# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001410368-25-043419
**Filing Date:** 2025-12
**Character Count:** 206411
**Document Hash:** 7ff78b847b68e3573a70ff95f5e160cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043419.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043419

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ETF Trust II
- **CENTRAL INDEX KEY:** 0001804196

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251606826

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

October 31, 2025

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

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

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

---

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

---

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

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

------

Schedule of Investments (unaudited)

October 31, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Alabama — 7.5%** | **Alabama — 7.5%** | **Alabama — 7.5%** |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority RB <br> AMT, 5.00%, 06/01/55<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $2500 | $2573404 |
| Black Belt Energy Gas District RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 | &nbsp;&nbsp;&nbsp; 4970 | 5161113 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/55 | &nbsp;&nbsp;&nbsp; 2500 | 2743579 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/56 | &nbsp;&nbsp;&nbsp; 4500 | 4688902 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/54 | &nbsp;&nbsp;&nbsp; 2000 | 2219678 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District RB, 5.25%, <br> 07/01/54<br>| &nbsp;&nbsp;&nbsp; 600 | 658875 |
| &nbsp;&nbsp;&nbsp; Hoover Industrial Development Board RB AMT, <br> 5.75%, 10/01/49<br>| &nbsp;&nbsp;&nbsp; 3250 | 3296251 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The) RB, <br> 5.00%, 08/01/54<br>| &nbsp;&nbsp;&nbsp; 1000 | 1078906 |
| Southeast Energy Authority A Cooperative District RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56 | &nbsp;&nbsp;&nbsp; 6000 | 6423088 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/53 | &nbsp;&nbsp;&nbsp; 100 | 108376 |
| &nbsp;&nbsp;&nbsp; Stadium Trace Village Improvement District (The) RB, <br> 3.63%, 03/01/36<br>| &nbsp;&nbsp;&nbsp; 1180 | 1080001 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority <br> RB, 5.25%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 175 | 176134 |
|  |  | 30208307 |
| **Arizona — 2.0%** | **Arizona — 2.0%** | **Arizona — 2.0%** |
| Arizona Industrial Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 590 | 590272 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155 | 155571 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority RB, 4.00%, <br> 05/15/28<br>| &nbsp;&nbsp;&nbsp; 380 | 375256 |
| &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 | 1142747 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority <br> RB, 7.38%, 10/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3750 | 3935404 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority RB <br> AMT, 4.00%, 10/15/47<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 170195 |
| Sierra Vista Industrial Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1045632 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/53<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 160 | 161068 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/64<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 512955 |
|  |  | 8089100 |
| **Arkansas — 0.3%** | **Arkansas — 0.3%** | **Arkansas — 0.3%** |
| Arkansas Development Finance Authority RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/52 | &nbsp;&nbsp;&nbsp; 150 | 150649 |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1077340 |
|  |  | 1227989 |
| **California — 7.8%** | **California — 7.8%** | **California — 7.8%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority RB, <br> 5.00%, 01/01/55<br>| &nbsp;&nbsp;&nbsp; 4150 | 4407527 |
| California County Tobacco Securitization Agency RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/47 | &nbsp;&nbsp;&nbsp; 1370 | 1235687 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/49 | &nbsp;&nbsp;&nbsp; 525 | 524769 |
| California Enterprise Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 600 | 557881 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3000 | 3001218 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank RB AMT, 9.50%, 01/01/65<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 10350 | 8280000 |
| California Municipal Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp; 1000 | 1017226 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 800 | 801579 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 202158 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority RB AMT, <br> 4.00%, 07/15/29<br>| &nbsp;&nbsp;&nbsp; 7200 | 7277340 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority RB, <br> 5.00%, 07/01/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 513873 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &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 | $501183 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 997026 |
| &nbsp;&nbsp;&nbsp; California Statewide Financing Authority RB, 0.00%, <br> 06/01/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4250 | 259979 |
| CSCDA Community Improvement Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 203873 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/58<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 64084 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp. RB, <br> 0.00%, 06/01/36<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1205 | 584966 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California <br> RB, 5.00%, 06/01/48<br>| &nbsp;&nbsp;&nbsp; 1000 | 1001712 |
|  |  | 31432081 |
| **Colorado — 4.3%** | **Colorado — 4.3%** | **Colorado — 4.3%** |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado RB AMT, 5.00%, <br> 10/01/32<br>| &nbsp;&nbsp;&nbsp; 9595 | 9595058 |
| &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 | 96457 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 125 | 121719 |
| Colorado Health Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/49 | &nbsp;&nbsp;&nbsp; 100 | 73993 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/39 | &nbsp;&nbsp;&nbsp; 65 | 70853 |
| &nbsp;&nbsp;&nbsp; Elbert County Independence Water & Sanitation <br> District RB, 5.13%, 12/01/33<br>| &nbsp;&nbsp;&nbsp; 1500 | 1555439 |
| &nbsp;&nbsp;&nbsp; Four Corners Business Improvement District GOL, <br> 6.00%, 12/01/52<br>| &nbsp;&nbsp;&nbsp; 1500 | 1514922 |
| &nbsp;&nbsp;&nbsp; Granary Metropolitan District No. 9 Special <br> Assessment District No. 1, 5.45%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 760 | 761969 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3 GOL, <br> 7.13%, 12/15/54<br>| &nbsp;&nbsp;&nbsp; 500 | 503612 |
| &nbsp;&nbsp;&nbsp; Loretto Heights Community Authority RB, 4.88%, <br> 12/01/51<br>| &nbsp;&nbsp;&nbsp; 500 | 396593 |
| &nbsp;&nbsp;&nbsp; Pueblo Urban Renewal Authority, Series B, 0.00%, <br> 12/01/25<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 149377 |
| &nbsp;&nbsp;&nbsp; Redtail Ridge Metropolitan District GOL, 0.00%, <br> 12/01/32<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2193 | 1362580 |
| &nbsp;&nbsp;&nbsp; Riverpark Metropolitan District/Arapahoe County GOL, <br> 6.38%, 12/01/54<br>| &nbsp;&nbsp;&nbsp; 1000 | 1016815 |
|  |  | 17219387 |
| **Connecticut — 0.8%** | **Connecticut — 0.8%** | **Connecticut — 0.8%** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority RB, 5.38%, 07/01/54<br>| &nbsp;&nbsp;&nbsp; 205 | 200824 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Finance Authority RB, 7.00%, <br> 02/01/45<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 455 | 458566 |
| Stamford Housing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/30 | &nbsp;&nbsp;&nbsp; 1500 | 1515250 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/35 | &nbsp;&nbsp;&nbsp; 800 | 838067 |
|  |  | 3012707 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| &nbsp;&nbsp;&nbsp; Affordable Housing Opportunities Trust RB, 6.88%, <br> 05/01/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 118 | 119020 |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority RB, <br> 4.00%, 10/01/45<br>| &nbsp;&nbsp;&nbsp; 800 | 807397 |
|  |  | 926417 |
| **District of Columbia — 0.2%** | **District of Columbia — 0.2%** | **District of Columbia — 0.2%** |
| District of Columbia RB AMT, 5.50%, 02/28/37 | &nbsp;&nbsp;&nbsp; 90 | 102931 |
| &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 | 594176 |
|  |  | 697107 |
| **Florida — 18.2%** | **Florida — 18.2%** | **Florida — 18.2%** |
| &nbsp;&nbsp;&nbsp; Alachua County Housing Finance Authority RB, <br> 4.90%, 07/01/29<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1850 | 1858570 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| &nbsp;&nbsp;&nbsp; Arbor Park Phase 1 Community Development District, <br> 5.75%, 05/01/35<br>| &nbsp;&nbsp;&nbsp; $2000 | $2112035 |
| &nbsp;&nbsp;&nbsp; Avenir Community Development District, 4.75%, <br> 11/01/50<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 393 | 393000 |
| &nbsp;&nbsp;&nbsp; Babcock Ranch Community Independent <br> Special District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/32 | &nbsp;&nbsp;&nbsp; 100 | 101164 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | &nbsp;&nbsp;&nbsp; 1000 | 1013687 |
| &nbsp;&nbsp;&nbsp; Berry Bay II Community Development District, 4.45%, <br> 05/01/31<br>| &nbsp;&nbsp;&nbsp; 215 | 217516 |
| Boggy Creek Improvement District, 5.13%, 05/01/43 | &nbsp;&nbsp;&nbsp; 460 | 460031 |
| &nbsp;&nbsp;&nbsp; Bradbury Community Development District, 4.38%, <br> 05/01/30<br>| &nbsp;&nbsp;&nbsp; 1620 | 1633302 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority RB, 4.00%, <br> 11/15/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 150 | 143136 |
| Buckhead Trails Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/01/31 | &nbsp;&nbsp;&nbsp; 910 | 921131 |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/01/44 | &nbsp;&nbsp;&nbsp; 215 | 217181 |
| &nbsp;&nbsp;&nbsp; Cabot Citrus Farms Community Development District, <br> 5.25%, 03/01/29<br>| &nbsp;&nbsp;&nbsp; 500 | 506196 |
| Capital Trust Agency Inc. RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 79341 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 230 | 211870 |
| City of Pompano Beach Florida RB, 5.00%, 09/01/39 | &nbsp;&nbsp;&nbsp; 1590 | 1590410 |
