, 5.25%, <br> 12/01/50<br>| &nbsp;&nbsp;&nbsp; 500 | 475931 |
| &nbsp;&nbsp;&nbsp; Pueblo Urban Renewal Authority TA, Series B, 0.00%, <br> 12/01/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 138995 |
| &nbsp;&nbsp;&nbsp; Redtail Ridge Metropolitan District GOL, 0.00%, <br> 12/01/32<br>| &nbsp;&nbsp;&nbsp; 2193 | 1258475 |
| &nbsp;&nbsp;&nbsp; Riverpark Metropolitan District/Arapahoe County GOL, <br> 6.38%, 12/01/54<br>| &nbsp;&nbsp;&nbsp; 1000 | 976383 |
|  |  | 8762307 |
| **Connecticut — 1.2%** | **Connecticut — 1.2%** | **Connecticut — 1.2%** |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority RB, 4.65%, <br> 11/15/51 (GNMA/FNMA/FHLMC)<br>| &nbsp;&nbsp;&nbsp; 1000 | 987603 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 82076 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/54 | &nbsp;&nbsp;&nbsp; 205 | 193188 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Income Active ETF**

**(Formerly BlackRock High Yield Muni Income Bond ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Connecticut (continued)** | **Connecticut (continued)** | **Connecticut (continued)** |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Finance Authority RB, 7.00%, <br> 02/01/45<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $455 | $445591 |
| Stamford Housing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/30 | &nbsp;&nbsp;&nbsp; 1500 | 1480002 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/35 | &nbsp;&nbsp;&nbsp; 800 | 786567 |
|  |  | 3975027 |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| &nbsp;&nbsp;&nbsp; Affordable Housing Opportunities Trust RB, 6.88%, <br> 05/01/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 40 | 36961 |
| Town of Bridgeville Delaware ST |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 98645 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/01/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 100686 |
| Town of Milton Delaware ST |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 99477 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/01/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 100321 |
|  |  | 436090 |
| **District of Columbia — 0.4%** | **District of Columbia — 0.4%** | **District of Columbia — 0.4%** |
| District of Columbia RB, 5.00%, 06/01/46 | &nbsp;&nbsp;&nbsp; 500 | 482261 |
| District of Columbia RB AMT, 5.50%, 02/28/37 | &nbsp;&nbsp;&nbsp; 90 | 99202 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp. RB, Series C, 0.00%, 06/15/55<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 6100 | 635177 |
|  |  | 1216640 |
| **Florida — 19.1%** | **Florida — 19.1%** | **Florida — 19.1%** |
| &nbsp;&nbsp;&nbsp; Antillia Community Development District Special <br> Assessment, 5.88%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 500 | 504733 |
| &nbsp;&nbsp;&nbsp; Arbor Park Phase 1 Community Development District <br> Special Assessment, 5.75%, 05/01/35<br>| &nbsp;&nbsp;&nbsp; 2000 | 2072473 |
| &nbsp;&nbsp;&nbsp; Avenir Community Development District Special <br> Assessment, 4.75%, 11/01/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1900 | 1904327 |
| &nbsp;&nbsp;&nbsp; Babcock Ranch Community Independent Special <br> District Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/32 | &nbsp;&nbsp;&nbsp; 100 | 97127 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | &nbsp;&nbsp;&nbsp; 1000 | 955515 |
| &nbsp;&nbsp;&nbsp; Bella Collina Community Development District Special <br> Assessment, 5.00%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 500 | 465740 |
| &nbsp;&nbsp;&nbsp; Berry Bay II Community Development District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/01/31 | &nbsp;&nbsp;&nbsp; 250 | 247605 |
| &nbsp;&nbsp;&nbsp; 5.45%, 05/01/54 | &nbsp;&nbsp;&nbsp; 100 | 95942 |
| &nbsp;&nbsp;&nbsp; Boggy Creek Improvement District Special <br> Assessment, 5.13%, 05/01/43<br>| &nbsp;&nbsp;&nbsp; 480 | 463278 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority RB, 4.00%, <br> 11/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 140564 |
| &nbsp;&nbsp;&nbsp; Buckhead Trails Community Development District <br> Special Assessment, 5.60%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 250 | 241563 |
| &nbsp;&nbsp;&nbsp; Cabot Citrus Farms Community Development District <br> Special Assessment, 5.25%, 03/01/29<br>| &nbsp;&nbsp;&nbsp; 500 | 505544 |
| &nbsp;&nbsp;&nbsp; Capital Projects Finance Authority/Florida RB, 6.63%, <br> 06/15/59<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 100652 |
| Capital Trust Agency Inc. RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/61<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1740 | 105468 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 78843 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/49 | &nbsp;&nbsp;&nbsp; 750 | 696489 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 230 | 221189 |
| Capital Trust Authority RB, 5.00%, 07/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1475 | 1386758 |
| &nbsp;&nbsp;&nbsp; Central Parc Community Development District Special <br> Assessment, 6.00%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 100 | 100389 |
| &nbsp;&nbsp;&nbsp; Coral Creek Community Development District Special <br> Assessment, 5.75%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 250 | 250194 |
| County of Lake Florida RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1350 | 1318626 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 850 | 760799 |
| &nbsp;&nbsp;&nbsp; Crossings Community Development District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/31 | &nbsp;&nbsp;&nbsp; 300 | 300097 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/01/44 | &nbsp;&nbsp;&nbsp; $1000 | $988421 |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/01/54 | &nbsp;&nbsp;&nbsp; 700 | 686345 |
| &nbsp;&nbsp;&nbsp; Crosswinds East Community Development District <br> Special Assessment, 5.75%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 250 | 250194 |
| &nbsp;&nbsp;&nbsp; Curiosity Creek Community Development District <br> Special Assessment, 4.65%, 05/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 300 | 299293 |
| &nbsp;&nbsp;&nbsp; Darby Community Development District Special <br> Assessment, 5.88%, 05/01/35<br>| &nbsp;&nbsp;&nbsp; 225 | 224798 |
| &nbsp;&nbsp;&nbsp; East Nassau Stewardship District Special <br> Assessment, 5.25%, 05/01/29<br>| &nbsp;&nbsp;&nbsp; 885 | 885365 |
| &nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority RB, <br> 5.00%, 08/15/40<br>| &nbsp;&nbsp;&nbsp; 1000 | 1010106 |
| Florida Development Finance Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/50 | &nbsp;&nbsp;&nbsp; 400 | 392309 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 414637 |
| Florida Development Finance Corp. RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2880 | 2847051 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | &nbsp;&nbsp;&nbsp; 1000 | 973290 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 (AGM) | &nbsp;&nbsp;&nbsp; 3000 | 2959001 |
| &nbsp;&nbsp;&nbsp; 8.25%, 07/01/57<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 515175 |
| &nbsp;&nbsp;&nbsp; 10.00%, 07/15/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2900 | 2978870 |
| &nbsp;&nbsp;&nbsp; 12.00%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 725 | 754023 |
| &nbsp;&nbsp;&nbsp; Gardens at Hammock Beach Community <br> Development District Special Assessment, 5.88%, <br> 05/01/55<br>| &nbsp;&nbsp;&nbsp; 180 | 174816 |
| &nbsp;&nbsp;&nbsp; Golden Gem Community Development District Special <br> Assessment, 6.00%, 05/01/55<br>| &nbsp;&nbsp;&nbsp; 500 | 501513 |
| &nbsp;&nbsp;&nbsp; Greenbriar Community Development District Special <br> Assessment, 4.80%, 05/01/32<br>| &nbsp;&nbsp;&nbsp; 500 | 496347 |
| &nbsp;&nbsp;&nbsp; Hammock Oaks Community Development District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 670 | 665195 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/44 | &nbsp;&nbsp;&nbsp; 100 | 100624 |
| &nbsp;&nbsp;&nbsp; Hickory Tree Community Development District Special <br> Assessment, 5.15%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 1000 | 964932 |
| &nbsp;&nbsp;&nbsp; Hillcrest Preserve Community Development District <br> Special Assessment, 5.00%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 947313 |
| &nbsp;&nbsp;&nbsp; Hobe-St Lucie Conservancy District Special <br> Assessment, 5.88%, 05/01/55<br>| &nbsp;&nbsp;&nbsp; 250 | 250248 |
| &nbsp;&nbsp;&nbsp; Hyde Park Community Development District No. 1 <br> Special Assessment, 5.25%, 05/01/34<br>| &nbsp;&nbsp;&nbsp; 1705 | 1739718 |
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota Community Development District 2 <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/01/35 | &nbsp;&nbsp;&nbsp; 3040 | 3039909 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/35 | &nbsp;&nbsp;&nbsp; 3175 | 3109455 |
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota Community Development District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/34 | &nbsp;&nbsp;&nbsp; 2325 | 2351750 |
| &nbsp;&nbsp;&nbsp; Series B-1, 4.30%, 05/01/51 | &nbsp;&nbsp;&nbsp; 220 | 182455 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/44 | &nbsp;&nbsp;&nbsp; 580 | 566473 |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/54 | &nbsp;&nbsp;&nbsp; 250 | 243725 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority/Florida <br> RB, 4.75%, 11/15/29<br>| &nbsp;&nbsp;&nbsp; 250 | 250710 |
| &nbsp;&nbsp;&nbsp; Lowery Hills Community Development District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 440 | 435504 |
| &nbsp;&nbsp;&nbsp; 4.55%, 06/15/35 | &nbsp;&nbsp;&nbsp; 370 | 363300 |
| &nbsp;&nbsp;&nbsp; LT Ranch Community Development District Special <br> Assessment, 5.85%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 250 | 251932 |
| &nbsp;&nbsp;&nbsp; LTC Ranch West Residential Community <br> Development District Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/31 | &nbsp;&nbsp;&nbsp; 345 | 340577 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/44 | &nbsp;&nbsp;&nbsp; 530 | 501425 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/54 | &nbsp;&nbsp;&nbsp; 250 | 242223 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Income Active ETF**

**(Formerly BlackRock High Yield Muni Income Bond ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| &nbsp;&nbsp;&nbsp; Madeira Community Development District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/15/30 | &nbsp;&nbsp;&nbsp; $260 | $257834 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/39 | &nbsp;&nbsp;&nbsp; 585 | 593214 |
| &nbsp;&nbsp;&nbsp; Magnolia Island Community Development District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/45 | &nbsp;&nbsp;&nbsp; 750 | 754124 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/55 | &nbsp;&nbsp;&nbsp; 1000 | 999263 |
| &nbsp;&nbsp;&nbsp; Malabar Springs Community Development District <br> Special Assessment, 4.50%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 500 | 496048 |
| &nbsp;&nbsp;&nbsp; Marion Ranch Community Development District <br> Special Assessment, 5.95%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 500 | 507340 |
| &nbsp;&nbsp;&nbsp; Normandy Community Development District Special <br> Assessment, 5.30%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1500 | 1473824 |
| &nbsp;&nbsp;&nbsp; North AR-1 Pasco Community Development District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/44 | &nbsp;&nbsp;&nbsp; 100 | 102122 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/54 | &nbsp;&nbsp;&nbsp; 95 | 96725 |
| &nbsp;&nbsp;&nbsp; Parrish Lakes Community Development District <br> Special Assessment, 5.80%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 140 | 140620 |
| &nbsp;&nbsp;&nbsp; Parrish Plantation Community Development District <br> Special Assessment, 5.63%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 250 | 253105 |
| &nbsp;&nbsp;&nbsp; Poitras East Community Development District Special <br> Assessment, 5.25%, 05/01/52<br>| &nbsp;&nbsp;&nbsp; 100 | 94069 |
| &nbsp;&nbsp;&nbsp; Sawyers Landing Community Development District <br> Special Assessment, 4.25%, 05/01/53<br>| &nbsp;&nbsp;&nbsp; 1000 | 809758 |
| &nbsp;&nbsp;&nbsp; Seagrove Community Development District Special <br> Assessment, 4.88%, 06/15/44<br>| &nbsp;&nbsp;&nbsp; 750 | 684094 |
| &nbsp;&nbsp;&nbsp; Seminole Palms Community Development District <br> Special Assessment, 5.20%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 485402 |
| &nbsp;&nbsp;&nbsp; Shadowlawn Community Development District Special <br> Assessment, 5.85%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 500 | 480449 |
| &nbsp;&nbsp;&nbsp; Somerset Bay Community Development District <br> Special Assessment, 5.90%, 05/01/54<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 502074 |
| &nbsp;&nbsp;&nbsp; Tradition Community Development District No. 9 <br> Special Assessment, 4.35%, 05/01/32<br>| &nbsp;&nbsp;&nbsp; 535 | 529117 |
| &nbsp;&nbsp;&nbsp; Two Lakes Community Development District Special <br> Assessment, 5.00%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 1000 | 1008817 |
| &nbsp;&nbsp;&nbsp; Two Rivers West Community Development District <br> Special Assessment, 5.88%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 105 | 105984 |
| &nbsp;&nbsp;&nbsp; Viera Stewardship District Special Assessment, <br> 5.50%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 300 | 289976 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 14 <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/42 | &nbsp;&nbsp;&nbsp; 95 | 96688 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/53 | &nbsp;&nbsp;&nbsp; 95 | 97510 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15 <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 05/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 931593 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 100119 |
| &nbsp;&nbsp;&nbsp; West Villages Improvement District <br> Special Assessment<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/39 | &nbsp;&nbsp;&nbsp; 1750 | 1677006 |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/54 | &nbsp;&nbsp;&nbsp; 100 | 98360 |
| &nbsp;&nbsp;&nbsp; Westside Haines City Community Development <br> District Special Assessment, 6.00%, 05/01/54<br>| &nbsp;&nbsp;&nbsp; 85 | 83410 |
|  |  | 60661582 |
| **Georgia — 0.6%** | **Georgia — 0.6%** | **Georgia — 0.6%** |
| Atlanta Development Authority (The) TA |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 180 | 177438 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 280 | 282398 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County (The) RB, <br> 5.70%, 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 275 | 273124 |
| Main Street Natural Gas Inc. RB, 5.00%, 12/01/52 | &nbsp;&nbsp;&nbsp; 1000 | 1030528 |
|  |  | 1763488 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Idaho — 0.2%** | **Idaho — 0.2%** | **Idaho — 0.2%** |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association RB, 5.00%, <br> 12/01/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $625 | $619478 |
| **Illinois — 3.4%** | **Illinois — 3.4%** | **Illinois — 3.4%** |
| Chicago Board of Education GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 1000 | 949584 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 475 | 445308 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 500 | 463486 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/47 | &nbsp;&nbsp;&nbsp; 500 | 472609 |
| City of Marion Illinois Sales Tax Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/01/45 | &nbsp;&nbsp;&nbsp; 330 | 323439 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/55 | &nbsp;&nbsp;&nbsp; 610 | 605339 |
| County of Cook Illinois RB, 6.50%, 01/01/45 | &nbsp;&nbsp;&nbsp; 750 | 756672 |
| Illinois Finance Authority RB, 5.25%, 10/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 502527 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority RB, 5.00%, <br> 01/01/38<br>| &nbsp;&nbsp;&nbsp; 5000 | 4999585 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority RB, 4.00%, <br> 06/15/50<br>| &nbsp;&nbsp;&nbsp; 175 | 144567 |
| State of Illinois GO, 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 1000 | 993743 |
|  |  | 10656859 |
| **Indiana — 0.2%** | **Indiana — 0.2%** | **Indiana — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Indiana RB AMT, 4.50%, <br> 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 102324 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority RB, Class A,4.13%, <br> 12/01/26<br>| &nbsp;&nbsp;&nbsp; 640 | 642970 |
|  |  | 745294 |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| Iowa Finance Authority RB, 5.00%, 05/15/44 | &nbsp;&nbsp;&nbsp; 750 | 747503 |
| **Kansas — 0.0%** | **Kansas — 0.0%** | **Kansas — 0.0%** |
| City of Manhattan Kansas RB, 4.00%, 06/01/25 | &nbsp;&nbsp;&nbsp; 105 | 104944 |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** | **Kentucky — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky RB AMT, 4.70%, <br> 01/01/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 650 | 589680 |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority <br> RB, 5.25%, 06/01/41<br>| &nbsp;&nbsp;&nbsp; 1000 | 985225 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority RB, 4.00%, <br> 02/01/50<br>| &nbsp;&nbsp;&nbsp; 500 | 498290 |
|  |  | 2073195 |
| **Louisiana — 1.8%** | **Louisiana — 1.8%** | **Louisiana — 1.8%** |
| &nbsp;&nbsp;&nbsp; Juban Crossing Community Development District <br> Special Assessment, 6.25%, 06/01/34<br>| &nbsp;&nbsp;&nbsp; 3000 | 3017239 |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities <br> & Community Development Authority RB, 5.00%, <br> 11/15/37<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 750 | 747725 |
| Louisiana Public Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1285 | 1252055 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 665 | 616528 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 93094 |
|  |  | 5726641 |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| Finance Authority of Maine, 9.50%, 12/31/32 | &nbsp;&nbsp;&nbsp; 50 | 50000 |
| Finance Authority of Maine RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 175 | 173001 |
| &nbsp;&nbsp;&nbsp; 8.00%, 12/01/51<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 100 | 32750 |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority <br> RB, 4.00%, 07/01/37<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 260 | 228742 |
|  |  | 484493 |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| City of Baltimore Maryland RB, 4.50%, 06/01/33 | &nbsp;&nbsp;&nbsp; 100 | 100210 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp. RB AMT, <br> 5.25%, 06/30/55<br>| &nbsp;&nbsp;&nbsp; 315 | 310615 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority RB, 5.50%, 01/01/46<br>| &nbsp;&nbsp;&nbsp; 245 | 246701 |
|  |  | 657526 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Income Active ETF**