| &nbsp;&nbsp;&nbsp; Coastal Ridge Community Development District, <br> 4.40%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 2250 | 2275942 |
| County of Lake Florida RB, 5.00%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1350 | 1247097 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue RB AMT, <br> 5.00%, 10/01/40<br>| &nbsp;&nbsp;&nbsp; 3500 | 3541293 |
| Crossings Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/31 | &nbsp;&nbsp;&nbsp; 265 | 269090 |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/01/44 | &nbsp;&nbsp;&nbsp; 1000 | 1009291 |
| &nbsp;&nbsp;&nbsp; Curiosity Creek Community Development District, <br> 4.65%, 05/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 300 | 303755 |
| &nbsp;&nbsp;&nbsp; Cypress Creek Reserve Community Development <br> District, 4.20%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 750 | 757353 |
| &nbsp;&nbsp;&nbsp; Cypress Reserve Community Development District, <br> 4.00%, 05/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 300 | 295688 |
| &nbsp;&nbsp;&nbsp; Darby Community Development District, 5.88%, <br> 05/01/35<br>| &nbsp;&nbsp;&nbsp; 140 | 147422 |
| &nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority RB, <br> 5.00%, 08/15/40<br>| &nbsp;&nbsp;&nbsp; 1000 | 1020862 |
| Florida Development Finance Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/50 | &nbsp;&nbsp;&nbsp; 400 | 398304 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 417382 |
| Florida Development Finance Corp. RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2880 | 2923153 |
| &nbsp;&nbsp;&nbsp; 12.00%, 07/15/59<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 2900 | 1363000 |
| Florida Housing Finance Corp. RB, 5.00%, 06/01/57 | &nbsp;&nbsp;&nbsp; 1965 | 1955325 |
| &nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission RB, <br> 4.45%, 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 1009181 |
| &nbsp;&nbsp;&nbsp; Gas Worx Community Development District, 4.63%, <br> 05/01/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 345 | 351962 |
| &nbsp;&nbsp;&nbsp; Greenbriar Community Development District, 4.80%, <br> 05/01/32<br>| &nbsp;&nbsp;&nbsp; 405 | 413506 |
| Hammock Oaks Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 670 | 685247 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/44 | &nbsp;&nbsp;&nbsp; 100 | 101880 |
| &nbsp;&nbsp;&nbsp; Hickory Tree Community Development District, 5.15%, <br> 05/01/44<br>| &nbsp;&nbsp;&nbsp; 1000 | 998909 |
| &nbsp;&nbsp;&nbsp; Hillcrest Preserve Community Development District, <br> 5.00%, 05/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 983508 |
| &nbsp;&nbsp;&nbsp; Hyde Park Community Development District No. 1, <br> 5.25%, 05/01/34<br>| &nbsp;&nbsp;&nbsp; 1690 | 1739711 |
| &nbsp;&nbsp;&nbsp; Ibis Landing Community Development District, 4.13%, <br> 06/15/30<br>| &nbsp;&nbsp;&nbsp; 200 | 201695 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| &nbsp;&nbsp;&nbsp; KD52 Community Development District No. 1, 4.25%, <br> 05/01/30<br>| &nbsp;&nbsp;&nbsp; $2360 | $2326277 |
| Kings Creek I Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/30 | &nbsp;&nbsp;&nbsp; 300 | 303957 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/36 | &nbsp;&nbsp;&nbsp; 455 | 473304 |
| &nbsp;&nbsp;&nbsp; Kingston One Community Development District, <br> 4.25%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 1000 | 1009590 |
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota Community Development District, <br> 5.25%, 05/01/34<br>| &nbsp;&nbsp;&nbsp; 2325 | 2391757 |
| Lakes of Sarasota Community Development District 2 |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/01/35 | &nbsp;&nbsp;&nbsp; 3040 | 3136153 |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/01/35 | &nbsp;&nbsp;&nbsp; 3175 | 3279656 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority Florida <br> RB, 4.75%, 11/15/29<br>| &nbsp;&nbsp;&nbsp; 250 | 251650 |
| &nbsp;&nbsp;&nbsp; Lowery Hills Community Development District, 4.55%, <br> 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 440 | 446991 |
| &nbsp;&nbsp;&nbsp; LTC Ranch West Residential Community <br> Development District, 4.75%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 305 | 309087 |
| &nbsp;&nbsp;&nbsp; Madeira Community Development District, 5.00%, <br> 05/01/39<br>| &nbsp;&nbsp;&nbsp; 585 | 626212 |
| &nbsp;&nbsp;&nbsp; Magnolia Island Community Development District, <br> 5.55%, 05/01/45<br>| &nbsp;&nbsp;&nbsp; 750 | 755263 |
| &nbsp;&nbsp;&nbsp; Malabar Springs Community Development District, <br> 4.50%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 440 | 444746 |
| Newfield Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/30 | &nbsp;&nbsp;&nbsp; 765 | 775763 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/35 | &nbsp;&nbsp;&nbsp; 795 | 844273 |
| Normandy Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2035 | 2056004 |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1500 | 1472407 |
| &nbsp;&nbsp;&nbsp; North-1 Pasco Community Development District, <br> 5.75%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 65 | 66715 |
| &nbsp;&nbsp;&nbsp; Parrish Lakes II Community Development District, <br> 4.25%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 1165 | 1176231 |
| &nbsp;&nbsp;&nbsp; Parrish Plantation Community Development District, <br> 5.63%, 05/01/44<br>| &nbsp;&nbsp;&nbsp; 250 | 256889 |
| &nbsp;&nbsp;&nbsp; Ranches at Lake Mcleod Community <br> Development District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/15/30 | &nbsp;&nbsp;&nbsp; 260 | 263361 |
| &nbsp;&nbsp;&nbsp; 4.55%, 06/15/35 | &nbsp;&nbsp;&nbsp; 370 | 381183 |
| &nbsp;&nbsp;&nbsp; Reflection Bay Community Development District, <br> 4.50%, 05/01/30<br>| &nbsp;&nbsp;&nbsp; 325 | 329534 |
| &nbsp;&nbsp;&nbsp; Rustic Oaks Community Development District, 3.20%, <br> 05/01/32<br>| &nbsp;&nbsp;&nbsp; 1000 | 953599 |
| &nbsp;&nbsp;&nbsp; Solaeris Community Development District, 4.63%, <br> 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1085 | 1099860 |
| Sunrise Community Development District |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 750 | 748615 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 880 | 874519 |
| &nbsp;&nbsp;&nbsp; Three Rivers Community Development District, <br> 4.13%, 05/01/31<br>| &nbsp;&nbsp;&nbsp; 1965 | 1951420 |
| &nbsp;&nbsp;&nbsp; Tradition Community Development District No. 9, <br> 4.35%, 05/01/32<br>| &nbsp;&nbsp;&nbsp; 535 | 549967 |
| &nbsp;&nbsp;&nbsp; Two Lakes Community Development District, 5.00%, <br> 05/01/44<br>| &nbsp;&nbsp;&nbsp; 1000 | 1021580 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 14, <br> 5.38%, 05/01/42<br>| &nbsp;&nbsp;&nbsp; 95 | 97988 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 16, <br> 4.00%, 05/01/35<br>| &nbsp;&nbsp;&nbsp; 2605 | 2614699 |
| West Villages Improvement District |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/31 | &nbsp;&nbsp;&nbsp; 505 | 511631 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/32 | &nbsp;&nbsp;&nbsp; 1500 | 1502538 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/39 | &nbsp;&nbsp;&nbsp; 1750 | 1754063 |
|  |  | 72926608 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Georgia — 0.8%** | **Georgia — 0.8%** | **Georgia — 0.8%** |
| Atlanta Development Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $180 | $183741 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 280 | 287666 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Water & Wastewater Revenue RB, <br> 5.00%, 11/01/40<br>| &nbsp;&nbsp;&nbsp; 1400 | 1401645 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County (The) RB, <br> 5.70%, 06/15/38<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 275 | 277931 |
| Main Street Natural Gas Inc. RB, 5.00%, 12/01/52 | &nbsp;&nbsp;&nbsp; 1000 | 1050372 |
|  |  | 3201355 |
| **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 | 626340 |
| **Illinois — 3.2%** | **Illinois — 3.2%** | **Illinois — 3.2%** |
| Chicago Board of Education GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/36 | &nbsp;&nbsp;&nbsp; 3000 | 2983730 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 1000 | 907381 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 475 | 431006 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/46 | &nbsp;&nbsp;&nbsp; 500 | 453690 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/47 | &nbsp;&nbsp;&nbsp; 500 | 450611 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/32 | &nbsp;&nbsp;&nbsp; 625 | 662595 |
| &nbsp;&nbsp;&nbsp; City of Marion IL Sales Tax Revenue RB, 6.38%, <br> 06/01/45<br>| &nbsp;&nbsp;&nbsp; 330 | 329545 |
| County of Cook Illinois RB, 6.50%, 01/01/45 | &nbsp;&nbsp;&nbsp; 750 | 755194 |
| Illinois Finance Authority RB, 5.25%, 10/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 524277 |
| Illinois State Toll Highway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/37 | &nbsp;&nbsp;&nbsp; 250 | 250308 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/38 | &nbsp;&nbsp;&nbsp; 5000 | 5005750 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority RB, 4.00%, <br> 06/15/50<br>| &nbsp;&nbsp;&nbsp; 175 | 151326 |
|  |  | 12905413 |
| **Indiana — 0.3%** | **Indiana — 0.3%** | **Indiana — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Indiana RB AMT, 4.50%, <br> 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 103463 |
| Indiana Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A,4.13%, 12/01/26 | &nbsp;&nbsp;&nbsp; 640 | 639564 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 545 | 544271 |
|  |  | 1287298 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** | **Kentucky — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky RB AMT, 4.70%, <br> 01/01/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 650 | 614553 |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority <br> RB, 5.25%, 06/01/41<br>| &nbsp;&nbsp;&nbsp; 1000 | 1009235 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority RB, 4.00%, <br> 02/01/50<br>| &nbsp;&nbsp;&nbsp; 500 | 508447 |
|  |  | 2132235 |
| **Louisiana — 2.5%** | **Louisiana — 2.5%** | **Louisiana — 2.5%** |
| &nbsp;&nbsp;&nbsp; Juban Crossing Community Development District, <br> 6.25%, 06/01/34<br>| &nbsp;&nbsp;&nbsp; 3000 | 3129063 |
| Louisiana Public Facilities Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1285 | 1261042 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 665 | 633387 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 90346 |
| Parish of St. James Louisiana RB, 3.70%, 08/01/41 | &nbsp;&nbsp;&nbsp; 5000 | 5048742 |