**(Formerly BlackRock High Yield Muni Income Bond ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Massachusetts — 1.6%** | **Massachusetts — 1.6%** | **Massachusetts — 1.6%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency RB, <br> 5.00%, 10/01/57<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $100 | $90636 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority RB, <br> Series C, 5.00%, 08/15/37<br>| &nbsp;&nbsp;&nbsp; 5000 | 4999441 |
|  |  | 5090077 |
| **Michigan — 1.0%** | **Michigan — 1.0%** | **Michigan — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Detroit Michigan GOL, Series B-1, 4.00%, <br> 04/01/44<br>| &nbsp;&nbsp;&nbsp; 348 | 258398 |
| Flint International Academy RB, 5.75%, 10/01/37 | &nbsp;&nbsp;&nbsp; 2485 | 2445175 |
| Michigan Strategic Fund RB AMT, 4.00%, 10/01/61 | &nbsp;&nbsp;&nbsp; 550 | 549258 |
|  |  | 3252831 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** | **Minnesota — 0.1%** |
| City of Forest Lake Minnesota RB, 5.00%, 07/01/56 | &nbsp;&nbsp;&nbsp; 260 | 207541 |
| **Missouri — 0.3%** | **Missouri — 0.3%** | **Missouri — 0.3%** |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. <br> Louis Missouri (The) RB, 5.75%, 06/15/54<br>| &nbsp;&nbsp;&nbsp; 250 | 252988 |
| Kansas City Industrial Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 115 | 108121 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 91574 |
| &nbsp;&nbsp;&nbsp; St Louis County Industrial Development Authority RB, <br> 5.25%, 09/01/53<br>| &nbsp;&nbsp;&nbsp; 500 | 472553 |
|  |  | 925236 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| Central Plains Energy Project RB, 5.00%, 05/01/53 | &nbsp;&nbsp;&nbsp; 475 | 488689 |
| **Nevada — 0.7%** | **Nevada — 0.7%** | **Nevada — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of Las Vegas Nevada Special Improvement <br> District No. 613 Special Assessment, 5.50%, <br> 12/01/53<br>| &nbsp;&nbsp;&nbsp; 250 | 239568 |
| &nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry <br> RB, 5.00%, 12/15/48<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1500 | 1367089 |
| &nbsp;&nbsp;&nbsp; Tahoe-Douglas Visitors Authority RB, 5.00%, <br> 07/01/51<br>| &nbsp;&nbsp;&nbsp; 500 | 490164 |
|  |  | 2096821 |
| **New Hampshire — 2.7%** | **New Hampshire — 2.7%** | **New Hampshire — 2.7%** |
| New Hampshire Business Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 255 | 168081 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2585 | 1478311 |
| &nbsp;&nbsp;&nbsp; 3.63%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 205284 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2951 | 2880229 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 590 | 575090 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1229 | 1197779 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/28/42 | &nbsp;&nbsp;&nbsp; 470 | 473671 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1530 | 1519601 |
|  |  | 8498046 |
| **New Jersey — 1.7%** | **New Jersey — 1.7%** | **New Jersey — 1.7%** |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The) RB, <br> 6.00%, 06/15/62<br>| &nbsp;&nbsp;&nbsp; 75 | 77012 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority RB, <br> Series AA, 4.00%, 06/15/50<br>| &nbsp;&nbsp;&nbsp; 735 | 638157 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. RB, 5.00%, <br> 06/01/46<br>| &nbsp;&nbsp;&nbsp; 5000 | 4787041 |
|  |  | 5502210 |
| **New York — 9.6%** | **New York — 9.6%** | **New York — 9.6%** |
| Build NYC Resource Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 487496 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/63<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 237787 |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp. RB, 5.00%, <br> 06/01/38<br>| &nbsp;&nbsp;&nbsp; 2000 | 1888355 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority RB, Series A-1, <br> 5.00%, 11/15/45<br>| &nbsp;&nbsp;&nbsp; 5000 | 5002176 |
| New York Liberty Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 496893 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 550 | 549979 |

---

---

| | | |
|:---|:---|:---|
| *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 <br> AMT, 5.13%, 09/01/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $250 | $258762 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp RB AMT, <br> 5.38%, 06/30/60<br>| &nbsp;&nbsp;&nbsp; 4000 | 3991184 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. RB, <br> 5.00%, 12/01/38<br>| &nbsp;&nbsp;&nbsp; 500 | 520852 |
| New York Transportation Development Corp. RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/31 | &nbsp;&nbsp;&nbsp; 1000 | 917877 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/30 | &nbsp;&nbsp;&nbsp; 250 | 253111 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/40 | &nbsp;&nbsp;&nbsp; 2310 | 2321515 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/46 | &nbsp;&nbsp;&nbsp; 7000 | 6907843 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/54 | &nbsp;&nbsp;&nbsp; 6000 | 6089365 |
| Suffolk Regional Off-Track Betting Co. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34 | &nbsp;&nbsp;&nbsp; 100 | 100164 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/44 | &nbsp;&nbsp;&nbsp; 200 | 202208 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/53 | &nbsp;&nbsp;&nbsp; 200 | 202888 |
|  |  | 30428455 |
| **North Carolina — 0.4%** | **North Carolina — 0.4%** | **North Carolina — 0.4%** |
| North Carolina Medical Care Commission RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/34 | &nbsp;&nbsp;&nbsp; 900 | 897420 |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/54 | &nbsp;&nbsp;&nbsp; 500 | 502642 |
|  |  | 1400062 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency RB, 4.70%, <br> 07/01/49<br>| &nbsp;&nbsp;&nbsp; 750 | 731056 |
| **Ohio — 2.0%** | **Ohio — 2.0%** | **Ohio — 2.0%** |
| Buckeye Tobacco Settlement Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/57<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3655 | 345653 |
| &nbsp;&nbsp;&nbsp; Series B2, 5.00%, 06/01/55 | &nbsp;&nbsp;&nbsp; 2410 | 2074823 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority RB, <br> 5.25%, 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 750 | 746040 |
| County of Cuyahoga Ohio RB, 5.50%, 02/15/52 | &nbsp;&nbsp;&nbsp; 500 | 500177 |
| County of Franklin Ohio RB, 4.00%, 07/01/45 | &nbsp;&nbsp;&nbsp; 100 | 82812 |
| &nbsp;&nbsp;&nbsp; Hickory Chase Community Authority RB, 5.00%, <br> 12/01/40<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 330 | 311939 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority RB AMT, <br> 4.50%, 01/15/48<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2400 | 2113743 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 240 | 232042 |
|  |  | 6407229 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| Oklahoma Development Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/52 | &nbsp;&nbsp;&nbsp; 500 | 500613 |
| &nbsp;&nbsp;&nbsp; Series A-2, 7.25%, 09/01/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 248055 |
| &nbsp;&nbsp;&nbsp; Tulsa Airports Improvement Trust RB AMT, 5.00%, <br> 06/01/35<br>| &nbsp;&nbsp;&nbsp; 600 | 600387 |
| &nbsp;&nbsp;&nbsp; Tulsa Authority for Economic Opportunity TA, 4.38%, <br> 12/01/41<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 94447 |
| Tulsa County Industrial Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 | &nbsp;&nbsp;&nbsp; 335 | 340916 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp; 500 | 499967 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/45 | &nbsp;&nbsp;&nbsp; 75 | 75503 |
|  |  | 2359888 |
| **Oregon — 0.8%** | **Oregon — 0.8%** | **Oregon — 0.8%** |
| &nbsp;&nbsp;&nbsp; Clackamas County Hospital Facility Authority RB, <br> 5.00%, 05/15/48<br>| &nbsp;&nbsp;&nbsp; 425 | 391562 |
| Port of Morrow Oregon GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1570 | 1577428 |
| &nbsp;&nbsp;&nbsp; Yamhill County Hospital Authority RB, 5.00%, <br> 11/15/51<br>| &nbsp;&nbsp;&nbsp; 550 | 457255 |
|  |  | 2426245 |
| **Pennsylvania — 1.9%** | **Pennsylvania — 1.9%** | **Pennsylvania — 1.9%** |
| &nbsp;&nbsp;&nbsp; Allegheny Community Broadband Inc. RB, 7.50%, <br> 09/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 255 | 252165 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Income Active ETF**