|  |  | 10162580 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Finance Authority of Maine RB, 9.50%, 06/01/32 | &nbsp;&nbsp;&nbsp; 25 | 12822 |
| Finance Authority of Maine RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 175 | 176709 |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/32 | &nbsp;&nbsp;&nbsp; 25 | 12842 |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/35 | &nbsp;&nbsp;&nbsp; 130 | 66366 |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority <br> RB, 4.00%, 07/01/37<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 260 | 226496 |
|  |  | 495235 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| City of Baltimore Maryland RB, 4.50%, 06/01/33 | &nbsp;&nbsp;&nbsp; $100 | $102219 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp. RB AMT, <br> 5.25%, 06/30/55<br>| &nbsp;&nbsp;&nbsp; 315 | 310561 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority RB, 5.50%, 01/01/46<br>| &nbsp;&nbsp;&nbsp; 245 | 247772 |
|  |  | 660552 |
| **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Detroit Michigan GOL, Series B-1, 4.00%, <br> 04/01/44<br>| &nbsp;&nbsp;&nbsp; 348 | 277104 |
| Flint International Academy RB, 5.75%, 10/01/37 | &nbsp;&nbsp;&nbsp; 2485 | 2485120 |
| Michigan Strategic Fund RB, 5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp; 1260 | 1306968 |
| Michigan Strategic Fund RB AMT, 4.00%, 10/01/61 | &nbsp;&nbsp;&nbsp; 550 | 549611 |
|  |  | 4618803 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** | **Minnesota — 0.1%** |
| City of Forest Lake Minnesota RB, 5.00%, 07/01/56 | &nbsp;&nbsp;&nbsp; 260 | 215074 |
| **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority RB, <br> 5.00%, 06/01/46<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 115 | 112238 |
| **Nevada — 0.3%** | **Nevada — 0.3%** | **Nevada — 0.3%** |
| &nbsp;&nbsp;&nbsp; Sparks Tourism Improvement District No. 1 RB, <br> 3.88%, 06/15/28<br>| &nbsp;&nbsp;&nbsp; 1250 | 1249077 |
| **New Hampshire — 3.1%** | **New Hampshire — 3.1%** | **New Hampshire — 3.1%** |
| New Hampshire Business Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 255 | 172001 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2500 | 1552228 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2585 | 1587606 |
| &nbsp;&nbsp;&nbsp; 3.63%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 208403 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2449 | 2449439 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 566 | 567523 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1229 | 1229780 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/28/42 | &nbsp;&nbsp;&nbsp; 470 | 490661 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1530 | 1541139 |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1645 | 1651973 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority RB AMT, <br> Class A, AMT, 4.00%, 10/01/33, <br> (SIFMA Municipal Swap Index)<br>| &nbsp;&nbsp;&nbsp; 910 | 911016 |
|  |  | 12361769 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The) RB, <br> 6.00%, 06/15/62<br>| &nbsp;&nbsp;&nbsp; 75 | 77979 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority RB <br> AMT, 6.38%, 01/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 835 | 867291 |
|  |  | 945270 |
| **New York — 7.9%** | **New York — 7.9%** | **New York — 7.9%** |
| Build NYC Resource Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 | &nbsp;&nbsp;&nbsp; 245 | 243294 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/01/33 | &nbsp;&nbsp;&nbsp; 175 | 182388 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 498722 |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp. RB, 5.00%, <br> 06/01/38<br>| &nbsp;&nbsp;&nbsp; 2000 | 1842980 |
| &nbsp;&nbsp;&nbsp; New York Energy Finance Development Corp. RB, <br> 5.00%, 07/01/56<br>| &nbsp;&nbsp;&nbsp; 5000 | 5374969 |
| New York Liberty Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 499990 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 550 | 550101 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp. <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1012031 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250 | 262093 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. RB, <br> 5.00%, 12/01/38<br>| &nbsp;&nbsp;&nbsp; 500 | 531808 |
| New York Transportation Development Corp. RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/31 | &nbsp;&nbsp;&nbsp; 1000 | 946369 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/30 | &nbsp;&nbsp;&nbsp; $250 | $258712 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/40 | &nbsp;&nbsp;&nbsp; 2310 | 2345668 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/46 | &nbsp;&nbsp;&nbsp; 7000 | 6969465 |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/31 | &nbsp;&nbsp;&nbsp; 9150 | 9570400 |
| Suffolk Regional Off-Track Betting Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34 | &nbsp;&nbsp;&nbsp; 100 | 103059 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/44 | &nbsp;&nbsp;&nbsp; 200 | 203266 |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/53 | &nbsp;&nbsp;&nbsp; 200 | 202899 |
|  |  | 31598214 |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** | **North Carolina — 0.2%** |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission RB, 5.00%, <br> 09/01/34<br>| &nbsp;&nbsp;&nbsp; 900 | 950538 |
| **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 | 756975 |
| **Ohio — 0.9%** | **Ohio — 0.9%** | **Ohio — 0.9%** |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority RB, <br> 5.25%, 01/01/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 750 | 778970 |
| &nbsp;&nbsp;&nbsp; Hickory Chase Community Authority RB, 5.00%, <br> 12/01/40<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 330 | 335002 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority RB AMT, <br> 4.50%, 01/15/48<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2400 | 2231818 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority RB, <br> 3.75%, 12/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 240 | 242782 |
|  |  | 3588572 |
| **Oklahoma — 0.5%** | **Oklahoma — 0.5%** | **Oklahoma — 0.5%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority RB, <br> Series A-2, 7.25%, 09/01/51<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 250437 |
| &nbsp;&nbsp;&nbsp; Tulsa Authority for Economic Opportunity, 4.38%, <br> 12/01/41<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 92936 |
| Tulsa County Industrial Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 | &nbsp;&nbsp;&nbsp; 335 | 340994 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp; 500 | 500078 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/45 | &nbsp;&nbsp;&nbsp; 75 | 74986 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees Oklahoma RB <br> AMT, 6.25%, 12/01/35<br>| &nbsp;&nbsp;&nbsp; 680 | 784175 |
|  |  | 2043606 |
| **Oregon — 0.4%** | **Oregon — 0.4%** | **Oregon — 0.4%** |
| Port of Morrow Oregon GOL, 5.15%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1570 | 1569959 |
| **Pennsylvania — 5.8%** | **Pennsylvania — 5.8%** | **Pennsylvania — 5.8%** |
| &nbsp;&nbsp;&nbsp; Allegheny Community Broadband Inc. RB, 7.50%, <br> 09/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 255 | 259065 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 370 | 377887 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1000694 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2038562 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1140 | 1235356 |
| &nbsp;&nbsp;&nbsp; Beaver County Industrial Development Authority RB, <br> 3.75%, 10/01/47<br>| &nbsp;&nbsp;&nbsp; 295 | 248075 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority RB, <br> 5.00%, 05/15/37<br>| &nbsp;&nbsp;&nbsp; 2500 | 2528142 |
| &nbsp;&nbsp;&nbsp; Berks County Municipal Authority (The) RB, 5.00%, <br> 10/01/39<br>| &nbsp;&nbsp;&nbsp; 390 | 366402 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue <br> RB, Series A, 5.00%, 10/01/42<br>| &nbsp;&nbsp;&nbsp; 6475 | 6610392 |
| Doylestown Hospital Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 106295 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/39<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 109732 |
| &nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of <br> Philadelphia (The) RB, 5.00%, 07/01/33<br>| &nbsp;&nbsp;&nbsp; 4870 | 4949670 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority Pennsylvania RB, <br> 5.25%, 07/01/41<br>| &nbsp;&nbsp;&nbsp; 100 | 98204 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/37 | &nbsp;&nbsp;&nbsp; $230 | $232061 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/38 | &nbsp;&nbsp;&nbsp; 130 | 131086 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/30/53 | &nbsp;&nbsp;&nbsp; 100 | 101289 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/30/48 | &nbsp;&nbsp;&nbsp; 860 | 896638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRDN, 4.00%, 06/01/41 <br> (SIFMA Municipal Swap Index)<br>| &nbsp;&nbsp;&nbsp; 915 | 915905 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency <br> RB AMT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/31 | &nbsp;&nbsp;&nbsp; 1000 | 1063572 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/51 | &nbsp;&nbsp;&nbsp; 100 | 97552 |
|  |  | 23366579 |
| **Puerto Rico — 1.2%** | **Puerto Rico — 1.2%** | **Puerto Rico — 1.2%** |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund RB, Series A, 0.00%, <br> 05/15/57<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1180 | 55749 |
| Commonwealth of Puerto Rico GO |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 515 | 371499 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/31 | &nbsp;&nbsp;&nbsp; 2546 | 2822616 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct & Sewer <br> Authority RB, 5.00%, 07/01/37<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1500 | 1550683 |
|  |  | 4800547 |
| **Rhode Island — 0.3%** | **Rhode Island — 0.3%** | **Rhode Island — 0.3%** |
| Rhode Island Commerce Corp. RB, 5.00%, 07/01/37 | &nbsp;&nbsp;&nbsp; 1110 | 1115077 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. RB, 5.00%, <br> 06/01/50<br>| &nbsp;&nbsp;&nbsp; 60 | 59335 |
|  |  | 1174412 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Goose Creek South Carolina, 5.00%, <br> 10/01/35<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 405 | 420672 |
| City of Hardeeville South Carolina, 4.00%, 05/01/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 75977 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency RB, 5.25%, <br> 10/01/54<br>| &nbsp;&nbsp;&nbsp; 160 | 174542 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority <br> RB, 7.50%, 08/15/62<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 25 | 22330 |
|  |  | 693521 |
| **Tennessee — 0.2%** | **Tennessee — 0.2%** | **Tennessee — 0.2%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson <br> County Health & Educational Facilities Board RB, <br> 5.00%, 10/01/37<br>| &nbsp;&nbsp;&nbsp; 345 | 351301 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson <br> County Industrial Development Board, 0.00%, <br> 06/01/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 95 | 40482 |
| Tennergy Corp. Tennessee RB, 5.50%, 10/01/53 | &nbsp;&nbsp;&nbsp; 500 | 542185 |
|  |  | 933968 |
| **Texas — 9.2%** | **Texas — 9.2%** | **Texas — 9.2%** |
| &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 | 2156 |
| Arlington Higher Education Finance Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/62 | &nbsp;&nbsp;&nbsp; 250 | 130000 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 15000 |
| &nbsp;&nbsp;&nbsp; Bexar County Health Facilities Development Corp. <br> RB, 5.00%, 07/15/26<br>| &nbsp;&nbsp;&nbsp; 110 | 110212 |
| City of Buda Texas |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100 | 101743 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 640 | 648842 |
| City of Celina Texas |  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205 | 206423 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1435 | 1446820 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2028138 |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 333 | 338883 |
| City of Corpus Christi Texas |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/15/31 | &nbsp;&nbsp;&nbsp; 100 | 103878 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/44 | &nbsp;&nbsp;&nbsp; $100 | $99868 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/54 | &nbsp;&nbsp;&nbsp; 103 | 103357 |
| City of Ennis Texas, 4.13%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 650 | 645609 |
| City of Friendswood Texas, 7.00%, 09/15/54 | &nbsp;&nbsp;&nbsp; 303 | 305219 |
| City of Houston Airport System Revenue RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 | &nbsp;&nbsp;&nbsp; 1250 | 1274998 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/35 | &nbsp;&nbsp;&nbsp; 2000 | 2222519 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/38 | &nbsp;&nbsp;&nbsp; 200 | 217146 |
| City of Lowry Crossing Texas, 4.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 202216 |
| City of Marble Falls Texas, 6.38%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 487300 |
| City of Oak Point Texas, 4.70%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 200 | 201525 |
| City of Pilot Point Texas, 6.13%, 09/15/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 240 | 248410 |
| City of Princeton Texas |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 300 | 302390 |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 50197 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50 | 48971 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75 | 72647 |
| City of Seagoville Texas, 4.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 532 | 536704 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. RB, 5.00%, <br> 06/15/34<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 200 | 198035 |
| &nbsp;&nbsp;&nbsp; Club Municipal Management District No. 1, 4.38%, <br> 09/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1500 | 1519761 |
| County of Denton Texas |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1825 | 1855021 |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 650 | 654354 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1035650 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/31/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 995145 |
| &nbsp;&nbsp;&nbsp; Mesquite Housing Finance Corp. (The) RB, 4.53%, <br> 02/01/44 (FNMA)<br>| &nbsp;&nbsp;&nbsp; 1000 | 1016321 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp. RB AMT, <br> 4.63%, 10/01/31<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3700 | 3712761 |
| &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 | 850292 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 941037 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/35 | &nbsp;&nbsp;&nbsp; 750 | 787879 |
| &nbsp;&nbsp;&nbsp; New Hope Higher Education Finance Corp. RB, <br> Series A, 5.00%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 250 | 229661 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority <br> RB, 4.10%, 01/01/28<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2300 | 2073420 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District RB, 10.00%, <br> 07/01/26<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 6000 | 6021700 |
| Port of Beaumont Navigation District RB AMT |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/50<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1810 | 1393721 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/54<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 600 | 576306 |
| &nbsp;&nbsp;&nbsp; Town of Trophy Club Public Improvement District No. <br> 1, 5.00%, 09/01/30<br>| &nbsp;&nbsp;&nbsp; 1000 | 1057969 |
|  |  | 37070204 |
| **Utah — 1.7%** | **Utah — 1.7%** | **Utah — 1.7%** |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, <br> 5.50%, 06/15/39<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2250 | 2302691 |
| Utah Charter School Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 915 | 827436 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/40<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1450 | 1406919 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/44 (UT CSCE) | &nbsp;&nbsp;&nbsp; 500 | 499993 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 730 | 747938 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 790 | 743631 |
| Utah Infrastructure Agency RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/44 | &nbsp;&nbsp;&nbsp; 55 | 57076 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/48 | &nbsp;&nbsp;&nbsp; 50 | 51260 |
|  |  | 6636944 |
| **Vermont — 4.3%** | **Vermont — 4.3%** | **Vermont — 4.3%** |
| &nbsp;&nbsp;&nbsp; East Central Vermont Telecommunications District RB, <br> 4.50%, 12/01/44<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 100 | 82476 |
| &nbsp;&nbsp;&nbsp; University of Vermont & State Agricultural College RB, <br> 5.00%, 10/01/40<br>| &nbsp;&nbsp;&nbsp; 12000 | 12003889 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Vermont (continued)** | **Vermont (continued)** | **Vermont (continued)** |
| &nbsp;&nbsp;&nbsp; Vermont Economic Development Authority RB AMT, <br> 5.00%, 06/01/52<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $5000 | $5064555 |
|  |  | 17150920 |
| **Virginia — 0.4%** | **Virginia — 0.4%** | **Virginia — 0.4%** |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. RB, Series B1, <br> 5.00%, 06/01/47<br>| &nbsp;&nbsp;&nbsp; 1550 | 1298908 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority RB, 5.38%, <br> 09/01/29<br>| &nbsp;&nbsp;&nbsp; 100 | 100767 |
|  |  | 1399675 |
| **Washington — 1.0%** | **Washington — 1.0%** | **Washington — 1.0%** |
| County of King Sewer Revenue RB, 4.00%, 07/01/39 | &nbsp;&nbsp;&nbsp; 500 | 500089 |
| Washington State Housing Finance Commission RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/20/37 | &nbsp;&nbsp;&nbsp; 981 | 926620 |
| &nbsp;&nbsp;&nbsp; 3.95%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 295 | 295007 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 945 | 945604 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 499956 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/44<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 974640 |
|  |  | 4141916 |
| **Wisconsin — 5.1%** | **Wisconsin — 5.1%** | **Wisconsin — 5.1%** |
| Public Finance Authority, 5.00%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1016285 |
| Public Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1299 | 836797 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/37<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1760 | 894717 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/38<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 365 | 167464 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 285 | 288265 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 294 | 294276 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 315 | 317532 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5265 | 5519733 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 825 | 854273 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2547 | 2494754 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | 21098 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/51<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 65 | 42526 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2000 | 2004934 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 561 | 560684 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1500 | 1499793 |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/01/59<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1000 | 1126438 |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 310 | 313854 |
| &nbsp;&nbsp;&nbsp; 12.00%, 05/16/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 105 | 120092 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500 | 394205 |
| Public Finance Authority RB AMT, 5.50%, 07/01/44 | &nbsp;&nbsp;&nbsp; 1750 | 1814776 |
|  |  | 20582496 |
| **Total Municipal Debt Obligations — 93.5%** <br>**(Cost: $376,357,900)** | **Total Municipal Debt Obligations — 93.5%** <br>**(Cost: $376,357,900)** | 375171988 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Timberhp by Go Lab Inc., NVS<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 15027 | 100831 |
| **Total Common Stocks — 0.1%** <br>**(Cost $26)** | **Total Common Stocks — 0.1%** <br>**(Cost $26)** | 100831 |
| **Total Long-Term Investments — 93.6%** <br>**(Cost: $376,357,926)** | **Total Long-Term Investments — 93.6%** <br>**(Cost: $376,357,926)** | 375272819 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.2%** | **Money Market Funds — 6.2%** | **Money Market Funds — 6.2%** |
| BlackRock Liquidity Funds: MuniCash, 3.01%<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp; 24994022 | $24996521 |
| **Total Short-Term Securities — 6.2%** <br>**(Cost: $24,996,433)** | **Total Short-Term Securities — 6.2%** <br>**(Cost: $24,996,433)** | 24996521 |
| **Total Investments — 99.8%** <br>**(Cost: $401,354,359)** | **Total Investments — 99.8%** <br>**(Cost: $401,354,359)** | 400269340 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 879626 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $401148966 |