**(Formerly BlackRock High Yield Muni Income Bond ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $470 | $470205 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 977134 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 1935169 |
| &nbsp;&nbsp;&nbsp; Beaver County Industrial Development Authority RB, <br> 3.75%, 10/01/47<br>| &nbsp;&nbsp;&nbsp; 295 | 237742 |
| &nbsp;&nbsp;&nbsp; Berks County Municipal Authority (The) RB, 5.00%, <br> 10/01/39<br>| &nbsp;&nbsp;&nbsp; 390 | 360934 |
| Doylestown Hospital Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 105517 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 107944 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority/Pennsylvania RB, <br> 5.25%, 07/01/41<br>| &nbsp;&nbsp;&nbsp; 100 | 96046 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/37 | &nbsp;&nbsp;&nbsp; 230 | 230469 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/38 | &nbsp;&nbsp;&nbsp; 130 | 130266 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/30/53 | &nbsp;&nbsp;&nbsp; 100 | 100238 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/30/48 | &nbsp;&nbsp;&nbsp; 860 | 884477 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency <br> RB AMT, 5.00%, 06/01/51<br>| &nbsp;&nbsp;&nbsp; 100 | 95320 |
|  |  | 5983626 |
| **Puerto Rico — 4.4%** | **Puerto Rico — 4.4%** | **Puerto Rico — 4.4%** |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund RB, Series A, 0.00%, <br> 05/15/57<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1180 | 69135 |
| Commonwealth of Puerto Rico GO |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 515 | 350054 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/35 | &nbsp;&nbsp;&nbsp; 812 | 752457 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/37 | &nbsp;&nbsp;&nbsp; 3000 | 2738525 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/41 | &nbsp;&nbsp;&nbsp; 145 | 124219 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Notes, 0.00%, <br> 10/01/31<sup>(b)(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 7132 | 3785986 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer <br> Authority RB, 4.00%, 07/01/42<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 862769 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/46<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3275 | 1049909 |
| &nbsp;&nbsp;&nbsp; Series A-2, 4.78%, 07/01/58 | &nbsp;&nbsp;&nbsp; 4752 | 4342152 |
|  |  | 14075206 |
| **Rhode Island — 0.9%** | **Rhode Island — 0.9%** | **Rhode Island — 0.9%** |
| Rhode Island Commerce Corp. RB, 5.00%, 07/01/37 | &nbsp;&nbsp;&nbsp; 1110 | 1110180 |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp. RB, <br> 4.75%, 10/01/54 (GNMA)<br>| &nbsp;&nbsp;&nbsp; 1850 | 1805761 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp./Rhode Island <br> RB, 5.00%, 06/01/50<br>| &nbsp;&nbsp;&nbsp; 60 | 56680 |
|  |  | 2972621 |
| **South Carolina — 0.1%** | **South Carolina — 0.1%** | **South Carolina — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Hardeeville South Carolina Special <br> Assessment, 4.00%, 05/01/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 71934 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency RB, 5.25%, <br> 10/01/54<br>| &nbsp;&nbsp;&nbsp; 160 | 169744 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/54 | &nbsp;&nbsp;&nbsp; 100 | 92669 |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 22889 |
|  |  | 357236 |
| **Tennessee — 0.4%** | **Tennessee — 0.4%** | **Tennessee — 0.4%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson <br> County Health & Educational Facs Bd RB, 5.00%, <br> 10/01/37<br>| &nbsp;&nbsp;&nbsp; 345 | 349891 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson <br> County Industrial Development Board Special <br> Assessment, 0.00%, 06/01/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; $100 | $40897 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) RB AMT, <br> 5.50%, 07/01/52<br>| &nbsp;&nbsp;&nbsp; 500 | 515799 |
| Tennergy Corp./Tennessee RB, 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 500 | 523828 |
|  |  | 1430415 |
| **Texas — 6.6%** | **Texas — 6.6%** | **Texas — 6.6%** |
| &nbsp;&nbsp;&nbsp; Angelina & Neches River Authority RB AMT, Series A, <br> Class A,7.50%, 12/01/45<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 37500 |
| Arlington Higher Education Finance Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/15/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 830 | 753915 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/62 | &nbsp;&nbsp;&nbsp; 250 | 183425 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 25334 |
| Bexar County Health Facilities Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/45 | &nbsp;&nbsp;&nbsp; 440 | 348307 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/25 | &nbsp;&nbsp;&nbsp; 130 | 130138 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 | &nbsp;&nbsp;&nbsp; 110 | 110523 |
| &nbsp;&nbsp;&nbsp; City of Anna Texas Special Assessment, 5.75%, <br> 09/15/54<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 99852 |
| City of Buda Texas Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 97699 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 640 | 632265 |
| City of Celina Texas Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205 | 202433 |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 333 | 326095 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 993761 |
| City of Corpus Christi Texas Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/15/31 | &nbsp;&nbsp;&nbsp; 100 | 98668 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/44 | &nbsp;&nbsp;&nbsp; 100 | 94792 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/54 | &nbsp;&nbsp;&nbsp; 103 | 98580 |
| &nbsp;&nbsp;&nbsp; City of Fate Texas Special Assessment, 5.75%, <br> 08/15/54<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 499341 |
| &nbsp;&nbsp;&nbsp; City of Friendswood Texas Special Assessment, <br> 7.00%, 09/15/54<br>| &nbsp;&nbsp;&nbsp; 303 | 303792 |
| &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; 1250 | 1253293 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/35 | &nbsp;&nbsp;&nbsp; 2000 | 2023496 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/38 | &nbsp;&nbsp;&nbsp; 200 | 200945 |
| &nbsp;&nbsp;&nbsp; City of Marble Falls Texas Special Assessment, <br> 6.38%, 09/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 474407 |
| &nbsp;&nbsp;&nbsp; City of Mesquite Texas Special Assessment, 5.75%, <br> 09/01/53<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250097 |
| City of Oak Point Texas Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 197894 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 125 | 114829 |
| &nbsp;&nbsp;&nbsp; 5.35%, 09/15/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 550 | 522003 |
| &nbsp;&nbsp;&nbsp; City of Pilot Point Texas Special Assessment, 6.13%, <br> 09/15/45<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 240 | 241475 |
| City of Princeton Texas Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 300 | 297607 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 49393 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 49351 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75 | 70979 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75 | 73235 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75 | 69540 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. RB, 5.00%, <br> 06/15/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 188451 |
| County of Denton Texas Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 650 | 640103 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 965589 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/31/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 959497 |
| &nbsp;&nbsp;&nbsp; Mesquite Housing Finance Corp. (The) RB, 4.53%, <br> 02/01/44 (FNMA)<br>| &nbsp;&nbsp;&nbsp; 1000 | 943139 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Income Active ETF**

**(Formerly BlackRock High Yield Muni Income Bond ETF)**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance <br> Corp. RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1000 | $776170 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 948901 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | &nbsp;&nbsp;&nbsp; 100 | 86691 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/35 | &nbsp;&nbsp;&nbsp; 750 | 740198 |
| &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; Port Beaumont Navigation District RB AMT, 4.00%, <br> 01/01/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1810 | 1410451 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District RB AMT, 5.25%, <br> 01/01/54<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 600 | 559677 |
| &nbsp;&nbsp;&nbsp; Town of Trophy Club Public Improvement District No. <br> 1 Special Assessment, 5.00%, 09/01/30<br>| &nbsp;&nbsp;&nbsp; 1000 | 1034070 |
| &nbsp;&nbsp;&nbsp; Travis County Development Authority Special <br> Assessment, 5.00%, 09/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 600 | 557280 |
|  |  | 20972040 |
| **Utah — 2.5%** | **Utah — 2.5%** | **Utah — 2.5%** |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District Special <br> Assessment, 5.63%, 12/01/53<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 97322 |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District TA, <br> 5.50%, 06/15/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2250 | 2243217 |
| &nbsp;&nbsp;&nbsp; SkyRidge Pegasus Infrastructure Financing District <br> Special Assessment, 5.25%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 495 | 475909 |
| Utah Charter School Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 995 | 936410 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1450 | 1385684 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/44 (UT CSCE) | &nbsp;&nbsp;&nbsp; 500 | 500044 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 825 | 833941 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 790 | 758301 |
| Utah Infrastructure Agency RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/44 | &nbsp;&nbsp;&nbsp; 55 | 57159 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/48 | &nbsp;&nbsp;&nbsp; 50 | 51292 |
| &nbsp;&nbsp;&nbsp; Wood Ranch Public Infrastructure District Special <br> Assessment, 5.63%, 12/01/53<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 499457 |
|  |  | 7838736 |
| **Vermont — 0.0%** | **Vermont — 0.0%** | **Vermont — 0.0%** |
| &nbsp;&nbsp;&nbsp; East Central Vermont Telecommunications District RB, <br> 4.50%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 80995 |
| **Virginia — 0.5%** | **Virginia — 0.5%** | **Virginia — 0.5%** |
| &nbsp;&nbsp;&nbsp; James City County Economic Development Authority <br> RB, 5.25%, 12/01/27<br>| &nbsp;&nbsp;&nbsp; 100 | 100096 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp./Virginia RB, <br> Series B1, 5.00%, 06/01/47<br>| &nbsp;&nbsp;&nbsp; 1550 | 1370672 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority RB, 5.38%, <br> 09/01/29<br>| &nbsp;&nbsp;&nbsp; 100 | 101534 |
|  |  | 1572302 |
| **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** |
| &nbsp;&nbsp;&nbsp; County of King Washington Sewer Revenue RB, <br> 4.00%, 07/01/39<br>| &nbsp;&nbsp;&nbsp; 500 | 476943 |
| Washington State Housing Finance Commission RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 295 | 295124 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 270 | 269644 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 945 | 914103 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 501458 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1000 | $974151 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 507206 |
|  |  | 3938629 |
| **Wisconsin — 5.1%** | **Wisconsin — 5.1%** | **Wisconsin — 5.1%** |
| Public Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/37<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1760 | 856025 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 365 | 162716 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 285 | 284709 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 504528 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 315 | 312609 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 765 | 778239 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 825 | 838734 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3000 | 2937672 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 18696 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 65 | 42965 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 1933519 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 627 | 606771 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1500 | 1458049 |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/01/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1097435 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 310 | 314937 |
| &nbsp;&nbsp;&nbsp; 12.00%, 05/16/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 105 | 110908 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 376625 |
| Public Finance Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/54 | &nbsp;&nbsp;&nbsp; 250 | 203023 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/44 | &nbsp;&nbsp;&nbsp; 1750 | 1796765 |
| Public Finance Authority TA, 5.00%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 990772 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority <br> RB, 5.75%, 08/15/54<br>| &nbsp;&nbsp;&nbsp; 500 | 517846 |
|  |  | 16143543 |
| **Total Long-Term Investments — 94.0%** <br>**(Cost: $304,024,712)** | **Total Long-Term Investments — 94.0%** <br>**(Cost: $304,024,712)** | 298354411 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.9%** | **Money Market Funds — 5.9%** | **Money Market Funds — 5.9%** |
| BlackRock Liquidity Funds: MuniCash, 3.05%<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 18675538 | 18677406 |
| **Total Short-Term Securities — 5.9%** <br>**(Cost: $18,677,317)** | **Total Short-Term Securities — 5.9%** <br>**(Cost: $18,677,317)** | 18677406 |
| **Total Investments — 99.9%** <br>**(Cost: $322,702,029)** | **Total Investments — 99.9%** <br>**(Cost: $322,702,029)** | 317031817 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 466652 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $317498469 |

---

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

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

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

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

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

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

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

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares High Yield Muni Income Active ETF**

**(Formerly BlackRock High Yield Muni Income Bond ETF)**

**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 | $8706028<br> $9971378 <br><sup>(a)</sup><br>| $— | $— | $— | $18677406 | 18675538 | $412708 | $— |

---

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

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

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $298354411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $298354411 |
| &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; 18677406 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18677406 |
|  | &nbsp;&nbsp; $18677406 | &nbsp;&nbsp; $298354411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317031817 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGM | Assured Guaranty Municipal Corp. |
| GO | General Obligation |
| GOL | General Obligation Limited |
| PILOT | Payment in Lieu of Taxes |

---

---

| | |
|:---|:---|
| RB | Revenue Bonds |
| ST | Special Tax |
| TA | Tax Allocation |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock ETF Trust II

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $330658383.92

**Total Liabilities:** $13161890.32

**Net Assets:** $317496493.60

**Delayed Delivery Securities:** $3806796.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1268.00000000 | **1-Year:** 953.25000000 | **5-Year:** 19817.17000000 | **10-Year:** 12951.47000000 | **30-Year:** 22808.49000000

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

- **3-Month:** 111.68000000 | **1-Year:** 1202.72000000 | **5-Year:** 26691.49000000 | **10-Year:** 77245.09000000 | **30-Year:** 66018.93000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219258 | 1.27%                | -1.12%               | -1.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $210388.83               | $2357048.07                                |
| Month 2  | $169473.57               | $-4829093.77                               |
| Month 3  | $-1088142.48             | $-4907772.77                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE              | CUSIP: 57422JCA4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    315000 | PA      | $310615.23    | 0.10%             | 2055-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $884476.59    | 0.28%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973842.85    | 0.31%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnolia Island Community Development District                                   | MAGNOLIA ISLAND CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 559613AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999262.70    | 0.31%             | 2055-05-01      | Fixed         | 5.75%                 | 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        |    275000 | PA      | $273124.19    | 0.09%             | 2038-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE             | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2113743.17   | 0.67%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3991183.76   | 1.26%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396GZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     25000 | PA      | $18696.55     | 0.01%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Milton DE                                                                | MILTON DE SPL OBLIG                                          | CUSIP: 601792AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99476.76     | 0.03%             | 2044-09-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Crossings Community Development District                                         | CROSSINGS CDD FL SPL ASSMNT                                  | CUSIP: 22766NAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300097.02    | 0.09%             | 2031-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bella Collina Community Development District                                     | BELLA COLLINA CDD FL SPL ASSMNT                              | CUSIP: 07819AAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465740.40    | 0.15%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avenir Community Development District                                            | AVENIR FL CDD REVENUE                                        | CUSIP: 05357FAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1904326.72   | 0.60%             | 2050-11-01      | Fixed         | 4.75%                 | 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        |   1250000 | PA      | $1253292.94   | 0.39%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ECON ACTIVITY TAX REVENUE       | CUSIP: 48502MAA1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    115000 | PA      | $108121.54    | 0.03%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442ELS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    825000 | PA      | $838733.87    | 0.26%             | 2034-12-15      | Fixed         | 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        |   6000000 | PA      | $6146487.12   | 1.94%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PA70<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    310000 | PA      | $314937.08    | 0.10%             | 2043-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $323439.25    | 0.10%             | 2045-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LTC Ranch West Residential Community Development District                        | LTC RANCH WEST RSDL CMNTY DEV DIST SPL ASSMNT REVENUE        | CUSIP: 50218SAM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $340576.79    | 0.11%             | 2031-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCE6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $801694.70    | 0.25%             | 2038-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2937672.51   | 0.93%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973290.41    | 0.31%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elbert County Independence Water & Sanitation District                           | INDEPENDENCE WTR & SANTN DIST CO SPL REVENUE                 | CUSIP: 45380AAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492095.23   | 0.47%             | 2033-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $470204.82    | 0.15%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL REVENUE                                 | CUSIP: 14052WDR5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $105467.98    | 0.03%             | 2061-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UFJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $86690.99     | 0.03%             | 2055-01-01      | 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: 837031ZL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92668.56     | 0.03%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $70540.67     | 0.02%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030528.41   | 0.32%             | 2052-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045S61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96046.27     | 0.03%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH ENVRNMNTL REVENUE                        | CUSIP: 455054BE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    640000 | PA      | $642969.88    | 0.20%             | 2026-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | HAMMOCK OAKS CDD FL ASSMNT                                   | CUSIP: 40834PAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100623.60    | 0.03%             | 2044-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Ranches at Lake Mcleod Community Development District                            | RANCHES AT LAKE MCLEOD CDD FL SPL ASSMNT                     | CUSIP: 752041AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $363299.62    | 0.11%             | 2035-06-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Malabar Springs Community Development District                                   | MALABAR SPRINGS CDD FL SPL ASSMNT                            | CUSIP: 560881AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496048.21    | 0.16%             | 2031-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE             | CUSIP: 917467DC3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51291.66     | 0.02%             | 2048-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY INDL DEV AUTH EXEMPT FACS REVENUE              | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $164446.09    | 0.05%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $740197.79    | 0.23%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority                                      | ESCAMBIA CNTY FL HLTH FACS AUTH                              | CUSIP: 296110GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010106.43   | 0.32%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105516.56    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PUC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $312609.12    | 0.10%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenbriar Community Development District                                        | GREENBRIAR CDD FL SPL ASSMNT REVENUE                         | CUSIP: 39364TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496347.20    | 0.16%             | 2032-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Independence Metropolitan District No 3                                          | INDEPENDENCE MET DIST #3 CO                                  | CUSIP: 453625AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502416.95    | 0.16%             | 2054-12-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1445763.59   | 0.46%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200945.22    | 0.06%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EFW5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $376625.18    | 0.12%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mesquite Housing Finance Corp/The                                                | MESQUITE TX HSG FIN CORP MF HSG REVENUE                      | CUSIP: 590747AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943138.58    | 0.30%             | 2044-02-01      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297607.11    | 0.09%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2074822.79   | 0.65%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG90<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    765000 | PA      | $778238.91    | 0.25%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    600000 | PA      | $634536.99    | 0.20%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri/The            | SAINT LOUIS MO INDL DEV AUTH TAX INCR & SPL DIST REVENUE     | CUSIP: 85237JAB0<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252987.75    | 0.08%             | 2054-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp                                                       | RHODE ISLAND ST COMMERCE CORP AIRPORT REVENUE                | CUSIP: 76218NAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1110180.39   | 0.35%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | BLACK DESERT PUB INFRASTRUCTURE DIST UT SPL ASSMNT           | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97321.72     | 0.03%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Crosswinds East Community Development District                                   | CROSSWINDS EAST CDD FL SPL ASSMNT                            | CUSIP: 22769LAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250193.56    | 0.08%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49350.93     | 0.02%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $168080.94    | 0.05%             | 2032-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $70979.00     | 0.02%             | 2044-09-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                     | VILLAGE CDD NO 15 SPL ASSMNT REVENUE                         | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100118.94    | 0.03%             | 2054-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Range Metropolitan District No 3                                           | NORTH RANGE MET DIST #3 CO                                   | CUSIP: 66176NAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $475931.28    | 0.15%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Forest Lake MN                                                           | FOREST LAKE MN CHARTER SCH LEASE REVENUE                     | CUSIP: 345856AY4<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    260000 | PA      | $207541.16    | 0.07%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Granary Metropolitan District No 9 Special Assessment District No 1              | GRANARY MET DIST #9 CO SPL IMPT DIST #1 SPECIAL ASSESSMENT R | CUSIP: 385038AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $720337.21    | 0.23%             | 2044-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2651861.95   | 0.84%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628C2Y7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    750000 | PA      | $747725.20    | 0.24%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Authority for Economic Opportunity                                         | TULSA OK AUTH ECON OPPTY TAX APPORTIONMENT REVENUE           | CUSIP: 899650AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94447.23     | 0.03%             | 2041-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6089365.08   | 1.92%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD51<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504528.24    | 0.16%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98668.16     | 0.03%             | 2031-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District 2                               | LAKES OF SARASOTA CDD 2 CAPITAL IMPT REVENUE                 | CUSIP: 51207BAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3039909.32   | 0.96%             | 2035-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1229000 | PA      | $1197779.64   | 0.38%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Hickory Chase Community Authority                                                | HICKORY CHASE OH CMNTY AUTH INFRASTRUCTURE IMPT REVENUE      | CUSIP: 428861AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $311939.33    | 0.10%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    365000 | PA      | $162716.26    | 0.05%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6907843.04   | 2.18%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FFG7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933613.36    | 0.29%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Health Facilities Development Corp                                  | BEXAR CNTY TX HLTH FACS DEV CORP                             | CUSIP: 088354GE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130137.60    | 0.04%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curiosity Creek Community Development District                                   | CURIOSITY CREEK CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23128SAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299292.85    | 0.09%             | 2031-05-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2959000.62   | 0.93%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coral Creek Community Development District                                       | CORAL CREEK CDD FL SPL ASSMNT REVENUE                        | CUSIP: 217766AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250193.56    | 0.08%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Parrish Lakes Community Development District                                     | PARRISH LAKES CDD CAPITAL IMPT REVENUE                       | CUSIP: 70183FAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140620.13    | 0.04%             | 2054-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $676542.50    | 0.21%             | 2029-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $549978.98    | 0.17%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FYT6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502527.58    | 0.16%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $66654.08     | 0.02%             | 2058-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH REVENUE                       | CUSIP: 107416PL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $140564.15    | 0.04%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $776170.35    | 0.24%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FINANCE AUTHORITY OF MAINE                                                       | FINANCE AUTHORITY OF MAINE                                   | CUSIP: 000000000<br>LEI: 549300GS5P8CQR7H8P53 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50000.00     | 0.02%             | 2032-12-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243725.19    | 0.08%             | 2054-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FWP5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68062.75     | 0.02%             | 2039-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253110.64    | 0.08%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EUM6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487495.92    | 0.15%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE            | CUSIP: 64542QBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948901.06    | 0.30%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gardens at Hammock Beach Community Development District                          | GARDENS AT HAMMOCK BEACH CDD FL SPL ASSMNT                   | CUSIP: 36549DAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $174815.54    | 0.06%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co                                            | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100164.15    | 0.03%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2847050.70   | 0.90%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                              | MARION IL SALES TAX REVENUE                                  | CUSIP: 569498AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $605338.86    | 0.19%             | 2055-06-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE                  | CUSIP: 13051AHR2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101614.85    | 0.03%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977134.48    | 0.31%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Buda TX                                                                  | BUDA TX SPL ASSMNT REVENUE                                   | CUSIP: 118829AA8<br>LEI: 549300M2WWWL7K4QS327 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97698.97     | 0.03%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Four Corners Business Improvement