---

&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> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds: MuniCash | $45910228 | $—<br> $(20913706 )<sup>(a)</sup><br>| $— | $(1)<br>| $24996521 | 24994022 | $243198 | $— |

---

&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; $375171988 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $375171988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100831 | &nbsp;&nbsp; 100831 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $24996521 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24996521 |
|  | &nbsp;&nbsp; $24996521 | &nbsp;&nbsp; $375171988 | &nbsp;&nbsp; $100831 | &nbsp;&nbsp; $400269340 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| NVS | Non-Voting Shares |
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| GO | General Obligation |
| GOL | General Obligation Limited |

---

---

| | |
|:---|:---|
| PILOT | Payment in Lieu of Taxes |
| RB | Revenue Bonds |
| SIFMA | Securities Industry and Financial Markets Associations |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $405467442.50

**Total Liabilities:** $8773785.82

**Net Assets:** $396693656.68

**Delayed Delivery Securities:** $6677282.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1380.58000000 | **1-Year:** 7428.64000000 | **5-Year:** 23783.12000000 | **10-Year:** 10090.72000000 | **30-Year:** 5204.95000000

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

- **3-Month:** 940.36000000 | **1-Year:** 5776.86000000 | **5-Year:** 60542.28000000 | **10-Year:** 37387.64000000 | **30-Year:** 18532.14000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219258 | 0.67%                | 1.45%                | 0.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-40863.43               | $1133949.32                                |
| Month 2  | $-3603.61                | $3991490.92                                |
| Month 3  | $750.00                  | $203640.63                                 |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Affordable Housing Opportunities Trust Series AH-01                              | AFFORDABLE HSG OPPORTUNITIES TRUST                           | CUSIP: 00826SAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    118492 | PA      | $119020.64    | 0.03%             | 2039-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Alachua County Housing Finance Authority                                         | ALACHUA CNTY FL HSG FIN AUTH MF REVENUE                      | CUSIP: 01068LAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1858569.94   | 0.47%             | 2029-07-01      | Floating      | 4.90%                 | 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      | $259064.88    | 0.07%             | 2035-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038562.40   | 0.51%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $377886.70    | 0.10%             | 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: 018444CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000693.80   | 0.25%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1235356.33   | 0.31%             | 2032-05-01      | Fixed         | 5.50%                 | 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      | $2156.00      | 0.00%             | 2045-12-01      | Fixed         | 7.50%                 | 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      | $2112035.00   | 0.53%             | 2035-05-01      | Fixed         | 5.75%                 | 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      | $155570.91    | 0.04%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BJR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $590271.93    | 0.15%             | 2029-07-01      | Fixed         | 4.50%                 | 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      | $1077340.50   | 0.27%             | 2048-07-01      | Fixed         | 6.88%                 | 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      | $150648.86    | 0.04%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418067Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $130000.00    | 0.03%             | 2062-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $15000.00     | 0.00%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                | ATLANTA GA DEV AUTH                                          | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $183740.80    | 0.05%             | 2034-04-01      | Fixed         | 5.00%                 | 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      | $287665.67    | 0.07%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | ATLANTA GA WTR & WSTWTR REVENUE                              | CUSIP: 047870NE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1401645.42   | 0.35%             | 2040-11-01      | 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        |    393000 | PA      | $393000.00    | 0.10%             | 2050-11-01      | Fixed         | 4.75%                 | 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      | $101164.18    | 0.03%             | 2032-05-01      | Fixed         | 4.25%                 | 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      | $1013687.20   | 0.26%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2573404.00   | 0.65%             | 2055-06-01      | Floating      | 5.00%                 | 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      | $102218.99    | 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      | $248074.85    | 0.06%             | 2047-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | BERKS CNTY PA INDL DEV AUTH HLTHCARE FACS REVENUE            | CUSIP: 08452RAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2528142.50   | 0.64%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                                             | BERKS CNTY PA MUNI AUTH UNIV REVENUE                         | CUSIP: 08454AAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $366401.84    | 0.09%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berry Bay II Community Development District                                      | BERRY BAY II CDD FL SPL ASSMNT                               | CUSIP: 08577DAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $217516.06    | 0.05%             | 2031-05-01      | Fixed         | 4.45%                 | 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      | $110211.76    | 0.03%             | 2026-07-15      | 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      | $2219677.80   | 0.56%             | 2054-10-01      | Floating      | 5.50%                 | 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      | $2743578.75   | 0.69%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEU7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4970000 | PA      | $5161113.40   | 1.30%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4688901.90   | 1.18%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Boggy Creek Improvement District                                                 | BOGGY CREEK FL IMPT DIST SPL ASSMNT REVENUE                  | CUSIP: 097206AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460031.42    | 0.12%             | 2043-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bradbury Community Development District                                          | BRADBURY FL CDD SPL ASSMNT                                   | CUSIP: 103848AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1633301.66   | 0.41%             | 2030-05-01      | Fixed         | 4.38%                 | 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      | $143135.93    | 0.04%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckhead Trails Community Development District                                   | BUCKHEAD TRAILS CDD FL SPL ASSMNT                            | CUSIP: 11836UAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $921130.76    | 0.23%             | 2031-05-01      | Fixed         | 4.70%                 | 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        |    215000 | PA      | $217180.57    | 0.05%             | 2044-05-01      | Fixed         | 5.60%                 | 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      | $101743.15    | 0.03%             | 2033-09-01      | Fixed         | 5.00%                 | 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      | $648842.11    | 0.16%             | 2033-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008ESL1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    245000 | PA      | $243293.65    | 0.06%             | 2032-07-01      | 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      | $498722.15    | 0.13%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | BUILD NYC RESOURCE CORP NY REVENUE                           | CUSIP: 12008EVA1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    175000 | PA      | $182387.89    | 0.05%             | 2033-07-01      | Fixed         | 5.13%                 | 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      | $203872.88    | 0.05%             | 2056-07-01      | Fixed         | 4.00%                 | 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      | $64084.00     | 0.02%             | 2058-07-01      | Fixed         | 4.00%                 | 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      | $506196.00    | 0.13%             | 2029-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4407527.01   | 1.11%             | 2055-01-01      | Floating      | 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      | $1235687.12   | 0.31%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $524768.53    | 0.13%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  10350000 | PA      | $8280000.00   | 2.09%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCE6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $801579.20    | 0.20%             | 2038-06-01      | Fixed         | 5.50%                 | 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      | $1017226.50   | 0.26%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH SPL FAC REVENUE                  | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7277339.52   | 1.83%             | 2029-07-15      | Fixed         | 4.00%                 | 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      | $202157.90    | 0.05%             | 2059-05-01      | Fixed         | 5.88%                 | 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      | $513872.50    | 0.13%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RGA5<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001218.30   | 0.76%             | 2026-08-15      | Fixed         | 7.00%                 | 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      | $557881.32    | 0.14%             | 2050-07-01      | 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      | $501183.45    | 0.13%             | 2041-12-01      | Fixed         | 5.00%                 | 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      | $997025.60    | 0.25%             | 2046-12-01      | 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      | $259978.88    | 0.07%             | 2055-06-01      | None          | 0.00%                 | 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      | $77978.73     | 0.02%             | 2062-06-15      | Fixed         | 6.00%                 | 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      | $211870.02    | 0.05%             | 2048-06-15      | Fixed         | 5.38%                 | 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      | $79341.05     | 0.02%             | 2056-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CGD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1446820.24   | 0.36%             | 2030-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CJS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028138.00   | 0.51%             | 2031-09-01      | Fixed         | 4.50%                 | 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      | $206423.03    | 0.05%             | 2030-09-01      | Fixed         | 4.35%                 | 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      | $338883.21    | 0.09%             | 2035-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2983730.40   | 0.75%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505TK2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $453690.30    | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | 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      | $431005.79    | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | 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      | $907380.60    | 0.23%             | 2046-12-01      | Fixed         | 5.00%                 | 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      | $450610.65    | 0.11%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505ZT6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    625000 | PA      | $662594.63    | 0.17%             | 2032-12-01      | 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      | $55749.45     | 0.01%             | 2057-05-15      | None          | 0.00%                 | 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      | $778970.25    | 0.20%             | 2034-01-01      | Fixed         | 5.25%                 | 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      | $198035.24    | 0.05%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Club Municipal Management District No 1                                          | CLUB MUNI MGMT DIST #1 TX SPL ASSMNT REVENUE                 | CUSIP: 18948PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519761.00   | 0.38%             | 2031-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Coastal Ridge Community Development District                                     | COASTAL RIDGE CDD FL SPL ASSMNT REVENUE                      | CUSIP: 19052TAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2275941.83   | 0.57%             | 2030-05-01      | Fixed         | 4.40%                 | 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      | $277931.25    | 0.07%             | 2038-06-15      | Fixed         | 5.70%                 | 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      | $96457.32     | 0.02%             | 2030-12-01      | Fixed         | 4.00%                 | 