District                                       | FOUR CORNERS BUSINESS IMPT DIST CO LIMITED TAX SUPPORTED     | CUSIP: 35084NAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502317.43   | 0.47%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4999441.55   | 1.57%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46247SFT6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    750000 | PA      | $747502.85    | 0.24%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $575089.89    | 0.18%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UGX0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $414636.58    | 0.13%             | 2055-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    348011 | PA      | $258398.17    | 0.08%             | 2044-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Sawyers Landing Community Development District                                   | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE                    | CUSIP: 805517AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $809758.00    | 0.26%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $373404.39    | 0.12%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden Gem Community Development District                                        | GOLDEN GEM CDD FL SPL ASSMNT REVENUE                         | CUSIP: 38105CAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501512.95    | 0.16%             | 2055-05-01      | Fixed         | 6.00%                 | 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        |    900000 | PA      | $852904.84    | 0.27%             | 2034-06-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Hickory Tree Community Development District                                      | HICKORY TREE CDD FL SPL ASSMNT                               | CUSIP: 429079AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964932.48    | 0.30%             | 2044-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $640103.46    | 0.20%             | 2030-12-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL REVENUE                               | CUSIP: 74447TAG7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1458048.59   | 0.46%             | 2033-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Flint International Academy                                                      | FLINT INTERNATIONAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE    | CUSIP: 339526AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2445174.62   | 0.77%             | 2037-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418067Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $183425.01    | 0.06%             | 2062-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Marble Falls TX                                                          | MARBLE FALLS TX SPL ASSMNT REVENUE                           | CUSIP: 566035AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474406.82    | 0.15%             | 2044-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH                                          | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $282397.47    | 0.09%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530AZ2<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499966.89    | 0.16%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Darby Community Development District                                             | DARBY CDD FL SPL ASSMNT REVENUE                              | CUSIP: 23705PAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $224797.54    | 0.07%             | 2035-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                | LAKE CNTY FL EDUCTNL FACS REVENUE                            | CUSIP: 50825CAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1318625.51   | 0.42%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berry Bay II Community Development District                                      | BERRY BAY II CDD FL SPL ASSMNT                               | CUSIP: 08577DAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95942.09     | 0.03%             | 2054-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PC94<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $110908.13    | 0.03%             | 2029-05-16      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TC68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1385683.90   | 0.44%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL MF HSG REVENUE                                  | CUSIP: 213226AE3<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756671.85    | 0.24%             | 2045-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2321515.47   | 0.73%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                     | VILLAGE CDD NO 15 SPL ASSMNT REVENUE                         | CUSIP: 92708KAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931593.09    | 0.29%             | 2044-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94792.11     | 0.03%             | 2044-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023495.64   | 0.64%             | 2035-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co                                            | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202888.05    | 0.06%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BBU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $32750.00     | 0.01%             | 2051-12-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041YM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $349890.91    | 0.11%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2585000 | PA      | $1478310.78   | 0.47%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   6708053 | PA      | $3527377.07   | 1.11%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Buckhead Trails Community Development District                                   | BUCKHEAD TRAILS CDD FL SPL ASSMNT                            | CUSIP: 11836UAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241563.26    | 0.08%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    424212 | PA      | $258608.92    | 0.08%             | 2051-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    333000 | PA      | $326095.14    | 0.10%             | 2035-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105968.80    | 0.03%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UEA2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $392309.26    | 0.12%             | 2050-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WBE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1386757.82   | 0.44%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loretto Heights Community Authority                                              | LORETTO HEIGHTS CMNTY AUTH CO SPL REVENUE                    | CUSIP: 544084AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $374106.45    | 0.12%             | 2051-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25333.92     | 0.01%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500612.87    | 0.16%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE             | CUSIP: 917467DB5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57159.39     | 0.02%             | 2044-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE                | CUSIP: 745160TH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862768.55    | 0.27%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4752000 | PA      | $4342152.31   | 1.37%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TS53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $833941.30    | 0.26%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bexar County Health Facilities Development Corp                                  | BEXAR CNTY TX HLTH FACS DEV CORP                             | CUSIP: 088354FN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $348307.47    | 0.11%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Crossings Community Development District                                         | CROSSINGS CDD FL SPL ASSMNT                                  | CUSIP: 22766NAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988421.25    | 0.31%             | 2044-05-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/VA                                             | TOBACCO SETTLEMENT FING CORP VA                              | CUSIP: 88880NAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1370671.63   | 0.43%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | HAMMOCK OAKS CDD FL ASSMNT                                   | CUSIP: 40834PAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $665195.47    | 0.21%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | CUSIP: 187145UP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $188450.67    | 0.06%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2955000 | PA      | $229371.89    | 0.07%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655U8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500177.16    | 0.16%             | 2052-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tulsa Airports Improvement Trust                                                 | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600387.17    | 0.19%             | 2035-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1762483.68   | 0.56%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SENIOR LIVING REVENUE            | CUSIP: 13049RBF2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004149.17   | 0.32%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2351750.31   | 0.74%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 14                                     | VLG FL CDD #14 SPL ASSMNT REVENUE                            | CUSIP: 92708JAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96687.69     | 0.03%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Buda TX                                                                  | BUDA TX SPL ASSMNT REVENUE                                   | CUSIP: 118829AD2<br>LEI: 549300M2WWWL7K4QS327 | Long             | DBT              | MUN               | US        |    640000 | PA      | $632264.65    | 0.20%             | 2033-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $69540.30     | 0.02%             | 2054-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Two Lakes Community Development District                                         | TWO LAKES CDD FL SPL ASSMNT                                  | CUSIP: 90207EAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008816.99   | 0.32%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3655000 | PA      | $345652.98    | 0.11%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UEP5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    100000 | PA      | $96991.28     | 0.03%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                             | MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT TAX ALLOCATI | CUSIP: 59561UAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2243217.49   | 0.71%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                            | THE CHILDRENS TRUST FUND PR TOBACCO SETTLEMENT REVENUE       | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $69135.24     | 0.02%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hoover Industrial Development Board                                              | HOOVER AL INDL DEV BRD ENVNMNTL IMPT REVENUE                 | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3278400.55   | 1.03%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District 2                               | LAKES OF SARASOTA CDD 2 CAPITAL IMPT REVENUE                 | CUSIP: 51207BAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3109454.57   | 0.98%             | 2035-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                | YAMHILL CNTY OR HOSP AUTH                                    | CUSIP: 98464UAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $457254.68    | 0.14%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH                                          | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $177438.00    | 0.06%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399HY5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1252055.11   | 0.39%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Empire Tobacco Securitization Corp                                        | INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $535664.11    | 0.17%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gold Hill North Business Improvement District                                    | GOLD HILL NORTH BUSINESS IMPT DIST CO                        | CUSIP: 38061PAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483598.67    | 0.15%             | 2054-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1410451.53   | 0.44%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FTH7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    100000 | PA      | $72212.25     | 0.02%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | BRIDGEVILLE DE SPL OBLIG                                     | CUSIP: 108588AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98644.60     | 0.03%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LTC Ranch West Residential Community Development District                        | LTC RANCH WEST RSDL CMNTY DEV DIST SPL ASSMNT REVENUE        | CUSIP: 50218SAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $501425.20    | 0.16%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $856024.98    | 0.27%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                            | FRANKLIN CNTY OH HLTH CARE FACS REVENUE                      | CUSIP: 353180KW1<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82812.65     | 0.03%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                            | VALPARAISO IN EXEMPT FACS REVENUE                            | CUSIP: 92028RAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102324.30    | 0.03%             | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    650000 | PA      | $589680.40    | 0.19%             | 2052-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HM26<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987603.38    | 0.31%             | 2051-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Wood Ranch Public Infrastructure District                                        | WOOD RANCH PUB INFRASTRUCTURE DIST UT SPL ASSMNT             | CUSIP: 97850AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499456.60    | 0.16%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Travis County Development Authority                                              | TRAVIS CNTY TX DEV AUTH CONTRACT ASSMNT REVENUE              | CUSIP: 89441AAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $557279.66    | 0.18%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523827.97    | 0.16%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $161305.84    | 0.05%             | 2053-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD36<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097434.62   | 0.35%             | 2059-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | CUSIP: 83704MCH7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |     25000 | PA      | $22889.47     | 0.01%             | 2062-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783VM5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501457.94    | 0.16%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independence Metropolitan District No 3                                          | INDEPENDENCE MET DIST #3 CO                                  | CUSIP: 453625AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481239.55    | 0.15%             | 2054-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                               | TUSCALOOSA CNTY AL INDL DEV AUTH GULF OPPORTUNITY ZONE       | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $168949.54    | 0.05%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LT Ranch Community Development District                                          | LT RANCH CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 54912EAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251931.90    | 0.08%             | 2054-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Allegheny Community Broadband Inc                                                | ALLEGHENY CMNTY BROADBAND INC PA PROJ REVENUE                | CUSIP: 017276AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $252164.75    | 0.08%             | 2035-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| City of Las Vegas NV Special Improvement District No 613                         | LAS VEGAS NV SPL IMPT DIST NO 613                            | CUSIP: 51779CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239567.41    | 0.08%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH SOL WST DISP REVENUE                       | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $173001.05    | 0.05%             | 2047-12-01      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE  | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508399.62    | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arbor Park Phase 1 Community Development District                                | ARBOR PK PHASE 1 CDD FL SPL ASSMNT REVENUE                   | CUSIP: 038922AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072473.44   | 0.65%             | 2035-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $205283.72    | 0.06%             | 2043-07-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Affordable Housing Opportunities Trust Series AH-01                              | AFFORDABLE HSG OPPORTUNITIES TRUST                           | CUSIP: 00826SAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     39569 | PA      | $36961.21     | 0.01%             | 2039-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U87<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    295000 | PA      | $295124.19    | 0.09%             | 2029-07-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $566472.58    | 0.18%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2738525.40   | 0.86%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WB8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    475000 | PA      | $445307.86    | 0.14%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959496.61    | 0.30%             | 2044-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511184.50    | 0.16%             | 2064-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $136849.41    | 0.04%             | 2049-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $193893.40    | 0.06%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North AR-1 Pasco Community Development District                                  | NORTH AR-1 PASCO CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 65725AAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102121.88    | 0.03%             | 2044-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Stadium Trace Village Improvement District/The                                   | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS        | CUSIP: 852351AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1046967.19   | 0.33%             | 2036-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Town of Bridgeville DE                                                           | BRIDGEVILLE DE SPL OBLIG                                     | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100686.03    | 0.03%             | 2053-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6100000 | PA      | $635176.71    | 0.20%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Oak Point TX                                                             | OAK POINT TX SPL ASSMNT REVENUE                              | CUSIP: 67176TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197893.54    | 0.06%             | 2031-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2951000 | PA      | $2880228.65   | 0.91%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DYW6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    205000 | PA      | $193187.41    | 0.06%             | 2054-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789083W2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248055.40    | 0.08%             | 2051-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807JT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $753914.98    | 0.24%             | 2044-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140851.78    | 0.04%             | 2045-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153HS1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993742.60    | 0.31%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480002.14   | 0.47%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4787041.45   | 1.51%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SkyRidge Pegasus Infrastructure Financing District                               | SKYRIDGE PEGASUS INFRASTRUCTURE FING DIST UT                 | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $475908.63    | 0.15%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CGA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993760.91    | 0.31%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Lake FL                                                                | LAKE CNTY FL EDUCTNL FACS REVENUE                            | CUSIP: 50825CAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $760799.28    | 0.24%             | 2054-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U38<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    945000 | PA      | $914102.78    | 0.29%             | 2034-01-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95319.92     | 0.03%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050461.58   | 0.33%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VQY3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $482261.16    | 0.15%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnolia Island Community Development District                                   | MAGNOLIA ISLAND CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 559613AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $754124.34    | 0.24%             | 2045-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252JV2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4999584.95   | 1.57%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CBB4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    230000 | PA      | $221189.01    | 0.07%             | 2048-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116ET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520851.86    | 0.16%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $261320.77    | 0.08%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                        | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044126.59   | 0.33%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | MET PIER & EXPOSITION AUTH IL REVENUE                        | CUSIP: 592250DN1<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    175000 | PA      | $144567.57    | 0.05%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $73235.44     | 0.02%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530AX7<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    335000 | PA      | $340915.56    | 0.11%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LTC Ranch West Residential Community Development District                        | LTC RANCH WEST RSDL CMNTY DEV DIST SPL ASSMNT REVENUE        | CUSIP: 50218SAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242222.77    | 0.08%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tradition Community Development District No 9                                    | TRADITION CDD #9 FL SPL ASSMNT                               | CUSIP: 89269NAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $529117.38    | 0.17%             | 2032-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Somerset Bay Community Development District                                      | SOMERSET BAY CDD FL CAPITAL IMPT REVENUE                     | CUSIP: 83461CAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502074.40    | 0.16%             | 2054-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| City of Oak Point TX                                                             | OAK POINT TX SPL ASSMNT REVENUE                              | CUSIP: 67176TBA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $114828.83    | 0.04%             | 2054-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | KING CNTY WA SWR REVENUE                                     | CUSIP: 4952893L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476943.02    | 0.15%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Nassau Stewardship District                                                 | EAST NASSAU STEWARDSHIP DIST FL                              | CUSIP: 27379AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $885364.54    | 0.28%             | 2029-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Crossings Community Development District                                         | CROSSINGS CDD FL SPL ASSMNT                                  | CUSIP: 22766NAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $686344.79    | 0.22%             | 2054-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $786566.53    | 0.25%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505YB6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $472608.76    | 0.15%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    145000 | PA      | $124219.31    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Juban Crossing Community Development District                                    | JUBAN CROSSING CDD LIVINGSTON PARISH LA SPL ASSMNT           | CUSIP: 48130GAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017238.45   | 0.95%             | 2034-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                          | CAMDEN CNTY NJ IMPT AUTH SCH REVENUE                         | CUSIP: 13281PAD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77011.57     | 0.02%             | 2062-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SCH FAC REVENUE                  | CUSIP: 13051BAD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203146.09    | 0.06%             | 2059-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTM8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $897420.41    | 0.28%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CEH8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $78842.64     | 0.02%             | 2056-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Seagrove Community Development District                                          | SEAGROVE CDD FL SPL ASSMNT                                   | CUSIP: 811897AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $684094.34    | 0.22%             | 2044-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258762.46    | 0.08%             | 2050-09-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MENTAL HLTHCARE FACS REVENUE              | CUSIP: 74443XAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     65000 | PA      | $42964.63     | 0.01%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1677006.07   | 0.53%             | 2039-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230469.38    | 0.07%             | 2037-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1577428.25   | 0.50%             | 2026-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRIAL   | CUSIP: 25490LAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1367089.13   | 0.43%             | 2048-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                       | CUSIP: 63610CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $473671.22    | 0.15%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Central Parc Community Development District                                      | CENTRAL PARC CDD FL SPL ASSMNT REVENUE                       | CUSIP: 15477DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100389.43    | 0.03%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CCA5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    750000 | PA      | $696488.97    | 0.22%             | 2049-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TG98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $936410.52    | 0.29%             | 2031-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  27910416 | NS      | $27913206.72  | 8.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $549258.12    | 0.17%             | 2061-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH UNIV REVENUE                         | CUSIP: 08454AAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $360933.74    | 0.11%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fate TX                                                                  | FATE TX SPL ASSESSMENT REVENUE                               | CUSIP: 31189RCR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499340.94    | 0.16%             | 2054-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS DEV FIN AUTH ENVIRONMENTAL REVENUE                  | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $147736.93    | 0.05%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454CM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98360.24     | 0.03%             | 2054-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 6589096Q4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $731056.48    | 0.23%             | 2049-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Cabot Citrus Farms Community Development District                                | CABOT CITRUS FARMS FL CDD                                    | CUSIP: 127052AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505544.21    | 0.16%             | 2029-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9395000 | PA      | $1000769.68   | 0.32%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | ANNA TX SPL ASSMNT REVENUE                                   | CUSIP: 035713AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99852.52     | 0.03%             | 2054-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH CHRT SCH REVENUE           | CUSIP: 13069AAB4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    600000 | PA      | $550203.50    | 0.17%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX                                                              | MESQUITE TX SPL ASSMNT REVENUE                               | CUSIP: 590771AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250097.47    | 0.08%             | 2053-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Redtail Ridge Metropolitan District                                              | REDTAIL RIDGE MET DIST CO                                    | CUSIP: 75773CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2193000 | PA      | $1258474.54   | 0.40%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/RI                                             | TOBACCO SETTLEMENT FING CORP RI                              | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $56680.25     | 0.02%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042R8P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $228741.76    | 0.07%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1519601.48   | 0.48%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD SPL OBLIG                                       | CUSIP: 05923TCZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100209.63    | 0.03%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Beaver County Industrial Development Authority                                   | BEAVER CNTY PA INDL DEV AUTH                                 | CUSIP: 074876HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $237741.82    | 0.07%             | 2047-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SPL FAC REVENUE                           | CUSIP: 74446DAJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $203022.77    | 0.06%             | 2054-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bexar County Health Facilities Development Corp                                  | BEXAR CNTY TX HLTH FACS DEV CORP                             | CUSIP: 088354FJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110522.70    | 0.03%             | 2026-07-15      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $1049908.57   | 0.33%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAR5<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    600000 | PA      | $559677.29    | 0.18%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712JJE4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517845.69    | 0.16%             | 2054-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAQ7<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    370000 | PA      | $355356.08    | 0.11%             | 2044-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD93<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    627310 | PA      | $606770.90    | 0.19%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Parrish Plantation Community Development District                                | PARRISH PLANTATION CMNTY DEV DIST FL SPL ASSMNT REVENUE      | CUSIP: 701830AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253104.75    | 0.08%             | 2044-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE     | CUSIP: 05616KBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97127.34     | 0.03%             | 2032-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Two Rivers West Community Development District                                   | TWO RIVERS WEST CDD FL SPL ASSMNT                            | CUSIP: 90207HAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105984.29    | 0.03%             | 2054-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Friendswood TX                                                           | FRIENDSWOOD TX SPL ASSMNT REVENUE                            | CUSIP: 358591AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    303000 | PA      | $303791.53    | 0.10%             | 2054-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority                                 | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE       | CUSIP: 47029WEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100096.44    | 0.03%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                        | CORPUS CHRISTI TX SPL ASSMNT REVENUE                         | CUSIP: 220233AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    103000 | PA      | $98580.25     | 0.03%             | 2054-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Co                                            | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202207.66    | 0.06%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1796764.62   | 0.57%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $194329.95    | 0.06%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                          | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003746.11   | 0.32%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hobe-St Lucie Conservancy District                                               | HOBE ST LUCIE CONSERVANCY DIST FL                            | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250248.20    | 0.08%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS REVENUE               | CUSIP: 14043FAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100652.04    | 0.03%             | 2059-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399TY2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    665000 | PA      | $616528.40    | 0.19%             | 2043-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    160000 | PA      | $169743.57    | 0.05%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP                          | CUSIP: 76221SBM2<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1805760.45   | 0.57%             | 2054-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EUP9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $237786.85    | 0.07%             | 2063-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Hardeeville SC                                                           | HARDEEVILLE SC ASSMNT REVENUE                                | CUSIP: 411716AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $71934.22     | 0.02%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakes of Sarasota Community Development District                                 | LAKES OF SARASOTA CDD FL IMPT REVENUE                        | CUSIP: 51206YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $182454.49    | 0.06%             | 2051-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Westside Haines City Community Development District                              | WESTSIDE HAINES CITY CDD SPL ASSMNT                          | CUSIP: 96150AAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $83410.21     | 0.03%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| St Louis County Industrial Development Authority                                 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS         | CUSIP: 791524CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472552.65    | 0.15%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    735000 | PA      | $638157.44    | 0.20%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TUW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $758301.34    | 0.24%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U46<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974150.47    | 0.31%             | 2044-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Viera Stewardship District                                                       | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE                 | CUSIP: 92670TAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $289975.73    | 0.09%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GCV5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    625000 | PA      | $619478.13    | 0.20%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | KANSAS CITY MO INDL DEV AUTH ECON ACTIVITY TAX REVENUE       | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    100000 | PA      | $91573.87     | 0.03%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130265.77    | 0.04%             | 2038-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y3Q0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5002175.90   | 1.58%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985224.53    | 0.31%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Poitras East Community Development District                                      | POITRAS EAST CDD FL SPL ASSMNT REVENUE                       | CUSIP: 73086BAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94069.35     | 0.03%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Higher Education Finance Corp                                           | NEW HOPE TX HGR EDU FIN CORP EDU REVENUE                     | CUSIP: 645438AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $236858.98    | 0.07%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $152192.36    | 0.05%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Boggy Creek Improvement District                                                 | BOGGY CREEK FL IMPT DIST SPL ASSMNT REVENUE                  | CUSIP: 097206AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $463278.12    | 0.15%             | 2043-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107944.54    | 0.03%             | 2039-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $246700.66    | 0.08%             | 2046-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Madeira Community Development District                                           | MADEIRA FL CDD CAPITAL IMPT REVENUE                          | CUSIP: 556344AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $593213.49    | 0.19%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lowery Hills Community Development District                                      | LOWERY HILLS CDD FL SPL ASSMNT                               | CUSIP: 548652AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $435504.23    | 0.14%             | 2032-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SPL FAC REVENUE                  | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960965.27    | 0.30%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ranches at Lake Mcleod Community Development District                            | RANCHES AT LAKE MCLEOD CDD FL SPL ASSMNT                     | CUSIP: 752041AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $257834.16    | 0.08%             | 2030-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 14                                     | VLG FL CDD #14 SPL ASSMNT REVENUE                            | CUSIP: 92708JAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97509.83     | 0.03%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505WC6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949583.89    | 0.30%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                 | PORT OF GTR CINCINNATI DEV AUTH OH REVENUE                   | CUSIP: 734195BQ2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    240000 | PA      | $232041.67    | 0.07%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Tahoe-Douglas Visitors Authority                                                 | TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE             | CUSIP: 873816AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490164.19    | 0.15%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3906992.06   | 1.23%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE     | CUSIP: 05616KBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955514.60    | 0.30%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1935169.06   | 0.61%             | 2042-05-01      | 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        |    150000 | PA      | $138994.50    | 0.04%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Riverpark Metropolitan District/Arapahoe County                                  | RIVERPARK MET DIST CO LIMITED TAX & SPL REVENUE              | CUSIP: 76883BAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976382.98    | 0.31%             | 2054-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Shadowlawn Community Development District                                        | SHADOWLAWN CDD FL SPL ASSMNT REVENUE                         | CUSIP: 818820AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480449.07    | 0.15%             | 2054-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Town of Milton DE                                                                | MILTON DE SPL OBLIG                                          | CUSIP: 601792AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100321.24    | 0.03%             | 2053-09-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Seminole Palms Community Development District                                    | SEMINOLE PALMS FL CDD SPL ASSMNT                             | CUSIP: 816775AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485402.34    | 0.15%             | 2044-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $202432.93    | 0.06%             | 2030-09-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH LEASE REVENUE           | CUSIP: 18610RCD4<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    750000 | PA      | $746039.66    | 0.23%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    725000 | PA      | $754022.90    | 0.24%             | 2032-07-15      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49393.26     | 0.02%             | 2031-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965588.68    | 0.30%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillcrest Preserve Community Development District                                | HILLCREST PRESERVE CDD FL SPL ASSMNT                         | CUSIP: 43153EAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947313.23    | 0.30%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4P3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90635.60     | 0.03%             | 2057-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498289.84    | 0.16%             | 2050-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100238.14    | 0.03%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Central Vermont Telecommunications District                                 | EAST CENTRL VT TELECOMMUNICATIONS DIST PROJ REVENUE          | CUSIP: 271524AY6<br>LEI: 549300UHVQS0JED3EZ33 | Long             | DBT              | MUN               | US        |    100000 | PA      | $80994.89     | 0.03%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Angelina & Neches River Authority                                                | ANGELINA & NECHES RIVER AUTH IND DEV CORP                    | CUSIP: 03469KAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $37500.00     | 0.01%             | 2045-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2978870.08   | 0.94%             | 2059-07-15      | Floating      | 10.00%                | 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        |  10350000 | PA      | $9954561.38   | 3.14%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Normandy Community Development District                                          | NORMANDY CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 65618HAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473823.59   | 0.46%             | 2044-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $463486.14    | 0.15%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DZ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515174.83    | 0.16%             | 2057-07-01      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    475000 | PA      | $488688.57    | 0.15%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie Tobacco Asset Securitization Corp                                           | ERIE CNTY NY TOBACCO ASSET SECURITIZATION CORP TOBACCO SETTL | CUSIP: 295095BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1888354.96   | 0.59%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SMJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496875.65    | 0.16%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pilot Point TX                                                           | PILOT POINT TX SPL ASSMNT REVENUE                            | CUSIP: 721614AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100623.51    | 0.03%             | 2045-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Mohegan Tribal Finance Authority                                                 | MOHEGAN TRIBAL CT FIN AUTH                                   | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $445591.29    | 0.14%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | CUSIP: 592190QZ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515798.84    | 0.16%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $758011.47    | 0.24%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917877.27    | 0.29%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UHJ6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    125000 | PA      | $119145.49    | 0.04%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marion Ranch Community Development District                                      | MARION RANCH CDD FL SPL ASSMNT                               | CUSIP: 570001AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507340.40    | 0.16%             | 2054-05-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TTQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949290.62    | 0.30%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     90000 | PA      | $99201.84     | 0.03%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496893.20    | 0.16%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1304414.31   | 0.41%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD28<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933518.68   | 0.61%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The                       | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE                       | CUSIP: 72177MSV0<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1153461.09   | 0.36%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136440.74   | 0.67%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    515000 | PA      | $350054.38    | 0.11%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                             | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE             | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101533.86    | 0.03%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Berry Bay II Community Development District                                      | BERRY BAY II CDD FL SPL ASSMNT                               | CUSIP: 08577DAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247605.17    | 0.08%             | 2031-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Clackamas County Hospital Facility Authority                                     | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE                      | CUSIP: 179027YA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $391562.22    | 0.12%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DHJ4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82076.15     | 0.03%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TKA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500043.83    | 0.16%             | 2044-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rancho Mirage Community Facilities District                                      | RANCHO MIRAGE CA CMNTY FACS DIST SPL TAX                     | CUSIP: 75213WCN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490677.68    | 0.15%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUB FIN AUTH WI TAX INCREMENT REVNUE                         | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990772.48    | 0.31%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North AR-1 Pasco Community Development District                                  | NORTH AR-1 PASCO CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 65725AAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96724.95     | 0.03%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Antillia Community Development District                                          | ANTILLIA CDD FL SPL ASSMNT                                   | CUSIP: 03706FAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504732.94    | 0.16%             | 2054-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                             | MANHATTAN KS HLTH CARE FAC REVENUE                           | CUSIP: 563017DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $104944.41    | 0.03%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399PJ9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93094.15     | 0.03%             | 2062-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502641.79    | 0.16%             | 2054-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PUA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $284708.87    | 0.09%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    812000 | PA      | $752456.41    | 0.24%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | CUSIP: 939783U20<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507206.08    | 0.16%             | 2059-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hyde Park Community Development District No 1                                    | HYDE PARK CDD #1 FL SPL ASSMNT                               | CUSIP: 448642AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1739717.62   | 0.55%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | CUSIP: 93978LGA8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    270000 | PA      | $269644.46    | 0.08%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250709.99    | 0.08%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Oak Point TX                                                             | OAK POINT TX SPL ASSMNT REVENUE                              | CUSIP: 67176TAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $522002.84    | 0.16%             | 2044-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022002.33   | 0.32%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                         | CALIFORNIA ST STWD FING AUTH TOBACCO SETTLEMENT              | CUSIP: 130923BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $264386.30    | 0.08%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Industrial Development Board | MET GOVT NASHVILLE & DAVIDSON CNTY TN INDL DEV BRD SPL ASSMN | CUSIP: 59211SAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $40897.43     | 0.01%             | 2043-06-01      | None          | 0.00%                 | 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