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      | $121718.79    | 0.03%             | 2031-07-01      | 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      | $73992.71     | 0.02%             | 2049-05-15      | Fixed         | 5.00%                 | 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      | $70852.99     | 0.02%             | 2039-11-01      | 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      | $200824.27    | 0.05%             | 2054-07-01      | Fixed         | 5.38%                 | 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      | $755194.05    | 0.19%             | 2045-01-01      | Fixed         | 6.50%                 | 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      | $103878.46    | 0.03%             | 2031-09-15      | Fixed         | 5.38%                 | 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      | $99867.53     | 0.03%             | 2044-09-15      | Fixed         | 6.13%                 | 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      | $103357.27    | 0.03%             | 2054-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Crossings Community Development District                                         | CROSSINGS CDD FL SPL ASSMNT                                  | CUSIP: 22766NAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $269089.56    | 0.07%             | 2031-05-01      | Fixed         | 4.75%                 | 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      | $1009291.30   | 0.25%             | 2044-05-01      | Fixed         | 5.35%                 | 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      | $303755.07    | 0.08%             | 2031-05-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Cypress Creek Reserve Community Development District                             | CYPRESS CREEK RESERVE CDD FL SPL ASSMNT                      | CUSIP: 23274FAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757353.53    | 0.19%             | 2030-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Cypress Reserve Community Development District                                   | CYPRESS RESERVE CDD FL CAPITAL IMPT REVENUE                  | CUSIP: 23280AAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295687.77    | 0.07%             | 2030-05-01      | Fixed         | 4.00%                 | 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        |    140000 | PA      | $147421.90    | 0.04%             | 2035-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $807396.80    | 0.20%             | 2045-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | DENTON CNTY TX SPL ASSMNT REVENUE                            | CUSIP: 24880GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1855020.52   | 0.47%             | 2031-12-31      | Fixed         | 4.63%                 | 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      | $995145.40    | 0.25%             | 2044-12-31      | Fixed         | 5.25%                 | 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      | $654354.29    | 0.16%             | 2030-12-31      | Fixed         | 4.75%                 | 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      | $1035649.80   | 0.26%             | 2035-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | DENVER CITY & CNTY CO SPL FACS ARPT REVENUE                  | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   9595000 | PA      | $9595058.53   | 2.42%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | DETROIT MI                                                   | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    348011 | PA      | $277103.62    | 0.07%             | 2044-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     90000 | PA      | $102931.04    | 0.03%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6100000 | PA      | $594175.99    | 0.15%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106295.06    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                    | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109732.23    | 0.03%             | 2039-07-01      | Fixed         | 5.38%                 | 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      | $82475.62     | 0.02%             | 2044-12-01      | Fixed         | 4.50%                 | 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      | $658874.70    | 0.17%             | 2054-07-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Ennis TX                                                                 | ENNIS TX SPL ASSMNT REVENUE                                  | CUSIP: 293470AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $645608.73    | 0.16%             | 2035-09-15      | Fixed         | 4.13%                 | 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      | $1842980.00   | 0.46%             | 2038-06-01      | Fixed         | 5.00%                 | 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      | $1020862.40   | 0.26%             | 2040-08-15      | Fixed         | 5.00%                 | 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      | $2485120.27   | 0.63%             | 2037-10-01      | Fixed         | 5.75%                 | 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      | $1363000.00   | 0.34%             | 2059-07-15      | Variable      | 12.00%                | 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      | $398303.76    | 0.10%             | 2050-06-15      | Fixed         | 6.00%                 | 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      | $417381.65    | 0.11%             | 2055-06-15      | Fixed         | 5.13%                 | 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      | $2923153.34   | 0.74%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | FLORIDA LOC GOVT FIN COMMISSION SENIOR LIVING REVENUE        | CUSIP: 34077UAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009181.40   | 0.25%             | 2031-11-15      | Fixed         | 4.45%                 | 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      | $215074.44    | 0.05%             | 2056-07-01      | 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      | $1514921.85   | 0.38%             | 2052-12-01      | Fixed         | 6.00%                 | 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      | $305218.63    | 0.08%             | 2054-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                          | GAS WORX CDD FL SPL ASSMNT                                   | CUSIP: 367200AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $351961.96    | 0.09%             | 2030-05-01      | Fixed         | 4.63%                 | 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      | $375255.66    | 0.09%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Goose Creek SC                                                           | GOOSE CREEK SC ASSMNT REVENUE                                | CUSIP: 38259TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $420672.24    | 0.11%             | 2035-10-01      | 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      | $761969.31    | 0.19%             | 2044-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Greenbriar Community Development District                                        | GREENBRIAR CDD FL SPL ASSMNT REVENUE                         | CUSIP: 39364TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $413505.97    | 0.10%             | 2032-05-01      | Fixed         | 4.80%                 | 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      | $101879.65    | 0.03%             | 2044-05-01      | Fixed         | 5.85%                 | 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      | $685246.99    | 0.17%             | 2032-05-01      | Fixed         | 4.50%                 | 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      | $75977.11     | 0.02%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                             | HENDERSON KY EXEMPT FACS REVENUE                             | CUSIP: 425099AB4<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    650000 | PA      | $614552.97    | 0.15%             | 2052-01-01      | Fixed         | 4.70%                 | 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      | $335001.45    | 0.08%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hickory Tree Community Development District                                      | HICKORY TREE CDD FL SPL ASSMNT                               | CUSIP: 429079AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998909.30    | 0.25%             | 2044-05-01      | Fixed         | 5.15%                 | 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      | $983508.40    | 0.25%             | 2044-05-01      | Fixed         | 5.00%                 | 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      | $3296251.08   | 0.83%             | 2049-10-01      | Fixed         | 5.75%                 | 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      | $1274997.75   | 0.32%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2222519.40   | 0.56%             | 2035-07-15      | Fixed         | 5.50%                 | 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      | $217146.06    | 0.05%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hyde Park Community Development District No 1                                    | HYDE PARK CDD #1 FL SPL ASSMNT                               | CUSIP: 448642AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1739711.01   | 0.44%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ibis Landing Community Development District                                      | IBIS LANDING CDD FL SPL ASSMNT                               | CUSIP: 451075AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201694.66    | 0.05%             | 2030-06-15      | Fixed         | 4.13%                 | 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      | $626340.44    | 0.16%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FYT6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524277.30    | 0.13%             | 2039-10-01      | Fixed         | 5.25%                 | 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      | $5005750.00   | 1.26%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252KR9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250308.25    | 0.06%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independence Metropolitan District No 3                                          | INDEPENDENCE MET DIST #3 CO                                  | CUSIP: 453625AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503611.55    | 0.13%             | 2054-12-15      | Fixed         | 7.13%                 | 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      | $1555438.80   | 0.39%             | 2033-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH EDUCTNL FACS REVENUE                        | CUSIP: 45470EES0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    545000 | PA      | $544271.34    | 0.14%             | 2035-10-15      | Fixed         | 5.00%                 | 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      | $639563.65    | 0.16%             | 2026-12-01      | Fixed         | 4.13%                 | 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      | $584966.17    | 0.15%             | 2036-06-01      | None          | 0.00%                 | 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      | $3129062.70   | 0.79%             | 2034-06-01      | Fixed         | 6.25%                 | 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      | $112237.55    | 0.03%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KD52 Community Development District No 1                                         | KD52 CDD #1 FL SPL ASSMNT REVENUE                            | CUSIP: 48668RAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2326276.78   | 0.59%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009235.00   | 0.25%             | 2041-06-01      | 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      | $500088.50    | 0.13%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                     | KINGS CREEK I CDD FL SPL ASSMNT                              | CUSIP: 495879AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303957.09    | 0.08%             | 2030-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                     | KINGS CREEK I CDD FL SPL ASSMNT                              | CUSIP: 495879AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $473303.97    | 0.12%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kingston One Community Development District                                      | KINGSTON ONE CDD FL SPL ASSMNT                               | CUSIP: 496631AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009590.30   | 0.25%             | 2030-05-01      | Fixed         | 4.25%                 | 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        |    305000 | PA      | $309087.43    | 0.08%             | 2031-05-01      | Fixed         | 4.75%                 | 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      | $1247097.06   | 0.31%             | 2039-01-15      | 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      | $2391757.26   | 0.60%             | 2034-05-01      | Fixed         | 5.25%                 | 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      | $3136153.38   | 0.79%             | 2035-05-01      | Fixed         | 5.20%                 | 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      | $3279655.62   | 0.83%             | 2035-05-01      | Fixed         | 5.85%                 | 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      | $98203.56     | 0.02%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251649.63    | 0.06%             | 2029-11-15      | Fixed         | 4.75%                 | 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      | $396593.50    | 0.10%             | 2051-12-01      | Fixed         | 4.88%                 | 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      | $1261042.33   | 0.32%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399PJ9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90345.56     | 0.02%             | 2062-06-01      | Fixed         | 6.50%                 | 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      | $633387.10    | 0.16%             | 2043-12-15      | 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      | $446990.63    | 0.11%             | 2032-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of Lowry Crossing TX                                                        | LOWRY CROSSING TX SPL ASSMNT REVENUE                         | CUSIP: 54877WAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202216.08    | 0.05%             | 2030-09-15      | Fixed         | 4.25%                 | 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      | $626212.26    | 0.16%             | 2039-05-01      | 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      | $755263.50    | 0.19%             | 2045-05-01      | Fixed         | 5.55%                 | 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      | $1050371.90   | 0.26%             | 2052-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $12842.05     | 0.00%             | 2032-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $12822.30     | 0.00%             | 2032-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH                                            | CUSIP: 56042BCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $66365.88     | 0.02%             | 2035-06-01      | Fixed         | 8.50%                 | 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      | $176709.16    | 0.04%             | 2047-12-01      | Floating      | 4.63%                 | 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      | $226495.98    | 0.06%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Malabar Springs Community Development District                                   | MALABAR SPRINGS CDD FL SPL ASSMNT                            | CUSIP: 560881AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $444745.62    | 0.11%             | 2031-05-01      | Fixed         | 4.50%                 | 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      | $487300.35    | 0.12%             | 2044-09-01      | Fixed         | 6.38%                 | 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      | $170194.98    | 0.04%             | 2047-10-15      | Fixed         | 4.00%                 | 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      | $3935404.50   | 0.99%             | 2029-10-01      | Fixed         | 7.38%                 | 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      | $329545.56    | 0.08%             | 2045-06-01      | Fixed         | 6.38%                 | 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      | $247771.51    | 0.06%             | 2046-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE              | CUSIP: 57422JCA4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    315000 | PA      | $310561.46    | 0.08%             | 2055-06-30      | Fixed         | 5.25%                 | 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      | $1016320.60   | 0.26%             | 2044-02-01      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041YM3<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    345000 | PA      | $351301.15    | 0.09%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Industrial Development Board | MET GOVT NASHVILLE & DAVIDSON CNTY TN INDL DEV BRD SPL ASSMN | CUSIP: 59211SAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $40482.24     | 0.01%             | 2043-06-01      | None          | 0.00%                 | 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      | $151325.65    | 0.04%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PZ92<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3541293.00   | 0.89%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1306968.52   | 0.33%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $549610.60    | 0.14%             | 2061-10-01      | Floating      | 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      | $2302691.18   | 0.58%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP REVENUE                             | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3712760.56   | 0.94%             | 2031-10-01      | Fixed         | 4.63%                 | 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      | $458566.06    | 0.12%             | 2045-02-01      | Fixed         | 7.00%                 | 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      | $208402.70    | 0.05%             | 2043-07-01      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SOL WST DISP REVENUE                    | CUSIP: 63608RAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $911016.20    | 0.23%             | 2033-10-01      | Floating      | 4.00%                 | 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        |   2449000 | PA      | $2449439.11   | 0.62%             | 2035-12-01      | Fixed         | 5.25%                 | 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      | $1229780.29   | 0.31%             | 2035-12-15      | Fixed         | 5.38%                 | 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      | $172000.92    | 0.04%             | 2032-04-01      | None          | 0.00%                 | 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        |    566000 | PA      | $567522.43    | 0.14%             | 2031-12-01      | Fixed         | 5.38%                 | 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      | $1587605.93   | 0.40%             | 2033-12-15      | None          | 0.00%                 | 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      | $1541138.55   | 0.39%             | 2033-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1552227.75   | 0.39%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH SPL REVENUE                             | CUSIP: 63608TAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1651973.32   | 0.42%             | 2031-12-01      | Fixed         | 5.95%                 | 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      | $490661.29    | 0.12%             | 2042-04-28      | Fixed         | 5.75%                 | 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      | $941036.50    | 0.24%             | 2051-08-15      | Fixed         | 5.00%                 | 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      | $850292.00    | 0.21%             | 2050-08-15      | Fixed         | 5.00%                 | 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      | $787878.75    | 0.20%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Higher Education Finance Corp                                           | NEW HOPE TX HGR EDU FIN CORP EDU REVENUE                     | CUSIP: 645438AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $229660.98    | 0.06%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE         | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    835000 | PA      | $867290.95    | 0.22%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New York Energy Finance Development Corp                                         | NEW YORK ENERGY FIN DEV CORP                                 | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5374968.50   | 1.35%             | 2056-07-01      | Floating      | 5.00%                 | 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      | $499989.80    | 0.13%             | 2044-11-15      | Fixed         | 5.00%                 | 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      | $550101.26    | 0.14%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012030.80   | 0.26%             | 2050-09-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262093.33    | 0.07%             | 2050-09-01      | Floating      | 5.13%                 | 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      | $6969465.30   | 1.76%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258712.45    | 0.07%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9150000 | PA      | $9570400.41   | 2.41%             | 2031-08-01      | Fixed         | 5.25%                 | 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      | $2345668.02   | 0.59%             | 2040-10-01      | Fixed         | 5.00%                 | 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      | $531808.10    | 0.13%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946368.80    | 0.24%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Newfield Community Development District                                          | NEWFIELD CDD FL SPL ASSMNT REVENUE                           | CUSIP: 65128AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $775762.79    | 0.20%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Newfield Community Development District                                          | NEWFIELD CDD FL SPL ASSMNT REVENUE                           | CUSIP: 65128AAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $844272.67    | 0.21%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Normandy Community Development District                                          | NORMANDY CDD FL CAPITAL IMPT REVENUE                         | CUSIP: 65618HAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2056004.25   | 0.52%             | 2031-05-01      | Fixed         | 4.63%                 | 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      | $1472407.50   | 0.37%             | 2044-05-01      | Fixed         | 5.30%                 | 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        |     65000 | PA      | $66715.08     | 0.02%             | 2044-05-01      | Fixed         | 5.75%                 | 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      | $950538.33    | 0.24%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                              | NORTH DAKOTA ST HSG FIN AGY                                  | CUSIP: 6589096Q4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756975.08    | 0.19%             | 2049-07-01      | Fixed         | 4.70%                 | 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      | $201525.00    | 0.05%             | 2031-09-15      | Fixed         | 4.70%                 | 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      | $2231818.08   | 0.56%             | 2048-01-15      | Fixed         | 4.50%                 | 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      | $250437.13    | 0.06%             | 2051-09-01      | Fixed         | 7.25%                 | 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      | $256888.93    | 0.06%             | 2044-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Parrish Lakes II Community Development District                                  | PARRISH LAKES II CDD FL CAPITAL IMPT REVENUE                 | CUSIP: 70183HAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1176231.18   | 0.30%             | 2031-05-01      | Fixed         | 4.25%                 | 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      | $174542.19    | 0.04%             | 2054-10-01      | Floating      | 5.25%                 | 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      | $131085.63    | 0.03%             | 2038-12-01      | Floating      | 5.25%                 | 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      | $232061.26    | 0.06%             | 2037-12-01      | Floating      | 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      | $896637.89    | 0.23%             | 2048-06-30      | Fixed         | 5.75%                 | 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      | $101288.70    | 0.03%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $915905.21    | 0.23%             | 2041-06-01      | Floating      | 4.00%                 | 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      | $97552.05     | 0.02%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063572.00   | 0.27%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893C82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6475000 | PA      | $6610391.60   | 1.67%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717903L89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4870000 | PA      | $4949670.28   | 1.25%             | 2033-07-01      | 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      | $103504.13    | 0.03%             | 2045-09-15      | Fixed         | 6.13%                 | 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      | $144905.78    | 0.04%             | 2045-09-15      | Fixed         | 6.13%                 | 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      | $1142746.86   | 0.29%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | POMPANO BEACH FL REVENUE                                     | CUSIP: 732203AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1590409.58   | 0.40%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority                                | PORT BEAUMONT TX INDL DEV AUTH                               | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2073420.10   | 0.52%             | 2028-01-01      | Fixed         | 4.10%                 | 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      | $1393721.00   | 0.35%             | 2050-01-01      | Fixed         | 4.00%                 | 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      | $576305.94    | 0.15%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6021700.20   | 1.52%             | 2026-07-01      | Fixed         | 10.00%                | 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      | $242782.15    | 0.06%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Port of Morrow OR                                                                | PORT OF MORROW OR                                            | CUSIP: 73473RFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1569959.18   | 0.40%             | 2026-10-01      | Fixed         | 5.15%                 | 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      | $48971.05     | 0.01%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | PRINCETON TX SPL ASSMNT REVENUE                              | CUSIP: 742400CP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50197.35     | 0.01%             | 2031-09-01      | Fixed         | 4.38%                 | 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      | $72646.68     | 0.02%             | 2044-09-01      | Fixed         | 5.13%                 | 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      | $302390.40    | 0.08%             | 2030-09-01      | Fixed         | 4.25%                 | 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      | $21098.32     | 0.01%             | 2056-06-15      | 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      | $508446.95    | 0.13%             | 2050-02-01      | Floating      | 4.00%                 | 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      | $394205.25    | 0.10%             | 2055-06-15      | 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      | $854272.90    | 0.22%             | 2034-12-15      | Fixed         | 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      | $313854.14    | 0.08%             | 2043-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PC94<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $120091.73    | 0.03%             | 2029-05-16      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD28<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004934.20   | 0.51%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD36<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126438.00   | 0.28%             | 2059-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD51<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    293659 | PA      | $294275.76    | 0.07%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PD93<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    561619 | PA      | $560684.25    | 0.14%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1814775.55   | 0.46%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG58<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    365000 | PA      | $167464.04    | 0.04%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PG90<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5265000 | PA      | $5519732.81   | 1.39%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL78<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $894717.12    | 0.23%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2547104 | PA      | $2494754.10   | 0.63%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PP41<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1299000 | PA      | $836796.44    | 0.21%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PUA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $288264.90    | 0.07%             | 2029-06-15      | 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      | $317531.75    | 0.08%             | 2031-06-15      | Fixed         | 5.00%                 | 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      | $42526.10     | 0.01%             | 2051-12-01      | Fixed         | 5.25%                 | 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      | $1499793.15   | 0.38%             | 2033-12-15      | Fixed         | 5.75%                 | 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      | $1016285.10   | 0.26%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo Urban Renewal Authority                                                   | PUEBLO CO URBAN RENEWAL AUTH TAX INCR REVENUE                | CUSIP: 744826AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149376.77    | 0.04%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2545615 | PA      | $2822615.59   | 0.71%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    515000 | PA      | $371498.49    | 0.09%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                              | PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE                | CUSIP: 745160TG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1550683.20   | 0.39%             | 2037-07-01      | Fixed         | 5.00%                 | 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      | $263360.71    | 0.07%             | 2030-06-15      | Fixed         | 4.25%                 | 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      | $381182.55    | 0.10%             | 2035-06-15      | Fixed         | 4.55%                 | 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      | $1362579.76   | 0.34%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Reflection Bay Community Development District                                    | REFLECTION BAY CDD FL SPL ASSMNT                             | CUSIP: 75865NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329534.43    | 0.08%             | 2030-05-01      | Fixed         | 4.50%                 | 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      | $1115077.14   | 0.28%             | 2037-07-01      | Fixed         | 5.00%                 | 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      | $1016815.50   | 0.26%             | 2054-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                            | SAINT JAMES PARISH LA REVENUE                                | CUSIP: 790103AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5048742.00   | 1.27%             | 2041-08-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| City of Seagoville TX                                                            | SEAGOVILLE TX SPL ASSMNT REVENUE                             | CUSIP: 811829AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    532000 | PA      | $536703.73    | 0.14%             | 2030-09-15      | Fixed         | 4.25%                 | 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      | $161067.90    | 0.04%             | 2053-06-15      | Fixed         | 5.75%                 | 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      | $512954.85    | 0.13%             | 2064-06-15      | Fixed         | 6.38%                 | 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      | $1045632.30   | 0.26%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Solaeris Community Development District                                          | SOLAERIS CDD FL SPL ASSMNT                                   | CUSIP: 83409XAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1099859.83   | 0.28%             | 2032-05-01      | Fixed         | 4.63%                 | 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      | $22329.48     | 0.01%             | 2062-08-15      | Fixed         | 7.50%                 | 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      | $1078906.20   | 0.27%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108375.77    | 0.03%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6423088.20   | 1.62%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Sparks Tourism Improvement District No 1                                         | SPARKS NV TOURISM IMPT DIST #1 REVENUE                       | CUSIP: 846562AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1249077.38   | 0.31%             | 2028-06-15      | Fixed         | 3.88%                 | 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        |   1180000 | PA      | $1080001.37   | 0.27%             | 2036-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515250.05   | 0.38%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $838066.96    | 0.21%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103058.68    | 0.03%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203266.28    | 0.05%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                          | SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202898.98    | 0.05%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sunrise Community Development District                                           | SUNRISE CDD FL CAPITAL IMPT REVENUE                          | CUSIP: 86771UAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $748615.43    | 0.19%             | 2030-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Sunrise Community Development District                                           | SUNRISE CDD FL CAPITAL IMPT REVENUE                          | CUSIP: 86771UAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $874519.18    | 0.22%             | 2035-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542184.50    | 0.14%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Three Rivers Community Development District                                      | THREE RIVERS CDD FL                                          | CUSIP: 88563MAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1951419.89   | 0.49%             | 2031-05-01      | Fixed         | 4.13%                 | 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      | $1001712.20   | 0.25%             | 2048-06-01      | Fixed         | 5.00%                 | 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      | $59335.06     | 0.01%             | 2050-06-01      | Fixed         | 5.00%                 | 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      | $1298907.75   | 0.33%             | 2047-06-01      | Fixed         | 5.00%                 | 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      | $549966.79    | 0.14%             | 2032-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Town of Trophy Club TX Public Improvement District No 1                          | TROPHY CLUB TX PUBLIC IMPT DIST #1 SPL ASSMNT REVENUE        | CUSIP: 89706PAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057969.30   | 0.27%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530AX7<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    335000 | PA      | $340994.02    | 0.09%             | 2032-11-15      | Fixed         | 5.00%                 | 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      | $500077.30    | 0.13%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | TULSA CNTY OK INDL AUTH SENIOR LIVING CMNTY REVENUE          | CUSIP: 899530BA6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74985.83     | 0.02%             | 2045-11-15      | Fixed         | 5.25%                 | 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      | $92936.01     | 0.02%             | 2041-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $784175.18    | 0.20%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                               | TUSCALOOSA CNTY AL INDL DEV AUTH GULF OPPORTUNITY ZONE       | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176133.49    | 0.04%             | 2044-05-01      | Fixed         | 5.25%                 | 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      | $1021579.70   | 0.26%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Vermont and State Agricultural College                             | UNIV OF VERMONT & ST AGRIC CLG VT                            | CUSIP: 915200VQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12003889.20  | 3.03%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE             | CUSIP: 917467DB5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57075.46     | 0.01%             | 2044-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE             | CUSIP: 917467DC3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51260.36     | 0.01%             | 2048-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TC68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1406919.20   | 0.35%             | 2040-06-15      | 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        |    915000 | PA      | $827435.87    | 0.21%             | 2031-06-15      | Fixed         | 3.25%                 | 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      | $499992.65    | 0.13%             | 2044-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754TS53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $747938.36    | 0.19%             | 2032-06-15      | Fixed         | 5.25%                 | 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      | $743630.56    | 0.19%             | 2037-06-15      | Fixed         | 5.25%                 | 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      | $103463.43    | 0.03%             | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vermont Economic Development Authority                                           | VERMONT ST ECON DEV AUTH SOLID WST DISP REVENUE              | CUSIP: 924157AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5064555.00   | 1.28%             | 2052-06-01      | Floating      | 5.00%                 | 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      | $97987.63     | 0.02%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 16                                     | VLG CDD #16 FL SPL ASSMNT REVENUE                            | CUSIP: 92708MAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2614699.20   | 0.66%             | 2035-05-01      | Fixed         | 4.00%                 | 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      | $100767.25    | 0.03%             | 2029-09-01      | Fixed         | 5.38%                 | 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      | $945604.42    | 0.24%             | 2034-01-01      | Fixed         | 4.75%                 | 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      | $974640.00    | 0.25%             | 2044-01-01      | Fixed         | 5.50%                 | 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      | $295006.52    | 0.07%             | 2029-07-01      | Fixed         | 3.95%                 | 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      | $499956.40    | 0.13%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                             | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    980724 | PA      | $926619.64    | 0.23%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TIMBERHP BY GO LAB INC                                                           | TIMBERHP BY GO LAB INC                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15027 | NS      | $100831.17    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1754062.98   | 0.44%             | 2039-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454CK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $511630.55    | 0.13%             | 2031-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| West Villages Improvement District                                               | W VLGS FL IMPT DIST                                          | CUSIP: 956454CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502537.70   | 0.38%             | 2032-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  26955466 | NS      | $26958161.33  | 6.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer